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, 5^th 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, 2024

Item 1. Reports to Stockholders.

(a)                      

The U.S. Equity Portfolio

HCEGX 

Semi-Annual Shareholder Report — December 31, 2024

Fund Overview

This semi-annual shareholder report contains important information about The U.S. Equity Portfolio for the period of July 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.hccapitalsolutions.com. You can also request this information by contacting us at (800) 242-9596.

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
The U.S. Equity Portfolio	$8	0.16%

Average Annual Total Returns

	1 Year	5 Years	10 Years
The U.S. Equity Portfolio	25.34%	14.54%	14.23%
MSCI USA Index	25.08%	14.56%	13.08%

Past performance is not an indication of future results.

Performance results do not include the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.

Fund Statistics

Net Assets	$1,859,060,039
Number of Portfolio Holdings	1,167
Net Investment Advisory Fees	$721,855
Portfolio Turnover Rate	2%

What did the Fund invest in?

(As of  December 31, 2024)

Portfolio Composition

Investments	Percent of Net Assets
Information Technology	29.9%
Financials	13.3%
Consumer Discretionary	11.5%
Health Care	10.2%
Communication Services	9.4%
Industrials	8.7%
Consumer Staples	5.5%
Energy	3.5%
Utilities	2.3%
Real Estate	2.1%
Materials	2.0%
Other Investments	0.5%

Material Fund Changes

There were no material fund changes during the reporting period. 

Changes In Or Disagreements With Accountants

There were no changes in or disagreements with accountants during the reporting period.

The U.S. Equity Portfolio

HCEGX 

Semi-Annual Shareholder Report — December 31, 2024

Additional information about the Fund (e.g. Financial Statements, Holdings, Prospectus and Statement of Additional Information): is available at www.hccapitalsolutions.com or upon request, by calling (800) 242-9596.

The Institutional U.S. Equity Portfolio

HCIGX 

Semi-Annual Shareholder Report — December 31, 2024

Fund Overview

This semi-annual shareholder report contains important information about The Institutional U.S. Equity Portfolio for the period of July 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.hccapitalsolutions.com. You can also request this information by contacting us at (800) 242-9596.

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
The Institutional U.S. Equity Portfolio	$11	0.21%

Average Annual Total Returns

	1 Year	5 Years	10 Years
The Institutional U.S. Equity Portfolio	22.07%	13.69%	13.88%
MSCI USA Index	25.08%	14.56%	13.08%

Past performance is not an indication of future results.

Performance results do not include the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.

Fund Statistics

Net Assets	$2,572,543,801
Number of Portfolio Holdings	1,092
Net Investment Advisory Fees	$1,748,211
Portfolio Turnover Rate	25%

What did the Fund invest in?

(As of  December 31, 2024)

Portfolio Composition

Investments	Percent of Net Assets
Investment Company	31.5%
Information Technology	16.8%
Financials	9.2%
Consumer Discretionary	8.2%
Industrials	7.0%
Health Care	7.0%
Communication Services	5.3%
Real Estate	4.2%
Consumer Staples	3.9%
Utilities	2.7%
Energy	1.7%
Other Investments	0.6%

Material Fund Changes

There were no material fund changes during the reporting period. 

Changes In Or Disagreements With Accountants

There were no changes in or disagreements with accountants during the reporting period.

The Institutional U.S. Equity Portfolio

HCIGX 

Semi-Annual Shareholder Report — December 31, 2024

Additional information about the Fund (e.g. Financial Statements, Holdings, Prospectus and Statement of Additional Information): is available at www.hccapitalsolutions.com or upon request, by calling (800) 242-9596.

The ESG Growth Portfolio

HCESX 

Semi-Annual Shareholder Report — December 31, 2024

Fund Overview

This semi-annual shareholder report contains important information about The ESG Growth Portfolio for the period of July 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.hccapitalsolutions.com. You can also request this information by contacting us at (800) 242-9596.

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
The ESG Growth Portfolio	$11	0.22%

Average Annual Total Returns

	1 Year	5 Years	Since Inception
The ESG Growth Portfolio	17.79%	10.65%	9.14%
MSCI World Index (Gross)	19.19%	11.70%	10.57%

Past performance is not an indication of future results.

Performance results do not include the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.

Fund Statistics

Net Assets	$202,171,805
Number of Portfolio Holdings	1,373
Net Investment Advisory Fees	$106,091
Portfolio Turnover Rate	1%

What did the Fund invest in?

(As of  December 31, 2024)

Portfolio Composition

Investments	Percent of Net Assets
Information Technology	26.7%
Financials	16.2%
Consumer Discretionary	11.4%
Industrials	10.9%
Health Care	10.6%
Communication Services	6.3%
Consumer Staples	5.6%
Energy	3.8%
Materials	3.3%
Utilities	2.5%
Real Estate	2.2%
Other Investments	0.3%

Material Fund Changes

There were no material fund changes during the reporting period. 

Changes In Or Disagreements With Accountants

There were no changes in or disagreements with accountants during the reporting period.

The ESG Growth Portfolio

HCESX 

Semi-Annual Shareholder Report — December 31, 2024

Additional information about the Fund (e.g. Financial Statements, Holdings, Prospectus and Statement of Additional Information): is available at www.hccapitalsolutions.com or upon request, by calling (800) 242-9596.

The Catholic SRI Growth Portfolio

HCSRX 

Semi-Annual Shareholder Report — December 31, 2024

Fund Overview

This semi-annual shareholder report contains important information about The Catholic SRI Growth Portfolio for the period of July 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.hccapitalsolutions.com. You can also request this information by contacting us at (800) 242-9596.

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
The Catholic SRI Growth Portfolio	$16	0.31%

Average Annual Total Returns

	1 Year	5 Years	Since Inception
The Catholic SRI Growth Portfolio	19.95%	11.64%	11.97%
MSCI World Index (Gross)	19.19%	11.70%	12.62%

Past performance is not an indication of future results.

Performance results do not include the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.

Fund Statistics

Net Assets	$36,848,404
Number of Portfolio Holdings	1,281
Net Investment Advisory Fees	$2,097
Portfolio Turnover Rate	3%

What did the Fund invest in?

(As of  December 31, 2024)

Portfolio Composition

Investments	Percent of Net Assets
Information Technology	29.0%
Financials	17.7%
Consumer Discretionary	12.4%
Industrials	9.4%
Communication Services	9.0%
Consumer Staples	5.3%
Energy	4.1%
Health Care	4.0%
Materials	3.6%
Utilities	2.8%
Real Estate	2.4%
Other Investments	0.1%

Material Fund Changes

There were no material fund changes during the reporting period. 

Changes In Or Disagreements With Accountants

There were no changes in or disagreements with accountants during the reporting period.

The Catholic SRI Growth Portfolio

HCSRX 

Semi-Annual Shareholder Report — December 31, 2024

Additional information about the Fund (e.g. Financial Statements, Holdings, Prospectus and Statement of Additional Information): is available at www.hccapitalsolutions.com or upon request, by calling (800) 242-9596.

The International Equity Portfolio

HCIEX 

Semi-Annual Shareholder Report — December 31, 2024

Fund Overview

This semi-annual shareholder report contains important information about The International Equity Portfolio for the period of July 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.hccapitalsolutions.com. You can also request this information by contacting us at (800) 242-9596.

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
The International Equity Portfolio	$12	0.24%

Average Annual Total Returns

	1 Year	5 Years	10 Years
The International Equity Portfolio	3.38%	5.17%	5.26%
MSCI EAFE Index (Gross)	4.35%	5.24%	5.71%

Past performance is not an indication of future results.

Performance results do not include the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.

Fund Statistics

Net Assets	$542,253,502
Number of Portfolio Holdings	397
Net Investment Advisory Fees	$340,963
Portfolio Turnover Rate	8%

What did the Fund invest in?

(As of  December 31, 2024)

Portfolio Composition

Investments	Percent of Net Assets
Financials	21.0%
Industrials	15.2%
Investment Company	10.7%
Health Care	9.4%
Consumer Discretionary	9.4%
Information Technology	8.5%
Consumer Staples	6.3%
Materials	6.0%
Energy	4.9%
Communication Services	3.4%
Utilities	2.5%
Other Investments	1.8%

Material Fund Changes

There were no material fund changes during the reporting period. 

Changes In Or Disagreements With Accountants

There were no changes in or disagreements with accountants during the reporting period.

The International Equity Portfolio

HCIEX 

Semi-Annual Shareholder Report — December 31, 2024

Additional information about the Fund (e.g. Financial Statements, Holdings, Prospectus and Statement of Additional Information): is available at www.hccapitalsolutions.com or upon request, by calling (800) 242-9596.

The Institutional International Equity Portfolio

HCINX 

Semi-Annual Shareholder Report — December 31, 2024

Fund Overview

This semi-annual shareholder report contains important information about The Institutional International Equity Portfolio for the period of July 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.hccapitalsolutions.com. You can also request this information by contacting us at (800) 242-9596.

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
The Institutional International Equity Portfolio	$15	0.29%

Average Annual Total Returns

	1 Year	5 Years	10 Years
The Institutional International Equity Portfolio	3.83%	4.07%	4.79%
MSCI EAFE Index (Gross)	4.35%	5.24%	5.71%

Past performance is not an indication of future results.

Performance results do not include the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.

Fund Statistics

Net Assets	$868,997,087
Number of Portfolio Holdings	877
Net Investment Advisory Fees	$938,877
Portfolio Turnover Rate	18%

What did the Fund invest in?

(As of  December 31, 2024)

Portfolio Composition

Investments	Percent of Net Assets
Investment Company	50.5%
Financials	9.6%
Industrials	8.2%
Health Care	6.2%
Consumer Discretionary	5.5%
Consumer Staples	4.7%
Information Technology	4.6%
Materials	2.9%
Communication Services	2.4%
Utilities	1.8%
Energy	1.7%
Other Investments	0.8%

Material Fund Changes

There were no material fund changes during the reporting period. 

Changes In Or Disagreements With Accountants

There were no changes in or disagreements with accountants during the reporting period.

The Institutional International Equity Portfolio

HCINX 

Semi-Annual Shareholder Report — December 31, 2024

Additional information about the Fund (e.g. Financial Statements, Holdings, Prospectus and Statement of Additional Information): is available at www.hccapitalsolutions.com or upon request, by calling (800) 242-9596.

The Emerging Markets Portfolio

HCEMX 

Semi-Annual Shareholder Report — December 31, 2024

Fund Overview

This semi-annual shareholder report contains important information about The Emerging Markets Portfolio for the period of July 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.hccapitalsolutions.com. You can also request this information by contacting us at (800) 242-9596.This report describes changes to the Fund that occurred during the reporting period.

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
The Emerging Markets Portfolio	$23	0.46%

Average Annual Total Returns

	1 Year	5 Years	10 Years
The Emerging Markets Portfolio	6.91%	1.52%	2.91%
MSCI EM Index	8.05%	2.10%	4.04%

Past performance is not an indication of future results.

Performance results do not include the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.

Fund Statistics

Net Assets	$657,294,062
Number of Portfolio Holdings	764
Net Investment Advisory Fees	$813,880
Portfolio Turnover Rate	37%

What did the Fund invest in?

(As of  December 31, 2024)

Portfolio Composition

Investments	Percent of Net Assets
Investment Company	39.1%
Information Technology	14.2%
Financials	14.0%
Consumer Discretionary	7.8%
Communication Services	7.5%
Industrials	4.0%
Materials	3.5%
Consumer Staples	2.8%
Energy	2.6%
Health Care	2.0%
Utilities	1.5%
Other Investments	0.8%

Material Fund Changes

This is a summary of certain changes of the Portfolio since July 1, 2024. More complete information can be found in the Fund’s current prospectus. 

Specialist manager changes were implemented for this Portfolio effective December 12, 2024.  

Changes In Or Disagreements With Accountants

There were no changes in or disagreements with accountants during the reporting period.

The Emerging Markets Portfolio

HCEMX 

Semi-Annual Shareholder Report — December 31, 2024

Additional information about the Fund (e.g. Financial Statements, Holdings, Prospectus and Statement of Additional Information): is available at www.hccapitalsolutions.com or upon request, by calling (800) 242-9596.

The Core Fixed Income Portfolio

HCIIX 

Semi-Annual Shareholder Report — December 31, 2024

Fund Overview

This semi-annual shareholder report contains important information about The Core Fixed Income Portfolio for the period of July 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.hccapitalsolutions.com. You can also request this information by contacting us at (800) 242-9596.

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
The Core Fixed Income Portfolio	$14	0.27%

Average Annual Total Returns

	1 Year	5 Years	10 Years
The Core Fixed Income Portfolio	1.21%	-0.46%	1.26%
Bloomberg U.S. Aggregate Bond Index	1.25%	-0.33%	1.35%

Past performance is not an indication of future results.

Performance results do not include the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.

Fund Statistics

Net Assets	$90,271,097
Number of Portfolio Holdings	1,250
Net Investment Advisory Fees	$37,128
Portfolio Turnover Rate	6%

What did the Fund invest in?

(As of  December 31, 2024)

Portfolio Composition

Investments	Percent of Net Assets
Investment Company	50.2%
U.S. Treasury Obligation	24.2%
U.S. Government Agency Mortgage	10.6%
Financials	4.4%
Energy	1.4%
Communication Services	1.3%
Utilities	1.2%
Health Care	1.2%
Information Technology	1.1%
Industrials	1.0%
Materials	0.8%
Other Investments	3.0%

Material Fund Changes

There were no material fund changes during the reporting period. 

Changes In Or Disagreements With Accountants

There were no changes in or disagreements with accountants during the reporting period.

The Core Fixed Income Portfolio

HCIIX 

Semi-Annual Shareholder Report — December 31, 2024

Additional information about the Fund (e.g. Financial Statements, Holdings, Prospectus and Statement of Additional Information): is available at www.hccapitalsolutions.com or upon request, by calling (800) 242-9596.

The Corporate Opportunities Portfolio

HCHYX 

Semi-Annual Shareholder Report — December 31, 2024

Fund Overview

This semi-annual shareholder report contains important information about The Corporate Opportunities Portfolio for the period of July 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.hccapitalsolutions.com. You can also request this information by contacting us at (800) 242-9596.This report describes changes to the Fund that occurred during the reporting period.

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
The Corporate Opportunities Portfolio	$12	0.23%

Average Annual Total Returns

	1 Year	5 Years	10 Years
The Corporate Opportunities Portfolio	8.56%	5.84%	5.70%
Bloomberg Barclays U.S. High Yield Ba/B 2% Issuer Capped Index	6.77%	3.90%	4.97%
Bloomberg U.S. Aggregate Bond Index	1.25%	-0.33%	1.35%

Past performance is not an indication of future results.

Performance results do not include the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.

Fund Statistics

Net Assets	$207,271,658
Number of Portfolio Holdings	21
Net Investment Advisory Fees	$144,351
Portfolio Turnover Rate	59%

What did the Fund invest in?

(As of  December 31, 2024)

Portfolio Composition

Investments	Percent of Net Assets
Investment Companies	95.9%
Financials	1.3%
Futures	-0.6%
Credit Default Swap	-2.8%

Material Fund Changes

This is a summary of certain changes of the Portfolio since July 1, 2024. More complete information can be found in the Fund’s current prospectus. 

Specialist manager changes were implemented for this Portfolio effective August 19, 2024.  

Changes In Or Disagreements With Accountants

There were no changes in or disagreements with accountants during the reporting period.

The Corporate Opportunities Portfolio

HCHYX 

Semi-Annual Shareholder Report — December 31, 2024

Additional information about the Fund (e.g. Financial Statements, Holdings, Prospectus and Statement of Additional Information): is available at www.hccapitalsolutions.com or upon request, by calling (800) 242-9596.

The U.S. Government Fixed Income Securities Portfolio

HCUSX 

Semi-Annual Shareholder Report — December 31, 2024

Fund Overview

This semi-annual shareholder report contains important information about The U.S. Government Fixed Income Securities Portfolio for the period of July 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.hccapitalsolutions.com. You can also request this information by contacting us at (800) 242-9596.

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
The U.S. Government Fixed Income Securities Portfolio	$6	0.11%

Average Annual Total Returns

	1 Year	5 Years	10 Years
The U.S. Government Fixed Income Securities Portfolio	0.55%	-0.36%	0.88%
Bloomberg U.S. Government Index	0.62%	-0.63%	0.85%
Bloomberg U.S. Aggregate Bond Index	1.25%	-0.33%	1.35%

Past performance is not an indication of future results.

Performance results do not include the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.

Fund Statistics

Net Assets	$965,142,921
Number of Portfolio Holdings	304
Net Investment Advisory Fees	$158,725
Portfolio Turnover Rate	18%

What did the Fund invest in?

(As of  December 31, 2024)

Portfolio Composition

Investments	Percent of Net Assets
Investment Companies	53.4%
U.S. Treasury Obligations	44.9%
U.S. Government Agency Securities	0.7%
Written Options	-0.0%
Futures	-0.3%

Material Fund Changes

There were no material fund changes during the reporting period. 

Changes In Or Disagreements With Accountants

There were no changes in or disagreements with accountants during the reporting period.

The U.S. Government Fixed Income Securities Portfolio

HCUSX 

Semi-Annual Shareholder Report — December 31, 2024

Additional information about the Fund (e.g. Financial Statements, Holdings, Prospectus and Statement of Additional Information): is available at www.hccapitalsolutions.com or upon request, by calling (800) 242-9596.

The U.S. Corporate Fixed Income Securities Portfolio

HCXSX 

Semi-Annual Shareholder Report — December 31, 2024

Fund Overview

This semi-annual shareholder report contains important information about The U.S. Corporate Fixed Income Securities Portfolio for the period of July 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.hccapitalsolutions.com. You can also request this information by contacting us at (800) 242-9596.

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
The U.S. Corporate Fixed Income Securities Portfolio	$9	0.17%

Average Annual Total Returns

	1 Year	5 Years	10 Years
The U.S. Corporate Fixed Income Securities Portfolio	2.74%	1.08%	2.72%
Bloomberg U.S. Corporate Bond Index	2.13%	0.30%	2.43%
Bloomberg U.S. Aggregate Bond Index	1.25%	-0.33%	1.35%

Past performance is not an indication of future results.

Performance results do not include the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.

Fund Statistics

Net Assets	$266,809,866
Number of Portfolio Holdings	190
Net Investment Advisory Fees	$105,198
Portfolio Turnover Rate	41%

What did the Fund invest in?

(As of  December 31, 2024)

Portfolio Composition

Investments	Percent of Net Assets
Investment Companies	24.1%
Financials	23.9%
Communication Services	7.8%
Energy	6.7%
Utilities	6.2%
Information Technology	6.1%
Health Care	5.9%
Industrials	4.3%
Materials	4.0%
Consumer Discretionary	3.9%
Real Estate	3.2%
Consumer Staples	2.9%

Material Fund Changes

There were no material fund changes during the reporting period. 

Changes In Or Disagreements With Accountants

There were no changes in or disagreements with accountants during the reporting period.

The U.S. Corporate Fixed Income Securities Portfolio

HCXSX 

Semi-Annual Shareholder Report — December 31, 2024

Additional information about the Fund (e.g. Financial Statements, Holdings, Prospectus and Statement of Additional Information): is available at www.hccapitalsolutions.com or upon request, by calling (800) 242-9596.

The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio

HCASX 

Semi-Annual Shareholder Report — December 31, 2024

Fund Overview

This semi-annual shareholder report contains important information about The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio for the period of July 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.hccapitalsolutions.com. You can also request this information by contacting us at (800) 242-9596.

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio	$11	0.21%

Average Annual Total Returns

	1 Year	5 Years	10 Years
The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio	1.50%	-0.58%	0.80%
Bloomberg U.S. Securitized Index	1.45%	-0.59%	1.00%
Bloomberg U.S. Aggregate Bond Index	1.25%	-0.33%	1.35%

Past performance is not an indication of future results.

Performance results do not include the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.

Fund Statistics

Net Assets	$216,234,198
Number of Portfolio Holdings	1,643
Net Investment Advisory Fees	$85,727
Portfolio Turnover Rate	5%

What did the Fund invest in?

(As of  December 31, 2024)

Portfolio Composition

Investments	Percent of Net Assets
U.S. Government Agency Mortgages	80.7%
Investment Companies	20.5%
Collateralized Mortgage-Backed Securities	4.8%
Asset Backed Securities	1.4%
Utilities	0.1%
TBA Sale Commitments	-0.3%

Material Fund Changes

There were no material fund changes during the reporting period. 

Changes In Or Disagreements With Accountants

There were no changes in or disagreements with accountants during the reporting period.

The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio

HCASX 

Semi-Annual Shareholder Report — December 31, 2024

Additional information about the Fund (e.g. Financial Statements, Holdings, Prospectus and Statement of Additional Information): is available at www.hccapitalsolutions.com or upon request, by calling (800) 242-9596.

The Short-Term Municipal Bond Portfolio

HCSBX 

Semi-Annual Shareholder Report — December 31, 2024

Fund Overview

This semi-annual shareholder report contains important information about The Short-Term Municipal Bond Portfolio for the period of July 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.hccapitalsolutions.com. You can also request this information by contacting us at (800) 242-9596.

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
The Short-Term Municipal Bond Portfolio	$13	0.25%

Average Annual Total Returns

	1 Year	5 Years	10 Years
The Short-Term Municipal Bond Portfolio	1.60%	0.76%	0.97%
Bloomberg 1-3 Year Municipal Bond Index	2.52%	1.25%	1.30%
Bloomberg Municipal Bond Index	1.05%	0.99%	2.25%

Past performance is not an indication of future results.

Performance results do not include the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.

Fund Statistics

Net Assets	$69,360,460
Number of Portfolio Holdings	46
Net Investment Advisory Fees	$42,929
Portfolio Turnover Rate	12%

What did the Fund invest in?

(As of  December 31, 2024)

Portfolio Composition

Investments	Percent of Net Assets
General Obligation	55.5%
Revenue Bonds	42.1%
Investment Company	1.0%

Material Fund Changes

There were no material fund changes during the reporting period. 

Changes In Or Disagreements With Accountants

There were no changes in or disagreements with accountants during the reporting period.

The Short-Term Municipal Bond Portfolio

HCSBX 

Semi-Annual Shareholder Report — December 31, 2024

Additional information about the Fund (e.g. Financial Statements, Holdings, Prospectus and Statement of Additional Information): is available at www.hccapitalsolutions.com or upon request, by calling (800) 242-9596.

The Intermediate Term Municipal Bond Portfolio

HCIMX 

Semi-Annual Shareholder Report — December 31, 2024

Fund Overview

This semi-annual shareholder report contains important information about The Intermediate Term Municipal Bond Portfolio for the period of July 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.hccapitalsolutions.com. You can also request this information by contacting us at (800) 242-9596.

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
The Intermediate Term Municipal Bond Portfolio	$14	0.27%

Average Annual Total Returns

	1 Year	5 Years	10 Years
The Intermediate Term Municipal Bond Portfolio	1.37%	0.90%	1.64%
Bloomberg 3-10 Year Blend (2-12) Total Return Index Unhedged	0.69%	0.99%	1.89%
Bloomberg Municipal Bond Index	1.05%	0.99%	2.25%

Past performance is not an indication of future results.

Performance results do not include the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.

Fund Statistics

Net Assets	$507,890,438
Number of Portfolio Holdings	265
Net Investment Advisory Fees	$466,644
Portfolio Turnover Rate	12%

What did the Fund invest in?

(As of  December 31, 2024)

Portfolio Composition

Investments	Percent of Net Assets
Revenue Bonds	60.6%
General Obligation	20.8%
Investment Companies	15.2%
Certificates of Participation	2.1%
Tax Allocation	0.2%

Material Fund Changes

There were no material fund changes during the reporting period. 

Changes In Or Disagreements With Accountants

There were no changes in or disagreements with accountants during the reporting period.

The Intermediate Term Municipal Bond Portfolio

HCIMX 

Semi-Annual Shareholder Report — December 31, 2024

Additional information about the Fund (e.g. Financial Statements, Holdings, Prospectus and Statement of Additional Information): is available at www.hccapitalsolutions.com or upon request, by calling (800) 242-9596.

(b) Not applicable.

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) The Schedule of Investments in Securities of unaffiliated issuers is included as part of the Financial Statements filed under Item 7(a) of this Form.  

 (b) Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

(a)

Semiannual

Financial

Statements

and

Other

Information

(Unaudited)

December

31,

2024

The

U.S.

Equity

Portfolio

The

Institutional

U.S.

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

Table

of

Contents

Semiannual

Financial

Statements

and

Other

Information

(Unaudited)

HC

CAPITAL

TRUST

December

31,

2024

Portfolio

of

Investments

1

Statements

of

Assets

and

Liabilities

195

Statements

of

Operations

200

Statements

of

Change

in

Net

Assets

205

Financial

Highlights

211

Notes

to

Financial

Statements

217

Additional

Information

245

HC

CAPITAL

TRUST

The

U.S.

Equity

Portfolio

Portfolio

of

Investments

—

December

31,

2024

(Unaudited)

1

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

—

99.38%

Aerospace

&

Defense

—

1.35%

1,081

AAR

Corp.(a)

....................

$

66

327

AeroVironment,

Inc.(a)

..............

50

609

Cadre

Holdings,

Inc.

................

20

700

Curtiss-Wright

Corp.

...............

248

1,094

Ducommun,

Inc.(a)

................

70

5,461

General

Dynamics

Corp.

.............

1,439

3,456

HEICO

Corp.

.....................

822

728

HEICO

Corp.,

Class

-

A

.............

135

9,052

Kratos

Defense

&

Security

Solutions,

Inc.(a)

239

5,883

L3Harris

Technologies,

Inc.

..........

1,237

9,411

Lockheed

Martin

Corp.

..............

4,573

64

Moog,

Inc.,

Class

-

A

...............

13

2,258

Northrop

Grumman

Corp.

............

1,060

4,289

Rocket

Lab

USA,

Inc.(a)

............

109

67,703

RTX

Corp.

.......................

7,835

5,412

The

Boeing

Co.(a)

.................

958

4,895

TransDigm

Group,

Inc.

..............

6,203

4,770

Triumph

Group,

Inc.(a)

..............

89

25,166

Air

Freight

&

Logistics

—

0.23%

5,251

Expeditors

International

of

Washington,

Inc.

582

4,786

FedEx

Corp.

.....................

1,346

3,544

GXO

Logistics,

Inc.(a)

..............

154

1,172

Hub

Group,

Inc.,

Class

-

A

...........

52

16,845

United

Parcel

Service,

Inc.,

Class

-

B

....

2,125

4,259

Automobile

Components

—

0.11%

1,571

Adient

PLC(a)

....................

27

2,008

American

Axle

&

Manufacturing

Holdings,

Inc.(a)

......................

12

12,225

Dana,

Inc.

.......................

141

554

Dorman

Products,

Inc.(a)

............

72

585

Gentex

Corp.

.....................

17

12,500

Lear

Corp.

.......................

1,184

1,395

Patrick

Industries,

Inc.

..............

116

41,038

The

Goodyear

Tire

&

Rubber

Co.(a)

....

369

872

Visteon

Corp.(a)

...................

77

2,015

Automobiles

—

1.86%

71,725

Ford

Motor

Co.

...................

710

83,978

Tesla,

Inc.(a)

.....................

33,914

522

Winnebago

Industries,

Inc.

...........

25

34,649

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Banks

—

3.24%

894

1st

Source

Corp.

..................

$

52

1,715

Ameris

Bancorp

...................

107

1,712

Axos

Financial,

Inc.(a)

..............

120

3,234

Banc

of

California,

Inc.

.............

50

1,048

BancFirst

Corp.

...................

123

236,345

Bank

of

America

Corp.

..............

10,387

29,893

Bank

OZK

.......................

1,331

6,251

BankUnited,

Inc.

..................

239

1,471

Bankwell

Financial

Group,

Inc.

........

46

2,970

BCB

Bancorp,

Inc.

.................

35

4,171

Berkshire

Hills

Bancorp,

Inc.

.........

119

418

Byline

Bancorp,

Inc.

................

12

3,999

Capitol

Federal

Financial,

Inc.

.........

24

2,951

Cathay

General

Bancorp

.............

140

7,844

Citigroup,

Inc.

....................

552

60,325

Citizens

Financial

Group,

Inc.

.........

2,640

9,351

Columbia

Banking

System,

Inc.

.......

253

3,488

Columbia

Financial,

Inc.(a)

...........

55

56,548

Comerica,

Inc.

....................

3,497

722

Commerce

Bancshares,

Inc.

..........

45

1,092

Community

Financial

System,

Inc.

.....

67

1,095

Community

Trust

Bancorp,

Inc.

........

58

1,054

Community

West

Bancshares

.........

20

2,630

ConnectOne

Bancorp,

Inc.

...........

60

3,479

Cullen/Frost

Bankers,

Inc.

............

467

9,064

CVB

Financial

Corp.

...............

194

32,941

East

West

Bancorp,

Inc.

.............

3,154

688

Enterprise

Financial

Services

Corp.

.....

39

6,060

FB

Financial

Corp.

.................

312

13,076

Fifth

Third

Bancorp

................

553

2,460

First

Bancorp

.....................

108

24,739

First

Bancorp

.....................

460

2,341

First

Bank

.......................

33

3,516

First

Busey

Corp.

..................

83

591

First

Citizens

BancShares,

Inc.,

Class

-

A

.

1,249

3,703

First

Commonwealth

Financial

Corp.

....

63

3,478

First

Financial

Bancorp

..............

93

22,418

First

Foundation,

Inc.

...............

139

6,815

First

Hawaiian,

Inc.

................

177

91,124

First

Horizon

Corp.

................

1,835

3,590

First

Merchants

Corp.

...............

143

1,077

First

Mid

Bancshares,

Inc.

...........

40

6,458

Fulton

Financial

Corp.

..............

125

1,287

German

American

Bancorp,

Inc.

.......

52

561

Glacier

Bancorp,

Inc.

...............

28

3,205

Hancock

Whitney

Corp.

.............

175

2

HC

CAPITAL

TRUST

The

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Banks

(continued)

868

Hilltop

Holdings,

Inc.

...............

$

25

18,862

HomeStreet,

Inc.(a)

................

215

4,173

Hope

Bancorp,

Inc.

................

51

78,113

Huntington

Bancshares,

Inc.

..........

1,271

3,570

Independent

Bank

Corp.

.............

229

1,662

Independent

Bank

Group,

Inc.

.........

101

129

International

Bancshares

Corp.

........

8

67,705

JPMorgan

Chase

&

Co.

.............

16,230

1,193

Lakeland

Financial

Corp.

............

82

3,497

M&T

Bank

Corp.

..................

657

1,295

Midland

States

Bancorp,

Inc.

.........

32

1,943

National

Bank

Holdings

Corp.,

Class

-

A

.

84

695

NBT

Bancorp,

Inc.

.................

33

663

Nicolet

Bankshares,

Inc.

.............

70

922

Northrim

Bancorp,

Inc.

..............

72

3,969

Northwest

Bancshares,

Inc.

...........

52

6,060

OceanFirst

Financial

Corp.

...........

110

3,649

OFG

Bancorp

....................

154

2,194

Old

Second

Bancorp,

Inc.

............

39

1,467

Origin

Bancorp,

Inc.

................

49

1,149

Orrstown

Financial

Services,

Inc.

......

42

1,042

Pacific

Premier

Bancorp,

Inc.

.........

26

559

Peoples

Bancorp,

Inc.

...............

18

1,889

Pinnacle

Financial

Partners,

Inc.

.......

216

3,360

Premier

Financial

Corp.

.............

86

3,750

Provident

Bancorp,

Inc.(a)

...........

43

1,157

QCR

Holdings,

Inc.

................

93

106,556

Regions

Financial

Corp.

.............

2,506

670

Renasant

Corp.

...................

24

635

Sandy

Spring

Bancorp,

Inc.

...........

21

1,467

Seacoast

Banking

Corp.

of

Florida

......

40

990

ServisFirst

Bancshares,

Inc.

..........

84

3,954

Simmons

First

National

Corp.,

Class

-

A

.

88

3,405

Sterling

Bancorp,

Inc.(a)

.............

16

1,311

Stock

Yards

Bancorp,

Inc.

............

94

42,174

Synovus

Financial

Corp.

.............

2,161

510

Texas

Capital

Bancshares,

Inc.(a)

......

40

2,444

The

Bank

of

N.T.

Butterfield

&

Son

Ltd.

.

89

8,270

The

PNC

Financial

Services

Group,

Inc.

.

1,595

3,235

Towne

Bank

.....................

110

393

TriCo

Bancshares

..................

17

240

Triumph

Financial,

Inc.(a)

............

22

596

TrustCo

Bank

Corp.

NY

.............

20

2,275

United

Bankshares,

Inc.

.............

85

3,391

United

Community

Banks,

Inc.

........

110

2,044

Univest

Financial

Corp.

.............

60

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Banks

(continued)

2,879

Veritex

Holdings,

Inc.

...............

$

78

13,406

Wells

Fargo

&

Co.

.................

942

4,326

WesBanco,

Inc.

...................

141

16,779

Western

Alliance

Bancorp

............

1,402

623

Western

New

England

Bancorp,

Inc.

....

6

963

Wintrust

Financial

Corp.

.............

120

1,135

WSFS

Financial

Corp.

..............

60

10,848

Zions

Bancorp

NA

.................

589

60,162

Beverages

—

1.17%

11,836

Brown-Forman

Corp.,

Class

-

B

.......

450

1,320

Celsius

Holdings,

Inc.(a)

.............

35

2,846

Constellation

Brands,

Inc.,

Class

-

A

....

629

6,891

Keurig

Dr

Pepper,

Inc.

..............

221

26,922

Monster

Beverage

Corp.(a)

...........

1,415

57,885

PepsiCo,

Inc.

.....................

8,802

6,267

Primo

Brands

Corp.

................

193

160,904

The

Coca-Cola

Co.

.................

10,017

341

The

Vita

Coco

Co.,

Inc.(a)

...........

13

21,775

Biotechnology

—

1.92%

8,564

2seventy

bio,

Inc.(a)

................

25

34,760

AbbVie,

Inc.

.....................

6,177

892

Agios

Pharmaceuticals,

Inc.(a)

........

29

665

Alkermes

PLC(a)

..................

19

11,330

Alnylam

Pharmaceuticals,

Inc.(a)

......

2,666

25,106

Amgen,

Inc.

......................

6,543

1,323

Anavex

Life

Sciences

Corp.^(a)

.......

14

468

Apellis

Pharmaceuticals,

Inc.(a)

.......

15

695

Arcellx,

Inc.(a)

...................

53

987

Arcus

Biosciences,

Inc.(a)

............

15

2,416

Arrowhead

Pharmaceuticals,

Inc.(a)

.....

45

769

Biohaven

Ltd.(a)

..................

29

1,111

Blueprint

Medicines

Corp.(a)

.........

97

15,620

Bridgebio

Pharma,

Inc.(a)

............

429

1,190

Catalyst

Pharmaceuticals,

Inc.(a)

.......

25

455

Crinetics

Pharmaceuticals,

Inc.(a)

......

23

1,049

Cytokinetics,

Inc.(a)

................

49

24,003

Design

Therapeutics,

Inc.(a)

..........

148

3,633

Dynavax

Technologies

Corp.(a)

........

46

7,862

Erasca,

Inc.(a)

....................

20

4,978

Halozyme

Therapeutics,

Inc.(a)

........

238

1,019

Insmed,

Inc.(a)

....................

70

4,834

Iovance

Biotherapeutics,

Inc.(a)

.......

36

3

HC

CAPITAL

TRUST

The

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Biotechnology

(continued)

9,060

Kodiak

Sciences,

Inc.(a)

.............

$

90

388

Krystal

Biotech,

Inc.(a)

..............

61

4,749

Larimar

Therapeutics,

Inc.(a)

.........

18

22,219

MacroGenics,

Inc.(a)

...............

72

2,208

Madrigal

Pharmaceuticals,

Inc.(a)

......

681

3,976

MannKind

Corp.(a)

................

26

19,253

Moderna,

Inc.(a)

..................

801

14,862

Natera,

Inc.(a)

....................

2,353

800

Neurocrine

Biosciences,

Inc.(a)

........

109

30,739

Nkarta,

Inc.(a)

....................

77

612

Nuvalent,

Inc.,

Class

-

A(a)

...........

48

6,995

Olema

Pharmaceuticals,

Inc.(a)

........

41

2,087

PDL

BioPharma,

Inc.(a)

.............

3

700

Prothena

Corp.

PLC(a)

..............

10

1,755

PTC

Therapeutics,

Inc.(a)

............

79

2,019

Regeneron

Pharmaceuticals,

Inc.(a)

.....

1,438

3,305

REVOLUTION

Medicines,

Inc.(a)

.....

145

745

Rhythm

Pharmaceuticals,

Inc.(a)

.......

42

1,372

SpringWorks

Therapeutics,

Inc.(a)

......

50

2,137

Syndax

Pharmaceuticals,

Inc.(a)

.......

28

574

Twist

Bioscience

Corp.(a)

............

27

18,542

United

Therapeutics

Corp.(a)

.........

6,542

8,199

Vanda

Pharmaceuticals,

Inc.(a)

........

39

3,598

Vaxcyte,

Inc.(a)

...................

295

1,163

Veracyte,

Inc.(a)

...................

46

1,839

Vericel

Corp.(a)

...................

101

12,418

Vertex

Pharmaceuticals,

Inc.(a)

........

5,001

13,314

Viking

Therapeutics,

Inc.(a)

..........

536

1,954

Xencor,

Inc.(a)

....................

45

1,004

XOMA

Royalty

Corp.(a)

............

26

14,136

Y-mAbs

Therapeutics,

Inc.(a)

.........

111

35,752

Broadline

Retail

—

4.08%

330,508

Amazon.com,

Inc.(a)

...............

72,510

15,760

eBay,

Inc.

.......................

976

331

Etsy,

Inc.(a)

......................

18

8,527

Macy's,

Inc.

......................

144

928

MercadoLibre,

Inc.(a)

...............

1,578

5,126

Ollie's

Bargain

Outlet

Holdings,

Inc.(a)

..

562

75,788

Building

Products

—

0.56%

10,045

A.O.

Smith

Corp.

..................

685

1,948

Apogee

Enterprises,

Inc.

.............

139

404

Armstrong

World

Industries,

Inc.

.......

57

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Building

Products

(continued)

2,770

AZZ,

Inc.

.......................

$

227

1,565

Builders

FirstSource,

Inc.(a)

..........

224

38,763

Carrier

Global

Corp.

................

2,646

354

CSW

Industrials,

Inc.

...............

125

441

Gibraltar

Industries,

Inc.(a)

...........

26

1,230

Griffon

Corp.

.....................

88

443

Insteel

Industries,

Inc.

...............

12

13,273

Johnson

Controls

International

PLC

.....

1,048

6,549

Masco

Corp.

.....................

475

2,456

Masterbrand,

Inc.(a)

................

36

50,826

Resideo

Technologies,

Inc.(a)

.........

1,172

9,049

Trane

Technologies

PLC

.............

3,341

2,342

Zurn

Elkay

Water

Solutions

Corp.

......

87

10,388

Capital

Markets

—

2.78%

4,496

Affiliated

Managers

Group,

Inc.

.......

831

2,506

Ameriprise

Financial,

Inc.

............

1,334

2,656

Ares

Management

Corp.,

Class

-

A

.....

470

1,338

Artisan

Partners

Asset

Management,

Inc.,

Class

-

A

....................

58

13,347

BGC

Group,

Inc.,

Class

-

A

...........

121

4,582

Blackrock,

Inc.

...................

4,697

2,335

Cboe

Global

Markets,

Inc.

...........

456

7,911

CME

Group,

Inc.

..................

1,837

979

Cohen

&

Steers,

Inc.

...............

90

4,421

Coinbase

Global,

Inc.,

Class

-

A(a)

.....

1,098

4,311

Evercore,

Inc.

....................

1,195

1,203

FactSet

Research

Systems,

Inc.

........

578

3,056

Federated

Hermes,

Inc.

..............

126

16,955

Franklin

Resources,

Inc.

.............

344

184

Hamilton

Lane,

Inc.,

Class

-

A

.........

27

75

Houlihan

Lokey,

Inc.

...............

13

2,293

Interactive

Brokers

Group,

Inc.

........

405

5,643

Intercontinental

Exchange,

Inc.

........

841

153,344

Invesco

Ltd.

......................

2,680

18,395

Janus

Henderson

Group

PLC

.........

782

17,093

Jefferies

Financial

Group,

Inc.

.........

1,340

9,493

KKR

&

Co.,

Inc.

..................

1,404

1,384

LPL

Financial

Holdings,

Inc.

..........

452

349

MarketAxess

Holdings,

Inc.

..........

79

128

Moelis

&

Co.,

Class

-

A

.............

9

3,981

Moody's

Corp.

....................

1,884

51,857

Morgan

Stanley

...................

6,520

1,076

Morningstar,

Inc.

..................

362

838

MSCI,

Inc.

......................

503

4

HC

CAPITAL

TRUST

The

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Capital

Markets

(continued)

1,887

Nasdaq,

Inc.

.....................

$

146

242

Piper

Sandler

Cos.

.................

73

437

PJT

Partners,

Inc.,

Class

-

A

..........

69

36,398

Robinhood

Markets,

Inc.,

Class

-

A(a)

...

1,356

9,447

S&P

Global,

Inc.

..................

4,706

7,695

State

Street

Corp.

..................

755

1,512

Stifel

Financial

Corp.

...............

160

616

StoneX

Group,

Inc.(a)

..............

60

9,812

T.

Rowe

Price

Group,

Inc.

............

1,110

41,953

The

Charles

Schwab

Corp.

...........

3,105

16,318

The

Goldman

Sachs

Group,

Inc.

.......

9,345

2,045

Victory

Capital

Holdings,

Inc.,

Class

-

A

.

134

157

Virtus

Investment

Partners,

Inc.

........

35

9,720

WisdomTree,

Inc.

..................

102

51,692

Chemicals

—

1.31%

10,894

Air

Products

and

Chemicals,

Inc.

.......

3,160

828

Avient

Corp.

.....................

34

4,923

Axalta

Coating

Systems

Ltd.(a)

........

168

695

Balchem

Corp.

....................

113

48

Cabot

Corp.

......................

4

43,514

CF

Industries

Holdings,

Inc.

..........

3,713

9,311

Corteva,

Inc.

.....................

530

9,217

Dow,

Inc.

.......................

370

13,063

DuPont

de

Nemours,

Inc.

............

996

30,407

Ecolab,

Inc.

......................

7,126

4,020

FMC

Corp.

......................

195

497

Hawkins,

Inc.

....................

61

158

Huntsman

Corp.

...................

3

1,018

Innospec,

Inc.

....................

112

3,245

Kronos

Worldwide,

Inc.

.............

32

2,671

Linde

PLC

.......................

1,118

35,802

LyondellBasell

Industries

N.V.,

Class

-

A

.

2,659

1,019

Minerals

Technologies,

Inc.

...........

78

129

NewMarket

Corp.

.................

68

24,876

Olin

Corp.

.......................

841

1,544

Orion

SA

........................

24

6,716

PPG

Industries,

Inc.

................

802

898

Sensient

Technologies

Corp.

..........

64

5,811

The

Scotts

Miracle-Gro

Co.

..........

386

4,752

The

Sherwin-Williams

Co.

...........

1,615

2,158

Tronox

Holdings

PLC

..............

22

24,294

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Commercial

Services

&

Supplies

—

0.68%

2,075

ABM

Industries,

Inc.

...............

$

106

984

ACV

Auctions,

Inc.,

Class

-

A(a)

.......

21

2,183

Brady

Corp.,

Class

-

A

..............

161

1,307

Casella

Waste

Systems,

Inc.(a)

........

138

222

Cimpress

PLC(a)

..................

16

7,893

Clean

Harbors,

Inc.(a)

..............

1,817

120,320

Copart,

Inc.(a)

....................

6,906

5,910

CoreCivic,

Inc.(a)

.................

128

2,401

Deluxe

Corp.

.....................

54

2,331

Healthcare

Services

Group,

Inc.(a)

......

27

3,253

HNI

Corp.

.......................

164

4,306

MillerKnoll,

Inc.

..................

97

5,037

Quad/Graphics,

Inc.

................

35

1,577

RB

Global,

Inc.

...................

142

1,270

Republic

Services,

Inc.

..............

255

741

The

Brink's

Co.

...................

69

1,472

The

GEO

Group,

Inc.(a)

.............

41

5,073

Veralto

Corp.

.....................

517

9,682

Waste

Management,

Inc.

.............

1,955

12,649

Communications

Equipment

—

1.13%

19,104

Arista

Networks,

Inc.(a)

.............

2,112

238,148

Cisco

Systems,

Inc.

................

14,098

673

Clearfield,

Inc.(a)

..................

21

825

F5,

Inc.(a)

.......................

207

9,702

Motorola

Solutions,

Inc.

.............

4,485

20,923

Construction

&

Engineering

—

0.16%

5,983

AECOM

........................

640

7,964

Ameresco,

Inc.,

Class

-

A(a)

..........

187

291

Comfort

Systems

USA,

Inc.

..........

123

1,585

Dycom

Industries,

Inc.(a)

............

276

940

EMCOR

Group,

Inc.

...............

427

2,153

Fluor

Corp.(a)

....................

106

3,323

Granite

Construction,

Inc.

............

291

2,960

MasTec,

Inc.(a)

...................

403

218

MYR

Group,

Inc.(a)

................

32

1,525

Quanta

Services,

Inc.

...............

482

2,938

WillScot

Holdings

Corp.(a)

...........

98

3,065

Construction

Materials

—

0.10%

1,173

Eagle

Materials,

Inc.

................

289

1,351

Martin

Marietta

Materials,

Inc.

........

699

5

HC

CAPITAL

TRUST

The

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Construction

Materials

(continued)

4,373

Summit

Materials,

Inc.,

Class

-

A(a)

....

$

221

2,578

Vulcan

Materials

Co.

...............

663

1,872

Consumer

Finance

—

0.84%

20,855

American

Express

Co.

..............

6,189

20,025

Capital

One

Financial

Corp.

..........

3,571

2,878

Consumer

Portfolio

Services,

Inc.(a)

....

31

95

Credit

Acceptance

Corp.(a)

...........

45

6,409

Discover

Financial

Services

..........

1,110

3,434

LendingClub

Corp.(a)

...............

56

875

Navient

Corp.

....................

12

351

Nelnet,

Inc.,

Class

-

A

...............

37

14,450

OneMain

Holdings,

Inc.

.............

753

141,214

SLM

Corp.

......................

3,895

15,699

Consumer

Staples

Distribution

&

Retail

—

2.22%

3,459

Casey's

General

Stores,

Inc.

..........

1,371

20,372

Costco

Wholesale

Corp.

.............

18,666

8,686

Dollar

Tree,

Inc.(a)

.................

651

828

Performance

Food

Group

Co.(a)

.......

70

202

PriceSmart,

Inc.

...................

19

1,063

SpartanNash

Co.

..................

19

18,118

Sysco

Corp.

......................

1,385

17,745

Target

Corp.

.....................

2,399

1,208

The

Andersons,

Inc.

................

49

9,040

The

Kroger

Co.

...................

553

3,462

United

Natural

Foods,

Inc.(a)

.........

95

175,950

Walmart,

Inc.

.....................

15,897

714

Weis

Markets,

Inc.

.................

48

41,222

Containers

&

Packaging

—

0.22%

2,235

AptarGroup,

Inc.

..................

351

774

Avery

Dennison

Corp.

..............

145

22,939

Ball

Corp.

.......................

1,264

2,133

Graphic

Packaging

Holding

Co.

.......

58

10,608

International

Paper

Co.

..............

571

3,245

Myers

Industries,

Inc.

...............

36

2,891

Packaging

Corp.

of

America

..........

651

17,292

Silgan

Holdings,

Inc.

...............

900

2,452

Sonoco

Products

Co.

...............

120

4,096

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Distributors

—

0.05%

6,793

Genuine

Parts

Co.

.................

$

793

381

Pool

Corp.

.......................

130

923

Diversified

Consumer

Services

—

0.10%

3,247

Adtalem

Global

Education,

Inc.(a)

......

295

131

Duolingo,

Inc.(a)

..................

42

455

Frontdoor,

Inc.(a)

..................

25

7,498

H&R

Block,

Inc.

..................

396

17,039

Perdoceo

Education

Corp.

............

452

4,824

Service

Corp.

International

...........

385

2,069

Strategic

Education,

Inc.

.............

193

312

Stride,

Inc.(a)

.....................

32

782

Universal

Technical

Institute,

Inc.(a)

....

20

1,840

Diversified

REITs

—

0.02%

4,168

Alexander

&

Baldwin,

Inc.

...........

75

1,205

Alpine,

Inc.ome

Property

Trust,

Inc.

....

20

1,529

American

Assets

Trust,

Inc.

...........

40

7,907

Broadstone

Net

Lease,

Inc.

...........

126

1,323

Essential

Properties

Realty

Trust,

Inc.

...

41

3,709

Gladstone

Commercial

Corp.

.........

60

711

One

Liberty

Properties,

Inc.

..........

19

381

Diversified

Telecommunication

Services

—

0.62%

439

Anterix,

Inc.(a)

...................

13

383,642

AT&T,

Inc.

......................

8,737

2,728

EchoStar

Corp.,

Class

-

A(a)

..........

62

19,117

Frontier

Communications

Parent,

Inc.(a)

.

663

8,770

GCI

Liberty,

Inc.(a)(b)

..............

–

3,094

IDT

Corp.,

Class

-

B

................

147

256

Iridium

Communications,

Inc.

.........

7

48,780

Verizon

Communications,

Inc.

.........

1,951

11,580

Electric

Utilities

—

1.17%

1,915

ALLETE,

Inc.

....................

124

1,604

Alliant

Energy

Corp.

...............

95

30,034

American

Electric

Power

Co.,

Inc.

......

2,770

3,035

Constellation

Energy

Corp.

...........

679

7,685

Duke

Energy

Corp.

.................

828

17,710

Edison

International

................

1,414

47,734

Evergy,

Inc.

......................

2,938

9,106

Exelon

Corp.

.....................

343

6

HC

CAPITAL

TRUST

The

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Electric

Utilities

(continued)

60,365

FirstEnergy

Corp.

..................

$

2,401

3,048

Genie

Energy

Ltd.,

Class

-

B

..........

48

242

MGE

Energy,

Inc.

.................

23

39,736

NextEra

Energy,

Inc.

...............

2,849

36,550

NRG

Energy,

Inc.

..................

3,298

12,422

OGE

Energy

Corp.

.................

512

846

Otter

Tail

Corp.

...................

62

464

Portland

General

Electric

Co.

.........

20

32,159

The

Southern

Co.

..................

2,647

9,169

Xcel

Energy,

Inc.

..................

619

21,670

Electrical

Equipment

—

0.75%

8,507

AMETEK,

Inc.

...................

1,533

4,130

Bloom

Energy

Corp.,

Class

-

A(a)

......

92

15,855

Eaton

Corp.

PLC

..................

5,262

29,952

Emerson

Electric

Co.

...............

3,712

2,360

EnerSys

.........................

218

4,901

GE

Vernova,

Inc.

..................

1,612

1,210

Hubbell,

Inc.

.....................

507

4,506

Regal

Rexnord

Corp.

...............

699

931

Rockwell

Automation,

Inc.

...........

266

13,901

Electronic

Equipment,

Instruments

&

Components

—

0.22%

809

Advanced

Energy

Industries,

Inc.

......

94

24,420

Amphenol

Corp.,

Class

-

A

...........

1,695

1,155

Arlo

Technologies,

Inc.(a)

............

13

521

Badger

Meter,

Inc.

.................

111

544

Belden,

Inc.

......................

61

983

CTS

Corp.

.......................

52

824

ePlus,

Inc.(a)

.....................

61

2,761

Fabrinet(a)

.......................

606

7,503

Flex

Ltd.(a)

......................

287

1,005

Insight

Enterprises,

Inc.(a)

...........

153

548

IPG

Photonics

Corp.(a)

..............

40

1,575

Jabil,

Inc.

.......................

227

1,050

Keysight

Technologies,

Inc.(a)

........

169

414

Kimball

Electronics,

Inc.(a)

..........

8

368

Littelfuse,

Inc.

....................

87

111

Novanta,

Inc.(a)

...................

17

1,841

PC

Connection,

Inc.

................

128

51

Plexus

Corp.(a)

...................

8

86

Sanmina

Corp.(a)

..................

7

34

TD

SYNNEX

Corp.

................

4

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Electronic

Equipment,

Instruments

&

Components

(continued)

1,116

TTM

Technologies,

Inc.(a)

...........

$

28

2,343

Vontier

Corp.

.....................

85

376

Zebra

Technologies

Corp.(a)

..........

145

4,086

Energy

Equipment

&

Services

—

0.25%

7,609

Archrock,

Inc.

....................

189

835

Atlas

Energy

Solutions,

Inc.

..........

19

1,098

Bristow

Group,

Inc.(a)

..............

38

460

Cactus,

Inc.,

Class

-

A

...............

27

4,798

ChampionX

Corp.

.................

130

26,930

Halliburton

Co.

...................

732

6,750

Helmerich

&

Payne,

Inc.

.............

216

747

Kodiak

Gas

Services,

Inc.

............

31

5,195

Liberty

Energy,

Inc.

................

103

1,775

Oceaneering

International,

Inc.(a)

......

46

40,389

Patterson-UTI

Energy,

Inc.

...........

334

42,009

Schlumberger

N.V.

.................

1,611

11,270

Solaris

Energy

Infrastructure,

Inc.

......

324

21,429

TechnipFMC

PLC

.................

620

4,093

Tidewater,

Inc.(a)

..................

224

4,644

Entertainment

—

1.13%

2,997

Atlanta

Braves

Holdings,

Inc.(a)

.......

115

1,640

Atlanta

Braves

Holdings,

Inc.(a)

.......

67

682

Cinemark

Holdings,

Inc.(a)

...........

21

14,871

Liberty

Media

Corp.-Liberty

Formula

One(a)

.....................

1,378

18,267

Netflix,

Inc.(a)

....................

16,282

28,569

The

Walt

Disney

Co.

...............

3,181

21,044

Financial

Services

—

4.01%

8,213

Apollo

Global

Management,

Inc.

.......

1,356

23,967

AvidXchange

Holdings,

Inc.(a)

........

248

861

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class

-

E

..........

31

42,603

Berkshire

Hathaway,

Inc.,

Class

-

B(a)

...

19,311

800

Cannae

Holdings,

Inc.

..............

16

49,585

Equitable

Holdings,

Inc.

.............

2,339

2,141

EVERTEC,

Inc.

...................

74

143

Federal

Agricultural

Mortgage

Corp.,

Class

-

C

.........................

28

4,072

Fiserv,

Inc.(a)

.....................

836

12,400

Global

Payments,

Inc.

...............

1,390

708

I3

Verticals,

Inc.,

Class

-

A(a)

.........

16

7

HC

CAPITAL

TRUST

The

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Financial

Services

(continued)

1,852

Jack

Henry

&

Associates,

Inc.

.........

$

325

37,521

Mastercard,

Inc.,

Class

-

A

...........

19,756

228

MGIC

Investment

Corp.

.............

5

1,030

Mr

Cooper

Group,

Inc.(a)

............

99

2,840

Payoneer

Global,

Inc.(a)

.............

29

34,688

PayPal

Holdings,

Inc.(a)

.............

2,961

871

PennyMac

Financial

Services,

Inc.

.....

89

2,184

Repay

Holdings

Corp.(a)

............

17

73,805

Visa,

Inc.,

Class

-

A

................

23,324

31,527

Voya

Financial,

Inc.

................

2,170

1,294

Walker

&

Dunlop,

Inc.

..............

126

1,342

Waterstone

Financial,

Inc.

............

18

198

WEX,

Inc.(a)

.....................

35

74,599

Food

Products

—

0.61%

13,782

Archer-Daniels-Midland

Co.

..........

696

283

Cal-Maine

Foods,

Inc.

..............

29

87,270

Conagra

Brands,

Inc.

...............

2,422

1,587

Darling

Ingredients,

Inc.(a)

...........

53

5,689

Flowers

Foods,

Inc.

................

118

365

Freshpet,

Inc.(a)

...................

54

12,760

General

Mills,

Inc.

.................

814

7,674

Hormel

Foods

Corp.

................

241

682

J

&

J

Snack

Foods

Corp.

.............

106

2,078

John

B.

Sanfilippo

&

Son,

Inc.

........

181

10,284

Kellanova

.......................

833

413

Lamb

Weston

Holdings,

Inc.

..........

28

5,092

McCormick

&

Co.,

Inc.

.............

388

65,720

Mondelez

International,

Inc.,

Class

-

A

...

3,924

1,277

Post

Holdings,

Inc.(a)

...............

146

3,009

The

Hershey

Co.

..................

510

2,332

The

J.M.

Smucker

Co.

..............

257

13,887

The

Kraft

Heinz

Co.

................

426

1,116

The

Simply

Good

Foods

Co.(a)

........

44

1,627

Tootsie

Roll

Industries,

Inc.

...........

53

2,571

WK

Kellogg

Co.

..................

46

11,369

Gas

Utilities

—

0.14%

808

Atmos

Energy

Corp.

................

113

1,491

Brookfield

Infrastructure

Corp.(a)

......

60

480

Chesapeake

Utilities

Corp.

...........

58

33,223

National

Fuel

Gas

Co.

..............

2,016

329

New

Jersey

Resources

Corp.

..........

15

3,451

ONE

Gas,

Inc.

....................

239

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Gas

Utilities

(continued)

1,094

Southwest

Gas

Holdings,

Inc.

.........

$

77

2,134

UGI

Corp.

.......................

60

2,638

Ground

Transportation

—

1.13%

168

ArcBest

Corp.

....................

16

128,274

CSX

Corp.

.......................

4,139

6,621

Knight-Swift

Transportation

Holdings,

Inc.

351

1,274

Landstar

System,

Inc.

...............

219

5,345

Norfolk

Southern

Corp.

.............

1,254

3,682

Old

Dominion

Freight

Line,

Inc.

.......

650

1,886

RXO,

Inc.(a)

.....................

45

62,802

Uber

Technologies,

Inc.(a)

...........

3,788

11,187

U-Haul

Holding

Co.

................

717

1,243

U-Haul

Holding

Co.(a)

..............

86

42,704

Union

Pacific

Corp.

................

9,738

21,003

Health

Care

Equipment

&

Supplies

—

2.04%

82,859

Abbott

Laboratories

................

9,372

5,533

Align

Technology,

Inc.(a)

............

1,154

10,657

Baxter

International,

Inc.

............

311

4,799

Becton

Dickinson

&

Co.

.............

1,089

10,892

Boston

Scientific

Corp.(a)

............

973

799

CVRx,

Inc.(a)

....................

10

5,314

Dexcom,

Inc.(a)

...................

413

16,898

Edwards

Lifesciences

Corp.(a)

........

1,251

960

Embecta

Corp.

....................

20

1,648

Enovis

Corp.(a)

...................

72

6,535

GE

HealthCare

Technologies,

Inc.

......

511

698

Glaukos

Corp.(a)

..................

105

434

Haemonetics

Corp.(a)

...............

34

9,518

ICU

Medical,

Inc.(a)

...............

1,477

4,343

IDEXX

Laboratories,

Inc.(a)

..........

1,796

883

Inspire

Medical

Systems,

Inc.(a)

.......

164

1,118

Insulet

Corp.(a)

...................

292

479

Integer

Holdings

Corp.(a)

............

63

19,494

Intuitive

Surgical,

Inc.(a)

............

10,174

933

iRhythm

Technologies,

Inc.(a)

.........

84

511

Lantheus

Holdings,

Inc.(a)

...........

46

271

LeMaitre

Vascular,

Inc.

..............

25

74

Medtronic

PLC

...................

6

4,151

Merit

Medical

Systems,

Inc.(a)

........

401

4,795

Neogen

Corp.(a)

..................

58

26,890

Novocure

Ltd.(a)

..................

801

1,347

Omnicell,

Inc.(a)

..................

60

8

HC

CAPITAL

TRUST

The

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Health

Care

Equipment

&

Supplies

(continued)

49,211

OraSure

Technologies,

Inc.(a)

.........

$

178

1,434

Penumbra,

Inc.(a)

..................

341

4,072

ResMed,

Inc.

.....................

931

1,272

STAAR

Surgical

Co.(a)

.............

31

1,498

STERIS

PLC

.....................

308

9,642

Stryker

Corp.

.....................

3,472

19,385

Tactile

Systems

Technology,

Inc.(a)

.....

332

23,899

Tandem

Diabetes

Care,

Inc.(a)

.........

861

2,516

The

Cooper

Cos.,

Inc.(a)

.............

231

693

TransMedics

Group,

Inc.(a)

...........

43

3,346

Zimmer

Biomet

Holdings,

Inc.

........

353

7,594

Zimvie,

Inc.(a)

....................

106

37,949

Health

Care

Providers

&

Services

—

1.96%

25,068

Acadia

Healthcare

Co.,

Inc.(a)

.........

994

158

Addus

HomeCare

Corp.(a)

...........

20

3,253

Astrana

Health,

Inc.(a)

..............

103

3,127

Cencora,

Inc.

.....................

703

25,667

Centene

Corp.(a)

..................

1,555

13

Chemed

Corp.

....................

7

1,113

Concentra

Group

Holdings

Parent,

Inc.

..

22

459

CorVel

Corp.(a)

...................

51

22,394

CVS

Health

Corp.

.................

1,005

9,467

Elevance

Health,

Inc.

...............

3,492

47

Encompass

Health

Corp.

.............

4

4,756

HCA

Healthcare,

Inc.

...............

1,428

3,283

Henry

Schein,

Inc.(a)

...............

227

4,083

Labcorp

Holdings,

Inc.

..............

936

8,667

McKesson

Corp.

..................

4,939

992

Molina

Healthcare,

Inc.(a)

...........

289

717

National

HealthCare

Corp.

...........

77

2,556

NeoGenomics,

Inc.(a)

...............

42

1,478

Owens

&

Minor,

Inc.(a)

.............

19

3,683

Patterson

Cos.,

Inc.

................

114

10,773

Quest

Diagnostics,

Inc.

..............

1,625

2,950

RadNet,

Inc.(a)

...................

206

1,380

Select

Medical

Holdings

Corp.

........

26

3,135

Solventum

Corp.(a)

................

207

1,068

Surgery

Partners,

Inc.(a)

.............

23

2,414

Tenet

Healthcare

Corp.(a)

............

305

11,241

The

Cigna

Group

..................

3,104

195

The

Ensign

Group,

Inc.

..............

26

1,540

The

Joint

Corp.(a)

.................

16

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Health

Care

Providers

&

Services

(continued)

29,483

UnitedHealth

Group,

Inc.

............

$

14,914

36,479

Health

Care

REITs

—

0.42%

8,558

CareTrust

REIT,

Inc.

...............

231

174,195

Healthcare

Realty

Trust,

Inc.

..........

2,954

686

National

Health

Investors,

Inc.

........

48

36,358

Omega

Healthcare

Investors,

Inc.

......

1,376

6,550

Sabra

Health

Care

REIT,

Inc.

.........

113

40,605

Ventas,

Inc.

......................

2,391

5,701

Welltower,

Inc.

....................

718

7,831

Health

Care

Technology

—

0.18%

1,615

Phreesia,

Inc.(a)

...................

41

9,828

Schrodinger,

Inc.(a)

................

190

14,457

Veeva

Systems,

Inc.,

Class

-

A(a)

.......

3,039

3,270

Hotel

&

Resort

REITs

—

0.05%

4,816

Chatham

Lodging

Trust

.............

43

9,262

DiamondRock

Hospitality

Co.

.........

84

24,850

Park

Hotels

&

Resorts,

Inc.

...........

350

6,433

RLJ

Lodging

Trust

.................

66

1,766

Ryman

Hospitality

Properties,

Inc.

......

184

7,641

Summit

Hotel

Properties,

Inc.

.........

52

4,401

Sunstone

Hotel

Investors,

Inc.

.........

52

1,773

Xenia

Hotels

&

Resorts,

Inc.

..........

26

857

Hotels,

Restaurants

&

Leisure

—

1.88%

7,232

Airbnb,

Inc.,

Class

-

A(a)

............

950

162

BJ's

Restaurants,

Inc.(a)

.............

6

805

Bloomin'

Brands,

Inc.

...............

10

1,179

Booking

Holdings,

Inc.

..............

5,857

3,538

Boyd

Gaming

Corp.

................

257

31,802

Carnival

Corp.(a)

..................

793

28,900

Chipotle

Mexican

Grill,

Inc.(a)

........

1,743

1,046

Choice

Hotels

International,

Inc.

.......

149

2,249

Darden

Restaurants,

Inc.

.............

420

1,221

Dave

&

Buster's

Entertainment,

Inc.(a)

..

36

23,594

DraftKings,

Inc.(a)

.................

878

2,169

First

Watch

Restaurant

Group,

Inc.(a)

...

40

428

Golden

Entertainment,

Inc.

...........

14

1,218

Hilton

Grand

Vacations,

Inc.(a)

........

47

148

Hilton

Worldwide

Holdings,

Inc.

.......

37

9

HC

CAPITAL

TRUST

The

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Hotels,

Restaurants

&

Leisure

(continued)

3,826

Hyatt

Hotels

Corp.,

Class

-

A

.........

$

601

999

Light

&

Wonder,

Inc.(a)

.............

86

3,896

Lindblad

Expeditions

Holdings,

Inc.(a)

..

46

13,101

Marriott

International,

Inc.,

Class

-

A

....

3,654

20,166

McDonald's

Corp.

.................

5,845

217

Monarch

Casino

&

Resort,

Inc.

........

17

51,410

Norwegian

Cruise

Line

Holdings

Ltd.(a)

.

1,323

3,005

Planet

Fitness,

Inc.,

Class

-

A(a)

.......

297

3,075

PlayAGS,

Inc.(a)

..................

35

16,947

Royal

Caribbean

Cruises

Ltd.

.........

3,910

507

Seaport

Entertainment

Group,

Inc.(a)

....

14

82,827

Starbucks

Corp.

...................

7,557

5,395

Super

Group

SGHC

Ltd.

.............

34

581

Texas

Roadhouse,

Inc.

..............

105

1,001

Vail

Resorts,

Inc.

..................

188

34,949

Household

Durables

—

0.34%

201

Cavco

Industries,

Inc.(a)

.............

90

844

Century

Communities,

Inc.

...........

62

1,030

Champion

Homes,

Inc.(a)

............

91

3,443

D.R.

Horton,

Inc.

..................

481

4,095

Dream

Finders

Homes,

Inc.,

Class

-

A(a)

.

95

5,591

Garmin

Ltd.

......................

1,153

891

Hamilton

Beach

Brands

Holding

Co.,

Class

-

A

........................

15

705

Legacy

Housing

Corp.(a)

............

17

6,964

Lennar

Corp.,

Class

-

A

..............

950

83

Lennar

Corp.,

Class

-

B

.............

11

748

LGI

Homes,

Inc.(a)

................

67

2,390

M/I

Homes,

Inc.(a)

.................

318

1,111

Meritage

Homes

Corp.

..............

171

4,132

PulteGroup,

Inc.

...................

450

3,670

Sonos,

Inc.(a)

....................

55

17,676

Toll

Brothers,

Inc.

.................

2,226

2,166

Tri

Pointe

Homes,

Inc.(a)

............

79

1,868

Worthington

Enterprises,

Inc.

.........

75

6,406

Household

Products

—

1.14%

2,670

BJ's

Wholesale

Club

Holdings,

Inc.(a)

...

239

1,892

Central

Garden

&

Pet

Co.(a)

..........

73

1,710

Central

Garden

&

Pet

Co.,

Class

-

A(a)

..

57

6,339

Church

&

Dwight

Co.,

Inc.

...........

664

9,514

Colgate-Palmolive

Co.

..............

865

23,369

Kimberly-Clark

Corp.

...............

3,062

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Household

Products

(continued)

1,019

Oil-Dri

Corp.

of

America

............

$

89

3,772

The

Clorox

Co.

...................

613

92,793

The

Procter

&

Gamble

Co.

...........

15,556

61

WD-40

Co.

......................

15

21,233

Independent

Power

and

Renewable

Electricity

Producers

—

0.40%

1,499

Clearway

Energy,

Inc.,

Class

-

C

.......

39

4,109

Ormat

Technologies,

Inc.

............

278

51,268

Vistra

Corp.

......................

7,069

7,386

Industrial

Conglomerates

—

0.61%

12,543

3M

Co.

.........................

1,619

1,120

Brookfield

Business

Corp.,

Class

-

A

....

27

19,608

General

Electric

Co.

................

3,270

28,328

Honeywell

International,

Inc.

.........

6,400

11,316

Industrial

REITs

—

0.14%

1,133

EastGroup

Properties,

Inc.

...........

182

875

Innovative

Industrial

Properties,

Inc.

....

58

20,968

Prologis,

Inc.

.....................

2,216

2,707

STAG

Industrial,

Inc.

...............

92

2,548

Insurance

—

2.24%

33,180

Aflac,

Inc.

.......................

3,432

689

Ambac

Financial

Group,

Inc.(a)

.......

9

8,552

Aon

PLC,

Class

-

A

................

3,072

1,831

Arthur

J.

Gallagher

&

Co.

............

520

1,195

Assurant,

Inc.

....................

255

36,463

Axis

Capital

Holdings

Ltd.

...........

3,231

1,709

Brown

&

Brown,

Inc.

...............

174

11,297

Chubb

Ltd.

......................

3,121

3,252

Cincinnati

Financial

Corp.

...........

467

3,379

CNO

Financial

Group,

Inc.

...........

126

658

Enstar

Group

Ltd.(a)

...............

212

35

Everest

Group

Ltd.

.................

13

52,976

Fidelity

National

Financial,

Inc.

.......

2,974

7,019

Genworth

Financial,

Inc.(a)

...........

49

3,462

Goosehead

Insurance,

Inc.,

Class

-

A(a)

..

371

3,604

Horace

Mann

Educators

Corp.

.........

141

562

Kinsale

Capital

Group,

Inc.

...........

261

43,476

Lincoln

National

Corp.

..............

1,379

14,422

Marsh

&

McLennan

Cos.,

Inc.

........

3,063

10

HC

CAPITAL

TRUST

The

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Insurance

(continued)

26,353

MetLife,

Inc.

.....................

$

2,158

7,077

Old

Republic

International

Corp.

.......

256

22,534

Principal

Financial

Group,

Inc.

........

1,744

11,007

Prudential

Financial,

Inc.

............

1,305

7,591

Reinsurance

Group

of

America,

Inc.

....

1,622

3,014

RenaissanceRe

Holdings

Ltd.

.........

750

372

Selective

Insurance

Group,

Inc.

........

35

3,408

Stewart

Information

Services

Corp.

.....

230

26,534

The

Allstate

Corp.

.................

5,116

8,510

The

Progressive

Corp.

..............

2,039

6,974

The

Travelers

Cos.,

Inc.

.............

1,680

621

Trupanion,

Inc.(a)

.................

30

17,476

Unum

Group

.....................

1,276

9,301

W.R.

Berkley

Corp.

................

544

41,655

Interactive

Media

&

Services

—

6.75%

206,074

Alphabet,

Inc.,

Class

-

A

.............

39,010

213,373

Alphabet,

Inc.,

Class

-

C

.............

40,635

1,296

Cargurus,

Inc.(a)

..................

47

845

Cars.com,

Inc.(a)

..................

15

8,368

IAC,

Inc.(a)

......................

361

1,412

Match

Group,

Inc.(a)

...............

46

76,855

Meta

Platforms,

Inc.,

Class

-

A

........

44,999

8,634

Nextdoor

Holdings,

Inc.(a)

...........

20

14,331

TrueCar,

Inc.(a)

...................

53

6,760

Yelp,

Inc.(a)

......................

262

125,448

IT

Services

—

0.79%

15,185

Accenture

PLC,

Class

-

A

............

5,341

3,168

Akamai

Technologies,

Inc.(a)

.........

303

4,094

Cognizant

Technology

Solutions

Corp.,

Class

-

A

....................

315

356

Couchbase,

Inc.(a)

.................

6

1,369

DigitalOcean

Holdings,

Inc.(a)

........

47

8,471

EPAM

Systems,

Inc.(a)

..............

1,981

13,957

GoDaddy,

Inc.,

Class

-

A(a)

...........

2,755

1,737

Grid

Dynamics

Holdings,

Inc.(a)

.......

39

2,117

International

Business

Machines

Corp.

...

465

32,062

Okta,

Inc.(a)

.....................

2,526

135

The

Hackett

Group,

Inc.

.............

4

4,247

VeriSign,

Inc.(a)

...................

879

14,661

Leisure

Products

—

0.03%

324

American

Outdoor

Brands,

Inc.(a)

......

5

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Leisure

Products

(continued)

1,780

Brunswick

Corp.

..................

$

115

1,159

Hasbro,

Inc.

......................

65

356

MasterCraft

Boat

Holdings,

Inc.(a)

.....

7

14,953

Mattel,

Inc.(a)

....................

265

1,298

Smith

&

Wesson

Brands,

Inc.

.........

13

1,461

YETI

Holdings,

Inc.(a)

..............

56

526

Life

Sciences

Tools

&

Services

—

0.95%

4,371

Agilent

Technologies,

Inc.

............

587

75

Azenta,

Inc.(a)

....................

4

398

Bio-Rad

Laboratories,

Inc.,

Class

-

A(a)

..

131

4,564

Bio-Techne

Corp.

..................

329

1,836

Bruker

Corp.

.....................

108

438

Charles

River

Laboratories

International,

Inc.(a)

......................

81

6,376

Cytek

Biosciences,

Inc.(a)

............

41

15,219

Danaher

Corp.

....................

3,494

4,083

Fortrea

Holdings,

Inc.(a)

.............

76

710

IQVIA

Holdings,

Inc.(a)

.............

140

599

Medpace

Holdings,

Inc.(a)

...........

199

3,554

Mettler-Toledo

International,

Inc.(a)

....

4,349

2,268

QIAGEN

N.V.(a)

..................

101

493

Repligen

Corp.(a)

..................

71

724

Revvity,

Inc.

.....................

81

13,024

Thermo

Fisher

Scientific,

Inc.

.........

6,774

3,017

Waters

Corp.(a)

...................

1,119

17,685

Machinery

—

1.74%

11,054

AGCO

Corp.

.....................

1,033

183

Alamo

Group,

Inc.

.................

34

68

Albany

International

Corp.

...........

5

1,637

Astec

Industries,

Inc.

...............

55

3,801

Barnes

Group,

Inc.

.................

180

21,751

Caterpillar,

Inc.

...................

7,889

1,248

Chart

Industries,

Inc.(a)

.............

238

2,711

Columbus

McKinnon

Corp.

..........

101

5,428

Cummins,

Inc.

....................

1,892

4,840

Deere

&

Co.

.....................

2,051

53

Donaldson

Co.,

Inc.

................

4

8,121

Dover

Corp.

......................

1,523

220

Enpro,

Inc.

......................

38

1,648

Esab

Corp.

.......................

198

1,328

ESCO

Technologies,

Inc.

............

177

1,773

Federal

Signal

Corp.

................

164

11

HC

CAPITAL

TRUST

The

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Machinery

(continued)

5,857

Fortive

Corp.

.....................

$

439

141

Franklin

Electric

Co.,

Inc.

............

14

1,569

Graco,

Inc.

......................

132

2,528

Helios

Technologies,

Inc.

............

113

2,739

Hillman

Solutions

Corp.(a)

...........

27

2,539

IDEX

Corp.

......................

531

8,257

Illinois

Tool

Works,

Inc.

.............

2,094

13,883

Ingersoll

Rand,

Inc.

................

1,256

2,518

ITT,

Inc.

........................

360

819

JBT

Marel

Corp.

..................

104

226

Kadant,

Inc.

......................

78

1,329

Kennametal,

Inc.

..................

32

771

Lincoln

Electric

Holdings,

Inc.

........

145

236

Mueller

Industries,

Inc.

..............

19

16,478

Mueller

Water

Products,

Inc.,

Class

-

A

..

371

1,750

Nordson

Corp.

....................

366

17,109

Oshkosh

Corp.

....................

1,627

16,233

Otis

Worldwide

Corp.

...............

1,503

1,746

Parker-Hannifin

Corp.

..............

1,111

21

RBC

Bearings,

Inc.(a)

..............

6

1,356

SPX

Technologies,

Inc.(a)

............

197

948

Standex

International

Corp.

...........

177

2,819

Tennant

Co.

......................

230

2,067

Terex

Corp.

......................

96

1,276

The

Gorman-Rupp

Co.

..............

48

2,085

The

Greenbrier

Cos.,

Inc.

............

127

11,372

The

Middleby

Corp.(a)

..............

1,540

5,021

The

Shyft

Group,

Inc.

...............

59

2,490

The

Timken

Co.

...................

178

927

The

Toro

Co.

.....................

74

16,476

Westinghouse

Air

Brake

Technologies

Corp.

3,124

4,923

Xylem,

Inc.

......................

571

32,331

Marine

Transportation

—

0.03%

8,479

Costamare,

Inc.

...................

109

2,101

Kirby

Corp.(a)

....................

222

1,166

Matson,

Inc.

.....................

157

488

Media

—

0.42%

5,957

Advantage

Solutions,

Inc.(a)

..........

17

84,982

Comcast

Corp.,

Class

-

A

............

3,190

4,889

Fox

Corp.,

Class

-

A

................

238

15,050

Integral

Ad

Science

Holding

Corp.(a)

....

157

3,824

Magnite,

Inc.(a)

...................

61

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Media

(continued)

8,724

Omnicom

Group,

Inc.

...............

$

751

535

Scholastic

Corp.

...................

11

2,249

TEGNA,

Inc.

.....................

41

31,882

The

Interpublic

Group

of

Cos.,

Inc.

.....

893

21,211

The

Trade

Desk,

Inc.,

Class

-

A(a)

......

2,493

1,572

Townsquare

Media,

Inc.,

Class

-

A

......

14

7,866

Metals

&

Mining

—

0.33%

50,866

Alcoa

Corp.

......................

1,923

1,094

Arch

Resources,

Inc.

...............

154

17,375

ATI,

Inc.(a)

......................

956

1,962

Carpenter

Technology

Corp.

..........

333

5,219

Coeur

Mining,

Inc.(a)

...............

30

9,750

Hecla

Mining

Co.

..................

48

1,828

Kaiser

Aluminum

Corp.

.............

128

360

Materion

Corp.

...................

36

5,772

Metallus,

Inc.(a)

...................

82

18,550

Newmont

Corp.

...................

690

8,225

Nucor

Corp.

......................

960

2,916

Ryerson

Holding

Corp.

..............

54

1,912

Steel

Dynamics,

Inc.

................

218

12,963

United

States

Steel

Corp.

............

441

137

Warrior

Met

Coal,

Inc.

..............

7

1,868

Worthington

Steel,

Inc.

..............

59

6,119

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.00%

404

Sunrise

Realty

Trust,

Inc.

............

6

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.15%

17,446

Arbor

Realty

Trust,

Inc.^

............

242

7,810

BrightSpire

Capital,

Inc.

.............

44

1,691

Dynex

Capital,

Inc.

................

21

198,350

Rithm

Capital

Corp.

................

2,148

20,515

Starwood

Property

Trust,

Inc.

.........

389

2,844

Multi-Utilities

—

0.57%

2,674

Ameren

Corp.

....................

238

5,156

Black

Hills

Corp.

..................

302

84,210

CenterPoint

Energy,

Inc.

.............

2,672

1,937

CMS

Energy

Corp.

.................

129

1,642

Consolidated

Edison,

Inc.

............

147

1,144

Dominion

Energy,

Inc.

..............

62

12

HC

CAPITAL

TRUST

The

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Multi-Utilities

(continued)

16,840

DTE

Energy

Co.

..................

$

2,033

72,854

NiSource,

Inc.

....................

2,677

5,865

Public

Service

Enterprise

Group,

Inc.

....

496

1,902

Sempra

.........................

167

847

Unitil

Corp.

......................

46

17,371

WEC

Energy

Group,

Inc.

............

1,634

10,603

Office

REITs

—

0.07%

2,446

COPT

Defense

Properties

............

76

5,145

Douglas

Emmett,

Inc.

...............

95

15,245

Easterly

Government

Properties,

Inc.

....

173

30,614

Highwoods

Properties,

Inc.

...........

936

3,013

Paramount

Group,

Inc.

..............

15

7,836

Piedmont

Office

Realty

Trust,

Inc.,

Class

-

A

72

378

SL

Green

Realty

Corp.

..............

26

1,393

Oil,

Gas

&

Consumable

Fuels

—

3.22%

74,539

Antero

Midstream

Corp.

.............

1,125

3,497

Antero

Resources

Corp.(a)

...........

123

2,300

California

Resources

Corp.

...........

119

7,263

Cheniere

Energy,

Inc.

...............

1,561

19,851

Chevron

Corp.

....................

2,875

8,222

CNX

Resources

Corp.(a)

............

302

23,646

Comstock

Resources,

Inc.(a)

..........

431

58,661

ConocoPhillips

...................

5,817

2,431

CONSOL

Energy,

Inc.

..............

259

63,641

Coterra

Energy,

Inc.

................

1,625

3,996

Crescent

Energy

Co.,

Class

-

A

........

58

5,132

Delek

US

Holdings,

Inc.

.............

95

110,190

Devon

Energy

Corp.

................

3,607

8,419

DT

Midstream,

Inc.

................

837

6,443

Encore

Energy

Corp.(a)

.............

22

3,995

EOG

Resources,

Inc.

...............

490

30,723

EQT

Corp.

.......................

1,417

2,821

Evolution

Petroleum

Corp.

...........

15

3,921

Excelerate

Energy,

Inc.,

Class

-

A

......

119

2,366

Expand

Energy

Corp.

...............

236

88,843

Exxon

Mobil

Corp.

................

9,556

2,312

Golar

LNG

Ltd.

...................

98

16,993

Hess

Corp.

.......................

2,260

161,493

Kinder

Morgan,

Inc.

................

4,425

4,980

Kinetik

Holdings,

Inc.

..............

282

11,538

Marathon

Petroleum

Corp.

...........

1,610

268

Matador

Resources

Co.

..............

15

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Oil,

Gas

&

Consumable

Fuels

(continued)

13,648

Navigator

Holdings

Ltd.

.............

$

209

26,124

Occidental

Petroleum

Corp.

..........

1,291

20,345

ONEOK,

Inc.

.....................

2,043

3,747

Ovintiv,

Inc.

.....................

152

1,094

Peabody

Energy

Corp.

..............

23

14,968

Permian

Resources

Corp.

............

215

97,297

Range

Resources

Corp.

..............

3,501

156

REX

American

Resources

Corp.(a)

.....

7

9,204

SFL

Corp.

Ltd.

....................

94

419

SM

Energy

Co.

...................

16

35,548

Targa

Resources

Corp.

..............

6,344

114,739

The

Williams

Cos.,

Inc.

.............

6,210

4,793

Uranium

Energy

Corp.(a)

............

32

2,242

Valero

Energy

Corp.

................

275

2,011

Vitesse

Energy,

Inc.

................

50

1,925

World

Kinect

Corp.

................

53

59,894

Paper

&

Forest

Products

—

0.01%

1,680

Sylvamo

Corp.

....................

133

Passenger

Airlines

—

0.12%

10,129

Alaska

Air

Group,

Inc.(a)

............

656

8,991

Blade

Air

Mobility,

Inc.(a)

...........

38

11,473

Controladora

Vuela

Cia

de

Aviacion

SAB

de

CV,

ADR(a)

..................

85

2,097

Copa

Holdings

SA,

Class

-

A

..........

184

18,665

Delta

Air

Lines,

Inc.

................

1,130

7,362

Frontier

Group

Holdings,

Inc.(a)

.......

52

5,665

JetBlue

Airways

Corp.(a)

............

45

2,190

Personal

Care

Products

—

0.06%

692

BellRing

Brands,

Inc.(a)

.............

52

3,023

e.l.f.

Beauty,

Inc.(a)

................

380

853

Interparfums,

Inc.

..................

112

7,871

The

Estee

Lauder

Cos.,

Inc.

..........

590

1,134

Pharmaceuticals

—

3.10%

5,164

Amphastar

Pharmaceuticals,

Inc.(a)

.....

192

286

ANI

Pharmaceuticals,

Inc.(a)

.........

16

2,745

Arvinas,

Inc.(a)

...................

53

876

Axsome

Therapeutics,

Inc.(a)

.........

74

1,709

Collegium

Pharmaceutical,

Inc.(a)

......

49

551

Corcept

Therapeutics,

Inc.(a)

.........

28

35,959

Eli

Lilly

&

Co.

....................

27,761

13

HC

CAPITAL

TRUST

The

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Pharmaceuticals

(continued)

1,228

Harrow,

Inc.(a)

....................

$

41

2,106

Intra-Cellular

Therapies,

Inc.(a)

........

176

76,106

Johnson

&

Johnson

................

11,006

114,005

Merck

&

Co.,

Inc.

.................

11,341

44,268

Novo

Nordisk

A/S,

ADR

.............

3,808

3,348

Organon

&

Co.

...................

50

64,849

Pfizer,

Inc.

.......................

1,720

3,964

Pliant

Therapeutics,

Inc.(a)

...........

52

1,583

Prestige

Consumer

Healthcare,

Inc.(a)

...

124

803

Supernus

Pharmaceuticals,

Inc.(a)

......

29

19,928

Viatris,

Inc.

......................

248

4,740

Zoetis,

Inc.

......................

772

57,540

Professional

Services

—

0.96%

9,355

Alight,

Inc.,

Class

-

A

...............

65

717

Amentum

Holdings,

Inc.(a)

...........

15

917

ASGN,

Inc.(a)

....................

76

3,150

Asure

Software,

Inc.(a)

..............

30

31,829

Automatic

Data

Processing,

Inc.

.......

9,317

2,812

Barrett

Business

Services,

Inc.

........

122

62

Booz

Allen

Hamilton

Holding

Corp.

....

8

1,815

CBIZ,

Inc.(a)

.....................

149

34

Concentrix

Corp.

..................

1

10,305

Conduent,

Inc.(a)

..................

42

3,434

Equifax,

Inc.

.....................

875

2,570

ExlService

Holdings,

Inc.(a)

..........

114

846

Exponent,

Inc.

....................

75

2,911

First

Advantage

Corp.(a)

.............

55

217

Huron

Consulting

Group,

Inc.(a)

.......

27

587

ICF

International,

Inc.

..............

70

717

Jacobs

Solutions,

Inc.

...............

96

3,378

KBR,

Inc.

.......................

196

1,998

Korn

Ferry

......................

135

1,829

Leidos

Holdings,

Inc.

...............

263

979

Maximus,

Inc.

....................

73

6,910

Paychex,

Inc.

.....................

969

8,321

Paycom

Software,

Inc.

..............

1,706

825

Robert

Half,

Inc.

..................

58

1,018

Science

Applications

International

Corp.

.

114

1,391

SS&C

Technologies

Holdings,

Inc.

.....

105

1,649

Upwork,

Inc.(a)

...................

27

10,910

Verisk

Analytics,

Inc.

...............

3,005

17,788

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Real

Estate

Management

&

Development

—

0.19%

683

BBX

Capital,

Inc.(a)

................

$

5

2,963

CBRE

Group,

Inc.,

Class

-

A(a)

........

389

29,830

CoStar

Group,

Inc.(a)

...............

2,135

2,627

Cushman

&

Wakefield

PLC(a)

........

34

2,814

DigitalBridge

Group,

Inc.

............

32

574

Forestar

Group,

Inc.(a)

..............

15

4,563

Howard

Hughes

Holdings,

Inc.(a)

......

351

2,009

Jones

Lang

LaSalle,

Inc.(a)

...........

509

2,030

Marcus

&

Millichap,

Inc.

............

78

3,583

Newmark

Group,

Inc.,

Class

-

A

.......

46

3,594

Residential

REITs

—

0.16%

3,688

American

Homes

4

Rent,

Class

-

A

.....

138

2,230

Apartment

Investment

and

Management

Co.(a)

......................

20

7,024

Camden

Property

Trust

..............

815

1,553

Elme

Communities

.................

24

3,730

Equity

LifeStyle

Properties,

Inc.

.......

248

507

Essex

Property

Trust,

Inc.

............

145

4,659

Independence

Realty

Trust,

Inc.

........

92

10,627

Invitation

Homes,

Inc.

..............

340

2,029

Mid-America

Apartment

Communities,

Inc.

314

5,538

NexPoint

Residential

Trust,

Inc.

.......

231

1,913

Sun

Communities,

Inc.

..............

235

4,609

UDR,

Inc.

.......................

200

3,691

UMH

Properties,

Inc.

...............

70

3,365

Veris

Residential,

Inc.

...............

56

2,928

Retail

REITs

—

0.19%

27,975

Brixmor

Property

Group,

Inc.

.........

779

1,385

Federal

Realty

Investment

Trust

.......

155

533

Getty

Realty

Corp.

.................

16

4,895

InvenTrust

Properties

Corp.

..........

147

3,897

Kite

Realty

Group

Trust

.............

98

17,542

Realty

Income

Corp.

...............

937

11,883

Tanger,

Inc.

......................

406

43,161

The

Macerich

Co.

.................

860

3,762

Urban

Edge

Properties

..............

81

3,479

Semiconductors

&

Semiconductor

Equipment

—

10.42%

96,418

Advanced

Micro

Devices,

Inc.(a)

.......

11,646

485

Alpha

&

Omega

Semiconductor

Ltd.(a)

..

18

451

Ambarella,

Inc.(a)

.................

33

3,622

Amkor

Technology,

Inc.

.............

93

14

HC

CAPITAL

TRUST

The

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Semiconductors

&

Semiconductor

Equipment

(continued)

12,617

Analog

Devices,

Inc.

...............

$

2,681

27,360

Applied

Materials,

Inc.

..............

4,450

2,288

ASML

Holding

N.V.,

ADR

...........

1,586

151,080

Broadcom,

Inc.

...................

35,025

55

Cirrus

Logic,

Inc.(a)

................

5

1,496

Credo

Technology

Group

Holding

Ltd.(a)

101

7,262

First

Solar,

Inc.(a)

.................

1,280

3,557

FormFactor,

Inc.(a)

................

157

2,669

Ichor

Holdings

Ltd.(a)

..............

86

188

Impinj,

Inc.(a)

....................

27

46,789

Intel

Corp.

.......................

938

1,378

KLA

Corp.

......................

868

16,590

Lam

Research

Corp.

................

1,198

684

Lattice

Semiconductor

Corp.(a)

........

39

8,316

MACOM

Technology

Solutions

Holdings,

Inc.(a)

......................

1,080

34,215

Marvell

Technology,

Inc.

............

3,779

3,708

Microchip

Technology,

Inc.

...........

213

12,405

Micron

Technology,

Inc.

.............

1,044

624

MKS

Instruments,

Inc.

..............

65

853,570

NVIDIA

Corp.

....................

114,625

3,257

ON

Semiconductor

Corp.(a)

..........

205

631

Onto

Innovation,

Inc.(a)

.............

105

2,203

Power

Integrations,

Inc.

.............

136

2,201

Qorvo,

Inc.(a)

....................

154

37,361

QUALCOMM,

Inc.

................

5,739

1,083

Silicon

Laboratories,

Inc.(a)

..........

135

3,842

Skyworks

Solutions,

Inc.

............

341

799

Synaptics,

Inc.(a)

..................

61

23,905

Texas

Instruments,

Inc.

..............

4,482

2,391

Ultra

Clean

Holdings,

Inc.(a)

.........

86

8,143

Universal

Display

Corp.

.............

1,191

661

Veeco

Instruments,

Inc.(a)

............

18

193,690

Software

—

10.79%

1,931

ACI

Worldwide,

Inc.(a)

.............

100

21,800

Adobe,

Inc.(a)

....................

9,694

1,294

Agilysys,

Inc.(a)

..................

170

416

Alarm.com

Holdings,

Inc.(a)

..........

25

1,591

Alkami

Technology,

Inc.(a)

...........

58

829

Altair

Engineering,

Inc.,

Class

-

A(a)

....

90

1,974

ANSYS,

Inc.(a)

...................

666

289

Appfolio,

Inc.,

Class

-

A(a)

...........

71

908

Atlassian

Corp.,

Class

-

A(a)

..........

221

10,190

Autodesk,

Inc.(a)

..................

3,012

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Software

(continued)

6,689

AvePoint,

Inc.(a)

..................

$

110

211

Blackbaud,

Inc.(a)

.................

16

1,089

Box,

Inc.,

Class

-

A(a)

..............

34

9,731

Cadence

Design

Systems,

Inc.(a)

.......

2,924

2,611

Clear

Secure,

Inc.,

Class

-

A

..........

70

574

Commvault

Systems,

Inc.(a)

..........

87

1,270

Corpay,

Inc.(a)

....................

430

9,116

Crowdstrike

Holdings,

Inc.,

Class

-

A(a)

.

3,119

313

Digimarc

Corp.(a)

.................

12

546

Dolby

Laboratories,

Inc.,

Class

-

A

.....

43

3,738

EverCommerce,

Inc.(a)

..............

41

6,515

Fortinet,

Inc.(a)

...................

616

846

Guidewire

Software,

Inc.(a)

..........

143

1,928

HubSpot,

Inc.(a)

..................

1,343

3,676

InterDigital,

Inc.

..................

712

6,582

Intuit,

Inc.

.......................

4,137

1,284

LiveRamp

Holdings,

Inc.(a)

..........

39

23,134

Manhattan

Associates,

Inc.(a)

.........

6,252

3,930

MARA

Holdings,

Inc.(a)

.............

66

6,497

Matterport,

Inc.(a)

.................

31

2,965

Meridianlink,

Inc.(a)

...............

61

265,450

Microsoft

Corp.

...................

111,886

7,220

MicroStrategy,

Inc.(a)

...............

2,091

16,199

N-able,

Inc.(a)

....................

151

55,831

NextNav,

Inc.(a)

...................

869

88,177

Oracle

Corp.

.....................

14,694

21,484

Palantir

Technologies,

Inc.,

Class

-

A(a)

..

1,625

7,820

Palo

Alto

Networks,

Inc.(a)

...........

1,423

939

Progress

Software

Corp.

.............

61

868

PTC,

Inc.(a)

......................

160

680

Qualys,

Inc.(a)

....................

95

11,757

Riot

Platforms,

Inc.(a)

..............

120

2,517

Roper

Technologies,

Inc.

.............

1,308

50,458

Salesforce,

Inc.

...................

16,870

3,998

Sapiens

International

Corp.

N.V.

.......

107

12,434

ServiceNow,

Inc.(a)

................

13,182

831

SPS

Commerce,

Inc.(a)

..............

153

819

Synopsys,

Inc.(a)

..................

398

908

Tenable

Holdings,

Inc.(a)

............

36

408

Varonis

Systems,

Inc.(a)

.............

18

18,867

Weave

Communications,

Inc.(a)

.......

300

566

Workday,

Inc.,

Class

-

A(a)

...........

146

1,438

Workiva,

Inc.(a)

...................

157

21,286

Zeta

Global

Holdings

Corp.,

Class

-

A(a)

.

383

200,626

15

HC

CAPITAL

TRUST

The

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Specialized

REITs

—

0.86%

6,093

American

Tower

Corp.

..............

$

1,118

2,473

Crown

Castle,

Inc.

.................

224

5,913

CubeSmart

......................

253

9,861

Digital

Realty

Trust,

Inc.

.............

1,749

10,258

Equinix,

Inc.

.....................

9,671

5,142

Extra

Space

Storage,

Inc.

............

769

3,782

Farmland

Partners,

Inc.

..............

44

7,180

Four

Corners

Property

Trust,

Inc.

.......

195

5,259

Iron

Mountain,

Inc.

................

553

846

Lamar

Advertising

Co.,

Class

-

A

.......

103

1,574

National

Storage

Affiliates

Trust

.......

60

6,761

Outfront

Media,

Inc.

................

120

1,185

PotlatchDeltic

Corp.

................

47

2,688

Public

Storage

....................

805

4,581

Safehold,

Inc.

....................

85

8,362

VICI

Properties,

Inc.

...............

244

16,040

Specialty

Retail

—

2.55%

670

Academy

Sports

&

Outdoors,

Inc.

......

39

1,447

American

Eagle

Outfitters,

Inc.

........

24

619

AutoZone,

Inc.(a)

..................

1,982

6,524

Bath

&

Body

Works,

Inc.

............

253

13,639

Best

Buy

Co.,

Inc.

.................

1,170

3,328

Boot

Barn

Holdings,

Inc.(a)

..........

505

376

Burlington

Stores,

Inc.(a)

............

107

4,609

Dick's

Sporting

Goods,

Inc.

...........

1,055

9,726

Floor

&

Decor

Holdings,

Inc.,

Class

-

A(a)

970

1,362

Guess?,

Inc.

......................

19

42,417

Lowe's

Cos.,

Inc.

..................

10,469

4,016

O'Reilly

Automotive,

Inc.(a)

..........

4,762

3,973

Revolve

Group,

Inc.(a)

..............

133

231

RH(a)

..........................

91

9,045

Ross

Stores,

Inc.

..................

1,368

1,809

Sally

Beauty

Holdings,

Inc.(a)

.........

19

158

Signet

Jewelers

Ltd.

................

13

389

The

Buckle,

Inc.

...................

20

27,689

The

Home

Depot,

Inc.

..............

10,771

1,585

The

ODP

Corp.(a)

.................

36

88,030

The

TJX

Cos.,

Inc.

.................

10,635

10,683

Tile

Shop

Holdings,

Inc.(a)

...........

74

16,575

Tractor

Supply

Co.

.................

879

1,253

Ulta

Beauty,

Inc.(a)

................

545

5,911

Upbound

Group,

Inc.

...............

172

2,174

Victoria's

Secret

&

Co.(a)

............

90

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Specialty

Retail

(continued)

6,032

Williams-Sonoma,

Inc.

..............

$

1,117

47,318

Technology

Hardware,

Storage

&

Peripherals

—

7.74%

562,032

Apple,

Inc.

......................

140,744

83,952

HP,

Inc.

.........................

2,739

2,448

NetApp,

Inc.

.....................

284

10,627

Turtle

Beach

Corp.(a)

...............

184

143,951

Textiles,

Apparel

&

Luxury

Goods

—

0.53%

6,619

Capri

Holdings

Ltd.(a)

..............

139

47

Columbia

Sportswear

Co.

............

4

8,532

Lululemon

Athletica,

Inc.(a)

..........

3,263

15,785

LVMH

Moet

Hennessy

Louis

Vuitton

SE,

ADR

.......................

2,063

45,478

NIKE,

Inc.,

Class

-

B

...............

3,441

1,533

Ralph

Lauren

Corp.

................

354

412

Steven

Madden

Ltd.

................

18

7,801

Tapestry,

Inc.

.....................

510

9,792

Tobacco

—

0.26%

36,600

Altria

Group,

Inc.

..................

1,914

23,833

Philip

Morris

International,

Inc.

........

2,868

4,782

Trading

Companies

&

Distributors

—

0.33%

23,095

Air

Lease

Corp.

...................

1,113

157

Applied

Industrial

Technologies,

Inc.

....

38

5,077

Beacon

Roofing

Supply,

Inc.(a)

........

516

186

BlueLinx

Holdings,

Inc.(a)

...........

19

563

Boise

Cascade

Co.

.................

67

200

DXP

Enterprises,

Inc.(a)

.............

17

27,876

Fastenal

Co.

......................

2,004

749

McGrath

RentCorp

.................

84

22,107

MRC

Global,

Inc.(a)

................

283

2,367

Rush

Enterprises,

Inc.,

Class

-

A

.......

130

548

SiteOne

Landscape

Supply,

Inc.(a)

......

72

1,221

W.W.

Grainger,

Inc.

................

1,286

1,130

Watsco,

Inc.

......................

535

6,164

Water

Utilities

—

0.01%

1,178

American

Water

Works

Co.,

Inc.

.......

146

4,921

Cadiz,

Inc.(a)

.....................

26

16

See

accompanying

notes

to

financial

statements.

HC

CAPITAL

TRUST

The

U.S.

Equity

Portfolio

Portfolio

of

Investments

(concluded)

—

December

31,

2024

(Unaudited)

The

following

table

reflects

the

percentage

of

total

net

assets

of

the

Portfolio

attributable

to

each

Specialist

Manager

as

of

December

31,

2024.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Water

Utilities

(continued)

602

Global

Water

Resources,

Inc.

.........

$

7

179

Wireless

Telecommunication

Services

—

0.49%

6,927

Telephone

and

Data

Systems,

Inc.

......

236

40,535

T-Mobile

US,

Inc.

.................

8,948

9,184

Total

Common

Stocks

..............

1,847,399

Contingent

Rights

—

0.00%

Health

Care

Equipment

&

Supplies

—

0.00%

56

ABIOMED,

Inc.

CVR,

01/02/26(a)(b)

...

–

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

—

0.00%

108,208

Pan

American

Silver

Corp.

CVR,

12/31/49(a)

..................

40

Total

Contingent

Rights

............

42

Shares

Security

Description

Value

(000)

Investment

Companies

—

0.51%

Domestic

Equity

Funds

—

0.05%

1,900

Vanguard

S&P

500

ETF

.............

$

1,023

Money

Market

Funds

—

0.46%

256,848

Federated

Hermes

Treasury

Obligations

Fund,

Institutional

Shares,

4.25%^^(c)

257

8,270,642

State

Street

Institutional

Treasury

Plus

Money

Market

Fund,

Trust

Class,

4.37%(c)

....................

8,271

8,528

Total

Investment

Companies

.........

9,551

Total

Investments

(cost

$557,573)

—

99.89%

.....................

1,856,992

Other

assets

in

excess

of

liabilities

—

0.11%

......................

2,068

Net

Assets

-

100.00%

$

1,859,060

Amounts

designated

as

"—"

are

$0

or

have

been

rounded

to

$0.

^

All

or

part

of

this

security

was

on

loan

as

of

December

31,

2024.

^^

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,

2024.

(a)

Represents

non-income

producing

security.

(b)

Security

was

valued

using

significant

unobservable

inputs

as

of

December

31,

2024.

(c)

Annualized

7-day

yield

as

of

period-end.

ADR—American

Depositary

Receipt

ETF—Exchange-Traded

Fund

REIT—Real

Estate

Investment

Trust

The

U.S.

Equity

Portfolio

HC

Capital

Solutions

Parametric

Portfolio

Associates,

LLC

Total

Common

Stocks

..........................................................................................................................................................

—

99.38

%

99.38

%

Contingent

Rights

.......................................................................................................................................................

—

—

—

%

Investment

Companies

.................................................................................................................................................

—

0.51

%

0.51

%

Other

Assets

(Liabilities)

.............................................................................................................................................

—

0.11

%

0.11

%

Total

Net

Assets

......................................................................................................................................................

—

%

100.00

%

100.00

%

HC

CAPITAL

TRUST

The

Institutional

U.S.

Equity

Portfolio

Portfolio

of

Investments

—

December

31,

2024

(Unaudited)

17

See

accompanying

notes

to

financial

statements.

I

j

Shares

Security

Description

Value

(000)

Common

Stocks

—

67.38%

Aerospace

&

Defense

—

0.79%

1,441

Axon

Enterprise,

Inc.(a)

.............

$

857

692

BWX

Technologies,

Inc.

.............

77

290

Curtiss-Wright

Corp.

...............

103

7,337

General

Dynamics

Corp.

.............

1,934

1,413

HEICO

Corp.

.....................

336

2,302

HEICO

Corp.,

Class

-

A

.............

429

636

Hexcel

Corp.

.....................

40

7,913

Howmet

Aerospace,

Inc.

.............

865

4,231

Huntington

Ingalls

Industries,

Inc.

......

800

7,391

L3Harris

Technologies,

Inc.

..........

1,555

233

Loar

Holdings,

Inc.(a)

..............

17

6,174

Lockheed

Martin

Corp.

..............

3,001

4,824

Northrop

Grumman

Corp.

............

2,263

32,247

RTX

Corp.

.......................

3,730

885

Spirit

AeroSystems

Holdings,

Inc.,

Class

-

A(a)

.......................

30

535

Standardaero

,

Inc.(a)

...............

13

3,801

Textron,

Inc.

.....................

291

14,473

The

Boeing

Co.(a)

.................

2,561

1,116

TransDigm

Group,

Inc.

..............

1,414

460

Woodward,

Inc.

...................

77

20,393

Air

Freight

&

Logistics

—

0.18%

7,478

CH

Robinson

Worldwide,

Inc.

.........

773

4,810

Expeditors

International

of

Washington,

Inc.

532

4,626

FedEx

Corp.

.....................

1,301

884

GXO

Logistics,

Inc.(a)

..............

38

15,482

United

Parcel

Service,

Inc.,

Class

-

B

....

1,954

4,598

Automobile

Components

—

0.29%

5,414

Aptiv

PLC(a)

.....................

328

179,772

Atmus

Filtration

Technologies,

Inc.

.....

7,044

1,770

BorgWarner,

Inc.

..................

56

1,782

Gentex

Corp.

.....................

51

446

Lear

Corp.

.......................

42

2,587

QuantumScape

Corp.(a)

.............

13

7,534

Automobiles

—

1.38%

78,641

Ford

Motor

Co.

...................

778

22,578

General

Motors

Co.

................

1,203

1,020

Harley-Davidson,

Inc.

..............

31

7,649

Lucid

Group,

Inc.(a)

................

23

15,609

Rivian

Automotive,

Inc.,

Class

-

A(a)

....

208

82,014

Tesla,

Inc.(a)

.....................

33,120

392

Thor

Industries,

Inc.

................

38

35,401

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Banks

—

1.41%

137,963

Bank

of

America

Corp.

..............

$

6,063

848

Bank

OZK

.......................

38

220

BOK

Financial

Corp.

...............

23

38,299

Citigroup,

Inc.

....................

2,696

9,079

Citizens

Financial

Group,

Inc.

.........

397

1,570

Columbia

Banking

System,

Inc.

.......

42

991

Comerica,

Inc.

....................

61

950

Commerce

Bancshares,

Inc.

..........

59

442

Cullen/Frost

Bankers,

Inc.

............

59

1,073

East

West

Bancorp,

Inc.

.............

103

13,624

Fifth

Third

Bancorp

................

577

218

First

Citizens

BancShares

,

Inc.,

Class

-

A

.

460

969

First

Hawaiian,

Inc.

................

25

4,262

First

Horizon

Corp.

................

86

2,714

FNB

Corp.

.......................

40

29,154

Huntington

Bancshares,

Inc.

..........

475

57,749

JPMorgan

Chase

&

Co.

.............

13,844

18,686

KeyCorp

........................

320

3,338

M&T

Bank

Corp.

..................

627

24,448

NU

Holdings

Ltd.,

Class

-

A(a)

........

253

568

Pinnacle

Financial

Partners,

Inc.

.......

65

534

Popular,

Inc.

.....................

50

664

Prosperity

Bancshares,

Inc.

...........

50

18,400

Regions

Financial

Corp.

.............

433

1,092

Synovus

Financial

Corp.

.............

56

380

TFS

Financial

Corp.

................

5

7,999

The

PNC

Financial

Services

Group,

Inc.

.

1,543

26,831

Truist

Financial

Corp.

...............

1,164

31,384

U.S.

Bancorp

.....................

1,501

1,311

Webster

Financial

Corp.

.............

72

67,935

Wells

Fargo

&

Co.

.................

4,772

802

Western

Alliance

Bancorp

............

67

499

Wintrust

Financial

Corp.

.............

62

1,117

Zions

Bancorp

NA

.................

61

36,149

Beverages

—

0.66%

345

Brown-Forman

Corp.,

Class

-

A

........

13

19,600

Brown-Forman

Corp.,

Class

-

B

.......

744

1,233

Celsius

Holdings,

Inc.(a)

.............

32

46

Coca-Cola

Consolidated,

Inc.

.........

58

6,213

Constellation

Brands,

Inc.,

Class

-

A

....

1,373

50,721

Keurig

Dr

Pepper,

Inc.

..............

1,629

16,519

Molson

Coors

Beverage

Co.,

Class

-

B

...

946

23,355

Monster

Beverage

Corp.(a)

...........

1,228

33,125

PepsiCo,

Inc.

.....................

5,037

72

The

Boston

Beer

Co.,

Inc.,

Class

-

A(a)

..

22

95,215

The

Coca-Cola

Co.

.................

5,929

17,011

18

HC

CAPITAL

TRUST

The

Institutional

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Biotechnology

—

0.97%

41,462

AbbVie,

Inc.

.....................

$

7,369

2,938

Alnylam

Pharmaceuticals,

Inc.(a)

......

692

13,795

Amgen,

Inc.

......................

3,595

753

Apellis

Pharmaceuticals,

Inc.(a)

.......

24

4,567

Biogen,

Inc.(a)

....................

698

10,325

BioMarin

Pharmaceutical,

Inc.(a)

......

678

3,579

Exact

Sciences

Corp.(a)

.............

201

2,171

Exelixis

,

Inc.(a)

...................

72

34,670

Gilead

Sciences,

Inc.

...............

3,203

202

GRAIL,

Inc.(a)

...................

4

12,969

Incyte

Corp.(a)

....................

896

1,205

Ionis

Pharmaceuticals,

Inc.(a)

.........

42

6,573

Moderna

,

Inc.(a)

..................

274

871

Natera

,

Inc.(a)

....................

138

8,224

Neurocrine

Biosciences,

Inc.(a)

........

1,122

14

Oncternal

Therapeutics,

Inc.(a)(b)

......

–

2,961

Regeneron

Pharmaceuticals,

Inc.(a)

.....

2,110

3,277

Roivant

Sciences

Ltd.(a)

.............

39

676

Sarepta

Therapeutics,

Inc.(a)

..........

82

694

Ultragenyx

Pharmaceutical,

Inc.(a)

.....

29

3,245

United

Therapeutics

Corp.(a)

.........

1,145

6,466

Vertex

Pharmaceuticals,

Inc.(a)

........

2,603

807

Viking

Therapeutics,

Inc.(a)

..........

32

25,048

Broadline

Retail

—

2.55%

85,399

Alibaba

Group

Holding

Ltd.,

ADR

.....

7,241

226,225

Amazon.com,

Inc.(a)

...............

49,632

8,924

Coupang

,

Inc.(a)

..................

196

24

Dillard's,

Inc.,

Class

-

A

.............

10

9,920

eBay,

Inc.

.......................

615

927

Etsy,

Inc.(a)

......................

49

834

Kohl's

Corp.

.....................

12

2,044

Macy's,

Inc.

......................

35

566

MercadoLibre

,

Inc.(a)

...............

962

848

Nordstrom,

Inc.

...................

20

473

Ollie's

Bargain

Outlet

Holdings,

Inc.(a)

..

52

68,863

PDD

Holdings,

Inc.,

ADR(a)

..........

6,679

65,503

Building

Products

—

0.25%

2,448

A.O.

Smith

Corp.

..................

167

524

AAON,

Inc.

......................

62

517

Advanced

Drainage

Systems,

Inc.

......

60

1,745

Allegion

PLC

....................

228

344

Armstrong

World

Industries,

Inc.

.......

49

2,280

Builders

FirstSource

,

Inc.(a)

..........

326

943

Carlisle

Cos.,

Inc.

..................

348

16,502

Carrier

Global

Corp.

................

1,126

2,542

Fortune

Brands

Innovations,

Inc.

.......

173

1,103

Hayward

Holdings,

Inc.(a)

...........

17

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Building

Products

(continued)

13,530

Johnson

Controls

International

PLC

.....

$

1,068

645

Lennox

International,

Inc.

............

393

4,428

Masco

Corp.

.....................

321

1,752

Owens

Corning

...................

298

325

Simpson

Manufacturing

Co.,

Inc.

......

54

1,101

The

AZEK

Co.,

Inc.(a)

..............

52

4,554

Trane

Technologies

PLC

.............

1,682

835

Trex

Co.,

Inc.(a)

...................

58

6,482

Capital

Markets

—

2.70%

227

Affiliated

Managers

Group,

Inc.

.......

42

1,984

Ameriprise

Financial,

Inc.

............

1,056

3,734

Ares

Management

Corp.,

Class

-

A

.....

662

2,978

Blackrock,

Inc.

...................

3,053

14,434

Blackstone,

Inc.

...................

2,488

3,865

Blue

Owl

Capital,

Inc.

..............

90

7,002

Cboe

Global

Markets,

Inc.

...........

1,368

11,190

CME

Group,

Inc.

..................

2,599

3,921

Coinbase

Global,

Inc.,

Class

-

A(a)

.....

973

277

Evercore

,

Inc.

....................

77

1,378

FactSet

Research

Systems,

Inc.

........

662

5,867

Franklin

Resources,

Inc.

.............

119

405

Houlihan

Lokey

,

Inc.

...............

70

817

Interactive

Brokers

Group,

Inc.

........

144

63,145

Intercontinental

Exchange,

Inc.

........

9,409

2,832

Invesco

Ltd.

......................

50

1,031

Janus

Henderson

Group

PLC

.........

44

1,350

Jefferies

Financial

Group,

Inc.

.........

106

12,881

KKR

&

Co.,

Inc.

..................

1,906

826

Lazard,

Inc.

......................

43

26,144

LPL

Financial

Holdings,

Inc.

..........

8,535

1,120

MarketAxess

Holdings,

Inc.

..........

253

19,329

Moody's

Corp.

....................

9,150

24,068

Morgan

Stanley

...................

3,026

198

Morningstar,

Inc.

..................

67

1,571

MSCI,

Inc.

......................

942

11,317

Nasdaq,

Inc.

.....................

875

4,091

Northern

Trust

Corp.

...............

420

3,859

Raymond

James

Financial,

Inc.

........

599

11,738

Robinhood

Markets,

Inc.,

Class

-

A(a)

...

438

21,556

S&P

Global,

Inc.

..................

10,736

3,677

SEI

Investments

Co.

................

303

6,006

State

Street

Corp.

..................

589

775

Stifel

Financial

Corp.

...............

82

4,457

T.

Rowe

Price

Group,

Inc.

............

504

15,014

The

Bank

of

New

York

Mellon

Corp.

....

1,153

4,592

The

Carlyle

Group,

Inc.

.............

232

31,130

The

Charles

Schwab

Corp.

...........

2,303

6,287

The

Goldman

Sachs

Group,

Inc.

.......

3,601

647

TPG,

Inc.

.......................

41

19

HC

CAPITAL

TRUST

The

Institutional

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Capital

Markets

(continued)

5,440

Tradeweb

Markets,

Inc.,

Class

-

A

......

$

712

715

Virtu

Financial,

Inc.,

Class

-

A

.........

26

3,143

XP,

Inc.,

Class

-

A

.................

37

69,585

Chemicals

—

0.91%

5,915

Air

Products

and

Chemicals,

Inc.

.......

1,715

2,344

Albemarle

Corp.

..................

201

384

Ashland,

Inc.

.....................

27

1,675

Axalta

Coating

Systems

Ltd.(a)

........

57

2,183

Celanese

Corp.

....................

151

11,504

CF

Industries

Holdings,

Inc.

..........

982

23,955

Corteva

,

Inc.

.....................

1,364

21,303

Dow,

Inc.

.......................

855

8,382

DuPont

de

Nemours,

Inc.

............

639

2,356

Eastman

Chemical

Co.

..............

215

5,114

Ecolab,

Inc.

......................

1,198

1,710

Element

Solutions,

Inc.

..............

43

955

FMC

Corp.

......................

46

1,319

Huntsman

Corp.

...................

24

91,812

International

Flavors

&

Fragrances,

Inc.

..

7,764

10,225

Linde

PLC

.......................

4,283

9,297

LyondellBasell

Industries

N.V.,

Class

-

A

.

690

48

NewMarket

Corp.

.................

25

975

Olin

Corp.

.......................

33

4,553

PPG

Industries,

Inc.

................

544

3,219

RPM

International,

Inc.

.............

396

1,117

The

Chemours

Co.

.................

19

6,554

The

Mosaic

Co.

...................

161

306

The

Scotts

Miracle-

Gro

Co.

..........

20

5,207

The

Sherwin-Williams

Co.

...........

1,771

818

Westlake

Corp.

...................

94

23,317

Commercial

Services

&

Supplies

—

0.38%

7,186

Cintas

Corp.

.....................

1,314

387

Clean

Harbors,

Inc.(a)

..............

89

17,444

Copart

,

Inc.(a)

....................

1,001

280

MSA

Safety,

Inc.

..................

46

1,417

RB

Global,

Inc.

...................

128

8,101

Republic

Services,

Inc.

..............

1,629

18,799

Rollins,

Inc.

......................

871

1,995

Tetra

Tech,

Inc.

...................

79

10,486

Veralto

Corp.

.....................

1,068

892

Vestis

Corp.

......................

14

6,944

Waste

Connections,

Inc.

.............

1,191

12,024

Waste

Management,

Inc.

.............

2,427

9,857

Communications

Equipment

—

0.38%

21,169

Arista

Networks,

Inc.(a)

.............

2,340

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Communications

Equipment

(continued)

1,117

Ciena

Corp.(a)

....................

$

95

85,398

Cisco

Systems,

Inc.

................

5,055

1,179

F5,

Inc.(a)

.......................

297

6,435

Juniper

Networks,

Inc.

..............

241

517

Lumentum

Holdings,

Inc.(a)

..........

43

3,695

Motorola

Solutions,

Inc.

.............

1,708

1,665

Sirius

XM

Holdings,

Inc.

............

38

31

Ubiquiti,

Inc.

.....................

10

9,827

Construction

&

Engineering

—

0.08%

2,743

AECOM

........................

293

1,746

API

Group

Corp.(a)

................

63

270

Comfort

Systems

USA,

Inc.

..........

114

1,093

EMCOR

Group,

Inc.

...............

497

383

Everus

Construction

Group,

Inc.(a)

.....

25

462

MasTec

,

Inc.(a)

...................

63

1,532

MDU

Resources

Group,

Inc.

..........

28

2,937

Quanta

Services,

Inc.

...............

927

159

Valmont

Industries,

Inc.

.............

49

1,486

WillScot

Holdings

Corp.(a)

...........

50

2,109

Construction

Materials

—

0.38%

91,240

CRH

PLC

.......................

8,441

271

Eagle

Materials,

Inc.

................

67

1,237

Martin

Marietta

Materials,

Inc.

........

639

2,652

Vulcan

Materials

Co.

...............

682

9,829

Consumer

Finance

—

0.26%

5,478

Ally

Financial,

Inc.

.................

198

11,387

American

Express

Co.

..............

3,378

7,658

Capital

One

Financial

Corp.

..........

1,366

50

Credit

Acceptance

Corp.(a)

...........

23

5,019

Discover

Financial

Services

..........

870

870

OneMain

Holdings,

Inc.

.............

45

1,816

SLM

Corp.

......................

50

8,182

SoFi

Technologies,

Inc.(a)

............

126

7,899

Synchrony

Financial

................

514

6,570

Consumer

Staples

Distribution

&

Retail

—

0.96%

7,911

Albertsons

Cos.,

Inc.,

Class

-

A

........

156

281

Casey's

General

Stores,

Inc.

..........

111

9,059

Costco

Wholesale

Corp.

.............

8,300

14,403

Dollar

General

Corp.

...............

1,092

11,602

Dollar

Tree,

Inc.(a)

.................

870

669

Grocery

Outlet

Holding

Corp.(a)

.......

10

1,321

Maplebear

,

Inc.(a)

.................

55

1,153

Performance

Food

Group

Co.(a)

.......

97

20

HC

CAPITAL

TRUST

The

Institutional

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Consumer

Staples

Distribution

&

Retail

(continued)

16,083

Sysco

Corp.

......................

$

1,230

9,306

Target

Corp.

.....................

1,258

30,280

The

Kroger

Co.

...................

1,852

1,772

U.S.

Foods

Holding

Corp.(a)

..........

120

58,016

Walgreens

Boots

Alliance,

Inc.

........

541

99,251

Walmart,

Inc.

.....................

8,967

24,659

Containers

&

Packaging

—

0.16%

64,845

Amcor

PLC

......................

610

464

Amcor

PLC

......................

4

497

AptarGroup,

Inc.

..................

78

1,613

Avery

Dennison

Corp.

..............

302

7,787

Ball

Corp.

.......................

429

922

Berry

Global

Group,

Inc.

............

60

4,680

Crown

Holdings,

Inc.

...............

386

2,319

Graphic

Packaging

Holding

Co.

.......

63

14,463

International

Paper

Co.

..............

780

3,795

Packaging

Corp.

of

America

..........

855

1,105

Sealed

Air

Corp.

..................

37

638

Silgan

Holdings,

Inc.

...............

33

10,411

Smurfit

WestRock

PLC

..............

561

738

Sonoco

Products

Co.

...............

36

4,234

Distributors

—

0.05%

5,988

Genuine

Parts

Co.

.................

698

5,375

LKQ

Corp.

......................

198

769

Pool

Corp.

.......................

263

1,159

Diversified

Consumer

Services

—

0.01%

2,234

ADT,

Inc.

.......................

15

436

Bright

Horizons

Family

Solutions,

Inc.(a)

48

282

Duolingo

,

Inc.(a)

..................

92

232

Grand

Canyon

Education,

Inc.(a)

.......

38

1,154

H&R

Block,

Inc.

..................

61

1,134

Service

Corp.

International

...........

91

345

Diversified

REITs

—

0.22%

188,685

Empire

State

Realty

Trust,

Inc.

........

1,947

88,140

Essential

Properties

Realty

Trust,

Inc.

...

2,757

17,810

WP

Carey,

Inc.

....................

971

5,675

Diversified

Telecommunication

Services

—

0.34%

186,178

AT&T,

Inc.

......................

4,240

1,857

Frontier

Communications

Parent,

Inc.(a)

.

64

942

Iridium

Communications,

Inc.

.........

27

1,274

Liberty

Global

Ltd.,

Class

-

A(a)

.......

16

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Diversified

Telecommunication

Services

(continued)

1,321

Liberty

Global

Ltd.,

Class

-

C(a)

.......

$

17

108,627

Verizon

Communications,

Inc.

.........

4,345

8,709

Electric

Utilities

—

1.32%

19,707

Alliant

Energy

Corp.

...............

1,165

19,936

American

Electric

Power

Co.,

Inc.

......

1,838

40,768

Constellation

Energy

Corp.

...........

9,119

24,419

Duke

Energy

Corp.

.................

2,631

15,977

Edison

International

................

1,276

20,184

Entergy

Corp.

....................

1,531

17,982

Evergy

,

Inc.

......................

1,107

21,000

Eversource

Energy

.................

1,206

41,370

Exelon

Corp.

.....................

1,557

32,375

FirstEnergy

Corp.

..................

1,288

382

IDACORP,

Inc.

...................

42

48,793

NextEra

Energy,

Inc.

...............

3,498

6,282

NRG

Energy,

Inc.

..................

567

1,514

OGE

Energy

Corp.

.................

62

66,422

PG&E

Corp.

.....................

1,340

856

Pinnacle

West

Capital

Corp.

..........

73

38,522

PPL

Corp.

.......................

1,251

32,929

The

Southern

Co.

..................

2,711

24,747

Xcel

Energy,

Inc.

..................

1,671

33,933

Electrical

Equipment

—

1.22%

243

Acuity

Brands,

Inc.

................

71

5,862

AMETEK,

Inc.

...................

1,057

29,419

Eaton

Corp.

PLC

..................

9,763

11,503

Emerson

Electric

Co.

...............

1,425

29,254

GE

Vernova

,

Inc.

..................

9,624

459

Generac

Holdings,

Inc.(a)

............

71

1,081

Hubbell,

Inc.

.....................

453

1,253

nVent

Electric

PLC

.................

85

494

Regal

Rexnord

Corp.

...............

77

2,291

Rockwell

Automation,

Inc.

...........

655

1,147

Sensata

Technologies

Holding

PLC

.....

31

71,073

Vertiv

Holdings

Co.,

Class

-

A

.........

8,074

31,386

Electronic

Equipment,

Instruments

&

Components

—

0.52%

130,758

Amphenol

Corp.,

Class

-

A

...........

9,081

440

Arrow

Electronics,

Inc.(a)

............

50

690

Avnet,

Inc.

.......................

36

2,703

CDW

Corp.

......................

471

1,318

Cognex

Corp.

....................

47

993

Coherent

Corp.(a)

.................

94

16,005

Corning,

Inc.

.....................

761

357

Crane

NXT

Co.

...................

21

21

HC

CAPITAL

TRUST

The

Institutional

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Electronic

Equipment,

Instruments

&

Components

(continued)

226

IPG

Photonics

Corp.(a)

..............

$

16

2,253

Jabil,

Inc.

.......................

324

3,500

Keysight

Technologies,

Inc.(a)

........

562

183

Littelfuse

,

Inc.

....................

43

580

TD

SYNNEX

Corp.

................

68

3,780

TE

Connectivity

PLC

...............

540

944

Teledyne

Technologies,

Inc.(a)

........

438

4,892

Trimble,

Inc.(a)

...................

346

1,197

Vontier

Corp.

.....................

44

1,028

Zebra

Technologies

Corp.(a)

..........

397

13,339

Energy

Equipment

&

Services

—

0.14%

29,575

Baker

Hughes

Co.

.................

1,213

23,510

Halliburton

Co.

...................

640

2,968

NOV,

Inc.

.......................

43

39,047

Schlumberger

N.V.

.................

1,496

3,316

TechnipFMC

PLC

.................

96

554

Weatherford

International

PLC

........

40

3,528

Entertainment

—

1.27%

9,001

Electronic

Arts,

Inc.

................

1,316

13,316

Liberty

Media

Corp.-Liberty

Formula

One(a)

.....................

1,234

159

Liberty

Media

Corp.-Liberty

Formula

One(a)

.....................

13

148

Liberty

Media

Corp.-Liberty

Live(a)

....

10

355

Liberty

Media

Corp.-Liberty

Live(a)

....

24

3,208

Live

Nation

Entertainment,

Inc.(a)

......

415

141

Madison

Square

Garden

Sports

Corp.(a)

..

32

17,878

Netflix,

Inc.(a)

....................

15,936

178

Playtika

Holding

Corp.

..............

1

9,917

ROBLOX

Corp.,

Class

-

A(a)

.........

574

2,555

Roku,

Inc.(a)

.....................

190

17,333

Spotify

Technology

SA(a)

............

7,755

3,490

Take-Two

Interactive

Software,

Inc.(a)

...

642

36,337

The

Walt

Disney

Co.

...............

4,046

606

TKO

Group

Holdings,

Inc.(a)

.........

86

47,468

Warner

Bros.

Discovery,

Inc.(a)

........

502

32,776

Financial

Services

—

2.89%

2,006

Affirm

Holdings,

Inc.(a)

.............

122

8,970

Apollo

Global

Management,

Inc.

.......

1,481

31,648

Berkshire

Hathaway,

Inc.,

Class

-

B(a)

...

14,345

11,183

Block,

Inc.(a)

.....................

950

5,570

Corebridge

Financial,

Inc.

............

166

6,461

Equitable

Holdings,

Inc.

.............

304

358

Euronet

Worldwide,

Inc.(a)

...........

37

11,109

Fidelity

National

Information

Services,

Inc.

897

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Financial

Services

(continued)

11,930

Fiserv,

Inc.(a)

.....................

$

2,451

71,701

Global

Payments,

Inc.

...............

8,035

4,821

Jack

Henry

&

Associates,

Inc.

.........

845

31,406

Mastercard

,

Inc.,

Class

-

A

...........

16,538

1,990

MGIC

Investment

Corp.

.............

47

19,577

PayPal

Holdings,

Inc.(a)

.............

1,671

860

Rocket

Cos.,

Inc.,

Class

-

A(a)

.........

10

472

Shift4

Payments,

Inc.,

Class

-

A(a)

......

49

2,823

The

Western

Union

Co.

..............

30

7,906

Toast,

Inc.,

Class

-

A(a)

..............

288

703

UWM

Holdings

Corp.

..............

4

58,390

Visa,

Inc.,

Class

-

A

................

18,455

738

Voya

Financial,

Inc.

................

51

43,155

WEX,

Inc.(a)

.....................

7,566

74,342

Food

Products

—

0.94%

23,144

Archer-Daniels-Midland

Co.

..........

1,169

10,811

Bunge

Global

SA

..................

841

46,860

Conagra

Brands,

Inc.

...............

1,300

1,213

Darling

Ingredients,

Inc.(a)

...........

41

1,421

Flowers

Foods,

Inc.

................

29

345

Freshpet

,

Inc.(a)

...................

51

27,450

General

Mills,

Inc.

.................

1,751

40,209

Hormel

Foods

Corp.

................

1,261

497

Ingredion,

Inc.

....................

68

5,377

Kellanova

.......................

435

104,355

Lamb

Weston

Holdings,

Inc.

..........

6,975

17,697

McCormick

&

Co.,

Inc.

.............

1,349

39,883

Mondelez

International,

Inc.,

Class

-

A

...

2,382

353

Pilgrim's

Pride

Corp.(a)

.............

16

409

Post

Holdings,

Inc.(a)

...............

47

2

Seaboard

Corp.

...................

5

27,598

The

Campbell's

Co.

................

1,156

8,652

The

Hershey

Co.

..................

1,465

11,636

The

J.M.

Smucker

Co.

..............

1,282

50,694

The

Kraft

Heinz

Co.

................

1,557

18,802

Tyson

Foods,

Inc.,

Class

-

A

..........

1,080

24,260

Gas

Utilities

—

0.05%

8,821

Atmos

Energy

Corp.

................

1,229

665

National

Fuel

Gas

Co.

..............

40

1,588

UGI

Corp.

.......................

45

1,314

Ground

Transportation

—

0.93%

154

Avis

Budget

Group,

Inc.(a)

...........

12

102,115

Canadian

Pacific

Kansas

City

Ltd.,

ADR

.

7,389

46,341

CSX

Corp.

.......................

1,496

1,647

JB

Hunt

Transport

Services,

Inc.

.......

281

22

HC

CAPITAL

TRUST

The

Institutional

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Ground

Transportation

(continued)

3,214

Knight-Swift

Transportation

Holdings,

Inc.

$

171

271

Landstar

System,

Inc.

...............

47

2,678

Lyft,

Inc.,

Class

-

A(a)

..............

35

5,464

Norfolk

Southern

Corp.

.............

1,282

3,936

Old

Dominion

Freight

Line,

Inc.

.......

694

346

Ryder

System,

Inc.

.................

54

201

Saia,

Inc.(a)

......................

92

410

Schneider

National,

Inc.,

Class

-

B

......

12

147,483

Uber

Technologies,

Inc.(a)

...........

8,895

68

U-Haul

Holding

Co.(a)

..............

5

1,951

U-Haul

Holding

Co.

................

125

14,426

Union

Pacific

Corp.

................

3,290

860

XPO,

Inc.(a)

.....................

113

23,993

Health

Care

Equipment

&

Supplies

—

1.37%

39,656

Abbott

Laboratories

................

4,485

90,958

Alcon

AG,

ADR

...................

7,722

1,472

Align

Technology,

Inc.(a)

............

307

31,024

Baxter

International,

Inc.

............

905

9,403

Becton

Dickinson

&

Co.

.............

2,133

35,276

Boston

Scientific

Corp.(a)

............

3,151

1,625

DENTSPLY

SIRONA,

Inc.

...........

31

8,006

Dexcom

,

Inc.(a)

...................

623

12,078

Edwards

Lifesciences

Corp.(a)

........

894

384

Enovis

Corp.(a)

...................

17

1,234

Envista

Holdings

Corp.(a)

............

24

14,022

GE

HealthCare

Technologies,

Inc.

......

1,096

897

Globus

Medical,

Inc.(a)

.............

74

12,976

Hologic

,

Inc.(a)

...................

936

1,654

IDEXX

Laboratories,

Inc.(a)

..........

684

217

Inspire

Medical

Systems,

Inc.(a)

.......

40

1,409

Insulet

Corp.(a)

...................

368

7,130

Intuitive

Surgical,

Inc.(a)

............

3,721

360

Masimo

Corp.(a)

..................

60

32,685

Medtronic

PLC

...................

2,610

270

Penumbra,

Inc.(a)

..................

64

403

QuidelOrtho

Corp.(a)

...............

18

3,333

ResMed

,

Inc.

.....................

762

2,950

STERIS

PLC

.....................

606

7,049

Stryker

Corp.

.....................

2,538

1,363

Teleflex,

Inc.

.....................

243

3,938

The

Cooper

Cos.,

Inc.(a)

.............

362

7,470

Zimmer

Biomet

Holdings,

Inc.

........

789

35,263

Health

Care

Providers

&

Services

—

1.78%

675

Acadia

Healthcare

Co.,

Inc.(a)

.........

27

243

Amedisys

,

Inc.(a)

..................

22

164,573

Brookdale

Senior

Living,

Inc.(a)

.......

828

12,094

Cardinal

Health,

Inc.

...............

1,430

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Health

Care

Providers

&

Services

(continued)

7,417

Cencora

,

Inc.

.....................

$

1,666

22,836

Centene

Corp.(a)

..................

1,384

111

Chemed

Corp.

....................

59

38,589

CVS

Health

Corp.

.................

1,732

5,729

DaVita,

Inc.(a)

....................

856

6,525

Elevance

Health,

Inc.

...............

2,407

743

Encompass

Health

Corp.

.............

69

4,407

HCA

Healthcare,

Inc.

...............

1,323

11,758

Henry

Schein,

Inc.(a)

...............

814

5,585

Humana,

Inc.

.....................

1,418

4,065

Labcorp

Holdings,

Inc.

..............

932

4,242

McKesson

Corp.

..................

2,418

3,524

Molina

Healthcare,

Inc.(a)

...........

1,026

893

Premier,

Inc.,

Class

-

A

..............

19

7,637

Quest

Diagnostics,

Inc.

..............

1,152

2,888

Solventum

Corp.(a)

................

190

762

Tenet

Healthcare

Corp.(a)

............

96

31,842

The

Cigna

Group

..................

8,792

32,996

UnitedHealth

Group,

Inc.

............

16,691

2,034

Universal

Health

Services,

Inc.,

Class

-

B

.

365

45,716

Health

Care

REITs

—

0.56%

86,092

American

Healthcare

REIT,

Inc.

.......

2,447

71,156

CareTrust

REIT,

Inc.

...............

1,925

2,876

Healthcare

Realty

Trust,

Inc.

..........

49

30,946

Healthpeak

Properties,

Inc.

...........

627

4,504

Medical

Properties

Trust,

Inc.

.........

18

2,087

Omega

Healthcare

Investors,

Inc.

......

79

44,623

Sabra

Health

Care

REIT,

Inc.

.........

773

15,564

Ventas,

Inc.

......................

917

59,736

Welltower

,

Inc.

....................

7,527

14,362

Health

Care

Technology

—

0.03%

881

Certara

,

Inc.(a)

....................

9

949

Doximity

,

Inc.,

Class

-

A(a)

...........

51

3,037

Veeva

Systems,

Inc.,

Class

-

A(a)

.......

639

699

Hotel

&

Resort

REITs

—

0.05%

14,127

Host

Hotels

&

Resorts,

Inc.

...........

247

1,690

Park

Hotels

&

Resorts,

Inc.

...........

24

10,106

Ryman

Hospitality

Properties,

Inc.

......

1,055

1,326

Hotels,

Restaurants

&

Leisure

—

2.23%

8,825

Airbnb,

Inc.,

Class

-

A(a)

............

1,159

1,994

Aramark

........................

74

672

Booking

Holdings,

Inc.

..............

3,339

555

Boyd

Gaming

Corp.

................

40

23

HC

CAPITAL

TRUST

The

Institutional

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Hotels,

Restaurants

&

Leisure

(continued)

1,556

Caesars

Entertainment,

Inc.(a)

.........

$

52

20,435

Carnival

Corp.(a)

..................

509

579

Cava

Group,

Inc.(a)

................

65

27,597

Chipotle

Mexican

Grill,

Inc.(a)

........

1,664

229

Choice

Hotels

International,

Inc.

.......

33

541

Churchill

Downs,

Inc.

...............

72

3,483

Darden

Restaurants,

Inc.

.............

650

1,501

Domino's

Pizza,

Inc.

................

630

6,518

DoorDash

,

Inc.,

Class

-

A(a)

..........

1,093

8,888

DraftKings

,

Inc.(a)

.................

331

841

Dutch

Bros,

Inc.,

Class

-

A(a)

.........

44

2,543

Expedia

Group,

Inc.(a)

..............

474

31,170

Flutter

Entertainment

PLC(a)

.........

8,057

35,950

Hilton

Worldwide

Holdings,

Inc.

.......

8,886

9,120

Hyatt

Hotels

Corp.,

Class

-

A

.........

1,432

7,286

Las

Vegas

Sands

Corp.

..............

374

693

Light

&

Wonder,

Inc.(a)

.............

60

9,304

Marriott

International,

Inc.,

Class

-

A

....

2,595

284

Marriott

Vacations

Worldwide

Corp.

....

26

17,127

McDonald's

Corp.

.................

4,965

4,850

MGM

Resorts

International(a)

.........

168

3,394

Norwegian

Cruise

Line

Holdings

Ltd.(a)

.

87

1,172

Penn

Entertainment,

Inc.(a)

...........

23

81,034

Planet

Fitness,

Inc.,

Class

-

A(a)

.......

8,013

4,851

Royal

Caribbean

Cruises

Ltd.

.........

1,119

28

Seaport

Entertainment

Group,

Inc.(a)

....

1

22,760

Starbucks

Corp.

...................

2,077

505

Texas

Roadhouse,

Inc.

..............

91

1,293

The

Wendy's

Co.

..................

21

560

Travel

+

Leisure

Co.

................

28

305

Vail

Resorts,

Inc.

..................

57

168,932

Viking

Holdings

Ltd.(a)

.............

7,443

226

Wingstop

,

Inc.

....................

64

635

Wyndham

Hotels

&

Resorts,

Inc.

.......

64

2,057

Wynn

Resorts

Ltd.

.................

177

9,888

Yum!

Brands,

Inc.

.................

1,326

57,383

Household

Durables

—

0.43%

5,953

D.R.

Horton,

Inc.

..................

832

3,100

Garmin

Ltd.

......................

639

1,009

Leggett

&

Platt,

Inc.

................

10

4,802

Lennar

Corp.,

Class

-

A

..............

655

112

Lennar

Corp.,

Class

-

B

.............

15

399

Mohawk

Industries,

Inc.(a)

...........

48

2,863

Newell

Brands,

Inc.

................

29

59

NVR,

Inc.(a)

.....................

482

4,186

PulteGroup,

Inc.

...................

456

76,869

SharkNinja

,

Inc.(a)

.................

7,485

1,261

Tempur

Sealy

International,

Inc.

.......

71

778

Toll

Brothers,

Inc.

.................

98

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Household

Durables

(continued)

242

TopBuild

Corp.(a)

.................

$

75

404

Whirlpool

Corp.

...................

46

10,941

Household

Products

—

0.63%

1,016

BJ's

Wholesale

Club

Holdings,

Inc.(a)

...

91

14,180

Church

&

Dwight

Co.,

Inc.

...........

1,484

26,797

Colgate-Palmolive

Co.

..............

2,436

14,393

Kimberly-Clark

Corp.

...............

1,886

412

Reynolds

Consumer

Products,

Inc.

.....

11

209

Spectrum

Brands

Holdings,

Inc.

.......

18

8,331

The

Clorox

Co.

...................

1,353

53,078

The

Procter

&

Gamble

Co.

...........

8,899

16,178

Independent

Power

and

Renewable

Electricity

Producers

—

0.64%

968

Brookfield

Renewable

Corp.

..........

27

261

Clearway

Energy,

Inc.,

Class

-

A

.......

6

618

Clearway

Energy,

Inc.,

Class

-

C

.......

16

38,060

Talen

Energy

Corp.(a)

..............

7,668

14,110

The

AES

Corp.

...................

181

62,897

Vistra

Corp.

......................

8,672

16,570

Industrial

Conglomerates

—

0.62%

13,781

3M

Co.

.........................

1,779

65,006

General

Electric

Co.

................

10,842

14,647

Honeywell

International,

Inc.

.........

3,309

15,930

Industrial

REITs

—

0.39%

2,173

Americold

Realty

Trust,

Inc.

..........

47

13,838

EastGroup

Properties,

Inc.

...........

2,221

999

First

Industrial

Realty

Trust,

Inc.

.......

50

474

Lineage,

Inc.

.....................

28

33,513

Plymouth

Industrial

REIT,

Inc.

........

597

65,156

Prologis,

Inc.

.....................

6,886

1,661

Rexford

Industrial

Realty,

Inc.

.........

64

1,356

STAG

Industrial,

Inc.

...............

46

9,939

Insurance

—

1.92%

16,464

Aflac,

Inc.

.......................

1,704

5,385

American

Financial

Group,

Inc.

........

737

12,753

American

International

Group,

Inc.

.....

928

5,183

Aon

PLC,

Class

-

A

................

1,861

14,009

Arch

Capital

Group

Ltd.

.............

1,294

6,480

Arthur

J.

Gallagher

&

Co.

............

1,839

3,987

Assurant,

Inc.

....................

850

437

Assured

Guaranty

Ltd.

..............

39

24

HC

CAPITAL

TRUST

The

Institutional

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Insurance

(continued)

590

Axis

Capital

Holdings

Ltd.

...........

$

52

514

Brighthouse

Financial,

Inc.(a)

.........

25

6,945

Brown

&

Brown,

Inc.

...............

709

10,488

Chubb

Ltd.

......................

2,898

5,756

Cincinnati

Financial

Corp.

...........

827

207

CNA

Financial

Corp.

...............

10

1,889

Erie

Indemnity

Co.,

Class

-

A

.........

778

2,605

Everest

Group

Ltd.

.................

945

7,576

Fidelity

National

Financial,

Inc.

.......

425

765

First

American

Financial

Corp.

........

48

678

Globe

Life,

Inc.

...................

76

482

Kemper

Corp.

....................

32

165

Kinsale

Capital

Group,

Inc.

...........

77

1,287

Lincoln

National

Corp.

..............

41

10,393

Loews

Corp.

.....................

880

620

Markel

Group,

Inc.(a)

...............

1,070

11,798

Marsh

&

McLennan

Cos.,

Inc.

........

2,506

14,874

MetLife,

Inc.

.....................

1,218

1,829

Old

Republic

International

Corp.

.......

66

278

Primerica,

Inc.

....................

75

4,649

Principal

Financial

Group,

Inc.

........

360

7,217

Prudential

Financial,

Inc.

............

856

507

Reinsurance

Group

of

America,

Inc.

....

108

396

RenaissanceRe

Holdings

Ltd.

.........

99

304

RLI

Corp.

.......................

50

740

Ryan

Specialty

Holdings,

Inc.

.........

47

8,903

The

Allstate

Corp.

.................

1,717

268

The

Hanover

Insurance

Group,

Inc.

.....

41

10,311

The

Hartford

Financial

Services

Group,

Inc.

1,128

45,147

The

Progressive

Corp.

..............

10,817

7,833

The

Travelers

Cos.,

Inc.

.............

1,887

1,405

Unum

Group

.....................

103

19,589

W.R.

Berkley

Corp.

................

1,146

19

White

Mountains

Insurance

Group

Ltd.

..

37

28,317

Willis

Towers

Watson

PLC

...........

8,871

49,277

Interactive

Media

&

Services

—

3.27%

162,054

Alphabet,

Inc.,

Class

-

A

.............

30,677

99,854

Alphabet,

Inc.,

Class

-

C

.............

19,016

583

IAC,

Inc.(a)

......................

25

5,164

Match

Group,

Inc.(a)

...............

169

57,451

Meta

Platforms,

Inc.,

Class

-

A

........

33,637

12,066

Pinterest,

Inc.,

Class

-

A(a)

...........

350

12,900

Snap,

Inc.,

Class

-

A(a)

..............

139

775

TripAdvisor,

Inc.(a)

................

11

576

Trump

Media

&

Technology

Group

Corp.(a)

20

2,357

ZoomInfo

Technologies,

Inc.(a)

........

25

84,069

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

IT

Services

—

1.25%

12,597

Accenture

PLC,

Class

-

A

............

$

4,432

6,722

Akamai

Technologies,

Inc.(a)

.........

642

901

Amdocs

Ltd.

.....................

77

6,044

Cloudflare

,

Inc.,

Class

-

A(a)

..........

651

9,989

Cognizant

Technology

Solutions

Corp.,

Class

-

A

....................

768

1,383

DXC

Technology

Co.(a)

.............

28

1,156

EPAM

Systems,

Inc.(a)

..............

270

1,543

Gartner,

Inc.(a)

...................

748

309

Globant

SA(a)

....................

66

44,581

GoDaddy

,

Inc.,

Class

-

A(a)

...........

8,799

21,857

International

Business

Machines

Corp.

...

4,805

1,741

Kyndryl

Holdings,

Inc.(a)

............

60

1,452

MongoDB,

Inc.(a)

.................

338

3,263

Okta

,

Inc.(a)

.....................

257

6,173

Snowflake,

Inc.,

Class

-

A(a)

..........

953

82,769

Twilio

,

Inc.,

Class

-

A(a)

.............

8,947

1,748

VeriSign,

Inc.(a)

...................

361

32,202

Leisure

Products

—

0.01%

548

Brunswick

Corp.

..................

35

92

Empire

Resorts,

Inc.(a)(b)

............

–

1,071

Hasbro,

Inc.

......................

61

2,666

Mattel,

Inc.(a)

....................

47

417

Polaris,

Inc.

......................

24

654

YETI

Holdings,

Inc.(a)

..............

25

192

Life

Sciences

Tools

&

Services

—

1.03%

698

10X

Genomics,

Inc.,

Class

-

A(a)

.......

10

5,842

Agilent

Technologies,

Inc.

............

785

13,497

Avantor

,

Inc.(a)

...................

284

372

Azenta

,

Inc.(a)

....................

19

414

Bio-Rad

Laboratories,

Inc.,

Class

-

A(a)

..

136

3,137

Bio-

Techne

Corp.

..................

226

813

Bruker

Corp.

.....................

48

1,031

Charles

River

Laboratories

International,

Inc.(a)

......................

191

12,964

Danaher

Corp.

....................

2,976

672

Fortrea

Holdings,

Inc.(a)

.............

13

3,188

Illumina,

Inc.(a)

...................

426

41,823

IQVIA

Holdings,

Inc.(a)

.............

8,218

196

Medpace

Holdings,

Inc.(a)

...........

65

430

Mettler

-Toledo

International,

Inc.(a)

....

526

1,668

QIAGEN

N.V.(a)

..................

74

419

Repligen

Corp.(a)

..................

60

2,481

Revvity

,

Inc.

.....................

277

517,198

Sotera

Health

Co.(a)

................

7,075

7,917

Thermo

Fisher

Scientific,

Inc.

.........

4,119

1,183

Waters

Corp.(a)

...................

439

25

HC

CAPITAL

TRUST

The

Institutional

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Life

Sciences

Tools

&

Services

(continued)

1,470

West

Pharmaceutical

Services,

Inc.

.....

$

481

26,448

Machinery

—

0.77%

471

AGCO

Corp.

.....................

44

699

Allison

Transmission

Holdings,

Inc.

....

76

9,791

Caterpillar,

Inc.

...................

3,553

17,891

CNH

Industrial

N.V.

................

203

357

Crane

Co.

.......................

54

3,476

Cummins,

Inc.

....................

1,212

6,143

Deere

&

Co.

.....................

2,603

921

Donaldson

Co.,

Inc.

................

62

2,757

Dover

Corp.

......................

517

430

Esab

Corp.

.......................

52

987

Flowserve

Corp.

...................

57

7,030

Fortive

Corp.

.....................

527

1,831

Gates

Industrial

Corp.

PLC(a)

.........

38

3,355

Graco

,

Inc.

......................

282

2,568

IDEX

Corp.

......................

538

6,815

Illinois

Tool

Works,

Inc.

.............

1,728

8,098

Ingersoll

Rand,

Inc.

................

733

633

ITT,

Inc.

........................

90

425

Lincoln

Electric

Holdings,

Inc.

........

80

1,119

Nordson

Corp.

....................

234

498

Oshkosh

Corp.

....................

47

10,242

Otis

Worldwide

Corp.

...............

948

13,199

PACCAR,

Inc.

....................

1,372

2,582

Parker-Hannifin

Corp.

..............

1,642

3,292

Pentair

PLC

......................

332

214

RBC

Bearings,

Inc.(a)

..............

64

1,842

Snap-on,

Inc.

.....................

625

3,054

Stanley

Black

&

Decker,

Inc.

.........

245

406

The

Middleby

Corp.(a)

..............

55

464

The

Timken

Co.

...................

33

6,173

The

Toro

Co.

.....................

494

3,499

Westinghouse

Air

Brake

Technologies

Corp.

663

4,857

Xylem,

Inc.

......................

564

19,767

Marine

Transportation

—

0.00%

453

Kirby

Corp.(a)

....................

48

Media

—

0.30%

2,189

Charter

Communications,

Inc.,

Class

-

A(a)

751

86,280

Comcast

Corp.,

Class

-

A

............

3,238

15,662

Fox

Corp.,

Class

-

A

................

761

14,171

Fox

Corp.,

Class

-

B

................

648

132

Liberty

Broadband

Corp.,

Class

-

A(a)

...

10

880

Liberty

Broadband

Corp.,

Class

-

C(a)

...

66

7,686

News

Corp.,

Class

-

A

...............

211

897

News

Corp.,

Class

-

B

..............

27

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Media

(continued)

258

Nexstar

Media

Group,

Inc.

...........

$

41

6,399

Omnicom

Group,

Inc.

...............

550

70

Paramount

Global,

Class

-

A

..........

2

4,374

Paramount

Global,

Class

-

B

..........

46

7,613

The

Interpublic

Group

of

Cos.,

Inc.

.....

213

1,232

The

New

York

Times

Co.,

Class

-

A

.....

64

8,967

The

Trade

Desk,

Inc.,

Class

-

A(a)

......

1,054

7,682

Metals

&

Mining

—

0.17%

1,930

Alcoa

Corp.

......................

73

947

ATI,

Inc.(a)

......................

52

3,876

Cleveland-Cliffs,

Inc.(a)

.............

36

28,776

Freeport-McMoRan,

Inc.

............

1,096

1,013

MP

Materials

Corp.(a)

..............

16

43,579

Newmont

Corp.

...................

1,622

4,798

Nucor

Corp.

......................

560

1,716

Reliance,

Inc.

.....................

462

497

Royal

Gold,

Inc.

...................

66

661

Southern

Copper

Corp.

..............

60

2,971

Steel

Dynamics,

Inc.

................

339

1,703

United

States

Steel

Corp.

............

58

4,440

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.01%

6,295

AGNC

Investment

Corp.

............

58

10,627

Annaly

Capital

Management,

Inc.

......

195

4,012

Rithm

Capital

Corp.

................

43

2,421

Starwood

Property

Trust,

Inc.

.........

46

342

Multi-Utilities

—

0.57%

15,219

Ameren

Corp.

....................

1,357

38,728

CenterPoint

Energy,

Inc.

.............

1,228

20,292

CMS

Energy

Corp.

.................

1,353

17,209

Consolidated

Edison,

Inc.

............

1,536

33,157

Dominion

Energy,

Inc.

..............

1,785

11,746

DTE

Energy

Co.

..................

1,418

31,333

NiSource,

Inc.

....................

1,152

18,763

Public

Service

Enterprise

Group,

Inc.

....

1,585

21,026

Sempra

.........................

1,845

16,287

WEC

Energy

Group,

Inc.

............

1,532

14,791

Office

REITs

—

0.17%

3,272

Alexandria

Real

Estate

Equities,

Inc.

....

319

3,033

BXP,

Inc.

........................

225

27,322

Cousins

Properties,

Inc.

.............

837

34,601

Douglas

Emmett,

Inc.

...............

642

788

Highwoods

Properties,

Inc.

...........

24

26

HC

CAPITAL

TRUST

The

Institutional

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Office

REITs

(continued)

881

Kilroy

Realty

Corp.

................

$

36

33,678

SL

Green

Realty

Corp.

..............

2,288

1,338

Vornado

Realty

Trust

...............

56

4,427

Oil,

Gas

&

Consumable

Fuels

—

1.55%

2,550

Antero

Midstream

Corp.

.............

38

2,151

Antero

Resources

Corp.(a)

...........

75

7,479

APA

Corp.

.......................

173

7,845

Cheniere

Energy,

Inc.

...............

1,686

39,263

Chevron

Corp.

....................

5,687

1,532

Chord

Energy

Corp.

................

179

767

Civitas

Resources,

Inc.

..............

35

31,440

ConocoPhillips

...................

3,118

32,402

Coterra

Energy,

Inc.

................

828

12,678

Devon

Energy

Corp.

................

415

5,518

Diamondback

Energy,

Inc.

...........

904

735

DT

Midstream,

Inc.

................

73

15,410

EOG

Resources,

Inc.

...............

1,890

11,536

EQT

Corp.

.......................

532

7,273

Expand

Energy

Corp.

...............

724

96,252

Exxon

Mobil

Corp.

................

10,355

5,596

Hess

Corp.

.......................

745

14,688

HF

Sinclair

Corp.

..................

515

62,038

Kinder

Morgan,

Inc.

................

1,700

9,882

Marathon

Petroleum

Corp.

...........

1,378

902

Matador

Resources

Co.

..............

51

418

New

Fortress

Energy,

Inc.

............

6

20,402

Occidental

Petroleum

Corp.

..........

1,008

13,185

ONEOK,

Inc.

.....................

1,323

5,246

Ovintiv

,

Inc.

.....................

213

4,823

Permian

Resources

Corp.

............

69

12,989

Phillips

66

.......................

1,480

1,786

Range

Resources

Corp.

..............

64

4,296

Targa

Resources

Corp.

..............

766

508

Texas

Pacific

Land

Corp.

............

562

35,461

The

Williams

Cos.,

Inc.

.............

1,919

10,513

Valero

Energy

Corp.

................

1,288

795

Viper

Energy,

Inc.

.................

39

39,838

Paper

&

Forest

Products

—

0.00%

485

Louisiana-Pacific

Corp.

.............

50

Passenger

Airlines

—

0.04%

949

Alaska

Air

Group,

Inc.(a)

............

61

4,899

American

Airlines

Group,

Inc.(a)

.......

85

6,870

Delta

Air

Lines,

Inc.

................

417

6,666

Southwest

Airlines

Co.

..............

224

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Passenger

Airlines

(continued)

2,533

United

Airlines

Holdings,

Inc.(a)

.......

$

246

1,033

Personal

Care

Products

—

0.09%

1,000

BellRing

Brands,

Inc.(a)

.............

75

2,894

Coty,

Inc.,

Class

-

A(a)

..............

20

406

e.l.f

.

Beauty,

Inc.(a)

................

51

81,562

Kenvue

,

Inc.

.....................

1,742

4,645

The

Estee

Lauder

Cos.,

Inc.

..........

348

2,236

Pharmaceuticals

—

1.77%

58,217

Bristol-Myers

Squibb

Co.

............

3,292

3,702

Elanco

Animal

Health,

Inc.(a)

.........

45

26,953

Eli

Lilly

&

Co.

....................

20,809

790

Intra-Cellular

Therapies,

Inc.(a)

........

66

467

Jazz

Pharmaceuticals

PLC(a)

.........

58

55,229

Johnson

&

Johnson

................

7,986

61,474

Merck

&

Co.,

Inc.

.................

6,115

1,927

Organon

&

Co.

...................

29

1,019

Perrigo

Co.

PLC

..................

26

150,202

Pfizer,

Inc.

.......................

3,985

37,099

Royalty

Pharma

PLC,

Class

-

A

........

946

53,374

Viatris

,

Inc.

......................

665

9,206

Zoetis,

Inc.

......................

1,500

45,522

Professional

Services

—

0.94%

980,407

Alight,

Inc.,

Class

-

A

...............

6,783

955

Amentum

Holdings,

Inc.(a)

...........

20

8,997

Automatic

Data

Processing,

Inc.

.......

2,634

7,662

Booz

Allen

Hamilton

Holding

Corp.

....

985

2,865

Broadridge

Financial

Solutions,

Inc.

....

648

171

CACI

International,

Inc.,

Class

-

A(a)

...

69

3,580

Clarivate

PLC(a)

..................

18

322

Concentrix

Corp.

..................

14

3,123

Dayforce

,

Inc.(a)

..................

227

2,329

Dun

&

Bradstreet

Holdings,

Inc.

.......

29

2,481

Equifax,

Inc.

.....................

632

256

FTI

Consulting,

Inc.(a)

..............

49

1,353

Genpact

Ltd.

.....................

58

3,564

Jacobs

Solutions,

Inc.

...............

477

1,034

KBR,

Inc.

.......................

60

7,386

Leidos

Holdings,

Inc.

...............

1,064

381

ManpowerGroup

,

Inc.

..............

22

351

Parsons

Corp.(a)

..................

32

6,484

Paychex,

Inc.

.....................

910

1,020

Paycom

Software,

Inc.

..............

210

461

Paycor

HCM,

Inc.(a)

...............

9

317

Paylocity

Holding

Corp.(a)

...........

63

802

Robert

Half,

Inc.

..................

57

27

HC

CAPITAL

TRUST

The

Institutional

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Professional

Services

(continued)

417

Science

Applications

International

Corp.

.

$

47

4,386

SS&C

Technologies

Holdings,

Inc.

.....

332

81,725

TransUnion

......................

7,576

4,438

Verisk

Analytics,

Inc.

...............

1,223

24,248

Real

Estate

Management

&

Development

—

0.08%

9,240

CBRE

Group,

Inc.,

Class

-

A(a)

........

1,213

8,158

CoStar

Group,

Inc.(a)

...............

584

254

Howard

Hughes

Holdings,

Inc.(a)

......

20

362

Jones

Lang

LaSalle,

Inc.(a)

...........

92

427

Zillow

Group,

Inc.,

Class

-

A(a)

........

30

3,123

Zillow

Group,

Inc.,

Class

-

C(a)

........

231

2,170

Residential

REITs

—

0.84%

91,274

American

Homes

4

Rent,

Class

-

A

.....

3,416

22,580

AvalonBay

Communities,

Inc.

.........

4,967

5,869

Camden

Property

Trust

..............

681

12,492

Centerspace

......................

826

11,113

Equity

LifeStyle

Properties,

Inc.

.......

741

27,115

Equity

Residential

.................

1,946

16,120

Essex

Property

Trust,

Inc.

............

4,600

91,739

Independence

Realty

Trust,

Inc.

........

1,820

17,642

Invitation

Homes,

Inc.

..............

564

4,920

Mid-America

Apartment

Communities,

Inc.

761

5,624

Sun

Communities,

Inc.

..............

691

13,285

UDR,

Inc.

.......................

577

21,590

Retail

REITs

—

0.69%

71,842

Acadia

Realty

Trust

................

1,736

26,347

Agree

Realty

Corp.

................

1,856

73,727

Brixmor

Property

Group,

Inc.

.........

2,053

653

Federal

Realty

Investment

Trust

.......

73

13,378

Kimco

Realty

Corp.

................

314

1,373

NNN

REIT,

Inc.

...................

56

51,574

Phillips

Edison

&

Co.,

Inc.

...........

1,932

30,854

Realty

Income

Corp.

...............

1,648

6,483

Regency

Centers

Corp.

..............

479

26,889

Simon

Property

Group,

Inc.

..........

4,630

63,585

Tanger

,

Inc.

......................

2,170

35,180

The

Macerich

Co.

.................

701

17,648

Semiconductors

&

Semiconductor

Equipment

—

5.48%

32,480

Advanced

Micro

Devices,

Inc.(a)

.......

3,924

946

Allegro

MicroSystems

,

Inc.(a)

.........

21

865

Amkor

Technology,

Inc.

.............

22

9,971

Analog

Devices,

Inc.

...............

2,118

16,682

Applied

Materials,

Inc.

..............

2,713

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Semiconductors

&

Semiconductor

Equipment

(continued)

836

Astera

Labs,

Inc.(a)

................

$

111

135,649

Broadcom,

Inc.

...................

31,448

416

Cirrus

Logic,

Inc.(a)

................

41

2,705

Enphase

Energy,

Inc.(a)

.............

186

3,010

Entegris

,

Inc.

.....................

298

2,066

First

Solar,

Inc.(a)

.................

364

757

GLOBALFOUNDRIES,

Inc.(a)

.......

32

85,563

Intel

Corp.

.......................

1,716

2,717

KLA

Corp.

......................

1,712

25,753

Lam

Research

Corp.

................

1,860

1,029

Lattice

Semiconductor

Corp.(a)

........

58

428

MACOM

Technology

Solutions

Holdings,

Inc.(a)

......................

56

17,352

Marvell

Technology,

Inc.

............

1,917

10,748

Microchip

Technology,

Inc.

...........

616

22,266

Micron

Technology,

Inc.

.............

1,874

501

MKS

Instruments,

Inc.

..............

52

965

Monolithic

Power

Systems,

Inc.

.......

571

537,877

NVIDIA

Corp.

....................

72,230

3,167

NXP

Semiconductors

N.V.

...........

658

8,632

ON

Semiconductor

Corp.(a)

..........

545

376

Onto

Innovation,

Inc.(a)

.............

63

1,949

Qorvo

,

Inc.(a)

....................

136

22,469

QUALCOMM,

Inc.

................

3,451

3,187

Skyworks

Solutions,

Inc.

............

283

41,037

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR

...................

8,104

3,117

Teradyne,

Inc.

....................

393

18,325

Texas

Instruments,

Inc.

..............

3,437

353

Universal

Display

Corp.

.............

52

934

Wolfspeed

,

Inc.(a)

.................

6

141,068

Software

—

5.48%

23,533

Adobe,

Inc.(a)

....................

10,465

1,758

ANSYS,

Inc.(a)

...................

593

169

Appfolio

,

Inc.,

Class

-

A(a)

...........

42

4,561

AppLovin

Corp.,

Class

-

A(a)

.........

1,477

1,711

Aspen

Technology,

Inc.(a)

............

427

3,204

Atlassian

Corp.,

Class

-

A(a)

..........

780

4,337

Autodesk,

Inc.(a)

..................

1,282

3,077

Bentley

Systems,

Inc.,

Class

-

B

.......

143

775

BILL

Holdings,

Inc.(a)

..............

66

5,471

Cadence

Design

Systems,

Inc.(a)

.......

1,644

3,483

CCC

Intelligent

Solutions

Holdings,

Inc.(a)

41

1,856

Confluent,

Inc.,

Class

-

A(a)

..........

52

1,348

Corpay

,

Inc.(a)

....................

457

4,642

Crowdstrike

Holdings,

Inc.,

Class

-

A(a)

.

1,589

5,731

Datadog

,

Inc.,

Class

-

A(a)

...........

819

4,082

DocuSign,

Inc.(a)

..................

367

449

Dolby

Laboratories,

Inc.,

Class

-

A

.....

35

1,050

DoubleVerify

Holdings,

Inc.(a)

........

20

28

HC

CAPITAL

TRUST

The

Institutional

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Software

(continued)

1,978

Dropbox,

Inc.,

Class

-

A(a)

...........

$

59

5,770

Dynatrace

,

Inc.(a)

.................

313

673

Elastic

N.V.(a)

....................

67

490

Fair

Isaac

Corp.(a)

.................

975

531

Five9,

Inc.(a)

.....................

22

12,926

Fortinet,

Inc.(a)

...................

1,222

25,028

Gen

Digital,

Inc.

..................

685

912

Gitlab

,

Inc.,

Class

-

A(a)

.............

51

622

Guidewire

Software,

Inc.(a)

..........

105

1,086

HashiCorp

,

Inc.,

Class

-

A(a)

..........

37

977

HubSpot

,

Inc.(a)

..................

681

498

Informatica

,

Inc.,

Class

-

A(a)

.........

13

5,578

Intuit,

Inc.

.......................

3,505

1,233

Manhattan

Associates,

Inc.(a)

.........

333

163,126

Microsoft

Corp.

...................

68,755

3,561

MicroStrategy

,

Inc.(a)

...............

1,031

645

nCino

,

Inc.(a)

....................

22

4,969

Nutanix

,

Inc.,

Class

-

A(a)

............

304

74,079

Oracle

Corp.

.....................

12,345

40,642

Palantir

Technologies,

Inc.,

Class

-

A(a)

..

3,074

13,031

Palo

Alto

Networks,

Inc.(a)

...........

2,371

314

Pegasystems

,

Inc.

..................

29

808

Procore

Technologies,

Inc.(a)

.........

61

2,395

PTC,

Inc.(a)

......................

441

646

RingCentral,

Inc.,

Class

-

A(a)

.........

23

2,681

Roper

Technologies,

Inc.

.............

1,394

42,364

Salesforce,

Inc.

...................

14,162

2,592

Samsara,

Inc.,

Class

-

A(a)

...........

113

2,117

SentinelOne

,

Inc.,

Class

-

A(a)

........

47

4,156

ServiceNow

,

Inc.(a)

................

4,406

1,048

Smartsheet

,

Inc.,

Class

-

A(a)

.........

59

3,076

Synopsys,

Inc.(a)

..................

1,493

776

Teradata

Corp.(a)

..................

24

854

Tyler

Technologies,

Inc.(a)

...........

492

3,420

UiPath

,

Inc.,

Class

-

A(a)

............

43

2,337

Unity

Software,

Inc.(a)

..............

53

4,251

Workday,

Inc.,

Class

-

A(a)

...........

1,097

5,127

Zoom

Communications,

Inc.,

Class

-

A(a)

419

1,843

Zscaler

,

Inc.(a)

....................

332

140,957

Specialized

REITs

—

1.18%

11,906

American

Tower

Corp.

..............

2,183

13,353

Crown

Castle,

Inc.

.................

1,212

47,332

CubeSmart

......................

2,029

20,686

Digital

Realty

Trust,

Inc.

.............

3,669

561

EPR

Properties

...................

25

9,212

Equinix

,

Inc.

.....................

8,685

5,053

Extra

Space

Storage,

Inc.

............

756

16,087

Gaming

and

Leisure

Properties,

Inc.

....

775

32,415

Iron

Mountain,

Inc.

................

3,407

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Specialized

REITs

(continued)

8,929

Lamar

Advertising

Co.,

Class

-

A

.......

$

1,087

603

National

Storage

Affiliates

Trust

.......

23

14,778

Public

Storage

....................

4,424

1,105

Rayonier,

Inc.

....................

29

3,493

SBA

Communications

Corp.

..........

712

34,401

VICI

Properties,

Inc.

...............

1,005

14,650

Weyerhaeuser

Co.

.................

413

30,434

Specialty

Retail

—

1.13%

449

Advance

Auto

Parts,

Inc.

............

21

196

AutoNation,

Inc.(a)

................

33

555

AutoZone,

Inc.(a)

..................

1,777

1,735

Bath

&

Body

Works,

Inc.

............

67

4,189

Best

Buy

Co.,

Inc.

.................

359

1,282

Burlington

Stores,

Inc.(a)

............

366

3,129

CarMax,

Inc.(a)

...................

256

34,401

Carvana

Co.(a)

....................

6,995

1,173

Dick's

Sporting

Goods,

Inc.

...........

269

414

Five

Below,

Inc.(a)

.................

43

783

Floor

&

Decor

Holdings,

Inc.,

Class

-

A(a)

78

3,037

GameStop

Corp.,

Class

-

A(a)

.........

95

206

Lithia

Motors,

Inc.

.................

74

11,486

Lowe's

Cos.,

Inc.

..................

2,835

149

Murphy

USA,

Inc.

.................

75

1,764

O'Reilly

Automotive,

Inc.(a)

..........

2,092

152

Penske

Automotive

Group,

Inc.

........

23

123

RH(a)

..........................

48

6,661

Ross

Stores,

Inc.

..................

1,008

1,475

The

Gap,

Inc.

.....................

35

19,957

The

Home

Depot,

Inc.

..............

7,763

25,081

The

TJX

Cos.,

Inc.

.................

3,030

14,520

Tractor

Supply

Co.

.................

771

955

Ulta

Beauty,

Inc.(a)

................

415

995

Valvoline,

Inc.(a)

..................

36

737

Wayfair,

Inc.,

Class

-

A(a)

............

33

2,559

Williams-Sonoma,

Inc.

..............

474

29,071

Technology

Hardware,

Storage

&

Peripherals

—

3.67%

332,941

Apple,

Inc.

......................

83,374

5,929

Dell

Technologies,

Inc.,

Class

-

C

......

683

26,040

Hewlett

Packard

Enterprise

Co.

........

556

19,625

HP,

Inc.

.........................

640

4,163

NetApp,

Inc.

.....................

484

6,186

Pure

Storage,

Inc.,

Class

-

A(a)

........

380

2,468

Seagate

Technology

Holdings

PLC

.....

213

10,332

Super

Micro

Computer,

Inc.(a)

........

315

129,257

Western

Digital

Corp.(a)

.............

7,707

94,352

29

HC

CAPITAL

TRUST

The

Institutional

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Textiles,

Apparel

&

Luxury

Goods

—

0.15%

450

Amer

Sports,

Inc.(a)

................

$

13

303

Birkenstock

Holding

PLC(a)

..........

17

930

Capri

Holdings

Ltd.(a)

..............

20

283

Carter's,

Inc.

.....................

15

273

Columbia

Sportswear

Co.

............

23

459

Crocs,

Inc.(a)

.....................

50

3,060

Deckers

Outdoor

Corp.(a)

............

621

2,320

Lululemon

Athletica

,

Inc.(a)

..........

887

23,654

NIKE,

Inc.,

Class

-

B

...............

1,790

429

PVH

Corp.

......................

45

307

Ralph

Lauren

Corp.

................

71

1,015

Skechers

USA,

Inc.,

Class

-

A(a)

.......

68

1,791

Tapestry,

Inc.

.....................

117

1,429

Under

Armour

,

Inc.,

Class

-

A(a)

.......

12

1,440

Under

Armour

,

Inc.,

Class

-

C(a)

.......

11

2,652

VF

Corp.

........................

57

3,817

Tobacco

—

0.57%

52,326

Altria

Group,

Inc.

..................

2,736

98,922

Philip

Morris

International,

Inc.

........

11,905

14,641

Trading

Companies

&

Distributors

—

0.75%

81,314

AerCap

Holdings

N.V.

..............

7,782

122

AerCap

Holdings

N.V.

..............

12

788

Air

Lease

Corp.

...................

38

1,478

Core

&

Main,

Inc.,

Class

-

A(a)

........

75

13,688

Fastenal

Co.

......................

985

4,059

Ferguson

Enterprises,

Inc.

............

705

49,067

FTAI

Aviation

Ltd.(c)

...............

7,068

350

MSC

Industrial

Direct

Co.,

Inc.

........

26

337

SiteOne

Landscape

Supply,

Inc.(a)

......

44

1,332

United

Rentals,

Inc.

................

938

1,117

W.W.

Grainger,

Inc.

................

1,177

699

Watsco

,

Inc.

......................

331

338

WESCO

International,

Inc.

...........

61

19,242

Water

Utilities

—

0.07%

8,383

American

Water

Works

Co.,

Inc.

.......

1,044

21,521

Essential

Utilities,

Inc.

..............

781

1,825

Wireless

Telecommunication

Services

—

0.11%

13,072

T-Mobile

US,

Inc.

.................

2,885

Total

Common

Stocks

..............

1,733,484

Shares

Security

Description

Value

(000)

Contingent

Right

—

0.00%

Diversified

Telecommunication

Services

—

0.00%

338

Mirati

Therapeutics

CVR,

01/01/26(a)(b)

.

$

–

Total

Contingent

Right

.............

–

Investment

Companies

—

31.53%

Domestic

Equity

Funds

—

22.33%

1,956,616

Invesco

S&P

500

Low

Volatility

ETF

....

136,963

365,190

iShares

Core

S&P

500

ETF

...........

214,981

211,260

iShares

Core

S&P

Total

U.S.

Stock

Market

ETF

.......................

27,172

11,491

iShares

Russell

1000

ETF

............

3,702

305,810

Vanguard

S&P

500

ETF

.............

164,773

93,660

Vanguard

Total

Stock

Market

ETF

......

27,144

574,735

International

Equity

Funds

—

7.45%

2,063,400

Vanguard

FTSE

Developed

Markets

ETF

.

98,672

1,462,000

Vanguard

FTSE

Europe

ETF

..........

92,793

191,465

Money

Market

Funds

—

1.75%

45,018,807

State

Street

Institutional

Treasury

Plus

Money

M

arket

Fund,

Trust

Class,

4.37%(d

)

....................

45,018

45,018

Total

Investment

Companies

.........

811,218

Purchased

Options

on

Futures

—

0.01%

Total

Purchased

Options

on

Futures

...

175

Total

Investments

(cost

$1,766,791)

—

98.92%

.....................

2,544,877

Other

assets

in

excess

of

liabilities

—

1.08%

......................

27,667

Net

Assets

-

100.00%

$

2,572,544

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,

2024.

(c)

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.

(d)

Annualized

7-day

yield

as

of

period-end.

30

HC

CAPITAL

TRUST

The

Institutional

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(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,

2024

.

ADR—American

Depositary

Receipt

ETF—Exchange-Traded

Fund

REIT—Real

Estate

Investment

Trust

The

Institutional

U.S.

Equity

Portfolio

Mellon

Investments

Corporation

Parametric

Portfolio

Associates,

LLC

Wellington

Management

Company,

LLC

Rhumbline

Advisers

Monashee

Investment

Management

LLC

Total

Common

Stocks

..............................................................................

48.13

%

—

3.02

%

16.23

%

—

67.38

%

Contingent

Right

.............................................................................

—

—

—

—

—

—

%

Investment

Companies

....................................................................

0.02

%

16.09

%

0.06

%

0.17

%

15.19

%

31.53

%

Options

on

Futures

..........................................................................

—

—

—

—

0.01

%

0.01

%

Other

Assets

(Liabilities)

................................................................

0.08

%

0.87

%

0.01

%

0.01

%

0.11

%

1.08

%

Total

Net

Assets

.........................................................................

48.23

%

16.96

%

3.09

%

16.41

%

15.31

%

100.00

%

The

following

table

reflects

the

open

derivative

positions

held

by

the

Portfolio

as

of

December

31,

2024

.

Futures

Contracts

Purchased

*

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value

and

Unrealized

Appreciation/

(Depreciation)

(000)

E-Mini

S&P

500

Future

.........................

336

3/21/25

$

99,721

$

(3,016)

Russell

2000

Mini

Index

Future

...................

9

3/21/25

1,012

(58)

$

100,733

$

(3,074)

The

following

table

reflects

the

open

derivative

positions

held

by

the

Portfolio

as

of

December

31,

2024

.

Futures

Contracts

Sold

*

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value

and

Unrealized

Appreciation/

(Depreciation)

(000)

E-Mini

S&P

500

Future

.........................

89

3/21/25

$

26,414

$

5

$

26,414

$

5

Total

Unrealized

Appreciation

.....................

$

5

Total

Unrealized

Depreciation

.....................

(3,074)

Total

Net

Unrealized

Appreciation/(Depreciation)

.......

$

(3,069)

*

Cash

has

been

pledged

as

collateral

for

futures

contracts

held

by

the

Portfolio.

31

HC

CAPITAL

TRUST

The

Institutional

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Options

on

Futures

Contracts

Exchange-traded

options

on

futures

contacts

written

as

of

December

31,

2024

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

50

$

15,500

$

6,200.00

4/30/25

$

(215)

E-Mini

S&P

500

Future

Option

.............

Put

21

6,326

6,025.00

1/20/25

(124)

E-Mini

S&P

500

Future

Option

.............

Put

18

5,400

6,000.00

1/20/25

(93)

E-Mini

S&P

500

Future

Option

.............

Put

24

7,080

5,900.00

1/20/25

(67)

E-Mini

S&P

500

Future

Option

.............

Put

15

4,444

5,925.00

1/20/25

(49)

E-Mini

S&P

500

Future

Option

.............

Put

41

11,736

5,725.00

1/31/25

(78)

E-Mini

S&P

500

Future

Option

.............

Put

12

3,360

5,600.00

2/21/25

(24)

E-Mini

S&P

500

Future

Option

.............

Put

21

5,775

5,500.00

2/21/25

(32)

E-Mini

S&P

500

Future

Option

.............

Put

25

6,813

5,450.00

2/28/25

(39)

E-Mini

S&P

500

Future

Option

.............

Put

25

6,563

5,250.00

2/28/25

(24)

E-Mini

S&P

500

Future

Option

.............

Put

25

6,688

5,350.00

3/31/25

(50)

S&P

500

Future

Option

..................

Put

6

3,540

5,900.00

1/20/25

(43)

S&P

500

Future

Option

..................

Put

10

5,825

5,825.00

1/20/25

(44)

S&P

500

Future

Option

..................

Put

5

2,888

5,775.00

1/20/25

(16)

S&P

500

Future

Option

..................

Put

5

2,550

5,100.00

1/20/25

(1)

S&P

500

Future

Option

..................

Put

6

3,510

5,850.00

1/20/25

(31)

S&P

500

Future

Option

..................

Put

18

10,170

5,650.00

1/31/25

(54)

S&P

500

Future

Option

..................

Put

12

6,750

5,625.00

1/31/25

(33)

S&P

500

Future

Option

..................

Put

12

6,960

5,800.00

1/31/25

(70)

S&P

500

Future

Option

..................

Put

6

3,465

5,775.00

1/31/25

(32)

S&P

500

Future

Option

..................

Put

18

10,350

5,750.00

1/31/25

(84)

S&P

500

Future

Option

..................

Put

11

6,298

5,725.00

1/31/25

(46)

S&P

500

Future

Option

..................

Put

21

11,970

5,700.00

1/31/25

(79)

S&P

500

Future

Option

..................

Put

19

10,403

5,475.00

2/21/25

(53)

S&P

500

Future

Option

..................

Put

18

9,540

5,300.00

2/21/25

(36)

S&P

500

Future

Option

..................

Put

16

8,400

5,250.00

2/21/25

(27)

$

(1,444)

Exchanged-traded

options

on

futures

contacts

purchased

as

of

December

31,

2024

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

97

$

29,828

$

6,150.00

1/20/25

$

22

S&P

500

Future

Option

..................

Call

12

7,290

6,075.00

1/20/25

8

E-Mini

S&P

500

Future

Option

.............

Put

54

15,255

5,650.00

1/20/25

30

S&P

500

Future

Option

..................

Put

12

6,810

5,675.00

1/20/25

18

S&P

500

Future

Option

..................

Put

36

20,340

5,650.00

1/20/25

45

S&P

500

Future

Option

..................

Put

24

13,740

5,725.00

1/20/25

52

$

175

32

See

accompanying

notes

to

financial

statements.

HC

CAPITAL

TRUST

The

Institutional

U.S.

Equity

Portfolio

Portfolio

of

Investments

(concluded)

—

December

31,

2024

(Unaudited)

Centrally

Cleared

Swap

Agreements(a)

Credit

Default

Swap

Agreements

-

Buy

Protection

Underlying

Instrument

Payment

Frequency

Fixed

Deal

Pay

Rate

(%)

Maturity

Date

Implied

Credit

Spread

at

December

31,

2024

(%)(b)

Notional

Amount

(000)(c)

Value

(000)

Premiums

Paid/

(Received)

(000)

Unrealized

Appreciation/

(Depreciation)

(000)

CDX

High

Yield

Index

Swap

Agreement,

Series

43

Daily

5.00

12/20/2029

2.98

$

300,000

$

(23,088)

$

(22,053)

$

(1,035)

$

(23,088)

$

(22,053)

$

(1,035)

(a)

When

a

credit

event

occurs

as

defined

under

the

terms

of

the

swap

agreement,

the

Fund

as

a

buyer

of

credit

protection

will

either

(

i

)

receive

from

the

seller

of

protection

an

amount

equal

to

the

par

value

of

the

defaulted

reference

entity

and

deliver

the

reference

entity

or

(ii)

receive

a

net

amount

equal

to

the

par

value

of

the

defaulted

reference

entity

less

its

recovery

value.

(b)

Implied

credit

spread,

represented

in

absolute

terms,

utilized

in

determining

the

value

of

the

credit

default

swap

agreements

as

of

period

end

will

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

likelihood

or

risk

of

default

or

other

credit

event

for

the

credit

derivative.

The

implied

credit

spread

of

a

referenced

entity

reflects

the

cost

of

buying/selling

protection

and

may

include

payments

required

to

be

made

to

enter

into

the

agreement.

Generally,

wider

credit

spreads

represent

a

perceived

deterioration

of

the

referenced

entity's

credit

soundness

and

a

greater

likelihood

or

risk

of

default

or

other

credit

event

occurring

as

defined

under

the

terms

of

the

swap

agreement.

(c)

The

notional

amount

represents

the

maximum

potential

amount

the

Fund

may

receive

as

a

buyer

of

credit

protection

if

a

credit

event

occurs,

as

defined

under

the

terms

of

the

swap

agreement,

for

each

security

included

in

the

CDX

North

America

High

Yield

Index.

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

—

December

31,

2024

(Unaudited)

33

See

accompanying

notes

to

financial

statements.

R

s

Shares

Security

Description

Value

(000)

Common

Stocks

—

99.50%

Australia

—

1.76%

8,826

ANZ

Group

Holdings

Ltd.

(Banks)(a)

...

$

155

4,589

APA

Group

(Gas

Utilities)(a)

.........

20

1,807

Aristocrat

Leisure

Ltd.

(Hotels,

Restaurants

&

Leisure)

...................

76

485

ASX

Ltd.

(Capital

Markets)

..........

19

490

Atlassian

Corp.,

Class

-

A

(Software)(a)

..

119

15,056

BHP

Group

Ltd.

(Metals

&

Mining)

.....

367

1,230

BlueScope

Steel

Ltd.

(Metals

&

Mining)

.

14

4,202

Brambles

Ltd.

(Commercial

Services

&

Supplies)

....................

50

1,178

CAR

Group

Ltd.

(Interactive

Media

&

Services)(a)

..................

26

201

Cochlear

Ltd.

(Health

Care

Equipment

&

Supplies)

....................

36

4,121

Coles

Group

Ltd.

(Consumer

Staples

Distribution

&

Retail)(a)

.........

48

4,995

Commonwealth

Bank

of

Australia

(Banks)

474

1,781

Computershare

Ltd.

(Professional

Services)

37

1,437

CSL

Ltd.

(Biotechnology)

............

251

4,675

Endeavour

Group

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

12

5,009

Fortescue

Ltd.

(Metals

&

Mining)

......

56

5,131

Goodman

Group

(Industrial

REITs)

.....

113

7,323

Insurance

Australia

Group

Ltd.

(Insurance)

38

1,092

Macquarie

Group

Ltd.

(Capital

Markets)

.

149

7,667

Medibank

Pvt

Ltd.

(Insurance)

........

18

567

Mineral

Resources

Ltd.

(Metals

&

Mining)

(a)

........................

12

9,646

Mirvac

Group

(Diversified

REITs)

......

11

9,220

National

Australia

Bank

Ltd.

(Banks)

....

211

3,549

Northern

Star

Resources

Ltd.

(Metals

&

Mining)(a)

...................

34

1,407

Orica

Ltd.

(Chemicals)(a)

............

14

5,227

Origin

Energy

Ltd.

(Electric

Utilities)

...

35

170

Pro

Medicus

Ltd.

(Health

Care

Technology)

26

2,446

Qantas

Airways

Ltd.

(Passenger

Airlines)(a)

14

4,431

QBE

Insurance

Group

Ltd.

(Insurance)

(a)

53

582

Ramsay

Health

Care

Ltd.

(Health

Care

Providers

&

Services)(a)

.........

12

172

REA

Group

Ltd.

(Interactive

Media

&

Services)

....................

25

687

Reece

Ltd.

(Trading

Companies

&

Distributors)

.................

9

1,106

Rio

Tinto

Ltd.

(Metals

&

Mining)

......

80

9,869

Santos

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

(b)

........................

41

13,223

Scentre

Group

(Retail

REITs)(a)

.......

28

923

SEEK

Ltd.

(Interactive

Media

&

Services)

13

584

SGH

Ltd.

(Trading

Companies

&

Distributors)(a)

...............

17

1,187

Sonic

Healthcare

Ltd.

(Health

Care

Providers

&

Services)

...........

20

14,614

South32

Ltd.

(Metals

&

Mining)

.......

31

7,299

Stockland

(Diversified

REITs)

.........

22

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Australia

(continued)

3,312

Suncorp

Group

Ltd.

(Insurance)

.......

$

39

13,370

Telstra

Group

Ltd.

(Diversified

Telecommunication

Services)

.....

33

5,218

The

GPT

Group

(Diversified

REITs)

....

14

7,602

The

Lottery

Corp

Ltd.

(Hotels,

Restaurants

&

Leisure)

...................

23

9,510

Transurban

Group

(Transportation

Infrastructure)(a)

..............

79

2,004

Treasury

Wine

Estates

Ltd.

(Beverages)

..

14

8,881

Vicinity

Ltd.

(Retail

REITs)(b)

........

12

760

Washington

H

Soul

Pattinson

&

Co.

Ltd.

(Financial

Services)

............

16

3,302

Wesfarmers

Ltd.

(Broadline

Retail)

.....

146

10,302

Westpac

Banking

Corp.

(Banks)

.......

206

500

WiseTech

Global

Ltd.

(Software)(a)

.....

37

5,565

Woodside

Energy

Group

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

.............

86

3,627

Woolworths

Group

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

68

3,559

Austria

—

0.05%

1,031

Erste

Group

Bank

AG

(Banks)(b)

......

63

383

OMV

AG

(Oil,

Gas

&

Consumable

Fuels)

15

243

Verbund

AG

(Electric

Utilities)

........

18

96

Belgium

—

0.18%

444

Ageas

SA/N.V.

(Insurance)

...........

22

2,573

Anheuser-Busch

InBev

SA/N.V.

(Beverages)

..................

129

58

D'ieteren

Group

(Distributors)

.........

10

67

Elia

Group

SA/N.V.

(Electric

Utilities)(b)

5

293

Groupe

Bruxelles

Lambert

N.V.

(Financial

Services)

....................

20

752

KBC

Group

N.V.

(Banks)

............

58

1

Lotus

Bakeries

N.V.

(Food

Products)(b)

..

11

31

Sofina

SA

(Financial

Services)

........

7

206

Syensqo

SA

(Chemicals)

.............

15

384

UCB

SA

(Pharmaceuticals)

...........

76

508

Warehouses

De

Pauw

CVA

(Industrial

REITs)(a)

...................

10

363

Bermuda

—

0.08%

1,153

Arch

Capital

Group

Ltd.

(Insurance)

....

106

126

Everest

Group

Ltd.

(Insurance)

........

46

152

Canada

—

3.19%

1,481

Agnico

Eagle

Mines

Ltd.

(Metals

&

Mining)

116

400

Air

Canada

(Passenger

Airlines)(a)(b)

...

6

34

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Canada

(continued)

2,342

Alimentation

Couche-Tard,

Inc.

(Consumer

Staples

Distribution

&

Retail)

.....

$

130

800

AltaGas

Ltd.

(Gas

Utilities)

...........

19

1,804

ARC

Resources

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

.............

33

2,188

Bank

of

Montreal

(Banks)

............

212

5,246

Barrick

Gold

Corp.

(Metals

&

Mining)

..

81

200

BCE,

Inc.

(Diversified

Telecommunication

Services)

....................

5

1,043

Brookfield

Asset

Management

Ltd.,

Class

-

A

(Capital

Markets)

............

57

4,169

Brookfield

Corp.

(Capital

Markets)

.....

240

300

Brookfield

Renewable

Corp.

(Independent

Power

and

Renewable

Electricity

Producers)(a)

.................

8

786

CAE,

Inc.

(Aerospace

&

Defense)(a)

....

20

1,280

Cameco

Corp.

(Oil,

Gas

&

Consumable

Fuels)

......................

66

200

Canadian

Apartment

Properties

REIT

(Residential

REITs)(b)

..........

6

2,812

Canadian

Imperial

Bank

of

Commerce

(Banks)

.....................

178

1,575

Canadian

National

Railway

Co.

(Ground

Transportation)

...............

160

6,394

Canadian

Natural

Resources

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

...........

197

2,726

Canadian

Pacific

Kansas

City

Ltd.

(Ground

Transportation)

...............

197

143

Canadian

Tire

Corp.

Ltd.,

Class

-

A

(Broadline

Retail)(a)

...........

15

300

Canadian

Utilities

Ltd.,

Class

-

A

(Multi-

Utilities)

....................

7

471

CCL

Industries,

Inc.,

Class

-

B

(Containers

&

Packaging)(b)

..............

24

4,230

Cenovus

Energy,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

64

624

CGI,

Inc.

(IT

Services)

..............

68

60

Constellation

Software,

Inc.

(Software)

..

186

835

Dollarama,

Inc.

(Broadline

Retail)

......

81

1,216

Element

Fleet

Management

Corp.

(Commercial

Services

&

Supplies)(b)

25

868

Emera,

Inc.

(Electric

Utilities)

.........

32

400

Empire

Co.

Ltd.,

Class

-

A

(Consumer

Staples

Distribution

&

Retail)

.....

12

6,336

Enbridge,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

......................

269

62

Fairfax

Financial

Holdings

Ltd.

(Insurance)

86

1,971

First

Quantum

Minerals

Ltd.

(Metals

&

Mining)(a)

...................

25

100

FirstService

Corp.

(Real

Estate

Management

&

Development)

..............

18

1,451

Fortis,

Inc.

(Electric

Utilities)

.........

60

599

Franco-Nevada

Corp.

(Metals

&

Mining)

.

70

195

George

Weston

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

30

647

GFL

Environmental,

Inc.

(Commercial

Services

&

Supplies)

...........

29

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Canada

(continued)

500

Gildan

Activewear,

Inc.

(Textiles,

Apparel

&

Luxury

Goods)

...............

$

24

817

Great-West

Lifeco,

Inc.

(Insurance)

.....

27

1,006

Hydro

One

Ltd.

(Electric

Utilities)(b)

....

31

300

iA

Financial

Corp.,

Inc.

(Insurance)

.....

28

200

IGM

Financial,

Inc.

(Capital

Markets)

...

6

622

Imperial

Oil

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

......................

38

528

Intact

Financial

Corp.

(Insurance)(b)

....

96

1,879

Ivanhoe

Mines

Ltd.

(Metals

&

Mining)(a)

22

600

Keyera

Corp.

(Oil,

Gas

&

Consumable

Fuels)

......................

18

4,312

Kinross

Gold

Corp.

(Metals

&

Mining)

..

40

474

Loblaw

Cos.

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

62

339

Lululemon

Athletica,

Inc.

(Textiles,

Apparel

&

Luxury

Goods)(a)

............

130

2,272

Lundin

Mining

Corp.

(Metals

&

Mining)(b)

20

821

Magna

International,

Inc.

(Automobile

Components)

.................

34

5,479

Manulife

Financial

Corp.

(Insurance)

....

168

825

MEG

Energy

Corp.

(Oil,

Gas

&

Consumable

Fuels)(b)

....................

14

713

Metro,

Inc.

(Consumer

Staples

Distribution

&

Retail)

....................

45

972

National

Bank

of

Canada

(Banks)

......

89

1,476

Nutrien

Ltd.

(Chemicals)

............

66

200

Onex

Corp.

(Capital

Markets)

.........

16

804

Open

Text

Corp.

(Software)(b)

........

23

990

Pan

American

Silver

Corp.

(Metals

&

Mining)

.....................

20

400

Parkland

Corp.

(Oil,

Gas

&

Consumable

Fuels)(b)

....................

9

1,668

Pembina

Pipeline

Corp.

(Oil,

Gas

&

Consumable

Fuels)

.............

62

1,727

Power

Corp.

of

Canada

(Insurance)

.....

54

500

Quebecor,

Inc.,

Class

-

B

(Diversified

Telecommunication

Services)

.....

11

877

Restaurant

Brands

International,

Inc.

(Hotels,

Restaurants

&

Leisure)

....

57

1,078

Rogers

Communications,

Inc.,

Class

-

B

(Wireless

Telecommunication

Services)

....................

33

4,161

Royal

Bank

of

Canada

(Banks)

........

501

691

Saputo,

Inc.

(Food

Products)(b)

........

12

3,642

Shopify,

Inc.,

Class

-

A

(IT

Services)(a)

..

388

339

Stantec,

Inc.

(Construction

&

Engineering)

27

1,726

Sun

Life

Financial,

Inc.

(Insurance)

.....

102

3,689

Suncor

Energy,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

132

3,016

TC

Energy

Corp.

(Oil,

Gas

&

Consumable

Fuels)

......................

141

1,352

Teck

Resources

Ltd.,

Class

-

B

(Metals

&

Mining)

.....................

55

1,570

TELUS

Corp.

(Diversified

Telecommunication

Services)

.....

21

35

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Canada

(continued)

250

TFI

International,

Inc.

(Ground

Transportation)

...............

$

34

3,581

The

Bank

of

Nova

Scotia

(Banks)

......

192

271

The

Descartes

Systems

Group,

Inc.

(Software)(a)

.................

31

5,190

The

Toronto-Dominion

Bank

(Banks)

...

276

489

Thomson

Reuters

Corp.

(Professional

Services)

....................

79

836

TMX

Group

Ltd.

(Capital

Markets)

.....

26

200

Toromont

Industries

Ltd.

(Trading

Companies

&

Distributors)

.......

16

945

Tourmaline

Oil

Corp.

(Oil,

Gas

&

Consumable

Fuels)

.............

44

783

Waste

Connections,

Inc.

(Commercial

Services

&

Supplies)

...........

134

136

West

Fraser

Timber

Co.

Ltd.

(Paper

&

Forest

Products)

...............

12

1,343

Wheaton

Precious

Metals

Corp.

(Metals

&

Mining)

.....................

76

367

WSP

Global,

Inc.

(Construction

&

Engineering)

.................

65

6,439

Chile

—

0.01%

1,322

Antofagasta

PLC

(Metals

&

Mining)

....

26

Denmark

—

0.69%

13

A.P.

Moller

-

Maersk

A/S,

Class

-

A

(Marine

Transportation)

...............

21

10

A.P.

Moller

-

Maersk

A/S,

Class

-

B

(Marine

Transportation)

...............

17

296

Carlsberg

A/S,

Class

-

B

(Beverages)

....

28

372

Coloplast

A/S,

Class

-

B

(Health

Care

Equipment

&

Supplies)

.........

41

2,041

Danske

Bank

A/S

(Banks)

............

58

292

Demant

A/S

(Health

Care

Equipment

&

Supplies)(a)

..................

11

592

DSV

A/S

(Air

Freight

&

Logistics)

.....

126

193

Genmab

A/S

(Biotechnology)(a)(b)

.....

40

9,565

Novo

Nordisk

A/S,

Class

-

B

(Pharmaceuticals)

.............

825

1,088

Novonesis

(Novozymes)

(Chemicals)

...

62

568

Orsted

A/S

(Electric

Utilities)(a)(b)

.....

26

245

Pandora

A/S

(Textiles,

Apparel

&

Luxury

Goods)

.....................

45

18

ROCKWOOL

A/S,

Class

-

B

(Building

Products)

....................

6

1,009

Tryg

A/S

(Insurance)(b)

.............

21

2,997

Vestas

Wind

Systems

A/S

(Electrical

Equipment)(a)

................

41

196

Zealand

Pharma

A/S

(Biotechnology)(a)

.

20

1,388

Finland

—

0.23%

360

Elisa

Oyj

(Diversified

Telecommunication

Services)

....................

16

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Finland

(continued)

1,491

Fortum

Oyj

(Electric

Utilities)

.........

$

21

684

Kesko

Oyj,

Class

-

B

(Consumer

Staples

Distribution

&

Retail)

...........

13

1,007

Kone

Oyj,

Class

-

B

(Machinery)

.......

49

2,057

Metso

Oyj

(Machinery)(b)

...........

19

1,268

Neste

Oyj

(Oil,

Gas

&

Consumable

Fuels)

16

16,330

Nokia

Oyj

(Communications

Equipment)

.

71

9,180

Nordea

Bank

Abp

(Banks)

...........

99

243

Orion

Oyj,

Class

-

B

(Pharmaceuticals)

..

11

1,605

Sampo

Oyj,

A

Shares

(Insurance)

......

66

1,248

Stora

Enso

Oyj,

R

Shares

(Paper

&

Forest

Products)

....................

13

1,655

UPM-Kymmene

Oyj

(Paper

&

Forest

Products)

....................

46

1,231

Wartsila

Oyj

Abp

(Machinery)

.........

22

462

France

—

2.55%

575

Accor

SA

(Hotels,

Restaurants

&

Leisure)

28

91

Aeroports

de

Paris

SA

(Transportation

Infrastructure)

................

11

1,732

Air

Liquide

SA

(Chemicals)

..........

281

1,742

Airbus

SE

(Aerospace

&

Defense)

......

279

1,292

Alstom

SA

(Machinery)(a)

...........

29

152

Amundi

SA

(Capital

Markets)

.........

10

151

Arkema

SA

(Chemicals)

.............

11

5,105

AXA

SA

(Insurance)

...............

182

104

BioMerieux

(Health

Care

Equipment

&

Supplies)

....................

11

3,103

BNP

Paribas

SA

(Banks)

.............

190

1,613

Bollore

SE

(Entertainment)

...........

10

566

Bouygues

SA

(Construction

&

Engineering)

17

910

Bureau

Veritas

SA

(Professional

Services)

(b)

........................

28

472

Capgemini

SE

(IT

Services)

..........

77

1,803

Carrefour

SA

(Consumer

Staples

Distribution

&

Retail)(b)

........

26

1,382

Cie

de

Saint-Gobain

SA

(Building

Products)

123

2,057

Cie

Generale

des

Etablissements

Michelin

SCA

(Automobile

Components)

...

68

134

Covivio

SA

(Office

REITs)(a)

.........

7

3,044

Credit

Agricole

SA

(Banks)

...........

42

1,918

Danone

SA

(Food

Products)

..........

130

1,989

Dassault

Systemes

SE

(Software)

......

69

755

Edenred

SE

(Financial

Services)

.......

25

195

Eiffage

SA

(Construction

&

Engineering)(b)

17

5,423

Engie

SA

(Multi-Utilities)

............

86

887

EssilorLuxottica

SA

(Health

Care

Equipment

&

Supplies)(a)

.......

216

133

Eurazeo

SE

(Financial

Services)

.......

10

116

Gecina

SA

(Office

REITs)(b)

..........

11

1,232

Getlink

SE

(Transportation

Infrastructure)

20

92

Hermes

International

SCA

(Textiles,

Apparel

&

Luxury

Goods)

..............

221

36

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

France

(continued)

127

Ipsen

SA

(Pharmaceuticals)

...........

$

15

225

Kering

SA

(Textiles,

Apparel

&

Luxury

Goods)

.....................

56

568

Klepierre

SA

(Retail

REITs)

..........

16

256

La

Francaise

des

Jeux

SACA

(Hotels,

Restaurants

&

Leisure)

..........

10

787

Legrand

SA

(Electrical

Equipment)

.....

77

718

L'Oreal

SA

(Personal

Care

Products)

....

254

819

LVMH

Moet

Hennessy

Louis

Vuitton

SE

(Textiles,

Apparel

&

Luxury

Goods)

538

5,633

Orange

SA

(Diversified

Telecommunication

Services)(b)

..................

56

603

Pernod

Ricard

SA

(Beverages)

........

68

689

Publicis

Groupe

SA

(Media)

..........

73

593

Renault

SA

(Automobiles)

...........

29

734

Rexel

SA

(Trading

Companies

&

Distributors)

.................

19

1,040

Safran

SA

(Aerospace

&

Defense)

......

228

3,374

Sanofi

SA

(Pharmaceuticals)

..........

327

88

Sartorius

Stedim

Biotech

(Life

Sciences

Tools

&

Services)

..............

17

1,606

Schneider

Electric

SE

(Electrical

Equipment)(b)

................

399

55

SEB

SA

(Household

Durables)(b)

......

5

2,177

Societe

Generale

SA

(Banks)

.........

61

270

Sodexo

SA

(Hotels,

Restaurants

&

Leisure)

22

202

Teleperformance

SE

(Professional

Services)

17

294

Thales

SA

(Aerospace

&

Defense)

......

42

6,364

TotalEnergies

SE

(Oil,

Gas

&

Consumable

Fuels)

......................

354

305

Unibail-Rodamco-Westfield

(Retail

REITs)

23

2,067

Veolia

Environnement

SA

(Multi-Utilities)

58

1,515

Vinci

SA

(Construction

&

Engineering)

..

156

5,155

Germany

—

2.15%

482

adidas

AG

(Textiles,

Apparel

&

Luxury

Goods)

.....................

119

1,155

Allianz

SE,

Registered

Shares

(Insurance)

355

2,663

BASF

SE

(Chemicals)

..............

117

2,887

Bayer

AG,

Registered

Shares

(Pharmaceuticals)

.............

58

992

Bayerische

Motoren

Werke

AG

(Automobiles)

................

81

15

Bayerische

Motoren

Werke

AG,

Preference

Shares

(Automobiles)

...........

1

275

Bechtle

AG

(IT

Services)

............

9

306

Beiersdorf

AG

(Personal

Care

Products)

..

39

414

Brenntag

SE

(Trading

Companies

&

Distributors)

.................

25

99

Carl

Zeiss

Meditec

AG,

Class

-

BR

(Health

Care

Equipment

&

Supplies)

......

5

3,162

Commerzbank

AG

(Banks)

...........

52

363

Continental

AG

(Automobile

Components)

24

585

Covestro

AG

(Chemicals)(a)

..........

34

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Germany

(continued)

214

CTS

Eventim

AG

&

Co.

KGaA

(Entertainment)(b)

.............

$

18

1,595

Daimler

Truck

Holding

AG

(Machinery)

.

61

541

Delivery

Hero

SE

(Hotels,

Restaurants

&

Leisure)(a)

..................

15

5,823

Deutsche

Bank

AG,

Registered

Shares

(Capital

Markets)

..............

100

559

Deutsche

Boerse

AG

(Capital

Markets)

..

129

2,156

Deutsche

Lufthansa

AG,

Registered

Shares

(Passenger

Airlines)(b)

..........

14

2,987

Deutsche

Post

AG

(Air

Freight

&

Logistics)

105

10,267

Deutsche

Telekom

AG

(Diversified

Telecommunication

Services)(b)

...

308

340

Dr.

Ing.

h.c.

F.

Porsche

AG,

Preference

Shares

(Automobiles)

...........

21

6,704

E.ON

SE

(Multi-Utilities)

............

78

515

Evonik

Industries

AG

(Chemicals)

......

9

614

Fresenius

Medical

Care

AG

(Health

Care

Providers

&

Services)

...........

28

1,272

Fresenius

SE

&

Co.

KGaA

(Health

Care

Providers

&

Services)(a)

.........

44

419

GEA

Group

AG

(Machinery)

.........

21

179

Hannover

Rueck

SE

(Insurance)

.......

45

385

Heidelberg

Materials

AG

(Construction

Materials)

...................

48

263

Henkel

AG

&

Co.

KGaA

(Household

Products)

....................

20

564

Henkel

AG

&

Co.

KGaA,

Preference

Shares

(Household

Products)

...........

49

3,852

Infineon

Technologies

AG

(Semiconductors

&

Semiconductor

Equipment)(b)

...

126

186

Knorr-Bremse

AG

(Machinery)

........

13

193

LEG

Immobilien

SE

(Real

Estate

Management

&

Development)(a)

...

16

2,168

Mercedes-Benz

Group

AG

(Automobiles)

121

384

Merck

KGaA

(Pharmaceuticals)

.......

56

166

MTU

Aero

Engines

AG

(Aerospace

&

Defense)

....................

55

408

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen,

R

Shares

(Insurance)

.............

206

174

Nemetschek

SE

(Software)

...........

17

330

Puma

SE

(Textiles,

Apparel

&

Luxury

Goods)(b)

...................

15

20

Rational

AG

(Machinery)

............

17

129

Rheinmetall

AG

(Aerospace

&

Defense)

.

82

1,905

RWE

AG

(Independent

Power

and

Renewable

Electricity

Producers)

..

57

3,106

SAP

SE

(Software)

.................

763

80

Sartorius

AG,

Preference

Shares

(Life

Sciences

Tools

&

Services)(b)

.....

18

221

Scout24

SE

(Interactive

Media

&

Services)

19

2,256

Siemens

AG,

Registered

Shares

(Industrial

Conglomerates)

...............

440

1,863

Siemens

Energy

AG

(Electrical

Equipment)

(a)(b)

......................

99

37

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Germany

(continued)

848

Siemens

Healthineers

AG

(Health

Care

Equipment

&

Supplies)

.........

$

45

408

Symrise

AG

(Chemicals)(b)

..........

44

195

Talanx

AG

(Insurance)

..............

17

2,200

Vonovia

SE

(Real

Estate

Management

&

Development)(a)

..............

67

708

Zalando

SE

(Specialty

Retail)(a)

.......

24

4,349

Hong

Kong

—

0.49%

31,200

AIA

Group

Ltd.

(Insurance)

..........

223

11,500

BOC

Hong

Kong

Holdings

Ltd.

(Banks)

.

37

6,500

CK

Asset

Holdings

Ltd.

(Real

Estate

Management

&

Development)

.....

27

8,500

CK

Hutchison

Holdings

Ltd.

(Industrial

Conglomerates)

...............

45

3,000

CK

Infrastructure

Holdings

Ltd.

(Electric

Utilities)

....................

22

5,000

CLP

Holdings

Ltd.

(Electric

Utilities)

...

42

210

Futu

Holdings

Ltd.,

ADR

(Capital

Markets)

(b)

........................

17

7,000

Galaxy

Entertainment

Group

Ltd.

(Hotels,

Restaurants

&

Leisure)

..........

29

2,000

Hang

Seng

Bank

Ltd.

(Banks)

.........

24

4,000

Henderson

Land

Development

Co.

Ltd.

(Real

Estate

Management

&

Development)

................

12

11,000

HKT

Trust

&

HKT

Ltd.

(Diversified

Telecommunication

Services)(b)

...

14

34,665

Hong

Kong

&

China

Gas

Co.

Ltd.

(Gas

Utilities)

....................

28

3,549

Hong

Kong

Exchanges

&

Clearing

Ltd.

(Capital

Markets)

..............

132

3,800

Hongkong

Land

Holdings

Ltd.

(Real

Estate

Management

&

Development)

.....

17

8,011

Link

REIT

(Retail

REITs)(a)

..........

34

4,000

MTR

Corp.

Ltd.

(Ground

Transportation)

.

14

5,000

Power

Assets

Holdings

Ltd.

(Electric

Utilities)

....................

35

8,158

Prudential

PLC

(Insurance)

...........

65

8,518

Sino

Land

Co.

Ltd.

(Real

Estate

Management

&

Development)(a)

...

9

3,000

SITC

International

Holdings

Co.

Ltd.

(Marine

Transportation)

.........

8

4,500

Sun

Hung

Kai

Properties

Ltd.

(Real

Estate

Management

&

Development)

.....

43

1,000

Swire

Pacific

Ltd.,

Class

-

A

(Real

Estate

Management

&

Development)

.....

9

4,000

Techtronic

Industries

Co.

Ltd.

(Machinery)

53

3,000

The

Wharf

Holdings

Ltd.

(Real

Estate

Management

&

Development)

.....

8

25,450

WH

Group

Ltd.

(Food

Products)

.......

20

6,000

Wharf

Real

Estate

Investment

Co.

Ltd.

(Real

Estate

Management

&

Development)

15

982

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Ireland

(Republic

of)

—

0.97%

1,873

Accenture

PLC,

Class

-

A

(IT

Services)

..

$

659

322

AerCap

Holdings

N.V.

(Trading

Companies

&

Distributors)

...............

31

248

AerCap

Holdings

N.V.

(Trading

Companies

&

Distributors)

...............

24

5,921

AIB

Group

PLC

(Banks)

............

33

234

Allegion

PLC

(Building

Products)

......

31

3,225

Bank

of

Ireland

Group

PLC

(Banks)

....

29

276

DCC

PLC

(Industrial

Conglomerates)(b)

.

18

2,704

Experian

PLC

(Professional

Services)

...

116

525

Flutter

Entertainment

PLC

(Hotels,

Restaurants

&

Leisure)(a)

........

136

1,311

James

Hardie

Industries

PLC

(Construction

Materials)(a)

.................

40

487

Kerry

Group

PLC,

Class

-

A

(Food

Products)(b)

.................

47

465

Kingspan

Group

PLC

(Building

Products)

34

3,769

Medtronic

PLC

(Health

Care

Equipment

&

Supplies)

....................

301

1,562

Smurfit

WestRock

PLC

(Containers

&

Packaging)

..................

84

919

TE

Connectivity

PLC

(Electronic

Equipment,

Instruments

&

Components)

.................

131

669

Trane

Technologies

PLC

(Building

Products)

....................

247

1,961

Israel

—

0.23%

101

Azrieli

Group

Ltd.

(Real

Estate

Management

&

Development)

..............

8

3,649

Bank

Hapoalim

BM

(Banks)

..........

44

4,740

Bank

Leumi

Le-Israel

BM

(Banks)

.....

56

285

Check

Point

Software

Technologies

Ltd.

(Software)(a)

.................

53

125

CyberArk

Software

Ltd.

(Software)(a)

...

42

84

Elbit

Systems

Ltd.

(Aerospace

&

Defense)

22

286

Global-e

Online

Ltd.

(Broadline

Retail)(a)

16

2,505

ICL

Group

Ltd.

(Chemicals)

..........

12

—

Isracard

Ltd.

(Consumer

Finance)

......

—

4,694

Israel

Discount

Bank

Ltd.,

Class

-

A

(Banks)

32

444

Mizrahi

Tefahot

Bank

Ltd.

(Banks)

.....

19

126

Monday.com

Ltd.

(Software)(a)

........

30

181

Nice

Ltd.

(Software)(a)

..............

31

3,391

Teva

Pharmaceutical

Industries

Ltd.,

ADR

(Pharmaceuticals)(a)

...........

76

136

Wix.com

Ltd.

(IT

Services)(a)

.........

29

470

Italy

—

0.61%

466

Amplifon

SpA

(Health

Care

Providers

&

Services)

....................

12

3,238

Banco

BPM

SpA

(Banks)

............

26

2,646

BPER

Banca

S.p.A.

(Banks)

..........

17

38

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Italy

(continued)

1,427

Davide

Campari-Milano

N.V.,

Class

-

M

(Beverages)(b)

................

$

9

54

DiaSorin

SpA

(Health

Care

Equipment

&

Supplies)

....................

6

23,895

Enel

SpA

(Electric

Utilities)(b)

........

170

6,796

Eni

SpA

(Oil,

Gas

&

Consumable

Fuels)

.

93

386

Ferrari

N.V.

(Automobiles)

...........

165

1,831

FinecoBank

Banca

Fineco

SpA

(Banks)

..

32

2,886

Generali

(Insurance)

................

82

1,050

Infrastrutture

Wireless

Italiane

SpA

(Diversified

Telecommunication

Services)(b)

..................

11

42,685

Intesa

Sanpaolo

SpA

(Banks)(b)

.......

171

1,167

Leonardo

SpA

(Aerospace

&

Defense)

...

31

1,412

Mediobanca

Banca

di

Credito

Finanziario

SpA

(Banks)

.................

21

614

Moncler

SpA

(Textiles,

Apparel

&

Luxury

Goods)

.....................

32

2,061

Nexi

SpA

(Financial

Services)(a)

.......

11

1,363

Poste

Italiane

SpA

(Insurance)

.........

19

880

Prysmian

SpA

(Electrical

Equipment)

...

56

257

Recordati

Industria

Chimica

e

Farmaceutica

SpA

(Pharmaceuticals)

..........

13

7,012

Snam

SpA

(Gas

Utilities)

............

31

25,056

Telecom

Italia

SpA/Milano

(Diversified

Telecommunication

Services)(a)

...

6

4,220

Terna

-

Rete

Elettrica

Nazionale

(Electric

Utilities)

....................

33

4,489

UniCredit

SpA

(Banks)

..............

181

1,092

Unipol

Gruppo

SpA

(Insurance)

.......

14

1,242

Japan

—

5.37%

2,400

Advantest

Corp.

(Semiconductors

&

Semiconductor

Equipment)(b)

.....

136

2,100

Aeon

Co.

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

49

500

AGC,

Inc.

(Building

Products)

........

15

1,000

Aisin

Corp.

(Automobile

Components)

..

11

1,400

Ajinomoto

Co.,

Inc.

(Food

Products)

....

57

300

ANA

Holdings,

Inc.

(Passenger

Airlines)(b)

5

4,500

Asahi

Group

Holdings

Ltd.

(Beverages)(b)

47

3,200

Asahi

Kasei

Corp.

(Chemicals)

........

22

2,000

Asics

Corp.

(Textiles,

Apparel

&

Luxury

Goods)(b)

...................

39

5,500

Astellas

Pharma,

Inc.

(Pharmaceuticals)

..

53

1,800

Bandai

Namco

Holdings,

Inc.

(Leisure

Products)

....................

43

1,700

Bridgestone

Corp.

(Automobile

Components)

.................

57

800

Brother

Industries

Ltd.

(Technology

Hardware,

Storage

&

Peripherals)

..

14

3,000

Canon,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)

................

97

1,100

Capcom

Co.

Ltd.

(Entertainment)

......

24

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Japan

(continued)

2,000

Central

Japan

Railway

Co.

(Ground

Transportation)

...............

$

38

2,000

Chubu

Electric

Power

Co.,

Inc.

(Electric

Utilities)

....................

21

2,000

Chugai

Pharmaceutical

Co.

Ltd.

(Pharmaceuticals)

.............

88

2,800

Concordia

Financial

Group

Ltd.

(Banks)

.

15

1,200

Dai

Nippon

Printing

Co.

Ltd.

(Commercial

Services

&

Supplies)

...........

17

1,000

Daifuku

Co.

Ltd.

(Machinery)

.........

21

2,800

Dai-ichi

Life

Holdings,

Inc.

(Insurance)

..

75

5,300

Daiichi

Sankyo

Co.

Ltd.

(Pharmaceuticals)

145

800

Daikin

Industries

Ltd.

(Building

Products)

93

200

Daito

Trust

Construction

Co.

Ltd.

(Real

Estate

Management

&

Development)

22

1,900

Daiwa

House

Industry

Co.

Ltd.

(Real

Estate

Management

&

Development)

.....

58

3,800

Daiwa

Securities

Group,

Inc.

(Capital

Markets)

....................

25

5,900

Denso

Corp.

(Automobile

Components)

..

81

700

Dentsu

Group,

Inc.

(Media)

..........

17

300

Disco

Corp.

(Semiconductors

&

Semiconductor

Equipment)

.......

80

2,400

East

Japan

Railway

Co.

(Ground

Transportation)

...............

43

800

Eisai

Co.

Ltd.

(Pharmaceuticals)

.......

22

7,800

ENEOS

Holdings,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

41

2,900

FANUC

Corp.

(Machinery)

...........

76

600

Fast

Retailing

Co.

Ltd.

(Specialty

Retail)

.

202

300

Fuji

Electric

Co.

Ltd.

(Electrical

Equipment)

16

3,300

FUJIFILM

Holdings

Corp.

(Technology

Hardware,

Storage

&

Peripherals)

..

68

700

Fujikura

Ltd.

(Electrical

Equipment)

....

29

5,000

Fujitsu

Ltd.

(IT

Services)(b)

..........

88

600

Hankyu

Hanshin

Holdings,

Inc.

(Ground

Transportation)

...............

16

100

Hikari

Tsushin,

Inc.

(Industrial

Conglomerates)

...............

22

300

Hitachi

Construction

Machinery

Co.

Ltd.

(Machinery)

.................

7

14,000

Hitachi

Ltd.

(Industrial

Conglomerates)

..

343

13,800

Honda

Motor

Co.

Ltd.

(Automobiles)

...

131

400

Hoshizaki

Corp.

(Machinery)

.........

16

1,000

Hoya

Corp.

(Health

Care

Equipment

&

Supplies)

....................

124

800

Hulic

Co.

Ltd.

(Real

Estate

Management

&

Development)

................

7

2,500

Idemitsu

Kosan

Co.

Ltd.

(Oil,

Gas

&

Consumable

Fuels)(b)

..........

16

3,000

Inpex

Corp.

(Oil,

Gas

&

Consumable

Fuels)

38

1,500

Isuzu

Motors

Ltd.

(Automobiles)

.......

20

3,500

ITOCHU

Corp.

(Trading

Companies

&

Distributors)

.................

172

400

Japan

Airlines

Co.

Ltd.

(Passenger

Airlines)

(b)

........................

6

39

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Japan

(continued)

3,000

Japan

Exchange

Group,

Inc.

(Capital

Markets)

....................

$

33

4,400

Japan

Post

Bank

Co.

Ltd.

(Banks)(b)

....

42

6,500

Japan

Post

Holdings

Co.

Ltd.

(Insurance)(b)

61

500

Japan

Post

Insurance

Co.

Ltd.

(Insurance)(b)

9

15

Japan

Real

Estate

Investment

Corp.

(Office

REITs)

.....................

10

1,600

JFE

Holdings,

Inc.

(Metals

&

Mining)(b)

.

18

1,100

Kajima

Corp.

(Construction

&

Engineering)

20

1,400

Kao

Corp.

(Personal

Care

Products)

.....

57

1,500

Kawasaki

Kisen

Kaisha

Ltd.

(Marine

Transportation)

...............

21

4,500

KDDI

Corp.

(Wireless

Telecommunication

Services)

....................

143

600

Keyence

Corp.

(Electronic

Equipment,

Instruments

&

Components)

......

244

2,000

Kikkoman

Corp.

(Food

Products)

......

22

2,000

Kirin

Holdings

Co.

Ltd.

(Beverages)

....

26

400

Kobe

Bussan

Co.

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

9

600

Kokusai

Electric

Corp.

(Semiconductors

&

Semiconductor

Equipment)(b)

.....

8

2,800

Komatsu

Ltd.

(Machinery)

...........

76

300

Konami

Group

Corp.

(Entertainment)

...

28

3,200

Kubota

Corp.

(Machinery)

...........

37

4,000

Kyocera

Corp.

(Electronic

Equipment,

Instruments

&

Components)

......

40

700

Kyowa

Kirin

Co.

Ltd.

(Pharmaceuticals)

.

11

6,700

LY

Corp.

(Interactive

Media

&

Services)

.

18

700

Makita

Corp.

(Machinery)

...........

21

4,300

Marubeni

Corp.

(Trading

Companies

&

Distributors)

.................

65

900

MatsukiyoCocokara

&

Co.

(Consumer

Staples

Distribution

&

Retail)

.....

13

200

McDonald's

Holdings

Co.

Japan

Ltd.

(Hotels,

Restaurants

&

Leisure)

....

8

600

MEIJI

Holdings

Co.

Ltd.

(Food

Products)

12

900

MINEBEA

MITSUMI,

Inc.

(Machinery)

.

14

3,200

Mitsubishi

Chemical

Group

Corp.

(Chemicals)

..................

16

10,000

Mitsubishi

Corp.

(Trading

Companies

&

Distributors)

.................

164

5,700

Mitsubishi

Electric

Corp.

(Electrical

Equipment)

..................

96

3,200

Mitsubishi

Estate

Co.

Ltd.

(Real

Estate

Management

&

Development)

.....

44

3,100

Mitsubishi

HC

Capital,

Inc.

(Financial

Services)

....................

20

9,700

Mitsubishi

Heavy

Industries

Ltd.

(Machinery)

.................

135

32,700

Mitsubishi

UFJ

Financial

Group,

Inc.

(Banks)

.....................

382

7,200

Mitsui

&

Co.

Ltd.

(Trading

Companies

&

Distributors)

.................

149

400

Mitsui

Chemicals,

Inc.

(Chemicals)

.....

9

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Japan

(continued)

8,100

Mitsui

Fudosan

Co.

Ltd.

(Real

Estate

Management

&

Development)

.....

$

65

1,200

Mitsui

OSK

Lines

Ltd.

(Marine

Transportation)

...............

42

7,140

Mizuho

Financial

Group,

Inc.

(Banks)

...

174

600

MonotaRO

Co.

Ltd.

(Trading

Companies

&

Distributors)

.................

10

3,900

MS&AD

Insurance

Group

Holdings,

Inc.

(Insurance)

..................

84

5,100

Murata

Manufacturing

Co.

Ltd.

(Electronic

Equipment,

Instruments

&

Components)

.................

81

700

NEC

Corp.

(IT

Services)

.............

60

1,200

Nexon

Co.

Ltd.

(Entertainment)

.......

18

2,600

NIDEC

Corp.

(Electrical

Equipment)

....

47

3,100

Nintendo

Co.

Ltd.

(Entertainment)

......

181

20

Nippon

Building

Fund,

Inc.

(Office

REITs)

16

3,000

Nippon

Paint

Holdings

Co.

Ltd.

(Chemicals)

(b)

........................

19

600

Nippon

Sanso

Holdings

Corp.

(Chemicals)

17

2,500

Nippon

Steel

Corp.

(Metals

&

Mining)(b)

50

89,600

Nippon

Telegraph

&

Telephone

Corp.

(Diversified

Telecommunication

Services)

....................

90

1,400

Nippon

Yusen

KK

(Marine

Transportation)

47

7,400

Nissan

Motor

Co.

Ltd.

(Automobiles)

...

22

600

Nissin

Foods

Holdings

Co.

Ltd.

(Food

Products)(b)

.................

14

100

Nitori

Holdings

Co.

Ltd.

(Specialty

Retail)

12

2,000

Nitto

Denko

Corp.

(Chemicals)

........

33

8,500

Nomura

Holdings,

Inc.

(Capital

Markets)

.

49

1,200

Nomura

Research

Institute

Ltd.

(IT

Services)

....................

35

2,100

NTT

Data

Group

Corp.

(IT

Services)

....

40

1,600

Obayashi

Corp.

(Construction

&

Engineering)

.................

21

1,000

Obic

Co.

Ltd.

(IT

Services)

...........

30

3,500

Olympus

Corp.

(Health

Care

Equipment

&

Supplies)

....................

52

500

Omron

Corp.

(Electronic

Equipment,

Instruments

&

Components)

......

17

1,300

Ono

Pharmaceutical

Co.

Ltd.

(Pharmaceuticals)

.............

14

100

Oracle

Corp.

Japan

(Software)

.........

10

3,200

Oriental

Land

Co.

Ltd.

(Hotels,

Restaurants

&

Leisure)

...................

69

3,600

ORIX

Corp.

(Financial

Services)

.......

77

1,000

Osaka

Gas

Co.

Ltd.

(Gas

Utilities)

......

22

600

Otsuka

Corp.

(IT

Services)

...........

14

1,400

Otsuka

Holdings

Co.

Ltd.

(Pharmaceuticals)

76

1,000

Pan

Pacific

International

Holdings

Corp.

(Broadline

Retail)

.............

27

6,600

Panasonic

Holdings

Corp.

(Household

Durables)

...................

67

4,800

Rakuten

Group,

Inc.

(Broadline

Retail)(b)

26

40

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Japan

(continued)

4,100

Recruit

Holdings

Co.

Ltd.

(Professional

Services)

....................

$

285

5,300

Renesas

Electronics

Corp.

(Semiconductors

&

Semiconductor

Equipment)(b)

...

67

6,500

Resona

Holdings,

Inc.

(Banks)

........

47

1,600

Ricoh

Co.

Ltd.

(Technology

Hardware,

Storage

&

Peripherals)

..........

18

600

SBI

Holdings,

Inc.

(Capital

Markets)

....

15

200

SCREEN

Holdings

Co.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

..................

12

300

SCSK

Corp.

(IT

Services)

............

6

1,400

Secom

Co.

Ltd.

(Commercial

Services

&

Supplies)

....................

48

800

Seiko

Epson

Corp.

(Technology

Hardware,

Storage

&

Peripherals)

..........

14

1,000

Sekisui

Chemical

Co.

Ltd.

(Household

Durables)

...................

17

2,000

Sekisui

House

Ltd.

(Household

Durables)

48

6,900

Seven

&

i

Holdings

Co.

Ltd.

(Consumer

Staples

Distribution

&

Retail)

.....

108

800

SG

Holdings

Co.

Ltd.

(Air

Freight

&

Logistics)

...................

8

800

Shimadzu

Corp.

(Electronic

Equipment,

Instruments

&

Components)

......

22

200

Shimano,

Inc.

(Leisure

Products)

.......

27

5,400

Shin-Etsu

Chemical

Co.

Ltd.

(Chemicals)

178

2,400

Shionogi

&

Co.

Ltd.

(Pharmaceuticals)

..

34

1,200

Shiseido

Co.

Ltd.

(Personal

Care

Products)

21

1,000

Shizuoka

Financial

Group,

Inc.

(Banks)

..

8

200

SMC

Corp.

(Machinery)

.............

78

86,000

SoftBank

Corp.

(Wireless

Telecommunication

Services)

.....

109

2,800

SoftBank

Group

Corp.

(Wireless

Telecommunication

Services)

.....

160

2,400

Sompo

Holdings,

Inc.

(Insurance)

......

62

18,500

Sony

Group

Corp.

(Household

Durables)

.

390

2,000

Subaru

Corp.

(Automobiles)

..........

36

2,900

Sumitomo

Corp.

(Trading

Companies

&

Distributors)

.................

63

1,900

Sumitomo

Electric

Industries

Ltd.

(Automobile

Components)

.......

34

600

Sumitomo

Metal

Mining

Co.

Ltd.

(Metals

&

Mining)

.....................

14

10,800

Sumitomo

Mitsui

Financial

Group,

Inc.

(Banks)

.....................

259

2,000

Sumitomo

Mitsui

Trust

Group,

Inc.

(Banks)

47

800

Sumitomo

Realty

&

Development

Co.

Ltd.

(Real

Estate

Management

&

Development)

................

25

300

Suntory

Beverage

&

Food

Ltd.

(Beverages)

10

4,800

Suzuki

Motor

Corp.

(Automobiles)

.....

54

1,500

Sysmex

Corp.

(Health

Care

Equipment

&

Supplies)

....................

28

1,800

T&D

Holdings,

Inc.

(Insurance)

.......

33

500

Taisei

Corp.

(Construction

&

Engineering)

21

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Japan

(continued)

4,700

Takeda

Pharmaceutical

Co.

Ltd.

(Pharmaceuticals)

.............

$

124

6,000

TDK

Corp.

(Electronic

Equipment,

Instruments

&

Components)

......

77

4,000

Terumo

Corp.

(Health

Care

Equipment

&

Supplies)(b)

..................

77

1,200

The

Chiba

Bank

Ltd.

(Banks)

.........

9

3,200

The

Kansai

Electric

Power

Co.,

Inc.

(Electric

Utilities)

.............

35

800

TIS,

Inc.

(IT

Services)

..............

19

300

Toho

Co.

Ltd.

(Entertainment)

.........

12

5,500

Tokio

Marine

Holdings,

Inc.

(Insurance)

.

197

1,300

Tokyo

Electron

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

.......

195

1,000

Tokyo

Gas

Co.

Ltd.

(Gas

Utilities)

......

28

1,800

Tokyu

Corp.

(Ground

Transportation)

...

19

600

TOPPAN

Holdings,

Inc.

(Commercial

Services

&

Supplies)

...........

16

3,400

Toray

Industries,

Inc.

(Chemicals)

......

22

300

TOTO

Ltd.

(Building

Products)

........

7

400

Toyota

Industries

Corp.

(Machinery)

....

32

30,600

Toyota

Motor

Corp.

(Automobiles)

.....

597

1,500

Toyota

Tsusho

Corp.

(Trading

Companies

&

Distributors)

.................

27

400

Trend

Micro,

Inc.

(Software)

..........

22

3,600

Unicharm

Corp.

(Household

Products)

...

30

1,400

West

Japan

Railway

Co.

(Ground

Transportation)(b)

.............

25

800

Yakult

Honsha

Co.

Ltd.

(Food

Products)

.

15

2,400

Yamaha

Motor

Co.

Ltd.

(Automobiles)

..

21

800

Yaskawa

Electric

Corp.

(Machinery)

....

20

600

Yokogawa

Electric

Corp.

(Electronic

Equipment,

Instruments

&

Components)

.................

13

300

Zensho

Holdings

Co.

Ltd.

(Hotels,

Restaurants

&

Leisure)

..........

17

300

ZOZO,

Inc.

(Specialty

Retail)(b)

.......

9

10,848

Jersey

—

0.02%

805

Aptiv

PLC

(Automobile

Components)(a)

.

49

Jordan

—

0.01%

509

Hikma

Pharmaceuticals

PLC

(Pharmaceuticals)(b)

...........

13

Luxembourg

—

0.03%

1,581

ArcelorMittal

SA

(Metals

&

Mining)

....

36

422

Eurofins

Scientific

SE

(Life

Sciences

Tools

&

Services)

..................

22

58

41

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Macau

—

0.01%

7,600

Sands

China

Ltd.

(Hotels,

Restaurants

&

Leisure)(a)

..................

$

20

Netherlands

—

1.20%

1,484

ABN

AMRO

Bank

N.V.

(Banks)

.......

23

64

Adyen

N.V.

(Financial

Services)(a)(b)

...

95

4,651

Aegon

Ltd.

(Insurance)

..............

28

504

Akzo

Nobel

N.V.

(Chemicals)

.........

30

176

Argenx

SE

(Biotechnology)(a)

........

109

145

ASM

International

N.V.

(Semiconductors

&

Semiconductor

Equipment)

.......

84

1,189

ASML

Holding

N.V.

(Semiconductors

&

Semiconductor

Equipment)(b)

.....

834

524

ASR

Nederland

N.V.

(Insurance)

.......

25

216

BE

Semiconductor

Industries

N.V.

(Semiconductors

&

Semiconductor

Equipment)

..................

30

214

Euronext

N.V.

(Capital

Markets)

.......

24

275

EXOR

N.V.

(Financial

Services)

.......

25

1,576

Ferrovial

SE

(Construction

&

Engineering)

66

366

Heineken

Holding

N.V.

(Beverages)

....

22

877

Heineken

N.V.

(Beverages)

...........

62

178

IMCD

N.V.

(Trading

Companies

&

Distributors)(b)

...............

26

10,023

ING

Groep

N.V.

(Banks)

.............

157

425

JDE

Peet's

N.V.

(Food

Products)

.......

7

2,861

Koninklijke

Ahold

Delhaize

N.V.

(Consumer

Staples

Distribution

&

Retail)

.....

93

10,003

Koninklijke

KPN

N.V.

(Diversified

Telecommunication

Services)

.....

36

770

NN

Group

N.V.

(Insurance)

...........

34

761

NXP

Semiconductors

N.V.

(Semiconductors

&

Semiconductor

Equipment)

.....

158

4,083

Prosus

N.V.

(Broadline

Retail)(a)(b)

....

162

676

QIAGEN

N.V.

(Life

Sciences

Tools

&

Services)(a)

..................

30

276

Randstad

N.V.

(Professional

Services)

...

12

5,548

Stellantis

N.V.

(Automobiles)

.........

72

2,441

Universal

Music

Group

N.V.

(Entertainment)

...............

62

672

Wolters

Kluwer

N.V.

(Professional

Services)

112

2,418

New

Zealand

—

0.07%

4,769

Auckland

International

Airport

Ltd.

(Transportation

Infrastructure)

.....

23

1,861

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

(Health

Care

Equipment

&

Supplies)

40

1,918

Infratil

Ltd.

(Industrial

Conglomerates)

..

14

1,764

Mercury

NZ

Ltd.

(Electric

Utilities)

.....

6

2,860

Meridian

Energy

Ltd.

(Independent

Power

and

Renewable

Electricity

Producers)

9

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

New

Zealand

(continued)

443

Xero

Ltd.

(Software)(a)

.............

$

46

138

Norway

—

0.14%

1,069

Aker

BP

ASA

(Oil,

Gas

&

Consumable

Fuels)

......................

21

2,744

DNB

Bank

ASA

(Banks)

............

55

2,721

Equinor

ASA

(Oil,

Gas

&

Consumable

Fuels)

......................

64

485

Gjensidige

Forsikring

ASA

(Insurance)

..

9

308

Kongsberg

Gruppen

ASA

(Aerospace

&

Defense)

....................

35

1,453

Mowi

ASA

(Food

Products)(b)

........

25

3,388

Norsk

Hydro

ASA

(Metals

&

Mining)

...

19

1,866

Orkla

ASA

(Food

Products)

..........

16

241

Salmar

ASA

(Food

Products)

.........

11

1,828

Telenor

ASA

(Diversified

Telecommunication

Services)

.....

20

438

Yara

International

ASA

(Chemicals)

....

12

287

Poland

—

0.01%

670

InPost

SA

(Air

Freight

&

Logistics)(a)

...

11

Portugal

—

0.03%

9,123

EDP

SA

(Electric

Utilities)

...........

30

1,567

Galp

Energia

SGPS

SA

(Oil,

Gas

&

Consumable

Fuels)(b)

..........

26

752

Jeronimo

Martins

SGPS

SA

(Consumer

Staples

Distribution

&

Retail)(b)

...

14

70

Singapore

—

0.33%

11,741

CapitaLand

Ascendas

REIT

(Industrial

REITs)

.....................

22

13,047

CapitaLand

Integrated

Commercial

Trust

(Retail

REITs)

................

18

6,700

CapitaLand

Investment

Ltd.

(Real

Estate

Management

&

Development)

.....

13

6,007

DBS

Group

Holdings

Ltd.

(Banks)

.....

192

15,700

Genting

Singapore

Ltd.

(Hotels,

Restaurants

&

Leisure)

...................

9

5,748

Grab

Holdings

Ltd.

(Ground

Transportation)

(a)

........................

27

4,100

Keppel

Ltd.

(Industrial

Conglomerates)

..

21

10,390

Oversea-Chinese

Banking

Corp.

Ltd.

(Banks)

.....................

127

2,700

Sembcorp

Industries

Ltd.

(Multi-Utilities)

11

4,400

Singapore

Airlines

Ltd.

(Passenger

Airlines)

(b)

........................

21

3,300

Singapore

Exchange

Ltd.

(Capital

Markets)

31

4,100

Singapore

Technologies

Engineering

Ltd.

(Aerospace

&

Defense)

.........

14

42

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Singapore

(continued)

25,100

Singapore

Telecommunications

Ltd.

(Diversified

Telecommunication

Services)

....................

$

57

3,800

United

Overseas

Bank

Ltd.

(Banks)

.....

101

5,000

Wilmar

International

Ltd.

(Food

Products)

11

675

Spain

—

0.62%

54

Acciona

SA

(Electric

Utilities)

........

6

506

ACS

Actividades

de

Construccion

y

Servicios

SA

(Construction

&

Engineering)(a)

...............

25

231

Aena

SME

SA

(Transportation

Infrastructure)

................

47

1,338

Amadeus

IT

Group

SA

(Hotels,

Restaurants

&

Leisure)

...................

94

17,574

Banco

Bilbao

Vizcaya

Argentaria

SA

(Banks)

.....................

172

15,886

Banco

de

Sabadell

SA

(Banks)

........

31

45,343

Banco

Santander

SA

(Banks)(b)

.......

211

10,591

CaixaBank

SA

(Banks)

..............

57

1,476

Cellnex

Telecom

SA

(Diversified

Telecommunication

Services)(b)

...

47

991

EDP

Renovaveis

SA

(Independent

Power

and

Renewable

Electricity

Producers)

(a)

........................

10

802

Endesa

SA

(Electric

Utilities)

.........

17

1,364

Grifols

SA

(Biotechnology)(a)

.........

13

18,496

Iberdrola

SA

(Electric

Utilities)

........

256

3,229

Industria

de

Diseno

Textil

SA

(Specialty

Retail)

......................

165

1,081

Redeia

Corp.

SA

(Electric

Utilities)

.....

18

3,525

Repsol

SA

(Oil,

Gas

&

Consumable

Fuels)

43

10,870

Telefonica

SA

(Diversified

Telecommunication

Services)

.....

44

1,256

Sweden

—

0.73%

812

AddTech

AB,

B

Shares

(Trading

Companies

&

Distributors)

...............

22

779

Alfa

Laval

AB

(Machinery)

..........

33

3,086

Assa

Abloy

AB,

Class

-

B

(Building

Products)

....................

91

7,773

Atlas

Copco

AB,

Class

-

A

(Machinery)

..

118

4,700

Atlas

Copco

AB,

Class

-

B

(Machinery)

..

64

1,237

Beijer

Ref

AB

(Trading

Companies

&

Distributors)(b)

...............

18

764

Boliden

AB

(Metals

&

Mining)

........

22

2,092

Epiroc

AB,

Class

-

A

(Machinery)

......

36

1,066

Epiroc

AB,

Class

-

B

(Machinery)

......

17

1,104

EQT

AB

(Capital

Markets)

...........

31

1,896

Essity

AB,

Class

-

B

(Household

Products)

51

546

Evolution

AB

(Hotels,

Restaurants

&

Leisure)

....................

42

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Sweden

(continued)

1,608

Fastighets

AB

Balder,

B

shares

(Real

Estate

Management

&

Development)(a)

...

$

11

2,002

H

&

M

Hennes

&

Mauritz

AB,

Class

-

B

(Specialty

Retail)

..............

27

6,182

Hexagon

AB,

Class

-

B

(Electronic

Equipment,

Instruments

&

Components)

.................

59

172

Holmen

AB,

B

shares

(Paper

&

Forest

Products)

....................

6

282

Industrivarden

AB,

Class

-

A

(Financial

Services)(b)

..................

9

451

Industrivarden

AB,

Class

-

C

(Financial

Services)

....................

14

910

Indutrade

AB

(Machinery)

...........

23

321

Investment

AB

Latour,

Class

-

B

(Industrial

Conglomerates)

...............

8

5,230

Investor

AB,

Class

-

B

(Financial

Services)

138

169

L

E

Lundbergforetagen

AB,

Class

-

B

(Financial

Services)

............

8

580

Lifco

AB,

Class

-

B

(Industrial

Conglomerates)

...............

17

4,601

Nibe

Industrier

AB,

Class

-

B

(Building

Products)

....................

18

1,012

Saab

AB,

Class

-

B

(Aerospace

&

Defense)

21

678

Sagax

AB,

Class

-

B

(Real

Estate

Management

&

Development)

.....

14

3,271

Sandvik

AB

(Machinery)

............

59

1,789

Securitas

AB,

Class

-

B

(Commercial

Services

&

Supplies)

...........

22

4,874

Skandinaviska

Enskilda

Banken

AB,

Class

-

A

(Banks)

...................

67

933

Skanska

AB,

Class

-

B

(Construction

&

Engineering)

.................

20

888

SKF

AB,

B

shares

(Machinery)

........

17

2,064

Svenska

Cellulosa

AB

SCA,

Class

-

B

(Paper

&

Forest

Products)

........

26

4,521

Svenska

Handelsbanken

AB,

Class

-

A

(Banks)

.....................

47

2,539

Swedbank

AB,

Class

-

A

(Banks)

.......

50

724

Swedish

Orphan

Biovitrum

AB

(Biotechnology)(a)

.............

21

1,442

Tele2

AB,

B

shares

(Wireless

Telecommunication

Services)

.....

14

7,460

Telefonaktiebolaget

LM

Ericsson,

Class

-

B

(Communications

Equipment)

.....

60

6,801

Telia

Co.

AB

(Diversified

Telecommunication

Services)(b)

...

19

599

Trelleborg

AB,

Class

-

B

(Machinery)

...

21

648

Volvo

AB,

Class

-

A

(Machinery)

.......

16

4,503

Volvo

AB,

Class

-

B

(Machinery)

......

109

1,486

Switzerland

—

2.59%

4,722

ABB

Ltd.,

Registered

Shares

(Electrical

Equipment)

..................

255

513

Adecco

Group

AG

(Professional

Services)

(b)

........................

13

43

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Switzerland

(continued)

1,469

Alcon

AG

(Health

Care

Equipment

&

Supplies)

....................

$

125

214

Avolta

AG

(Specialty

Retail)(b)

........

9

75

Bachem

Holding

AG

(Life

Sciences

Tools

&

Services)

....................

5

117

Baloise

Holding

AG,

Registered

Shares

(Insurance)

..................

21

109

Banque

Cantonale

Vaudoise,

Registered

Shares

(Banks)

................

10

13

Barry

Callebaut

AG,

Registered

Shares

(Food

Products)(b)

.............

17

77

BKW

AG

(Electric

Utilities)

..........

13

6

Chocoladefabriken

Lindt

&

Spruengli

AG,

Class

-

PC

(Food

Products)

.......

67

1,127

Chubb

Ltd.

(Insurance)

..............

311

1,620

Cie

Financiere

Richemont

SA,

Registered

Shares

(Textiles,

Apparel

&

Luxury

Goods)

.....................

245

541

Clariant

AG,

Registered

Shares

(Chemicals)

6

683

Coca-Cola

HBC

AG

(Beverages)

.......

23

583

DSM-Firmenich

AG

(Chemicals)

......

59

23

EMS-Chemie

Holding

AG

(Chemicals)

..

16

238

Galderma

Group

AG

(Pharmaceuticals)(a)

26

475

Garmin

Ltd.

(Household

Durables)

.....

98

107

Geberit

AG,

Registered

Shares

(Building

Products)

....................

61

28

Givaudan

SA,

Registered

Shares

(Chemicals)

..................

122

29,911

Glencore

PLC

(Metals

&

Mining)(b)

....

132

86

Helvetia

Holding

AG,

Registered

Shares

(Insurance)

..................

14

1,549

Holcim

AG

(Construction

Materials)(b)

..

149

652

Julius

Baer

Group

Ltd.

(Capital

Markets)

.

42

163

Kuehne

+

Nagel

International

AG,

R

Shares

(Marine

Transportation)

.........

37

398

Logitech

International

SA,

R

Shares

(Technology

Hardware,

Storage

&

Peripherals)

..................

33

218

Lonza

Group

AG,

Registered

Shares

(Life

Sciences

Tools

&

Services)(b)

.....

129

7,724

Nestle

SA,

Registered

Shares

(Food

Products)

....................

633

5,796

Novartis

AG,

Registered

Shares

(Pharmaceuticals)

.............

565

67

Partners

Group

Holding

AG

(Capital

Markets)

....................

91

2,062

Roche

Holding

AG

(Pharmaceuticals)

...

577

96

Roche

Holding

AG,

Class

-

BR

(Pharmaceuticals)

.............

29

1,222

Sandoz

Group

AG

(Pharmaceuticals)

....

50

142

Schindler

Holding

AG,

Class

-

PC

(Machinery)

.................

39

50

Schindler

Holding

AG,

Registered

Shares

(Machinery)

.................

14

480

SGS

SA,

Registered

Shares

(Professional

Services)(a)(b)

................

48

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Switzerland

(continued)

945

SIG

Group

AG

(Containers

&

Packaging)(b)

$

19

460

Sika

AG,

Registered

Shares

(Chemicals)(b)

110

153

Sonova

Holding

AG

(Health

Care

Equipment

&

Supplies)(b)

.......

50

2,093

STMicroelectronics

N.V.

(Semiconductors

&

Semiconductor

Equipment)

.....

52

338

Straumann

Holding

AG,

R

Shares

(Health

Care

Equipment

&

Supplies)

......

43

82

Swiss

Life

Holding

AG

(Insurance)

.....

63

288

Swiss

Prime

Site

AG,

Registered

Shares

(Real

Estate

Management

&

Development)

................

31

889

Swiss

Re

AG

(Insurance)

............

129

79

Swisscom

AG,

Registered

Shares

(Diversified

Telecommunication

Services)

....................

44

164

Temenos

AG,

Registered

Shares

(Software)

12

98

The

Swatch

Group

AG,

Class

-

BR

(Textiles,

Apparel

&

Luxury

Goods)

.......

18

9,797

UBS

Group

AG

(Capital

Markets)

......

300

80

VAT

Group

AG

(Machinery)

..........

30

434

Zurich

Insurance

Group

AG

(Insurance)

..

258

5,243

United

Arab

Emirates

—

0.00%

339

NMC

Health

PLC

(Health

Care

Providers

&

Services)(a)(c)

................

—

United

Kingdom

—

3.31%

2,840

3i

Group

PLC

(Capital

Markets)

.......

126

776

Admiral

Group

PLC

(Insurance)

.......

26

3,739

Amcor

PLC

(Containers

&

Packaging)

...

35

978

Amcor

PLC

(Containers

&

Packaging)

...

9

3,854

Anglo

American

PLC

(Metals

&

Mining)

.

114

1,287

Ashtead

Group

PLC

(Trading

Companies

&

Distributors)

.................

80

1,040

Associated

British

Foods

PLC

(Food

Products)

....................

27

4,604

AstraZeneca

PLC

(Pharmaceuticals)(b)

..

601

2,623

Auto

Trader

Group

PLC

(Interactive

Media

&

Services)(b)

................

26

7,763

Aviva

PLC

(Insurance)

..............

45

8,941

BAE

Systems

PLC

(Aerospace

&

Defense)

128

43,390

Barclays

PLC

(Banks)(b)

............

145

4,263

Barratt

Redrow

PLC

(Household

Durables)

(b)

........................

23

384

Berkeley

Group

Holdings

PLC

(Household

Durables)(a)

.................

19

48,344

BP

PLC

(Oil,

Gas

&

Consumable

Fuels)

.

239

21,107

BT

Group

PLC

(Diversified

Telecommunication

Services)

.....

38

987

Bunzl

PLC

(Trading

Companies

&

Distributors)

.................

41

17,106

Centrica

PLC

(Multi-Utilities)(b)

.......

29

2,858

CNH

Industrial

N.V.

(Machinery)

......

32

44

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

United

Kingdom

(continued)

623

Coca-Cola

Europacific

Partners

PLC

(Beverages)

..................

$

48

5,133

Compass

Group

PLC

(Hotels,

Restaurants

&

Leisure)

....................

171

433

Croda

International

PLC

(Chemicals)(b)

.

18

6,678

Diageo

PLC

(Beverages)

............

212

466

Endeavour

Mining

PLC

(Metals

&

Mining)

8

1,947

Entain

PLC

(Hotels,

Restaurants

&

Leisure)

(b)

........................

17

12,285

GSK

PLC

(Pharmaceuticals)

..........

207

22,541

Haleon

PLC

(Personal

Care

Products)(b)

.

106

1,158

Halma

PLC

(Electronic

Equipment,

Instruments

&

Components)

......

39

823

Hargreaves

Lansdown

PLC

(Capital

Markets)

....................

11

54,111

HSBC

Holdings

PLC

(Banks)

.........

531

3,731

Informa

PLC

(Media)

...............

37

503

InterContinental

Hotels

Group

PLC

(Hotels,

Restaurants

&

Leisure)

..........

63

498

Intertek

Group

PLC

(Professional

Services)

29

5,247

J

Sainsbury

PLC

(Consumer

Staples

Distribution

&

Retail)

...........

18

6,250

JD

Sports

Fashion

PLC

(Specialty

Retail)

7

5,956

Kingfisher

PLC

(Specialty

Retail)

......

19

1,659

Land

Securities

Group

PLC

(Diversified

REITs)

.....................

12

18,863

Legal

&

General

Group

PLC

(Insurance)

.

54

180,308

Lloyds

Banking

Group

PLC

(Banks)

....

123

1,388

London

Stock

Exchange

Group

PLC

(Capital

Markets)(b)

............

196

6,041

M&G

PLC

(Financial

Services)

........

15

5,776

Marks

&

Spencer

Group

PLC

(Consumer

Staples

Distribution

&

Retail)

.....

27

4,007

Melrose

Industries

PLC

(Aerospace

&

Defense)

....................

28

1,103

Mondi

PLC

(Paper

&

Forest

Products)

...

16

14,515

National

Grid

PLC

(Multi-Utilities)(a)

...

172

19,603

NatWest

Group

PLC

(Banks)(b)

.......

98

383

Next

PLC

(Broadline

Retail)

..........

45

1,722

Pearson

PLC

(Diversified

Consumer

Services)

....................

28

488

Pentair

PLC

(Machinery)

............

49

795

Persimmon

PLC

(Household

Durables)

..

12

2,089

Phoenix

Group

Holdings

PLC

(Insurance)

13

2,107

Reckitt

Benckiser

Group

PLC

(Household

Products)

....................

128

5,559

RELX

PLC

(Professional

Services)

.....

252

7,480

Rentokil

Initial

PLC

(Commercial

Services

&

Supplies)

..................

37

3,347

Rio

Tinto

PLC

(Metals

&

Mining)

......

198

25,101

Rolls-Royce

Holdings

PLC

(Aerospace

&

Defense)(a)

..................

178

1,911

Schroders

PLC

(Capital

Markets)

......

8

4,202

Segro

PLC

(Industrial

REITs)(a)

.......

37

838

Severn

Trent

PLC

(Water

Utilities)(b)

...

26

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

United

Kingdom

(continued)

18,271

Shell

PLC

(Oil,

Gas

&

Consumable

Fuels)

(a)

........................

$

570

2,631

Smith

&

Nephew

PLC

(Health

Care

Equipment

&

Supplies)

.........

33

939

Smiths

Group

PLC

(Industrial

Conglomerates)

...............

20

227

Spirax

Group

PLC

(Machinery)

........

19

3,275

SSE

PLC

(Electric

Utilities)(a)

........

66

6,244

Standard

Chartered

PLC

(Banks)

.......

77

7,703

Taylor

Wimpey

PLC

(Household

Durables)

(b)

........................

12

20,052

Tesco

PLC

(Consumer

Staples

Distribution

&

Retail)

....................

92

3,133

The

Sage

Group

PLC

(Software)

.......

50

7,377

Unilever

PLC

(Personal

Care

Products)

..

419

2,236

United

Utilities

Group

PLC

(Water

Utilities)

29

69,908

Vodafone

Group

PLC

(Wireless

Telecommunication

Services)

.....

60

473

Whitbread

PLC

(Hotels,

Restaurants

&

Leisure)

....................

17

310

Willis

Towers

Watson

PLC

(Insurance)

..

97

1,866

Wise

PLC,

Class

-

A

(Financial

Services)(a)

25

3,407

WPP

PLC

(Media)

.................

35

6,697

United

States

—

71.73%

1,634

3M

Co.

(Industrial

Conglomerates)

.....

211

352

A.O.

Smith

Corp.

(Building

Products)

...

24

5,188

Abbott

Laboratories

(Health

Care

Equipment

&

Supplies)

.........

587

5,265

AbbVie,

Inc.

(Biotechnology)

.........

936

1,320

Adobe,

Inc.

(Software)(a)

............

587

4,804

Advanced

Micro

Devices,

Inc.

(Semiconductors

&

Semiconductor

Equipment)(a)

................

580

400

AECOM

(Construction

&

Engineering)

..

43

1,579

Aflac,

Inc.

(Insurance)

..............

163

864

Agilent

Technologies,

Inc.

(Life

Sciences

Tools

&

Services)

..............

116

664

Air

Products

and

Chemicals,

Inc.

(Chemicals)

..................

193

1,321

Airbnb,

Inc.,

Class

-

A

(Hotels,

Restaurants

&

Leisure)(a)

.................

174

463

Akamai

Technologies,

Inc.

(IT

Services)(a)

44

346

Albemarle

Corp.

(Chemicals)

.........

30

945

Albertsons

Cos.,

Inc.,

Class

-

A

(Consumer

Staples

Distribution

&

Retail)

.....

19

505

Alexandria

Real

Estate

Equities,

Inc.

(Office

REITs)

.....................

49

214

Align

Technology,

Inc.

(Health

Care

Equipment

&

Supplies)(a)

.......

45

800

Alliant

Energy

Corp.

(Electric

Utilities)

..

47

956

Ally

Financial,

Inc.

(Consumer

Finance)

.

34

402

Alnylam

Pharmaceuticals,

Inc.

(Biotechnology)(a)

.............

95

45

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

United

States

(continued)

17,505

Alphabet,

Inc.,

Class

-

A

(Interactive

Media

&

Services)

..................

$

3,315

14,878

Alphabet,

Inc.,

Class

-

C

(Interactive

Media

&

Services)

..................

2,834

28,091

Amazon.com,

Inc.

(Broadline

Retail)(a)

..

6,164

783

Ameren

Corp.

(Multi-Utilities)

........

70

1,620

American

Electric

Power

Co.,

Inc.

(Electric

Utilities)

....................

149

1,659

American

Express

Co.

(Consumer

Finance)

492

987

American

Homes

4

Rent,

Class

-

A

(Residential

REITs)

............

37

1,895

American

International

Group,

Inc.

(Insurance)

..................

138

1,388

American

Tower

Corp.

(Specialized

REITs)

255

581

American

Water

Works

Co.,

Inc.

(Water

Utilities)

....................

72

290

Ameriprise

Financial,

Inc.

(Capital

Markets)

154

662

AMETEK,

Inc.

(Electrical

Equipment)

...

119

1,605

Amgen,

Inc.

(Biotechnology)

.........

418

3,548

Amphenol

Corp.,

Class

-

A

(Electronic

Equipment,

Instruments

&

Components)

.................

246

1,481

Analog

Devices,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.......

315

1,546

Annaly

Capital

Management,

Inc.

(Mortgage

Real

Estate

Investment

Trusts

(REITs))

...............

28

256

ANSYS,

Inc.

(Software)(a)

...........

86

576

Aon

PLC,

Class

-

A

(Insurance)

........

207

935

APA

Corp.

(Oil,

Gas

&

Consumable

Fuels)

22

1,171

Apollo

Global

Management,

Inc.

(Financial

Services)

....................

193

45,217

Apple,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)

................

11,324

2,483

Applied

Materials,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.......

404

624

AppLovin

Corp.,

Class

-

A

(Software)(a)

.

202

1,448

Archer-Daniels-Midland

Co.

(Food

Products)

....................

73

552

Ares

Management

Corp.,

Class

-

A

(Capital

Markets)

....................

98

3,188

Arista

Networks,

Inc.

(Communications

Equipment)(a)

................

352

713

Arthur

J.

Gallagher

&

Co.

(Insurance)

...

202

95

Aspen

Technology,

Inc.

(Software)(a)

...

24

147

Assurant,

Inc.

(Insurance)

............

31

21,355

AT&T,

Inc.

(Diversified

Telecommunication

Services)

....................

486

424

Atmos

Energy

Corp.

(Gas

Utilities)

.....

59

635

Autodesk,

Inc.

(Software)(a)

..........

188

1,237

Automatic

Data

Processing,

Inc.

(Professional

Services)

..........

362

50

AutoZone,

Inc.

(Specialty

Retail)(a)

.....

160

415

AvalonBay

Communities,

Inc.

(Residential

REITs)

.....................

91

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

United

States

(continued)

2,035

Avantor,

Inc.

(Life

Sciences

Tools

&

Services)(a)

..................

$

43

257

Avery

Dennison

Corp.

(Containers

&

Packaging)

..................

48

221

Axon

Enterprise,

Inc.

(Aerospace

&

Defense)(a)

..................

131

2,953

Baker

Hughes

Co.

(Energy

Equipment

&

Services)

....................

121

944

Ball

Corp.

(Containers

&

Packaging)

....

52

20,660

Bank

of

America

Corp.

(Banks)

........

908

1,504

Baxter

International,

Inc.

(Health

Care

Equipment

&

Supplies)

.........

44

871

Becton

Dickinson

&

Co.

(Health

Care

Equipment

&

Supplies)

.........

198

524

Bentley

Systems,

Inc.,

Class

-

B

(Software)

24

3,923

Berkshire

Hathaway,

Inc.,

Class

-

B

(Financial

Services)(a)

..........

1,779

598

Best

Buy

Co.,

Inc.

(Specialty

Retail)

....

51

404

Biogen,

Inc.

(Biotechnology)(a)

.......

62

552

BioMarin

Pharmaceutical,

Inc.

(Biotechnology)(a)

.............

36

68

Bio-Rad

Laboratories,

Inc.,

Class

-

A

(Life

Sciences

Tools

&

Services)(a)

.....

22

466

Bio-Techne

Corp.

(Life

Sciences

Tools

&

Services)

....................

34

435

Blackrock,

Inc.

(Capital

Markets)

......

446

2,127

Blackstone,

Inc.

(Capital

Markets)

......

367

1,662

Block,

Inc.

(Financial

Services)(a)

......

141

99

Booking

Holdings,

Inc.

(Hotels,

Restaurants

&

Leisure)

...................

492

389

Booz

Allen

Hamilton

Holding

Corp.

(Professional

Services)

..........

50

4,439

Boston

Scientific

Corp.

(Health

Care

Equipment

&

Supplies)(a)

.......

396

6,062

Bristol-Myers

Squibb

Co.

(Pharmaceuticals)

343

13,210

Broadcom,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.......

3,064

346

Broadridge

Financial

Solutions,

Inc.

(Professional

Services)

..........

78

703

Brown

&

Brown,

Inc.

(Insurance)

......

72

550

Brown-Forman

Corp.,

Class

-

B

(Beverages)

21

354

Builders

FirstSource,

Inc.

(Building

Products)(a)

..................

51

445

Bunge

Global

SA

(Food

Products)

......

35

197

Burlington

Stores,

Inc.

(Specialty

Retail)(a)

56

473

BXP,

Inc.

(Office

REITs)

............

35

809

Cadence

Design

Systems,

Inc.

(Software)(a)

243

264

Camden

Property

Trust

(Residential

REITs)

31

1,123

Capital

One

Financial

Corp.

(Consumer

Finance)

....................

200

776

Cardinal

Health,

Inc.

(Health

Care

Providers

&

Services)

..................

92

126

Carlisle

Cos.,

Inc.

(Building

Products)

...

46

472

CarMax,

Inc.

(Specialty

Retail)(a)

......

39

3,041

Carnival

Corp.

(Hotels,

Restaurants

&

Leisure)(a)

..................

76

46

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

United

States

(continued)

2,449

Carrier

Global

Corp.

(Building

Products)

.

$

167

337

Carvana

Co.

(Specialty

Retail)(a)

......

69

1,455

Caterpillar,

Inc.

(Machinery)

..........

528

315

Cboe

Global

Markets,

Inc.

(Capital

Markets)

62

931

CBRE

Group,

Inc.,

Class

-

A

(Real

Estate

Management

&

Development)(a)

...

122

388

CDW

Corp.

(Electronic

Equipment,

Instruments

&

Components)

......

68

342

Celanese

Corp.

(Chemicals)

..........

24

558

Cencora,

Inc.

(Health

Care

Providers

&

Services)

....................

125

1,632

Centene

Corp.

(Health

Care

Providers

&

Services)(a)

..................

99

1,903

CenterPoint

Energy,

Inc.

(Multi-Utilities)

.

60

584

CF

Industries

Holdings,

Inc.

(Chemicals)

.

50

349

CH

Robinson

Worldwide,

Inc.

(Air

Freight

&

Logistics)

.................

36

156

Charles

River

Laboratories

International,

Inc.

(Life

Sciences

Tools

&

Services)

(a)

........................

29

288

Charter

Communications,

Inc.,

Class

-

A

(Media)(a)

...................

99

669

Cheniere

Energy,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

144

5,163

Chevron

Corp.

(Oil,

Gas

&

Consumable

Fuels)

......................

748

4,150

Chipotle

Mexican

Grill,

Inc.

(Hotels,

Restaurants

&

Leisure)(a)

........

250

687

Church

&

Dwight

Co.,

Inc.

(Household

Products)

....................

72

464

Cincinnati

Financial

Corp.

(Insurance)

...

67

1,108

Cintas

Corp.

(Commercial

Services

&

Supplies)

....................

202

11,878

Cisco

Systems,

Inc.

(Communications

Equipment)

..................

703

5,679

Citigroup,

Inc.

(Banks)

..............

400

1,295

Citizens

Financial

Group,

Inc.

(Banks)

...

57

859

Cloudflare,

Inc.,

Class

-

A

(IT

Services)(a)

92

1,080

CME

Group,

Inc.

(Capital

Markets)

.....

251

886

CMS

Energy

Corp.

(Multi-Utilities)

.....

59

1,492

Cognizant

Technology

Solutions

Corp.,

Class

-

A

(IT

Services)

..........

115

571

Coinbase

Global,

Inc.,

Class

-

A

(Capital

Markets)(a)

..................

142

2,324

Colgate-Palmolive

Co.

(Household

Products)

....................

211

11,328

Comcast

Corp.,

Class

-

A

(Media)

......

425

1,427

Conagra

Brands,

Inc.

(Food

Products)

...

40

3,956

ConocoPhillips

(Oil,

Gas

&

Consumable

Fuels)

......................

392

1,043

Consolidated

Edison,

Inc.

(Multi-Utilities)

93

483

Constellation

Brands,

Inc.,

Class

-

A

(Beverages)

..................

107

928

Constellation

Energy

Corp.

(Electric

Utilities)

....................

208

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

United

States

(continued)

2,502

Copart,

Inc.

(Commercial

Services

&

Supplies)(a)

..................

$

144

2,365

Corning,

Inc.

(Electronic

Equipment,

Instruments

&

Components)

......

112

208

Corpay,

Inc.

(Software)(a)

............

70

2,104

Corteva,

Inc.

(Chemicals)

............

120

1,194

CoStar

Group,

Inc.

(Real

Estate

Management

&

Development)(a)

...

85

1,311

Costco

Wholesale

Corp.

(Consumer

Staples

Distribution

&

Retail)

...........

1,201

2,250

Coterra

Energy,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

57

2,077

CRH

PLC

(Construction

Materials)

.....

192

704

Crowdstrike

Holdings,

Inc.,

Class

-

A

(Software)(a)

.................

241

1,282

Crown

Castle,

Inc.

(Specialized

REITs)

..

116

370

Crown

Holdings,

Inc.

(Containers

&

Packaging)

..................

31

5,871

CSX

Corp.

(Ground

Transportation)

....

189

411

Cummins,

Inc.

(Machinery)

..........

143

3,722

CVS

Health

Corp.

(Health

Care

Providers

&

Services)

....................

167

907

D.R.

Horton,

Inc.

(Household

Durables)

..

127

1,910

Danaher

Corp.

(Life

Sciences

Tools

&

Services)

....................

438

363

Darden

Restaurants,

Inc.

(Hotels,

Restaurants

&

Leisure)

..........

68

847

Datadog,

Inc.,

Class

-

A

(Software)(a)

...

121

132

DaVita,

Inc.

(Health

Care

Providers

&

Services)(a)

..................

20

449

Dayforce,

Inc.

(Professional

Services)(a)

.

33

480

Deckers

Outdoor

Corp.

(Textiles,

Apparel

&

Luxury

Goods)(a)

.............

97

785

Deere

&

Co.

(Machinery)

............

333

934

Dell

Technologies,

Inc.,

Class

-

C

(Technology

Hardware,

Storage

&

Peripherals)

..................

108

585

Delta

Air

Lines,

Inc.

(Passenger

Airlines)

.

35

1,934

Devon

Energy

Corp.

(Oil,

Gas

&

Consumable

Fuels)

.............

63

1,169

Dexcom,

Inc.

(Health

Care

Equipment

&

Supplies)(a)

..................

91

555

Diamondback

Energy,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

91

185

Dick's

Sporting

Goods,

Inc.

(Specialty

Retail)

......................

42

982

Digital

Realty

Trust,

Inc.

(Specialized

REITs)

.....................

174

754

Discover

Financial

Services

(Consumer

Finance)

....................

131

612

DocuSign,

Inc.

(Software)(a)

..........

55

643

Dollar

General

Corp.

(Consumer

Staples

Distribution

&

Retail)

...........

49

623

Dollar

Tree,

Inc.

(Consumer

Staples

Distribution

&

Retail)(a)

.........

47

2,472

Dominion

Energy,

Inc.

(Multi-Utilities)

..

133

47

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

United

States

(continued)

104

Domino's

Pizza,

Inc.

(Hotels,

Restaurants

&

Leisure)

....................

$

44

944

DoorDash,

Inc.,

Class

-

A

(Hotels,

Restaurants

&

Leisure)(a)

........

158

411

Dover

Corp.

(Machinery)

............

77

2,107

Dow,

Inc.

(Chemicals)

..............

85

1,255

DraftKings,

Inc.

(Hotels,

Restaurants

&

Leisure)(a)

..................

47

617

DTE

Energy

Co.

(Multi-Utilities)

......

75

2,343

Duke

Energy

Corp.

(Electric

Utilities)

...

252

1,224

DuPont

de

Nemours,

Inc.

(Chemicals)

...

93

772

Dynatrace,

Inc.

(Software)(a)

.........

42

282

Eastman

Chemical

Co.

(Chemicals)

.....

26

1,194

Eaton

Corp.

PLC

(Electrical

Equipment)

.

396

1,417

eBay,

Inc.

(Broadline

Retail)

..........

88

751

Ecolab,

Inc.

(Chemicals)

.............

176

1,122

Edison

International

(Electric

Utilities)

..

90

1,771

Edwards

Lifesciences

Corp.

(Health

Care

Equipment

&

Supplies)(a)

.......

131

779

Electronic

Arts,

Inc.

(Entertainment)

....

114

678

Elevance

Health,

Inc.

(Health

Care

Providers

&

Services)

...........

250

2,411

Eli

Lilly

&

Co.

(Pharmaceuticals)

......

1,862

139

EMCOR

Group,

Inc.

(Construction

&

Engineering)

.................

63

1,714

Emerson

Electric

Co.

(Electrical

Equipment)

212

403

Enphase

Energy,

Inc.

(Semiconductors

&

Semiconductor

Equipment)(a)

.....

28

440

Entegris,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.......

44

1,276

Entergy

Corp.

(Electric

Utilities)

.......

97

1,715

EOG

Resources,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

210

171

EPAM

Systems,

Inc.

(IT

Services)(a)

....

40

1,583

EQT

Corp.

(Oil,

Gas

&

Consumable

Fuels)

73

359

Equifax,

Inc.

(Professional

Services)

....

91

280

Equinix,

Inc.

(Specialized

REITs)

......

264

940

Equitable

Holdings,

Inc.

(Financial

Services)

....................

44

554

Equity

LifeStyle

Properties,

Inc.

(Residential

REITs)

............

37

1,075

Equity

Residential

(Residential

REITs)

..

77

812

Essential

Utilities,

Inc.

(Water

Utilities)

..

29

175

Essex

Property

Trust,

Inc.

(Residential

REITs)

.....................

50

721

Evergy,

Inc.

(Electric

Utilities)

........

44

1,042

Eversource

Energy

(Electric

Utilities)

...

60

524

Exact

Sciences

Corp.

(Biotechnology)(a)

.

29

2,947

Exelon

Corp.

(Electric

Utilities)

.......

111

541

Expand

Energy

Corp.

(Oil,

Gas

&

Consumable

Fuels)

.............

54

377

Expedia

Group,

Inc.

(Hotels,

Restaurants

&

Leisure)(a)

..................

70

454

Expeditors

International

of

Washington,

Inc.

(Air

Freight

&

Logistics)

........

50

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

United

States

(continued)

624

Extra

Space

Storage,

Inc.

(Specialized

REITs)

.....................

$

93

13,203

Exxon

Mobil

Corp.

(Oil,

Gas

&

Consumable

Fuels)

......................

1,421

153

F5,

Inc.

(Communications

Equipment)(a)

.

38

111

FactSet

Research

Systems,

Inc.

(Capital

Markets)

....................

53

74

Fair

Isaac

Corp.

(Software)(a)

.........

147

1,641

Fastenal

Co.

(Trading

Companies

&

Distributors)

.................

118

684

FedEx

Corp.

(Air

Freight

&

Logistics)

...

192

486

Ferguson

Enterprises,

Inc.

(Trading

Companies

&

Distributors)

.......

85

113

Ferguson

Enterprises,

Inc.

(Trading

Companies

&

Distributors)

.......

20

676

Fidelity

National

Financial,

Inc.

(Insurance)

38

1,637

Fidelity

National

Information

Services,

Inc.

(Financial

Services)

............

132

2,086

Fifth

Third

Bancorp

(Banks)

..........

88

32

First

Citizens

BancShares,

Inc.,

Class

-

A

(Banks)

.....................

68

297

First

Solar,

Inc.

(Semiconductors

&

Semiconductor

Equipment)(a)

.....

52

1,607

FirstEnergy

Corp.

(Electric

Utilities)

....

64

1,710

Fiserv,

Inc.

(Financial

Services)(a)

......

351

12,108

Ford

Motor

Co.

(Automobiles)

........

120

1,951

Fortinet,

Inc.

(Software)(a)

...........

184

1,031

Fortive

Corp.

(Machinery)

...........

77

336

Fortune

Brands

Innovations,

Inc.

(Building

Products)

....................

23

678

Fox

Corp.,

Class

-

A

(Media)

..........

33

244

Fox

Corp.,

Class

-

B

(Media)

.........

11

748

Franklin

Resources,

Inc.

(Capital

Markets)

15

4,226

Freeport-McMoRan,

Inc.

(Metals

&

Mining)

161

730

Gaming

and

Leisure

Properties,

Inc.

(Specialized

REITs)

............

35

233

Gartner,

Inc.

(IT

Services)(a)

..........

113

1,293

GE

HealthCare

Technologies,

Inc.

(Health

Care

Equipment

&

Supplies)

......

101

841

GE

Vernova,

Inc.

(Electrical

Equipment)

.

277

1,748

Gen

Digital,

Inc.

(Software)

..........

48

685

General

Dynamics

Corp.

(Aerospace

&

Defense)

....................

180

3,242

General

Electric

Co.

(Industrial

Conglomerates)

...............

541

1,713

General

Mills,

Inc.

(Food

Products)

.....

109

3,325

General

Motors

Co.

(Automobiles)

.....

177

414

Genuine

Parts

Co.

(Distributors)

.......

48

3,744

Gilead

Sciences,

Inc.

(Biotechnology)

...

346

778

Global

Payments,

Inc.

(Financial

Services)

87

442

GoDaddy,

Inc.,

Class

-

A

(IT

Services)(a)

.

87

486

Graco,

Inc.

(Machinery)

.............

41

2,649

Halliburton

Co.

(Energy

Equipment

&

Services)

....................

72

48

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

United

States

(continued)

578

HCA

Healthcare,

Inc.

(Health

Care

Providers

&

Services)

...........

$

173

2,234

Healthpeak

Properties,

Inc.

(Health

Care

REITs)

.....................

45

133

HEICO

Corp.

(Aerospace

&

Defense)

...

32

225

HEICO

Corp.,

Class

-

A

(Aerospace

&

Defense)

....................

42

391

Henry

Schein,

Inc.

(Health

Care

Providers

&

Services)(a)

..................

27

809

Hess

Corp.

(Oil,

Gas

&

Consumable

Fuels)

108

3,805

Hewlett

Packard

Enterprise

Co.

(Technology

Hardware,

Storage

&

Peripherals)

..

81

472

HF

Sinclair

Corp.

(Oil,

Gas

&

Consumable

Fuels)

......................

17

732

Hilton

Worldwide

Holdings,

Inc.

(Hotels,

Restaurants

&

Leisure)

..........

181

727

Hologic,

Inc.

(Health

Care

Equipment

&

Supplies)(a)

..................

52

1,913

Honeywell

International,

Inc.

(Industrial

Conglomerates)

...............

432

911

Hormel

Foods

Corp.

(Food

Products)

....

29

2,156

Host

Hotels

&

Resorts,

Inc.

(Hotel

&

Resort

REITs)

.....................

38

1,180

Howmet

Aerospace,

Inc.

(Aerospace

&

Defense)

....................

129

2,896

HP,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)

..................

94

155

Hubbell,

Inc.

(Electrical

Equipment)

....

65

139

HubSpot,

Inc.

(Software)(a)

..........

97

376

Humana,

Inc.

(Health

Care

Providers

&

Services)

....................

95

4,354

Huntington

Bancshares,

Inc.

(Banks)

....

71

122

Huntington

Ingalls

Industries,

Inc.

(Aerospace

&

Defense)

.........

23

114

Hyatt

Hotels

Corp.,

Class

-

A

(Hotels,

Restaurants

&

Leisure)

..........

18

222

IDEX

Corp.

(Machinery)

............

46

245

IDEXX

Laboratories,

Inc.

(Health

Care

Equipment

&

Supplies)(a)

.......

101

827

Illinois

Tool

Works,

Inc.

(Machinery)

....

210

465

Illumina,

Inc.

(Life

Sciences

Tools

&

Services)(a)

..................

62

560

Incyte

Corp.

(Biotechnology)(a)

.......

39

1,189

Ingersoll

Rand,

Inc.

(Machinery)

.......

108

205

Insulet

Corp.

(Health

Care

Equipment

&

Supplies)(a)

..................

54

12,728

Intel

Corp.

(Semiconductors

&

Semiconductor

Equipment)

.......

255

1,693

Intercontinental

Exchange,

Inc.

(Capital

Markets)

....................

252

2,760

International

Business

Machines

Corp.

(IT

Services)

....................

607

759

International

Flavors

&

Fragrances,

Inc.

(Chemicals)

..................

64

1,039

International

Paper

Co.

(Containers

&

Packaging)

..................

56

832

Intuit,

Inc.

(Software)

...............

523

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

United

States

(continued)

1,049

Intuitive

Surgical,

Inc.

(Health

Care

Equipment

&

Supplies)(a)

.......

$

548

1,844

Invitation

Homes,

Inc.

(Residential

REITs)

59

545

IQVIA

Holdings,

Inc.

(Life

Sciences

Tools

&

Services)(a)

................

107

858

Iron

Mountain,

Inc.

(Specialized

REITs)

.

90

313

Jabil,

Inc.

(Electronic

Equipment,

Instruments

&

Components)

......

45

221

Jack

Henry

&

Associates,

Inc.

(Financial

Services)

....................

39

374

Jacobs

Solutions,

Inc.

(Professional

Services)

....................

50

246

JB

Hunt

Transport

Services,

Inc.

(Ground

Transportation)

...............

42

7,114

Johnson

&

Johnson

(Pharmaceuticals)

...

1,029

2,015

Johnson

Controls

International

PLC

(Building

Products)

............

159

8,459

JPMorgan

Chase

&

Co.

(Banks)

.......

2,029

967

Juniper

Networks,

Inc.

(Communications

Equipment)

..................

36

802

Kellanova

(Food

Products)

...........

65

5,669

Kenvue,

Inc.

(Personal

Care

Products)

...

121

3,329

Keurig

Dr

Pepper,

Inc.

(Beverages)

.....

107

2,950

KeyCorp

(Banks)

..................

51

537

Keysight

Technologies,

Inc.

(Electronic

Equipment,

Instruments

&

Components)(a)

...............

86

1,019

Kimberly-Clark

Corp.

(Household

Products)

134

2,069

Kimco

Realty

Corp.

(Retail

REITs)

.....

48

5,984

Kinder

Morgan,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

164

1,880

KKR

&

Co.,

Inc.

(Capital

Markets)

.....

278

396

KLA

Corp.

(Semiconductors

&

Semiconductor

Equipment)

.......

250

490

Knight-Swift

Transportation

Holdings,

Inc.

(Ground

Transportation)

.........

26

561

L3Harris

Technologies,

Inc.

(Aerospace

&

Defense)

....................

118

264

Labcorp

Holdings,

Inc.

(Health

Care

Providers

&

Services)

...........

61

3,840

Lam

Research

Corp.

(Semiconductors

&

Semiconductor

Equipment)

.......

277

429

Lamb

Weston

Holdings,

Inc.

(Food

Products)

....................

29

1,115

Las

Vegas

Sands

Corp.

(Hotels,

Restaurants

&

Leisure)

...................

57

388

Leidos

Holdings,

Inc.

(Professional

Services)

....................

56

692

Lennar

Corp.,

Class

-

A

(Household

Durables)

...................

94

100

Lennox

International,

Inc.

(Building

Products)

....................

61

592

Liberty

Media

Corp.-Liberty

Formula

One

(Entertainment)(a)

.............

55

1,415

Linde

PLC

(Chemicals)

.............

592

487

Live

Nation

Entertainment,

Inc.

(Entertainment)(a)

.............

63

49

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

United

States

(continued)

802

LKQ

Corp.

(Distributors)

............

$

29

639

Lockheed

Martin

Corp.

(Aerospace

&

Defense)

....................

311

591

Loews

Corp.

(Insurance)

.............

50

1,686

Lowe's

Cos.,

Inc.

(Specialty

Retail)

.....

416

233

LPL

Financial

Holdings,

Inc.

(Capital

Markets)

....................

76

779

LyondellBasell

Industries

N.V.,

Class

-

A

(Chemicals)

..................

58

503

M&T

Bank

Corp.

(Banks)

............

95

188

Manhattan

Associates,

Inc.

(Software)(a)

.

51

991

Marathon

Petroleum

Corp.

(Oil,

Gas

&

Consumable

Fuels)

.............

138

36

Markel

Group,

Inc.

(Insurance)(a)

......

62

116

MarketAxess

Holdings,

Inc.

(Capital

Markets)

....................

26

693

Marriott

International,

Inc.,

Class

-

A

(Hotels,

Restaurants

&

Leisure)

....

193

1,474

Marsh

&

McLennan

Cos.,

Inc.

(Insurance)

313

180

Martin

Marietta

Materials,

Inc.

(Construction

Materials)

.........

93

2,647

Marvell

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.....

292

698

Masco

Corp.

(Building

Products)

.......

51

2,454

Mastercard,

Inc.,

Class

-

A

(Financial

Services)

....................

1,292

844

Match

Group,

Inc.

(Interactive

Media

&

Services)(a)

..................

28

741

McCormick

&

Co.,

Inc.

(Food

Products)

.

56

2,119

McDonald's

Corp.

(Hotels,

Restaurants

&

Leisure)

....................

614

395

McKesson

Corp.

(Health

Care

Providers

&

Services)

....................

225

7,559

Merck

&

Co.,

Inc.

(Pharmaceuticals)

....

752

1,701

MetLife,

Inc.

(Insurance)

............

139

64

Mettler-Toledo

International,

Inc.

(Life

Sciences

Tools

&

Services)(a)

.....

78

721

MGM

Resorts

International

(Hotels,

Restaurants

&

Leisure)(a)

........

25

1,594

Microchip

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

..................

91

3,294

Micron

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.......

277

20,999

Microsoft

Corp.

(Software)

...........

8,852

543

MicroStrategy,

Inc.

(Software)(a)

......

157

373

Mid-America

Apartment

Communities,

Inc.

(Residential

REITs)

............

58

947

Moderna,

Inc.

(Biotechnology)(a)

......

39

171

Molina

Healthcare,

Inc.

(Health

Care

Providers

&

Services)(a)

.........

50

568

Molson

Coors

Beverage

Co.,

Class

-

B

(Beverages)

..................

33

4,038

Mondelez

International,

Inc.,

Class

-

A

(Food

Products)

...............

241

216

MongoDB,

Inc.

(IT

Services)(a)

.......

50

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

United

States

(continued)

147

Monolithic

Power

Systems,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

..................

$

87

2,110

Monster

Beverage

Corp.

(Beverages)(a)

..

111

488

Moody's

Corp.

(Capital

Markets)

.......

231

3,621

Morgan

Stanley

(Capital

Markets)

......

455

504

Motorola

Solutions,

Inc.

(Communications

Equipment)

..................

233

1,261

Nasdaq,

Inc.

(Capital

Markets)

........

97

631

NetApp,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)

..........

73

1,275

Netflix,

Inc.

(Entertainment)(a)

........

1,136

289

Neurocrine

Biosciences,

Inc.

(Biotechnology)(a)

.............

39

3,429

Newmont

Corp.

(Metals

&

Mining)

.....

128

1,230

News

Corp.,

Class

-

A

(Media)

........

34

6,103

NextEra

Energy,

Inc.

(Electric

Utilities)

..

438

3,597

NIKE,

Inc.,

Class

-

B

(Textiles,

Apparel

&

Luxury

Goods)

...............

272

1,317

NiSource,

Inc.

(Multi-Utilities)

........

48

154

Nordson

Corp.

(Machinery)

..........

32

669

Norfolk

Southern

Corp.

(Ground

Transportation)

...............

157

640

Northern

Trust

Corp.

(Capital

Markets)

..

66

411

Northrop

Grumman

Corp.

(Aerospace

&

Defense)

....................

193

605

NRG

Energy,

Inc.

(Electric

Utilities)

....

55

739

Nucor

Corp.

(Metals

&

Mining)

.......

86

732

Nutanix,

Inc.,

Class

-

A

(Software)(a)

....

45

72,936

NVIDIA

Corp.

(Semiconductors

&

Semiconductor

Equipment)

.......

9,796

9

NVR,

Inc.

(Household

Durables)(a)

.....

74

1,677

Occidental

Petroleum

Corp.

(Oil,

Gas

&

Consumable

Fuels)

.............

83

457

Okta,

Inc.

(IT

Services)(a)

............

36

576

Old

Dominion

Freight

Line,

Inc.

(Ground

Transportation)

...............

102

598

Omnicom

Group,

Inc.

(Media)

........

51

1,275

ON

Semiconductor

Corp.

(Semiconductors

&

Semiconductor

Equipment)(a)

...

80

1,731

ONEOK,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

......................

174

4,939

Oracle

Corp.

(Software)

.............

823

172

O'Reilly

Automotive,

Inc.

(Specialty

Retail)

(a)

........................

204

1,202

Otis

Worldwide

Corp.

(Machinery)

.....

111

730

Ovintiv,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

30

250

Owens

Corning

(Building

Products)

....

43

1,549

PACCAR,

Inc.

(Machinery)

..........

161

243

Packaging

Corp.

of

America

(Containers

&

Packaging)

..................

55

1,916

Palo

Alto

Networks,

Inc.

(Software)(a)

...

349

374

Parker-Hannifin

Corp.

(Machinery)

.....

238

954

Paychex,

Inc.

(Professional

Services)

....

134

50

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

United

States

(continued)

162

Paycom

Software,

Inc.

(Professional

Services)

....................

$

33

2,915

PayPal

Holdings,

Inc.

(Financial

Services)

(a)

........................

249

4,101

PepsiCo,

Inc.

(Beverages)

............

624

16,746

Pfizer,

Inc.

(Pharmaceuticals)

.........

444

6,020

PG&E

Corp.

(Electric

Utilities)

........

121

1,281

Phillips

66

(Oil,

Gas

&

Consumable

Fuels)

146

1,803

Pinterest,

Inc.,

Class

-

A

(Interactive

Media

&

Services)(a)

................

52

117

Pool

Corp.

(Distributors)

............

40

693

PPG

Industries,

Inc.

(Chemicals)

.......

83

2,211

PPL

Corp.

(Electric

Utilities)

..........

72

723

Principal

Financial

Group,

Inc.

(Insurance)

56

2,757

Prologis,

Inc.

(Industrial

REITs)

.......

291

1,093

Prudential

Financial,

Inc.

(Insurance)

....

130

337

PTC,

Inc.

(Software)(a)

.............

62

1,468

Public

Service

Enterprise

Group,

Inc.

(Multi-Utilities)

...............

124

470

Public

Storage

(Specialized

REITs)

.....

141

604

PulteGroup,

Inc.

(Household

Durables)

..

66

935

Pure

Storage,

Inc.,

Class

-

A

(Technology

Hardware,

Storage

&

Peripherals)(a)

57

304

Qorvo,

Inc.

(Semiconductors

&

Semiconductor

Equipment)(a)

.....

21

3,284

QUALCOMM,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.......

504

420

Quanta

Services,

Inc.

(Construction

&

Engineering)

.................

133

329

Quest

Diagnostics,

Inc.

(Health

Care

Providers

&

Services)

...........

50

609

Raymond

James

Financial,

Inc.

(Capital

Markets)

....................

95

547

RB

Global,

Inc.

(Commercial

Services

&

Supplies)

....................

49

2,627

Realty

Income

Corp.

(Retail

REITs)

.....

140

563

Regency

Centers

Corp.

(Retail

REITs)

...

42

319

Regeneron

Pharmaceuticals,

Inc.

(Biotechnology)(a)

.............

227

2,806

Regions

Financial

Corp.

(Banks)

.......

66

175

Reliance,

Inc.

(Metals

&

Mining)

......

47

668

Republic

Services,

Inc.

(Commercial

Services

&

Supplies)

...........

134

430

ResMed,

Inc.

(Health

Care

Equipment

&

Supplies)

....................

98

374

Revvity,

Inc.

(Life

Sciences

Tools

&

Services)

....................

42

2,371

Rivian

Automotive,

Inc.,

Class

-

A

(Automobiles)(a)

..............

32

1,747

Robinhood

Markets,

Inc.,

Class

-

A

(Capital

Markets)(a)

..................

65

1,442

ROBLOX

Corp.,

Class

-

A

(Entertainment)

(a)

........................

83

334

Rockwell

Automation,

Inc.

(Electrical

Equipment)

..................

95

369

Roku,

Inc.

(Entertainment)(a)

.........

27

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

United

States

(continued)

720

Rollins,

Inc.

(Commercial

Services

&

Supplies)

....................

$

33

309

Roper

Technologies,

Inc.

(Software)

....

161

1,011

Ross

Stores,

Inc.

(Specialty

Retail)

.....

153

721

Royal

Caribbean

Cruises

Ltd.

(Hotels,

Restaurants

&

Leisure)

..........

166

1,170

Royalty

Pharma

PLC,

Class

-

A

(Pharmaceuticals)

.............

30

384

RPM

International,

Inc.

(Chemicals)

....

47

3,979

RTX

Corp.

(Aerospace

&

Defense)

.....

460

955

S&P

Global,

Inc.

(Capital

Markets)

.....

476

2,832

Salesforce,

Inc.

(Software)

...........

947

580

Samsara,

Inc.,

Class

-

A

(Software)(a)

...

25

322

SBA

Communications

Corp.

(Specialized

REITs)

.....................

66

4,280

Schlumberger

N.V.

(Energy

Equipment

&

Services)

....................

164

620

Seagate

Technology

Holdings

PLC

(Technology

Hardware,

Storage

&

Peripherals)

..................

54

194

SEI

Investments

Co.

(Capital

Markets)

..

16

1,857

Sempra

(Multi-Utilities)

.............

163

608

ServiceNow,

Inc.

(Software)(a)

........

645

978

Simon

Property

Group,

Inc.

(Retail

REITs)

168

468

Skyworks

Solutions,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.....

42

3,500

Snap,

Inc.,

Class

-

A

(Interactive

Media

&

Services)(a)

..................

38

153

Snap-on,

Inc.

(Machinery)

...........

52

913

Snowflake,

Inc.,

Class

-

A

(IT

Services)(a)

141

408

Solventum

Corp.

(Health

Care

Providers

&

Services)(a)

..................

27

459

Stanley

Black

&

Decker,

Inc.

(Machinery)

37

3,402

Starbucks

Corp.

(Hotels,

Restaurants

&

Leisure)

....................

310

867

State

Street

Corp.

(Capital

Markets)

.....

85

482

Steel

Dynamics,

Inc.

(Metals

&

Mining)

.

55

293

STERIS

PLC

(Health

Care

Equipment

&

Supplies)

....................

60

1,015

Stryker

Corp.

(Health

Care

Equipment

&

Supplies)

....................

365

387

Sun

Communities,

Inc.

(Residential

REITs)

48

1,162

Synchrony

Financial

(Consumer

Finance)

76

454

Synopsys,

Inc.

(Software)(a)

..........

220

1,341

Sysco

Corp.

(Consumer

Staples

Distribution

&

Retail)

....................

103

671

T.

Rowe

Price

Group,

Inc.

(Capital

Markets)

76

499

Take-Two

Interactive

Software,

Inc.

(Entertainment)(a)

.............

92

647

Targa

Resources

Corp.

(Oil,

Gas

&

Consumable

Fuels)

.............

115

1,404

Target

Corp.

(Consumer

Staples

Distribution

&

Retail)

....................

190

142

Teledyne

Technologies,

Inc.

(Electronic

Equipment,

Instruments

&

Components)(a)

...............

66

51

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

United

States

(continued)

143

Teleflex,

Inc.

(Health

Care

Equipment

&

Supplies)

....................

$

25

456

Teradyne,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.......

57

8,544

Tesla,

Inc.

(Automobiles)(a)

..........

3,451

2,701

Texas

Instruments,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.......

506

61

Texas

Pacific

Land

Corp.

(Oil,

Gas

&

Consumable

Fuels)

.............

67

619

Textron,

Inc.

(Aerospace

&

Defense)

....

47

2,030

The

AES

Corp.

(Independent

Power

and

Renewable

Electricity

Producers)

..

26

779

The

Allstate

Corp.

(Insurance)

.........

150

2,222

The

Bank

of

New

York

Mellon

Corp.

(Capital

Markets)

..............

171

2,179

The

Boeing

Co.

(Aerospace

&

Defense)(a)

386

579

The

Campbell's

Co.

(Food

Products)

....

24

677

The

Carlyle

Group,

Inc.

(Capital

Markets)

34

4,737

The

Charles

Schwab

Corp.

(Capital

Markets)

....................

351

841

The

Cigna

Group

(Health

Care

Providers

&

Services)

....................

232

362

The

Clorox

Co.

(Household

Products)

...

59

12,233

The

Coca-Cola

Co.

(Beverages)

.......

762

584

The

Cooper

Cos.,

Inc.

(Health

Care

Equipment

&

Supplies)(a)

.......

54

682

The

Estee

Lauder

Cos.,

Inc.

(Personal

Care

Products)

....................

51

935

The

Goldman

Sachs

Group,

Inc.

(Capital

Markets)

....................

535

876

The

Hartford

Financial

Services

Group,

Inc.

(Insurance)

..................

96

450

The

Hershey

Co.

(Food

Products)

......

76

2,958

The

Home

Depot,

Inc.

(Specialty

Retail)

.

1,151

1,159

The

Interpublic

Group

of

Cos.,

Inc.

(Media)

32

313

The

J.M.

Smucker

Co.

(Food

Products)

..

34

2,822

The

Kraft

Heinz

Co.

(Food

Products)

....

87

2,078

The

Kroger

Co.

(Consumer

Staples

Distribution

&

Retail)

...........

127

996

The

Mosaic

Co.

(Chemicals)

..........

24

1,209

The

PNC

Financial

Services

Group,

Inc.

(Banks)

.....................

233

7,020

The

Procter

&

Gamble

Co.

(Household

Products)

....................

1,177

1,763

The

Progressive

Corp.

(Insurance)

......

422

705

The

Sherwin-Williams

Co.

(Chemicals)

..

240

3,240

The

Southern

Co.

(Electric

Utilities)

....

267

3,293

The

TJX

Cos.,

Inc.

(Specialty

Retail)

....

398

309

The

Toro

Co.

(Machinery)

............

25

1,335

The

Trade

Desk,

Inc.,

Class

-

A

(Media)(a)

157

669

The

Travelers

Cos.,

Inc.

(Insurance)

.....

161

5,435

The

Walt

Disney

Co.

(Entertainment)

....

605

3,573

The

Williams

Cos.,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

193

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

United

States

(continued)

1,130

Thermo

Fisher

Scientific,

Inc.

(Life

Sciences

Tools

&

Services)

..............

$

588

1,588

T-Mobile

US,

Inc.

(Wireless

Telecommunication

Services)

.....

351

1,183

Toast,

Inc.,

Class

-

A

(Financial

Services)(a)

43

1,630

Tractor

Supply

Co.

(Specialty

Retail)

....

86

328

Tradeweb

Markets,

Inc.,

Class

-

A

(Capital

Markets)

....................

43

164

TransDigm

Group,

Inc.

(Aerospace

&

Defense)

....................

208

576

TransUnion

(Professional

Services)

.....

53

756

Trimble,

Inc.

(Electronic

Equipment,

Instruments

&

Components)(a)

....

53

3,828

Truist

Financial

Corp.

(Banks)

.........

166

466

Twilio,

Inc.,

Class

-

A

(IT

Services)(a)

...

50

126

Tyler

Technologies,

Inc.

(Software)(a)

...

73

861

Tyson

Foods,

Inc.,

Class

-

A

(Food

Products)

49

4,519

U.S.

Bancorp

(Banks)

...............

216

5,555

Uber

Technologies,

Inc.

(Ground

Transportation)(a)

.............

335

1,007

UDR,

Inc.

(Residential

REITs)

........

44

303

U-Haul

Holding

Co.

(Ground

Transportation)

...............

19

148

Ulta

Beauty,

Inc.

(Specialty

Retail)(a)

...

64

1,816

Union

Pacific

Corp.

(Ground

Transportation)

...............

414

2,155

United

Parcel

Service,

Inc.,

Class

-

B

(Air

Freight

&

Logistics)

............

272

203

United

Rentals,

Inc.

(Trading

Companies

&

Distributors)

.................

143

135

United

Therapeutics

Corp.

(Biotechnology)

(a)

........................

48

2,740

UnitedHealth

Group,

Inc.

(Health

Care

Providers

&

Services)

...........

1,387

958

Valero

Energy

Corp.

(Oil,

Gas

&

Consumable

Fuels)

.............

117

451

Veeva

Systems,

Inc.,

Class

-

A

(Health

Care

Technology)(a)

...............

95

1,208

Ventas,

Inc.

(Health

Care

REITs)

.......

71

711

Veralto

Corp.

(Commercial

Services

&

Supplies)

....................

72

282

VeriSign,

Inc.

(IT

Services)(a)

.........

58

439

Verisk

Analytics,

Inc.

(Professional

Services)

....................

121

12,503

Verizon

Communications,

Inc.

(Diversified

Telecommunication

Services)

.....

500

776

Vertex

Pharmaceuticals,

Inc.

(Biotechnology)(a)

.............

312

1,058

Vertiv

Holdings

Co.,

Class

-

A

(Electrical

Equipment)

..................

120

3,592

Viatris,

Inc.

(Pharmaceuticals)

.........

45

2,995

VICI

Properties,

Inc.

(Specialized

REITs)

87

4,919

Visa,

Inc.,

Class

-

A

(Financial

Services)

.

1,556

1,037

Vistra

Corp.

(Independent

Power

and

Renewable

Electricity

Producers)

..

143

52

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

United

States

(continued)

385

Vulcan

Materials

Co.

(Construction

Materials)

...................

$

99

958

W.R.

Berkley

Corp.

(Insurance)

........

56

128

W.W.

Grainger,

Inc.

(Trading

Companies

&

Distributors)

.................

135

2,219

Walgreens

Boots

Alliance,

Inc.

(Consumer

Staples

Distribution

&

Retail)

.....

21

13,218

Walmart,

Inc.

(Consumer

Staples

Distribution

&

Retail)

...........

1,194

6,856

Warner

Bros.

Discovery,

Inc.

(Entertainment)(a)

.............

72

1,209

Waste

Management,

Inc.

(Commercial

Services

&

Supplies)

...........

244

175

Waters

Corp.

(Life

Sciences

Tools

&

Services)(a)

..................

65

96

Watsco,

Inc.

(Trading

Companies

&

Distributors)

.................

45

940

WEC

Energy

Group,

Inc.

(Multi-Utilities)

88

10,108

Wells

Fargo

&

Co.

(Banks)

...........

710

1,802

Welltower,

Inc.

(Health

Care

REITs)

....

227

217

West

Pharmaceutical

Services,

Inc.

(Life

Sciences

Tools

&

Services)

.......

71

954

Western

Digital

Corp.

(Technology

Hardware,

Storage

&

Peripherals)(a)

57

536

Westinghouse

Air

Brake

Technologies

Corp.

(Machinery)

.................

102

121

Westlake

Corp.

(Chemicals)

..........

14

2,170

Weyerhaeuser

Co.

(Specialized

REITs)

..

61

364

Williams-Sonoma,

Inc.

(Specialty

Retail)

.

67

635

Workday,

Inc.,

Class

-

A

(Software)(a)

...

164

681

WP

Carey,

Inc.

(Diversified

REITs)

.....

37

328

Wynn

Resorts

Ltd.

(Hotels,

Restaurants

&

Leisure)

....................

28

1,615

Xcel

Energy,

Inc.

(Electric

Utilities)

.....

109

704

Xylem,

Inc.

(Machinery)

.............

82

821

Yum!

Brands,

Inc.

(Hotels,

Restaurants

&

Leisure)

....................

110

151

Zebra

Technologies

Corp.

(Electronic

Equipment,

Instruments

&

Components)(a)

...............

58

445

Zillow

Group,

Inc.,

Class

-

C

(Real

Estate

Management

&

Development)(a)

...

33

613

Zimmer

Biomet

Holdings,

Inc.

(Health

Care

Equipment

&

Supplies)

.........

65

1,346

Zoetis,

Inc.

(Pharmaceuticals)

.........

219

710

Zoom

Communications,

Inc.,

Class

-

A

(Software)(a)

.................

58

259

Zscaler,

Inc.

(Software)(a)

............

47

145,012

Uruguay

—

0.11%

136

MercadoLibre,

Inc.

(Broadline

Retail)(a)

.

231

Total

Common

Stocks

..............

201,156

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

—

0.28%

Money

Market

Funds

—

0.28%

574,445

State

Street

Institutional

Treasury

Plus

Money

Market

Fund,

Trust

Class

,

4.37%(d)

....................

574

Total

Investment

Company

..........

574

Total

Investments

(cost

$121,220

)

—

99.78%

201,730

Other

assets

in

excess

of

liabilities

—

0.22%

442

Net

Assets

-

100.00%

$

202,172

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,

2024.

(d)

Annualized

7-day

yield

as

of

period-end.

ADR—American

Depositary

Receipt

REIT—Real

Estate

Investment

Trust

53

See

accompanying

notes

to

financial

statements.

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(concluded)

—

December

31,

2024

(Unaudited)

The

following

table

reflects

the

percentage

of

total

net

assets

of

the

Portfolio

attributable

to

each

Specialist

Manager

as

of

December

31,

2024.

The

ESG

Growth

Portfolio

Mellon

Investments

Corporation

Parametric

Portfolio

Associates,

LLC

Total

Common

Stocks

......................................................................................................................................................

99.50

%

—

99.50

%

Warrant

....................................................................................................................................................................

—

—

—

%

Investment

Companies

.............................................................................................................................................

0.09

%

0.19

%

0.28

%

Other

Assets

(Liabilities)

.........................................................................................................................................

0.16

%

0.06

%

0.22

%

Total

Net

Assets

..................................................................................................................................................

99.75

%

0.25

%

100.00

%

The

following

table

reflects

the

open

derivative

positions

held

by

the

Portfolio

as

of

December

31,

2024

.

Futures

Contracts

Purchased

*

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value

and

Unrealized

Appreciation/

(Depreciation)

(000)

Mini

MSCI

EAFE

Index

Future

...................

1

3/21/25

$

113

$

(4)

$

113

$

(4)

Total

Unrealized

Appreciation

.....................

$

—

Total

Unrealized

Depreciation

.....................

(4)

Total

Net

Unrealized

Appreciation/(Depreciation)

.......

$

(4)

*

Cash

has

been

pledged

as

collateral

for

futures

contracts

held

by

the

Portfolio.

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

—

December

31,

2024

(Unaudited)

54

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

—

99.78%

Australia

—

1.77%

1,783

ANZ

Group

Holdings

Ltd.

(Banks)(a)

...

$

31

680

APA

Group

(Gas

Utilities)(a)

.........

3

306

Aristocrat

Leisure

Ltd.

(Hotels,

Restaurants

&

Leisure)

...................

13

125

ASX

Ltd.

(Capital

Markets)

..........

5

95

Atlassian

Corp.,

Class

-

A

(Software)(a)

..

23

2,989

BHP

Group

Ltd.

(Metals

&

Mining)

.....

73

248

BlueScope

Steel

Ltd.

(Metals

&

Mining)

.

3

876

Brambles

Ltd.

(Commercial

Services

&

Supplies)

....................

10

233

CAR

Group

Ltd.

(Interactive

Media

&

Services)(a)

..................

5

41

Cochlear

Ltd.

(Health

Care

Equipment

&

Supplies)

....................

7

780

Coles

Group

Ltd.

(Consumer

Staples

Distribution

&

Retail)(a)

.........

9

989

Commonwealth

Bank

of

Australia

(Banks)

93

364

Computershare

Ltd.

(Professional

Services)

8

670

Endeavour

Group

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

2

1,053

Fortescue

Ltd.

(Metals

&

Mining)

......

12

1,047

Goodman

Group

(Industrial

REITs)

.....

23

1,294

Insurance

Australia

Group

Ltd.

(Insurance)

7

214

Macquarie

Group

Ltd.

(Capital

Markets)

.

29

1,579

Medibank

Pvt

Ltd.

(Insurance)

........

4

78

Mineral

Resources

Ltd.

(Metals

&

Mining)

(a)

........................

2

1,591

Mirvac

Group

(Diversified

REITs)

......

2

1,746

National

Australia

Bank

Ltd.

(Banks)

....

40

709

Northern

Star

Resources

Ltd.

(Metals

&

Mining)(a)

...................

7

257

Orica

Ltd.

(Chemicals)(a)

............

3

1,065

Origin

Energy

Ltd.

(Electric

Utilities)

...

7

31

Pro

Medicus

Ltd.

(Health

Care

Technology)

5

503

Qantas

Airways

Ltd.

(Passenger

Airlines)(a)

3

889

QBE

Insurance

Group

Ltd.

(Insurance)(a)

11

23

REA

Group

Ltd.

(Interactive

Media

&

Services)

....................

3

114

Reece

Ltd.

(Trading

Companies

&

Distributors)

.................

2

223

Rio

Tinto

Ltd.

(Metals

&

Mining)

......

16

2,037

Santos

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

(b)

........................

8

3,327

Scentre

Group

(Retail

REITs)(a)

.......

7

244

SEEK

Ltd.

(Interactive

Media

&

Services)

3

113

SGH

Ltd.

(Trading

Companies

&

Distributors)(a)

...............

3

296

Sonic

Healthcare

Ltd.

(Health

Care

Providers

&

Services)

...........

5

2,634

South32

Ltd.

(Metals

&

Mining)

.......

6

1,290

Stockland

(Diversified

REITs)

.........

4

802

Suncorp

Group

Ltd.

(Insurance)

.......

9

2,429

Telstra

Group

Ltd.

(Diversified

Telecommunication

Services)

.....

6

1,120

The

GPT

Group

(Diversified

REITs)

....

3

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Australia

(continued)

1,446

The

Lottery

Corp

Ltd.

(Hotels,

Restaurants

&

Leisure)

...................

$

4

1,832

Transurban

Group

(Transportation

Infrastructure)(a)

..............

15

551

Treasury

Wine

Estates

Ltd.

(Beverages)

..

4

2,104

Vicinity

Ltd.

(Retail

REITs)(b)

........

3

128

Washington

H

Soul

Pattinson

&

Co.

Ltd.

(Financial

Services)

............

3

654

Wesfarmers

Ltd.

(Broadline

Retail)

.....

29

1,971

Westpac

Banking

Corp.

(Banks)

.......

39

98

WiseTech

Global

Ltd.

(Software)(a)

.....

7

1,166

Woodside

Energy

Group

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

.............

18

721

Woolworths

Group

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

14

651

Austria

—

0.05%

202

Erste

Group

Bank

AG

(Banks)(b)

......

12

99

OMV

AG

(Oil,

Gas

&

Consumable

Fuels)

4

39

Verbund

AG

(Electric

Utilities)

........

3

19

Belgium

—

0.19%

91

Ageas

SA/N.V.

(Insurance)

...........

4

542

Anheuser-Busch

InBev

SA/N.V.

(Beverages)

..................

28

20

D'ieteren

Group

(Distributors)

.........

3

17

Elia

Group

SA/N.V.

(Electric

Utilities)(b)

1

51

Groupe

Bruxelles

Lambert

N.V.

(Financial

Services)

....................

3

135

KBC

Group

N.V.

(Banks)

............

10

9

Sofina

SA

(Financial

Services)

........

2

37

Syensqo

SA

(Chemicals)

.............

3

74

UCB

SA

(Pharmaceuticals)

...........

16

108

Warehouses

De

Pauw

CVA

(Industrial

REITs)(a)

...................

2

72

Bermuda

—

0.08%

228

Arch

Capital

Group

Ltd.

(Insurance)

....

21

24

Everest

Group

Ltd.

(Insurance)

........

9

30

Canada

—

3.43%

278

Agnico

Eagle

Mines

Ltd.

(Metals

&

Mining)

22

100

Air

Canada

(Passenger

Airlines)(a)(b)

...

2

436

Alimentation

Couche-Tard,

Inc.

(Consumer

Staples

Distribution

&

Retail)

.....

24

187

AltaGas

Ltd.

(Gas

Utilities)

...........

4

353

ARC

Resources

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

.............

6

424

Bank

of

Montreal

(Banks)

............

41

55

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Canada

(continued)

1,082

Barrick

Gold

Corp.

(Metals

&

Mining)

..

$

17

31

BCE,

Inc.

(Diversified

Telecommunication

Services)

....................

1

222

Brookfield

Asset

Management

Ltd.,

Class

-

A

(Capital

Markets)

............

12

817

Brookfield

Corp.

(Capital

Markets)

.....

47

63

Brookfield

Renewable

Corp.

(Independent

Power

and

Renewable

Electricity

Producers)(a)

.................

2

234

Cameco

Corp.

(Oil,

Gas

&

Consumable

Fuels)

......................

12

46

Canadian

Apartment

Properties

REIT

(Residential

REITs)(b)

..........

1

570

Canadian

Imperial

Bank

of

Commerce

(Banks)

.....................

36

319

Canadian

National

Railway

Co.

(Ground

Transportation)

...............

32

1,225

Canadian

Natural

Resources

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

...........

38

546

Canadian

Pacific

Kansas

City

Ltd.

(Ground

Transportation)

...............

40

31

Canadian

Tire

Corp.

Ltd.,

Class

-

A

(Broadline

Retail)(a)

...........

3

110

Canadian

Utilities

Ltd.,

Class

-

A

(Multi-

Utilities)

....................

3

81

CCL

Industries,

Inc.,

Class

-

B

(Containers

&

Packaging)(b)

..............

4

824

Cenovus

Energy,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

12

121

CGI,

Inc.

(IT

Services)

..............

13

11

Constellation

Software,

Inc.

(Software)

..

34

171

Dollarama,

Inc.

(Broadline

Retail)

......

17

257

Element

Fleet

Management

Corp.

(Commercial

Services

&

Supplies)(b)

5

169

Emera,

Inc.

(Electric

Utilities)

.........

6

85

Empire

Co.

Ltd.,

Class

-

A

(Consumer

Staples

Distribution

&

Retail)

.....

3

1,250

Enbridge,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

......................

53

12

Fairfax

Financial

Holdings

Ltd.

(Insurance)

17

430

First

Quantum

Minerals

Ltd.

(Metals

&

Mining)(a)

...................

6

25

FirstService

Corp.

(Real

Estate

Management

&

Development)

..............

5

277

Fortis,

Inc.

(Electric

Utilities)

.........

12

114

Franco-Nevada

Corp.

(Metals

&

Mining)

.

13

37

George

Weston

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

6

127

GFL

Environmental,

Inc.

(Commercial

Services

&

Supplies)

...........

6

97

Gildan

Activewear,

Inc.

(Textiles,

Apparel

&

Luxury

Goods)

...............

5

190

Great-West

Lifeco,

Inc.

(Insurance)

.....

6

206

Hydro

One

Ltd.

(Electric

Utilities)(b)

....

6

53

iA

Financial

Corp.,

Inc.

(Insurance)

.....

5

50

IGM

Financial,

Inc.

(Capital

Markets)

...

2

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Canada

(continued)

120

Imperial

Oil

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

......................

$

7

105

Intact

Financial

Corp.

(Insurance)(b)

....

19

416

Ivanhoe

Mines

Ltd.

(Metals

&

Mining)(a)

5

121

Keyera

Corp.

(Oil,

Gas

&

Consumable

Fuels)

......................

4

776

Kinross

Gold

Corp.

(Metals

&

Mining)

..

7

96

Loblaw

Cos.

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

13

64

Lululemon

Athletica,

Inc.

(Textiles,

Apparel

&

Luxury

Goods)(a)

............

24

443

Lundin

Mining

Corp.

(Metals

&

Mining)(b)

4

154

Magna

International,

Inc.

(Automobile

Components)

.................

6

1,009

Manulife

Financial

Corp.

(Insurance)

....

31

163

MEG

Energy

Corp.

(Oil,

Gas

&

Consumable

Fuels)(b)

....................

3

126

Metro,

Inc.

(Consumer

Staples

Distribution

&

Retail)

....................

8

189

National

Bank

of

Canada

(Banks)

......

17

289

Nutrien

Ltd.

(Chemicals)

............

13

42

Onex

Corp.

(Capital

Markets)

.........

3

185

Open

Text

Corp.

(Software)(b)

........

5

198

Pan

American

Silver

Corp.

(Metals

&

Mining)

.....................

4

80

Parkland

Corp.

(Oil,

Gas

&

Consumable

Fuels)(b)

....................

2

333

Pembina

Pipeline

Corp.

(Oil,

Gas

&

Consumable

Fuels)

.............

12

328

Power

Corp.

of

Canada

(Insurance)

.....

10

78

Quebecor,

Inc.,

Class

-

B

(Diversified

Telecommunication

Services)

.....

2

185

Restaurant

Brands

International,

Inc.

(Hotels,

Restaurants

&

Leisure)

....

12

188

Rogers

Communications,

Inc.,

Class

-

B

(Wireless

Telecommunication

Services)

....................

6

836

Royal

Bank

of

Canada

(Banks)

........

101

102

Saputo,

Inc.

(Food

Products)(b)

........

2

720

Shopify,

Inc.,

Class

-

A

(IT

Services)(a)

..

77

67

Stantec,

Inc.

(Construction

&

Engineering)

5

346

Sun

Life

Financial,

Inc.

(Insurance)

.....

21

760

Suncor

Energy,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

27

596

TC

Energy

Corp.

(Oil,

Gas

&

Consumable

Fuels)

......................

28

258

Teck

Resources

Ltd.,

Class

-

B

(Metals

&

Mining)

.....................

10

241

TELUS

Corp.

(Diversified

Telecommunication

Services)

.....

3

50

TFI

International,

Inc.

(Ground

Transportation)

...............

7

713

The

Bank

of

Nova

Scotia

(Banks)

......

38

52

The

Descartes

Systems

Group,

Inc.

(Software)(a)

.................

6

1,018

The

Toronto-Dominion

Bank

(Banks)

...

54

56

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Canada

(continued)

96

Thomson

Reuters

Corp.

(Professional

Services)

....................

$

15

175

TMX

Group

Ltd.

(Capital

Markets)

.....

5

47

Toromont

Industries

Ltd.

(Trading

Companies

&

Distributors)

.......

4

206

Tourmaline

Oil

Corp.

(Oil,

Gas

&

Consumable

Fuels)

.............

10

153

Waste

Connections,

Inc.

(Commercial

Services

&

Supplies)

...........

26

37

West

Fraser

Timber

Co.

Ltd.

(Paper

&

Forest

Products)

...............

3

271

Wheaton

Precious

Metals

Corp.

(Metals

&

Mining)

.....................

15

73

WSP

Global,

Inc.

(Construction

&

Engineering)

.................

13

1,266

Chile

—

0.01%

212

Antofagasta

PLC

(Metals

&

Mining)

....

4

China

—

0.01%

1,400

Yangzijiang

Shipbuilding

Holdings

Ltd.

(Machinery)

.................

3

Denmark

—

0.27%

1

A.P.

Moller

-

Maersk

A/S,

Class

-

A

(Marine

Transportation)

...............

2

3

A.P.

Moller

-

Maersk

A/S,

Class

-

B

(Marine

Transportation)

...............

5

57

Carlsberg

A/S,

Class

-

B

(Beverages)

....

5

80

Coloplast

A/S,

Class

-

B

(Health

Care

Equipment

&

Supplies)

.........

9

358

Danske

Bank

A/S

(Banks)

............

10

27

Demant

A/S

(Health

Care

Equipment

&

Supplies)(a)

..................

1

125

DSV

A/S

(Air

Freight

&

Logistics)

.....

26

213

Novonesis

(Novozymes)

(Chemicals)

...

12

114

Orsted

A/S

(Electric

Utilities)(a)(b)

.....

5

50

Pandora

A/S

(Textiles,

Apparel

&

Luxury

Goods)

.....................

9

5

ROCKWOOL

A/S,

Class

-

B

(Building

Products)

....................

2

192

Tryg

A/S

(Insurance)(b)

.............

4

625

Vestas

Wind

Systems

A/S

(Electrical

Equipment)(a)

................

9

99

Finland

—

0.24%

72

Elisa

Oyj

(Diversified

Telecommunication

Services)

....................

3

302

Fortum

Oyj

(Electric

Utilities)

.........

4

191

Kesko

Oyj,

Class

-

B

(Consumer

Staples

Distribution

&

Retail)

...........

4

202

Kone

Oyj,

Class

-

B

(Machinery)

.......

10

372

Metso

Oyj

(Machinery)(b)

...........

3

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Finland

(continued)

249

Neste

Oyj

(Oil,

Gas

&

Consumable

Fuels)

$

3

3,202

Nokia

Oyj

(Communications

Equipment)

.

14

1,791

Nordea

Bank

Abp

(Banks)

...........

19

271

Sampo

Oyj,

A

Shares

(Insurance)

......

11

352

Stora

Enso

Oyj,

R

Shares

(Paper

&

Forest

Products)

....................

4

314

UPM-Kymmene

Oyj

(Paper

&

Forest

Products)

....................

9

285

Wartsila

Oyj

Abp

(Machinery)

.........

5

89

France

—

2.28%

115

Accor

SA

(Hotels,

Restaurants

&

Leisure)

6

24

Aeroports

de

Paris

SA

(Transportation

Infrastructure)

................

3

339

Air

Liquide

SA

(Chemicals)

..........

55

181

Alstom

SA

(Machinery)(a)

...........

4

30

Amundi

SA

(Capital

Markets)

.........

2

32

Arkema

SA

(Chemicals)

.............

2

1,053

AXA

SA

(Insurance)

...............

37

22

BioMerieux

(Health

Care

Equipment

&

Supplies)

....................

2

591

BNP

Paribas

SA

(Banks)

.............

36

481

Bollore

SE

(Entertainment)

...........

3

107

Bouygues

SA

(Construction

&

Engineering)

3

196

Bureau

Veritas

SA

(Professional

Services)

(b)

........................

6

87

Capgemini

SE

(IT

Services)

..........

14

320

Carrefour

SA

(Consumer

Staples

Distribution

&

Retail)(b)

........

5

266

Cie

de

Saint-Gobain

SA

(Building

Products)

24

382

Cie

Generale

des

Etablissements

Michelin

SCA

(Automobile

Components)

...

13

29

Covivio

SA

(Office

REITs)(a)

.........

1

658

Credit

Agricole

SA

(Banks)

...........

9

380

Danone

SA

(Food

Products)

..........

26

412

Dassault

Systemes

SE

(Software)

......

14

161

Edenred

SE

(Financial

Services)

.......

5

43

Eiffage

SA

(Construction

&

Engineering)(b)

4

1,076

Engie

SA

(Multi-Utilities)

............

17

170

EssilorLuxottica

SA

(Health

Care

Equipment

&

Supplies)(a)

.......

41

37

Eurazeo

SE

(Financial

Services)

.......

3

23

Gecina

SA

(Office

REITs)(b)

..........

2

218

Getlink

SE

(Transportation

Infrastructure)

3

19

Hermes

International

SCA

(Textiles,

Apparel

&

Luxury

Goods)

..............

46

22

Ipsen

SA

(Pharmaceuticals)

...........

3

46

Kering

SA

(Textiles,

Apparel

&

Luxury

Goods)

.....................

11

102

Klepierre

SA

(Retail

REITs)

..........

3

59

La

Francaise

des

Jeux

SACA

(Hotels,

Restaurants

&

Leisure)

..........

2

150

Legrand

SA

(Electrical

Equipment)

.....

15

57

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

France

(continued)

139

L'Oreal

SA

(Personal

Care

Products)

....

$

49

161

LVMH

Moet

Hennessy

Louis

Vuitton

SE

(Textiles,

Apparel

&

Luxury

Goods)

107

1,132

Orange

SA

(Diversified

Telecommunication

Services)(b)

..................

11

119

Pernod

Ricard

SA

(Beverages)

........

13

136

Publicis

Groupe

SA

(Media)

..........

14

122

Renault

SA

(Automobiles)

...........

6

113

Rexel

SA

(Trading

Companies

&

Distributors)

.................

3

323

Schneider

Electric

SE

(Electrical

Equipment)(b)

................

81

16

SEB

SA

(Household

Durables)(b)

......

1

397

Societe

Generale

SA

(Banks)

.........

11

54

Sodexo

SA

(Hotels,

Restaurants

&

Leisure)

4

37

Teleperformance

SE

(Professional

Services)

3

1,266

TotalEnergies

SE

(Oil,

Gas

&

Consumable

Fuels)

......................

72

79

Unibail-Rodamco-Westfield

(Retail

REITs)

6

432

Veolia

Environnement

SA

(Multi-Utilities)

12

279

Vinci

SA

(Construction

&

Engineering)

..

29

842

Germany

—

1.93%

100

adidas

AG

(Textiles,

Apparel

&

Luxury

Goods)

.....................

25

232

Allianz

SE,

Registered

Shares

(Insurance)

71

530

BASF

SE

(Chemicals)

..............

23

164

Bayerische

Motoren

Werke

AG

(Automobiles)

................

13

34

Bayerische

Motoren

Werke

AG,

Preference

Shares

(Automobiles)

...........

3

45

Bechtle

AG

(IT

Services)

............

1

81

Brenntag

SE

(Trading

Companies

&

Distributors)

.................

5

23

Carl

Zeiss

Meditec

AG,

Class

-

BR

(Health

Care

Equipment

&

Supplies)

......

1

531

Commerzbank

AG

(Banks)

...........

9

62

Continental

AG

(Automobile

Components)

4

107

Covestro

AG

(Chemicals)(a)

..........

6

30

CTS

Eventim

AG

&

Co.

KGaA

(Entertainment)(b)

.............

3

295

Daimler

Truck

Holding

AG

(Machinery)

.

11

111

Delivery

Hero

SE

(Hotels,

Restaurants

&

Leisure)(a)

..................

3

1,133

Deutsche

Bank

AG,

Registered

Shares

(Capital

Markets)

..............

20

106

Deutsche

Boerse

AG

(Capital

Markets)

..

24

304

Deutsche

Lufthansa

AG,

Registered

Shares

(Passenger

Airlines)(b)

..........

2

588

Deutsche

Post

AG

(Air

Freight

&

Logistics)

21

2,055

Deutsche

Telekom

AG

(Diversified

Telecommunication

Services)(b)

...

62

75

Dr.

Ing.

h.c.

F.

Porsche

AG,

Preference

Shares

(Automobiles)

...........

5

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Germany

(continued)

1,356

E.ON

SE

(Multi-Utilities)

............

$

16

131

Fresenius

Medical

Care

AG

(Health

Care

Providers

&

Services)

...........

6

88

GEA

Group

AG

(Machinery)

.........

4

36

Hannover

Rueck

SE

(Insurance)

.......

9

81

Heidelberg

Materials

AG

(Construction

Materials)

...................

10

50

Henkel

AG

&

Co.

KGaA

(Household

Products)

....................

4

111

Henkel

AG

&

Co.

KGaA,

Preference

Shares

(Household

Products)

...........

10

795

Infineon

Technologies

AG

(Semiconductors

&

Semiconductor

Equipment)(b)

...

26

41

Knorr-Bremse

AG

(Machinery)

........

3

41

LEG

Immobilien

SE

(Real

Estate

Management

&

Development)(a)

...

3

449

Mercedes-Benz

Group

AG

(Automobiles)

25

34

MTU

Aero

Engines

AG

(Aerospace

&

Defense)

....................

11

76

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen,

R

Shares

(Insurance)

.............

38

35

Nemetschek

SE

(Software)

...........

3

81

Porsche

Automobil

Holding

SE,

Preference

Shares

(Automobiles)

...........

3

61

Puma

SE

(Textiles,

Apparel

&

Luxury

Goods)(b)

...................

3

3

Rational

AG

(Machinery)

............

3

366

RWE

AG

(Independent

Power

and

Renewable

Electricity

Producers)

..

11

604

SAP

SE

(Software)

.................

150

49

Scout24

SE

(Interactive

Media

&

Services)

4

362

Siemens

Energy

AG

(Electrical

Equipment)

(a)(b)

......................

19

81

Symrise

AG

(Chemicals)(b)

..........

9

41

Talanx

AG

(Insurance)

..............

3

123

Volkswagen

AG,

Preference

Shares

(Automobiles)

................

11

454

Vonovia

SE

(Real

Estate

Management

&

Development)(a)

..............

14

104

Zalando

SE

(Specialty

Retail)(a)

.......

3

713

Hong

Kong

—

0.53%

6,292

AIA

Group

Ltd.

(Insurance)

..........

45

2,000

BOC

Hong

Kong

Holdings

Ltd.

(Banks)

.

6

1,000

CK

Asset

Holdings

Ltd.

(Real

Estate

Management

&

Development)

.....

4

1,500

CK

Hutchison

Holdings

Ltd.

(Industrial

Conglomerates)

...............

8

500

CK

Infrastructure

Holdings

Ltd.

(Electric

Utilities)

....................

4

1,000

CLP

Holdings

Ltd.

(Electric

Utilities)

...

8

34

Futu

Holdings

Ltd.,

ADR

(Capital

Markets)

(b)

........................

3

58

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Hong

Kong

(continued)

1,000

Galaxy

Entertainment

Group

Ltd.

(Hotels,

Restaurants

&

Leisure)

..........

$

4

400

Hang

Seng

Bank

Ltd.

(Banks)

.........

5

1,000

Henderson

Land

Development

Co.

Ltd.

(Real

Estate

Management

&

Development)

................

3

3,000

HKT

Trust

&

HKT

Ltd.

(Diversified

Telecommunication

Services)(b)

...

4

7,985

Hong

Kong

&

China

Gas

Co.

Ltd.

(Gas

Utilities)

....................

6

723

Hong

Kong

Exchanges

&

Clearing

Ltd.

(Capital

Markets)

..............

27

400

Hongkong

Land

Holdings

Ltd.

(Real

Estate

Management

&

Development)

.....

2

100

Jardine

Matheson

Holdings

Ltd.

(Industrial

Conglomerates)(a)

.............

4

1,666

Link

REIT

(Retail

REITs)(a)

..........

7

1,000

MTR

Corp.

Ltd.

(Ground

Transportation)

.

3

779

Power

Assets

Holdings

Ltd.

(Electric

Utilities)

....................

5

1,638

Prudential

PLC

(Insurance)

...........

13

2,129

Sino

Land

Co.

Ltd.

(Real

Estate

Management

&

Development)(a)

...

2

1,000

SITC

International

Holdings

Co.

Ltd.

(Marine

Transportation)

.........

3

1,000

Sun

Hung

Kai

Properties

Ltd.

(Real

Estate

Management

&

Development)

.....

10

139

Swire

Pacific

Ltd.,

Class

-

A

(Real

Estate

Management

&

Development)

.....

1

757

Techtronic

Industries

Co.

Ltd.

(Machinery)

10

1,000

The

Wharf

Holdings

Ltd.

(Real

Estate

Management

&

Development)

.....

3

4,728

WH

Group

Ltd.

(Food

Products)

.......

4

1,000

Wharf

Real

Estate

Investment

Co.

Ltd.

(Real

Estate

Management

&

Development)

3

197

Ireland

(Republic

of)

—

1.01%

365

Accenture

PLC,

Class

-

A

(IT

Services)

..

129

25

AerCap

Holdings

N.V.

(Trading

Companies

&

Distributors)

...............

2

92

AerCap

Holdings

N.V.

(Trading

Companies

&

Distributors)

...............

9

1,101

AIB

Group

PLC

(Banks)

............

6

50

Allegion

PLC

(Building

Products)

......

7

599

Bank

of

Ireland

Group

PLC

(Banks)

....

5

554

Experian

PLC

(Professional

Services)

...

24

107

Flutter

Entertainment

PLC

(Hotels,

Restaurants

&

Leisure)(a)

........

28

259

James

Hardie

Industries

PLC

(Construction

Materials)(a)

.................

8

101

Kingspan

Group

PLC

(Building

Products)

7

752

Medtronic

PLC

(Health

Care

Equipment

&

Supplies)

....................

60

284

Smurfit

WestRock

PLC

(Containers

&

Packaging)

..................

15

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Ireland

(Republic

of)

(continued)

171

TE

Connectivity

PLC

(Electronic

Equipment,

Instruments

&

Components)

.................

$

24

133

Trane

Technologies

PLC

(Building

Products)

....................

49

373

Israel

—

0.20%

22

Azrieli

Group

Ltd.

(Real

Estate

Management

&

Development)

..............

2

818

Bank

Hapoalim

BM

(Banks)

..........

10

842

Bank

Leumi

Le-Israel

BM

(Banks)

.....

9

47

Check

Point

Software

Technologies

Ltd.

(Software)(a)

.................

9

27

CyberArk

Software

Ltd.

(Software)(a)

...

9

56

Global-e

Online

Ltd.

(Broadline

Retail)(a)

3

362

ICL

Group

Ltd.

(Chemicals)

..........

2

—

Isracard

Ltd.

(Consumer

Finance)

......

—

727

Israel

Discount

Bank

Ltd.,

Class

-

A

(Banks)

5

97

Mizrahi

Tefahot

Bank

Ltd.

(Banks)

.....

4

21

Monday.com

Ltd.

(Software)(a)

........

5

41

Nice

Ltd.

(Software)(a)

..............

7

7

Wix.com

Ltd.

(IT

Services)(a)

.........

2

28

Wix.com

Ltd.

(IT

Services)(a)

.........

6

73

Italy

—

0.65%

62

Amplifon

SpA

(Health

Care

Providers

&

Services)

....................

2

617

Banco

BPM

SpA

(Banks)

............

5

497

BPER

Banca

S.p.A.

(Banks)

..........

3

406

Davide

Campari-Milano

N.V.,

Class

-

M

(Beverages)(b)

................

3

13

DiaSorin

SpA

(Health

Care

Equipment

&

Supplies)

....................

1

4,733

Enel

SpA

(Electric

Utilities)(b)

........

34

1,359

Eni

SpA

(Oil,

Gas

&

Consumable

Fuels)

.

19

75

Ferrari

N.V.

(Automobiles)

...........

32

344

FinecoBank

Banca

Fineco

SpA

(Banks)

..

6

580

Generali

(Insurance)

................

16

208

Infrastrutture

Wireless

Italiane

SpA

(Diversified

Telecommunication

Services)(b)

..................

2

8,487

Intesa

Sanpaolo

SpA

(Banks)(b)

.......

34

318

Mediobanca

Banca

di

Credito

Finanziario

SpA

(Banks)

.................

5

123

Moncler

SpA

(Textiles,

Apparel

&

Luxury

Goods)

.....................

6

360

Nexi

SpA

(Financial

Services)(a)

.......

2

286

Poste

Italiane

SpA

(Insurance)

.........

4

154

Prysmian

SpA

(Electrical

Equipment)

...

10

49

Recordati

Industria

Chimica

e

Farmaceutica

SpA

(Pharmaceuticals)

..........

3

1,265

Snam

SpA

(Gas

Utilities)

............

6

59

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Italy

(continued)

2,461

Telecom

Italia

SpA/Milano

(Diversified

Telecommunication

Services)(a)

...

$

1

946

Terna

-

Rete

Elettrica

Nazionale

(Electric

Utilities)

....................

7

892

UniCredit

SpA

(Banks)

..............

35

196

Unipol

Gruppo

SpA

(Insurance)

.......

2

238

Japan

—

5.20%

500

Advantest

Corp.

(Semiconductors

&

Semiconductor

Equipment)(b)

.....

28

400

Aeon

Co.

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

9

100

AGC,

Inc.

(Building

Products)

........

3

300

Aisin

Corp.

(Automobile

Components)

..

3

600

Asahi

Kasei

Corp.

(Chemicals)

........

4

400

Asics

Corp.

(Textiles,

Apparel

&

Luxury

Goods)(b)

...................

8

300

Bandai

Namco

Holdings,

Inc.

(Leisure

Products)

....................

7

333

Bridgestone

Corp.

(Automobile

Components)

.................

11

100

Brother

Industries

Ltd.

(Technology

Hardware,

Storage

&

Peripherals)

..

2

600

Canon,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)

................

19

200

Capcom

Co.

Ltd.

(Entertainment)

......

4

400

Central

Japan

Railway

Co.

(Ground

Transportation)

...............

8

400

Chubu

Electric

Power

Co.,

Inc.

(Electric

Utilities)

....................

4

500

Concordia

Financial

Group

Ltd.

(Banks)

.

3

300

Dai

Nippon

Printing

Co.

Ltd.

(Commercial

Services

&

Supplies)

...........

4

190

Daifuku

Co.

Ltd.

(Machinery)

.........

4

486

Dai-ichi

Life

Holdings,

Inc.

(Insurance)

..

13

120

Daikin

Industries

Ltd.

(Building

Products)

14

300

Daiwa

House

Industry

Co.

Ltd.

(Real

Estate

Management

&

Development)

.....

9

700

Daiwa

Securities

Group,

Inc.

(Capital

Markets)

....................

5

1,124

Denso

Corp.

(Automobile

Components)

..

15

100

Dentsu

Group,

Inc.

(Media)

..........

2

5

Disco

Corp.

(Semiconductors

&

Semiconductor

Equipment)

.......

1

600

East

Japan

Railway

Co.

(Ground

Transportation)

...............

11

1,700

ENEOS

Holdings,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

9

545

FANUC

Corp.

(Machinery)

...........

14

100

Fast

Retailing

Co.

Ltd.

(Specialty

Retail)

.

34

100

Fuji

Electric

Co.

Ltd.

(Electrical

Equipment)

5

600

FUJIFILM

Holdings

Corp.

(Technology

Hardware,

Storage

&

Peripherals)

..

12

200

Fujikura

Ltd.

(Electrical

Equipment)

....

8

1,020

Fujitsu

Ltd.

(IT

Services)(b)

..........

18

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Japan

(continued)

100

Hankyu

Hanshin

Holdings,

Inc.

(Ground

Transportation)

...............

$

3

27

Hikari

Tsushin,

Inc.

(Industrial

Conglomerates)

...............

6

100

Hitachi

Construction

Machinery

Co.

Ltd.

(Machinery)

.................

2

2,600

Honda

Motor

Co.

Ltd.

(Automobiles)

...

25

100

Hoshizaki

Corp.

(Machinery)

.........

4

200

Hoya

Corp.

(Health

Care

Equipment

&

Supplies)

....................

25

400

Hulic

Co.

Ltd.

(Real

Estate

Management

&

Development)

................

3

560

Idemitsu

Kosan

Co.

Ltd.

(Oil,

Gas

&

Consumable

Fuels)(b)

..........

4

500

Inpex

Corp.

(Oil,

Gas

&

Consumable

Fuels)

6

400

Isuzu

Motors

Ltd.

(Automobiles)

.......

5

700

ITOCHU

Corp.

(Trading

Companies

&

Distributors)

.................

34

48

Japan

Airlines

Co.

Ltd.

(Passenger

Airlines)

(b)

........................

1

600

Japan

Exchange

Group,

Inc.

(Capital

Markets)

....................

7

1,000

Japan

Post

Bank

Co.

Ltd.

(Banks)(b)

....

9

1,100

Japan

Post

Holdings

Co.

Ltd.

(Insurance)(b)

10

100

Japan

Post

Insurance

Co.

Ltd.

(Insurance)(b)

2

5

Japan

Real

Estate

Investment

Corp.

(Office

REITs)

.....................

3

300

JFE

Holdings,

Inc.

(Metals

&

Mining)(b)

.

3

300

Kajima

Corp.

(Construction

&

Engineering)

5

327

Kao

Corp.

(Personal

Care

Products)

.....

13

300

Kawasaki

Kisen

Kaisha

Ltd.

(Marine

Transportation)

...............

4

874

KDDI

Corp.

(Wireless

Telecommunication

Services)

....................

28

134

Keyence

Corp.

(Electronic

Equipment,

Instruments

&

Components)

......

55

400

Kirin

Holdings

Co.

Ltd.

(Beverages)

....

5

100

Kobe

Bussan

Co.

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

2

100

Kokusai

Electric

Corp.

(Semiconductors

&

Semiconductor

Equipment)(b)

.....

1

600

Komatsu

Ltd.

(Machinery)

...........

16

100

Konami

Group

Corp.

(Entertainment)

...

9

600

Kubota

Corp.

(Machinery)

...........

7

700

Kyocera

Corp.

(Electronic

Equipment,

Instruments

&

Components)

......

7

200

Kyowa

Kirin

Co.

Ltd.

(Pharmaceuticals)

.

3

1,900

LY

Corp.

(Interactive

Media

&

Services)

.

5

300

M3,

Inc.

(Health

Care

Technology)

.....

3

100

Makita

Corp.

(Machinery)

...........

3

900

Marubeni

Corp.

(Trading

Companies

&

Distributors)

.................

14

200

MatsukiyoCocokara

&

Co.

(Consumer

Staples

Distribution

&

Retail)

.....

3

100

McDonald's

Holdings

Co.

Japan

Ltd.

(Hotels,

Restaurants

&

Leisure)

....

4

60

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Japan

(continued)

200

MINEBEA

MITSUMI,

Inc.

(Machinery)

.

$

3

2,000

Mitsubishi

Corp.

(Trading

Companies

&

Distributors)

.................

33

1,100

Mitsubishi

Electric

Corp.

(Electrical

Equipment)

..................

19

700

Mitsubishi

Estate

Co.

Ltd.

(Real

Estate

Management

&

Development)

.....

10

500

Mitsubishi

HC

Capital,

Inc.

(Financial

Services)

....................

3

1,900

Mitsubishi

Heavy

Industries

Ltd.

(Machinery)

.................

26

6,679

Mitsubishi

UFJ

Financial

Group,

Inc.

(Banks)

.....................

79

1,600

Mitsui

&

Co.

Ltd.

(Trading

Companies

&

Distributors)

.................

33

100

Mitsui

Chemicals,

Inc.

(Chemicals)

.....

2

1,700

Mitsui

Fudosan

Co.

Ltd.

(Real

Estate

Management

&

Development)

.....

14

200

Mitsui

OSK

Lines

Ltd.

(Marine

Transportation)

...............

7

1,410

Mizuho

Financial

Group,

Inc.

(Banks)

...

34

200

MonotaRO

Co.

Ltd.

(Trading

Companies

&

Distributors)

.................

3

790

MS&AD

Insurance

Group

Holdings,

Inc.

(Insurance)

..................

17

1,011

Murata

Manufacturing

Co.

Ltd.

(Electronic

Equipment,

Instruments

&

Components)

.................

16

130

NEC

Corp.

(IT

Services)

.............

11

200

Nexon

Co.

Ltd.

(Entertainment)

.......

3

500

NIDEC

Corp.

(Electrical

Equipment)

....

9

650

Nintendo

Co.

Ltd.

(Entertainment)

......

38

5

Nippon

Building

Fund,

Inc.

(Office

REITs)

4

400

Nippon

Paint

Holdings

Co.

Ltd.

(Chemicals)

(b)

........................

3

600

Nippon

Steel

Corp.

(Metals

&

Mining)(b)

12

19,050

Nippon

Telegraph

&

Telephone

Corp.

(Diversified

Telecommunication

Services)

....................

19

300

Nippon

Yusen

KK

(Marine

Transportation)

10

1,700

Nissan

Motor

Co.

Ltd.

(Automobiles)

...

5

100

Nissin

Foods

Holdings

Co.

Ltd.

(Food

Products)(b)

.................

2

400

Nitto

Denko

Corp.

(Chemicals)

........

7

1,700

Nomura

Holdings,

Inc.

(Capital

Markets)

.

10

235

Nomura

Research

Institute

Ltd.

(IT

Services)

....................

7

400

NTT

Data

Group

Corp.

(IT

Services)

....

8

400

Obayashi

Corp.

(Construction

&

Engineering)

.................

5

200

Obic

Co.

Ltd.

(IT

Services)

...........

6

700

Olympus

Corp.

(Health

Care

Equipment

&

Supplies)

....................

10

147

Omron

Corp.

(Electronic

Equipment,

Instruments

&

Components)

......

5

49

Oracle

Corp.

Japan

(Software)

.........

5

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Japan

(continued)

600

Oriental

Land

Co.

Ltd.

(Hotels,

Restaurants

&

Leisure)

...................

$

13

700

ORIX

Corp.

(Financial

Services)

.......

15

200

Osaka

Gas

Co.

Ltd.

(Gas

Utilities)

......

4

168

Otsuka

Corp.

(IT

Services)

...........

4

268

Pan

Pacific

International

Holdings

Corp.

(Broadline

Retail)

.............

7

1,300

Panasonic

Holdings

Corp.

(Household

Durables)

...................

13

800

Rakuten

Group,

Inc.

(Broadline

Retail)(b)

4

800

Recruit

Holdings

Co.

Ltd.

(Professional

Services)

....................

57

1,100

Renesas

Electronics

Corp.

(Semiconductors

&

Semiconductor

Equipment)(b)

...

14

1,100

Resona

Holdings,

Inc.

(Banks)

........

8

200

Ricoh

Co.

Ltd.

(Technology

Hardware,

Storage

&

Peripherals)

..........

2

100

SBI

Holdings,

Inc.

(Capital

Markets)

....

3

100

SCSK

Corp.

(IT

Services)

............

2

200

Secom

Co.

Ltd.

(Commercial

Services

&

Supplies)

....................

7

200

Seiko

Epson

Corp.

(Technology

Hardware,

Storage

&

Peripherals)

..........

4

300

Sekisui

Chemical

Co.

Ltd.

(Household

Durables)

...................

5

300

Sekisui

House

Ltd.

(Household

Durables)

7

1,301

Seven

&

i

Holdings

Co.

Ltd.

(Consumer

Staples

Distribution

&

Retail)

.....

20

200

SG

Holdings

Co.

Ltd.

(Air

Freight

&

Logistics)

...................

2

1,100

Shin-Etsu

Chemical

Co.

Ltd.

(Chemicals)

36

100

Shizuoka

Financial

Group,

Inc.

(Banks)

..

1

17,000

SoftBank

Corp.

(Wireless

Telecommunication

Services)

.....

21

518

SoftBank

Group

Corp.

(Wireless

Telecommunication

Services)

.....

30

500

Sompo

Holdings,

Inc.

(Insurance)

......

13

3,700

Sony

Group

Corp.

(Household

Durables)

.

79

400

Subaru

Corp.

(Automobiles)

..........

7

700

Sumitomo

Corp.

(Trading

Companies

&

Distributors)

.................

15

400

Sumitomo

Electric

Industries

Ltd.

(Automobile

Components)

.......

7

100

Sumitomo

Metal

Mining

Co.

Ltd.

(Metals

&

Mining)

.....................

2

2,200

Sumitomo

Mitsui

Financial

Group,

Inc.

(Banks)

.....................

54

346

Sumitomo

Mitsui

Trust

Group,

Inc.

(Banks)

8

200

Sumitomo

Realty

&

Development

Co.

Ltd.

(Real

Estate

Management

&

Development)

................

6

100

Suntory

Beverage

&

Food

Ltd.

(Beverages)

3

900

Suzuki

Motor

Corp.

(Automobiles)

.....

10

300

T&D

Holdings,

Inc.

(Insurance)

.......

5

100

Taisei

Corp.

(Construction

&

Engineering)

4

61

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Japan

(continued)

1,200

TDK

Corp.

(Electronic

Equipment,

Instruments

&

Components)

......

$

15

800

Terumo

Corp.

(Health

Care

Equipment

&

Supplies)(b)

..................

15

400

The

Chiba

Bank

Ltd.

(Banks)

.........

3

500

The

Kansai

Electric

Power

Co.,

Inc.

(Electric

Utilities)

.............

6

100

TIS,

Inc.

(IT

Services)

..............

2

45

Toho

Co.

Ltd.

(Entertainment)

.........

2

1,093

Tokio

Marine

Holdings,

Inc.

(Insurance)

.

40

900

Tokyo

Electric

Power

Co

Holdings,

Inc.

(Electric

Utilities)(a)

...........

3

300

Tokyo

Electron

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

.......

46

200

Tokyo

Gas

Co.

Ltd.

(Gas

Utilities)

......

6

300

Tokyu

Corp.

(Ground

Transportation)

...

3

100

TOPPAN

Holdings,

Inc.

(Commercial

Services

&

Supplies)

...........

3

800

Toray

Industries,

Inc.

(Chemicals)

......

5

100

TOTO

Ltd.

(Building

Products)

........

2

100

Toyota

Industries

Corp.

(Machinery)

....

8

6,050

Toyota

Motor

Corp.

(Automobiles)

.....

119

400

Toyota

Tsusho

Corp.

(Trading

Companies

&

Distributors)

.................

7

100

Trend

Micro,

Inc.

(Software)

..........

5

600

Unicharm

Corp.

(Household

Products)

...

5

200

Yakult

Honsha

Co.

Ltd.

(Food

Products)

.

4

400

Yamaha

Motor

Co.

Ltd.

(Automobiles)

..

4

100

Yaskawa

Electric

Corp.

(Machinery)

....

3

100

Yokogawa

Electric

Corp.

(Electronic

Equipment,

Instruments

&

Components)

.................

2

100

Zensho

Holdings

Co.

Ltd.

(Hotels,

Restaurants

&

Leisure)

..........

6

100

ZOZO,

Inc.

(Specialty

Retail)(b)

.......

3

1,917

Jersey

—

0.03%

162

Aptiv

PLC

(Automobile

Components)(a)

.

10

Luxembourg

—

0.04%

276

ArcelorMittal

SA

(Metals

&

Mining)

....

6

73

CVC

Capital

Partners

PLC

(Capital

Markets)(a)(b)

................

2

259

Tenaris

SA

(Energy

Equipment

&

Services)

5

13

Macau

—

0.01%

1,200

Sands

China

Ltd.

(Hotels,

Restaurants

&

Leisure)(a)

..................

3

Netherlands

—

1.31%

263

ABN

AMRO

Bank

N.V.

(Banks)

.......

4

13

Adyen

N.V.

(Financial

Services)(a)(b)

...

19

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Netherlands

(continued)

807

Aegon

Ltd.

(Insurance)

..............

$

5

96

Akzo

Nobel

N.V.

(Chemicals)

.........

6

34

Argenx

SE

(Biotechnology)(a)

........

21

27

ASM

International

N.V.

(Semiconductors

&

Semiconductor

Equipment)

.......

16

235

ASML

Holding

N.V.

(Semiconductors

&

Semiconductor

Equipment)(b)

.....

164

102

ASR

Nederland

N.V.

(Insurance)

.......

5

47

BE

Semiconductor

Industries

N.V.

(Semiconductors

&

Semiconductor

Equipment)

..................

6

44

Euronext

N.V.

(Capital

Markets)

.......

5

62

EXOR

N.V.

(Financial

Services)

.......

6

273

Ferrovial

SE

(Construction

&

Engineering)

11

93

Heineken

Holding

N.V.

(Beverages)

....

6

179

Heineken

N.V.

(Beverages)

...........

13

31

IMCD

N.V.

(Trading

Companies

&

Distributors)(b)

...............

5

1,899

ING

Groep

N.V.

(Banks)

.............

30

59

JDE

Peet's

N.V.

(Food

Products)

.......

1

551

Koninklijke

Ahold

Delhaize

N.V.

(Consumer

Staples

Distribution

&

Retail)

.....

18

2,391

Koninklijke

KPN

N.V.

(Diversified

Telecommunication

Services)

.....

9

473

Koninklijke

Philips

N.V.

(Health

Care

Equipment

&

Supplies)(a)

.......

12

159

NN

Group

N.V.

(Insurance)

...........

7

150

NXP

Semiconductors

N.V.

(Semiconductors

&

Semiconductor

Equipment)

.....

31

799

Prosus

N.V.

(Broadline

Retail)(a)(b)

....

31

66

Randstad

N.V.

(Professional

Services)

...

3

1,150

Stellantis

N.V.

(Automobiles)

.........

15

479

Universal

Music

Group

N.V.

(Entertainment)

...............

12

138

Wolters

Kluwer

N.V.

(Professional

Services)

23

484

New

Zealand

—

0.07%

657

Auckland

International

Airport

Ltd.

(Transportation

Infrastructure)

.....

3

354

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

(Health

Care

Equipment

&

Supplies)

8

459

Infratil

Ltd.

(Industrial

Conglomerates)

..

3

363

Mercury

NZ

Ltd.

(Electric

Utilities)

.....

1

828

Meridian

Energy

Ltd.

(Independent

Power

and

Renewable

Electricity

Producers)

3

82

Xero

Ltd.

(Software)(a)

.............

8

26

Norway

—

0.14%

225

Aker

BP

ASA

(Oil,

Gas

&

Consumable

Fuels)

......................

4

562

DNB

Bank

ASA

(Banks)

............

11

507

Equinor

ASA

(Oil,

Gas

&

Consumable

Fuels)

......................

13

62

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Norway

(continued)

121

Gjensidige

Forsikring

ASA

(Insurance)

..

$

2

274

Mowi

ASA

(Food

Products)(b)

........

5

856

Norsk

Hydro

ASA

(Metals

&

Mining)

...

5

382

Orkla

ASA

(Food

Products)

..........

3

27

Salmar

ASA

(Food

Products)

.........

1

373

Telenor

ASA

(Diversified

Telecommunication

Services)

.....

4

93

Yara

International

ASA

(Chemicals)

....

2

50

Poland

—

0.01%

148

InPost

SA

(Air

Freight

&

Logistics)(a)

...

3

Portugal

—

0.04%

1,828

EDP

SA

(Electric

Utilities)

...........

6

282

Galp

Energia

SGPS

SA

(Oil,

Gas

&

Consumable

Fuels)(b)

..........

5

157

Jeronimo

Martins

SGPS

SA

(Consumer

Staples

Distribution

&

Retail)(b)

...

3

14

Singapore

—

0.42%

2,350

CapitaLand

Ascendas

REIT

(Industrial

REITs)

.....................

4

2,893

CapitaLand

Integrated

Commercial

Trust

(Retail

REITs)

................

4

1,500

CapitaLand

Investment

Ltd.

(Real

Estate

Management

&

Development)

.....

3

1,136

DBS

Group

Holdings

Ltd.

(Banks)

.....

36

3,300

Genting

Singapore

Ltd.

(Hotels,

Restaurants

&

Leisure)

...................

2

1,260

Grab

Holdings

Ltd.

(Ground

Transportation)

(a)

........................

6

700

Keppel

Ltd.

(Industrial

Conglomerates)

..

4

2,035

Oversea-Chinese

Banking

Corp.

Ltd.

(Banks)

.....................

25

223

Sea

Ltd.,

ADR

(Entertainment)(a)

......

24

500

Sembcorp

Industries

Ltd.

(Multi-Utilities)

2

900

Singapore

Airlines

Ltd.

(Passenger

Airlines)

(b)

........................

4

500

Singapore

Exchange

Ltd.

(Capital

Markets)

5

4,500

Singapore

Telecommunications

Ltd.

(Diversified

Telecommunication

Services)

....................

10

800

United

Overseas

Bank

Ltd.

(Banks)

.....

21

1,400

Wilmar

International

Ltd.

(Food

Products)

3

153

Spain

—

0.68%

14

Acciona

SA

(Electric

Utilities)

........

2

120

ACS

Actividades

de

Construccion

y

Servicios

SA

(Construction

&

Engineering)(a)

...............

6

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Spain

(continued)

38

Aena

SME

SA

(Transportation

Infrastructure)

................

$

8

255

Amadeus

IT

Group

SA

(Hotels,

Restaurants

&

Leisure)

...................

18

3,465

Banco

Bilbao

Vizcaya

Argentaria

SA

(Banks)

.....................

34

3,380

Banco

de

Sabadell

SA

(Banks)

........

7

9,032

Banco

Santander

SA

(Banks)(b)

.......

41

2,510

CaixaBank

SA

(Banks)

..............

14

314

Cellnex

Telecom

SA

(Diversified

Telecommunication

Services)(b)

...

10

224

EDP

Renovaveis

SA

(Independent

Power

and

Renewable

Electricity

Producers)

(a)

........................

2

189

Endesa

SA

(Electric

Utilities)

.........

4

3,532

Iberdrola

SA

(Electric

Utilities)

........

48

661

Industria

de

Diseno

Textil

SA

(Specialty

Retail)

......................

34

233

Redeia

Corp.

SA

(Electric

Utilities)

.....

4

642

Repsol

SA

(Oil,

Gas

&

Consumable

Fuels)

8

2,244

Telefonica

SA

(Diversified

Telecommunication

Services)

.....

9

249

Sweden

—

0.90%

171

AddTech

AB,

B

Shares

(Trading

Companies

&

Distributors)

...............

5

171

Alfa

Laval

AB

(Machinery)

..........

7

604

Assa

Abloy

AB,

Class

-

B

(Building

Products)

....................

18

1,576

Atlas

Copco

AB,

Class

-

A

(Machinery)

..

24

914

Atlas

Copco

AB,

Class

-

B

(Machinery)

..

12

225

Beijer

Ref

AB

(Trading

Companies

&

Distributors)(b)

...............

3

165

Boliden

AB

(Metals

&

Mining)

........

5

348

Epiroc

AB,

Class

-

A

(Machinery)

......

6

289

Epiroc

AB,

Class

-

B

(Machinery)

......

5

233

EQT

AB

(Capital

Markets)

...........

6

365

Essity

AB,

Class

-

B

(Household

Products)

10

105

Evolution

AB

(Hotels,

Restaurants

&

Leisure)

....................

8

306

Fastighets

AB

Balder,

B

shares

(Real

Estate

Management

&

Development)(a)

...

2

120

Getinge

AB,

B

shares

(Health

Care

Equipment

&

Supplies)

.........

2

291

H

&

M

Hennes

&

Mauritz

AB,

Class

-

B

(Specialty

Retail)

..............

4

1,266

Hexagon

AB,

Class

-

B

(Electronic

Equipment,

Instruments

&

Components)

.................

12

45

Holmen

AB,

B

shares

(Paper

&

Forest

Products)

....................

2

144

Industrivarden

AB,

Class

-

A

(Financial

Services)(b)

..................

5

28

Industrivarden

AB,

Class

-

C

(Financial

Services)

....................

1

63

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Sweden

(continued)

155

Indutrade

AB

(Machinery)

...........

$

4

81

Investment

AB

Latour,

Class

-

B

(Industrial

Conglomerates)

...............

2

1,027

Investor

AB,

Class

-

B

(Financial

Services)

27

50

L

E

Lundbergforetagen

AB,

Class

-

B

(Financial

Services)

............

2

127

Lifco

AB,

Class

-

B

(Industrial

Conglomerates)

...............

4

848

Nibe

Industrier

AB,

Class

-

B

(Building

Products)

....................

3

151

Sagax

AB,

Class

-

B

(Real

Estate

Management

&

Development)

.....

3

562

Sandvik

AB

(Machinery)

............

10

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)

.................

5

191

SKF

AB,

B

shares

(Machinery)

........

4

89

Spotify

Technology

SA

(Entertainment)(a)

40

351

Svenska

Cellulosa

AB

SCA,

Class

-

B

(Paper

&

Forest

Products)

........

4

873

Svenska

Handelsbanken

AB,

Class

-

A

(Banks)

.....................

9

527

Swedbank

AB,

Class

-

A

(Banks)

.......

10

361

Tele2

AB,

B

shares

(Wireless

Telecommunication

Services)

.....

4

1,482

Telefonaktiebolaget

LM

Ericsson,

Class

-

B

(Communications

Equipment)

.....

12

1,603

Telia

Co.

AB

(Diversified

Telecommunication

Services)(b)

...

4

120

Trelleborg

AB,

Class

-

B

(Machinery)

...

4

207

Volvo

AB,

Class

-

A

(Machinery)

.......

5

855

Volvo

AB,

Class

-

B

(Machinery)

......

21

330

Switzerland

—

2.09%

905

ABB

Ltd.,

Registered

Shares

(Electrical

Equipment)

..................

49

82

Adecco

Group

AG

(Professional

Services)

(b)

........................

2

302

Alcon

AG

(Health

Care

Equipment

&

Supplies)

....................

26

66

Avolta

AG

(Specialty

Retail)(b)

........

3

24

Baloise

Holding

AG,

Registered

Shares

(Insurance)

..................

4

26

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)

.......

11

231

Chubb

Ltd.

(Insurance)

..............

64

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Switzerland

(continued)

319

Cie

Financiere

Richemont

SA,

Registered

Shares

(Textiles,

Apparel

&

Luxury

Goods)

.....................

$

48

100

Clariant

AG,

Registered

Shares

(Chemicals)

1

144

Coca-Cola

HBC

AG

(Beverages)

.......

5

115

DSM-Firmenich

AG

(Chemicals)

......

12

5

EMS-Chemie

Holding

AG

(Chemicals)

..

3

46

Galderma

Group

AG

(Pharmaceuticals)(a)

5

92

Garmin

Ltd.

(Household

Durables)

.....

19

20

Geberit

AG,

Registered

Shares

(Building

Products)

....................

11

5

Givaudan

SA,

Registered

Shares

(Chemicals)

..................

22

6,124

Glencore

PLC

(Metals

&

Mining)(b)

....

27

23

Helvetia

Holding

AG,

Registered

Shares

(Insurance)

..................

4

319

Holcim

AG

(Construction

Materials)(b)

..

31

119

Julius

Baer

Group

Ltd.

(Capital

Markets)

.

8

28

Kuehne

+

Nagel

International

AG,

R

Shares

(Marine

Transportation)

.........

6

96

Logitech

International

SA,

R

Shares

(Technology

Hardware,

Storage

&

Peripherals)

..................

8

1,570

Nestle

SA,

Registered

Shares

(Food

Products)

....................

130

13

Partners

Group

Holding

AG

(Capital

Markets)

....................

18

18

Schindler

Holding

AG,

Class

-

PC

(Machinery)

.................

5

19

Schindler

Holding

AG,

Registered

Shares

(Machinery)

.................

5

91

SGS

SA,

Registered

Shares

(Professional

Services)(a)(b)

................

9

197

SIG

Group

AG

(Containers

&

Packaging)(b)

4

90

Sika

AG,

Registered

Shares

(Chemicals)(b)

21

30

Sonova

Holding

AG

(Health

Care

Equipment

&

Supplies)(b)

.......

10

439

STMicroelectronics

N.V.

(Semiconductors

&

Semiconductor

Equipment)

.....

11

67

Straumann

Holding

AG,

R

Shares

(Health

Care

Equipment

&

Supplies)

......

8

18

Swiss

Life

Holding

AG

(Insurance)

.....

14

41

Swiss

Prime

Site

AG,

Registered

Shares

(Real

Estate

Management

&

Development)

................

4

174

Swiss

Re

AG

(Insurance)

............

25

15

Swisscom

AG,

Registered

Shares

(Diversified

Telecommunication

Services)

....................

8

35

Temenos

AG,

Registered

Shares

(Software)

2

15

The

Swatch

Group

AG,

Class

-

BR

(Textiles,

Apparel

&

Luxury

Goods)

.......

3

1,946

UBS

Group

AG

(Capital

Markets)

......

60

15

VAT

Group

AG

(Machinery)

..........

6

64

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Switzerland

(continued)

89

Zurich

Insurance

Group

AG

(Insurance)

..

$

53

772

United

Arab

Emirates

—

0.00%

118

NMC

Health

PLC

(Health

Care

Providers

&

Services)(a)(c)

................

—

United

Kingdom

—

2.90%

553

3i

Group

PLC

(Capital

Markets)

.......

25

145

Admiral

Group

PLC

(Insurance)

.......

5

590

Amcor

PLC

(Containers

&

Packaging)

...

6

259

Amcor

PLC

(Containers

&

Packaging)

...

2

755

Anglo

American

PLC

(Metals

&

Mining)

.

22

270

Ashtead

Group

PLC

(Trading

Companies

&

Distributors)

.................

17

190

Associated

British

Foods

PLC

(Food

Products)

....................

5

526

Auto

Trader

Group

PLC

(Interactive

Media

&

Services)(b)

................

5

1,356

Aviva

PLC

(Insurance)

..............

8

8,447

Barclays

PLC

(Banks)(b)

............

28

714

Barratt

Redrow

PLC

(Household

Durables)

(b)

........................

4

56

Berkeley

Group

Holdings

PLC

(Household

Durables)(a)

.................

3

9,330

BP

PLC

(Oil,

Gas

&

Consumable

Fuels)

.

46

4,114

BT

Group

PLC

(Diversified

Telecommunication

Services)

.....

7

172

Bunzl

PLC

(Trading

Companies

&

Distributors)

.................

7

3,224

Centrica

PLC

(Multi-Utilities)(b)

.......

5

563

CNH

Industrial

N.V.

(Machinery)

......

6

128

Coca-Cola

Europacific

Partners

PLC

(Beverages)

..................

10

1,027

Compass

Group

PLC

(Hotels,

Restaurants

&

Leisure)

....................

34

86

Croda

International

PLC

(Chemicals)(b)

.

4

1,289

Diageo

PLC

(Beverages)

............

41

96

Endeavour

Mining

PLC

(Metals

&

Mining)

2

367

Entain

PLC

(Hotels,

Restaurants

&

Leisure)

(b)

........................

3

4,287

Haleon

PLC

(Personal

Care

Products)(b)

.

20

214

Halma

PLC

(Electronic

Equipment,

Instruments

&

Components)

......

7

176

Hargreaves

Lansdown

PLC

(Capital

Markets)

....................

2

10,666

HSBC

Holdings

PLC

(Banks)

.........

106

810

Informa

PLC

(Media)

...............

8

96

InterContinental

Hotels

Group

PLC

(Hotels,

Restaurants

&

Leisure)

..........

12

103

Intertek

Group

PLC

(Professional

Services)

6

842

J

Sainsbury

PLC

(Consumer

Staples

Distribution

&

Retail)

...........

3

1,475

JD

Sports

Fashion

PLC

(Specialty

Retail)

2

1,028

Kingfisher

PLC

(Specialty

Retail)

......

3

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

United

Kingdom

(continued)

283

Land

Securities

Group

PLC

(Diversified

REITs)

.....................

$

2

3,513

Legal

&

General

Group

PLC

(Insurance)

.

10

35,866

Lloyds

Banking

Group

PLC

(Banks)

....

24

276

London

Stock

Exchange

Group

PLC

(Capital

Markets)(b)

............

39

1,248

M&G

PLC

(Financial

Services)

........

3

1,140

Marks

&

Spencer

Group

PLC

(Consumer

Staples

Distribution

&

Retail)

.....

5

242

Mondi

PLC

(Paper

&

Forest

Products)

...

4

2,924

National

Grid

PLC

(Multi-Utilities)(a)

...

35

4,092

NatWest

Group

PLC

(Banks)(b)

.......

21

79

Next

PLC

(Broadline

Retail)

..........

9

320

Pearson

PLC

(Diversified

Consumer

Services)

....................

5

93

Pentair

PLC

(Machinery)

............

9

173

Persimmon

PLC

(Household

Durables)

..

3

492

Phoenix

Group

Holdings

PLC

(Insurance)

3

1,059

RELX

PLC

(Professional

Services)

.....

48

1,488

Rentokil

Initial

PLC

(Commercial

Services

&

Supplies)

..................

7

666

Rio

Tinto

PLC

(Metals

&

Mining)

......

39

400

Schroders

PLC

(Capital

Markets)

......

2

796

Segro

PLC

(Industrial

REITs)(a)

.......

7

175

Severn

Trent

PLC

(Water

Utilities)(b)

...

5

3,606

Shell

PLC

(Oil,

Gas

&

Consumable

Fuels)

(a)

........................

113

529

Smith

&

Nephew

PLC

(Health

Care

Equipment

&

Supplies)

.........

7

219

Smiths

Group

PLC

(Industrial

Conglomerates)

...............

5

51

Spirax

Group

PLC

(Machinery)

........

4

668

SSE

PLC

(Electric

Utilities)(a)

........

13

1,225

Standard

Chartered

PLC

(Banks)

.......

15

2,084

Taylor

Wimpey

PLC

(Household

Durables)

(b)

........................

3

4,044

Tesco

PLC

(Consumer

Staples

Distribution

&

Retail)

....................

19

633

The

Sage

Group

PLC

(Software)

.......

10

1,472

Unilever

PLC

(Personal

Care

Products)

..

85

407

United

Utilities

Group

PLC

(Water

Utilities)

5

14,132

Vodafone

Group

PLC

(Wireless

Telecommunication

Services)

.....

12

107

Whitbread

PLC

(Hotels,

Restaurants

&

Leisure)

....................

4

59

Willis

Towers

Watson

PLC

(Insurance)

..

18

409

Wise

PLC,

Class

-

A

(Financial

Services)(a)

5

616

WPP

PLC

(Media)

.................

6

1,068

United

States

—

73.17%

72

A.O.

Smith

Corp.

(Building

Products)

...

5

258

Adobe,

Inc.

(Software)(a)

............

115

65

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

United

States

(continued)

952

Advanced

Micro

Devices,

Inc.

(Semiconductors

&

Semiconductor

Equipment)(a)

................

$

115

85

AECOM

(Construction

&

Engineering)

..

9

319

Aflac,

Inc.

(Insurance)

..............

33

173

Agilent

Technologies,

Inc.

(Life

Sciences

Tools

&

Services)

..............

23

132

Air

Products

and

Chemicals,

Inc.

(Chemicals)

..................

38

256

Airbnb,

Inc.,

Class

-

A

(Hotels,

Restaurants

&

Leisure)(a)

.................

34

86

Akamai

Technologies,

Inc.

(IT

Services)(a)

8

65

Albemarle

Corp.

(Chemicals)

.........

6

171

Albertsons

Cos.,

Inc.,

Class

-

A

(Consumer

Staples

Distribution

&

Retail)

.....

3

95

Alexandria

Real

Estate

Equities,

Inc.

(Office

REITs)

.....................

9

43

Align

Technology,

Inc.

(Health

Care

Equipment

&

Supplies)(a)

.......

9

138

Alliant

Energy

Corp.

(Electric

Utilities)

..

8

152

Ally

Financial,

Inc.

(Consumer

Finance)

.

5

3,413

Alphabet,

Inc.,

Class

-

A

(Interactive

Media

&

Services)

..................

647

2,972

Alphabet,

Inc.,

Class

-

C

(Interactive

Media

&

Services)

..................

567

5,546

Amazon.com,

Inc.

(Broadline

Retail)(a)

..

1,218

155

Ameren

Corp.

(Multi-Utilities)

........

14

313

American

Electric

Power

Co.,

Inc.

(Electric

Utilities)

....................

29

333

American

Express

Co.

(Consumer

Finance)

99

44

American

Financial

Group,

Inc.

(Insurance)

6

192

American

Homes

4

Rent,

Class

-

A

(Residential

REITs)

............

7

377

American

International

Group,

Inc.

(Insurance)

..................

27

280

American

Tower

Corp.

(Specialized

REITs)

51

117

American

Water

Works

Co.,

Inc.

(Water

Utilities)

....................

15

56

Ameriprise

Financial,

Inc.

(Capital

Markets)

30

140

AMETEK,

Inc.

(Electrical

Equipment)

...

25

712

Amphenol

Corp.,

Class

-

A

(Electronic

Equipment,

Instruments

&

Components)

.................

49

296

Analog

Devices,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.......

63

333

Annaly

Capital

Management,

Inc.

(Mortgage

Real

Estate

Investment

Trusts

(REITs))

...............

6

49

ANSYS,

Inc.

(Software)(a)

...........

17

114

Aon

PLC,

Class

-

A

(Insurance)

........

41

231

APA

Corp.

(Oil,

Gas

&

Consumable

Fuels)

5

230

Apollo

Global

Management,

Inc.

(Financial

Services)

....................

38

8,942

Apple,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)

................

2,240

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

United

States

(continued)

488

Applied

Materials,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.......

$

79

121

AppLovin

Corp.,

Class

-

A

(Software)(a)

.

39

297

Archer-Daniels-Midland

Co.

(Food

Products)

....................

15

115

Ares

Management

Corp.,

Class

-

A

(Capital

Markets)

....................

20

624

Arista

Networks,

Inc.

(Communications

Equipment)(a)

................

69

142

Arthur

J.

Gallagher

&

Co.

(Insurance)

...

40

19

Aspen

Technology,

Inc.

(Software)(a)

...

5

30

Assurant,

Inc.

(Insurance)

............

6

4,214

AT&T,

Inc.

(Diversified

Telecommunication

Services)

....................

96

85

Atmos

Energy

Corp.

(Gas

Utilities)

.....

12

125

Autodesk,

Inc.

(Software)(a)

..........

37

240

Automatic

Data

Processing,

Inc.

(Professional

Services)

..........

70

10

AutoZone,

Inc.

(Specialty

Retail)(a)

.....

32

88

AvalonBay

Communities,

Inc.

(Residential

REITs)

.....................

19

427

Avantor,

Inc.

(Life

Sciences

Tools

&

Services)(a)

..................

9

47

Avery

Dennison

Corp.

(Containers

&

Packaging)

..................

9

42

Axon

Enterprise,

Inc.

(Aerospace

&

Defense)(a)

..................

25

591

Baker

Hughes

Co.

(Energy

Equipment

&

Services)

....................

24

183

Ball

Corp.

(Containers

&

Packaging)

....

10

4,089

Bank

of

America

Corp.

(Banks)

........

180

318

Baxter

International,

Inc.

(Health

Care

Equipment

&

Supplies)

.........

9

99

Bentley

Systems,

Inc.,

Class

-

B

(Software)

5

775

Berkshire

Hathaway,

Inc.,

Class

-

B

(Financial

Services)(a)

..........

351

117

Best

Buy

Co.,

Inc.

(Specialty

Retail)

....

10

98

Bio-Techne

Corp.

(Life

Sciences

Tools

&

Services)

....................

7

86

Blackrock,

Inc.

(Capital

Markets)

......

88

420

Blackstone,

Inc.

(Capital

Markets)

......

72

326

Block,

Inc.

(Financial

Services)(a)

......

28

20

Booking

Holdings,

Inc.

(Hotels,

Restaurants

&

Leisure)

...................

99

79

Booz

Allen

Hamilton

Holding

Corp.

(Professional

Services)

..........

10

862

Boston

Scientific

Corp.

(Health

Care

Equipment

&

Supplies)(a)

.......

77

2,605

Broadcom,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.......

605

69

Broadridge

Financial

Solutions,

Inc.

(Professional

Services)

..........

16

146

Brown

&

Brown,

Inc.

(Insurance)

......

15

111

Brown-Forman

Corp.,

Class

-

B

(Beverages)

4

74

Builders

FirstSource,

Inc.

(Building

Products)(a)

..................

11

66

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

United

States

(continued)

85

Bunge

Global

SA

(Food

Products)

......

$

7

40

Burlington

Stores,

Inc.

(Specialty

Retail)(a)

11

95

BXP,

Inc.

(Office

REITs)

............

7

159

Cadence

Design

Systems,

Inc.

(Software)(a)

48

61

Camden

Property

Trust

(Residential

REITs)

7

227

Capital

One

Financial

Corp.

(Consumer

Finance)

....................

40

144

Cardinal

Health,

Inc.

(Health

Care

Providers

&

Services)

..................

17

27

Carlisle

Cos.,

Inc.

(Building

Products)

...

10

94

CarMax,

Inc.

(Specialty

Retail)(a)

......

8

594

Carnival

Corp.

(Hotels,

Restaurants

&

Leisure)(a)

..................

15

474

Carrier

Global

Corp.

(Building

Products)

.

32

67

Carvana

Co.

(Specialty

Retail)(a)

......

14

284

Caterpillar,

Inc.

(Machinery)

..........

103

62

Cboe

Global

Markets,

Inc.

(Capital

Markets)

12

186

CBRE

Group,

Inc.,

Class

-

A

(Real

Estate

Management

&

Development)(a)

...

24

78

CDW

Corp.

(Electronic

Equipment,

Instruments

&

Components)

......

14

66

Celanese

Corp.

(Chemicals)

..........

5

103

Cencora,

Inc.

(Health

Care

Providers

&

Services)

....................

23

319

Centene

Corp.

(Health

Care

Providers

&

Services)(a)

..................

19

387

CenterPoint

Energy,

Inc.

(Multi-Utilities)

.

12

112

CF

Industries

Holdings,

Inc.

(Chemicals)

.

10

69

CH

Robinson

Worldwide,

Inc.

(Air

Freight

&

Logistics)

.................

7

57

Charter

Communications,

Inc.,

Class

-

A

(Media)(a)

...................

20

138

Cheniere

Energy,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

30

1,038

Chevron

Corp.

(Oil,

Gas

&

Consumable

Fuels)

......................

150

798

Chipotle

Mexican

Grill,

Inc.

(Hotels,

Restaurants

&

Leisure)(a)

........

48

90

Cincinnati

Financial

Corp.

(Insurance)

...

13

206

Cintas

Corp.

(Commercial

Services

&

Supplies)

....................

38

2,310

Cisco

Systems,

Inc.

(Communications

Equipment)

..................

137

1,133

Citigroup,

Inc.

(Banks)

..............

80

263

Citizens

Financial

Group,

Inc.

(Banks)

...

12

166

Cloudflare,

Inc.,

Class

-

A

(IT

Services)(a)

18

212

CME

Group,

Inc.

(Capital

Markets)

.....

49

171

CMS

Energy

Corp.

(Multi-Utilities)

.....

11

289

Cognizant

Technology

Solutions

Corp.,

Class

-

A

(IT

Services)

..........

22

113

Coinbase

Global,

Inc.,

Class

-

A

(Capital

Markets)(a)

..................

28

466

Colgate-Palmolive

Co.

(Household

Products)

....................

42

2,251

Comcast

Corp.,

Class

-

A

(Media)

......

84

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

United

States

(continued)

272

Conagra

Brands,

Inc.

(Food

Products)

...

$

8

756

ConocoPhillips

(Oil,

Gas

&

Consumable

Fuels)

......................

75

207

Consolidated

Edison,

Inc.

(Multi-Utilities)

18

96

Constellation

Brands,

Inc.,

Class

-

A

(Beverages)

..................

21

187

Constellation

Energy

Corp.

(Electric

Utilities)

....................

42

497

Copart,

Inc.

(Commercial

Services

&

Supplies)(a)

..................

29

169

Corebridge

Financial,

Inc.

(Financial

Services)

....................

5

41

Corpay,

Inc.

(Software)(a)

............

14

403

Corteva,

Inc.

(Chemicals)

............

23

241

CoStar

Group,

Inc.

(Real

Estate

Management

&

Development)(a)

...

17

261

Costco

Wholesale

Corp.

(Consumer

Staples

Distribution

&

Retail)

...........

239

424

Coterra

Energy,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

11

396

CRH

PLC

(Construction

Materials)

.....

37

138

Crowdstrike

Holdings,

Inc.,

Class

-

A

(Software)(a)

.................

47

250

Crown

Castle,

Inc.

(Specialized

REITs)

..

23

72

Crown

Holdings,

Inc.

(Containers

&

Packaging)

..................

6

1,137

CSX

Corp.

(Ground

Transportation)

....

37

80

Cummins,

Inc.

(Machinery)

..........

28

727

CVS

Health

Corp.

(Health

Care

Providers

&

Services)

....................

33

179

D.R.

Horton,

Inc.

(Household

Durables)

..

25

74

Darden

Restaurants,

Inc.

(Hotels,

Restaurants

&

Leisure)

..........

14

164

Datadog,

Inc.,

Class

-

A

(Software)(a)

...

23

25

DaVita,

Inc.

(Health

Care

Providers

&

Services)(a)

..................

4

107

Dayforce,

Inc.

(Professional

Services)(a)

.

8

90

Deckers

Outdoor

Corp.

(Textiles,

Apparel

&

Luxury

Goods)(a)

.............

18

154

Deere

&

Co.

(Machinery)

............

65

186

Dell

Technologies,

Inc.,

Class

-

C

(Technology

Hardware,

Storage

&

Peripherals)

..................

21

79

Delta

Air

Lines,

Inc.

(Passenger

Airlines)

.

5

376

Devon

Energy

Corp.

(Oil,

Gas

&

Consumable

Fuels)

.............

12

238

Dexcom,

Inc.

(Health

Care

Equipment

&

Supplies)(a)

..................

19

104

Diamondback

Energy,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

17

33

Dick's

Sporting

Goods,

Inc.

(Specialty

Retail)

......................

8

196

Digital

Realty

Trust,

Inc.

(Specialized

REITs)

.....................

35

153

Discover

Financial

Services

(Consumer

Finance)

....................

27

124

DocuSign,

Inc.

(Software)(a)

..........

11

67

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

United

States

(continued)

134

Dollar

General

Corp.

(Consumer

Staples

Distribution

&

Retail)

...........

$

10

129

Dollar

Tree,

Inc.

(Consumer

Staples

Distribution

&

Retail)(a)

.........

10

494

Dominion

Energy,

Inc.

(Multi-Utilities)

..

27

23

Domino's

Pizza,

Inc.

(Hotels,

Restaurants

&

Leisure)

....................

10

184

DoorDash,

Inc.,

Class

-

A

(Hotels,

Restaurants

&

Leisure)(a)

........

31

83

Dover

Corp.

(Machinery)

............

16

406

Dow,

Inc.

(Chemicals)

..............

16

248

DraftKings,

Inc.

(Hotels,

Restaurants

&

Leisure)(a)

..................

9

120

DTE

Energy

Co.

(Multi-Utilities)

......

14

453

Duke

Energy

Corp.

(Electric

Utilities)

...

49

254

DuPont

de

Nemours,

Inc.

(Chemicals)

...

19

181

Dynatrace,

Inc.

(Software)(a)

.........

10

70

Eastman

Chemical

Co.

(Chemicals)

.....

6

232

Eaton

Corp.

PLC

(Electrical

Equipment)

.

77

300

eBay,

Inc.

(Broadline

Retail)

..........

19

150

Ecolab,

Inc.

(Chemicals)

.............

35

218

Edison

International

(Electric

Utilities)

..

17

357

Edwards

Lifesciences

Corp.

(Health

Care

Equipment

&

Supplies)(a)

.......

26

144

Electronic

Arts,

Inc.

(Entertainment)

....

21

137

Elevance

Health,

Inc.

(Health

Care

Providers

&

Services)

...........

51

26

EMCOR

Group,

Inc.

(Construction

&

Engineering)

.................

12

338

Emerson

Electric

Co.

(Electrical

Equipment)

42

81

Enphase

Energy,

Inc.

(Semiconductors

&

Semiconductor

Equipment)(a)

.....

6

91

Entegris,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.......

9

248

Entergy

Corp.

(Electric

Utilities)

.......

19

342

EOG

Resources,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

42

34

EPAM

Systems,

Inc.

(IT

Services)(a)

....

8

349

EQT

Corp.

(Oil,

Gas

&

Consumable

Fuels)

16

69

Equifax,

Inc.

(Professional

Services)

....

18

57

Equinix,

Inc.

(Specialized

REITs)

......

54

197

Equitable

Holdings,

Inc.

(Financial

Services)

....................

9

116

Equity

LifeStyle

Properties,

Inc.

(Residential

REITs)

............

8

192

Equity

Residential

(Residential

REITs)

..

14

15

Erie

Indemnity

Co.,

Class

-

A

(Insurance)

.

6

147

Essential

Utilities,

Inc.

(Water

Utilities)

..

5

36

Essex

Property

Trust,

Inc.

(Residential

REITs)

.....................

10

128

Evergy,

Inc.

(Electric

Utilities)

........

8

218

Eversource

Energy

(Electric

Utilities)

...

13

107

Exact

Sciences

Corp.

(Biotechnology)(a)

.

6

606

Exelon

Corp.

(Electric

Utilities)

.......

23

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

United

States

(continued)

115

Expand

Energy

Corp.

(Oil,

Gas

&

Consumable

Fuels)

.............

$

11

75

Expedia

Group,

Inc.

(Hotels,

Restaurants

&

Leisure)(a)

..................

14

88

Expeditors

International

of

Washington,

Inc.

(Air

Freight

&

Logistics)

........

10

120

Extra

Space

Storage,

Inc.

(Specialized

REITs)

.....................

18

2,601

Exxon

Mobil

Corp.

(Oil,

Gas

&

Consumable

Fuels)

......................

280

33

F5,

Inc.

(Communications

Equipment)(a)

.

8

23

FactSet

Research

Systems,

Inc.

(Capital

Markets)

....................

11

14

Fair

Isaac

Corp.

(Software)(a)

.........

28

336

Fastenal

Co.

(Trading

Companies

&

Distributors)

.................

24

139

FedEx

Corp.

(Air

Freight

&

Logistics)

...

39

116

Ferguson

Enterprises,

Inc.

(Trading

Companies

&

Distributors)

.......

20

149

Fidelity

National

Financial,

Inc.

(Insurance)

8

315

Fidelity

National

Information

Services,

Inc.

(Financial

Services)

............

25

396

Fifth

Third

Bancorp

(Banks)

..........

17

6

First

Citizens

BancShares,

Inc.,

Class

-

A

(Banks)

.....................

13

61

First

Solar,

Inc.

(Semiconductors

&

Semiconductor

Equipment)(a)

.....

11

298

FirstEnergy

Corp.

(Electric

Utilities)

....

12

330

Fiserv,

Inc.

(Financial

Services)(a)

......

68

2,239

Ford

Motor

Co.

(Automobiles)

........

22

392

Fortinet,

Inc.

(Software)(a)

...........

37

203

Fortive

Corp.

(Machinery)

...........

15

75

Fortune

Brands

Innovations,

Inc.

(Building

Products)

....................

5

111

Fox

Corp.,

Class

-

A

(Media)

..........

5

94

Fox

Corp.,

Class

-

B

(Media)

.........

4

199

Franklin

Resources,

Inc.

(Capital

Markets)

4

847

Freeport-McMoRan,

Inc.

(Metals

&

Mining)

32

125

Gaming

and

Leisure

Properties,

Inc.

(Specialized

REITs)

............

6

46

Gartner,

Inc.

(IT

Services)(a)

..........

22

161

GE

Vernova,

Inc.

(Electrical

Equipment)

.

53

357

Gen

Digital,

Inc.

(Software)

..........

10

333

General

Mills,

Inc.

(Food

Products)

.....

21

646

General

Motors

Co.

(Automobiles)

.....

34

81

Genuine

Parts

Co.

(Distributors)

.......

9

150

Global

Payments,

Inc.

(Financial

Services)

17

85

GoDaddy,

Inc.,

Class

-

A

(IT

Services)(a)

.

17

105

Graco,

Inc.

(Machinery)

.............

9

520

Halliburton

Co.

(Energy

Equipment

&

Services)

....................

14

113

HCA

Healthcare,

Inc.

(Health

Care

Providers

&

Services)

...........

34

456

Healthpeak

Properties,

Inc.

(Health

Care

REITs)

.....................

9

68

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

United

States

(continued)

31

HEICO

Corp.

(Aerospace

&

Defense)

...

$

7

39

HEICO

Corp.,

Class

-

A

(Aerospace

&

Defense)

....................

7

69

Henry

Schein,

Inc.

(Health

Care

Providers

&

Services)(a)

..................

5

161

Hess

Corp.

(Oil,

Gas

&

Consumable

Fuels)

21

768

Hewlett

Packard

Enterprise

Co.

(Technology

Hardware,

Storage

&

Peripherals)

..

16

90

HF

Sinclair

Corp.

(Oil,

Gas

&

Consumable

Fuels)

......................

3

133

Hilton

Worldwide

Holdings,

Inc.

(Hotels,

Restaurants

&

Leisure)

..........

33

140

Hologic,

Inc.

(Health

Care

Equipment

&

Supplies)(a)

..................

10

383

Honeywell

International,

Inc.

(Industrial

Conglomerates)

...............

87

187

Hormel

Foods

Corp.

(Food

Products)

....

6

352

Host

Hotels

&

Resorts,

Inc.

(Hotel

&

Resort

REITs)

.....................

6

227

Howmet

Aerospace,

Inc.

(Aerospace

&

Defense)

....................

25

566

HP,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)

..................

18

30

Hubbell,

Inc.

(Electrical

Equipment)

....

13

30

HubSpot,

Inc.

(Software)(a)

..........

21

72

Humana,

Inc.

(Health

Care

Providers

&

Services)

....................

18

846

Huntington

Bancshares,

Inc.

(Banks)

....

14

25

Hyatt

Hotels

Corp.,

Class

-

A

(Hotels,

Restaurants

&

Leisure)

..........

4

45

IDEX

Corp.

(Machinery)

............

9

47

IDEXX

Laboratories,

Inc.

(Health

Care

Equipment

&

Supplies)(a)

.......

19

168

Illinois

Tool

Works,

Inc.

(Machinery)

....

43

94

Incyte

Corp.

(Biotechnology)(a)

.......

6

242

Ingersoll

Rand,

Inc.

(Machinery)

.......

22

40

Insulet

Corp.

(Health

Care

Equipment

&

Supplies)(a)

..................

10

2,491

Intel

Corp.

(Semiconductors

&

Semiconductor

Equipment)

.......

50

336

Intercontinental

Exchange,

Inc.

(Capital

Markets)

....................

50

542

International

Business

Machines

Corp.

(IT

Services)

....................

119

148

International

Flavors

&

Fragrances,

Inc.

(Chemicals)

..................

13

205

International

Paper

Co.

(Containers

&

Packaging)

..................

11

166

Intuit,

Inc.

(Software)

...............

104

209

Intuitive

Surgical,

Inc.

(Health

Care

Equipment

&

Supplies)(a)

.......

109

291

Invitation

Homes,

Inc.

(Residential

REITs)

9

106

IQVIA

Holdings,

Inc.

(Life

Sciences

Tools

&

Services)(a)

................

21

174

Iron

Mountain,

Inc.

(Specialized

REITs)

.

18

63

Jabil,

Inc.

(Electronic

Equipment,

Instruments

&

Components)

......

9

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

United

States

(continued)

45

Jack

Henry

&

Associates,

Inc.

(Financial

Services)

....................

$

8

77

Jacobs

Solutions,

Inc.

(Professional

Services)

....................

10

52

JB

Hunt

Transport

Services,

Inc.

(Ground

Transportation)

...............

9

392

Johnson

Controls

International

PLC

(Building

Products)

............

31

1,678

JPMorgan

Chase

&

Co.

(Banks)

.......

402

197

Juniper

Networks,

Inc.

(Communications

Equipment)

..................

7

169

Kellanova

(Food

Products)

...........

14

1,167

Kenvue,

Inc.

(Personal

Care

Products)

...

25

697

Keurig

Dr

Pepper,

Inc.

(Beverages)

.....

22

555

KeyCorp

(Banks)

..................

10

104

Keysight

Technologies,

Inc.

(Electronic

Equipment,

Instruments

&

Components)(a)

...............

17

201

Kimberly-Clark

Corp.

(Household

Products)

26

435

Kimco

Realty

Corp.

(Retail

REITs)

.....

10

1,173

Kinder

Morgan,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

32

363

KKR

&

Co.,

Inc.

(Capital

Markets)

.....

54

79

KLA

Corp.

(Semiconductors

&

Semiconductor

Equipment)

.......

50

105

Knight-Swift

Transportation

Holdings,

Inc.

(Ground

Transportation)

.........

6

52

Labcorp

Holdings,

Inc.

(Health

Care

Providers

&

Services)

...........

12

769

Lam

Research

Corp.

(Semiconductors

&

Semiconductor

Equipment)

.......

56

92

Lamb

Weston

Holdings,

Inc.

(Food

Products)

....................

6

237

Las

Vegas

Sands

Corp.

(Hotels,

Restaurants

&

Leisure)

...................

12

141

Lennar

Corp.,

Class

-

A

(Household

Durables)

...................

19

19

Lennox

International,

Inc.

(Building

Products)

....................

12

128

Liberty

Media

Corp.-Liberty

Formula

One

(Entertainment)(a)

.............

12

279

Linde

PLC

(Chemicals)

.............

117

93

Live

Nation

Entertainment,

Inc.

(Entertainment)(a)

.............

12

152

LKQ

Corp.

(Distributors)

............

6

108

Loews

Corp.

(Insurance)

.............

9

333

Lowe's

Cos.,

Inc.

(Specialty

Retail)

.....

82

44

LPL

Financial

Holdings,

Inc.

(Capital

Markets)

....................

14

152

LyondellBasell

Industries

N.V.,

Class

-

A

(Chemicals)

..................

11

98

M&T

Bank

Corp.

(Banks)

............

18

35

Manhattan

Associates,

Inc.

(Software)(a)

.

9

195

Marathon

Petroleum

Corp.

(Oil,

Gas

&

Consumable

Fuels)

.............

27

8

Markel

Group,

Inc.

(Insurance)(a)

......

14

69

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

United

States

(continued)

23

MarketAxess

Holdings,

Inc.

(Capital

Markets)

....................

$

5

144

Marriott

International,

Inc.,

Class

-

A

(Hotels,

Restaurants

&

Leisure)

....

40

285

Marsh

&

McLennan

Cos.,

Inc.

(Insurance)

61

36

Martin

Marietta

Materials,

Inc.

(Construction

Materials)

.........

19

510

Marvell

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.....

56

123

Masco

Corp.

(Building

Products)

.......

9

482

Mastercard,

Inc.,

Class

-

A

(Financial

Services)

....................

254

143

Match

Group,

Inc.

(Interactive

Media

&

Services)(a)

..................

5

146

McCormick

&

Co.,

Inc.

(Food

Products)

.

11

425

McDonald's

Corp.

(Hotels,

Restaurants

&

Leisure)

....................

123

1,282

Meta

Platforms,

Inc.,

Class

-

A

(Interactive

Media

&

Services)

.............

752

348

MetLife,

Inc.

(Insurance)

............

28

13

Mettler-Toledo

International,

Inc.

(Life

Sciences

Tools

&

Services)(a)

.....

16

140

MGM

Resorts

International

(Hotels,

Restaurants

&

Leisure)(a)

........

5

315

Microchip

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

..................

18

653

Micron

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.......

55

4,151

Microsoft

Corp.

(Software)

...........

1,751

107

MicroStrategy,

Inc.

(Software)(a)

......

31

73

Mid-America

Apartment

Communities,

Inc.

(Residential

REITs)

............

11

36

Molina

Healthcare,

Inc.

(Health

Care

Providers

&

Services)(a)

.........

10

103

Molson

Coors

Beverage

Co.,

Class

-

B

(Beverages)

..................

6

771

Mondelez

International,

Inc.,

Class

-

A

(Food

Products)

...............

46

44

MongoDB,

Inc.

(IT

Services)(a)

.......

10

30

Monolithic

Power

Systems,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

..................

18

425

Monster

Beverage

Corp.

(Beverages)(a)

..

22

98

Moody's

Corp.

(Capital

Markets)

.......

46

708

Morgan

Stanley

(Capital

Markets)

......

89

98

Motorola

Solutions,

Inc.

(Communications

Equipment)

..................

45

48

MSCI,

Inc.

(Capital

Markets)

.........

29

245

Nasdaq,

Inc.

(Capital

Markets)

........

19

127

NetApp,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)

..........

15

252

Netflix,

Inc.

(Entertainment)(a)

........

225

66

Neurocrine

Biosciences,

Inc.

(Biotechnology)(a)

.............

9

663

Newmont

Corp.

(Metals

&

Mining)

.....

25

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

United

States

(continued)

235

News

Corp.,

Class

-

A

(Media)

........

$

6

1,217

NextEra

Energy,

Inc.

(Electric

Utilities)

..

87

700

NIKE,

Inc.,

Class

-

B

(Textiles,

Apparel

&

Luxury

Goods)

...............

53

247

NiSource,

Inc.

(Multi-Utilities)

........

9

33

Nordson

Corp.

(Machinery)

..........

7

134

Norfolk

Southern

Corp.

(Ground

Transportation)

...............

31

119

Northern

Trust

Corp.

(Capital

Markets)

..

12

121

NRG

Energy,

Inc.

(Electric

Utilities)

....

11

142

Nucor

Corp.

(Metals

&

Mining)

.......

17

146

Nutanix,

Inc.,

Class

-

A

(Software)(a)

....

9

14,424

NVIDIA

Corp.

(Semiconductors

&

Semiconductor

Equipment)

.......

1,938

2

NVR,

Inc.

(Household

Durables)(a)

.....

16

354

Occidental

Petroleum

Corp.

(Oil,

Gas

&

Consumable

Fuels)

.............

17

92

Okta,

Inc.

(IT

Services)(a)

............

7

111

Old

Dominion

Freight

Line,

Inc.

(Ground

Transportation)

...............

20

114

Omnicom

Group,

Inc.

(Media)

........

10

263

ON

Semiconductor

Corp.

(Semiconductors

&

Semiconductor

Equipment)(a)

...

17

337

ONEOK,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

......................

34

979

Oracle

Corp.

(Software)

.............

163

34

O'Reilly

Automotive,

Inc.

(Specialty

Retail)

(a)

........................

40

232

Otis

Worldwide

Corp.

(Machinery)

.....

21

130

Ovintiv,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

5

47

Owens

Corning

(Building

Products)

....

8

305

PACCAR,

Inc.

(Machinery)

..........

32

56

Packaging

Corp.

of

America

(Containers

&

Packaging)

..................

13

1,193

Palantir

Technologies,

Inc.,

Class

-

A

(Software)(a)

.................

90

380

Palo

Alto

Networks,

Inc.

(Software)(a)

...

69

76

Parker-Hannifin

Corp.

(Machinery)

.....

48

193

Paychex,

Inc.

(Professional

Services)

....

27

30

Paycom

Software,

Inc.

(Professional

Services)

....................

6

568

PayPal

Holdings,

Inc.

(Financial

Services)

(a)

........................

48

804

PepsiCo,

Inc.

(Beverages)

............

122

1,189

PG&E

Corp.

(Electric

Utilities)

........

24

253

Phillips

66

(Oil,

Gas

&

Consumable

Fuels)

29

379

Pinterest,

Inc.,

Class

-

A

(Interactive

Media

&

Services)(a)

................

11

22

Pool

Corp.

(Distributors)

............

8

137

PPG

Industries,

Inc.

(Chemicals)

.......

16

407

PPL

Corp.

(Electric

Utilities)

..........

13

140

Principal

Financial

Group,

Inc.

(Insurance)

11

538

Prologis,

Inc.

(Industrial

REITs)

.......

57

203

Prudential

Financial,

Inc.

(Insurance)

....

24

70

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

United

States

(continued)

62

PTC,

Inc.

(Software)(a)

.............

$

11

288

Public

Service

Enterprise

Group,

Inc.

(Multi-Utilities)

...............

24

92

Public

Storage

(Specialized

REITs)

.....

28

123

PulteGroup,

Inc.

(Household

Durables)

..

13

194

Pure

Storage,

Inc.,

Class

-

A

(Technology

Hardware,

Storage

&

Peripherals)(a)

12

46

Qorvo,

Inc.

(Semiconductors

&

Semiconductor

Equipment)(a)

.....

3

657

QUALCOMM,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.......

101

86

Quanta

Services,

Inc.

(Construction

&

Engineering)

.................

27

64

Quest

Diagnostics,

Inc.

(Health

Care

Providers

&

Services)

...........

10

112

Raymond

James

Financial,

Inc.

(Capital

Markets)

....................

17

113

RB

Global,

Inc.

(Commercial

Services

&

Supplies)

....................

10

523

Realty

Income

Corp.

(Retail

REITs)

.....

28

110

Regency

Centers

Corp.

(Retail

REITs)

...

8

561

Regions

Financial

Corp.

(Banks)

.......

13

34

Reliance,

Inc.

(Metals

&

Mining)

......

9

125

Republic

Services,

Inc.

(Commercial

Services

&

Supplies)

...........

25

83

ResMed,

Inc.

(Health

Care

Equipment

&

Supplies)

....................

19

453

Rivian

Automotive,

Inc.,

Class

-

A

(Automobiles)(a)

..............

6

331

Robinhood

Markets,

Inc.,

Class

-

A

(Capital

Markets)(a)

..................

12

286

ROBLOX

Corp.,

Class

-

A

(Entertainment)

(a)

........................

17

67

Rockwell

Automation,

Inc.

(Electrical

Equipment)

..................

19

71

Roku,

Inc.

(Entertainment)(a)

.........

5

169

Rollins,

Inc.

(Commercial

Services

&

Supplies)

....................

8

62

Roper

Technologies,

Inc.

(Software)

....

32

198

Ross

Stores,

Inc.

(Specialty

Retail)

.....

30

141

Royal

Caribbean

Cruises

Ltd.

(Hotels,

Restaurants

&

Leisure)

..........

33

197

Royalty

Pharma

PLC,

Class

-

A

(Pharmaceuticals)

.............

5

79

RPM

International,

Inc.

(Chemicals)

....

10

189

S&P

Global,

Inc.

(Capital

Markets)

.....

94

560

Salesforce,

Inc.

(Software)

...........

187

134

Samsara,

Inc.,

Class

-

A

(Software)(a)

...

6

63

SBA

Communications

Corp.

(Specialized

REITs)

.....................

13

845

Schlumberger

N.V.

(Energy

Equipment

&

Services)

....................

32

109

Seagate

Technology

Holdings

PLC

(Technology

Hardware,

Storage

&

Peripherals)

..................

9

64

SEI

Investments

Co.

(Capital

Markets)

..

5

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

United

States

(continued)

355

Sempra

(Multi-Utilities)

.............

$

31

121

ServiceNow,

Inc.

(Software)(a)

........

128

181

Simon

Property

Group,

Inc.

(Retail

REITs)

31

104

Skyworks

Solutions,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.....

9

609

Snap,

Inc.,

Class

-

A

(Interactive

Media

&

Services)(a)

..................

7

30

Snap-on,

Inc.

(Machinery)

...........

10

181

Snowflake,

Inc.,

Class

-

A

(IT

Services)(a)

28

87

Solventum

Corp.

(Health

Care

Providers

&

Services)(a)

..................

6

105

Southwest

Airlines

Co.

(Passenger

Airlines)

4

122

SS&C

Technologies

Holdings,

Inc.

(Professional

Services)

..........

9

85

Stanley

Black

&

Decker,

Inc.

(Machinery)

7

665

Starbucks

Corp.

(Hotels,

Restaurants

&

Leisure)

....................

61

170

State

Street

Corp.

(Capital

Markets)

.....

17

79

Steel

Dynamics,

Inc.

(Metals

&

Mining)

.

9

57

STERIS

PLC

(Health

Care

Equipment

&

Supplies)

....................

12

202

Stryker

Corp.

(Health

Care

Equipment

&

Supplies)

....................

73

65

Sun

Communities,

Inc.

(Residential

REITs)

8

317

Super

Micro

Computer,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)(a)

10

231

Synchrony

Financial

(Consumer

Finance)

15

89

Synopsys,

Inc.

(Software)(a)

..........

43

274

Sysco

Corp.

(Consumer

Staples

Distribution

&

Retail)

....................

21

136

T.

Rowe

Price

Group,

Inc.

(Capital

Markets)

15

100

Take-Two

Interactive

Software,

Inc.

(Entertainment)(a)

.............

18

117

Targa

Resources

Corp.

(Oil,

Gas

&

Consumable

Fuels)

.............

21

275

Target

Corp.

(Consumer

Staples

Distribution

&

Retail)

....................

37

27

Teleflex,

Inc.

(Health

Care

Equipment

&

Supplies)

....................

5

94

Teradyne,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.......

12

1,691

Tesla,

Inc.

(Automobiles)(a)

..........

684

540

Texas

Instruments,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.......

101

12

Texas

Pacific

Land

Corp.

(Oil,

Gas

&

Consumable

Fuels)

.............

13

415

The

AES

Corp.

(Independent

Power

and

Renewable

Electricity

Producers)

..

5

160

The

Allstate

Corp.

(Insurance)

.........

31

437

The

Bank

of

New

York

Mellon

Corp.

(Capital

Markets)

..............

34

128

The

Campbell's

Co.

(Food

Products)

....

5

157

The

Carlyle

Group,

Inc.

(Capital

Markets)

8

937

The

Charles

Schwab

Corp.

(Capital

Markets)

....................

69

71

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

United

States

(continued)

162

The

Cigna

Group

(Health

Care

Providers

&

Services)

....................

$

45

73

The

Clorox

Co.

(Household

Products)

...

12

2,410

The

Coca-Cola

Co.

(Beverages)

.......

150

129

The

Estee

Lauder

Cos.,

Inc.

(Personal

Care

Products)

....................

10

184

The

Goldman

Sachs

Group,

Inc.

(Capital

Markets)

....................

105

167

The

Hartford

Financial

Services

Group,

Inc.

(Insurance)

..................

18

91

The

Hershey

Co.

(Food

Products)

......

15

587

The

Home

Depot,

Inc.

(Specialty

Retail)

.

228

220

The

Interpublic

Group

of

Cos.,

Inc.

(Media)

6

63

The

J.M.

Smucker

Co.

(Food

Products)

..

7

519

The

Kraft

Heinz

Co.

(Food

Products)

....

16

403

The

Kroger

Co.

(Consumer

Staples

Distribution

&

Retail)

...........

25

186

The

Mosaic

Co.

(Chemicals)

..........

5

230

The

PNC

Financial

Services

Group,

Inc.

(Banks)

.....................

44

344

The

Progressive

Corp.

(Insurance)

......

82

141

The

Sherwin-Williams

Co.

(Chemicals)

..

48

643

The

Southern

Co.

(Electric

Utilities)

....

53

664

The

TJX

Cos.,

Inc.

(Specialty

Retail)

....

80

62

The

Toro

Co.

(Machinery)

............

5

262

The

Trade

Desk,

Inc.,

Class

-

A

(Media)(a)

31

138

The

Travelers

Cos.,

Inc.

(Insurance)

.....

33

1,062

The

Walt

Disney

Co.

(Entertainment)

....

118

708

The

Williams

Cos.,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

38

311

T-Mobile

US,

Inc.

(Wireless

Telecommunication

Services)

.....

69

240

Toast,

Inc.,

Class

-

A

(Financial

Services)(a)

9

320

Tractor

Supply

Co.

(Specialty

Retail)

....

17

65

Tradeweb

Markets,

Inc.,

Class

-

A

(Capital

Markets)

....................

9

33

TransDigm

Group,

Inc.

(Aerospace

&

Defense)

....................

42

116

TransUnion

(Professional

Services)

.....

11

133

Trimble,

Inc.

(Electronic

Equipment,

Instruments

&

Components)(a)

....

9

800

Truist

Financial

Corp.

(Banks)

.........

35

93

Twilio,

Inc.,

Class

-

A

(IT

Services)(a)

...

10

25

Tyler

Technologies,

Inc.

(Software)(a)

...

14

167

Tyson

Foods,

Inc.,

Class

-

A

(Food

Products)

10

914

U.S.

Bancorp

(Banks)

...............

44

1,110

Uber

Technologies,

Inc.

(Ground

Transportation)(a)

.............

67

200

UDR,

Inc.

(Residential

REITs)

........

9

59

U-Haul

Holding

Co.

(Ground

Transportation)

...............

4

30

Ulta

Beauty,

Inc.

(Specialty

Retail)(a)

...

13

362

Union

Pacific

Corp.

(Ground

Transportation)

...............

83

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

United

States

(continued)

427

United

Parcel

Service,

Inc.,

Class

-

B

(Air

Freight

&

Logistics)

............

$

54

40

United

Rentals,

Inc.

(Trading

Companies

&

Distributors)

.................

28

24

United

Therapeutics

Corp.

(Biotechnology)

(a)

........................

8

544

UnitedHealth

Group,

Inc.

(Health

Care

Providers

&

Services)

...........

275

34

Universal

Health

Services,

Inc.,

Class

-

B

(Health

Care

Providers

&

Services)

.

6

196

Valero

Energy

Corp.

(Oil,

Gas

&

Consumable

Fuels)

.............

24

94

Veeva

Systems,

Inc.,

Class

-

A

(Health

Care

Technology)(a)

...............

20

247

Ventas,

Inc.

(Health

Care

REITs)

.......

15

149

Veralto

Corp.

(Commercial

Services

&

Supplies)

....................

15

54

VeriSign,

Inc.

(IT

Services)(a)

.........

11

85

Verisk

Analytics,

Inc.

(Professional

Services)

....................

23

2,495

Verizon

Communications,

Inc.

(Diversified

Telecommunication

Services)

.....

100

209

Vertiv

Holdings

Co.,

Class

-

A

(Electrical

Equipment)

..................

24

626

VICI

Properties,

Inc.

(Specialized

REITs)

18

983

Visa,

Inc.,

Class

-

A

(Financial

Services)

.

311

202

Vistra

Corp.

(Independent

Power

and

Renewable

Electricity

Producers)

..

28

81

Vulcan

Materials

Co.

(Construction

Materials)

...................

21

191

W.R.

Berkley

Corp.

(Insurance)

........

11

25

W.W.

Grainger,

Inc.

(Trading

Companies

&

Distributors)

.................

26

531

Walgreens

Boots

Alliance,

Inc.

(Consumer

Staples

Distribution

&

Retail)

.....

5

2,583

Walmart,

Inc.

(Consumer

Staples

Distribution

&

Retail)

...........

233

1,469

Warner

Bros.

Discovery,

Inc.

(Entertainment)(a)

.............

16

232

Waste

Management,

Inc.

(Commercial

Services

&

Supplies)

...........

47

34

Waters

Corp.

(Life

Sciences

Tools

&

Services)(a)

..................

13

22

Watsco,

Inc.

(Trading

Companies

&

Distributors)

.................

10

186

WEC

Energy

Group,

Inc.

(Multi-Utilities)

17

1,994

Wells

Fargo

&

Co.

(Banks)

...........

140

356

Welltower,

Inc.

(Health

Care

REITs)

....

45

44

West

Pharmaceutical

Services,

Inc.

(Life

Sciences

Tools

&

Services)

.......

14

207

Western

Digital

Corp.

(Technology

Hardware,

Storage

&

Peripherals)(a)

12

101

Westinghouse

Air

Brake

Technologies

Corp.

(Machinery)

.................

19

27

Westlake

Corp.

(Chemicals)

..........

3

406

Weyerhaeuser

Co.

(Specialized

REITs)

..

11

74

Williams-Sonoma,

Inc.

(Specialty

Retail)

.

14

72

See

accompanying

notes

to

financial

statements.

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

(concluded)

—

December

31,

2024

(Unaudited)

As

of

December

31,

2024

,

100%

of

the

Portfolio’s

net

assets

were

managed

by

Mellon

Investments

Corporation.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

United

States

(continued)

127

Workday,

Inc.,

Class

-

A

(Software)(a)

...

$

33

123

WP

Carey,

Inc.

(Diversified

REITs)

.....

7

55

Wynn

Resorts

Ltd.

(Hotels,

Restaurants

&

Leisure)

....................

5

338

Xcel

Energy,

Inc.

(Electric

Utilities)

.....

23

142

Xylem,

Inc.

(Machinery)

.............

16

166

Yum!

Brands,

Inc.

(Hotels,

Restaurants

&

Leisure)

....................

22

30

Zebra

Technologies

Corp.

(Electronic

Equipment,

Instruments

&

Components)(a)

...............

12

99

Zillow

Group,

Inc.,

Class

-

C

(Real

Estate

Management

&

Development)(a)

...

7

122

Zimmer

Biomet

Holdings,

Inc.

(Health

Care

Equipment

&

Supplies)

.........

13

265

Zoetis,

Inc.

(Pharmaceuticals)

.........

43

156

Zoom

Communications,

Inc.,

Class

-

A

(Software)(a)

.................

13

52

Zscaler,

Inc.

(Software)(a)

............

9

26,960

Uruguay

—

0.12%

27

MercadoLibre,

Inc.

(Broadline

Retail)(a)

.

46

Total

Common

Stocks

..............

36,767

Warrant

—

0.00%

Canada

—

0.00%

12

Constellation

Software,

Inc.,

3/31/40

(Software)(a)(c)

...............

—

Total

Warrant

...................

—

Investment

Company

—

0.06%

Money

Market

Funds

—

0.06%

22,297

State

Street

Institutional

Treasury

Plus

Money

Market

Fund,

Trust

Class

,

4.37%(d)

....................

22

Total

Investment

Company

..........

22

Total

Investments

(cost

$19,421

)

—

99.84%

36,789

Other

assets

in

excess

of

liabilities

—

0.16%

59

Net

Assets

-

100.00%

$

36,848

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,

2024.

(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,

2024

(Unaudited)

73

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

—

88.37%

Australia

—

5.44%

4,466

Ampol

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

$

78

153,655

ANZ

Group

Holdings

Ltd.

(Banks)(a)

...

2,707

21,823

Aristocrat

Leisure

Ltd.

(Hotels,

Restaurants

&

Leisure)

...................

921

82,839

Bendigo

&

Adelaide

Bank

Ltd.

(Banks)

..

670

33,932

BHP

Group

Ltd.

(Metals

&

Mining)

.....

828

85,014

BHP

Group

Ltd.

(Metals

&

Mining)

.....

2,077

43,919

Commonwealth

Bank

of

Australia

(Banks)

4,154

5,828

CSL

Ltd.

(Biotechnology)

............

1,016

32,382

Fortescue

Ltd.

(Metals

&

Mining)

......

365

68,557

Goodman

Group

(Industrial

REITs)

.....

1,507

7,899

Macquarie

Group

Ltd.

(Capital

Markets)

.

1,080

174,147

National

Australia

Bank

Ltd.

(Banks)

....

3,989

41,245

Qantas

Airways

Ltd.

(Passenger

Airlines)(a)

228

55,092

QBE

Insurance

Group

Ltd.

(Insurance)(a)

654

15,339

Rio

Tinto

Ltd.

(Metals

&

Mining)

......

1,112

150,128

Santos

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

(b)

........................

622

198,921

Scentre

Group

(Retail

REITs)(a)

.......

421

18,427

Suncorp

Group

Ltd.

(Insurance)

.......

216

44,996

Treasury

Wine

Estates

Ltd.

(Beverages)

..

315

63,839

Wesfarmers

Ltd.

(Broadline

Retail)

.....

2,820

148,167

Westpac

Banking

Corp.

(Banks)

.......

2,957

28,099

Woodside

Energy

Group

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

.............

435

35,740

Worley

Ltd.

(Construction

&

Engineering)

302

29,474

Austria

—

0.31%

23,927

Erste

Group

Bank

AG

(Banks)(b)

......

1,481

4,792

OMV

AG

(Oil,

Gas

&

Consumable

Fuels)

186

1,667

Belgium

—

0.43%

40,660

Anheuser-Busch

InBev

SA/N.V.

(Beverages)

..................

2,036

1,433

UCB

SA

(Pharmaceuticals)

...........

285

2,321

Canada

—

10.12%

3,586

Agnico

Eagle

Mines

Ltd.

(Metals

&

Mining)

281

22,412

Air

Canada

(Passenger

Airlines)(a)(b)

...

347

50,883

Alimentation

Couche-Tard,

Inc.

(Consumer

Staples

Distribution

&

Retail)

.....

2,822

8,987

AltaGas

Ltd.

(Gas

Utilities)

...........

209

45,514

Bank

of

Montreal

(Banks)

............

4,419

31,854

Cameco

Corp.

(Oil,

Gas

&

Consumable

Fuels)

......................

1,638

6,329

Canadian

Imperial

Bank

of

Commerce

(Banks)

.....................

400

2,386

Canadian

National

Railway

Co.

(Ground

Transportation)

...............

242

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Canada

(continued)

111,414

Canadian

Natural

Resources

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

...........

$

3,440

3,259

Canadian

Pacific

Kansas

City

Ltd.

(Ground

Transportation)

...............

236

11,085

Canadian

Tire

Corp.

Ltd.,

Class

-

A

(Broadline

Retail)(a)

...........

1,166

3,259

CCL

Industries,

Inc.,

Class

-

B

(Containers

&

Packaging)(b)

..............

168

125,033

Cenovus

Energy,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

1,896

835

Constellation

Software,

Inc.

(Software)

..

2,582

11,192

Dollarama,

Inc.

(Broadline

Retail)

......

1,092

21,506

Emera,

Inc.

(Electric

Utilities)

.........

804

7,123

Enbridge,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

......................

302

1,023

Fairfax

Financial

Holdings

Ltd.

(Insurance)

1,424

17,917

First

Quantum

Minerals

Ltd.

(Metals

&

Mining)(a)

...................

231

5,741

Fortis,

Inc.

(Electric

Utilities)

.........

239

7,691

Franco-Nevada

Corp.

(Metals

&

Mining)

.

904

24,142

GFL

Environmental,

Inc.

(Commercial

Services

&

Supplies)

...........

1,075

64,358

Great-West

Lifeco,

Inc.

(Insurance)

.....

2,135

12,464

Hydro

One

Ltd.

(Electric

Utilities)(b)

....

384

5,430

Intact

Financial

Corp.

(Insurance)(b)

....

989

56,358

Keyera

Corp.

(Oil,

Gas

&

Consumable

Fuels)

......................

1,724

2,505

Lumine

Group,

Inc.

(Software)(a)

......

72

8,370

Manulife

Financial

Corp.

(Insurance)

....

257

15,818

Methanex

Corp.

(Chemicals)

..........

791

18,402

National

Bank

of

Canada

(Banks)

......

1,678

3,339

Nutrien

Ltd.

(Chemicals)

............

149

1,796

Onex

Corp.

(Capital

Markets)

.........

140

7,732

Pembina

Pipeline

Corp.

(Oil,

Gas

&

Consumable

Fuels)

.............

286

66,482

Power

Corp.

of

Canada

(Insurance)

.....

2,074

6,978

Primaris

Real

Estate

Investment

Trust

(Retail

REITs)

................

75

1,726

Restaurant

Brands

International,

Inc.

(Hotels,

Restaurants

&

Leisure)

....

113

67,963

RioCan

Real

Estate

Investment

Trust

(Retail

REITs)(b)

...................

864

13,991

Royal

Bank

of

Canada

(Banks)

........

1,687

52,851

Shopify,

Inc.,

Class

-

A

(IT

Services)(a)

..

5,626

52,951

Sun

Life

Financial,

Inc.

(Insurance)

.....

3,144

5,745

Suncor

Energy,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

205

18,439

Teck

Resources

Ltd.,

Class

-

B

(Metals

&

Mining)

.....................

748

12,498

The

Toronto-Dominion

Bank

(Banks)

...

665

22,457

Thomson

Reuters

Corp.

(Professional

Services)

....................

3,606

74

HC

CAPITAL

TRUST

The

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Canada

(continued)

28,308

Wheaton

Precious

Metals

Corp.

(Metals

&

Mining)

.....................

$

1,594

54,923

Denmark

—

2.40%

2,246

DSV

A/S

(Air

Freight

&

Logistics)

.....

478

7,462

Genmab

A/S

(Biotechnology)(a)(b)

.....

1,559

127,453

Novo

Nordisk

A/S,

Class

-

B

(Pharmaceuticals)

.............

10,999

13,036

Finland

—

0.60%

4,385

Mandatum

Oyj

(Insurance)

...........

20

145,888

Nokia

Oyj

(Communications

Equipment)

.

645

178,699

Nordea

Bank

Abp

(Banks)

...........

1,948

3,545

Orion

Oyj,

Class

-

B

(Pharmaceuticals)

..

157

4,385

Sampo

Oyj,

A

Shares

(Insurance)

......

179

10,204

UPM-Kymmene

Oyj

(Paper

&

Forest

Products)

....................

281

3,230

France

—

8.80%

2,230

Aeroports

de

Paris

SA

(Transportation

Infrastructure)

................

258

24,146

Air

Liquide

SA

(Chemicals)

..........

3,925

23,149

Airbus

SE

(Aerospace

&

Defense)

......

3,706

47,723

AXA

SA

(Insurance)

...............

1,698

46,563

BNP

Paribas

SA

(Banks)

.............

2,858

1,044

Capgemini

SE

(IT

Services)

..........

170

3,697

Cie

de

Saint-Gobain

SA

(Building

Products)

328

99,973

Credit

Agricole

SA

(Banks)

...........

1,375

1,749

Eiffage

SA

(Construction

&

Engineering)(b)

153

25,532

Engie

SA

(Multi-Utilities)

............

405

16,219

EssilorLuxottica

SA

(Health

Care

Equipment

&

Supplies)(a)

.......

3,956

2,933

Eurazeo

SE

(Financial

Services)

.......

219

2,454

Hermes

International

SCA

(Textiles,

Apparel

&

Luxury

Goods)

..............

5,887

5,113

L'Oreal

SA

(Personal

Care

Products)

....

1,810

5,264

LVMH

Moet

Hennessy

Louis

Vuitton

SE

(Textiles,

Apparel

&

Luxury

Goods)

3,462

8,075

Publicis

Groupe

SA

(Media)

..........

860

7,261

Renault

SA

(Automobiles)

...........

353

20,356

Sanofi

SA

(Pharmaceuticals)

..........

1,979

34,976

Schneider

Electric

SE

(Electrical

Equipment)(b)

................

8,707

98,039

Societe

Generale

SA

(Banks)

.........

2,751

4,176

Thales

SA

(Aerospace

&

Defense)

......

600

23,129

TotalEnergies

SE

(Oil,

Gas

&

Consumable

Fuels)

......................

1,288

7,086

Unibail-Rodamco-Westfield

(Retail

REITs)

534

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

France

(continued)

15,933

Veolia

Environnement

SA

(Multi-Utilities)

$

447

47,729

Germany

—

7.47%

13,053

adidas

AG

(Textiles,

Apparel

&

Luxury

Goods)

.....................

3,210

10,077

Allianz

SE,

Registered

Shares

(Insurance)

3,097

1,793

Bayerische

Motoren

Werke

AG

(Automobiles)

................

147

1,065

Beiersdorf

AG

(Personal

Care

Products)

..

137

33,975

Commerzbank

AG

(Banks)

...........

558

2,692

Covestro

AG

(Chemicals)(a)

..........

156

113,622

Deutsche

Bank

AG,

Registered

Shares

(Capital

Markets)

..............

1,960

21,575

Deutsche

Boerse

AG

(Capital

Markets)

..

4,969

60,677

Deutsche

Post

AG

(Air

Freight

&

Logistics)

2,142

128,506

Deutsche

Telekom

AG

(Diversified

Telecommunication

Services)(b)

...

3,850

4,918

Fraport

AG

Frankfurt

Airport

Services

Worldwide

(Transportation

Infrastructure)(a)

..............

299

6,983

GEA

Group

AG

(Machinery)

.........

347

1,115

Hannover

Rueck

SE

(Insurance)

.......

279

82,230

Infineon

Technologies

AG

(Semiconductors

&

Semiconductor

Equipment)(b)

...

2,684

2,540

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen,

R

Shares

(Insurance)

.............

1,281

36,196

SAP

SE

(Software)

.................

8,902

1,461

Sartorius

AG,

Preference

Shares

(Life

Sciences

Tools

&

Services)(b)

.....

325

28,228

Siemens

AG,

Registered

Shares

(Industrial

Conglomerates)

...............

5,504

6,087

Symrise

AG

(Chemicals)(b)

..........

649

40,496

Hong

Kong

—

1.35%

483,480

AIA

Group

Ltd.

(Insurance)

..........

3,472

75,055

BOC

Hong

Kong

Holdings

Ltd.

(Banks)

.

240

334,000

China

Common

Rich

Renewable

Energy

Investment

Ltd.

(Independent

Power

and

Renewable

Electricity

Producers)

(a)(c)

......................

—

106,000

CK

Asset

Holdings

Ltd.

(Real

Estate

Management

&

Development)

.....

433

51,800

Hongkong

Land

Holdings

Ltd.

(Real

Estate

Management

&

Development)

.....

231

414,317

Link

REIT

(Retail

REITs)(a)

..........

1,742

14,472

Pacific

Century

Premium

Developments

Ltd.

(Real

Estate

Management

&

Development)(a)

..............

—

121,391

PCCW

Ltd.

(Diversified

Telecommunication

Services)(b)

..................

71

38,000

Power

Assets

Holdings

Ltd.

(Electric

Utilities)

....................

265

75

HC

CAPITAL

TRUST

The

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Hong

Kong

(continued)

236,000

SITC

International

Holdings

Co.

Ltd.

(Marine

Transportation)

.........

$

626

24,000

Swire

Pacific

Ltd.,

Class

-

A

(Real

Estate

Management

&

Development)

.....

217

7,297

Ireland

(Republic

of)

—

1.11%

8,728

AerCap

Holdings

N.V.

(Trading

Companies

&

Distributors)

...............

835

332,317

Bank

of

Ireland

Group

PLC

(Banks)

....

3,030

25,494

Experian

PLC

(Professional

Services)

...

1,096

2,189

Flutter

Entertainment

PLC

(Hotels,

Restaurants

&

Leisure)(a)(b)

......

566

16,821

James

Hardie

Industries

PLC

(Construction

Materials)(a)

.................

518

6,045

Israel

—

0.57%

862

CyberArk

Software

Ltd.

(Software)(a)

...

287

3,472

Nice

Ltd.,

ADR

(Software)(a)

.........

590

89,365

Teva

Pharmaceutical

Industries

Ltd.,

ADR

(Pharmaceuticals)(a)

...........

1,970

1,162

Wix.com

Ltd.

(IT

Services)(a)

.........

249

3,096

Italy

—

1.64%

47,935

Enel

SpA

(Electric

Utilities)(b)

........

342

1,561

Ferrari

N.V.

(Automobiles)

...........

666

69,888

Generali

(Insurance)

................

1,977

157,139

Intesa

Sanpaolo

SpA

(Banks)(b)

.......

630

7,820

Iveco

Group

N.V.

(Machinery)

........

76

168,665

Mediobanca

Banca

di

Credito

Finanziario

SpA

(Banks)

.................

2,463

7,356

Moncler

SpA

(Textiles,

Apparel

&

Luxury

Goods)

.....................

388

9,459

Poste

Italiane

SpA

(Insurance)

.........

134

90,548

Snam

SpA

(Gas

Utilities)

............

401

180,455

Terna

-

Rete

Elettrica

Nazionale

(Electric

Utilities)

....................

1,426

9,486

UniCredit

SpA

(Banks)

..............

380

8,883

Japan

—

17.77%

8,800

Advantest

Corp.

(Semiconductors

&

Semiconductor

Equipment)(b)

.....

500

6,845

AGC,

Inc.

(Building

Products)

........

200

23,400

Aisin

Corp.

(Automobile

Components)

..

261

27,300

Ajinomoto

Co.,

Inc.

(Food

Products)

....

1,112

15,300

Amada

Co.

Ltd.

(Machinery)

.........

149

15,200

Bridgestone

Corp.

(Automobile

Components)

.................

511

38,300

Canon,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)

................

1,244

8,600

Capcom

Co.

Ltd.

(Entertainment)

......

187

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Japan

(continued)

293,700

Concordia

Financial

Group

Ltd.

(Banks)

.

$

1,615

178,200

CyberAgent,

Inc.

(Media)

............

1,226

26,776

Dai

Nippon

Printing

Co.

Ltd.

(Commercial

Services

&

Supplies)

...........

375

40,900

Dai-ichi

Life

Holdings,

Inc.

(Insurance)

..

1,090

7,900

Daiichi

Sankyo

Co.

Ltd.

(Pharmaceuticals)

216

1,279

Daito

Trust

Construction

Co.

Ltd.

(Real

Estate

Management

&

Development)

143

15,550

Daiwa

House

Industry

Co.

Ltd.

(Real

Estate

Management

&

Development)

.....

477

16,700

Denso

Corp.

(Automobile

Components)

..

230

800

Fast

Retailing

Co.

Ltd.

(Specialty

Retail)

.

270

3,900

Fuji

Electric

Co.

Ltd.

(Electrical

Equipment)

209

25,200

FUJIFILM

Holdings

Corp.

(Technology

Hardware,

Storage

&

Peripherals)

..

521

109,000

Fujitsu

Ltd.

(IT

Services)(b)

..........

1,915

185,500

Hitachi

Ltd.

(Industrial

Conglomerates)

..

4,543

20,700

Hoya

Corp.

(Health

Care

Equipment

&

Supplies)

....................

2,569

36,500

Iida

Group

Holdings

Co.

Ltd.

(Household

Durables)

...................

549

39,100

Inpex

Corp.

(Oil,

Gas

&

Consumable

Fuels)

492

22,100

Isetan

Mitsukoshi

Holdings

Ltd.

(Broadline

Retail)

......................

379

21,000

Isuzu

Motors

Ltd.

(Automobiles)

.......

286

92,317

ITOCHU

Corp.

(Trading

Companies

&

Distributors)

.................

4,540

141,200

Japan

Exchange

Group,

Inc.

(Capital

Markets)

....................

1,567

8,300

Japan

Post

Insurance

Co.

Ltd.

(Insurance)(b)

152

9,200

Kawasaki

Heavy

Industries

Ltd.

(Machinery)

.................

419

101,200

KDDI

Corp.

(Wireless

Telecommunication

Services)

....................

3,224

6,100

Keyence

Corp.

(Electronic

Equipment,

Instruments

&

Components)

......

2,480

57,900

Kobe

Bussan

Co.

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

1,266

6,345

Komatsu

Ltd.

(Machinery)

...........

173

11,600

Kyoto

Financial

Group,

Inc.

(Banks)

....

170

27,600

M3,

Inc.

(Health

Care

Technology)

.....

239

63,300

Marubeni

Corp.

(Trading

Companies

&

Distributors)

.................

950

63,500

MEIJI

Holdings

Co.

Ltd.

(Food

Products)

1,292

171,435

Mitsubishi

Corp.

(Trading

Companies

&

Distributors)

.................

2,805

34,200

Mitsubishi

Estate

Co.

Ltd.

(Real

Estate

Management

&

Development)

.....

475

97,000

Mitsubishi

Heavy

Industries

Ltd.

(Machinery)

.................

1,353

432,200

Mitsubishi

UFJ

Financial

Group,

Inc.

(Banks)

.....................

5,046

263,576

Mitsui

&

Co.

Ltd.

(Trading

Companies

&

Distributors)

.................

5,467

108,300

Mitsui

Fudosan

Co.

Ltd.

(Real

Estate

Management

&

Development)

.....

866

76

HC

CAPITAL

TRUST

The

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Japan

(continued)

30,600

Mitsui

OSK

Lines

Ltd.

(Marine

Transportation)

...............

$

1,065

96,900

Murata

Manufacturing

Co.

Ltd.

(Electronic

Equipment,

Instruments

&

Components)

.................

1,537

14,700

NEC

Corp.

(IT

Services)

.............

1,258

19,200

Nikon

Corp.

(Household

Durables)

.....

198

4,700

Nintendo

Co.

Ltd.

(Entertainment)

......

274

6,300

Nippon

Sanso

Holdings

Corp.

(Chemicals)

175

30,800

Nippon

Steel

Corp.

(Metals

&

Mining)(b)

619

910,000

Nippon

Telegraph

&

Telephone

Corp.

(Diversified

Telecommunication

Services)

....................

909

33,000

Nippon

Yusen

KK

(Marine

Transportation)

1,098

36,500

Nissin

Foods

Holdings

Co.

Ltd.

(Food

Products)(b)

.................

882

6,400

Nitori

Holdings

Co.

Ltd.

(Specialty

Retail)

758

17,800

Nomura

Research

Institute

Ltd.

(IT

Services)

....................

523

9,000

Obic

Co.

Ltd.

(IT

Services)

...........

268

104,100

Olympus

Corp.

(Health

Care

Equipment

&

Supplies)

....................

1,554

10,800

ORIX

Corp.

(Financial

Services)

.......

232

12,700

Pan

Pacific

International

Holdings

Corp.

(Broadline

Retail)

.............

345

243,800

Rakuten

Group,

Inc.

(Broadline

Retail)(b)

1,314

9,100

Recruit

Holdings

Co.

Ltd.

(Professional

Services)

....................

633

15,300

SBI

Holdings,

Inc.

(Capital

Markets)

....

384

4,800

SCREEN

Holdings

Co.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

..................

283

35,552

Sekisui

House

Ltd.

(Household

Durables)

848

21,700

Seven

&

i

Holdings

Co.

Ltd.

(Consumer

Staples

Distribution

&

Retail)

.....

340

17,000

Shin-Etsu

Chemical

Co.

Ltd.

(Chemicals)

560

38,400

Sompo

Holdings,

Inc.

(Insurance)

......

995

64,200

Sony

Group

Corp.

(Household

Durables)

.

1,353

15,200

Subaru

Corp.

(Automobiles)

..........

270

35,700

Sumitomo

Electric

Industries

Ltd.

(Automobile

Components)

.......

638

42,444

Sumitomo

Mitsui

Financial

Group,

Inc.

(Banks)

.....................

1,019

4,800

Sumitomo

Realty

&

Development

Co.

Ltd.

(Real

Estate

Management

&

Development)

................

149

22,400

The

Chiba

Bank

Ltd.

(Banks)

.........

173

29,700

Tokio

Marine

Holdings,

Inc.

(Insurance)

.

1,066

80,800

Tokyo

Electric

Power

Co

Holdings,

Inc.

(Electric

Utilities)(a)

...........

242

26,400

Tokyo

Electron

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

.......

3,969

53,100

Tokyo

Gas

Co.

Ltd.

(Gas

Utilities)

......

1,471

25,700

Tokyu

Fudosan

Holdings

Corp.

(Real

Estate

Management

&

Development)(b)

..

157

17,900

Toyota

Industries

Corp.

(Machinery)

....

1,440

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Japan

(continued)

485,000

Toyota

Motor

Corp.

(Automobiles)

.....

$

9,472

20,310

Toyota

Tsusho

Corp.

(Trading

Companies

&

Distributors)

.................

359

17,027

Trend

Micro,

Inc.

(Software)

..........

918

69,800

Yakult

Honsha

Co.

Ltd.

(Food

Products)

.

1,322

61,300

Yamaha

Motor

Co.

Ltd.

(Automobiles)

..

540

15,200

Zensho

Holdings

Co.

Ltd.

(Hotels,

Restaurants

&

Leisure)

..........

861

5,700

ZOZO,

Inc.

(Specialty

Retail)(b)

.......

176

96,400

Luxembourg

—

0.45%

27,423

ArcelorMittal

SA

(Metals

&

Mining)

....

637

96,377

Tenaris

SA

(Energy

Equipment

&

Services)

1,819

2,456

Netherlands

—

3.21%

57,506

ABN

AMRO

Bank

N.V.

(Banks)

.......

887

73,595

Aegon

Ltd.

(Insurance)

..............

438

22,207

Akzo

Nobel

N.V.

(Chemicals)

.........

1,333

1,066

Argenx

SE

(Biotechnology)(a)

........

658

10,915

ASML

Holding

N.V.

(Semiconductors

&

Semiconductor

Equipment)(b)

.....

7,644

4,144

EXOR

N.V.

(Financial

Services)

.......

380

14,622

ING

Groep

N.V.

(Banks)

.............

229

52,086

Koninklijke

Ahold

Delhaize

N.V.

(Consumer

Staples

Distribution

&

Retail)

.....

1,699

24,262

Prosus

N.V.

(Broadline

Retail)(a)(b)

....

964

85,642

Stellantis

N.V.

(Automobiles)

.........

1,114

1,552

Topicus.com,

Inc.

(Software)

..........

131

11,488

Wolters

Kluwer

N.V.

(Professional

Services)

1,908

17,385

New

Zealand

—

0.05%

55,967

Auckland

International

Airport

Ltd.

(Transportation

Infrastructure)

.....

272

Norway

—

0.50%

11,596

DNB

Bank

ASA

(Banks)

............

232

104,675

Equinor

ASA

(Oil,

Gas

&

Consumable

Fuels)

......................

2,484

2,716

Portugal

—

0.07%

111,695

EDP

SA

(Electric

Utilities)

...........

357

Singapore

—

1.06%

532,772

CapitaLand

Ascendas

REIT

(Industrial

REITs)

.....................

1,001

175,970

CapitaLand

Integrated

Commercial

Trust

(Retail

REITs)

................

248

130,600

CapitaLand

Investment

Ltd.

(Real

Estate

Management

&

Development)

.....

250

77

HC

CAPITAL

TRUST

The

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Singapore

(continued)

63,580

DBS

Group

Holdings

Ltd.

(Banks)

.....

$

2,039

158,144

Grab

Holdings

Ltd.

(Ground

Transportation)

(a)

........................

746

14,500

Oversea-Chinese

Banking

Corp.

Ltd.

(Banks)

.....................

177

6,124

Sea

Ltd.,

ADR

(Entertainment)(a)

......

650

58,700

Singapore

Airlines

Ltd.

(Passenger

Airlines)

(b)

........................

277

18,700

Singapore

Exchange

Ltd.

(Capital

Markets)

174

6,600

United

Overseas

Bank

Ltd.

(Banks)

.....

175

5,737

South

Africa

—

0.01%

4,663

Thungela

Resources

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

.............

33

South

Korea

—

0.03%

4,504

Samsung

Electronics

Co.

Ltd.

(Technology

Hardware,

Storage

&

Peripherals)

..

161

Spain

—

2.18%

2,090

Acciona

SA

(Electric

Utilities)

........

235

4,588

ACS

Actividades

de

Construccion

y

Servicios

SA

(Construction

&

Engineering)(a)

...............

230

1,451

Aena

SME

SA

(Transportation

Infrastructure)

................

296

10,177

Amadeus

IT

Group

SA

(Hotels,

Restaurants

&

Leisure)

...................

718

620,640

Banco

Bilbao

Vizcaya

Argentaria

SA

(Banks)

.....................

6,072

28,433

Bankinter

SA

(Banks)

...............

225

62,673

CaixaBank

SA

(Banks)

..............

340

253,292

Iberdrola

SA

(Electric

Utilities)

........

3,490

17,963

Repsol

SA

(Oil,

Gas

&

Consumable

Fuels)

219

11,825

Sweden

—

2.58%

1,283

Alleima

AB

(Metals

&

Mining)

........

9

10,590

Assa

Abloy

AB,

Class

-

B

(Building

Products)

....................

313

90,968

Atlas

Copco

AB,

Class

-

A

(Machinery)

..

1,389

59,272

Atlas

Copco

AB,

Class

-

B

(Machinery)

..

801

56,832

Essity

AB,

Class

-

B

(Household

Products)

1,520

16,551

Holmen

AB,

B

shares

(Paper

&

Forest

Products)

....................

607

11,977

Securitas

AB,

Class

-

B

(Commercial

Services

&

Supplies)

...........

148

51,934

Skandinaviska

Enskilda

Banken

AB,

Class

-

A

(Banks)

...................

712

1,541

Spotify

Technology

SA

(Entertainment)(a)

689

111,736

Svenska

Cellulosa

AB

SCA,

Class

-

B

(Paper

&

Forest

Products)

........

1,418

32,522

Swedbank

AB,

Class

-

A

(Banks)

.......

643

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Sweden

(continued)

153,298

Tele2

AB,

B

shares

(Wireless

Telecommunication

Services)

.....

$

1,515

492,259

Telia

Co.

AB

(Diversified

Telecommunication

Services)(b)

...

1,369

117,701

Volvo

AB,

Class

-

B

(Machinery)

......

2,862

13,995

Switzerland

—

8.39%

135,931

ABB

Ltd.,

Registered

Shares

(Electrical

Equipment)

..................

7,343

6,796

Accelleron

Industries

AG

(Electrical

Equipment)

..................

351

8,475

Alcon

AG

(Health

Care

Equipment

&

Supplies)

....................

719

1,838

Baloise

Holding

AG,

Registered

Shares

(Insurance)

..................

333

44

Chocoladefabriken

Lindt

&

Spruengli

AG,

Class

-

PC

(Food

Products)

.......

488

19,821

Cie

Financiere

Richemont

SA,

Registered

Shares

(Textiles,

Apparel

&

Luxury

Goods)

.....................

3,000

13,970

Coca-Cola

HBC

AG

(Beverages)

.......

477

16,029

DSM-Firmenich

AG

(Chemicals)

......

1,620

387,007

Glencore

PLC

(Metals

&

Mining)(b)

....

1,704

5,080

Kuehne

+

Nagel

International

AG,

R

Shares

(Marine

Transportation)

.........

1,166

4,844

Logitech

International

SA,

R

Shares

(Technology

Hardware,

Storage

&

Peripherals)

..................

400

4,467

Lonza

Group

AG,

Registered

Shares

(Life

Sciences

Tools

&

Services)(b)

.....

2,638

8,432

Medacta

Group

SA

(Health

Care

Equipment

&

Supplies)

..................

991

54,797

Nestle

SA,

Registered

Shares

(Food

Products)

....................

4,497

67,717

Novartis

AG,

Registered

Shares

(Pharmaceuticals)

.............

6,595

441

Partners

Group

Holding

AG

(Capital

Markets)

....................

599

12,047

Roche

Holding

AG

(Pharmaceuticals)

...

3,370

13,543

Sandoz

Group

AG

(Pharmaceuticals)

....

555

2,325

SGS

SA,

Registered

Shares

(Professional

Services)(a)(b)

................

233

1,212

Swisscom

AG,

Registered

Shares

(Diversified

Telecommunication

Services)

....................

675

191,523

UBS

Group

AG

(Capital

Markets)

......

5,866

3,139

Zurich

Insurance

Group

AG

(Insurance)

..

1,868

45,488

United

Kingdom

—

11.06%

38,163

3i

Group

PLC

(Capital

Markets)

.......

1,698

5,633

Admiral

Group

PLC

(Insurance)

.......

186

24,674

Anglo

American

PLC

(Metals

&

Mining)

.

729

17,119

Ashtead

Group

PLC

(Trading

Companies

&

Distributors)

.................

1,059

78

HC

CAPITAL

TRUST

The

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

United

Kingdom

(continued)

53,176

AstraZeneca

PLC

(Pharmaceuticals)(b)

..

$

6,932

31,506

Auto

Trader

Group

PLC

(Interactive

Media

&

Services)(b)

................

312

153,808

Aviva

PLC

(Insurance)

..............

901

121,738

BAE

Systems

PLC

(Aerospace

&

Defense)

1,746

54,861

BP

PLC

(Oil,

Gas

&

Consumable

Fuels)

.

271

51,346

British

American

Tobacco

PLC

(Tobacco)

1,853

12,788

Bunzl

PLC

(Trading

Companies

&

Distributors)

.................

526

10,781

Coca-Cola

Europacific

Partners

PLC

(Beverages)

..................

828

68,973

Compass

Group

PLC

(Hotels,

Restaurants

&

Leisure)

....................

2,295

18,480

Diageo

PLC

(Beverages)

............

587

36,450

GSK

PLC

(Pharmaceuticals)

..........

615

176,859

Haleon

PLC

(Personal

Care

Products)(b)

.

834

223,327

HSBC

Holdings

PLC

(Banks)

.........

2,193

90,451

Imperial

Brands

PLC

(Tobacco)

.......

2,892

242,896

Informa

PLC

(Media)

...............

2,422

6,566

InterContinental

Hotels

Group

PLC

(Hotels,

Restaurants

&

Leisure)

..........

817

480,645

J

Sainsbury

PLC

(Consumer

Staples

Distribution

&

Retail)

...........

1,642

114,719

Kingfisher

PLC

(Specialty

Retail)

......

357

134,325

Legal

&

General

Group

PLC

(Insurance)

.

386

3,123

London

Stock

Exchange

Group

PLC

(Capital

Markets)(b)

............

441

24,538

Mondi

PLC

(Paper

&

Forest

Products)

...

365

129,651

National

Grid

PLC

(Multi-Utilities)(a)

...

1,540

4,989

Next

PLC

(Broadline

Retail)

..........

592

16,942

Pearson

PLC

(Diversified

Consumer

Services)

....................

272

9,818

Reckitt

Benckiser

Group

PLC

(Household

Products)

....................

594

56,944

RELX

PLC

(Professional

Services)

.....

2,580

66,751

Rio

Tinto

PLC

(Metals

&

Mining)

......

3,940

7,432

Severn

Trent

PLC

(Water

Utilities)(b)

...

233

290,341

Shell

PLC

(Oil,

Gas

&

Consumable

Fuels)

(a)

........................

9,049

100,164

Smith

&

Nephew

PLC

(Health

Care

Equipment

&

Supplies)

.........

1,241

12,142

Smiths

Group

PLC

(Industrial

Conglomerates)

...............

260

44,660

SSE

PLC

(Electric

Utilities)(a)

........

895

85,307

St.

James's

Place

PLC

(Capital

Markets)

.

923

33,934

The

Sage

Group

PLC

(Software)

.......

539

18,373

The

Weir

Group

PLC

(Machinery)(b)

....

500

55,598

Unilever

PLC

(Personal

Care

Products)

..

3,159

10,568

United

Utilities

Group

PLC

(Water

Utilities)

139

18,267

Whitbread

PLC

(Hotels,

Restaurants

&

Leisure)

....................

672

60,015

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

United

States

—

0.77%

2,921

CRH

PLC

(Construction

Materials)

.....

$

270

8,324

Linde

PLC

(Chemicals)

.............

3,521

4,162

RB

Global,

Inc.

(Commercial

Services

&

Supplies)

....................

376

4,167

Total

Common

Stocks

..............

479,204

Warrant

—

0.00%

Canada

—

0.00%

835

Constellation

Software,

Inc.,

3/31/40

(Software)(a)(c)

...............

—

Total

Warrant

...................

—

Investment

Companies

—

10.71%

International

Equity

Funds

—

9.96%

322,415

iShares

Core

MSCI

EAFE

ETF

........

22,659

655,504

Vanguard

FTSE

Developed

Markets

ETF

.

31,346

54,005

Money

Market

Funds

—

0.75%

4,078,765

State

Street

Institutional

Treasury

Plus

Money

Market

Fund,

Trust

Class

,

4.37%(d)

....................

4,079

4,079

Total

Investment

Companies

.........

58,084

Purchased

Options

on

Futures

—

0.01%

Total

Purchased

Options

on

Futures

...

29

Total

Investments

(cost

$298,043

)

—

99.09%

.....................

537,317

Other

assets

in

excess

of

liabilities

—

0.91%

......................

4,937

Net

Assets

-

100.00%

$

542,254

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,

2024.

(d)

Annualized

7-day

yield

as

of

period-end.

79

HC

CAPITAL

TRUST

The

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(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,

2024

.

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

...........................................................................................................................................................

—

88.37

%

88.37

%

Warrant

........................................................................................................................................................................

—

—

—

%

Investment

Companies

.................................................................................................................................................

10.48

%

0.23

%

10.71

%

Purchased

Options

on

Futures

.....................................................................................................................................

0.01

%

—

0.01

%

Other

Assets

(Liabilities)

.............................................................................................................................................

0.08

%

0.83

%

0.91

%

Total

Net

Assets

......................................................................................................................................................

10.57

%

89.43

%

100.00

%

The

following

table

reflects

the

open

derivative

positions

held

by

the

Portfolio

as

of

December

31,

2024.

Futures

Contracts

Purchased

*

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value

and

Unrealized

Appreciation/

(Depreciation)

(000)

Mini

MSCI

EAFE

Index

Future

...................

41

3/21/25

$

4,648

$

(93)

$

4,648

$

(93)

The

following

table

refl

ects

the

open

derivative

positions

held

by

the

Portfolio

as

of

December

31,

2024

.

Futures

Contracts

Sold

*

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value

and

Unrealized

Appreciation/

(Depreciation)

(000)

E-Mini

S&P

500

Future

.........................

17

3/21/25

$

5,046

$

2

$

5,046

$

2

Total

Unrealized

Appreciation

.....................

$

2

Total

Unrealized

Depreciation

.....................

(93)

Total

Net

Unrealized

Appreciation/(Depreciation)

.......

$

(91)

*

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,

2024

were

as

follows:

80

See

accompanying

notes

to

financial

statements.

HC

CAPITAL

TRUST

The

International

Equity

Portfolio

Portfolio

of

Investments

(concluded)

—

December

31,

2024

(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

3

$

900

$

6,000.00

1/20/25

$

(16)

E-Mini

S&P

500

Future

Option

.............

Put

3

904

6,025.00

1/20/25

(19)

E-Mini

S&P

500

Future

Option

.............

Put

2

593

5,925.00

1/20/25

(7)

E-Mini

S&P

500

Future

Option

.............

Put

4

1,180

5,900.00

1/20/25

(11)

E-Mini

S&P

500

Future

Option

.............

Put

6

1,718

5,725.00

1/31/25

(11)

E-Mini

S&P

500

Future

Option

.............

Put

2

560

5,600.00

2/21/25

(4)

E-Mini

S&P

500

Future

Option

.............

Put

3

825

5,500.00

2/21/25

(5)

S&P

500

Future

Option

..................

Put

2

1,165

5,825.00

1/20/25

(9)

S&P

500

Future

Option

..................

Put

1

578

5,775.00

1/20/25

(3)

S&P

500

Future

Option

..................

Put

1

510

5,100.00

1/20/25

—

S&P

500

Future

Option

..................

Put

1

590

5,900.00

1/20/25

(7)

S&P

500

Future

Option

..................

Put

1

585

5,850.00

1/20/25

(5)

S&P

500

Future

Option

..................

Put

2

1,160

5,800.00

1/31/25

(12)

S&P

500

Future

Option

..................

Put

1

578

5,775.00

1/31/25

(5)

S&P

500

Future

Option

..................

Put

3

1,725

5,750.00

1/31/25

(14)

S&P

500

Future

Option

..................

Put

1

573

5,725.00

1/31/25

(4)

S&P

500

Future

Option

..................

Put

3

1,710

5,700.00

1/31/25

(11)

S&P

500

Future

Option

..................

Put

3

1,695

5,650.00

1/31/25

(9)

S&P

500

Future

Option

..................

Put

2

1,125

5,625.00

1/31/25

(6)

S&P

500

Future

Option

..................

Put

3

1,643

5,475.00

2/21/25

(8)

S&P

500

Future

Option

..................

Put

3

1,590

5,300.00

2/21/25

(6)

S&P

500

Future

Option

..................

Put

2

1,050

5,250.00

2/21/25

(3)

$

(175)

Exchanged-traded

options

on

futures

contacts

purchased

as

of

December

31,

2024

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

15

$

4,613

$

6,150.00

1/20/25

$

3

S&P

500

Future

Option

..................

Call

2

1,215

6,075.00

1/20/25

1

E-Mini

S&P

500

Future

Option

.............

Put

9

2,543

5,650.00

1/20/25

5

S&P

500

Future

Option

..................

Put

6

3,390

5,650.00

1/20/25

8

S&P

500

Future

Option

..................

Put

4

2,290

5,725.00

1/20/25

9

S&P

500

Future

Option

..................

Put

2

1,135

5,675.00

1/20/25

3

$

29

HC

CAPITAL

TRUST

The

Institutional

International

Equity

Portfolio

Portfolio

of

Investments

—

December

31,

2024

(Unaudited)

81

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

—

48.48%

Australia

—

2.66%

3,976

Ampol

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

$

69

51,482

ANZ

Group

Holdings

Ltd.

(Banks)(a)

...

907

65,856

APA

Group

(Gas

Utilities)(a)

.........

283

9,792

Aristocrat

Leisure

Ltd.

(Hotels,

Restaurants

&

Leisure)

...................

413

5,944

ASX

Ltd.

(Capital

Markets)

..........

239

87,708

BHP

Group

Ltd.

(Metals

&

Mining)

.....

2,140

7,462

BlueScope

Steel

Ltd.

(Metals

&

Mining)

.

86

36,202

Brambles

Ltd.

(Commercial

Services

&

Supplies)

....................

430

6,623

CAR

Group

Ltd.

(Interactive

Media

&

Services)(a)

..................

147

1,475

Cochlear

Ltd.

(Health

Care

Equipment

&

Supplies)

....................

264

41,350

Coles

Group

Ltd.

(Consumer

Staples

Distribution

&

Retail)(a)

.........

482

28,930

Commonwealth

Bank

of

Australia

(Banks)

2,738

17,307

Computershare

Ltd.

(Professional

Services)

364

8,948

CSL

Ltd.

(Biotechnology)

............

1,562

5,943

Dexus

(Office

REITs)

...............

24

94,769

Endeavour

Group

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

246

29,273

Fortescue

Ltd.

(Metals

&

Mining)

......

330

29,739

Goodman

Group

(Industrial

REITs)

.....

654

75,118

Insurance

Australia

Group

Ltd.

(Insurance)

393

6,259

Macquarie

Group

Ltd.

(Capital

Markets)

.

856

138,316

Medibank

Pvt

Ltd.

(Insurance)

........

324

3,269

Mineral

Resources

Ltd.

(Metals

&

Mining)

(a)

........................

69

66,014

Mirvac

Group

(Diversified

REITs)

......

76

53,138

National

Australia

Bank

Ltd.

(Banks)

....

1,217

23,711

Northern

Star

Resources

Ltd.

(Metals

&

Mining)(a)

...................

225

16,306

Orica

Ltd.

(Chemicals)(a)

............

167

51,074

Origin

Energy

Ltd.

(Electric

Utilities)

...

344

994

Pro

Medicus

Ltd.

(Health

Care

Technology)

154

13,721

Qantas

Airways

Ltd.

(Passenger

Airlines)(a)

76

29,828

QBE

Insurance

Group

Ltd.

(Insurance)(a)

354

8,983

Ramsay

Health

Care

Ltd.

(Health

Care

Providers

&

Services)(a)

.........

191

914

REA

Group

Ltd.

(Interactive

Media

&

Services)

....................

131

4,179

Reece

Ltd.

(Trading

Companies

&

Distributors)

.................

58

6,417

Rio

Tinto

Ltd.

(Metals

&

Mining)

......

465

56,141

Santos

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

(b)

........................

232

89,917

Scentre

Group

(Retail

REITs)(a)

.......

190

6,027

SEEK

Ltd.

(Interactive

Media

&

Services)

84

3,466

SGH

Ltd.

(Trading

Companies

&

Distributors)(a)

...............

99

15,001

Sonic

Healthcare

Ltd.

(Health

Care

Providers

&

Services)

...........

251

78,277

South32

Ltd.

(Metals

&

Mining)

.......

164

41,265

Stockland

(Diversified

REITs)

.........

122

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Australia

(continued)

28,376

Suncorp

Group

Ltd.

(Insurance)

.......

$

333

155,191

Telstra

Group

Ltd.

(Diversified

Telecommunication

Services)

.....

384

32,305

The

GPT

Group

(Diversified

REITs)

....

87

96,802

The

Lottery

Corp

Ltd.

(Hotels,

Restaurants

&

Leisure)

...................

295

69,567

Transurban

Group

(Transportation

Infrastructure)(a)

..............

575

26,365

Treasury

Wine

Estates

Ltd.

(Beverages)

..

185

64,344

Vicinity

Ltd.

(Retail

REITs)(b)

........

83

6,808

Washington

H

Soul

Pattinson

&

Co.

Ltd.

(Financial

Services)

............

144

19,616

Wesfarmers

Ltd.

(

Broadline

Retail)

.....

866

59,433

Westpac

Banking

Corp.

(Banks)

.......

1,186

3,180

WiseTech

Global

Ltd.

(Software)(a)

.....

237

34,878

Woodside

Energy

Group

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

.............

540

29,904

Woolworths

Group

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

564

23,099

Austria

—

0.06%

5,821

Erste

Group

Bank

AG

(Banks)(b)

......

360

2,501

OMV

AG

(Oil,

Gas

&

Consumable

Fuels)

97

1,141

Verbund

AG

(Electric

Utilities)

........

83

540

Belgium

—

0.29%

2,762

Ageas

SA/N.V.

(Insurance)

...........

134

15,533

Anheuser-Busch

InBev

SA/N.V.

(Beverages)

..................

779

523

D'ieteren

Group

(Distributors)

.........

87

2,029

Elia

Group

SA/N.V.

(Electric

Utilities)(b)

156

2,227

Groupe

Bruxelles

Lambert

N.V.

(Financial

Services)

....................

152

3,967

KBC

Group

N.V.

(Banks)

............

306

17

Lotus

Bakeries

N.V.

(Food

Products)(b)

..

190

259

Sofina

SA

(Financial

Services)

........

58

1,257

Syensqo

SA

(Chemicals)

.............

92

2,666

UCB

SA

(Pharmaceuticals)

...........

531

3,309

Warehouses

De

Pauw

CVA

(Industrial

REITs)(a)

...................

65

2,550

Canada

—

1.37%

18,509

Agnico

Eagle

Mines

Ltd.

(Metals

&

Mining)

1,449

1,164

Alimentation

Couche-Tard,

Inc.

(Consumer

Staples

Distribution

&

Retail)

.....

65

2,993

AltaGas

Ltd.

(Gas

Utilities)

...........

70

5,446

Barrick

Gold

Corp.

(Metals

&

Mining)

..

84

8,203

BCE,

Inc.

(Diversified

Telecommunication

Services)

....................

190

24,468

Brookfield

Corp.

(Capital

Markets)

.....

1,406

82

HC

CAPITAL

TRUST

The

Institutional

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Canada

(continued)

18,759

Canadian

Pacific

Kansas

City

Ltd.

(Ground

Transportation)

...............

$

1,358

326

Canadian

Tire

Corp.

Ltd.,

Class

-

A

(

Broadline

Retail)(a)

...........

34

8,395

Canadian

Utilities

Ltd.,

Class

-

A

(Multi-

Utilities)

....................

204

1,846

CCL

Industries,

Inc.,

Class

-

B

(Containers

&

Packaging)(b)

..............

95

1,168

CGI,

Inc.

(IT

Services)

..............

128

1,645

Dollarama

,

Inc.

(

Broadline

Retail)

......

161

3,071

Element

Fleet

Management

Corp.

(Commercial

Services

&

Supplies)(b)

62

5,616

Emera

,

Inc.

(Electric

Utilities)

.........

210

7,982

Empire

Co.

Ltd.,

Class

-

A

(Consumer

Staples

Distribution

&

Retail)

.....

244

2,748

Enbridge,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

......................

117

96

Fairfax

Financial

Holdings

Ltd.

(Insurance)

134

5,696

Fortis,

Inc.

(Electric

Utilities)

.........

237

831

Franco-Nevada

Corp.

(Metals

&

Mining)

.

98

1,241

George

Weston

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

193

3,962

Great-West

Lifeco

,

Inc.

(Insurance)

.....

131

7,590

Hydro

One

Ltd.

(Electric

Utilities)(b)

....

234

821

Intact

Financial

Corp.

(Insurance)(b)

....

150

1,683

Keyera

Corp.

(Oil,

Gas

&

Consumable

Fuels)

......................

51

1,963

Loblaw

Cos.

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

258

3,689

Metro,

Inc.

(Consumer

Staples

Distribution

&

Retail)

....................

231

250

National

Bank

of

Canada

(Banks)

......

23

2,387

Power

Corp.

of

Canada

(Insurance)

.....

74

8,107

Quebecor,

Inc.,

Class

-

B

(Diversified

Telecommunication

Services)

.....

178

2,123

Restaurant

Brands

International,

Inc.

(Hotels,

Restaurants

&

Leisure)

....

138

5,048

Rogers

Communications,

Inc.,

Class

-

B

(Wireless

Telecommunication

Services)

....................

155

344

Royal

Bank

of

Canada

(Banks)

........

41

10,188

Saputo,

Inc.

(Food

Products)(b)

........

177

12,809

Shopify,

Inc.,

Class

-

A

(IT

Services)(a)

..

1,362

1,447

Stantec

,

Inc.

(Construction

&

Engineering)

114

791

Sun

Life

Financial,

Inc.

(Insurance)

.....

47

2,239

TC

Energy

Corp.

(Oil,

Gas

&

Consumable

Fuels)

......................

104

30,892

Teck

Resources

Ltd.,

Class

-

B

(Metals

&

Mining)

.....................

1,252

10,726

TELUS

Corp.

(Diversified

Telecommunication

Services)

.....

145

756

The

Descartes

Systems

Group,

Inc.

(Software)(a)

.................

86

1,340

Thomson

Reuters

Corp.

(Professional

Services)

....................

215

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Canada

(continued)

5,376

TMX

Group

Ltd.

(Capital

Markets)

.....

$

166

11,871

Chile

—

0.02%

6,817

Antofagasta

PLC

(Metals

&

Mining)

....

135

China

—

0.01%

42,700

Yangzijiang

Shipbuilding

Holdings

Ltd.

(Machinery)

.................

93

Denmark

—

1.37%

48

A.P.

Moller

-

Maersk

A/S,

Class

-

A

(Marine

Transportation)

...............

77

78

A.P.

Moller

-

Maersk

A/S,

Class

-

B

(Marine

Transportation)

...............

130

4,541

Carlsberg

A/S,

Class

-

B

(Beverages)

....

437

3,321

Coloplast

A/S,

Class

-

B

(Health

Care

Equipment

&

Supplies)

.........

364

20,280

Danske

Bank

A/S

(Banks)

............

575

1,619

Demant

A/S

(Health

Care

Equipment

&

Supplies)(a)

..................

60

10,241

DSV

A/S

(Air

Freight

&

Logistics)

.....

2,182

1,323

Genmab

A/S

(Biotechnology)(a)(b)

.....

276

69,514

Novo

Nordisk

A/S,

Class

-

B

(Pharmaceuticals)

.............

5,998

7,806

Novonesis

(

Novozymes

)

(Chemicals)

...

442

6,398

Orsted

A/S

(Electric

Utilities)(a)(b)

.....

289

1,417

Pandora

A/S

(Textiles,

Apparel

&

Luxury

Goods)

.....................

259

172

ROCKWOOL

A/S,

Class

-

B

(Building

Products)

....................

61

21,117

Tryg

A/S

(Insurance)(b)

.............

446

17,457

Vestas

Wind

Systems

A/S

(Electrical

Equipment)(a)

................

239

1,105

Zealand

Pharma

A/S

(Biotechnology)(a)

.

110

11,945

Finland

—

0.51%

5,083

Elisa

Oyj

(Diversified

Telecommunication

Services)

....................

220

7,673

Fortum

Oyj

(Electric

Utilities)

.........

107

7,549

Kesko

Oyj

,

Class

-

B

(Consumer

Staples

Distribution

&

Retail)

...........

143

6,644

Kone

Oyj

,

Class

-

B

(Machinery)

.......

323

10,576

Metso

Oyj

(Machinery)(b)

...........

98

7,159

Neste

Oyj

(Oil,

Gas

&

Consumable

Fuels)

91

92,183

Nokia

Oyj

(Communications

Equipment)

.

408

54,538

Nordea

Bank

Abp

(Banks)

...........

595

3,887

Orion

Oyj

,

Class

-

B

(Pharmaceuticals)

..

172

43,444

Sampo

Oyj

,

A

Shares

(Insurance)

......

1,774

9,918

Stora

Enso

Oyj

,

R

Shares

(Paper

&

Forest

Products)

....................

100

9,226

UPM-

Kymmene

Oyj

(Paper

&

Forest

Products)

....................

254

83

HC

CAPITAL

TRUST

The

Institutional

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Finland

(continued)

8,694

Wartsila

Oyj

Abp

(Machinery)

.........

$

154

4,439

France

—

5.04%

3,369

Accor

SA

(Hotels,

Restaurants

&

Leisure)

164

1,313

Aeroports

de

Paris

SA

(Transportation

Infrastructure)

................

152

10,407

Air

Liquide

SA

(Chemicals)

..........

1,692

10,272

Airbus

SE

(Aerospace

&

Defense)

......

1,645

5,983

Alstom

SA

(Machinery)(a)

...........

133

1,061

Amundi

SA

(Capital

Markets)

.........

71

929

Arkema

SA

(Chemicals)

.............

71

30,440

AXA

SA

(Insurance)

...............

1,083

2,710

BioMerieux

(Health

Care

Equipment

&

Supplies)

....................

290

17,592

BNP

Paribas

SA

(Banks)

.............

1,080

33,381

Bollore

SE

(Entertainment)

...........

205

9,321

Bouygues

SA

(Construction

&

Engineering)

276

9,496

Bureau

Veritas

SA

(Professional

Services)

(b)

........................

289

22,067

Canal+

SA

(Media)(a)

..............

56

2,685

Capgemini

SE

(IT

Services)

..........

438

27,346

Carrefour

SA

(Consumer

Staples

Distribution

&

Retail)(b)

........

389

7,841

Cie

de

Saint-Gobain

SA

(Building

Products)

697

11,548

Cie

Generale

des

Etablissements

Michelin

SCA

(Automobile

Components)

...

380

1,032

Covivio

SA

(Office

REITs)(a)

.........

52

18,399

Credit

Agricole

SA

(Banks)

...........

253

14,858

Danone

SA

(Food

Products)

..........

1,004

1,709

Dassault

Aviation

SA

(Aerospace

&

Defense)(b)

..................

349

12,963

Dassault

Systemes

SE

(Software)

......

448

9,109

Edenred

SE

(Financial

Services)

.......

299

1,649

Eiffage

SA

(Construction

&

Engineering)(b)

145

41,322

Engie

SA

(Multi-Utilities)

............

656

10,895

EssilorLuxottica

SA

(Health

Care

Equipment

&

Supplies)(a)

.......

2,657

762

Eurazeo

SE

(Financial

Services)

.......

57

1,358

Gecina

SA

(Office

REITs)(b)

..........

127

19,534

Getlink

SE

(Transportation

Infrastructure)

312

547

Hermes

International

SCA

(Textiles,

Apparel

&

Luxury

Goods)

..............

1,312

2,742

Ipsen

SA

(Pharmaceuticals)

...........

315

1,287

Kering

SA

(Textiles,

Apparel

&

Luxury

Goods)

.....................

318

3,684

Klepierre

SA

(Retail

REITs)

..........

106

5,930

La

Francaise

des

Jeux

SACA

(Hotels,

Restaurants

&

Leisure)

..........

229

4,533

Legrand

SA

(Electrical

Equipment)

.....

441

8,182

L'Oreal

SA

(Personal

Care

Products)

....

2,896

22,067

Louis

Hachette

Group

(Media)(a)

......

35

7,005

LVMH

Moet

Hennessy

Louis

Vuitton

SE

(Textiles,

Apparel

&

Luxury

Goods)

4,606

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

France

(continued)

61,549

Orange

SA

(Diversified

Telecommunication

Services)(b)

..................

$

614

4,248

Pernod

Ricard

SA

(Beverages)

........

480

3,956

Publicis

Groupe

SA

(Media)

..........

421

3,323

Renault

SA

(Automobiles)

...........

162

3,852

Rexel

SA

(Trading

Companies

&

Distributors)

.................

98

12,352

Safran

SA

(Aerospace

&

Defense)

......

2,706

36,936

Sanofi

SA

(Pharmaceuticals)

..........

3,590

497

Sartorius

Stedim

Biotech

(Life

Sciences

Tools

&

Services)

..............

97

14,897

Schneider

Electric

SE

(Electrical

Equipment)(b)

................

3,707

707

SEB

SA

(Household

Durables)(b)

......

64

12,451

Societe

Generale

SA

(Banks)

.........

349

3,577

Sodexo

SA

(Hotels,

Restaurants

&

Leisure)

295

1,940

Teleperformance

SE

(Professional

Services)

167

3,443

Thales

SA

(Aerospace

&

Defense)

......

494

62,020

TotalEnergies

SE

(Oil,

Gas

&

Consumable

Fuels)

......................

3,454

2,048

Unibail

-

Rodamco

-Westfield

(Retail

REITs)

154

12,251

Veolia

Environnement

SA

(Multi-Utilities)

344

8,647

Vinci

SA

(Construction

&

Engineering)

..

890

22,067

Vivendi

SE

(Media)

................

58

43,872

Germany

—

4.01%

8,935

adidas

AG

(Textiles,

Apparel

&

Luxury

Goods)

.....................

2,198

6,993

Allianz

SE,

Registered

Shares

(Insurance)

2,149

15,428

BASF

SE

(Chemicals)

..............

676

22,500

Bayer

AG,

Registered

Shares

(Pharmaceuticals)

.............

449

5,011

Bayerische

Motoren

Werke

AG

(Automobiles)

................

410

958

Bayerische

Motoren

Werke

AG,

Preference

Shares

(Automobiles)

...........

72

1,439

Bechtle

AG

(IT

Services)

............

46

3,798

Beiersdorf

AG

(Personal

Care

Products)

..

488

2,246

Brenntag

SE

(Trading

Companies

&

Distributors)

.................

135

725

Carl

Zeiss

Meditec

AG,

Class

-

BR

(Health

Care

Equipment

&

Supplies)

......

34

16,383

Commerzbank

AG

(Banks)

...........

269

1,902

Continental

AG

(Automobile

Components)

128

3,357

Covestro

AG

(Chemicals)(a)

..........

195

1,053

CTS

Eventim

AG

&

Co.

KGaA

(Entertainment)(b)

.............

89

8,535

Daimler

Truck

Holding

AG

(Machinery)

.

327

3,142

Delivery

Hero

SE

(Hotels,

Restaurants

&

Leisure)(a)

..................

88

32,756

Deutsche

Bank

AG,

Registered

Shares

(Capital

Markets)

..............

565

4,403

Deutsche

Boerse

AG

(Capital

Markets)

..

1,014

84

HC

CAPITAL

TRUST

The

Institutional

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Germany

(continued)

10,645

Deutsche

Lufthansa

AG,

Registered

Shares

(Passenger

Airlines)(b)

..........

$

68

17,632

Deutsche

Post

AG

(Air

Freight

&

Logistics)

622

113,661

Deutsche

Telekom

AG

(Diversified

Telecommunication

Services)(b)

...

3,406

3,129

Dr.

Ing

.

h.c

.

F.

Porsche

AG,

Preference

Shares

(Automobiles)

...........

189

53,691

E.ON

SE

(Multi-Utilities)

............

625

4,617

Evonik

Industries

AG

(Chemicals)

......

80

7,870

Fresenius

Medical

Care

AG

(Health

Care

Providers

&

Services)

...........

359

12,129

Fresenius

SE

&

Co.

KGaA

(Health

Care

Providers

&

Services)(a)

.........

421

4,521

GEA

Group

AG

(Machinery)

.........

224

1,628

Hannover

Rueck

SE

(Insurance)

.......

408

2,360

Heidelberg

Materials

AG

(Construction

Materials)

...................

292

1,796

Henkel

AG

&

Co.

KGaA

(Household

Products)

....................

138

5,717

Henkel

AG

&

Co.

KGaA

,

Preference

Shares

(Household

Products)

...........

502

66,043

Infineon

Technologies

AG

(Semiconductors

&

Semiconductor

Equipment)(b)

...

2,156

1,315

Knorr-

Bremse

AG

(Machinery)

........

95

1,881

LEG

Immobilien

SE

(Real

Estate

Management

&

Development)(a)

...

159

12,945

Mercedes-Benz

Group

AG

(Automobiles)

722

3,290

Merck

KGaA

(Pharmaceuticals)

.......

479

1,041

MTU

Aero

Engines

AG

(Aerospace

&

Defense)

....................

348

2,529

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

,

R

Shares

(Insurance)

.............

1,275

979

Nemetschek

SE

(Software)

...........

95

2,598

Porsche

Automobil

Holding

SE,

Preference

Shares

(Automobiles)

...........

98

1,770

Puma

SE

(Textiles,

Apparel

&

Luxury

Goods)(b)

...................

81

137

Rational

AG

(Machinery)

............

118

1,149

Rheinmetall

AG

(Aerospace

&

Defense)

.

734

16,920

RWE

AG

(Independent

Power

and

Renewable

Electricity

Producers)

..

505

24,238

SAP

SE

(Software)

.................

5,961

447

Sartorius

AG,

Preference

Shares

(Life

Sciences

Tools

&

Services)(b)

.....

99

2,731

Scout24

SE

(Interactive

Media

&

Services)

241

13,137

Siemens

AG,

Registered

Shares

(Industrial

Conglomerates)

...............

2,561

11,054

Siemens

Energy

AG

(Electrical

Equipment)

(a)(b)

......................

587

6,717

Siemens

Healthineers

AG

(Health

Care

Equipment

&

Supplies)

.........

354

4,225

Symrise

AG

(Chemicals)(b)

..........

451

2,754

Talanx

AG

(Insurance)

..............

234

3,564

Volkswagen

AG,

Preference

Shares

(Automobiles)

................

329

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Germany

(continued)

12,801

Vonovia

SE

(Real

Estate

Management

&

Development)(a)

..............

$

390

3,877

Zalando

SE

(Specialty

Retail)(a)

.......

130

34,868

Hong

Kong

—

0.92%

379,318

AIA

Group

Ltd.

(Insurance)

..........

2,723

77,195

BOC

Hong

Kong

Holdings

Ltd.

(Banks)

.

247

588,000

China

Common

Rich

Renewable

Energy

Investment

Ltd.

(Independent

Power

and

Renewable

Electricity

Producers)

(a)(c)

......................

—

33,200

CK

Asset

Holdings

Ltd.

(Real

Estate

Management

&

Development)

.....

136

46,410

CK

Hutchison

Holdings

Ltd.

(Industrial

Conglomerates)

...............

247

25,500

CK

Infrastructure

Holdings

Ltd.

(Electric

Utilities)

....................

189

37,719

CLP

Holdings

Ltd.

(Electric

Utilities)

...

317

970

Futu

Holdings

Ltd.,

ADR

(Capital

Markets)

(b)

........................

78

38,000

Galaxy

Entertainment

Group

Ltd.

(Hotels,

Restaurants

&

Leisure)

..........

160

13,039

Hang

Seng

Bank

Ltd.

(Banks)

.........

160

25,845

Henderson

Land

Development

Co.

Ltd.

(Real

Estate

Management

&

Development)

................

78

162,550

HKT

Trust

&

HKT

Ltd.

(Diversified

Telecommunication

Services)(b)

...

200

279,247

Hong

Kong

&

China

Gas

Co.

Ltd.

(Gas

Utilities)

....................

223

20,800

Hong

Kong

Exchanges

&

Clearing

Ltd.

(Capital

Markets)

..............

778

34,640

Hongkong

Land

Holdings

Ltd.

(Real

Estate

Management

&

Development)

.....

154

5,100

Jardine

Matheson

Holdings

Ltd.

(Industrial

Conglomerates)(a)

.............

208

51,106

Link

REIT

(Retail

REITs)(a)

..........

215

43,000

MTR

Corp.

Ltd.

(Ground

Transportation)

.

149

41,368

Power

Assets

Holdings

Ltd.

(Electric

Utilities)

....................

288

46,599

Prudential

PLC

(Insurance)

...........

370

113,328

Sino

Land

Co.

Ltd.

(Real

Estate

Management

&

Development)(a)

...

114

25,000

SITC

International

Holdings

Co.

Ltd.

(Marine

Transportation)

.........

66

24,860

Sun

Hung

Kai

Properties

Ltd.

(Real

Estate

Management

&

Development)

.....

237

6,930

Swire

Pacific

Ltd.,

Class

-

A

(Real

Estate

Management

&

Development)

.....

63

24,000

Techtronic

Industries

Co.

Ltd.

(Machinery)

316

18,000

The

Wharf

Holdings

Ltd.

(Real

Estate

Management

&

Development)

.....

51

143,856

WH

Group

Ltd.

(Food

Products)

.......

111

85

HC

CAPITAL

TRUST

The

Institutional

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Hong

Kong

(continued)

31,000

Wharf

Real

Estate

Investment

Co.

Ltd.

(Real

Estate

Management

&

Development)

$

79

7,957

Ireland

(Republic

of)

—

0.87%

3,385

AerCap

Holdings

N.V.

(Trading

Companies

&

Distributors)

...............

323

14,571

AerCap

Holdings

N.V.

(Trading

Companies

&

Distributors)

...............

1,395

32,034

AIB

Group

PLC

(Banks)

............

177

17,223

Bank

of

Ireland

Group

PLC

(Banks)

....

157

1,702

DCC

PLC

(Industrial

Conglomerates)(b)

.

109

46,442

Experian

PLC

(Professional

Services)

...

1,996

5,237

Flutter

Entertainment

PLC

(Hotels,

Restaurants

&

Leisure)(a)

........

1,354

7,424

James

Hardie

Industries

PLC

(Construction

Materials)(a)

.................

229

2,647

Kerry

Group

PLC,

Class

-

A

(Food

Products)(b)

.................

255

2,672

Kingspan

Group

PLC

(Building

Products)

194

30,945

Ryanair

Holdings

PLC,

ADR

(Passenger

Airlines)

....................

1,349

7,538

Israel

—

0.75%

1,178

Azrieli

Group

Ltd.

(Real

Estate

Management

&

Development)

..............

97

21,852

Bank

Hapoalim

BM

(Banks)

..........

264

26,064

Bank

Leumi

Le-Israel

BM

(Banks)

.....

310

1,889

Check

Point

Software

Technologies

Ltd.

(Software)(a)

.................

353

746

CyberArk

Software

Ltd.

(Software)(a)

...

249

847

Elbit

Systems

Ltd.

(Aerospace

&

Defense)

223

1,824

Global-e

Online

Ltd.

(

Broadline

Retail)(a)

99

31,577

ICL

Group

Ltd.

(Chemicals)

..........

156

1

Isracard

Ltd.

(Consumer

Finance)

......

—

21,383

Israel

Discount

Bank

Ltd.,

Class

-

A

(Banks)

146

2,673

Mizrahi

Tefahot

Bank

Ltd.

(Banks)

.....

116

647

Monday.com

Ltd.

(Software)(a)

........

152

1,377

Nice

Ltd.

(Software)(a)

..............

234

82,674

Teva

Pharmaceutical

Industries

Ltd.

(Pharmaceuticals)(a)

...........

1,833

19,583

Teva

Pharmaceutical

Industries

Ltd.,

ADR

(Pharmaceuticals)(a)

...........

432

8,620

Wix.com

Ltd.

(IT

Services)(a)

.........

1,849

6,513

Italy

—

1.43%

4,399

Amplifon

SpA

(Health

Care

Providers

&

Services)

....................

113

22,263

Banco

BPM

SpA

(Banks)

............

180

16,934

BPER

Banca

S.p.A.

(Banks)

..........

108

28,002

Davide

Campari-Milano

N.V.,

Class

-

M

(Beverages)(b)

................

175

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Italy

(continued)

1,440

DiaSorin

SpA

(Health

Care

Equipment

&

Supplies)

....................

$

149

140,593

Enel

SpA

(Electric

Utilities)(b)

........

1,003

44,465

Eni

SpA

(Oil,

Gas

&

Consumable

Fuels)

.

609

3,224

Ferrari

N.V.,

ADR

(Automobiles)

......

1,370

2,179

Ferrari

N.V.

(Automobiles)

...........

930

10,562

FinecoBank

Banca

Fineco

SpA

(Banks)

..

184

17,516

Generali

(Insurance)

................

495

21,061

Infrastrutture

Wireless

Italiane

SpA

(Diversified

Telecommunication

Services)(b)

..................

214

606,489

Intesa

Sanpaolo

SpA

(Banks)(b)

.......

2,433

12,297

Leonardo

SpA

(Aerospace

&

Defense)

...

331

8,639

Mediobanca

Banca

di

Credito

Finanziario

SpA

(Banks)

.................

126

3,986

Moncler

SpA

(Textiles,

Apparel

&

Luxury

Goods)

.....................

210

9,284

Nexi

SpA

(Financial

Services)(a)

.......

52

7,863

Poste

Italiane

SpA

(Insurance)

.........

111

4,856

Prysmian

SpA

(Electrical

Equipment)

...

311

3,403

Recordati

Industria

Chimica

e

Farmaceutica

SpA

(Pharmaceuticals)

..........

178

72,788

Snam

SpA

(Gas

Utilities)

............

322

177,673

Telecom

Italia

SpA

/Milano

(Diversified

Telecommunication

Services)(a)

...

45

47,711

Terna

-

Rete

Elettrica

Nazionale

(Electric

Utilities)

....................

377

58,544

UniCredit

SpA

(Banks)

..............

2,344

6,567

Unipol

Gruppo

SpA

(Insurance)

.......

82

12,452

Japan

—

9.21%

13,200

Advantest

Corp.

(Semiconductors

&

Semiconductor

Equipment)(b)

.....

751

17,900

Aeon

Co.

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

418

3,265

AGC,

Inc.

(Building

Products)^

........

95

9,000

Aisin

Corp.

(Automobile

Components)

..

101

11,200

Ajinomoto

Co.,

Inc.

(Food

Products)

....

456

10,100

ANA

Holdings,

Inc.

(Passenger

Airlines)(b)

183

33,600

Asahi

Group

Holdings

Ltd.

(Beverages)(b)

352

32,810

Asahi

Kasei

Corp.

(Chemicals)

........

226

11,800

Asics

Corp.

(Textiles,

Apparel

&

Luxury

Goods)(b)

...................

230

45,190

Astellas

Pharma,

Inc.

(Pharmaceuticals)

..

439

13,600

Bandai

Namco

Holdings,

Inc.

(Leisure

Products)

....................

325

9,860

Bridgestone

Corp.

(Automobile

Components)^

................

331

4,100

Brother

Industries

Ltd.

(Technology

Hardware,

Storage

&

Peripherals)

..

69

18,347

Canon,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)

................

596

6,000

Capcom

Co.

Ltd.

(Entertainment)

......

131

86

HC

CAPITAL

TRUST

The

Institutional

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Japan

(continued)

19,200

Central

Japan

Railway

Co.

(Ground

Transportation)

...............

$

360

23,300

Chubu

Electric

Power

Co.,

Inc.

(Electric

Utilities)

....................

244

12,900

Chugai

Pharmaceutical

Co.

Ltd.

(Pharmaceuticals)

.............

568

17,900

Concordia

Financial

Group

Ltd.

(Banks)

.

98

10,778

Dai

Nippon

Printing

Co.

Ltd.

(Commercial

Services

&

Supplies)

...........

151

5,600

Daifuku

Co.

Ltd.

(Machinery)

.........

115

15,600

Dai-ichi

Life

Holdings,

Inc.

(Insurance)

..

416

30,300

Daiichi

Sankyo

Co.

Ltd.

(Pharmaceuticals)

829

4,600

Daikin

Industries

Ltd.

(Building

Products)

537

2,547

Daito

Trust

Construction

Co.

Ltd.

(Real

Estate

Management

&

Development)

285

12,430

Daiwa

House

Industry

Co.

Ltd.

(Real

Estate

Management

&

Development)

.....

382

23,100

Daiwa

Securities

Group,

Inc.

(Capital

Markets)

....................

152

32,700

Denso

Corp.

(Automobile

Components)

..

451

5,470

Dentsu

Group,

Inc.

(Media)^

..........

131

1,600

Disco

Corp.

(Semiconductors

&

Semiconductor

Equipment)

.......

424

23,300

East

Japan

Railway

Co.

(Ground

Transportation)

...............

413

7,900

Eisai

Co.

Ltd.

(Pharmaceuticals)

.......

215

47,178

ENEOS

Holdings,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

248

16,300

FANUC

Corp.

(Machinery)

...........

426

3,300

Fast

Retailing

Co.

Ltd.

(Specialty

Retail)

.

1,113

2,300

Fuji

Electric

Co.

Ltd.

(Electrical

Equipment)

123

19,330

FUJIFILM

Holdings

Corp.

(Technology

Hardware,

Storage

&

Peripherals)

..

400

4,300

Fujikura

Ltd.

(Electrical

Equipment)

....

176

28,600

Fujitsu

Ltd.

(IT

Services)(b)

..........

502

8,800

Hankyu

Hanshin

Holdings,

Inc.

(Ground

Transportation)

...............

229

300

Hikari

Tsushin,

Inc.

(Industrial

Conglomerates)

...............

65

1,900

Hitachi

Construction

Machinery

Co.

Ltd.

(Machinery)

.................

42

134,600

Hitachi

Ltd.

(Industrial

Conglomerates)

..

3,297

77,562

Honda

Motor

Co.

Ltd.

(Automobiles)

...

739

3,600

Hoshizaki

Corp.

(Machinery)

.........

142

6,000

Hoya

Corp.

(Health

Care

Equipment

&

Supplies)

....................

745

17,600

Hulic

Co.

Ltd.

(Real

Estate

Management

&

Development)^

...............

153

24,395

Idemitsu

Kosan

Co.

Ltd.

(Oil,

Gas

&

Consumable

Fuels)(b)

..........

160

15,200

Inpex

Corp.

(Oil,

Gas

&

Consumable

Fuels)^

.....................

191

9,770

Isuzu

Motors

Ltd.

(Automobiles)

.......

133

20,558

ITOCHU

Corp.

(Trading

Companies

&

Distributors)

.................

1,011

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Japan

(continued)

9,000

Japan

Airlines

Co.

Ltd.

(Passenger

Airlines)

(b)

........................

$

141

17,200

Japan

Exchange

Group,

Inc.

(Capital

Markets)

....................

191

35,300

Japan

Post

Bank

Co.

Ltd.

(Banks)(b)

....

333

39,160

Japan

Post

Holdings

Co.

Ltd.

(Insurance)(b)

369

6,700

Japan

Post

Insurance

Co.

Ltd.

(Insurance)(b)

123

365

Japan

Real

Estate

Investment

Corp.

(Office

REITs)

.....................

250

24,327

Japan

Tobacco,

Inc.

(Tobacco)^

........

624

13,200

JFE

Holdings,

Inc.

(Metals

&

Mining)(b)

.

148

6,800

Kajima

Corp.

(Construction

&

Engineering)

123

12,200

Kao

Corp.

(Personal

Care

Products)^

....

494

6,100

Kawasaki

Kisen

Kaisha

Ltd.

(Marine

Transportation)

...............

87

31,800

KDDI

Corp.

(Wireless

Telecommunication

Services)

....................

1,013

9,900

Keisei

Electric

Railway

Co.

Ltd.

(Ground

Transportation)

...............

89

6,700

Keyence

Corp.

(Electronic

Equipment,

Instruments

&

Components)

......

2,723

11,700

Kikkoman

Corp.

(Food

Products)

......

130

25,510

Kirin

Holdings

Co.

Ltd.

(Beverages)^

...

331

10,900

Kobe

Bussan

Co.

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

239

2,800

Kokusai

Electric

Corp.

(Semiconductors

&

Semiconductor

Equipment)(b)

.....

37

15,190

Komatsu

Ltd.

(Machinery)

...........

414

2,000

Konami

Group

Corp.

(Entertainment)

...

187

16,300

Kubota

Corp.

(Machinery)

...........

189

22,180

Kyocera

Corp.

(Electronic

Equipment,

Instruments

&

Components)

......

220

10,400

Kyowa

Kirin

Co.

Ltd.

(Pharmaceuticals)

.

157

1,400

Lasertec

Corp.

(Semiconductors

&

Semiconductor

Equipment)^

......

131

77,100

LY

Corp.

(Interactive

Media

&

Services)

.

204

7,800

M3,

Inc.

(Health

Care

Technology)

.....

68

4,100

Makita

Corp.

(Machinery)

...........

125

24,671

Marubeni

Corp.

(Trading

Companies

&

Distributors)

.................

370

13,700

MatsukiyoCocokara

&

Co.

(Consumer

Staples

Distribution

&

Retail)

.....

199

6,300

McDonald's

Holdings

Co.

Japan

Ltd.

(Hotels,

Restaurants

&

Leisure)

....

248

13,200

MEIJI

Holdings

Co.

Ltd.

(Food

Products)

268

6,100

MINEBEA

MITSUMI,

Inc.

(Machinery)

.

98

23,310

Mitsubishi

Chemical

Group

Corp.

(Chemicals)

..................

118

57,820

Mitsubishi

Corp.

(Trading

Companies

&

Distributors)

.................

946

32,890

Mitsubishi

Electric

Corp.

(Electrical

Equipment)

..................

555

21,500

Mitsubishi

Estate

Co.

Ltd.

(Real

Estate

Management

&

Development)

.....

299

21,900

Mitsubishi

HC

Capital,

Inc.

(Financial

Services)

....................

144

87

HC

CAPITAL

TRUST

The

Institutional

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Japan

(continued)

55,370

Mitsubishi

Heavy

Industries

Ltd.

(Machinery)

.................

$

772

309,982

Mitsubishi

UFJ

Financial

Group,

Inc.

(Banks)

.....................

3,620

43,632

Mitsui

&

Co.

Ltd.

(Trading

Companies

&

Distributors)

.................

905

3,050

Mitsui

Chemicals,

Inc.

(Chemicals)

.....

67

46,200

Mitsui

Fudosan

Co.

Ltd.

(Real

Estate

Management

&

Development)

.....

370

7,200

Mitsui

OSK

Lines

Ltd.

(Marine

Transportation)

...............

251

41,652

Mizuho

Financial

Group,

Inc.

(Banks)

...

1,017

12,900

MonotaRO

Co.

Ltd.

(Trading

Companies

&

Distributors)

.................

219

22,200

MS&AD

Insurance

Group

Holdings,

Inc.

(Insurance)

..................

480

29,200

Murata

Manufacturing

Co.

Ltd.

(Electronic

Equipment,

Instruments

&

Components)

.................

463

4,230

NEC

Corp.

(IT

Services)

.............

362

6,200

Nexon

Co.

Ltd.

(Entertainment)

.......

92

14,400

NIDEC

Corp.

(Electrical

Equipment)

....

259

18,600

Nintendo

Co.

Ltd.

(Entertainment)

......

1,083

351

Nippon

Building

Fund,

Inc.

(Office

REITs)^

273

20,300

Nippon

Paint

Holdings

Co.

Ltd.

(Chemicals)^(b)

...............

131

114

Nippon

Prologis

REIT,

Inc.

(Industrial

REITs)(b)

...................

162

2,800

Nippon

Sanso

Holdings

Corp.

(Chemicals)

78

18,100

Nippon

Steel

Corp.

(Metals

&

Mining)(b)

364

683,400

Nippon

Telegraph

&

Telephone

Corp.

(Diversified

Telecommunication

Services)

....................

683

8,600

Nippon

Yusen

KK

(Marine

Transportation)

286

37,400

Nissan

Motor

Co.

Ltd.

(Automobiles)

...

113

10,400

Nissin

Foods

Holdings

Co.

Ltd.

(Food

Products)(b)

.................

252

2,900

Nitori

Holdings

Co.

Ltd.

(Specialty

Retail)

344

12,200

Nitto

Denko

Corp.

(Chemicals)

........

204

52,000

Nomura

Holdings,

Inc.

(Capital

Markets)

.

302

9,120

Nomura

Research

Institute

Ltd.

(IT

Services)

....................

267

10,900

NTT

Data

Group

Corp.

(IT

Services)

....

207

11,200

Obayashi

Corp.

(Construction

&

Engineering)

.................

147

10,500

Obic

Co.

Ltd.

(IT

Services)

...........

313

20,400

Olympus

Corp.

(Health

Care

Equipment

&

Supplies)

....................

305

2,900

Omron

Corp.

(Electronic

Equipment,

Instruments

&

Components)

......

98

21,500

Ono

Pharmaceutical

Co.

Ltd.

(Pharmaceuticals)

.............

224

2,200

Oracle

Corp.

Japan

(Software)

.........

210

22,800

Oriental

Land

Co.

Ltd.

(Hotels,

Restaurants

&

Leisure)

...................

491

20,000

ORIX

Corp.

(Financial

Services)

.......

430

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Japan

(continued)

13,145

Osaka

Gas

Co.

Ltd.

(Gas

Utilities)

......

$

288

9,900

Otsuka

Corp.

(IT

Services)

...........

227

9,800

Otsuka

Holdings

Co.

Ltd.

(Pharmaceuticals)

533

7,600

Pan

Pacific

International

Holdings

Corp.

(

Broadline

Retail)

.............

206

40,300

Panasonic

Holdings

Corp.

(Household

Durables)

...................

412

26,000

Rakuten

Group,

Inc.

(

Broadline

Retail)(b)

140

24,200

Recruit

Holdings

Co.

Ltd.

(Professional

Services)

....................

1,682

29,100

Renesas

Electronics

Corp.

(Semiconductors

&

Semiconductor

Equipment)(b)

...

368

36,185

Resona

Holdings,

Inc.

(Banks)

........

261

9,500

Ricoh

Co.

Ltd.

(Technology

Hardware,

Storage

&

Peripherals)

..........

108

4,600

SBI

Holdings,

Inc.

(Capital

Markets)

....

116

1,400

SCREEN

Holdings

Co.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

..................

83

5,200

SCSK

Corp.

(IT

Services)

............

109

11,400

Secom

Co.

Ltd.

(Commercial

Services

&

Supplies)

....................

387

4,869

Seiko

Epson

Corp.

(Technology

Hardware,

Storage

&

Peripherals)

..........

88

9,900

Sekisui

Chemical

Co.

Ltd.

(Household

Durables)

...................

170

11,925

Sekisui

House

Ltd.

(Household

Durables)

284

45,890

Seven

&

i

Holdings

Co.

Ltd.

(Consumer

Staples

Distribution

&

Retail)

.....

719

22,100

SG

Holdings

Co.

Ltd.

(Air

Freight

&

Logistics)

...................

211

5,600

Shimadzu

Corp.

(Electronic

Equipment,

Instruments

&

Components)

......

157

1,700

Shimano,

Inc.

(Leisure

Products)

.......

229

31,125

Shin-Etsu

Chemical

Co.

Ltd.

(Chemicals)

1,025

20,800

Shionogi

&

Co.

Ltd.

(Pharmaceuticals)

..

292

11,700

Shiseido

Co.

Ltd.

(Personal

Care

Products)

207

16,100

Shizuoka

Financial

Group,

Inc.

(Banks)

..

131

1,000

SMC

Corp.

(Machinery)

.............

388

637,740

SoftBank

Corp.

(Wireless

Telecommunication

Services)

.....

805

16,500

SoftBank

Group

Corp.

(Wireless

Telecommunication

Services)

.....

943

15,380

Sompo

Holdings,

Inc.

(Insurance)

......

399

182,200

Sony

Group

Corp.

(Household

Durables)

.

3,840

10,154

Subaru

Corp.

(Automobiles)

..........

180

18,840

Sumitomo

Corp.

(Trading

Companies

&

Distributors)

.................

408

12,320

Sumitomo

Electric

Industries

Ltd.

(Automobile

Components)

.......

220

4,200

Sumitomo

Metal

Mining

Co.

Ltd.

(Metals

&

Mining)

.....................

96

64,409

Sumitomo

Mitsui

Financial

Group,

Inc.

(Banks)

.....................

1,546

11,200

Sumitomo

Mitsui

Trust

Group,

Inc.

(Banks)

262

88

HC

CAPITAL

TRUST

The

Institutional

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Japan

(continued)

5,300

Sumitomo

Realty

&

Development

Co.

Ltd.

(Real

Estate

Management

&

Development)

................

$

165

6,200

Suntory

Beverage

&

Food

Ltd.

(Beverages)

197

27,200

Suzuki

Motor

Corp.

(Automobiles)

.....

305

8,700

Sysmex

Corp.

(Health

Care

Equipment

&

Supplies)

....................

160

8,500

T&D

Holdings,

Inc.

(Insurance)

.......

156

2,850

Taisei

Corp.

(Construction

&

Engineering)

119

33,145

Takeda

Pharmaceutical

Co.

Ltd.

(Pharmaceuticals)

.............

877

33,600

TDK

Corp.

(Electronic

Equipment,

Instruments

&

Components)

......

433

23,200

Terumo

Corp.

(Health

Care

Equipment

&

Supplies)(b)

..................

448

9,800

The

Chiba

Bank

Ltd.

(Banks)

.........

76

22,510

The

Kansai

Electric

Power

Co.,

Inc.

(Electric

Utilities)

.............

249

7,000

TIS,

Inc.

(IT

Services)

..............

166

5,400

Toho

Co.

Ltd.

(Entertainment)

.........

211

32,520

Tokio

Marine

Holdings,

Inc.

(Insurance)

.

1,167

25,400

Tokyo

Electric

Power

Co

Holdings,

Inc.

(Electric

Utilities)(a)

...........

76

17,480

Tokyo

Electron

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

.......

2,628

11,900

Tokyo

Gas

Co.

Ltd.

(Gas

Utilities)

......

329

18,900

Tokyu

Corp.

(Ground

Transportation)

...

202

4,000

TOPPAN

Holdings,

Inc.

(Commercial

Services

&

Supplies)

...........

106

24,000

Toray

Industries,

Inc.

(Chemicals)

......

152

5,700

TOTO

Ltd.

(Building

Products)

........

137

2,800

Toyota

Industries

Corp.

(Machinery)

....

225

177,500

Toyota

Motor

Corp.

(Automobiles)

.....

3,465

11,000

Toyota

Tsusho

Corp.

(Trading

Companies

&

Distributors)

.................

195

4,100

Trend

Micro,

Inc.

(Software)

..........

221

38,400

Unicharm

Corp.

(Household

Products)

...

316

14,100

West

Japan

Railway

Co.

(Ground

Transportation)(b)

.............

250

14,200

Yakult

Honsha

Co.

Ltd.

(Food

Products)

.

269

16,200

Yamaha

Motor

Co.

Ltd.

(Automobiles)

..

143

4,100

Yaskawa

Electric

Corp.

(Machinery)

....

105

3,800

Yokogawa

Electric

Corp.

(Electronic

Equipment,

Instruments

&

Components)

.................

81

3,800

Zensho

Holdings

Co.

Ltd.

(Hotels,

Restaurants

&

Leisure)

..........

216

6,000

ZOZO,

Inc.

(Specialty

Retail)(b)

.......

185

80,148

Jordan

—

0.03%

9,315

Hikma

Pharmaceuticals

PLC

(Pharmaceuticals)(b)

...........

232

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Luxembourg

—

0.08%

8,108

ArcelorMittal

SA

(Metals

&

Mining)

....

$

188

3,924

CVC

Capital

Partners

PLC

(Capital

Markets)(a)(b)

................

87

5,253

Eurofins

Scientific

SE

(Life

Sciences

Tools

&

Services)

..................

268

7,035

Tenaris

SA

(Energy

Equipment

&

Services)

133

676

Macau

—

0.01%

41,860

Sands

China

Ltd.

(Hotels,

Restaurants

&

Leisure)(a)

..................

111

Netherlands

—

2.61%

10,005

ABN

AMRO

Bank

N.V.

(Banks)

.......

154

376

Adyen

N.V.

(Financial

Services)(a)(b)

...

559

23,340

Aegon

Ltd.

(Insurance)

..............

139

2,952

Akzo

Nobel

N.V.

(Chemicals)

.........

177

3,477

Argenx

SE

(Biotechnology)(a)

........

2,148

3,406

ASM

International

N.V.

(Semiconductors

&

Semiconductor

Equipment)

.......

1,969

8,983

ASML

Holding

N.V.

(Semiconductors

&

Semiconductor

Equipment)(b)

.....

6,290

4,815

ASR

Nederland

N.V.

(Insurance)

.......

229

1,333

BE

Semiconductor

Industries

N.V.

(Semiconductors

&

Semiconductor

Equipment)

..................

183

3,420

Euronext

N.V.

(Capital

Markets)

.......

384

2,494

EXOR

N.V.

(Financial

Services)

.......

229

9,259

Ferrovial

SE

(Construction

&

Engineering)

388

22,067

Havas

N.V.

(Media)(a)

..............

37

4,470

Heineken

Holding

N.V.

(Beverages)

....

268

26,004

Heineken

N.V.

(Beverages)

...........

1,853

985

IMCD

N.V.

(Trading

Companies

&

Distributors)(b)

...............

146

57,102

ING

Groep

N.V.

(Banks)

.............

895

13,860

JDE

Peet's

N.V.

(Food

Products)

.......

238

23,574

Koninklijke

Ahold

Delhaize

N.V.

(Consumer

Staples

Distribution

&

Retail)

.....

769

141,035

Koninklijke

KPN

N.V.

(Diversified

Telecommunication

Services)

.....

514

13,811

Koninklijke

Philips

N.V.

(Health

Care

Equipment

&

Supplies)(a)

.......

350

5,825

NN

Group

N.V.

(Insurance)

...........

254

23,647

Prosus

N.V.

(

Broadline

Retail)(a)(b)

....

939

10,215

QIAGEN

N.V.

(Life

Sciences

Tools

&

Services)(a)

..................

458

1,808

Randstad

N.V.

(Professional

Services)

...

76

33,968

Stellantis

N.V.

(Automobiles)

.........

442

104,183

Stellantis

N.V.,

ADR

(Automobiles)

.....

1,360

14,229

Universal

Music

Group

N.V.

(Entertainment)

...............

364

5,165

Wolters

Kluwer

N.V.

(Professional

Services)

858

22,670

89

HC

CAPITAL

TRUST

The

Institutional

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

New

Zealand

—

0.10%

29,069

Auckland

International

Airport

Ltd.

(Transportation

Infrastructure)

.....

$

141

10,132

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

(Health

Care

Equipment

&

Supplies)

218

15,607

Infratil

Ltd.

(Industrial

Conglomerates)

..

110

12,664

Mercury

NZ

Ltd.

(Electric

Utilities)

.....

41

22,531

Meridian

Energy

Ltd.

(Independent

Power

and

Renewable

Electricity

Producers)

74

2,508

Xero

Ltd.

(Software)(a)

.............

262

846

Norway

—

0.21%

5,548

Aker

BP

ASA

(Oil,

Gas

&

Consumable

Fuels)

......................

109

16,999

DNB

Bank

ASA

(Banks)

............

339

14,483

Equinor

ASA

(Oil,

Gas

&

Consumable

Fuels)

......................

345

6,076

Gjensidige

Forsikring

ASA

(Insurance)

..

107

1,520

Kongsberg

Gruppen

ASA

(Aerospace

&

Defense)

....................

171

8,045

Mowi

ASA

(Food

Products)(b)

........

138

24,310

Norsk

Hydro

ASA

(Metals

&

Mining)

...

134

20,870

Orkla

ASA

(Food

Products)

..........

180

1,134

Salmar

ASA

(Food

Products)

.........

54

16,203

Telenor

ASA

(Diversified

Telecommunication

Services)

.....

181

2,729

Yara

International

ASA

(Chemicals)

....

72

1,830

Poland

—

0.01%

3,901

InPost

SA

(Air

Freight

&

Logistics)(a)

...

67

Portugal

—

0.05%

54,244

EDP

SA

(Electric

Utilities)

...........

173

8,034

Galp

Energia

SGPS

SA

(Oil,

Gas

&

Consumable

Fuels)(b)

..........

133

4,794

Jeronimo

Martins

SGPS

SA

(Consumer

Staples

Distribution

&

Retail)(b)

...

92

398

Singapore

—

0.76%

113,038

CapitaLand

Ascendas

REIT

(Industrial

REITs)

.....................

212

146,821

CapitaLand

Integrated

Commercial

Trust

(Retail

REITs)

................

207

43,300

CapitaLand

Investment

Ltd.

(Real

Estate

Management

&

Development)

.....

83

34,404

DBS

Group

Holdings

Ltd.

(Banks)

.....

1,103

332,700

Genting

Singapore

Ltd.

(Hotels,

Restaurants

&

Leisure)

...................

187

36,527

Grab

Holdings

Ltd.

(Ground

Transportation)

(a)

........................

172

25,200

Keppel

Ltd.

(Industrial

Conglomerates)

..

126

58,537

Oversea-Chinese

Banking

Corp.

Ltd.

(Banks)

.....................

715

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Singapore

(continued)

19,898

Sea

Ltd.,

ADR

(Entertainment)(a)

......

$

2,111

14,300

Sembcorp

Industries

Ltd.

(Multi-Utilities)

58

25,600

Singapore

Airlines

Ltd.

(Passenger

Airlines)

(b)

........................

121

32,600

Singapore

Exchange

Ltd.

(Capital

Markets)

304

58,500

Singapore

Technologies

Engineering

Ltd.

(Aerospace

&

Defense)

.........

200

150,240

Singapore

Telecommunications

Ltd.

(Diversified

Telecommunication

Services)

....................

338

21,900

United

Overseas

Bank

Ltd.

(Banks)

.....

582

47,500

Wilmar

International

Ltd.

(Food

Products)

108

6,627

South

Korea

—

0.15%

1,413

Samsung

Electronics

Co.

Ltd.,

GDR

(Technology

Hardware,

Storage

&

Peripherals)

..................

1,276

Spain

—

1.13%

456

Acciona

SA

(Electric

Utilities)

........

51

4,493

ACS

Actividades

de

Construccion

y

Servicios

SA

(Construction

&

Engineering)(a)

...............

225

1,296

Aena

SME

SA

(Transportation

Infrastructure)

................

264

7,787

Amadeus

IT

Group

SA

(Hotels,

Restaurants

&

Leisure)

...................

550

99,624

Banco

Bilbao

Vizcaya

Argentaria

SA

(Banks)

.....................

975

94,040

Banco

de

Sabadell

SA

(Banks)

........

183

267,834

Banco

Santander

SA

(Banks)(b)

.......

1,239

69,100

CaixaBank

SA

(Banks)

..............

375

12,964

Cellnex

Telecom

SA

(Diversified

Telecommunication

Services)(b)

...

409

5,468

EDP

Renovaveis

SA

(Independent

Power

and

Renewable

Electricity

Producers)

(a)

........................

57

13,200

Endesa

SA

(Electric

Utilities)

.........

284

5,514

Grifols

SA

(Biotechnology)(a)

.........

52

111,413

Iberdrola

SA

(Electric

Utilities)

........

1,535

44,707

Industria

de

Diseno

Textil

SA

(Specialty

Retail)

......................

2,290

21,678

Redeia

Corp.

SA

(Electric

Utilities)

.....

370

35,839

Repsol

SA

(Oil,

Gas

&

Consumable

Fuels)

436

119,378

Telefonica

SA

(Diversified

Telecommunication

Services)

.....

487

9,782

Sweden

—

1.45%

4,493

AddTech

AB,

B

Shares

(Trading

Companies

&

Distributors)

...............

122

5,001

Alfa

Laval

AB

(Machinery)

..........

209

64,323

Assa

Abloy

AB,

Class

-

B

(Building

Products)

....................

1,902

90

HC

CAPITAL

TRUST

The

Institutional

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Sweden

(continued)

46,431

Atlas

Copco

AB,

Class

-

A

(Machinery)

..

$

709

26,981

Atlas

Copco

AB,

Class

-

B

(Machinery)

..

365

6,528

Beijer

Ref

AB

(Trading

Companies

&

Distributors)(b)

...............

96

6,193

Boliden

AB

(Metals

&

Mining)

........

174

11,392

Epiroc

AB,

Class

-

A

(Machinery)

......

199

6,680

Epiroc

AB,

Class

-

B

(Machinery)

......

104

6,436

EQT

AB

(Capital

Markets)

...........

178

14,999

Essity

AB,

Class

-

B

(Household

Products)

401

2,929

Evolution

AB

(Hotels,

Restaurants

&

Leisure)

....................

226

11,054

Fastighets

AB

Balder,

B

shares

(Real

Estate

Management

&

Development)(a)

...

77

8,250

Getinge

AB,

B

shares

(Health

Care

Equipment

&

Supplies)

.........

135

9,792

H

&

M

Hennes

&

Mauritz

AB,

Class

-

B

(Specialty

Retail)

..............

132

35,889

Hexagon

AB,

Class

-

B

(Electronic

Equipment,

Instruments

&

Components)

.................

343

3,918

Holmen

AB,

B

shares

(Paper

&

Forest

Products)

....................

144

2,246

Industrivarden

AB,

Class

-

A

(Financial

Services)(b)

..................

71

3,685

Industrivarden

AB,

Class

-

C

(Financial

Services)

....................

116

4,723

Indutrade

AB

(Machinery)

...........

118

2,555

Investment

AB

Latour

,

Class

-

B

(Industrial

Conglomerates)

...............

64

30,889

Investor

AB,

Class

-

B

(Financial

Services)

819

2,057

L

E

Lundbergforetagen

AB,

Class

-

B

(Financial

Services)

............

93

4,030

Lifco

AB,

Class

-

B

(Industrial

Conglomerates)

...............

117

25,854

Nibe

Industrier

AB,

Class

-

B

(Building

Products)

....................

101

10,924

Saab

AB,

Class

-

B

(Aerospace

&

Defense)

231

3,653

Sagax

AB,

Class

-

B

(Real

Estate

Management

&

Development)

.....

75

18,431

Sandvik

AB

(Machinery)

............

331

12,561

Securitas

AB,

Class

-

B

(Commercial

Services

&

Supplies)

...........

155

31,614

Skandinaviska

Enskilda

Banken

AB,

Class

-

A

(Banks)

...................

433

5,882

Skanska

AB,

Class

-

B

(Construction

&

Engineering)

.................

124

5,868

SKF

AB,

B

shares

(Machinery)

........

110

2,648

Spotify

Technology

SA

(Entertainment)(a)

1,186

17,197

Svenska

Cellulosa

AB

SCA,

Class

-

B

(Paper

&

Forest

Products)

........

218

34,168

Svenska

Handelsbanken

AB,

Class

-

A

(Banks)

.....................

353

18,180

Swedbank

AB,

Class

-

A

(Banks)

.......

359

7,064

Swedish

Orphan

Biovitrum

AB

(Biotechnology)(a)

.............

203

20,973

Tele2

AB,

B

shares

(Wireless

Telecommunication

Services)

.....

207

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Sweden

(continued)

57,779

Telefonaktiebolaget

LM

Ericsson,

Class

-

B

(Communications

Equipment)

.....

$

468

87,642

Telia

Co.

AB

(Diversified

Telecommunication

Services)(b)

...

244

3,683

Trelleborg

AB,

Class

-

B

(Machinery)

...

126

3,669

Volvo

AB,

Class

-

A

(Machinery)

.......

90

27,458

Volvo

AB,

Class

-

B

(Machinery)

......

668

12,596

Switzerland

—

4.82%

27,338

ABB

Ltd.,

Registered

Shares

(Electrical

Equipment)

..................

1,477

3,113

Adecco

Group

AG

(Professional

Services)

(b)

........................

77

25,063

Alcon

AG

(Health

Care

Equipment

&

Supplies)

....................

2,126

1,693

Avolta

AG

(Specialty

Retail)(b)

........

68

613

Bachem

Holding

AG

(Life

Sciences

Tools

&

Services)

....................

39

2,207

Baloise

Holding

AG,

Registered

Shares

(Insurance)

..................

400

4,196

Banque

Cantonale

Vaudoise

,

Registered

Shares

(Banks)

................

386

285

Barry

Callebaut

AG,

Registered

Shares

(Food

Products)(b)

.............

380

2,256

BKW

AG

(Electric

Utilities)

..........

374

4

Chocoladefabriken

Lindt

&

Spruengli

AG

(Food

Products)

...............

440

17

Chocoladefabriken

Lindt

&

Spruengli

AG,

Class

-

PC

(Food

Products)

.......

189

19,562

Cie

Financiere

Richemont

SA,

Registered

Shares

(Textiles,

Apparel

&

Luxury

Goods)

.....................

2,960

3,985

Clariant

AG,

Registered

Shares

(Chemicals)

44

7,337

Coca-Cola

HBC

AG

(Beverages)

.......

250

5,157

DSM-

Firmenich

AG

(Chemicals)

......

521

128

EMS-

Chemie

Holding

AG

(Chemicals)

..

86

1,439

Galderma

Group

AG

(Pharmaceuticals)(a)

160

578

Geberit

AG,

Registered

Shares

(Building

Products)

....................

328

182

Givaudan

SA,

Registered

Shares

(Chemicals)

..................

796

179,266

Glencore

PLC

(Metals

&

Mining)(b)

....

789

1,654

Helvetia

Holding

AG,

Registered

Shares

(Insurance)

..................

273

9,010

Holcim

AG

(Construction

Materials)(b)

..

868

3,561

Julius

Baer

Group

Ltd.

(Capital

Markets)

.

231

999

Kuehne

+

Nagel

International

AG,

R

Shares

(Marine

Transportation)

.........

230

2,629

Logitech

International

SA,

R

Shares

(Technology

Hardware,

Storage

&

Peripherals)

..................

217

1,249

Lonza

Group

AG,

Registered

Shares

(Life

Sciences

Tools

&

Services)(b)

.....

737

63,397

Nestle

SA,

Registered

Shares

(Food

Products)

....................

5,203

91

HC

CAPITAL

TRUST

The

Institutional

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Switzerland

(continued)

49,988

Novartis

AG,

Registered

Shares

(Pharmaceuticals)

.............

$

4,868

392

Partners

Group

Holding

AG

(Capital

Markets)

....................

533

12,555

Roche

Holding

AG

(Pharmaceuticals)

...

3,512

5,136

Roche

Holding

AG,

Class

-

BR

(Pharmaceuticals)

.............

1,535

13,455

Sandoz

Group

AG

(Pharmaceuticals)

....

552

704

Schindler

Holding

AG,

Class

-

PC

(Machinery)

.................

195

399

Schindler

Holding

AG,

Registered

Shares

(Machinery)

.................

109

4,008

SGS

SA,

Registered

Shares

(Professional

Services)(a)(b)

................

402

9,023

SIG

Group

AG

(Containers

&

Packaging)(b)

179

7,878

Sika

AG,

Registered

Shares

(Chemicals)(b)

1,880

876

Sonova

Holding

AG

(Health

Care

Equipment

&

Supplies)(b)

.......

287

11,814

STMicroelectronics

N.V.

(Semiconductors

&

Semiconductor

Equipment)

.....

296

1,929

Straumann

Holding

AG,

R

Shares

(Health

Care

Equipment

&

Supplies)

......

243

569

Swiss

Life

Holding

AG

(Insurance)

.....

440

4,577

Swiss

Prime

Site

AG,

Registered

Shares

(Real

Estate

Management

&

Development)

................

499

6,347

Swiss

Re

AG

(Insurance)

............

919

1,119

Swisscom

AG,

Registered

Shares

(Diversified

Telecommunication

Services)

....................

623

1,021

Temenos

AG,

Registered

Shares

(Software)

72

487

The

Swatch

Group

AG,

Class

-

BR

(Textiles,

Apparel

&

Luxury

Goods)

.......

89

100,776

UBS

Group

AG

(Capital

Markets)

......

3,086

467

VAT

Group

AG

(Machinery)

..........

177

2,886

Zurich

Insurance

Group

AG

(Insurance)

..

1,717

41,862

Taiwan

—

0.17%

7,470

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR

(Semiconductors

&

Semiconductor

Equipment)

.......

1,475

United

Kingdom

—

7.97%

16,826

3i

Group

PLC

(Capital

Markets)

.......

749

9,195

Admiral

Group

PLC

(Insurance)

.......

304

21,965

Anglo

American

PLC

(Metals

&

Mining)

.

649

7,559

Ashtead

Group

PLC

(Trading

Companies

&

Distributors)

.................

468

5,771

Associated

British

Foods

PLC

(Food

Products)

....................

147

38,461

AstraZeneca

PLC

(Pharmaceuticals)(b)

..

5,014

19,992

Auto

Trader

Group

PLC

(Interactive

Media

&

Services)(b)

................

198

46,276

Aviva

PLC

(Insurance)

..............

271

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

United

Kingdom

(continued)

156,813

BAE

Systems

PLC

(Aerospace

&

Defense)

$

2,248

675,477

Barclays

PLC

(Banks)(b)

............

2,259

23,826

Barratt

Redrow

PLC

(Household

Durables)

(b)

........................

131

1,715

Berkeley

Group

Holdings

PLC

(Household

Durables)(a)

.................

83

567,095

BP

PLC

(Oil,

Gas

&

Consumable

Fuels)

.

2,803

39,451

British

American

Tobacco

PLC

(Tobacco)

1,424

153,374

BT

Group

PLC

(Diversified

Telecommunication

Services)

.....

277

11,365

Bunzl

PLC

(Trading

Companies

&

Distributors)

.................

468

145,464

Centrica

PLC

(Multi-Utilities)(b)

.......

242

5,213

Coca-Cola

Europacific

Partners

PLC

(Beverages)

..................

400

74,420

Compass

Group

PLC

(Hotels,

Restaurants

&

Leisure)

....................

2,476

3,112

Croda

International

PLC

(Chemicals)(b)

.

131

87,541

Diageo

PLC

(Beverages)

............

2,781

14,320

Endeavour

Mining

PLC

(Metals

&

Mining)

256

10,300

Entain

PLC

(Hotels,

Restaurants

&

Leisure)

(b)

........................

88

170,087

GSK

PLC

(Pharmaceuticals)

..........

2,868

201,738

Haleon

PLC

(Personal

Care

Products)(b)

.

951

7,504

Halma

PLC

(Electronic

Equipment,

Instruments

&

Components)

......

252

5,960

Hargreaves

Lansdown

PLC

(Capital

Markets)

....................

82

468,188

HSBC

Holdings

PLC

(Banks)

.........

4,600

20,501

Imperial

Brands

PLC

(Tobacco)

.......

655

22,995

Informa

PLC

(Media)

...............

229

2,753

InterContinental

Hotels

Group

PLC

(Hotels,

Restaurants

&

Leisure)

..........

342

4,828

Intertek

Group

PLC

(Professional

Services)

285

92,475

J

Sainsbury

PLC

(Consumer

Staples

Distribution

&

Retail)

...........

316

47,902

JD

Sports

Fashion

PLC

(Specialty

Retail)

57

31,378

Kingfisher

PLC

(Specialty

Retail)

......

98

12,996

Land

Securities

Group

PLC

(Diversified

REITs)

.....................

95

101,940

Legal

&

General

Group

PLC

(Insurance)

.

293

1,060,218

Lloyds

Banking

Group

PLC

(Banks)

....

724

20,837

London

Stock

Exchange

Group

PLC

(Capital

Markets)(b)

............

2,940

38,400

M&G

PLC

(Financial

Services)

........

95

34,970

Marks

&

Spencer

Group

PLC

(Consumer

Staples

Distribution

&

Retail)

.....

164

22,186

Melrose

Industries

PLC

(Aerospace

&

Defense)

....................

153

7,591

Mondi

PLC

(Paper

&

Forest

Products)

...

113

218,553

National

Grid

PLC

(Multi-Utilities)(a)

...

2,596

401,719

NatWest

Group

PLC

(Banks)(b)

.......

2,012

2,059

Next

PLC

(

Broadline

Retail)

..........

244

21,838

Pearson

PLC

(Diversified

Consumer

Services)

....................

350

92

HC

CAPITAL

TRUST

The

Institutional

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

United

Kingdom

(continued)

5,867

Persimmon

PLC

(Household

Durables)

..

$

88

50,000

Petershill

Partners

PLC

(Capital

Markets)

154

11,643

Phoenix

Group

Holdings

PLC

(Insurance)

74

16,822

Reckitt

Benckiser

Group

PLC

(Household

Products)

....................

1,018

68,193

RELX

PLC

(Professional

Services)

.....

3,090

338,986

Rentokil

Initial

PLC

(Commercial

Services

&

Supplies)

..................

1,692

42,382

Rio

Tinto

PLC

(Metals

&

Mining)

......

2,501

147,016

Rolls-Royce

Holdings

PLC

(Aerospace

&

Defense)(a)

..................

1,042

13,817

Schroders

PLC

(Capital

Markets)

......

56

27,940

Segro

PLC

(Industrial

REITs)(a)

.......

245

12,801

Severn

Trent

PLC

(Water

Utilities)(b)

...

401

150,212

Shell

PLC

(Oil,

Gas

&

Consumable

Fuels)

(a)

........................

4,682

25,817

Smith

&

Nephew

PLC

(Health

Care

Equipment

&

Supplies)

.........

320

5,956

Smiths

Group

PLC

(Industrial

Conglomerates)

...............

128

1,266

Spirax

Group

PLC

(Machinery)

........

108

26,667

SSE

PLC

(Electric

Utilities)(a)

........

535

36,324

Standard

Chartered

PLC

(Banks)

.......

447

60,002

Taylor

Wimpey

PLC

(Household

Durables)

(b)

........................

91

490,392

Tesco

PLC

(Consumer

Staples

Distribution

&

Retail)

....................

2,256

35,877

The

Sage

Group

PLC

(Software)

.......

570

72,111

Unilever

PLC

(Personal

Care

Products)

..

4,097

31,341

United

Utilities

Group

PLC

(Water

Utilities)

412

564,262

Vodafone

Group

PLC

(Wireless

Telecommunication

Services)

.....

482

3,100

Whitbread

PLC

(Hotels,

Restaurants

&

Leisure)

....................

114

11,517

Wise

PLC,

Class

-

A

(Financial

Services)(a)

153

18,644

WPP

PLC

(Media)

.................

192

69,329

United

States

—

0.41%

1,507

Blackstone,

Inc.

(Capital

Markets)

......

260

56,773

Coupang

,

Inc.

(

Broadline

Retail)(a)

.....

1,248

14,117

CRH

PLC

(Construction

Materials)

.....

1,306

1,891

KKR

&

Co.,

Inc.

(Capital

Markets)

.....

280

1,632

RB

Global,

Inc.

(Commercial

Services

&

Supplies)

....................

147

5,592

The

Carlyle

Group,

Inc.

(Capital

Markets)

282

3,523

Total

Common

Stocks

..............

421,320

Shares

Security

Description

Value

(000)

Investment

Companies

—

50.54%

International

Equity

Funds

—

48.65%

596,982

Aberdeen

UK

Smaller

Cos

Growth

Trust

PLC

.......................

$

3,747

215,018

Aberforth

Smaller

Companies

Trust

PLC

.

3,956

822,160

Apax

Global

Alpha

Ltd.

.............

1,461

688,080

Argo

Investments

Ltd.

..............

3,824

472,756

Asia

Dragon

Trust

PLC

.............

2,499

818,000

Australian

Foundation

Investment

Co.

Ltd.

Fund^

......................

3,748

1,614,892

AVI

Japan

Opportunity

Trust

PLC

Fund

..

3,078

4,743,931

Baillie

Gifford

European

Growth

Trust

PLC

5,079

2,527,376

Baillie

Gifford

Shin

Nippon

PLC

.......

3,556

1,732,025

Baillie

Gifford

UK

Growth

Trust

PLC

...

3,862

614,432

BlackRock

Enhanced

International

Dividend

Trust

.......................

3,263

538,410

BlackRock

Greater

Europe

Investment

Trust

PLC

.......................

3,661

254,137

BlackRock

Health

Sciences

Term

Trust

..

3,660

377,488

BlackRock

Innovation

and

Growth

Term

Trust

.......................

2,809

97,772

BlackRock

Science

and

Technology

Term

Trust

.......................

2,025

77,000

CT

Private

Equity

Trust

PLC

..........

470

3,758,501

European

Assets

Trust

PLC

Fund

.......

3,800

446,415

European

Opportunities

Trust

PLC

.....

4,388

317,006

Fidelity

Emerging

Markets

Ltd.

........

2,753

1,221,936

Fidelity

European

Trust

PLC

..........

5,384

2,382,021

Fidelity

Japan

Trust

PLC

............

5,204

1,043,979

Fidelity

Special

Values

PLC

..........

4,092

155,825

HarbourVest

Global

Private

Equity

Ltd.

..

5,170

2,715,943

Henderson

European

Focus

Trust

PLC

...

5,873

192,905

ICG

Enterprise

Trust

PLC

............

3,124

842,565

iShares

Core

MSCI

EAFE

ETF

........

59,217

849,919

Japan

Smaller

Capitalization

Fund,

Inc.

..

6,519

1,409,901

JPMorgan

Emerging

Markets

Investment

Trust

PLC

...................

1,913

1,319,659

JPMorgan

European

Discovery

Trust

PLC

7,337

7,782,827

JPMorgan

European

Growth

&

Income

PLC

9,598

2,109,916

JPMorgan

Japanese

Investment

Trust

PLC

14,821

1,030,000

Lowland

Investment

Co.

PLC

.........

1,583

1,885,873

Mercantile

Investment

Trust

PLC

......

5,600

144,500

NB

Private

Equity

Partners

Ltd.

Fund

...

2,858

388,821

Neuberger

Berman

Energy

Infrastructure

and

Income

Fund,

Inc.

..........

3,433

150,664

Neuberger

Berman

Next

Generation

Connectivity

Fund,

Inc.

.........

1,919

664,915

Oakley

Capital

Investments

Ltd.

.......

4,153

108,436

Partners

Group

Private

Equity

Ltd.

.....

1,202

2,809,755

Polar

Capital

Global

Financials

Trust

PLC

6,732

2,692,880

Schroder

Japan

Trust

PLC

............

8,595

10,089,219

Schroders

Capital

Global

Innovation

Trust

1,389

219,097

Smithson

Investment

Trust

PLC

.......

4,064

703,414

Strategic

Equity

Capital

PLC

.........

2,914

1,151,235

Temple

Bar

Investment

Trust

PLC

......

3,912

93

HC

CAPITAL

TRUST

The

Institutional

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Investment

Companies

(continued)

International

Equity

Funds

(continued)

1,941,780

Templeton

Emerging

Markets

Investment

Trust

PLC

...................

$

3,989

541,908

The

Baillie

Gifford

Japan

Trust

PLC

....

4,812

506,980

The

Edinburgh

Investment

Trust

PLC

...

4,713

563,810

The

European

Smaller

Companies

......

1,212

264,440

The

Monks

Investment

Trust

PLC

......

4,167

266,469

The

New

Germany

Fund,

Inc.

.........

2,078

947,696

The

Pantheon

International

PLC

Fund

...

3,820

1,048,950

TR

Property

Investment

Trust

PLC

-

Ordinary

Shares

...............

4,099

1,081,096

Vanguard

FTSE

Developed

Markets

ETF

.

51,699

1,557,530

Vanguard

FTSE

Europe

ETF

..........

98,857

1,314,650

Worldwide

Healthcare

Trust

PLC/Fund

..

5,172

422,863

Money

Market

Funds

—

1.89%

485,290

Federated

Hermes

Treasury

Obligations

Fund,

Institutional

Shares

,

4.25%^^(d)

485

15,863,043

State

Street

Institutional

Treasury

Plus

Money

Market

Fund,

Trust

Class

,

4.37%(d)

....................

15,863

16,348

Total

Investment

Companies

.........

439,211

Purchased

Options

on

Futures

—

0.01%

Total

Purchased

Options

on

Futures

...

44

Total

Investments

(cost

$744,563

)

—

99.03%

860,575

Other

assets

in

excess

of

liabilities

—

0.97%

8,422

Net

Assets

-

100.00%

$

868,997

Amounts

designated

as

"—"

are

$0

or

have

been

rounded

to

$0.

^

All

or

part

of

this

security

was

on

loan

as

of

December

31,

2024.

^^

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,

2024.

(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,

2024.

(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

94

HC

CAPITAL

TRUST

The

Institutional

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(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,

2024

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

..............................................................................

0.11

%

48.37

%

—

—

—

48.48

%

Investment

Companies

....................................................................

24.63

%

0.06

%

14.68

%

0.01

%

11.16

%

50.54

%

Purchased

Options

on

Futures

........................................................

—

—

—

—

0.01

%

0.01

%

Other

Assets

(Liabilities)

................................................................

0.12

%

0.30

%

0.48

%

—

0.07

%

0.97

%

Total

Net

Assets

.........................................................................

24.86

%

48.73

%

15.16

%

0.01

%

11.24

%

100.00

%

The

following

table

reflects

the

open

derivative

positions

held

by

the

Portfolio

as

of

December

31,

2024

.

Futures

Contracts

Purchased

*

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value

and

Unrealized

Appreciation/

(Depreciation)

(000)

Mini

MSCI

EAFE

Index

Future

..............................

200

3/21/25

$

22,675

$

(707)

$

22,675

$

(707)

The

following

table

reflects

the

open

derivative

positions

held

by

the

Portfolio

as

of

December

31,

2024

.

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

3/21/25

$

9,793

$

7

$

9,793

$

7

Total

Unrealized

Appreciation

.....................

$

7

Total

Unrealized

Depreciation

.....................

(707)

Total

Net

Unrealized

Appreciation/(Depreciation)

.......

$

(700)

*

Cash

has

been

pledged

as

collateral

for

futures

contracts

held

by

the

Portfolio.

95

See

accompanying

notes

to

financial

statements.

HC

CAPITAL

TRUST

The

Institutional

International

Equity

Portfolio

Portfolio

of

Investments

(concluded)

—

December

31,

2024

(Unaudited)

Options

on

Futures

Contracts

Exchange-traded

options

on

futures

contacts

written

as

of

December

31,

2024

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

.........................

Put

5

$

1,500

$

6,000.00

1/20/25

$

(26)

E-Mini

S&P

500

Future

Option

.........................

Put

5

1,506

6,025.00

1/20/25

(30)

E-Mini

S&P

500

Future

Option

.........................

Put

6

1,770

5,900.00

1/20/25

(17)

E-Mini

S&P

500

Future

Option

.........................

Put

4

1,185

5,925.00

1/20/25

(13)

E-Mini

S&P

500

Future

Option

.........................

Put

12

3,435

5,725.00

1/31/25

(23)

E-Mini

S&P

500

Future

Option

.........................

Put

5

1,375

5,500.00

2/21/25

(8)

E-Mini

S&P

500

Future

Option

.........................

Put

3

840

5,600.00

2/21/25

(6)

S&P

500

Future

Option

..............................

Put

2

1,170

5,850.00

1/20/25

(10)

S&P

500

Future

Option

..............................

Put

3

1,748

5,825.00

1/20/25

(13)

S&P

500

Future

Option

..............................

Put

1

578

5,775.00

1/20/25

(3)

S&P

500

Future

Option

..............................

Put

2

1,180

5,900.00

1/20/25

(14)

S&P

500

Future

Option

..............................

Put

2

1,020

5,100.00

1/20/25

—

S&P

500

Future

Option

..............................

Put

2

1,160

5,800.00

1/31/25

(12)

S&P

500

Future

Option

..............................

Put

2

1,155

5,775.00

1/31/25

(11)

S&P

500

Future

Option

..............................

Put

5

2,875

5,750.00

1/31/25

(23)

S&P

500

Future

Option

..............................

Put

3

1,718

5,725.00

1/31/25

(13)

S&P

500

Future

Option

..............................

Put

6

3,420

5,700.00

1/31/25

(23)

S&P

500

Future

Option

..............................

Put

3

1,688

5,625.00

1/31/25

(8)

S&P

500

Future

Option

..............................

Put

5

2,825

5,650.00

1/31/25

(15)

S&P

500

Future

Option

..............................

Put

5

2,738

5,475.00

2/21/25

(14)

S&P

500

Future

Option

..............................

Put

4

2,120

5,300.00

2/21/25

(8)

S&P

500

Future

Option

..............................

Put

4

2,100

5,250.00

2/21/25

(7)

$

(297)

Exchanged-traded

options

on

futures

contacts

purchased

as

of

December

31,

2024

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

25

$

7,688

$

6,150.00

1/20/25

$

6

S&P

500

Future

Option

..............................

Call

3

1,823

6,075.00

1/20/25

2

E-Mini

S&P

500

Future

Option

.........................

Put

14

3,955

5,650.00

1/20/25

8

S&P

500

Future

Option

..............................

Put

9

5,085

5,650.00

1/20/25

11

S&P

500

Future

Option

..............................

Put

6

3,435

5,725.00

1/20/25

13

S&P

500

Future

Option

..............................

Put

3

1,703

5,675.00

1/20/25

4

$

44

HC

CAPITAL

TRUST

The

Emerging

Markets

Portfolio

Portfolio

of

Investments

—

December

31,

2024

(Unaudited)

96

See

accompanying

notes

to

financial

statements.

ICI

Shares

Security

Description

Value

(000)

Common

Stocks

—

60.88%

Bermuda

—

0.05%

20,000

Ocean

Wilsons

Holdings

Ltd.

(Transportation

Infrastructure)

.....

$

325

Brazil

—

2.43%

287,178

Ambev

SA

(Beverages)

.............

546

317,672

B3

SA

-

Brasil

Bolsa

Balcao

(Capital

Markets)

....................

531

111,545

Banco

Bradesco

SA

(Banks)

..........

192

267,278

Banco

Bradesco

SA,

Preference

Shares

(Banks)(a)

...................

500

35,932

Banco

BTG

Pactual

SA

(Capital

Markets)(a)

158

117,329

Banco

do

Brasil

SA

(Banks)

..........

459

83,275

BB

Seguridade

Participacoes

SA

(Insurance)

488

30,287

BRF

SA

(Food

Products)

............

124

48,968

Caixa

Seguridade

Participacoes

SA

(Insurance)

..................

113

80,534

CCR

SA

(Transportation

Infrastructure)

..

133

91,542

Centrais

Eletricas

Brasileiras

SA

(Electric

Utilities)

....................

506

16,201

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

SABESP

(Water

Utilities)

...

232

225,600

Cia

Energetica

de

Minas

Gerais,

Preference

Shares

(Electric

Utilities)

........

406

72,697

Cia

Siderurgica

Nacional

SA

(Metals

&

Mining)

.....................

104

36,292

Embraer

SA

(Aerospace

&

Defense)(b)

..

330

30,744

Gerdau

SA,

Preference

Shares

(Metals

&

Mining)

.....................

90

301,349

Hapvida

Participacoes

e

Investimentos

S/A

(

Health

Care

Providers

&

Services)(b)

109

16,860

Inter

&

Co.,

Inc.

(Banks)

............

71

272,574

Itau

Unibanco

Holding

SA,

Preference

Shares

(Banks)

................

1,356

67,915

Itausa

SA,

Preference

Shares

(Banks)

....

97

47,372

JBS

S/A

(Food

Products)

............

278

66,262

Klabin

SA

(Containers

&

Packaging)

....

249

60,615

Localiza

Rent

a

Car

SA

(Ground

Transportation)

...............

316

73,569

Natura

&

Co.

Holding

SA

(Personal

Care

Products)(a)

..................

152

150,060

NU

Holdings

Ltd.,

Class

-

A

(Banks)(b)

..

1,556

220,918

Petroleo

Brasileiro

SA

(Oil,

Gas

&

Consumable

Fuels)

.............

1,409

184,422

Petroleo

Brasileiro

SA,

Preference

Shares

(Oil,

Gas

&

Consumable

Fuels)

....

1,080

54,907

PRIO

SA

(Oil,

Gas

&

Consumable

Fuels)(a)

(b)

........................

357

96,812

Raia

Drogasil

SA

(Consumer

Staples

Distribution

&

Retail)

...........

345

45,616

Rede

D'Or

Sao

Luiz

SA

(Health

Care

Providers

&

Services)

...........

188

108,800

Rumo

SA

(Ground

Transportation)(a)

...

314

10,177

StoneCo

Ltd.,

Class

-

A

(Financial

Services)

(b)

........................

81

29,429

Suzano

SA

(Paper

&

Forest

Products)

...

294

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Brazil

(continued)

56,012

TIM

SA

(Wireless

Telecommunication

Services)

....................

$

131

180,779

Vale

SA

(Metals

&

Mining)

...........

1,597

49,658

Vibra

Energia

SA

(Specialty

Retail)(a)

...

143

91,327

WEG

SA

(

Electrical

Equipment)

.......

780

11,368

XP,

Inc.,

Class

-

A

(Capital

Markets)

....

135

15,950

Chile

—

0.26%

15,002

Banco

de

Credito

e

Inversiones

SA

(Banks)

417

36,717

Empresas

CMPC

SA

(Paper

&

Forest

Products)

....................

58

3,279,274

Enel

Americas

SA

(Electric

Utilities)

....

288

6,563,275

Enel

Chile

SA

(Electric

Utilities)

.......

380

47,236

Falabella

SA

(Broadline

Retail)

........

167

10,449,761

Latam

Airlines

Group

SA

(Passenger

Airlines)

....................

144

7,088

Sociedad

Quimica

y

Minera

de

Chile

SA,

Class

-

B

(Electrical

Equipment)

...

261

1,715

China

—

15.20%

53,365

360

Security

Technology,

Inc.,

Class

-

A

(Software)

...................

76

31,500

AAC

Technologies

Holdings,

Inc.

(

Electronic

Equipment,

Instruments

&

Components)

.................

151

1,788,000

Agricultural

Bank

of

China

Ltd.,

H

Shares

(Banks)

.....................

1,015

75,400

Air

China

Ltd.,

Class

-

A

(Passenger

Airlines)(b)

..................

82

35,000

Akeso,

Inc.

(Biotechnology)(b)

........

272

786,518

Alibaba

Group

Holding

Ltd.,

Class

W

(Broadline

Retail)

.............

8,325

155,700

Aluminum

Corp.

of

China

Ltd.,

Class

-

A

(Metals

&

Mining)

.............

157

244,000

Aluminum

Corp.

of

China

Ltd.,

H

Shares

(Metals

&

Mining)

.............

140

6,300

Anjoy

Foods

Group

Co.

Ltd.,

Class

-

A

(Food

Products)

...............

70

70,200

ANTA

Sports

Products

Ltd.

(Textiles,

Apparel

&

Luxury

Goods)

.......

693

4,672

Autohome,

Inc.,

ADR

(Interactive

Media

&

Services)

....................

121

113,226

Baidu,

Inc.

(

Interactive

Media

&

Services)

(b)

........................

1,194

4,853,100

Bank

of

China

Ltd.,

H

Shares

(Banks)

...

2,470

1,072,000

Bank

of

Communications

Co.

Ltd.,

H

Shares

(Banks)

.....................

879

157,600

Bank

of

Hangzhou

Co.

Ltd.,

Class

-

A

(Banks)

.....................

316

41,700

Bank

of

Ningbo

Co.

Ltd.,

Class

-

A

(Banks)

139

310,100

Baoshan

Iron

&

Steel

Co.

Ltd.,

Class

-

A

(Metals

&

Mining)

.............

297

9,449

Bilibili,

Inc.,

ADR

(Entertainment)(b)

...

171

2,620

Bilibili,

Inc.,

Class

-

Z

(Entertainment)(b)

47

97

HC

CAPITAL

TRUST

The

Emerging

Markets

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

China

(continued)

33,000

BYD

Co.

Ltd.

(Automobiles)(a)

.......

$

1,122

19,753

BYD

Co.

Ltd.,

Class

-

A

(Automobiles)

..

764

47,000

BYD

Electronic

International

Co.

Ltd.

(Communications

Equipment)

.....

252

789

Cambricon

Technologies

Corp.

Ltd.

(

Semiconductors

&

Semiconductor

Equipment)(b)

................

71

904,000

CGN

Power

Co.

Ltd.,

H

Shares

(Independent

Power

and

Renewable

Electricity

Producers)

...........

330

134,900

China

Communications

Services

Corp.

Ltd.,

H

Shares

(Construction

&

Engineering)

.................

79

5,326,350

China

Construction

Bank

Corp.,

H

Shares

(Banks)

.....................

4,413

30,800

China

CSSC

Holdings

Ltd.,

Class

-

A

(Machinery)

.................

152

800,000

China

Everbright

Bank

Co.

Ltd.,

H

Shares

(Banks)

.....................

310

110,000

China

Feihe

Ltd.

(Food

Products)

......

77

69,200

China

Galaxy

Securities

Co.

Ltd.,

Class

-

A

(Capital

Markets)

..............

144

174,000

China

Galaxy

Securities

Co.

Ltd.,

H

Shares

(Capital

Markets)

..............

157

167,000

China

Hongqiao

Group

Ltd.

(Metals

&

Mining)

.....................

251

53,600

China

International

Capital

Corp.

Ltd.,

Class

-

A

(Capital

Markets)

...........

247

50,800

China

International

Capital

Corp.

Ltd.,

H

Shares

(Capital

Markets)

........

82

449,000

China

Life

Insurance

Co.

Ltd.,

H

Shares

(Insurance)

..................

840

36,600

China

Literature

Ltd.

(Media)(a)(b)

.....

118

258,000

China

Longyuan

Power

Group

Corp.

Ltd.,

H

Shares

(Independent

Power

and

Renewable

Electricity

Producers)

..

213

126,000

China

Mengniu

Dairy

Co.

Ltd.

(Food

Products)(a)

..................

282

77,800

China

Merchants

Bank

Co.

Ltd.,

Class

-

A

(Banks)

.....................

419

187,000

China

Merchants

Bank

Co.

Ltd.,

H

Shares

(Banks)

.....................

955

420,000

China

National

Building

Material

Co.

Ltd.,

H

Shares

(Construction

Materials)(a)

190

43,750

China

Northern

Rare

Earth

Group

High-

Tech

Co.

Ltd.,

Class

-

A

(Metals

&

Mining)

.....................

127

58,500

China

Pacific

Insurance

Group

Co.

Ltd.,

Class

-

A

(Insurance)

...........

273

110,200

China

Pacific

Insurance

Group

Co.

Ltd.,

H

Shares

(Insurance)

.............

355

219,400

China

Petroleum

&

Chemical

Corp.,

Class

-

A

(Oil,

Gas

&

Consumable

Fuels)

..

201

1,223,400

China

Petroleum

&

Chemical

Corp.,

H

Shares

(Oil,

Gas

&

Consumable

Fuels)

698

156,700

China

Railway

Group

Ltd.,

Class

-

A

(

Construction

&

Engineering)

.....

137

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

China

(continued)

17,600

China

Resources

Mixc

Lifestyle

Services

Ltd.

(Real

Estate

Management

&

Development)

................

$

65

232,000

China

Shenhua

Energy

Co.

Ltd.,

H

Shares

(Oil,

Gas

&

Consumable

Fuels)

....

1,001

9,400

China

Tourism

Group

Duty

Free

Corp.

Ltd.,

Class

-

A

(Specialty

Retail)

.......

86

2,798,000

China

Tower

Corp.

Ltd.,

H

Shares

(Diversified

Telecommunication

Services)

....................

402

71,100

China

Vanke

Co.

Ltd.,

H

Shares

(Real

Estate

Management

&

Development)(a

)(b)

48

97,800

China

Yangtze

Power

Co.

Ltd.,

Class

-

A

(Independent

Power

and

Renewable

Electricity

Producers)

...........

396

12,400

Chongqing

Brewery

Co.

Ltd.,

Class

-

A

(Beverages)

..................

107

51,000

Chongqing

Changan

Automobile

Co.

Ltd.,

Class

-

A

(Automobiles)

.........

93

16,650

Chongqing

Zhifei

Biological

Products

Co.

Ltd.,

Class

-

A

(Biotechnology)

....

60

524,000

CITIC

Ltd.

(Industrial

Conglomerates)

...

615

110,165

CITIC

Securities

Co.

Ltd.,

Class

-

A

(Capital

Markets)

....................

440

26,500

CITIC

Securities

Co.

Ltd.,

H

Shares

(Capital

Markets)

....................

72

285,000

CMOC

Group

Ltd.,

H

Shares

(Metals

&

Mining)

.....................

191

16,640

Contemporary

Amperex

Technology

Co.

Ltd.,

Class

-

A

(Electrical

Equipment)

607

40,000

COSCO

SHIPPING

Energy

Transportation

Co.

Ltd.,

Class

-

A

(Oil,

Gas

&

Consumable

Fuels)

.............

64

141,630

COSCO

SHIPPING

Holdings

Co.

Ltd.,

Class

-

A

(Marine

Transportation)

..

301

66,300

COSCO

SHIPPING

Holdings

Co.

Ltd.,

H

Shares

(

Marine

Transportation)

....

109

1,222,000

Country

Garden

Holdings

Co.

Ltd.

(Real

Estate

Management

&

Development)^(b)

.............

76

288,300

CRRC

Corp.

Ltd.,

Class

-

A

(Machinery)

.

331

68,200

CSC

Financial

Co.

Ltd.,

Class

-

A

(Capital

Markets)

....................

241

514,000

CSPC

Pharmaceutical

Group

Ltd.

(Pharmaceuticals)(a)

...........

313

73,400

Dongfang

Electric

Corp.

Ltd.,

Class

-

A

(Electrical

Equipment)

..........

160

58,490

East

Money

Information

Co.

Ltd.,

Class

-

A

(Capital

Markets)

..............

207

57,700

ENN

Energy

Holdings

Ltd.

(Gas

Utilities)

410

18,823

Eve

Energy

Co.

Ltd.,

Class

-

A

(Electrical

Equipment)

..................

121

23,300

Flat

Glass

Group

Co.

Ltd.,

Class

-

A

(Semiconductors

&

Semiconductor

Equipment)

..................

63

250,400

Focus

Media

Information

Technology

Co.

Ltd.,

Class

-

A

(Media)

..........

241

98

HC

CAPITAL

TRUST

The

Emerging

Markets

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

China

(continued)

58,660

Foshan

Haitian

Flavouring

&

Food

Co.

Ltd.,

Class

-

A

(Food

Products)

........

$

369

67,000

Fosun

International

Ltd.

(Industrial

Conglomerates)

...............

39

45,200

Foxconn

Industrial

Internet

Co.

Ltd.,

Class

-

A

(Electronic

Equipment,

Instruments

&

Components)

...............

132

11,500

Fuyao

Glass

Industry

Group

Co.

Ltd.

(Automobile

Components)

.......

98

74,000

Genscript

Biotech

Corp.

(Life

Sciences

Tools

&

Services)(a)(b)

.........

93

112,200

GF

Securities

Co.

Ltd.,

Class

-

A

(Capital

Markets)

....................

249

28,600

Giant

Biogene

Holding

Co.

ltd.

(Personal

Care

Products)(a)

..............

183

2,400

Ginlong

Technologies

Co.

Ltd.,

Class

-

A

(Electrical

Equipment)

..........

20

51,700

Goldwind

Science

&

Technology

Co.

Ltd.,

Class

-

A

(Electrical

Equipment)

...

73

145,000

Great

Wall

Motor

Co.

Ltd.

(Automobiles)^

253

37,800

Gree

Electric

Appliances,

Inc.

of

Zhuhai,

Class

-

A

(Household

Durables)

....

235

157,000

Guanghui

Energy

Co.

Ltd.,

Class

-

A

(Oil,

Gas

&

Consumable

Fuels)

.......

145

12,766

H

World

Group

Ltd.,

ADR

(Hotels,

Restaurants

&

Leisure)

..........

422

119,000

Haidilao

International

Holding

Ltd.

(Hotels,

Restaurants

&

Leisure)(a)

........

240

60,800

Haier

Smart

Home

Co.

Ltd.,

Class

-

A

(Household

Durables)

...........

237

110,800

Haier

Smart

Home

Co.

Ltd.,

H

Shares

(Household

Durables)

...........

387

100

Haitong

Securities

Co.

Ltd.,

Class

-

A

(Capital

Markets)

..............

—

88,400

Haitong

Securities

Co.

Ltd.,

H

Shares

(Capital

Markets)

..............

77

136,500

Hengan

International

Group

Co.

Ltd.

(Personal

Care

Products)

........

394

45,000

Hengli

Petrochemical

Co.

Ltd.,

Class

-

A

(Chemicals)

..................

95

3,100

Hithink

RoyalFlush

Information

Network

Co.

Ltd.,

Class

-

A

(

Capital

Markets)

122

45,000

Hua

Hong

Semiconductor

Ltd.

(Semiconductors

&

Semiconductor

Equipment)(a)

................

125

25,200

Huadong

Medicine

Co.

Ltd.,

Class

-

A

(Health

Care

Providers

&

Services)

.

119

352,000

Huaneng

Power

International,

Inc.,

H

Shares

(Independent

Power

and

Renewable

Electricity

Producers)(a)

.........

193

100

Huatai

Securities

Co.

Ltd.,

Class

-

A

(Capital

Markets)

....................

—

59,000

Huatai

Securities

Co.

Ltd.,

H

Shares

(Capital

Markets)

....................

98

10,781

Hygon

Information

Technology

Co.

Ltd.,

Class

-

A

(Semiconductors

&

Semiconductor

Equipment)

.......

221

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

China

(continued)

7,184

IEIT

Systems

Co.

Ltd.,

Class

-

A

(Technology

Hardware,

Storage

&

Peripherals)

..................

$

51

23,600

Iflytek

Co.

Ltd.,

Class

-

A

(Software)

....

156

4,084,440

Industrial

&

Commercial

Bank

of

China

Ltd.,

H

Shares

(Banks)

..........

2,723

757,900

Inner

Mongolia

BaoTou

Steel

Union

Co.

Ltd.,

Class

-

A

(Metals

&

Mining)(b)

193

73,000

Innovent

Biologics,

Inc.

(Biotechnology)(b)

342

84,050

JD

Health

International,

Inc.

(Consumer

Staples

Distribution

&

Retail)(b)

...

300

42,000

JD

Logistics,

Inc.

(Air

Freight

&

Logistics)

(a)(b)

......................

68

127,707

JD.com,

Inc.

(Broadline

Retail)

........

2,217

244,000

Jiangsu

Expressway

Co.

Ltd.,

H

Shares

(

Transportation

Infrastructure)

.....

270

31

Jiangsu

Hengrui

Pharmaceuticals

Co.

Ltd.,

Class

-

A

(Pharmaceuticals)

.......

—

75,900

Juneyao

Airlines

Co.

Ltd.,

Class

-

A

(Passenger

Airlines)

............

142

13,660

Kanzhun

Ltd.,

ADR

(

Interactive

Media

&

Services)(a)(b)

................

189

36,918

KE

Holdings,

Inc.,

ADR

(Real

Estate

Management

&

Development)

.....

680

184,000

Kingdee

International

Software

Group

Co.

Ltd.

(Software)(b)

.............

200

62,000

Kingsoft

Corp.

Ltd.

(Entertainment)(a)

...

266

116,100

Kuaishou

Technology,

Class

-

W

(Interactive

Media

&

Services)(b)

...........

609

4,700

Kweichow

Moutai

Co.

Ltd.,

Class

-

A

(Beverages)

..................

981

370,000

Lenovo

Group

Ltd.

(Technology

Hardware,

Storage

&

Peripherals)

..........

476

46,500

Lens

Technology

Co.

Ltd.,

Class

-

A

(Electronic

Equipment,

Instruments

&

Components)

.................

139

64,414

Li

Auto,

Inc.,

Class

-

A

(Automobiles)(b)

.

769

132,000

Li

Ning

Co.

Ltd.

(Textiles,

Apparel

&

Luxury

Goods)

...............

276

132,500

Longfor

Group

Holdings

Ltd.

(Real

Estate

Management

&

Development)(a)(b)

168

32,219

Luxshare

Precision

Industry

Co.

Ltd.,

Class

-

A

(Electronic

Equipment,

Instruments

&

Components)

...............

180

254,928

Meituan,

Class

-

W

(

Hotels,

Restaurants

&

Leisure)(b)

..................

4,957

20,000

Midea

Group

Co.

Ltd.

(Household

Durables)

(b)

........................

192

30,000

MINISO

Group

Holding

Ltd.,

Class

-

A

(Broadline

Retail)^

.............

179

7,280

Muyuan

Foods

Co.

Ltd.,

Class

-

A

(Food

Products)

....................

38

97,400

NetEase,

Inc.

(Entertainment)

.........

1,734

20,200

New

China

Life

Insurance

Co.

Ltd.,

Class

-

A

(Insurance)

.................

138

52,000

New

China

Life

Insurance

Co.

Ltd.,

H

Shares

(Insurance)

.............

157

99

HC

CAPITAL

TRUST

The

Emerging

Markets

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

China

(continued)

86,200

New

Oriental

Education

&

Technology

Group,

Inc.

(Diversified

Consumer

Services)

....................

$

550

76,380

NIO,

Inc.,

Class

-

A

(Automobiles)(b)

...

335

116,400

Nongfu

Spring

Co.

Ltd.,

H

Shares

(Beverages)

..................

503

151,600

PetroChina

Co.

Ltd.,

Class

-

A

(

Oil,

Gas

&

Consumable

Fuels)

.............

186

988,000

PetroChina

Co.

Ltd.,

H

Shares

(Oil,

Gas

&

Consumable

Fuels)

.............

773

330,000

PICC

Property

&

Casualty

Co.

Ltd.,

H

Shares

(Insurance)

.............

519

378,517

Ping

An

Insurance

Group

Co.

of

China

Ltd.

(

Insurance)

..................

2,222

29,000

Pop

Mart

International

Group

Ltd.

(Specialty

Retail)

..............

332

3,394

Qifu

Technology,

Inc.,

ADR

(Consumer

Finance)

....................

130

20,800

Range

Intelligent

Computing

Technology

Group

Co.

Ltd.

(Machinery)

......

148

154,100

Rongsheng

Petrochemical

Co.

Ltd.,

Class

-

A

(Chemicals)

................

191

45,700

SAIC

Motor

Corp.

Ltd.,

Class

-

A

(Automobiles)

................

130

5,100

Seres

Group

Co.

Ltd.,

Class

-

A

(Automobiles)

................

93

12,000

Shaanxi

Coal

Industry

Co.

Ltd.

(

Oil,

Gas

&

Consumable

Fuels)

.............

38

55,400

Shanghai

Electric

Group

Co.

Ltd.,

Class

-

A

(Electrical

Equipment)(b)

........

62

167,100

Shanghai

Pharmaceuticals

Holding

Co.

Ltd.,

H

Shares

(Health

Care

Providers

&

Services)

....................

271

6,090

Shanghai

Putailai

New

Energy

Technology

Co.

Ltd.,

Class

-

A

(Chemicals)

....

13

160,200

Shanghai

Rural

Commercial

Bank

Co.

Ltd.,

Class

-

A

(Banks)

..............

187

47,640

Shanjin

International

Gold

Co.

Ltd.,

Class

-

A

(Metals

&

Mining)

...........

100

48,200

Shenzhou

International

Group

Holdings

Ltd.

(Textiles,

Apparel

&

Luxury

Goods)(a)

380

26,100

Sichuan

Kelun

Pharmaceutical

Co.

Ltd.,

Class

-

A

(Pharmaceuticals)

.......

107

19,000

Silergy

Corp.

(Semiconductors

&

Semiconductor

Equipment)

.......

233

106,800

Sinopharm

Group

Co.

Ltd.,

H

Shares

(Health

Care

Providers

&

Services)

.

291

114,000

Smoore

International

Holdings

Ltd.

(Tobacco)

...................

194

18,500

Spring

Airlines

Co.

Ltd.,

Class

-

A

(Passenger

Airlines)

............

146

11,640

Sungrow

Power

Supply

Co.

Ltd.,

Class

-

A

(Electrical

Equipment)

..........

118

38,427

Sunny

Optical

Technology

Group

Co.

Ltd.

(Electronic

Equipment,

Instruments

&

Components)

.................

337

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

China

(continued)

15,600

Suzhou

Dongshan

Precision

Manufacturing

Co.

Ltd.,

Class

-

A

(

Electronic

Equipment,

Instruments

&

Components)

.................

$

62

3,968

Suzhou

Maxwell

Technologies

Co.

Ltd.,

Class

-

A

(Semiconductors

&

Semiconductor

Equipment)

.......

57

23,590

TAL

Education

Group,

ADR

(Diversified

Consumer

Services)(b)

..........

236

329,886

Tencent

Holdings

Ltd.

(Interactive

Media

&

Services)(a)

..................

17,609

40,459

Tencent

Music

Entertainment

Group,

ADR

(Entertainment)

...............

459

78,400

Tongcheng

Travel

Holdings

Ltd.

(Hotels,

Restaurants

&

Leisure)(a)

........

182

30,600

Trip.com

Group

Ltd.

(Hotels,

Restaurants

&

Leisure)(b)

..................

2,106

8,000

Tsingtao

Brewery

Co.

Ltd.

(Beverages)

..

58

30,940

Unisplendour

Corp.

Ltd.,

Class

-

A

(Electronic

Equipment,

Instruments

&

Components)

.................

118

24,174

Vipshop

Holdings

Ltd.,

ADR

(

Broadline

Retail)

......................

326

50,500

Weichai

Power

Co.

Ltd.,

Class

-

A

(Machinery)

.................

95

54,000

Weichai

Power

Co.

Ltd.,

H

Shares

(Machinery)

.................

82

44,260

Wens

Foodstuff

Group

Co.

Ltd.,

Class

-

A

(Food

Products)

...............

100

134,279

Wuhan

Guide

Infrared

Co.

Ltd.,

Class

-

A

(Electronic

Equipment,

Instruments

&

Components)

.................

137

19,900

Wuliangye

Yibin

Co.

Ltd.,

Class

-

A

(Beverages)

..................

382

22,060

WUS

Printed

Circuit

Kunshan

Co.

Ltd.,

Class

-

A

(

Electronic

Equipment,

Instruments

&

Components)

......

120

27,200

WuXi

AppTec

Co.

Ltd.,

Class

-

A

(Life

Sciences

Tools

&

Services)

.......

205

11,640

WuXi

AppTec

Co.

Ltd.,

H

Shares

(Life

Sciences

Tools

&

Services)

.......

84

173,000

Wuxi

Biologics

Cayman,

Inc.

(Life

Sciences

Tools

&

Services)(b)

...........

388

775,200

Xiaomi

Corp.,

Class

-

W

(Technology

Hardware,

Storage

&

Peripherals)(a)

(b)

........................

3,400

276,481

Xinyi

Solar

Holdings

Ltd.

(Semiconductors

&

Semiconductor

Equipment)(b)

...

110

64,064

XPeng,

Inc.,

A

Shares

(Automobiles)(b)

..

377

100,000

Yadea

Group

Holdings

Ltd.

(Automobiles)

(a)(b)

......................

165

40,170

Yankuang

Energy

Group

Co.

Ltd.,

Class

-

A

(Oil,

Gas

&

Consumable

Fuels)

....

78

238,700

Yankuang

Energy

Group

Co.

Ltd.,

H

Shares

(Oil,

Gas

&

Consumable

Fuels)

....

274

17,070

Yealink

Network

Technology

Corp.

Ltd.,

Class

-

A

(Communications

Equipment)

..................

90

100

HC

CAPITAL

TRUST

The

Emerging

Markets

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

China

(continued)

100,576

Yonyou

Network

Technology

Co.

Ltd.,

Class

-

A

(Software)(b)

..........

$

148

21,431

Yum

China

Holdings,

Inc.

(Hotels,

Restaurants

&

Leisure)

..........

1,032

10,800

Yunnan

Energy

New

Material

Co.

Ltd.,

Class

-

A

(Chemicals)

...........

47

12,100

Zhangzhou

Pientzehuang

Pharmaceutical

Co.

Ltd.,

Class

-

A

(Pharmaceuticals)

356

13,440

Zhejiang

Dingli

Machinery

Co.

Ltd.,

Class

-

A

(Machinery)

................

119

415,720

Zhejiang

Expressway

Co.

Ltd.,

H

Shares

(Transportation

Infrastructure)

.....

298

41,200

Zhejiang

Leapmotor

Technology

Co.

Ltd.

(Automobiles)(b)

..............

170

8,200

Zhejiang

Supor

Co.

Ltd.,

Class

-

A

(Household

Durables)

...........

60

75,900

Zheshang

Securities

Co.

Ltd.,

Class

-

A

(Capital

Markets)

..............

127

4,720

Zhongji

Innolight

Co.

Ltd.,

Class

-

A

(Communications

Equipment)

.....

79

46,000

Zhongsheng

Group

Holdings

Ltd.

(Specialty

Retail)

......................

82

119,300

Zijin

Mining

Group

Co.

Ltd.,

Class

-

A

(Metals

&

Mining)

.............

247

218,000

Zijin

Mining

Group

Co.

Ltd.,

H

Shares

(Metals

&

Mining)

.............

393

167,800

Zoomlion

Heavy

Industry

Science

and

Technology

Co.

Ltd.,

Class

-

A

(Machinery)

.................

166

57,400

ZTE

Corp.,

Class

-

A

(Communications

Equipment)

..................

317

12,400

ZTO

Express

Cayman,

Inc.

(Air

Freight

&

Logistics)

...................

243

99,876

Colombia

—

0.08%

17,141

Bancolombia

SA

(Banks)

............

146

46,828

Bancolombia

SA,

Preference

Shares

(Banks)

375

521

Cyprus

—

0.00%

7,712

TCS

Group

Holding

PLC,

GDR

(Banks)(b)

(c)

........................

—

Czech

Republic

—

0.07%

94,203

Moneta

Money

Bank

A/S

(Banks)(a)

....

480

Egypt

—

0.04%

174,531

Commercial

International

Bank

-

Egypt

(CIB)

(Banks)

................

270

Greece

—

0.25%

158,319

Alpha

Services

and

Holdings

SA

(Banks)

.

264

151,431

Eurobank

Ergasias

Services

and

Holdings

SA

(Banks)

..................

349

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Greece

(continued)

13,686

Hellenic

Telecommunications

Organization

SA

(Diversified

Telecommunication

Services)

....................

$

211

3,542

Metlen

Energy

&

Metals

SA

(Industrial

Conglomerates)

...............

123

41,073

National

Bank

of

Greece

SA

(Banks)(a)

..

325

66,610

Piraeus

Financial

Holdings

SA

(Banks)(a)

265

10,619

Public

Power

Corp.

SA

(Electric

Utilities)(a)

135

1,672

Hong

Kong

—

0.61%

348,000

Alibaba

Health

Information

Technology

Ltd.

(Consumer

Staples

Distribution

&

Retail)(a)(b)

.................

147

853,733

Beijing

Enterprises

Water

Group

Ltd.

(Water

Utilities)(a)

..................

275

252,000

China

Overseas

Land

&

Investment

Ltd.

(

Real

Estate

Management

&

Development)

................

398

102,000

China

Resources

Beer

Holdings

Co.

Ltd.

(Beverages)

..................

332

193,261

China

Resources

Land

Ltd.

(Real

Estate

Management

&

Development)

.....

555

176,143

China

Resources

Power

Holdings

Co.

Ltd.

(

Independent

Power

and

Renewable

Electricity

Producers)

...........

426

384,000

China

Ruyi

Holdings

Ltd.

(Entertainment)^(b)

............

121

112,000

China

State

Construction

International

Holdings

Ltd.

(Construction

&

Engineering)

.................

176

79,400

China

Taiping

Insurance

Holdings

Co.

Ltd.

(Insurance)(a)

................

118

397,000

Far

East

Horizon

Ltd.

(Financial

Services)

290

1,248,000

GCL

Technology

Holdings

Ltd.

(Semiconductors

&

Semiconductor

Equipment)(b)

................

172

335,000

Geely

Automobile

Holdings

Ltd.

(Automobiles)(a)

..............

632

18,000

Hansoh

Pharmaceutical

Group

Co.

Ltd.

(Pharmaceuticals)(a)

...........

40

735,000

Sino

Biopharmaceutical

Ltd.

(Pharmaceuticals)(a)

...........

300

3,982

Hungary

—

0.18%

33,728

MOL

Hungarian

Oil

&

Gas

PLC

(Oil,

Gas

&

Consumable

Fuels)

...........

232

10,618

OTP

Bank

Nyrt

(Banks)

.............

581

13,037

Richter

Gedeon

Nyrt

(Pharmaceuticals)

..

342

1,155

India

—

13.12%

1,582

ABB

India

Ltd.

(Electrical

Equipment)(b)

127

11,071

Adani

Enterprises

Ltd.

(Trading

Companies

&

Distributors)(a)(b)

...........

326

101

HC

CAPITAL

TRUST

The

Emerging

Markets

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

India

(continued)

19,562

Adani

Green

Energy

Ltd.

(Independent

Power

and

Renewable

Electricity

Producers)(b)

.................

$

237

42,865

Adani

Ports

&

Special

Economic

Zone

Ltd.

(

Transportation

Infrastructure)(b)

..

615

58,519

Adani

Power

Ltd.

(Independent

Power

and

Renewable

Electricity

Producers)(b)

361

62,569

Ambuja

Cements

Ltd.

(Construction

Materials)

...................

391

15,738

APL

Apollo

Tubes

Ltd.

(Metals

&

Mining)

(b)

........................

288

8,752

Apollo

Hospitals

Enterprise

Ltd.

(Health

Care

Providers

&

Services)(b)

.....

745

25,951

Asian

Paints

Ltd.

(Chemicals)

.........

690

28,215

Aurobindo

Pharma

Ltd.

(Pharmaceuticals)

(a)

........................

439

13,653

Avenue

Supermarts

Ltd.

(

Consumer

Staples

Distribution

&

Retail)(a)(b)

......

567

142,645

Axis

Bank

Ltd.

(Banks)

.............

1,769

5,199

Bajaj

Auto

Ltd.

(Automobiles)(b)

......

533

16,354

Bajaj

Finance

Ltd.

(Consumer

Finance)(a)

1,301

35,733

Bajaj

Finserv

Ltd.

(

Financial

Services)(b)

653

212,131

Bharat

Electronics

Ltd.

(Aerospace

&

Defense)(a)

..................

724

96,973

Bharat

Heavy

Electricals

Ltd.

(Electrical

Equipment)(b)

................

259

126,212

Bharat

Petroleum

Corp.

Ltd.

(Oil,

Gas

&

Consumable

Fuels)(a)

...........

429

138,003

Bharti

Airtel

Ltd.

(Wireless

Telecommunication

Services)(a)

...

2,555

2,697

BSE

Ltd.

(Capital

Markets)

...........

167

55,610

CG

Power

&

Industrial

Solutions

Ltd.

(Electrical

Equipment)

..........

472

8,842,285

Chennai

Super

Kings

Cricket

Ltd.

(

Entertainment)(b)(c)

...........

11,206

33,053

Cholamandalam

Investment

and

Finance

Co.

Ltd.

(Consumer

Finance)(b)

...

457

151,367

Coal

India

Ltd.

(Oil,

Gas

&

Consumable

Fuels)(a)

....................

678

12,833

Cummins

India

Ltd.

(Machinery)

.......

489

1,174

Dixon

Technologies

India

Ltd.

(Household

Durables)

...................

245

89,577

DLF

Ltd.

(Real

Estate

Management

&

Development)(a)

..............

861

59,970

Dr.

Reddy's

Laboratories

Ltd.,

ADR

(Pharmaceuticals)

.............

947

13,648

Eicher

Motors

Ltd.

(Automobiles)(a)

....

768

289,126

GAIL

India

Ltd.

(Gas

Utilities)

........

643

65,886

HCL

Technologies

Ltd.

(IT

Services)

....

1,471

263,615

HDFC

Bank

Ltd.

(Banks)

............

5,451

18,156

HDFC

Life

Insurance

Co.

Ltd.

(Insurance)

131

3,798

Hero

MotoCorp

Ltd.

(

Automobiles)(a)

...

184

14,132

Hindustan

Aeronautics

Ltd.

(Aerospace

&

Defense)

....................

688

46,133

Hindustan

Unilever

Ltd.

(Personal

Care

Products)(a)

..................

1,253

291,051

ICICI

Bank

Ltd.

(Banks)(a)

...........

4,349

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

India

(continued)

208,399

Indian

Oil

Corp.

Ltd.

(

Oil,

Gas

&

Consumable

Fuels)

.............

$

330

33,112

Indus

Towers

Ltd.

(Diversified

Telecommunication

Services)(a)(b)

.

132

5,308

Info

Edge

India

Ltd.

(Interactive

Media

&

Services)

....................

537

185,601

Infosys

Ltd.

(IT

Services)

............

4,066

16,494

InterGlobe

Aviation

Ltd.

(Passenger

Airlines)(a)(b)

................

876

212,172

ITC

Ltd.

(Tobacco)(a)

...............

1,196

197,990

Jio

Financial

Services

Ltd.

(Financial

Services)(b)

..................

689

60,146

Kotak

Mahindra

Bank

Ltd.

(Banks)(a)

...

1,252

42,083

Larsen

&

Toubro

Ltd.

(Construction

&

Engineering)(a)

...............

1,769

31,578

Macrotech

Developers

Ltd.

(Real

Estate

Management

&

Development)(b)

..

512

52,370

Mahindra

&

Mahindra

Ltd.

(Automobiles)

(a)(b)

......................

1,833

6,779

Maruti

Suzuki

India

Ltd.

(

Automobiles)

..

858

41,140

Max

Healthcare

Institute

Ltd.

(Health

Care

Providers

&

Services)(a)(b)

......

541

468,093

NMDC

Ltd.

(Metals

&

Mining)(b)

.....

359

332,779

NTPC

Ltd.

(Independent

Power

and

Renewable

Electricity

Producers)(a)

1,293

216,855

Oil

&

Natural

Gas

Corp.

Ltd.

(Oil,

Gas

&

Consumable

Fuels)(a)

...........

605

14,993

Oil

India

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

......................

75

8,759

PB

Fintech

Ltd.

(Insurance)(a)(b)

......

215

28,216

Pidilite

Industries

Ltd.

(Chemicals)

.....

957

1,602

Polycab

India

Ltd.

(Electrical

Equipment)(a)

136

105,295

Power

Finance

Corp.

Ltd.

(Financial

Services)

....................

550

302,288

Power

Grid

Corp.

of

India

Ltd.

(Electric

Utilities)

....................

1,088

29,002

Rail

Vikas

Nigam

Ltd.

(

Construction

&

Engineering)(b)

...............

143

84,438

REC

Ltd.

(Financial

Services)

.........

492

332,412

Reliance

Industries

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

.............

4,708

87,230

Samvardhana

Motherson

International

Ltd.

(Automobile

Components)(a)

.....

158

30,301

SBI

Life

Insurance

Co.

Ltd.

(Insurance)

..

491

1,690

Shree

Cement

Ltd.

(Construction

Materials)

(a)

........................

506

6,652

Shriram

Finance

Ltd.

(Consumer

Finance)

(a)

........................

224

2,450

Siemens

Ltd.

(Industrial

Conglomerates)

.

187

117,871

State

Bank

of

India

(Banks)(a)

........

1,092

71,547

Sun

Pharmaceutical

Industries

Ltd.

(Pharmaceuticals)

.............

1,575

570,140

Suzlon

Energy

Ltd.

(Electrical

Equipment)

(b)

........................

413

55,668

Tata

Consultancy

Services

Ltd.

(IT

Services)

(a)

........................

2,657

115,265

Tata

Motors

Ltd.

(Automobiles)(a)

.....

994

102

HC

CAPITAL

TRUST

The

Emerging

Markets

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

India

(continued)

557,034

Tata

Steel

Ltd.

(Metals

&

Mining)

......

$

896

16,859

The

Indian

Hotels

Co.

Ltd.

(Hotels,

Restaurants

&

Leisure)(a)

........

172

34,381

The

Tata

Power

Co.

Ltd.

(Electric

Utilities)

157

25,294

Titan

Co.

Ltd.

(Textiles,

Apparel

&

Luxury

Goods)

.....................

959

1,907

Torrent

Power

Ltd.

(Electric

Utilities)(b)

.

33

11,512

Trent

Ltd.

(Specialty

Retail)

..........

955

8,326

Tube

Investments

of

India

Ltd.

(Automobile

Components)

.................

347

5,502

TVS

Motor

Co.

Ltd.

(Automobiles)

.....

152

10,293

UltraTech

Cement

Ltd.

(Construction

Materials)

...................

1,371

50,549

United

Spirits

Ltd.

(Beverages)

........

958

51,325

Varun

Beverages

Ltd.

(Beverages)(a)(b)

..

383

98,222

Vedanta

Ltd.

(

Metals

&

Mining)

.......

509

611,114

Vodafone

Idea

Ltd.

(Wireless

Telecommunication

Services)(a)(b)

.

57

228,424

Wipro

Ltd.

(IT

Services)(a)

...........

803

1,074,947

Yes

Bank

Ltd.

(Banks)(a)(b)

..........

245

385,126

Zomato

Ltd.

(

Hotels,

Restaurants

&

Leisure)

(a)(b)

......................

1,248

86,223

Indonesia

—

0.95%

347,700

PT

Amman

Mineral

Internasional

(Metals

&

Mining)(b)

..................

182

1,820,000

PT

Astra

International

Tbk

(Industrial

Conglomerates)

...............

553

3,667,685

PT

Bank

Central

Asia

Tbk

(Banks)

.....

2,206

801,100

PT

Bank

Mandiri

Persero

Tbk

(Banks)

...

282

4,081,400

PT

Bank

Rakyat

Indonesia

Persero

Tbk

(Banks)

.....................

1,032

834,404

PT

Barito

Pacific

Tbk

(Chemicals)

......

47

296,600

PT

Chandra

Asri

Pacific

Tbk

(Chemicals)

.

138

1,224,000

PT

Charoen

Pokphand

Indonesia

Tbk

(Food

Products)

....................

362

32,225,600

PT

GoTo

Gojek

Tokopedia

Tbk

(Broadline

Retail)(b)

...................

139

271,300

PT

Indah

Kiat

Pulp

&

Paper

Tbk

(

Paper

&

Forest

Products)

...............

114

818,700

PT

Indofood

Sukses

Makmur

Tbk

(Food

Products)

....................

392

2,678,335

PT

Kalbe

Farma

Tbk

(Pharmaceuticals)

..

226

237,400

PT

Merdeka

Copper

Gold

Tbk

(Metals

&

Mining)(a)(b)

................

24

2,673,450

PT

Telkom

Indonesia

Persero

Tbk

(Diversified

Telecommunication

Services)(a)

..................

448

63,800

PT

United

Tractors

Tbk

(Oil,

Gas

&

Consumable

Fuels)

.............

106

6,251

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Ireland

(Republic

of)

—

0.52%

35,464

PDD

Holdings,

Inc.,

ADR

(

Broadline

Retail)

(b)

........................

$

3,440

Korea,

Republic

Of

—

0.29%

2,173

Alteogen,

Inc.

(Biotechnology)(b)

......

451

478

Ecopro

Materials

Co.

Ltd.

(Electrical

Equipment)(b)

................

21

904

Enchem

Co.

Ltd.

(Chemicals)(b)

.......

81

2,605

Hanjin

Kal

Corp.

(Passenger

Airlines)

...

132

2,645

Hanmi

Semiconductor

Co.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

..................

145

1,410

HD

Hyundai

Electric

Co.

Ltd.

(Electrical

Equipment)

..................

362

871

HD

Hyundai

Heavy

Industries

Co.

Ltd.

(

Machinery)(b)

...............

169

893

HYBE

Co.

Ltd.

(Entertainment)(b)

.....

117

2,216

Hyundai

Rotem

Co.

Ltd.

(Machinery)(b)

.

74

3,445

Meritz

Financial

Group,

Inc.

(Financial

Services)(b)

..................

242

1,319

Posco

DX

Co.

Ltd.

(IT

Services)

.......

17

764

SK

Biopharmaceuticals

Co.

Ltd.

(Pharmaceuticals)(a)(b)

.........

57

647

SKC

Co.

Ltd.

(Chemicals)(b)

.........

46

1,914

Kuwait

—

0.37%

356,902

Boubyan

Bank

KSCP

(Banks)

.........

650

518,004

Kuwait

Finance

House

KSCP

(Banks)

...

1,255

171,764

National

Bank

of

Kuwait

SAKP

(Banks)

.

499

2,404

Malaysia

—

0.91%

241,900

AMMB

Holdings

Berhad

(Banks)

......

297

60,200

CELCOMDIGI

Berhad

(Wireless

Telecommunication

Services)

.....

49

288,600

IHH

Healthcare

Berhad

(

Health

Care

Providers

&

Services)

...........

472

616,100

IOI

Corp.

Berhad

(Food

Products)

......

535

378,796

Malayan

Banking

Berhad

(Banks)

......

868

185,600

Malaysia

Airports

Holdings

Berhad

(Transportation

Infrastructure)

.....

439

221,100

Maxis

Berhad

(Wireless

Telecommunication

Services)(a)

..................

181

15,300

Petronas

Gas

Berhad

(Gas

Utilities)

.....

61

396,800

Press

Metal

Aluminium

Holdings

Berhad

(Metals

&

Mining)(a)

...........

435

983,500

Public

Bank

Berhad

(Banks)

..........

1,002

792,700

QL

Resources

Berhad

(Food

Products)

...

844

395,000

SD

Guthrie

Berhad

(Food

Products)

.....

437

558,900

Sime

Darby

Berhad

(Industrial

Conglomerates)

...............

295

50,100

YTL

Corp.

Berhad

(Multi-Utilities)

.....

30

103

HC

CAPITAL

TRUST

The

Emerging

Markets

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Malaysia

(continued)

19,900

YTL

Power

International

Berhad

(Multi-

Utilities)

....................

$

20

5,965

Mexico

—

1.05%

51,370

Alfa

SAB

de

CV,

Class

-

A

(Industrial

Conglomerates)

...............

37

968,501

America

Movil

SAB

de

CV,

Class

-

B

(Wireless

Telecommunication

Services)

....................

695

880,943

Cemex

SAB

de

CV

(Construction

Materials)

494

56,133

Coca-Cola

Femsa

SAB

de

CV

(Beverages)

436

156,300

Fibra

Uno

Administracion

SA

de

CV

(Diversified

REITs)(a)

..........

155

124,166

Fomento

Economico

Mexicano

SAB

de

CV

(

Beverages)

..................

1,057

19,755

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV,

Class

-

B

(Transportation

Infrastructure)

................

347

15,545

Grupo

Aeroportuario

del

Sureste

SAB

de

CV,

Class

-

B

(Transportation

Infrastructure)

................

399

131,217

Grupo

Bimbo

SAB

de

CV,

Class

-

A

(Food

Products)

....................

348

8,482

Grupo

Carso

SAB

de

CV,

Series

A1

(Industrial

Conglomerates)

.......

47

152,000

Grupo

Financiero

Banorte

SAB

de

CV,

Class

-

O

(Banks)

..............

977

190,329

Grupo

Mexico

SAB

de

CV,

Class

-

B

(

Metals

&

Mining)

.............

903

15,087

Industrias

Penoles

SAB

de

CV

(Metals

&

Mining)(b)

..................

193

298,041

Kimberly-Clark

de

Mexico

SAB

de

CV,

Class

-

A

(Household

Products)

....

420

56,466

Prologis

Property

Mexico

SA

de

CV

(Industrial

REITs)(a)

...........

157

80,000

Wal-Mart

de

Mexico

SAB

de

CV

(Consumer

Staples

Distribution

&

Retail)

......................

211

6,876

Netherlands

—

0.22%

42,217

NEPI

Rockcastle

N.V.

(Real

Estate

Management

&

Development)(a)

...

309

28,474

Prosus

N.V.

(

Broadline

Retail)(a)(b)

....

1,131

1,440

Peru

—

0.14%

11,279

Cia

de

Minas

Buenaventura

SAA,

ADR

(Metals

&

Mining)

.............

130

4,457

Credicorp

Ltd.

(Banks)

..............

817

947

Philippines

—

0.28%

535,100

Ayala

Land,

Inc.

(

Real

Estate

Management

&

Development)(a)

............

241

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Philippines

(continued)

6,020

International

Container

Terminal

Services,

Inc.

(Transportation

Infrastructure)(a)

$

40

22,670

Jollibee

Foods

Corp.

(Hotels,

Restaurants

&

Leisure)

....................

105

503,283

Metropolitan

Bank

&

Trust

Co.

(Banks)

..

624

13,195

PLDT,

Inc.

(Wireless

Telecommunication

Services)

....................

295

35,763

SM

Investments

Corp.

(Industrial

Conglomerates)

...............

552

1,857

Poland

—

0.47%

31,442

Allegro.eu

SA

(

Broadline

Retail)(a)(b)

...

206

14,812

Bank

Polska

Kasa

Opieki

SA

(Banks)(a)

.

495

789

Budimex

SA

(Construction

&

Engineering)

(a)

........................

89

3,287

CD

Projekt

SA

(Entertainment)

........

153

2,480

Dino

Polska

SA

(

Consumer

Staples

Distribution

&

Retail)(b)

........

234

3,670

KGHM

Polska

Miedz

SA

(Metals

&

Mining)

.....................

102

50

LPP

SA

(Textiles,

Apparel

&

Luxury

Goods)

188

28,478

ORLEN

SA

(Oil,

Gas

&

Consumable

Fuels)

327

9,118

PGE

Polska

Grupa

Energetyczna

SA

(Electric

Utilities)(b)

...........

13

54,744

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

(Banks)

.............

794

45,362

Powszechny

Zaklad

Ubezpieczen

SA

(Insurance)(a)

................

504

3,105

Qatar

—

0.56%

46,759

Industries

Qatar

QSC

(Industrial

Conglomerates)

...............

170

548,684

Masraf

Al

Rayan

QSC

(Banks)

........

371

185,247

Mesaieed

Petrochemical

Holding

Co.

(Chemicals)

..................

76

121,012

Qatar

Fuel

QSC

(Oil,

Gas

&

Consumable

Fuels)

......................

499

55,762

Qatar

International

Islamic

Bank

QSC

(Banks)

.....................

167

140,239

Qatar

Islamic

Bank

QPSC

(Banks)

.....

823

255,270

Qatar

National

Bank

QPSC

(Banks)

.....

1,212

328,171

The

Commercial

Bank

PSQC

(Banks)

...

392

3,710

Russia

—

0.13%

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)(b)(c)

..................

—

32,986

LUKOIL

PJSC

(Oil,

Gas

&

Consumable

Fuels)(b)

(c)

..................

—

104

HC

CAPITAL

TRUST

The

Emerging

Markets

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Russia

(continued)

766,486

Moscow

Exchange

MICEX

PJSC

(Capital

Markets)(b)(c)

................

$

—

31,318

Nebius

Group

N.V.,

Class

-

A

(Interactive

Media

&

Services)

.............

868

102,050

Novatek

PJSC

(Oil,

Gas

&

Consumable

Fuels)(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)

........................

—

38,369

Solidcore

Resources

PLC

(Metals

&

Mining)(b)(c)

................

—

125,880

Tatneft

PJSC

(

Oil,

Gas

&

Consumable

Fuels)(b)(c)

..................

—

162,920

VTB

Bank

PJSC

(Banks)(b)(c)

........

—

868

Saudi

Arabia

—

2.44%

7,910

ACWA

Power

Co.

(Independent

Power

and

Renewable

Electricity

Producers)

..

846

7,737

Ades

Holding

Co.

(

Energy

Equipment

&

Services)

....................

36

104,959

Al

Rajhi

Bank

(Banks)

..............

2,638

1,557

Al

Rajhi

Co.

for

Co-operative

Insurance

(Insurance)(b)

................

71

60,828

Alinma

Bank

(Banks)

...............

469

21,681

Almarai

Co.

JSC

(Food

Products)

......

330

32,755

Bank

AlBilad

(Banks)

...............

340

109,337

Banque

Saudi

Fransi

(Banks)

.........

460

6,816

Bupa

Arabia

for

Cooperative

Insurance

Co.

(Insurance)

..................

376

63,734

Dar

Al

Arkan

Real

Estate

Development

Co.

(Real

Estate

Management

&

Development)(b)

..............

256

4,588

Dr.

Sulaiman

Al

Habib

Medical

Services

Group

Co.

(Health

Care

Providers

&

Services)

....................

342

1,587

Elm

Co.

(IT

Services)

...............

471

17,324

Mobile

Telecommunications

Co.

Saudi

Arabia

(Wireless

Telecommunication

Services)

....................

47

90,244

Riyad

Bank

(Banks)

................

686

19,058

SABIC

Agri-Nutrients

Co.

(Chemicals)

..

563

46,591

Sahara

International

Petrochemical

Co.

(Chemicals)

..................

308

2,682

SAL

Saudi

Logistics

Services

(Air

Freight

&

Logistics)

.................

180

73,592

Saudi

Arabian

Mining

Co.

(Metals

&

Mining)(b)

..................

984

187,939

Saudi

Arabian

Oil

Co.

(Oil,

Gas

&

Consumable

Fuels)

.............

1,403

67,673

Saudi

Awwal

Bank

(Banks)(a)

.........

606

49,889

Saudi

Basic

Industries

Corp.

(Chemicals)

.

890

72,167

Saudi

Industrial

Investment

Group

(Chemicals)

..................

320

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Saudi

Arabia

(continued)

100,810

Saudi

Kayan

Petrochemical

Co.

(Chemicals)

(b)

........................

$

188

1,130

Saudi

Research

&

Media

Group

(Media)(b)

83

5,440

Saudi

Tadawul

Group

Holding

Co.

(Capital

Markets)

....................

314

107,857

Saudi

Telecom

Co.

(Diversified

Telecommunication

Services)

.....

1,148

7,563

The

Co.

for

Cooperative

Insurance

(Insurance)

..................

297

155,468

The

Saudi

National

Bank

(Banks)

......

1,380

16,032

South

Africa

—

1.55%

43,142

Absa

Group

Ltd.

(Banks)

............

434

5,001

Anglo

American

Platinum

Ltd.

(Metals

&

Mining)(a)

...................

151

27,665

Aspen

Pharmacare

Holdings

Ltd.

(Pharmaceuticals)

.............

242

33,177

Bid

Corp.

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

757

31,869

Bidvest

Group

Ltd.

(Industrial

Conglomerates)

...............

445

5,363

Capitec

Bank

Holdings

Ltd.

(Banks)

....

891

45,796

Discovery

Ltd.

(Insurance)(a)

.........

473

275,980

FirstRand

Ltd.

(Financial

Services)

.....

1,107

49,698

Gold

Fields

Ltd.

(

Metals

&

Mining)(a)

...

651

25,759

Harmony

Gold

Mining

Co.

Ltd.

(Metals

&

Mining)

.....................

207

48,655

Impala

Platinum

Holdings

Ltd.

(Metals

&

Mining)(b)

..................

228

85,707

MTN

Group

Ltd.

(Wireless

Telecommunication

Services)

.....

417

9,362

Naspers

Ltd.,

Class

-

N

(Broadline

Retail)

2,073

20,893

Nedbank

Group

Ltd.

(Banks)(a)

.......

312

144,156

Old

Mutual

Ltd.

(Insurance)

..........

96

15,002

Remgro

Ltd.

(Financial

Services)

......

123

34,236

Sanlam

Ltd.

(Insurance)(a)

...........

158

30,208

Sasol

Ltd.

(Chemicals)

..............

133

9,822

Shoprite

Holdings

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

153

197,186

Sibanye

Stillwater

Ltd.

(Metals

&

Mining)

(b)

........................

157

75,166

Standard

Bank

Group

Ltd.

(Banks)

.....

884

22,743

Woolworths

Holdings

Ltd.

(Broadline

Retail)(a)

....................

75

10,167

South

Korea

—

4.98%

1,887

Amorepacific

Corp.

(Personal

Care

Products)(b)

.................

134

9,211

Celltrion,

Inc.

(Biotechnology)(a)

......

1,161

1,130

CJ

CheilJedang

Corp.

(

Food

Products)

...

195

5,646

Coway

Co.

Ltd.

(Household

Durables)

...

255

4,146

DB

Insurance

Co.

Ltd.

(Insurance)(a)

....

288

105

HC

CAPITAL

TRUST

The

Emerging

Markets

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

South

Korea

(continued)

28,711

Doosan

Enerbility

Co.

Ltd.

(Electrical

Equipment)(a)(b)

..............

$

338

2,690

Ecopro

BM

Co.

Ltd.

(

Electrical

Equipment)

(b)

........................

197

5,661

Ecopro

Co.

Ltd.

(Chemicals)(b)

........

217

1,990

GS

Holdings

Corp.

(Industrial

Conglomerates)(b)

.............

53

14,221

Hana

Financial

Group,

Inc.

(Banks)

.....

544

2,925

Hankook

Tire

&

Technology

Co.

Ltd.

(

Automobile

Components)(b)

.....

76

1,716

Hanwha

Aerospace

Co.

Ltd.

(Aerospace

&

Defense)

....................

378

3,023

Hanwha

Ocean

Co.

Ltd.

(Machinery)(b)

..

76

2,667

HD

Korea

Shipbuilding

&

Offshore

Engineering

Co.

Ltd.

(Machinery)(b)

410

6,763

HLB,

Inc.

(Health

Care

Equipment

&

Supplies)(b)

..................

332

15,344

HMM

Co.

Ltd.

(Marine

Transportation)(b)

183

406

Hyundai

Glovis

Co.

Ltd.

(Air

Freight

&

Logistics)

...................

32

3,431

Hyundai

Mobis

Co.

Ltd.

(Automobile

Components)

.................

546

2,956

Hyundai

Motor

Co.

(Automobiles)

.....

310

5,485

Hyundai

Motor

Co.

(Automobiles)

.....

779

2,371

Hyundai

Motor

Co.,

Preference

Shares

(Automobiles)

................

243

11,325

Industrial

Bank

of

Korea

(Banks)

......

110

15,587

Kakao

Corp.

(

Interactive

Media

&

Services)

400

11,697

KakaoBank

Corp.

(Banks)(b)

.........

165

20,423

KB

Financial

Group,

Inc.

(Banks)

......

1,150

12,842

Kia

Corp.

(Automobiles)

............

869

446

Korea

Aerospace

Industries

Ltd.

(Aerospace

&

Defense)(b)

................

17

23,780

Korea

Electric

Power

Corp.

(Electric

Utilities)(b)

..................

322

214

Korea

Zinc

Co.

Ltd.

(Metals

&

Mining)

..

145

1,583

Krafton,

Inc.

(Entertainment)(b)

.......

334

6,405

KT&G

Corp.

(Tobacco)(a)

...........

464

1,578

Kumho

Petrochemical

Co.

Ltd.

(

Chemicals)

97

929

L&F

Co.

Ltd.

(Electrical

Equipment)(b)

..

50

2,567

LG

Chem

Ltd.

(Chemicals)(b)

.........

430

500

LG

Chem

Ltd.,

Preference

Shares

(Chemicals)(b)

................

53

2,303

LG

Corp.

(Industrial

Conglomerates)(a)(b)

112

24,801

LG

Display

Co.

Ltd.

(Electronic

Equipment,

Instruments

&

Components)(b)

....

151

4,131

LG

Electronics,

Inc.

(Household

Durables)

232

2,532

LG

Energy

Solution

Ltd.

(Electrical

Equipment)(b)

................

591

907

LG

H&H

Co.

Ltd.

(Personal

Care

Products)

(b)

.................

187

901

LG

Innotek

Co.

Ltd.

(Electronic

Equipment,

Instruments

&

Components)(b)

....

98

1,014

LS

Electric

Co.

Ltd.

(Electrical

Equipment)

110

32,528

Mirae

Asset

Securities

Co.

Ltd.

(Capital

Markets)

....................

175

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

South

Korea

(continued)

6,519

NAVER

Corp.

(

Interactive

Media

&

Services)(b)

..................

$

870

1,796

POSCO

Future

M

Co.

Ltd.

(Electrical

Equipment)

..................

170

3,634

POSCO

Holdings,

Inc.

(Metals

&

Mining)

620

3,251

Posco

International

Corp.

(Trading

Companies

&

Distributors)

.......

86

1,124

Samsung

Biologics

Co.

Ltd.

(Life

Sciences

Tools

&

Services)(b)

...........

720

4,862

Samsung

C&T

Corp.

(Industrial

Conglomerates)

...............

376

13,230

Samsung

E&A

Co.

Ltd.

(Construction

&

Engineering)(a)(b)

.............

148

3,398

Samsung

Electro-Mechanics

Co.

Ltd.

(

Electronic

Equipment,

Instruments

&

Components)

.................

282

239,557

Samsung

Electronics

Co.

Ltd.

(Technology

Hardware,

Storage

&

Peripherals)

..

8,551

40,397

Samsung

Electronics

Co.

Ltd.,

Preference

Shares

(Technology

Hardware,

Storage

&

Peripherals)

................

1,200

2,124

Samsung

Fire

&

Marine

Insurance

Co.

Ltd.

(Insurance)

..................

514

44,034

Samsung

Heavy

Industries

Co.

Ltd.

(Machinery)(b)

...............

336

4,748

Samsung

Life

Insurance

Co.

Ltd.

(Insurance)

..................

304

2,866

Samsung

SDI

Co.

Ltd.

(

Electronic

Equipment,

Instruments

&

Components)

.................

474

486

Samsung

SDS

Co.

Ltd.

(IT

Services)

....

42

25,667

Shinhan

Financial

Group

Co.

Ltd.

(Banks)

832

27,759

SK

Hynix,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.......

3,182

3,807

SK

Innovation

Co.

Ltd.

(Oil,

Gas

&

Consumable

Fuels)(b)

..........

288

5,755

SK

Square

Co.

Ltd.

(Industrial

Conglomerates)(b)

.............

302

919

SK,

Inc.

(Industrial

Conglomerates)

.....

82

10,357

Woori

Financial

Group,

Inc.

(Banks)

....

108

3,195

Yuhan

Corp.

(Pharmaceuticals)

........

257

32,753

Taiwan

—

11.45%

23,000

Accton

Technology

Corp.

(Communications

Equipment)

..................

541

96,000

Acer,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)

..................

116

9,904

Airtac

International

Group

(Machinery)

..

254

5,000

Alchip

Technologies

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

.....

498

196,672

ASE

Technology

Holding

Co.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

..................

966

367,971

Asia

Cement

Corp.

(Construction

Materials)

453

106

HC

CAPITAL

TRUST

The

Emerging

Markets

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Taiwan

(continued)

17,000

Asia

Vital

Components

Co.

Ltd.

(Technology

Hardware,

Storage

&

Peripherals)

..................

$

321

39,000

Asustek

Computer,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)

..

731

62,000

Catcher

Technology

Co.

Ltd.

(Technology

Hardware,

Storage

&

Peripherals)

..

366

212,000

Cathay

Financial

Holding

Co.

Ltd.

(Insurance)

..................

441

21,000

Chailease

Holding

Co.

Ltd.

(Financial

Services)

....................

72

200,000

Cheng

Shin

Rubber

Industry

Co.

Ltd.

(Automobile

Components)

.......

299

280,000

Chunghwa

Telecom

Co.

Ltd.

(Diversified

Telecommunication

Services)

.....

1,054

322,000

Compal

Electronics,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)

..

369

489,000

CTBC

Financial

Holding

Co.

Ltd.

(Banks)

(a)

........................

582

107,000

Delta

Electronics,

Inc.

(Electronic

Equipment,

Instruments

&

Components)

.................

1,401

39,000

E

Ink

Holdings,

Inc.

(Electronic

Equipment,

Instruments

&

Components)

......

325

23,000

Eclat

Textile

Co.

Ltd.

(Textiles,

Apparel

&

Luxury

Goods)

...............

356

4,000

eMemory

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.....

409

62,000

Evergreen

Marine

Corp.

Taiwan

Ltd.

(Marine

Transportation)

.........

425

289,000

Far

EasTone

Telecommunications

Co.

Ltd.

(Wireless

Telecommunication

Services)(a)

..................

787

25,000

Feng

TAY

Enterprise

Co.

Ltd.

(Textiles,

Apparel

&

Luxury

Goods)

.......

101

14,000

Formosa

Plastics

Corp.

(Chemicals)

.....

15

8,000

Fortune

Electric

Co.

Ltd.

(Electrical

Equipment)

..................

137

518,046

Fubon

Financial

Holding

Co.

Ltd.

(Insurance)

..................

1,425

29,000

Gigabyte

Technology

Co.

Ltd.

(Technology

Hardware,

Storage

&

Peripherals)

..

240

5,000

Global

Unichip

Corp.

(

Semiconductors

&

Semiconductor

Equipment)

.......

206

24,000

Globalwafers

Co.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

.......

279

637,000

Hon

Hai

Precision

Industry

Co.

Ltd.

(Electronic

Equipment,

Instruments

&

Components)

.................

3,563

3,000

Hotai

Motor

Co.

Ltd.

(Specialty

Retail)

..

57

493,671

Innolux

Corp.

(Electronic

Equipment,

Instruments

&

Components)

......

216

10,000

International

Games

System

Co.

Ltd.

(Entertainment)

...............

297

150,000

Inventec

Corp.

(

Technology

Hardware,

Storage

&

Peripherals)

..........

229

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Taiwan

(continued)

1,000

Jentech

Precision

Industrial

Co.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

..................

$

46

1,434,000

KGI

Financial

Holding

Co.

Ltd.

(Insurance)

751

6,000

Largan

Precision

Co.

Ltd.

(

Electronic

Equipment,

Instruments

&

Components)

.................

489

137,554

Lite-On

Technology

Corp.

(Technology

Hardware,

Storage

&

Peripherals)

..

416

78,962

MediaTek,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.......

3,395

1,152,475

Mega

Financial

Holding

Co.

Ltd.

(Banks)

1,359

61,000

Nan

Ya

Plastics

Corp.

(Chemicals)

......

56

133,000

Nanya

Technology

Corp.

(Semiconductors

&

Semiconductor

Equipment)(a)(b)

.

118

39,000

Novatek

Microelectronics

Corp.

(

Semiconductors

&

Semiconductor

Equipment)

..................

596

151,000

Pegatron

Corp.

(Technology

Hardware,

Storage

&

Peripherals)

..........

422

13,000

PharmaEssentia

Corp.

(Biotechnology)(b)

244

324,620

Pou

Chen

Corp.

(Textiles,

Apparel

&

Luxury

Goods)

...............

365

140,000

Quanta

Computer,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)

..

1,219

15,000

Realtek

Semiconductor

Corp.

(Semiconductors

&

Semiconductor

Equipment)

..................

259

205,908

Ruentex

Development

Co.

Ltd.

(

Real

Estate

Management

&

Development)

.....

269

332,000

Shin

Kong

Financial

Holding

Co.

Ltd.

(Insurance)(b)

................

119

78,000

SinoPac

Financial

Holdings

Co.

Ltd.

(Banks)

.....................

54

161,900

Synnex

Technology

International

Corp.

(

Electronic

Equipment,

Instruments

&

Components)

.................

349

23,000

Taiwan

Cooperative

Financial

Holding

Co.

Ltd.

(Banks)

.................

17

235,000

Taiwan

Mobile

Co.

Ltd.

(Wireless

Telecommunication

Services)

.....

813

1,256,000

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

.......

40,825

675,110

TCC

Group

Holdings

Co.

Ltd.

(Construction

Materials)

...................

652

470,369

The

Shanghai

Commercial

&

Savings

Bank

Ltd.

(Banks)

.................

568

77,000

Unimicron

Technology

Corp.

(Electronic

Equipment,

Instruments

&

Components)

.................

330

500,000

United

Microelectronics

Corp.

(Semiconductors

&

Semiconductor

Equipment)

..................

651

43,000

Vanguard

International

Semiconductor

Corp.

(

Semiconductors

&

Semiconductor

Equipment)

..................

131

107

HC

CAPITAL

TRUST

The

Emerging

Markets

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Taiwan

(continued)

2,000

Voltronic

Power

Technology

Corp.

(Electrical

Equipment)

..........

$

113

15,000

Wan

Hai

Lines

Ltd.

(Marine

Transportation)

37

151,000

Wistron

Corp.

(Technology

Hardware,

Storage

&

Peripherals)

..........

477

6,000

Wiwynn

Corp.

(Technology

Hardware,

Storage

&

Peripherals)(a)

........

476

159,400

WPG

Holdings

Ltd.

(Electronic

Equipment,

Instruments

&

Components)

......

332

27,303

Yageo

Corp.

(Electronic

Equipment,

Instruments

&

Components)

......

449

93,000

Yang

Ming

Marine

Transport

Corp.

(Marine

Transportation)

...............

215

1,047,425

Yuanta

Financial

Holding

Co.

Ltd.

(Financial

Services)

............

1,084

15,000

Zhen

Ding

Technology

Holding

Ltd.

(Electronic

Equipment,

Instruments

&

Components)

.................

55

75,282

Thailand

—

0.82%

95,300

Advanced

Info

Service

PCL,

Class

-

F

(Wireless

Telecommunication

Services)

....................

799

379,300

Airports

of

Thailand

PCL

(Transportation

Infrastructure)

................

660

18,400

Bumrungrad

Hospital

PCL

-

NVDR

(

Health

Care

Providers

&

Services)

.......

107

171,633

Central

Retail

Corp.

PCL

(Broadline

Retail)

170

161,300

Delta

Electronics

Thailand

PCL

-

NVDR

(Electronic

Equipment,

Instruments

&

Components)

.................

715

344,700

Gulf

Energy

Development

PCL

(

Independent

Power

and

Renewable

Electricity

Producers)(a)

.........

599

298,800

Home

Product

Center

PCL

-

NVDR

(Specialty

Retail)

..............

82

17,600

Intouch

Holdings

PCL

-

NVDR

(Wireless

Telecommunication

Services)

.....

50

788,100

Krung

Thai

Bank

PCL,

Class

-

F

(Banks)

.

485

682,900

Minor

International

PCL

(Hotels,

Restaurants

&

Leisure)

..........

519

197,875

PTT

Exploration

&

Production

PCL,

Class

-

F

(Oil,

Gas

&

Consumable

Fuels)

..

696

220,042

PTT

Global

Chemical

PCL,

Class

-

F

(Chemicals)

..................

157

71,200

PTT

PCL

-

NVDR

(Oil,

Gas

&

Consumable

Fuels)

......................

66

56,900

SCB

X

PCL

-

NVDR

(Banks)

.........

196

98,100

Thai

Oil

PCL

(Oil,

Gas

&

Consumable

Fuels)

......................

82

115,900

True

Corp.

PCL

-

NVDR

(Diversified

Telecommunication

Services)(b)

...

38

5,421

Turkey

—

0.39%

159,726

Akbank

TAS

(Banks)

...............

293

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Turkey

(continued)

121,556

Aselsan

Elektronik

Sanayi

Ve

Ticaret

A/S

(Aerospace

&

Defense)

.........

$

249

30,920

BIM

Birlesik

Magazalar

A/S

(Consumer

Staples

Distribution

&

Retail)

.....

463

315,062

Eregli

Demir

ve

Celik

Fabrikalari

TAS

(Metals

&

Mining)

.............

217

1

Kardemir

Karabuk

Demir

Celik

Sanayi

ve

Ticaret

A/S

(Metals

&

Mining)(b)

..

—

37,262

KOC

Holding

A/S

(Industrial

Conglomerates)

...............

188

634,536

Sasa

Polyester

Sanayi

A/S

(Chemicals)(b)

73

22,507

Turk

Hava

Yollari

AO

(Passenger

Airlines)

(b)

........................

179

77,984

Turkcell

Iletisim

Hizmetleri

A/S

(Wireless

Telecommunication

Services)

.....

204

71,086

Turkiye

Petrol

Rafinerileri

A/S

(Oil,

Gas

&

Consumable

Fuels)

.............

285

176,530

Turkiye

Sise

ve

Cam

Fabrikalari

A/S

(Industrial

Conglomerates)

.......

207

239,232

Yapi

ve

Kredi

Bankasi

A/S

(Banks)

.....

207

2,565

United

Arab

Emirates

—

0.81%

262,325

Abu

Dhabi

Commercial

Bank

PJSC

(Banks)

744

157,883

Abu

Dhabi

National

Oil

Co.

for

Distribution

PJSC

(Specialty

Retail)(a)

.......

151

189,948

Aldar

Properties

PJSC

(Real

Estate

Management

&

Development)

.....

397

549,863

Dubai

Islamic

Bank

PJSC

(Banks)

......

1,061

268,860

Emaar

Properties

PJSC

(Real

Estate

Management

&

Development)

.....

942

186,697

Emirates

Telecommunications

Group

Co.

PJSC

(Diversified

Telecommunication

Services)

....................

830

296,965

First

Abu

Dhabi

Bank

PJSC

(Banks)

....

1,111

154,208

Multiply

Group

PJSC

(

Industrial

Conglomerates)(b)

.............

87

5,323

United

Kingdom

—

0.09%

25,078

Anglogold

Ashanti

PLC

(Metals

&

Mining)

561

United

States

—

0.17%

40,100

BeiGene

Ltd.

(Biotechnology)(b)

......

572

4,494

Legend

Biotech

Corp.,

ADR

(Biotechnology)(b)

.............

146

4,629

Southern

Copper

Corp.

(Metals

&

Mining)

422

1,140

Total

Common

Stocks

..............

400,190

108

HC

CAPITAL

TRUST

The

Emerging

Markets

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(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,

2024

.

Shares

Security

Description

Value

(000)

Investment

Companies

—

39.05%

International

Equity

Funds

—

35.61%

763,630

Aberdeen

Asia

Focus

PLC

...........

$

2,801

305,224

Aberdeen

Asian

Income

Fund

Ltd.

......

843

80,300

Aberdeen

Asia-Pacific

Income

Fund

....

156

616,235

Aberdeen

Emerging

Markets

Equity

Income

Fund,

Inc.

...................

3,198

187,410

Aberdeen

New

India

Investment

Trust

PLC

1,919

401,778

Baillie

Gifford

China

Growth

Trust

PLC

.

1,129

19,444

Barings

Emerging

Emea

Opportunities

PLC

150

603,485

BlackRock

Frontiers

Investment

Trust

PLC

1,197

191,978

BlackRock

Latin

American

Investment

Trust

PLC

.......................

668

187,000

Fidelity

Asian

Values

PLC

...........

1,180

651,970

Fidelity

China

Special

Situations

PLC

...

1,818

382,163

Fidelity

Emerging

Markets

Ltd.

........

3,319

386,000

INVESCO

Asia

Trust

PLC

...........

1,643

434,050

iShares

China

Large-Cap

ETF

.........

13,212

1,696,100

iShares

Core

MSCI

Emerging

Markets

ETF

88,570

42,255

iShares

MSCI

South

Korea

ETF

.......

2,150

37,180

iShares

MSCI

Taiwan

ETF

...........

1,924

42,216

JPMorgan

Asia

Growth

&

Income

PLC

..

198

369,124

JPMorgan

China

Growth

&

Income

.....

1,037

2,761,687

JPMorgan

Emerging

Markets

Investment

Trust

PLC

...................

3,747

177,164

JPMorgan

Indian

Investment

Trust

PLC

Fund

.......................

2,311

420,069

Mobius

Investment

Trust

PLC

Fund

.....

755

76,700

Morgan

Stanley

China

A

Share

Fund,

Inc.

956

196,111

Pacific

Horizon

Investment

Trust

PLC

...

1,402

554,175

Schroder

AsiaPacific

Fund

PLC

........

3,718

9,312

Scottish

Oriental

Smaller

Companies

Trust

PLC

Fund

...................

176

282,163

Templeton

Dragon

Fund,

Inc.

.........

2,396

104,459

Templeton

Emerging

Markets

Fund

.....

1,248

4,642,769

Templeton

Emerging

Markets

Investment

Trust

PLC

...................

9,537

140,523

The

China

Fund,

Inc.

...............

1,676

54,869

The

Korea

Fund,

Inc.

...............

1,012

135,793

The

Mexico

Fund,

Inc.

..............

1,792

70,738

The

Taiwan

Fund,

Inc.

..............

2,734

927,035

The

Utilico

Emerging

Markets

Trust

PLC

Fund

.......................

2,472

1,077,560

Vanguard

FTSE

Emerging

Markets

ETF

.

47,456

178,011

Vietnam

Enterprise

Investments

Ltd.

....

1,363

265,000

VinaCapital

Vietnam

Opportunity

Fund

Ltd.

1,552

17,112

Weiss

Korea

Opportunity

Fund

Ltd.

.....

29

777,000

Xtrackers

Harvest

CSI

300

China

A-Shares

ETF

.......................

20,567

234,011

Shares

Security

Description

Value

(000)

Investment

Companies

(continued)

International

Fixed

Income

—

0.21%

848,100

JPMorgan

Global

Emerging

Markets

Income

Trust

PLC

Fund

...............

$

1,407

Money

Market

Funds

—

3.23%

12,563

Federated

Hermes

Treasury

Obligations

Fund,

Institutional

Shares

,

4.25%^^(d)

13

21,211,881

State

Street

Institutional

Treasury

Plus

Money

Market

Fund,

Trust

Class

,

4.37%(d)

....................

21,212

21,225

Total

Investment

Companies

.........

256,643

Purchased

Options

on

Futures

—

0.01%

Total

Purchased

Options

on

Futures

...

43

Total

Investments

(cost

$579,155

)

—

99.94%

656,876

Other

assets

in

excess

of

liabilities

—

0.06%

418

Net

Assets

-

100.00%

$

657,294

Amounts

designated

as

"—"

are

$0

or

have

been

rounded

to

$0.

^

All

or

part

of

this

security

was

on

loan

as

of

December

31,

2024.

^^

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,

2024.

(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,

2024.

(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

109

HC

CAPITAL

TRUST

The

Emerging

Markets

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

The

Emerging

Markets

Portfolio

City

of

London

Investment

Management

Company,

Limited

Mellon

Investments

Corporation

Parametric

Portfolio

Associates,

LLC

Monashee

Investment

Management

LLC

Total

Common

Stocks

......................................................................................................

0.22

%

60.53

%

0.13

%

—

60.88

%

Investment

Companies

............................................................................................

9.98

%

0.22

%

14.89

%

13.96

%

39.05

%

Purchased

Options

on

Futures

................................................................................

—

—

—

0.01

%

0.01

%

Other

Assets

(Liabilities)

........................................................................................

0.17

%

-0.29

%

0.04

%

0.14

%

0.06

%

Total

Net

Assets

.................................................................................................

10.37

%

60.46

%

15.06

%

14.11

%

100.00

%

The

following

table

reflects

the

open

derivative

positions

held

by

the

Portfolio

as

of

December

31,

2024

.

Futures

Contracts

Purchased

*

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value

and

Unrealized

Appreciation/

(Depreciation)

(000)

Mini

MSCI

Emerging

Markets

Index

Future

..........

430

3/21/25

$

23,087

$

(872)

$

23,087

$

(872)

The

following

table

reflects

the

open

derivative

positions

held

by

the

Portfolio

as

of

December

31,

2024

.

Futures

Contracts

Sold

*

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value

and

Unrealized

Appreciation/

(Depreciation)

(000)

E-Mini

S&P

500

Future

.........................

26

3/21/25

$

7,716

$

5

$

7,716

$

5

Total

Unrealized

Appreciation

.....................

$

5

Total

Unrealized

Depreciation

.....................

(872)

Total

Net

Unrealized

Appreciation/(Depreciation)

.......

$

(867)

*

Cash

has

been

pledged

as

collateral

for

futures

contracts

held

by

the

Portfolio.

110

See

accompanying

notes

to

financial

statements.

HC

CAPITAL

TRUST

The

Emerging

Markets

Portfolio

Portfolio

of

Investments

(concluded)

—

December

31,

2024

(Unaudited)

Options

on

Futures

Contracts

Exchange-traded

options

on

futures

contacts

written

as

of

December

31,

2024

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

.........................

Put

5

$

1,506

$

6,025.00

1/20/25

$

(30)

E-Mini

S&P

500

Future

Option

.........................

Put

4

1,200

6,000.00

1/20/25

(21)

E-Mini

S&P

500

Future

Option

.........................

Put

4

1,185

5,925.00

1/20/25

(13)

E-Mini

S&P

500

Future

Option

.........................

Put

6

1,770

5,900.00

1/20/25

(17)

E-Mini

S&P

500

Future

Option

.........................

Put

10

2,863

5,725.00

1/31/25

(19)

E-Mini

S&P

500

Future

Option

.........................

Put

3

840

5,600.00

2/21/25

(6)

E-Mini

S&P

500

Future

Option

.........................

Put

5

1,375

5,500.00

2/21/25

(7)

S&P

500

Future

Option

..............................

Put

1

590

5,900.00

1/20/25

(7)

S&P

500

Future

Option

..............................

Put

1

585

5,850.00

1/20/25

(5)

S&P

500

Future

Option

..............................

Put

1

578

5,775.00

1/20/25

(3)

S&P

500

Future

Option

..............................

Put

1

510

5,100.00

1/20/25

—

S&P

500

Future

Option

..............................

Put

2

1,165

5,825.00

1/20/25

(9)

S&P

500

Future

Option

..............................

Put

3

1,695

5,650.00

1/31/25

(9)

S&P

500

Future

Option

..............................

Put

2

1,160

5,800.00

1/31/25

(12)

S&P

500

Future

Option

..............................

Put

1

578

5,775.00

1/31/25

(5)

S&P

500

Future

Option

..............................

Put

4

2,300

5,750.00

1/31/25

(19)

S&P

500

Future

Option

..............................

Put

3

1,718

5,725.00

1/31/25

(13)

S&P

500

Future

Option

..............................

Put

5

2,850

5,700.00

1/31/25

(19)

S&P

500

Future

Option

..............................

Put

3

1,688

5,625.00

1/31/25

(8)

S&P

500

Future

Option

..............................

Put

4

2,190

5,475.00

2/21/25

(11)

S&P

500

Future

Option

..............................

Put

4

2,120

5,300.00

2/21/25

(8)

S&P

500

Future

Option

..............................

Put

4

2,100

5,250.00

2/21/25

(7)

$

(248

)

Exchanged-traded

options

on

futures

contacts

purchased

as

of

December

31,

2024

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

23

$

7,073

$

6,150.00

1/20/25

$

5

S&P

500

Future

Option

..............................

Call

3

1,823

6,075.00

1/20/25

2

E-Mini

S&P

500

Future

Option

.........................

Put

13

3,673

5,650.00

1/20/25

7

S&P

500

Future

Option

..............................

Put

3

1,703

5,675.00

1/20/25

4

S&P

500

Future

Option

..............................

Put

9

5,085

5,650.00

1/20/25

11

S&P

500

Future

Option

..............................

Put

6

3,435

5,725.00

1/20/25

14

$

43

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

—

December

31,

2024

(Unaudited)

111

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

Asset

Backed

Securities

—

0.20%

$

15

BMW

Vehicle

Lease

Trust,

Series

2023-2,

Class

-

A4

.....................

5.98

2/25/27

$

15

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,

Callable

1/10/28

@

100.00

...................................................

4.68

2/10/28

10

10

CNH

Equipment

Trust,

Series

2022-C,

Class

-

A3,

Callable

8/15/27

@

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

Honda

Auto

Receivables

Owner

Trust,

Series

2023-3,

Class

-

A4,

Callable

11/18/26

@

100.00

................................................

5.30

12/18/29

10

30

Hyundai

Auto

Receivables

Trust,

Series

2024-B,

Class

-

A3,

Callable

9/15/28

@

100.00

...................................................

4.84

3/15/29

31

10

Hyundai

Auto

Receivables

Trust,

Series

2022-C,

Class

-

A4,

Callable

1/15/27

@

100.00

...................................................

5.52

10/16/28

10

10

Synchrony

Card

Funding

LLC,

Series

2024-A1,

Class

-

A

..................

5.04

3/15/30

10

15

Toyota

Auto

Receivables

Owner

Trust,

Series

2024-A,

Class

-

A4,

Callable

12/15/27

@

100.00

................................................

4.77

4/16/29

15

25

Toyota

Auto

Receivables

Owner

Trust,

Series

2024-C,

Class

-

A4,

Callable

2/15/28

@

100.00

................................................

4.83

11/15/29

25

25

WF

Card

Issuance

Trust,

Series

2024-A1,

Class

-

A

.......................

4.94

2/15/29

25

Total

Asset

Backed

Securities

.....................................

184

Collateralized

Mortgage-Backed

Securities

—

0.61%

20

BANK,

Series

2019-BN21,

Class

-

A5,

Callable

10/15/29

@

100.00

...........

2.85

10/17/52

18

—

BANK,

Series

2017-BNK9,

Class

-

ASB,

Callable

12/15/29

@

100.00

.........

3.47

11/15/54

—

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

17

10

BBCMS

Mortgage

Trust,

Series

2023-C21,

Class

-

A5,

Callable

9/15/33

@

100.00

6.00(a)

9/15/56

11

15

Benchmark

Mortgage

Trust,

Series

2021-B25,

Class

-

ASB,

Callable

4/15/31

@

100.00

...................................................

2.27

4/15/54

14

10

Benchmark

Mortgage

Trust,

Series

2020-IG1,

Class

-

AS,

Callable

1/15/30

@

100.00

2.91(a)

9/15/43

8

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

13

10

Citigroup

Commercial

Mortgage

Trust,

Series

2019-C7,

Class

-

A4,

Callable

12/15/29

@

100.00

..........................................

3.10

12/15/72

9

10

COMM

Mortgage

Trust,

Series

2019-GC44,

Class

-

ASB,

Callable

11/15/29

@

100.00

...................................................

2.87

8/15/57

9

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

16

Fannie

Mae-ACES,

Series

2018-M1,

Class

-

A2

.........................

2.99(a)

12/25/27

15

15

Fannie

Mae-ACES,

Series

2017-M12,

Class

-

A2

........................

3.06(a)

6/25/27

14

19

Fannie

Mae-ACES,

Series

2019-M5,

Class

-

A2

.........................

3.27

2/25/29

18

25

Fannie

Mae-ACES,

Series

2018-M10,

Class

-

A2

........................

3.35(a)

7/25/28

24

20

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K112,

Class

-

A2,

Callable

5/25/30

@

100.00

.................................

1.31

5/25/30

17

25

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K116,

Class

-

A2,

Callable

7/25/30

@

100.00

.................................

1.38

7/25/30

21

20

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K-1516,

Class

-

A2,

Callable

5/25/35

@

100.00

................................

1.72

5/25/35

15

25

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K126,

Class

-

A2,

Callable

1/25/31

@

100.00

.................................

2.07

1/25/31

21

15

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K749,

Class

-

A2,

Callable

3/25/29

@

100.00

.................................

2.12(a)

3/25/29

14

10

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K-1521,

Class

-

A2,

Callable

8/25/36

@

100.00

................................

2.18

8/25/36

7

50

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K091,

Class

-

A2

.....................................................

3.51

3/25/29

48

20

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K-152,

Class

-

A2,

Callable

11/25/32

@

100.00

................................

3.78

11/25/32

19

112

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

Collateralized

Mortgage-Backed

Securities

(continued)

$

25

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K751,

Class

-

A2,

Callable

3/25/30

@

100.00

.................................

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

24

25

JPMDB

Commercial

Mortgage

Securities

Trust,

Series

2016-C4,

Class

-

A3,

Callable

4/15/27

@

100.00

....................................

3.14

12/15/49

23

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

24

20

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2022-C62,

Class

-

A4,

Callable

4/15/32

@

100.00

..........................................

4.00(a)

4/15/55

18

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-Backed

Securities

......................

551

U.S.

Government

Agency

Mortgages

—

10.59%

38

Fannie

Mae,

Pool

#FM6579

.......................................

1.50

3/1/51

28

40

Fannie

Mae,

Pool

#MA4343

.......................................

1.50

5/1/51

30

19

Fannie

Mae,

Pool

#MA4236

.......................................

1.50

1/1/51

14

14

Fannie

Mae,

Pool

#MA4205

.......................................

1.50

12/1/35

12

19

Fannie

Mae,

Pool

#MA4342

.......................................

1.50

5/1/41

15

18

Fannie

Mae,

Pool

#FS1327

........................................

1.50

6/1/36

16

18

Fannie

Mae,

Pool

#CA7696

.......................................

1.50

11/1/50

13

18

Fannie

Mae,

Pool

#CA7695

.......................................

1.50

11/1/50

13

20

Fannie

Mae,

Pool

#MA4280

.......................................

1.50

3/1/51

15

13

Fannie

Mae,

Pool

#BQ5781

.......................................

1.50

11/1/35

11

17

Fannie

Mae,

Pool

#MA4122

.......................................

1.50

9/1/35

15

20

Fannie

Mae,

Pool

#MA4445

.......................................

1.50

10/1/41

16

36

Fannie

Mae,

Pool

#MA4441

.......................................

1.50

10/1/36

31

18

Fannie

Mae,

Pool

#CA7833

.......................................

2.00

11/1/50

14

36

Fannie

Mae,

Pool

#MA4255

.......................................

2.00

2/1/51

28

31

Fannie

Mae,

Pool

#MA4303

.......................................

2.00

4/1/36

27

20

Fannie

Mae,

Pool

#FM9579

.......................................

2.00

7/1/51

16

36

Fannie

Mae,

Pool

#MA4237

.......................................

2.00

1/1/51

28

27

Fannie

Mae,

Pool

#MA4128

.......................................

2.00

9/1/40

23

22

Fannie

Mae,

Pool

#FM3755

.......................................

2.00

9/1/35

19

42

Fannie

Mae,

Pool

#FM7411

.......................................

2.00

5/1/51

32

16

Fannie

Mae,

Pool

#MA4360

.......................................

2.00

6/1/36

14

38

Fannie

Mae,

Pool

#MA4305

.......................................

2.00

4/1/51

30

38

Fannie

Mae,

Pool

#FM6448

.......................................

2.00

3/1/51

30

19

Fannie

Mae,

Pool

#CB0684

.......................................

2.00

6/1/51

15

20

Fannie

Mae,

Pool

#CB0497

.......................................

2.00

5/1/51

15

17

Fannie

Mae,

Pool

#CA7225

.......................................

2.00

10/1/50

13

17

Fannie

Mae,

Pool

#MA4182

.......................................

2.00

11/1/50

13

15

Fannie

Mae,

Pool

#MA4176

.......................................

2.00

11/1/40

13

35

Fannie

Mae,

Pool

#FM4788

.......................................

2.00

11/1/50

27

37

Fannie

Mae,

Pool

#MA4281

.......................................

2.00

3/1/51

29

40

Fannie

Mae,

Pool

#CB0325

.......................................

2.00

4/1/51

31

30

Fannie

Mae,

Pool

#CA9183

.......................................

2.00

2/1/36

26

17

Fannie

Mae,

Pool

#CA7224

.......................................

2.00

10/1/50

13

36

Fannie

Mae,

Pool

#CA8110

.......................................

2.00

12/1/50

28

19

Fannie

Mae,

Pool

#BR4094

.......................................

2.00

1/1/51

15

39

Fannie

Mae,

Pool

#MA4325

.......................................

2.00

5/1/51

30

18

Fannie

Mae,

Pool

#FM5308

.......................................

2.00

12/1/50

14

37

Fannie

Mae,

Pool

#CA8850

.......................................

2.00

2/1/51

29

18

Fannie

Mae,

Pool

#CA8118

.......................................

2.00

12/1/50

14

20

Fannie

Mae,

Pool

#FM6559

.......................................

2.00

3/1/51

15

113

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(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

#MA4208

.......................................

2.00

12/1/50

$

14

20

Fannie

Mae,

Pool

#BU7103

.......................................

2.00

12/1/51

16

21

Fannie

Mae,

Pool

#MA4437

.......................................

2.00

10/1/51

16

38

Fannie

Mae,

Pool

#BR4435

.......................................

2.00

4/1/51

30

20

Fannie

Mae,

Pool

#BR0948

.......................................

2.00

4/1/51

16

42

Fannie

Mae,

Pool

#MA4511

.......................................

2.00

1/1/52

33

20

Fannie

Mae,

Pool

#FS0317

........................................

2.00

2/1/42

17

18

Fannie

Mae,

Pool

#CA8687

.......................................

2.00

1/1/51

14

19

Fannie

Mae,

Pool

#MA4119

.......................................

2.00

9/1/50

15

21

Fannie

Mae,

Pool

#FS1621

........................................

2.00

7/1/51

16

19

Fannie

Mae,

Pool

#MA4602

.......................................

2.00

5/1/37

17

4

Fannie

Mae,

Pool

#AS2673

........................................

2.00

5/1/29

4

18

Fannie

Mae,

Pool

#CA8893

.......................................

2.00

2/1/51

14

19

Fannie

Mae,

Pool

#BQ9685

.......................................

2.00

1/1/51

15

36

Fannie

Mae,

Pool

#BQ8341

.......................................

2.00

12/1/50

28

21

Fannie

Mae,

Pool

#FM4969

.......................................

2.00

12/1/50

17

36

Fannie

Mae,

Pool

#BQ3004

.......................................

2.00

10/1/50

28

34

Fannie

Mae,

Pool

#BP9370

........................................

2.00

7/1/50

26

20

Fannie

Mae,

Pool

#BT0240

........................................

2.00

9/1/51

16

32

Fannie

Mae,

Pool

#BQ7777

.......................................

2.00

3/1/36

29

19

Fannie

Mae,

Pool

#MA4474

.......................................

2.00

11/1/41

16

12

Fannie

Mae,

Pool

#FM4039

.......................................

2.00

10/1/35

10

17

Fannie

Mae,

Pool

#MA4403

.......................................

2.00

8/1/36

15

10

Fannie

Mae,

Pool

#BC9041

.......................................

2.50

11/1/31

10

15

Fannie

Mae,

Pool

#MA4256

.......................................

2.50

2/1/51

12

19

Fannie

Mae,

Pool

#BU5917

.......................................

2.50

12/1/51

16

20

Fannie

Mae,

Pool

#FM9543

.......................................

2.50

12/1/51

16

18

Fannie

Mae,

Pool

#BO4657

.......................................

2.50

11/1/49

15

15

Fannie

Mae,

Pool

#CA8131

.......................................

2.50

12/1/50

13

8

Fannie

Mae,

Pool

#BD8046

.......................................

2.50

9/1/31

8

20

Fannie

Mae,

Pool

#CB2868

.......................................

2.50

2/1/52

16

21

Fannie

Mae,

Pool

#CB1828

.......................................

2.50

10/1/51

17

19

Fannie

Mae,

Pool

#MA4399

.......................................

2.50

8/1/51

15

12

Fannie

Mae,

Pool

#AB7391

.......................................

2.50

12/1/42

10

19

Fannie

Mae,

Pool

#MA4414

.......................................

2.50

9/1/51

16

6

Fannie

Mae,

Pool

#MA3965

.......................................

2.50

3/1/40

5

18

Fannie

Mae,

Pool

#MA4423

.......................................

2.50

9/1/41

16

18

Fannie

Mae,

Pool

#FM2881

.......................................

2.50

4/1/50

15

20

Fannie

Mae,

Pool

#BU1451

.......................................

2.50

1/1/52

16

19

Fannie

Mae,

Pool

#FM9033

.......................................

2.50

10/1/51

15

4

Fannie

Mae,

Pool

#MA3154

.......................................

2.50

10/1/32

4

19

Fannie

Mae,

Pool

#FM8997

.......................................

2.50

10/1/51

16

8

Fannie

Mae,

Pool

#AS8893

........................................

2.50

2/1/32

7

14

Fannie

Mae,

Pool

#MA4183

.......................................

2.50

11/1/50

11

13

Fannie

Mae,

Pool

#BP5878

........................................

2.50

6/1/50

11

12

Fannie

Mae,

Pool

#MA4096

.......................................

2.50

8/1/50

10

20

Fannie

Mae,

Pool

#FM8745

.......................................

2.50

9/1/51

17

7

Fannie

Mae,

Pool

#MA3902

.......................................

2.50

1/1/50

6

22

Fannie

Mae,

Pool

#FS0235

........................................

2.50

1/1/52

18

21

Fannie

Mae,

Pool

#FS0547

........................................

2.50

2/1/52

17

27

Fannie

Mae,

Pool

#FM4638

.......................................

2.50

10/1/50

22

4

Fannie

Mae,

Pool

#MA2789

.......................................

2.50

10/1/36

3

5

Fannie

Mae,

Pool

#MA3765

.......................................

2.50

9/1/49

4

11

Fannie

Mae,

Pool

#BK2588

.......................................

2.50

5/1/50

9

14

Fannie

Mae,

Pool

#MA4159

.......................................

2.50

10/1/50

11

5

Fannie

Mae,

Pool

#MA3827

.......................................

2.50

11/1/34

4

13

Fannie

Mae,

Pool

#BQ0329

.......................................

2.50

7/1/50

11

7

Fannie

Mae,

Pool

#AU6677

.......................................

2.50

9/1/28

7

12

Fannie

Mae,

Pool

#MA2854

.......................................

2.50

12/1/46

10

114

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Government

Agency

Mortgages

(continued)

$

37

Fannie

Mae,

Pool

#BR7857

.......................................

2.50

5/1/51

$

30

19

Fannie

Mae,

Pool

#CB1131

........................................

2.50

7/1/51

15

20

Fannie

Mae,

Pool

#FS1340

........................................

2.50

3/1/52

16

16

Fannie

Mae,

Pool

#BQ5110

.......................................

2.50

11/1/50

13

14

Fannie

Mae,

Pool

#FM4231

.......................................

2.50

9/1/50

12

21

Fannie

Mae,

Pool

#CA6074

.......................................

2.50

6/1/50

18

7

Fannie

Mae,

Pool

#MA3990

.......................................

2.50

4/1/50

6

9

Fannie

Mae,

Pool

#MA4075

.......................................

2.50

7/1/35

8

4

Fannie

Mae,

Pool

#MA1277

.......................................

2.50

12/1/27

4

8

Fannie

Mae,

Pool

#AP4742

........................................

2.50

8/1/27

8

6

Fannie

Mae,

Pool

#MA3930

.......................................

2.50

2/1/35

5

11

Fannie

Mae,

Pool

#MA4078

.......................................

2.50

7/1/50

9

8

Fannie

Mae,

Pool

#AU3353

.......................................

3.00

8/1/43

7

4

Fannie

Mae,

Pool

#FM1299

.......................................

3.00

7/1/49

3

6

Fannie

Mae,

Pool

#AL9996

.......................................

3.00

4/1/32

5

4

Fannie

Mae,

Pool

#MA3831

.......................................

3.00

11/1/39

4

18

Fannie

Mae,

Pool

#AB8897

.......................................

3.00

4/1/43

15

4

Fannie

Mae,

Pool

#MA3339

.......................................

3.00

4/1/33

3

4

Fannie

Mae,

Pool

#FM1585

.......................................

3.00

9/1/49

3

16

Fannie

Mae,

Pool

#AQ7920

.......................................

3.00

12/1/42

14

7

Fannie

Mae,

Pool

#FM4317

.......................................

3.00

9/1/50

6

4

Fannie

Mae,

Pool

#MA3774

.......................................

3.00

9/1/49

3

9

Fannie

Mae,

Pool

#BP1932

........................................

3.00

4/1/50

7

6

Fannie

Mae,

Pool

#AZ2936

.......................................

3.00

9/1/45

5

10

Fannie

Mae,

Pool

#BP6466

........................................

3.00

7/1/50

9

5

Fannie

Mae,

Pool

#MA3237

.......................................

3.00

1/1/48

4

7

Fannie

Mae,

Pool

#CA5519

.......................................

3.00

4/1/50

6

12

Fannie

Mae,

Pool

#BC4764

.......................................

3.00

10/1/46

10

9

Fannie

Mae,

Pool

#BO9169

.......................................

3.00

12/1/49

8

5

Fannie

Mae,

Pool

#BO3192

.......................................

3.00

10/1/49

5

5

Fannie

Mae,

Pool

#BO2201

.......................................

3.00

9/1/49

5

4

Fannie

Mae,

Pool

#BN7703

.......................................

3.00

8/1/49

4

6

Fannie

Mae,

Pool

#BO8947

.......................................

3.00

1/1/50

5

8

Fannie

Mae,

Pool

#MA3802

.......................................

3.00

10/1/49

7

7

Fannie

Mae,

Pool

#CA5668

.......................................

3.00

5/1/50

6

12

Fannie

Mae,

Pool

#MA3991

.......................................

3.00

4/1/50

10

9

Fannie

Mae,

Pool

#FM3395

.......................................

3.00

6/1/50

8

7

Fannie

Mae,

Pool

#MA3897

.......................................

3.00

1/1/35

6

8

Fannie

Mae,

Pool

#BO7242

.......................................

3.00

1/1/50

7

7

Fannie

Mae,

Pool

#BO6219

.......................................

3.00

12/1/49

6

3

Fannie

Mae,

Pool

#MA3744

.......................................

3.00

8/1/49

3

8

Fannie

Mae,

Pool

#MA4048

.......................................

3.00

6/1/50

7

5

Fannie

Mae,

Pool

#MA3871

.......................................

3.00

12/1/49

4

7

Fannie

Mae,

Pool

#CA5423

.......................................

3.00

3/1/50

6

8

Fannie

Mae,

Pool

#AL9263

.......................................

3.00

10/1/46

7

4

Fannie

Mae,

Pool

#MA3127

.......................................

3.00

9/1/37

4

9

Fannie

Mae,

Pool

#MA4079

.......................................

3.00

7/1/50

7

6

Fannie

Mae,

Pool

#FM1370

.......................................

3.00

4/1/46

5

5

Fannie

Mae,

Pool

#MA3377

.......................................

3.00

5/1/48

4

4

Fannie

Mae,

Pool

#MA2523

.......................................

3.00

2/1/36

3

23

Fannie

Mae,

Pool

#AS8483

........................................

3.00

12/1/46

20

21

Fannie

Mae,

Pool

#BU8883

.......................................

3.00

3/1/52

17

21

Fannie

Mae,

Pool

#AS0302

........................................

3.00

8/1/43

18

6

Fannie

Mae,

Pool

#MA2863

.......................................

3.00

1/1/47

5

13

Fannie

Mae,

Pool

#MA3937

.......................................

3.00

2/1/50

11

12

Fannie

Mae,

Pool

#MA2246

.......................................

3.00

4/1/30

11

20

Fannie

Mae,

Pool

#CB3172

.......................................

3.00

3/1/52

17

21

Fannie

Mae,

Pool

#FS2122

........................................

3.00

3/1/52

18

6

Fannie

Mae,

Pool

#MA3738

.......................................

3.00

8/1/34

6

115

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Government

Agency

Mortgages

(continued)

$

20

Fannie

Mae,

Pool

#CB2759

.......................................

3.00

2/1/52

$

17

25

Fannie

Mae,

Pool

#AO0752

.......................................

3.00

4/1/42

22

10

Fannie

Mae,

Pool

#AS8276

........................................

3.00

11/1/46

9

12

Fannie

Mae,

Pool

#BC9003

.......................................

3.00

11/1/46

10

21

Fannie

Mae,

Pool

#CB3364

.......................................

3.00

4/1/52

18

2

Fannie

Mae,

Pool

#AB2047

.......................................

3.00

1/1/26

2

5

Fannie

Mae,

Pool

#AS8074

........................................

3.00

10/1/46

4

5

Fannie

Mae,

Pool

#FM2132

.......................................

3.00

1/1/50

4

5

Fannie

Mae,

Pool

#MA3890

.......................................

3.00

1/1/40

4

24

Fannie

Mae,

Pool

#AB7099

.......................................

3.00

11/1/42

21

11

Fannie

Mae,

Pool

#MA3834

.......................................

3.00

11/1/49

9

5

Fannie

Mae,

Pool

#MA3905

.......................................

3.00

1/1/50

5

3

Fannie

Mae,

Pool

#MA3691

.......................................

3.00

7/1/49

3

21

Fannie

Mae,

Pool

#BU1241

.......................................

3.00

3/1/52

18

6

Fannie

Mae,

Pool

#MA1307

.......................................

3.00

1/1/33

6

5

Fannie

Mae,

Pool

#MA2897

.......................................

3.00

2/1/37

5

2

Fannie

Mae,

Pool

#MA3597

.......................................

3.50

2/1/49

2

5

Fannie

Mae,

Pool

#BC0443

.......................................

3.50

12/1/45

4

2

Fannie

Mae,

Pool

#MA3614

.......................................

3.50

3/1/49

2

2

Fannie

Mae,

Pool

#MA3637

.......................................

3.50

4/1/49

2

3

Fannie

Mae,

Pool

#MA3494

.......................................

3.50

10/1/48

2

5

Fannie

Mae,

Pool

#BM2000

.......................................

3.50

5/1/47

4

4

Fannie

Mae,

Pool

#MA3210

.......................................

3.50

12/1/47

4

2

Fannie

Mae,

Pool

#CA4026

.......................................

3.50

5/1/49

2

4

Fannie

Mae,

Pool

#MA3305

.......................................

3.50

3/1/48

3

3

Fannie

Mae,

Pool

#AL1717

.......................................

3.50

5/1/27

3

4

Fannie

Mae,

Pool

#MA3906

.......................................

3.50

1/1/50

4

7

Fannie

Mae,

Pool

#MA2706

.......................................

3.50

8/1/46

6

5

Fannie

Mae,

Pool

#AS7491

........................................

3.50

7/1/46

4

3

Fannie

Mae,

Pool

#AS6394

........................................

3.50

12/1/45

3

22

Fannie

Mae,

Pool

#MA4654

.......................................

3.50

7/1/52

19

3

Fannie

Mae,

Pool

#AS4236

........................................

3.50

1/1/45

3

42

Fannie

Mae,

Pool

#MA4600

.......................................

3.50

5/1/52

37

12

Fannie

Mae,

Pool

#MA2125

.......................................

3.50

12/1/44

11

3

Fannie

Mae,

Pool

#MA3775

.......................................

3.50

9/1/49

3

3

Fannie

Mae,

Pool

#FM0020

.......................................

3.50

7/1/49

2

22

Fannie

Mae,

Pool

#BU8723

.......................................

3.50

6/1/52

19

4

Fannie

Mae,

Pool

#BM4703

.......................................

3.50

2/1/48

3

8

Fannie

Mae,

Pool

#MA3182

.......................................

3.50

11/1/47

7

8

Fannie

Mae,

Pool

#BJ4916

........................................

3.50

3/1/48

7

4

Fannie

Mae,

Pool

#MA3059

.......................................

3.50

7/1/37

3

3

Fannie

Mae,

Pool

#MA3663

.......................................

3.50

5/1/49

2

4

Fannie

Mae,

Pool

#MA3148

.......................................

3.50

10/1/47

3

3

Fannie

Mae,

Pool

#BM5485

.......................................

3.50

2/1/49

2

11

Fannie

Mae,

Pool

#AS4771

........................................

3.50

4/1/45

10

6

Fannie

Mae,

Pool

#BC1158

........................................

3.50

2/1/46

5

3

Fannie

Mae,

Pool

#MA2522

.......................................

3.50

2/1/46

3

6

Fannie

Mae,

Pool

#AS6102

........................................

3.50

11/1/45

5

8

Fannie

Mae,

Pool

#AZ0862

.......................................

3.50

7/1/45

7

5

Fannie

Mae,

Pool

#FM1566

.......................................

3.50

11/1/48

4

3

Fannie

Mae,

Pool

#BA1893

.......................................

3.50

8/1/45

3

6

Fannie

Mae,

Pool

#AS0024

........................................

3.50

7/1/43

6

8

Fannie

Mae,

Pool

#MA3243

.......................................

3.50

1/1/38

8

8

Fannie

Mae,

Pool

#BM1568

.......................................

3.50

7/1/47

8

3

Fannie

Mae,

Pool

#MA3745

.......................................

3.50

8/1/49

3

3

Fannie

Mae,

Pool

#MA3692

.......................................

3.50

7/1/49

2

4

Fannie

Mae,

Pool

#MA3835

.......................................

3.50

11/1/49

3

5

Fannie

Mae,

Pool

#BJ3716

........................................

3.50

12/1/47

4

5

Fannie

Mae,

Pool

#MA3520

.......................................

3.50

11/1/48

5

116

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(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

#MA3057

.......................................

3.50

7/1/47

$

3

23

Fannie

Mae,

Pool

#AQ0546

.......................................

3.50

11/1/42

21

4

Fannie

Mae,

Pool

#FM1001

.......................................

3.50

11/1/48

4

4

Fannie

Mae,

Pool

#BD5046

.......................................

3.50

2/1/47

4

6

Fannie

Mae,

Pool

#FM1911

.......................................

3.50

7/1/48

5

6

Fannie

Mae,

Pool

#MA3026

.......................................

3.50

6/1/47

6

8

Fannie

Mae,

Pool

#BC2926

.......................................

3.50

3/1/46

8

7

Fannie

Mae,

Pool

#BP1947

........................................

3.50

4/1/50

6

8

Fannie

Mae,

Pool

#MA1980

.......................................

3.50

8/1/44

7

5

Fannie

Mae,

Pool

#AS7388

........................................

3.50

6/1/46

5

1

Fannie

Mae,

Pool

#AB2052

.......................................

3.50

1/1/26

1

4

Fannie

Mae,

Pool

#BK9038

.......................................

3.50

10/1/33

4

7

Fannie

Mae,

Pool

#AU8849

.......................................

4.00

11/1/43

6

3

Fannie

Mae,

Pool

#MA2415

.......................................

4.00

10/1/45

3

5

Fannie

Mae,

Pool

#AS9831

........................................

4.00

6/1/47

4

7

Fannie

Mae,

Pool

#AS3467

........................................

4.00

10/1/44

7

5

Fannie

Mae,

Pool

#MA3804

.......................................

4.00

10/1/49

4

5

Fannie

Mae,

Pool

#AS9314

........................................

4.00

3/1/47

5

6

Fannie

Mae,

Pool

#MA3121

.......................................

4.00

9/1/47

6

13

Fannie

Mae,

Pool

#AO2959

.......................................

4.00

5/1/42

12

3

Fannie

Mae,

Pool

#AS8532

........................................

4.00

12/1/46

3

6

Fannie

Mae,

Pool

#BM2002

.......................................

4.00

10/1/47

5

7

Fannie

Mae,

Pool

#AX0841

.......................................

4.00

9/1/44

7

2

Fannie

Mae,

Pool

#AH6242

.......................................

4.00

4/1/26

2

2

Fannie

Mae,

Pool

#MA3638

.......................................

4.00

4/1/49

2

2

Fannie

Mae,

Pool

#BM4991

.......................................

4.00

9/1/48

2

3

Fannie

Mae,

Pool

#CA0183

.......................................

4.00

8/1/47

3

6

Fannie

Mae,

Pool

#MA2995

.......................................

4.00

5/1/47

6

3

Fannie

Mae,

Pool

#MA3277

.......................................

4.00

2/1/48

3

4

Fannie

Mae,

Pool

#AZ7362

.......................................

4.00

11/1/45

4

3

Fannie

Mae,

Pool

#MA3746

.......................................

4.00

8/1/49

3

8

Fannie

Mae,

Pool

#AS8823

........................................

4.00

2/1/47

7

3

Fannie

Mae,

Pool

#MA3563

.......................................

4.00

1/1/49

2

3

Fannie

Mae,

Pool

#FM1415

.......................................

4.00

12/1/48

3

2

Fannie

Mae,

Pool

#MA3521

.......................................

4.00

11/1/48

2

2

Fannie

Mae,

Pool

#CA2316

.......................................

4.00

7/1/48

2

4

Fannie

Mae,

Pool

#AS7600

........................................

4.00

7/1/46

4

2

Fannie

Mae,

Pool

#BK0920

.......................................

4.00

7/1/48

2

9

Fannie

Mae,

Pool

#BM1066

.......................................

4.00

2/1/47

8

3

Fannie

Mae,

Pool

#FM1571

.......................................

4.00

12/1/48

2

2

Fannie

Mae,

Pool

#MA3592

.......................................

4.00

2/1/49

2

23

Fannie

Mae,

Pool

#MA5127

.......................................

4.00

8/1/53

21

22

Fannie

Mae,

Pool

#MA4732

.......................................

4.00

9/1/52

20

3

Fannie

Mae,

Pool

#BK0909

.......................................

4.00

7/1/48

2

3

Fannie

Mae,

Pool

#BD7060

.......................................

4.00

3/1/47

3

10

Fannie

Mae,

Pool

#BK7943

.......................................

4.00

11/1/48

9

4

Fannie

Mae,

Pool

#FM1960

.......................................

4.00

5/1/49

3

3

Fannie

Mae,

Pool

#FM0021

.......................................

4.00

3/1/49

3

3

Fannie

Mae,

Pool

#BN0334

.......................................

4.00

12/1/48

3

4

Fannie

Mae,

Pool

#BN6677

.......................................

4.00

6/1/49

4

2

Fannie

Mae,

Pool

#MA3615

.......................................

4.00

3/1/49

2

8

Fannie

Mae,

Pool

#AS3468

........................................

4.00

10/1/44

7

3

Fannie

Mae,

Pool

#MA3183

.......................................

4.00

11/1/47

3

4

Fannie

Mae,

Pool

#AS7558

........................................

4.00

7/1/46

4

1

Fannie

Mae,

Pool

#BM4306

.......................................

4.00

9/1/25

1

9

Fannie

Mae,

Pool

#AS9394

........................................

4.50

4/1/47

9

3

Fannie

Mae,

Pool

#CA0623

.......................................

4.50

10/1/47

3

2

Fannie

Mae,

Pool

#BK6328

.......................................

4.50

6/1/48

1

41

Fannie

Mae,

Pool

#BV7928

.......................................

4.50

8/1/52

38

117

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Government

Agency

Mortgages

(continued)

$

10

Fannie

Mae,

Pool

#MA3184

.......................................

4.50

11/1/47

$

9

2

Fannie

Mae,

Pool

#MA3537

.......................................

4.50

12/1/48

2

1

Fannie

Mae,

Pool

#BN4309

.......................................

4.50

1/1/49

1

5

Fannie

Mae,

Pool

#MA3747

.......................................

4.50

8/1/49

5

—

Fannie

Mae,

Pool

#930998

........................................

4.50

4/1/29

—

15

Fannie

Mae,

Pool

#AE0954

.......................................

4.50

2/1/41

14

4

Fannie

Mae,

Pool

#AS2751

........................................

4.50

6/1/44

4

18

Fannie

Mae,

Pool

#AE0217

.......................................

4.50

8/1/40

18

3

Fannie

Mae,

Pool

#CA1711

.......................................

4.50

5/1/48

3

3

Fannie

Mae,

Pool

#MA3639

.......................................

4.50

4/1/49

3

4

Fannie

Mae,

Pool

#BM3286

.......................................

4.50

11/1/47

4

3

Fannie

Mae,

Pool

#BK4850

.......................................

4.50

5/1/48

3

21

Fannie

Mae,

Pool

#MA4761

.......................................

5.00

9/1/52

20

7

Fannie

Mae,

Pool

#725238

........................................

5.00

3/1/34

7

2

Fannie

Mae,

Pool

#890603

........................................

5.00

8/1/41

2

15

Fannie

Mae,

Pool

#889117

........................................

5.00

10/1/35

15

3

Fannie

Mae,

Pool

#725027

........................................

5.00

11/1/33

3

23

Fannie

Mae,

Pool

#MA5164

.......................................

5.00

10/1/53

22

3

Fannie

Mae,

Pool

#BM3904

.......................................

5.00

5/1/48

3

23

Fannie

Mae,

Pool

#MA5071

.......................................

5.00

7/1/53

22

22

Fannie

Mae,

Pool

#FS4840

........................................

5.50

5/1/53

22

43

Fannie

Mae,

Pool

#MA5010

.......................................

5.50

5/1/53

43

22

Fannie

Mae,

Pool

#MA5107

.......................................

5.50

8/1/53

22

20

Fannie

Mae,

Pool

#FS3360

........................................

5.50

12/1/52

20

23

Fannie

Mae,

Pool

#MA5215

.......................................

5.50

12/1/53

23

3

Fannie

Mae,

Pool

#890221

........................................

5.50

12/1/33

3

22

Fannie

Mae,

Pool

#MA5138

.......................................

5.50

9/1/53

22

22

Fannie

Mae,

Pool

#MA5072

.......................................

5.50

7/1/53

22

9

Fannie

Mae,

Pool

#959451

........................................

6.00

12/1/37

9

21

Fannie

Mae,

Pool

#MA5166

.......................................

6.00

10/1/53

21

23

Fannie

Mae,

Pool

#CB8916

.......................................

6.00

7/1/54

23

21

Fannie

Mae,

Pool

#MA5247

.......................................

6.00

1/1/54

21

24

Fannie

Mae,

Pool

#MA5498

.......................................

6.00

10/1/54

24

23

Fannie

Mae,

Pool

#MA5389

.......................................

6.00

6/1/54

23

21

Fannie

Mae,

Pool

#MA5191

.......................................

6.00

11/1/53

21

21

Fannie

Mae,

Pool

#MA5073

.......................................

6.00

7/1/53

21

46

Fannie

Mae,

Pool

#MA5422

.......................................

6.50

7/1/54

48

24

Fannie

Mae,

Pool

#MA5472

.......................................

6.50

9/1/54

24

38

Fannie

Mae,

Pool

#MA5217

.......................................

6.50

12/1/53

39

50

Fannie

Mae,

15

YR

TBA

.........................................

1.50

1/25/40

44

25

Fannie

Mae,

15

YR

TBA

.........................................

4.50

1/25/40

24

25

Fannie

Mae,

15

YR

TBA

.........................................

5.00

1/25/40

25

25

Fannie

Mae,

30

YR

TBA

.........................................

2.00

1/25/55

19

25

Fannie

Mae,

30

YR

TBA

.........................................

2.50

1/25/55

20

25

Fannie

Mae,

30

YR

TBA

.........................................

3.00

1/25/55

21

25

Fannie

Mae,

30

YR

TBA

.........................................

3.50

1/25/55

22

25

Fannie

Mae,

30

YR

TBA

.........................................

4.00

1/25/55

23

50

Fannie

Mae,

30

YR

TBA

.........................................

4.50

1/25/55

48

25

Fannie

Mae,

30

YR

TBA

.........................................

5.00

1/25/55

24

25

Fannie

Mae,

30

YR

TBA

.........................................

5.00

2/25/55

24

25

Fannie

Mae,

30

YR

TBA

.........................................

5.50

7/25/55

25

50

Fannie

Mae,

30

YR

TBA

.........................................

5.50

1/25/55

50

25

Fannie

Mae,

30

YR

TBA

.........................................

6.00

2/25/55

25

25

Fannie

Mae,

30

YR

TBA

.........................................

6.00

1/25/55

25

25

Fannie

Mae,

30

YR

TBA

.........................................

6.50

1/25/55

26

25

Fannie

Mae,

30

YR

TBA

.........................................

7.00

1/25/55

26

40

Freddie

Mac,

Pool

#SD8154

.......................................

1.50

7/1/51

30

19

Freddie

Mac,

Pool

#QN9521

.......................................

1.50

2/1/37

16

16

Freddie

Mac,

Pool

#SB8097

.......................................

1.50

4/1/36

14

118

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(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

#QC0962

.......................................

1.50

4/1/51

$

29

19

Freddie

Mac,

Pool

#RB5110

.......................................

1.50

5/1/41

15

15

Freddie

Mac,

Pool

#SB8088

.......................................

1.50

2/1/36

13

19

Freddie

Mac,

Pool

#SB8144

.......................................

1.50

3/1/37

16

21

Freddie

Mac,

Pool

#QD5748

.......................................

2.00

2/1/52

17

20

Freddie

Mac,

Pool

#QC7473

.......................................

2.00

9/1/51

16

16

Freddie

Mac,

Pool

#RA3575

.......................................

2.00

9/1/50

13

16

Freddie

Mac,

Pool

#SB8510

.......................................

2.00

2/1/36

14

16

Freddie

Mac,

Pool

#SB8115

.......................................

2.00

8/1/36

15

19

Freddie

Mac,

Pool

#RB5121

.......................................

2.00

8/1/41

16

41

Freddie

Mac,

Pool

#SD8177

.......................................

2.00

11/1/51

32

20

Freddie

Mac,

Pool

#SD8098

.......................................

2.00

10/1/50

16

21

Freddie

Mac,

Pool

#SD8172

.......................................

2.00

10/1/51

16

21

Freddie

Mac,

Pool

#RA5155

.......................................

2.00

5/1/51

16

19

Freddie

Mac,

Pool

#RA5257

.......................................

2.00

5/1/51

15

19

Freddie

Mac,

Pool

#RA5040

.......................................

2.00

4/1/51

15

19

Freddie

Mac,

Pool

#RA4214

.......................................

2.00

12/1/50

15

18

Freddie

Mac,

Pool

#RA3328

.......................................

2.00

8/1/50

14

21

Freddie

Mac,

Pool

#SD8199

.......................................

2.00

3/1/52

17

35

Freddie

Mac,

Pool

#SD8113

.......................................

2.00

12/1/50

28

16

Freddie

Mac,

Pool

#SB8107

.......................................

2.00

6/1/36

14

38

Freddie

Mac,

Pool

#QC1333

.......................................

2.00

5/1/51

30

36

Freddie

Mac,

Pool

#SD8128

.......................................

2.00

2/1/51

28

17

Freddie

Mac,

Pool

#QB3926

.......................................

2.00

10/1/50

14

38

Freddie

Mac,

Pool

#QC0423

.......................................

2.00

4/1/51

30

19

Freddie

Mac,

Pool

#SD8146

.......................................

2.00

5/1/51

15

37

Freddie

Mac,

Pool

#SD7537

.......................................

2.00

3/1/51

29

39

Freddie

Mac,

Pool

#QC3697

.......................................

2.00

6/1/51

31

39

Freddie

Mac,

Pool

#QB6893

.......................................

2.00

12/1/50

30

20

Freddie

Mac,

Pool

#QC3597

.......................................

2.00

6/1/51

16

43

Freddie

Mac,

Pool

#SD8193

.......................................

2.00

2/1/52

33

42

Freddie

Mac,

Pool

#SD8188

.......................................

2.00

1/1/52

33

43

Freddie

Mac,

Pool

#QD1254

.......................................

2.00

11/1/51

33

18

Freddie

Mac,

Pool

#RB5114

.......................................

2.00

6/1/41

15

14

Freddie

Mac,

Pool

#RC1727

.......................................

2.00

12/1/35

12

16

Freddie

Mac,

Pool

#RB5095

.......................................

2.00

1/1/41

14

18

Freddie

Mac,

Pool

#SD8121

.......................................

2.00

1/1/51

14

34

Freddie

Mac,

Pool

#SB8128

.......................................

2.00

11/1/36

30

16

Freddie

Mac,

Pool

#RA3205

.......................................

2.00

8/1/50

13

40

Freddie

Mac,

Pool

#SD8160

.......................................

2.00

8/1/51

31

37

Freddie

Mac,

Pool

#QB7708

.......................................

2.00

1/1/51

29

26

Freddie

Mac,

Pool

#SB8079

.......................................

2.00

12/1/35

23

19

Freddie

Mac,

Pool

#SD8079

.......................................

2.00

7/1/50

15

11

Freddie

Mac,

Pool

#SB8061

.......................................

2.00

9/1/35

10

12

Freddie

Mac,

Pool

#SD8083

.......................................

2.50

8/1/50

10

19

Freddie

Mac,

Pool

#RA3528

.......................................

2.50

9/1/50

15

18

Freddie

Mac,

Pool

#RA5286

.......................................

2.50

5/1/51

15

20

Freddie

Mac,

Pool

#RA6621

.......................................

2.50

1/1/52

17

20

Freddie

Mac,

Pool

#SD8189

.......................................

2.50

1/1/52

17

18

Freddie

Mac,

Pool

#QC2031

.......................................

2.50

5/1/51

15

22

Freddie

Mac,

Pool

#RA6136

.......................................

2.50

10/1/51

18

29

Freddie

Mac,

Pool

#RA2643

.......................................

2.50

6/1/50

24

12

Freddie

Mac,

Pool

#RA2595

.......................................

2.50

5/1/50

10

20

Freddie

Mac,

Pool

#QC7457

.......................................

2.50

9/1/51

16

15

Freddie

Mac,

Pool

#RA4527

.......................................

2.50

2/1/51

12

15

Freddie

Mac,

Pool

#SD8122

.......................................

2.50

1/1/51

12

14

Freddie

Mac,

Pool

#QB3703

.......................................

2.50

9/1/50

12

22

Freddie

Mac,

Pool

#QE2352

.......................................

2.50

5/1/52

18

41

Freddie

Mac,

Pool

#SD8194

.......................................

2.50

2/1/52

34

119

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Government

Agency

Mortgages

(continued)

$

20

Freddie

Mac,

Pool

#RA6815

.......................................

2.50

2/1/52

$

16

40

Freddie

Mac,

Pool

#SD8183

.......................................

2.50

12/1/51

33

28

Freddie

Mac,

Pool

#SD8114

.......................................

2.50

12/1/50

23

19

Freddie

Mac,

Pool

#SD8167

.......................................

2.50

9/1/51

16

19

Freddie

Mac,

Pool

#SD8021

.......................................

2.50

9/1/49

15

21

Freddie

Mac,

Pool

#SD8205

.......................................

2.50

4/1/52

17

37

Freddie

Mac,

Pool

#RA5832

.......................................

2.50

9/1/51

31

18

Freddie

Mac,

Pool

#SB0301

.......................................

2.50

4/1/35

17

42

Freddie

Mac,

Pool

#RA6493

.......................................

2.50

12/1/51

34

15

Freddie

Mac,

Pool

#SD8129

.......................................

2.50

2/1/51

12

35

Freddie

Mac,

Pool

#SD8141

.......................................

2.50

4/1/51

28

14

Freddie

Mac,

Pool

#QB3287

.......................................

2.50

8/1/50

12

13

Freddie

Mac,

Pool

#RA2897

.......................................

2.50

6/1/50

11

5

Freddie

Mac,

Pool

#ZS8692

.......................................

2.50

4/1/33

5

20

Freddie

Mac,

Pool

#RA6019

.......................................

2.50

10/1/51

16

42

Freddie

Mac,

Pool

#SD1011

.......................................

2.50

4/1/52

34

18

Freddie

Mac,

Pool

#SD8151

.......................................

2.50

6/1/51

15

10

Freddie

Mac,

Pool

#RB5054

.......................................

2.50

6/1/40

8

28

Freddie

Mac,

Pool

#RA2634

.......................................

2.50

5/1/50

23

6

Freddie

Mac,

Pool

#RB5043

.......................................

2.50

4/1/40

5

20

Freddie

Mac,

Pool

#RA5802

.......................................

2.50

9/1/51

16

17

Freddie

Mac,

Pool

#SD8147

.......................................

2.50

5/1/51

14

23

Freddie

Mac,

Pool

#SB8045

.......................................

2.50

5/1/35

21

13

Freddie

Mac,

Pool

#SD8099

.......................................

2.50

10/1/50

11

14

Freddie

Mac,

Pool

#ZS4687

.......................................

2.50

11/1/46

12

12

Freddie

Mac,

Pool

#QB1382

.......................................

3.00

7/1/50

10

6

Freddie

Mac,

Pool

#ZM2089

.......................................

3.00

11/1/46

5

11

Freddie

Mac,

Pool

#SD8030

.......................................

3.00

12/1/49

9

30

Freddie

Mac,

Pool

#ZS4522

.......................................

3.00

7/1/43

26

9

Freddie

Mac,

Pool

#QA9049

.......................................

3.00

4/1/50

8

6

Freddie

Mac,

Pool

#SB8046

.......................................

3.00

5/1/35

6

8

Freddie

Mac,

Pool

#QA8065

.......................................

3.00

3/1/50

6

20

Freddie

Mac,

Pool

#QD9881

.......................................

3.00

3/1/52

17

13

Freddie

Mac,

Pool

#ZS4706

.......................................

3.00

3/1/47

11

14

Freddie

Mac,

Pool

#ZS4606

.......................................

3.00

3/1/45

12

8

Freddie

Mac,

Pool

#SD8074

.......................................

3.00

7/1/50

7

34

Freddie

Mac,

Pool

#SD8174

.......................................

3.00

10/1/51

29

11

Freddie

Mac,

Pool

#ZA2304

.......................................

3.00

6/1/33

10

4

Freddie

Mac,

Pool

#QA1033

.......................................

3.00

7/1/49

4

21

Freddie

Mac,

Pool

#ZS4511

.......................................

3.00

3/1/43

18

6

Freddie

Mac,

Pool

#SD8056

.......................................

3.00

4/1/50

5

9

Freddie

Mac,

Pool

#ZS4658

.......................................

3.00

4/1/46

8

5

Freddie

Mac,

Pool

#ZS4688

.......................................

3.00

11/1/46

4

3

Freddie

Mac,

Pool

#ZS4659

.......................................

3.50

4/1/46

3

5

Freddie

Mac,

Pool

#SD8011

.......................................

3.50

9/1/49

5

3

Freddie

Mac,

Pool

#ZS4713

.......................................

3.50

4/1/47

3

7

Freddie

Mac,

Pool

#RA2469

.......................................

3.50

4/1/50

6

7

Freddie

Mac,

Pool

#RA1508

.......................................

3.50

10/1/49

6

3

Freddie

Mac,

Pool

#ZS4599

.......................................

3.50

1/1/45

3

3

Freddie

Mac,

Pool

#SD8001

.......................................

3.50

7/1/49

3

6

Freddie

Mac,

Pool

#ZS4651

.......................................

3.50

3/1/46

5

12

Freddie

Mac,

Pool

#ZS4642

.......................................

3.50

12/1/45

11

6

Freddie

Mac,

Pool

#SB8007

.......................................

3.50

9/1/34

6

21

Freddie

Mac,

Pool

#SD8038

.......................................

3.50

1/1/50

18

4

Freddie

Mac,

Pool

#ZA5052

.......................................

3.50

11/1/47

3

21

Freddie

Mac,

Pool

#SD8214

.......................................

3.50

5/1/52

19

4

Freddie

Mac,

Pool

#ZM4908

.......................................

3.50

11/1/47

4

10

Freddie

Mac,

Pool

#ZS4618

.......................................

3.50

6/1/45

9

3

Freddie

Mac,

Pool

#ZS4771

.......................................

3.50

6/1/48

2

120

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Government

Agency

Mortgages

(continued)

$

4

Freddie

Mac,

Pool

#SD0290

.......................................

4.00

4/1/50

$

4

44

Freddie

Mac,

Pool

#SD8244

.......................................

4.00

9/1/52

40

2

Freddie

Mac,

Pool

#ZT1840

.......................................

4.00

9/1/48

2

3

Freddie

Mac,

Pool

#ZT2106

.......................................

4.00

3/1/49

2

4

Freddie

Mac,

Pool

#ZT1320

.......................................

4.00

11/1/48

4

12

Freddie

Mac,

Pool

#ZL7781

.......................................

4.00

2/1/44

11

2

Freddie

Mac,

Pool

#ZA6946

.......................................

4.00

5/1/49

2

45

Freddie

Mac,

Pool

#SD8286

.......................................

4.00

1/1/53

41

6

Freddie

Mac,

Pool

#ZS4708

.......................................

4.00

3/1/47

5

7

Freddie

Mac,

Pool

#ZA4988

.......................................

4.00

8/1/47

6

7

Freddie

Mac,

Pool

#ZS4631

.......................................

4.00

9/1/45

6

7

Freddie

Mac,

Pool

#SD8070

.......................................

4.00

6/1/50

6

22

Freddie

Mac,

Pool

#QE5462

.......................................

4.00

7/1/52

20

45

Freddie

Mac,

Pool

#SD8306

.......................................

4.50

3/1/53

44

22

Freddie

Mac,

Pool

#SD8245

.......................................

4.50

9/1/52

20

23

Freddie

Mac,

Pool

#SD8340

.......................................

4.50

7/1/53

22

2

Freddie

Mac,

Pool

#ZS4774

.......................................

4.50

5/1/48

2

22

Freddie

Mac,

Pool

#SD8266

.......................................

4.50

11/1/52

21

45

Freddie

Mac,

Pool

#SD8341

.......................................

5.00

7/1/53

45

24

Freddie

Mac,

Pool

#SD4977

.......................................

5.00

11/1/53

23

6

Freddie

Mac,

Pool

#ZT1779

.......................................

5.00

3/1/49

6

24

Freddie

Mac,

Pool

#SD8371

.......................................

5.00

11/1/53

23

25

Freddie

Mac,

Pool

#SD8491

.......................................

5.00

12/1/54

24

23

Freddie

Mac,

Pool

#SD8323

.......................................

5.00

5/1/53

22

23

Freddie

Mac,

Pool

#SD8361

.......................................

5.00

9/1/53

22

22

Freddie

Mac,

Pool

#SD8315

.......................................

5.00

4/1/53

22

22

Freddie

Mac,

Pool

#SD8288

.......................................

5.00

1/1/53

21

23

Freddie

Mac,

Pool

#SD8438

.......................................

5.50

6/1/54

23

22

Freddie

Mac,

Pool

#SD8331

.......................................

5.50

6/1/53

21

25

Freddie

Mac,

Pool

#SD8475

.......................................

5.50

11/1/54

24

24

Freddie

Mac,

Pool

#SD8469

.......................................

5.50

10/1/54

24

45

Freddie

Mac,

Pool

#SD8362

.......................................

5.50

9/1/53

45

23

Freddie

Mac,

Pool

#SD8431

.......................................

5.50

5/1/54

23

21

Freddie

Mac,

Pool

#SD8300

.......................................

5.50

2/1/53

21

22

Freddie

Mac,

Pool

#SD8342

.......................................

5.50

7/1/53

22

23

Freddie

Mac,

Pool

#SD8372

.......................................

5.50

11/1/53

22

20

Freddie

Mac,

Pool

#SD8325

.......................................

6.00

5/1/53

21

22

Freddie

Mac,

Pool

#SD8432

.......................................

6.00

5/1/54

22

43

Freddie

Mac,

Pool

#SD8373

.......................................

6.00

11/1/53

44

21

Freddie

Mac,

Pool

#SD8384

.......................................

6.00

12/1/53

21

22

Freddie

Mac,

Pool

#SD8409

.......................................

6.00

3/1/54

22

24

Freddie

Mac,

Pool

#SD8463

.......................................

6.00

9/1/54

24

22

Freddie

Mac,

Pool

#SD8421

.......................................

6.00

4/1/54

22

21

Freddie

Mac,

Pool

#SD8350

.......................................

6.00

8/1/53

21

21

Freddie

Mac,

Pool

#SD8363

.......................................

6.00

9/1/53

21

37

Freddie

Mac,

Pool

#SD8397

.......................................

6.50

1/1/54

38

23

Freddie

Mac,

Pool

#SD5987

.......................................

6.50

2/1/54

24

19

Freddie

Mac,

Pool

#SD8374

.......................................

6.50

11/1/53

19

24

Freddie

Mac,

Pool

#SD8471

.......................................

6.50

10/1/54

24

21

Freddie

Mac,

Pool

#SD8386

.......................................

7.00

12/1/53

21

4

Freddie

Mac

Gold,

Pool

#G18687

...................................

2.50

5/1/33

4

7

Freddie

Mac

Gold,

Pool

#G07445

...................................

2.50

7/1/43

6

7

Freddie

Mac

Gold,

Pool

#G18470

...................................

2.50

6/1/28

7

7

Freddie

Mac

Gold,

Pool

#G18485

...................................

2.50

10/1/28

7

3

Freddie

Mac

Gold,

Pool

#G18601

...................................

3.00

5/1/31

3

5

Freddie

Mac

Gold,

Pool

#G08803

...................................

3.00

3/1/48

4

6

Freddie

Mac

Gold,

Pool

#G61680

...................................

3.00

4/1/47

5

5

Freddie

Mac

Gold,

Pool

#G15145

...................................

3.00

7/1/29

5

2

Freddie

Mac

Gold,

Pool

#G18518

...................................

3.00

7/1/29

2

121

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Government

Agency

Mortgages

(continued)

$

8

Freddie

Mac

Gold,

Pool

#G18663

...................................

3.00

10/1/32

$

7

14

Freddie

Mac

Gold,

Pool

#G60989

...................................

3.00

12/1/46

12

4

Freddie

Mac

Gold,

Pool

#G08635

...................................

3.00

4/1/45

3

5

Freddie

Mac

Gold,

Pool

#J36428

....................................

3.00

2/1/32

5

11

Freddie

Mac

Gold,

Pool

#G08737

...................................

3.00

12/1/46

9

—

Freddie

Mac

Gold,

Pool

#J14069

....................................

3.50

1/1/26

—

5

Freddie

Mac

Gold,

Pool

#J30284

....................................

3.50

11/1/29

4

15

Freddie

Mac

Gold,

Pool

#G08554

...................................

3.50

10/1/43

13

7

Freddie

Mac

Gold,

Pool

#G61148

...................................

3.50

9/1/47

6

3

Freddie

Mac

Gold,

Pool

#G08627

...................................

3.50

2/1/45

3

14

Freddie

Mac

Gold,

Pool

#G08636

...................................

3.50

4/1/45

12

6

Freddie

Mac

Gold,

Pool

#G08784

...................................

3.50

10/1/47

5

3

Freddie

Mac

Gold,

Pool

#G08770

...................................

3.50

7/1/47

3

6

Freddie

Mac

Gold,

Pool

#Q43933

...................................

3.50

10/1/46

5

4

Freddie

Mac

Gold,

Pool

#G08620

...................................

3.50

12/1/44

4

6

Freddie

Mac

Gold,

Pool

#G08761

...................................

3.50

5/1/47

5

7

Freddie

Mac

Gold,

Pool

#G08687

...................................

3.50

1/1/46

6

4

Freddie

Mac

Gold,

Pool

#V83453

...................................

3.50

10/1/47

4

7

Freddie

Mac

Gold,

Pool

#G08698

...................................

3.50

3/1/46

6

3

Freddie

Mac

Gold,

Pool

#Q57871

...................................

3.50

8/1/48

3

4

Freddie

Mac

Gold,

Pool

#G08801

...................................

4.00

2/1/48

3

4

Freddie

Mac

Gold,

Pool

#G08771

...................................

4.00

7/1/47

4

8

Freddie

Mac

Gold,

Pool

#A96286

...................................

4.00

1/1/41

7

7

Freddie

Mac

Gold,

Pool

#Q58680

...................................

4.00

9/1/48

6

11

Freddie

Mac

Gold,

Pool

#G08637

...................................

4.00

4/1/45

10

6

Freddie

Mac

Gold,

Pool

#G08775

...................................

4.00

8/1/47

6

4

Freddie

Mac

Gold,

Pool

#C91395

...................................

4.00

9/1/31

4

8

Freddie

Mac

Gold,

Pool

#G08567

...................................

4.00

1/1/44

7

9

Freddie

Mac

Gold,

Pool

#G08606

...................................

4.00

9/1/44

8

4

Freddie

Mac

Gold,

Pool

#Q58217

...................................

4.50

9/1/48

4

13

Freddie

Mac

Gold,

Pool

#A97692

...................................

4.50

3/1/41

12

5

Freddie

Mac

Gold,

Pool

#Q52321

...................................

4.50

11/1/47

4

3

Freddie

Mac

Gold,

Pool

#G08781

...................................

4.50

9/1/47

3

11

Freddie

Mac

Gold,

Pool

#G01890

...................................

4.50

10/1/35

11

4

Freddie

Mac

Gold,

Pool

#C09059

...................................

4.50

3/1/44

4

3

Freddie

Mac

Gold,

Pool

#G08838

...................................

5.00

9/1/48

3

7

Freddie

Mac

Gold,

Pool

#G04817

...................................

5.00

9/1/38

7

7

Freddie

Mac

Gold,

Pool

#G01962

...................................

5.00

12/1/35

7

8

Freddie

Mac

Gold,

Pool

#G05904

...................................

5.00

9/1/39

8

11

Freddie

Mac

Gold,

Pool

#G01665

...................................

5.50

3/1/34

11

8

Freddie

Mac

Gold,

Pool

#G02794

...................................

6.00

5/1/37

8

—

Freddie

Mac

Gold,

Pool

#C90989

...................................

6.00

9/1/26

—

20

Government

National

Mortgage

Association,

Pool

#MA7766

................

2.00

12/20/51

16

17

Government

National

Mortgage

Association,

Pool

#MA7311

................

2.00

4/20/51

14

21

Government

National

Mortgage

Association,

Pool

#MA7986

................

2.00

4/20/52

17

19

Government

National

Mortgage

Association,

Pool

#MA6994

................

2.00

11/20/50

15

16

Government

National

Mortgage

Association,

Pool

#MA7135

................

2.00

1/20/51

13

18

Government

National

Mortgage

Association,

Pool

#MA7417

................

2.00

6/20/51

14

30

Government

National

Mortgage

Association,

Pool

#MA6930

................

2.00

10/20/50

24

21

Government

National

Mortgage

Association,

Pool

#MA7935

................

2.00

3/20/52

17

16

Government

National

Mortgage

Association,

Pool

#MA7051

................

2.00

12/20/50

13

20

Government

National

Mortgage

Association,

Pool

#MA7826

................

2.00

1/20/52

16

39

Government

National

Mortgage

Association,

Pool

#MA7704

................

2.00

11/20/51

31

29

Government

National

Mortgage

Association,

Pool

#MA6864

................

2.00

9/20/50

24

19

Government

National

Mortgage

Association,

Pool

#MA7588

................

2.00

9/20/51

15

36

Government

National

Mortgage

Association,

Pool

#MA7471

................

2.00

7/20/51

29

21

Government

National

Mortgage

Association,

Pool

#MA8041

................

2.00

5/20/52

17

17

Government

National

Mortgage

Association,

Pool

#MA7366

................

2.00

5/20/51

14

33

Government

National

Mortgage

Association,

Pool

#MA7254

................

2.00

3/20/51

27

122

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Government

Agency

Mortgages

(continued)

$

20

Government

National

Mortgage

Association,

Pool

#MA7880

................

2.00

2/20/52

$

16

22

Government

National

Mortgage

Association,

Pool

#MA6819

................

2.50

8/20/50

18

38

Government

National

Mortgage

Association,

Pool

#MA7649

................

2.50

10/20/51

32

17

Government

National

Mortgage

Association,

Pool

#MA7418

................

2.50

6/20/51

14

39

Government

National

Mortgage

Association,

Pool

#MA7767

................

2.50

12/20/51

33

19

Government

National

Mortgage

Association,

Pool

#MA7589

................

2.50

9/20/51

16

20

Government

National

Mortgage

Association,

Pool

#MA8042

................

2.50

5/20/52

17

1

Government

National

Mortgage

Association,

Pool

#AA8341

................

2.50

2/15/28

1

20

Government

National

Mortgage

Association,

Pool

#MA7936

................

2.50

3/20/52

17

31

Government

National

Mortgage

Association,

Pool

#MA6865

................

2.50

9/20/50

26

30

Government

National

Mortgage

Association,

Pool

#MA7255

................

2.50

3/20/51

25

17

Government

National

Mortgage

Association,

Pool

#MA7136

................

2.50

1/20/51

14

16

Government

National

Mortgage

Association,

Pool

#MA7312

................

2.50

4/20/51

13

36

Government

National

Mortgage

Association,

Pool

#MA7534

................

2.50

8/20/51

30

36

Government

National

Mortgage

Association,

Pool

#MA7472

................

2.50

7/20/51

30

12

Government

National

Mortgage

Association,

Pool

#MA6931

................

2.50

10/20/50

10

12

Government

National

Mortgage

Association,

Pool

#MA6995

................

2.50

11/20/50

10

4

Government

National

Mortgage

Association,

Pool

#MA4355

................

2.50

4/20/32

4

9

Government

National

Mortgage

Association,

Pool

#MA6655

................

2.50

5/20/50

7

28

Government

National

Mortgage

Association,

Pool

#MA7193

................

2.50

2/20/51

24

4

Government

National

Mortgage

Association,

Pool

#MA1155

................

2.50

7/20/43

3

6

Government

National

Mortgage

Association,

Pool

#MA6540

................

2.50

3/20/50

5

38

Government

National

Mortgage

Association,

Pool

#MA6709

................

2.50

6/20/50

32

9

Government

National

Mortgage

Association,

Pool

#MA3735

................

3.00

6/20/46

8

9

Government

National

Mortgage

Association,

Pool

#MA3375

................

3.00

1/20/46

8

7

Government

National

Mortgage

Association,

Pool

#MA3802

................

3.00

7/20/46

6

4

Government

National

Mortgage

Association,

Pool

#MA3873

................

3.00

8/20/46

4

7

Government

National

Mortgage

Association,

Pool

#MA4195

................

3.00

1/20/47

6

13

Government

National

Mortgage

Association,

Pool

#MA4899

................

3.00

12/20/47

11

8

Government

National

Mortgage

Association,

Pool

#MA6710

................

3.00

6/20/50

7

16

Government

National

Mortgage

Association,

Pool

#MA6766

................

3.00

7/20/50

14

5

Government

National

Mortgage

Association,

Pool

#MA6089

................

3.00

8/20/49

4

5

Government

National

Mortgage

Association,

Pool

#MA6283

................

3.00

11/20/49

4

11

Government

National

Mortgage

Association,

Pool

#MA4003

................

3.00

10/20/46

10

19

Government

National

Mortgage

Association,

Pool

#MA6218

................

3.00

10/20/49

16

10

Government

National

Mortgage

Association,

Pool

#MA6474

................

3.00

2/20/50

9

15

Government

National

Mortgage

Association,

Pool

#MA6656

................

3.00

5/20/50

13

9

Government

National

Mortgage

Association,

Pool

#MA2520

................

3.00

1/20/45

8

4

Government

National

Mortgage

Association,

Pool

#MA5815

................

3.00

3/20/49

3

6

Government

National

Mortgage

Association,

Pool

#MA3243

................

3.00

11/20/45

5

6

Government

National

Mortgage

Association,

Pool

#MA6599

................

3.00

4/20/50

6

9

Government

National

Mortgage

Association,

Pool

#MA6820

................

3.00

8/20/50

8

11

Government

National

Mortgage

Association,

Pool

#MA5018

................

3.00

2/20/48

10

5

Government

National

Mortgage

Association,

Pool

#MA6409

................

3.00

1/20/50

5

7

Government

National

Mortgage

Association,

Pool

#AA5897

................

3.00

12/15/42

6

13

Government

National

Mortgage

Association,

Pool

#MA1011

................

3.00

5/20/43

11

9

Government

National

Mortgage

Association,

Pool

#MA4320

................

3.00

3/20/47

8

21

Government

National

Mortgage

Association,

Pool

#MA8098

................

3.00

6/20/52

18

19

Government

National

Mortgage

Association,

Pool

#MA7828

................

3.00

1/20/52

17

3

Government

National

Mortgage

Association,

Pool

#MA3596

................

3.00

4/20/46

3

8

Government

National

Mortgage

Association,

Pool

#MA3936

................

3.00

9/20/46

7

5

Government

National

Mortgage

Association,

Pool

#MA6338

................

3.00

12/20/49

5

7

Government

National

Mortgage

Association,

Pool

#MA4836

................

3.00

11/20/47

6

7

Government

National

Mortgage

Association,

Pool

#MA3662

................

3.00

5/20/46

6

6

Government

National

Mortgage

Association,

Pool

#MA4126

................

3.00

12/20/46

5

13

Government

National

Mortgage

Association,

Pool

#MA0851

................

3.00

3/20/43

12

5

Government

National

Mortgage

Association,

Pool

#MA4261

................

3.00

2/20/47

4

7

Government

National

Mortgage

Association,

Pool

#MA2960

................

3.00

7/20/45

6

5

Government

National

Mortgage

Association,

Pool

#MA4068

................

3.00

11/20/46

4

123

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Government

Agency

Mortgages

(continued)

$

3

Government

National

Mortgage

Association,

Pool

#MA0205

................

3.00

7/20/27

$

2

3

Government

National

Mortgage

Association,

Pool

#MA5762

................

3.50

2/20/49

3

5

Government

National

Mortgage

Association,

Pool

#MA2826

................

3.50

5/20/45

4

4

Government

National

Mortgage

Association,

Pool

#MA5191

................

3.50

5/20/48

4

14

Government

National

Mortgage

Association,

Pool

#MA1157

................

3.50

7/20/43

13

6

Government

National

Mortgage

Association,

Pool

#MA5875

................

3.50

4/20/49

5

4

Government

National

Mortgage

Association,

Pool

#MA4778

................

3.50

10/20/47

3

4

Government

National

Mortgage

Association,

Pool

#AC3938

................

3.50

1/15/43

4

4

Government

National

Mortgage

Association,

Pool

#MA4837

................

3.50

11/20/47

3

5

Government

National

Mortgage

Association,

Pool

#MA5019

................

3.50

2/20/48

5

21

Government

National

Mortgage

Association,

Pool

#MA8199

................

3.50

8/20/52

19

6

Government

National

Mortgage

Association,

Pool

#MA3597

................

3.50

4/20/46

6

3

Government

National

Mortgage

Association,

Pool

#MA3454

................

3.50

2/20/46

3

7

Government

National

Mortgage

Association,

Pool

#MA3874

................

3.50

8/20/46

6

6

Government

National

Mortgage

Association,

Pool

#MA3803

................

3.50

7/20/46

6

6

Government

National

Mortgage

Association,

Pool

#MA3310

................

3.50

12/20/45

5

9

Government

National

Mortgage

Association,

Pool

#MA3173

................

3.50

10/20/45

8

5

Government

National

Mortgage

Association,

Pool

#MA3244

................

3.50

11/20/45

4

7

Government

National

Mortgage

Association,

Pool

#MA4510

................

3.50

6/20/47

6

6

Government

National

Mortgage

Association,

Pool

#MA3736

................

3.50

6/20/46

6

5

Government

National

Mortgage

Association,

Pool

#MA2961

................

3.50

7/20/45

5

7

Government

National

Mortgage

Association,

Pool

#MA4321

................

3.50

3/20/47

6

7

Government

National

Mortgage

Association,

Pool

#MA4652

................

3.50

8/20/47

7

8

Government

National

Mortgage

Association,

Pool

#MA4127

................

3.50

12/20/46

7

6

Government

National

Mortgage

Association,

Pool

#MA4586

................

3.50

7/20/47

6

6

Government

National

Mortgage

Association,

Pool

#MA3105

................

3.50

9/20/45

6

4

Government

National

Mortgage

Association,

Pool

#MA6219

................

3.50

10/20/49

3

6

Government

National

Mortgage

Association,

Pool

#MA3376

................

3.50

1/20/46

5

7

Government

National

Mortgage

Association,

Pool

#MA4004

................

3.50

10/20/46

6

12

Government

National

Mortgage

Association,

Pool

#MA0699

................

3.50

1/20/43

11

7

Government

National

Mortgage

Association,

Pool

#MA4382

................

3.50

4/20/47

6

4

Government

National

Mortgage

Association,

Pool

#MA6339

................

3.50

12/20/49

3

3

Government

National

Mortgage

Association,

Pool

#AB9211

................

3.50

11/15/42

3

7

Government

National

Mortgage

Association,

Pool

#MA2371

................

3.50

11/20/44

6

7

Government

National

Mortgage

Association,

Pool

#MA2223

................

3.50

9/20/44

6

2

Government

National

Mortgage

Association,

Pool

#MA1574

................

3.50

1/20/29

2

2

Government

National

Mortgage

Association,

Pool

#MA3245

................

4.00

11/20/45

2

2

Government

National

Mortgage

Association,

Pool

#MA5710

................

4.00

1/20/49

2

21

Government

National

Mortgage

Association,

Pool

#MA8200

................

4.00

8/20/52

20

23

Government

National

Mortgage

Association,

Pool

#MA1091

................

4.00

6/20/43

22

3

Government

National

Mortgage

Association,

Pool

#MA5595

................

4.00

11/20/48

2

8

Government

National

Mortgage

Association,

Pool

#MA3737

................

4.00

6/20/46

8

6

Government

National

Mortgage

Association,

Pool

#MA4511

................

4.00

6/20/47

5

3

Government

National

Mortgage

Association,

Pool

#MA4322

................

4.00

3/20/47

2

4

Government

National

Mortgage

Association,

Pool

#MA3522

................

4.00

3/20/46

4

3

Government

National

Mortgage

Association,

Pool

#MA4263

................

4.00

2/20/47

3

3

Government

National

Mortgage

Association,

Pool

#MA5651

................

4.00

12/20/48

2

3

Government

National

Mortgage

Association,

Pool

#MA5466

................

4.00

9/20/48

3

3

Government

National

Mortgage

Association,

Pool

#MA3377

................

4.00

1/20/46

2

5

Government

National

Mortgage

Association,

Pool

#MA1996

................

4.00

6/20/44

5

2

Government

National

Mortgage

Association,

Pool

#MA5876

................

4.00

4/20/49

2

24

Government

National

Mortgage

Association,

Pool

#MA9302

................

4.00

11/20/53

22

22

Government

National

Mortgage

Association,

Pool

#MA8488

................

4.00

12/20/52

21

6

Government

National

Mortgage

Association,

Pool

#MA6040

................

4.00

7/20/49

5

7

Government

National

Mortgage

Association,

Pool

#MA6091

................

4.00

8/20/49

6

2

Government

National

Mortgage

Association,

Pool

#MA5986

................

4.00

6/20/49

2

3

Government

National

Mortgage

Association,

Pool

#MA4653

................

4.00

8/20/47

3

22

Government

National

Mortgage

Association,

Pool

#MA8724

................

4.50

3/20/53

21

3

Government

National

Mortgage

Association,

Pool

#MA4721

................

4.50

9/20/47

2

124

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Government

Agency

Mortgages

(continued)

$

3

Government

National

Mortgage

Association,

Pool

#MA1762

................

4.50

3/20/44

$

2

2

Government

National

Mortgage

Association,

Pool

#MA5193

................

4.50

5/20/48

2

4

Government

National

Mortgage

Association,

Pool

#MA5764

................

4.50

2/20/49

4

24

Government

National

Mortgage

Association,

Pool

#MA9486

................

4.50

2/20/54

23

2

Government

National

Mortgage

Association,

Pool

#MA5596

................

4.50

11/20/48

2

2

Government

National

Mortgage

Association,

Pool

#MA5818

................

4.50

3/20/49

2

5

Government

National

Mortgage

Association,

Pool

#MA5399

................

4.50

8/20/48

4

7

Government

National

Mortgage

Association,

Pool

#MA5987

................

4.50

6/20/49

7

12

Government

National

Mortgage

Association,

Pool

#721760

.................

4.50

8/15/40

12

23

Government

National

Mortgage

Association,

Pool

#MA8877

................

4.50

5/20/53

22

20

Government

National

Mortgage

Association,

Pool

#4801

..................

4.50

9/20/40

20

4

Government

National

Mortgage

Association,

Pool

#MA2373

................

4.50

11/20/44

4

6

Government

National

Mortgage

Association,

Pool

#MA2756

................

4.50

4/20/45

5

22

Government

National

Mortgage

Association,

Pool

#MA8800

................

5.00

4/20/53

21

23

Government

National

Mortgage

Association,

Pool

#MA9170

................

5.00

9/20/53

22

3

Government

National

Mortgage

Association,

Pool

#MA5933

................

5.00

5/20/49

3

3

Government

National

Mortgage

Association,

Pool

#MA5988

................

5.00

6/20/49

3

2

Government

National

Mortgage

Association,

Pool

#MA5653

................

5.00

12/20/48

2

2

Government

National

Mortgage

Association,

Pool

#MA5530

................

5.00

10/20/48

2

23

Government

National

Mortgage

Association,

Pool

#MA9016

................

5.00

7/20/53

22

10

Government

National

Mortgage

Association,

Pool

#697946

.................

5.00

3/15/39

10

47

Government

National

Mortgage

Association,

Pool

#MA8428

................

5.00

11/20/52

47

12

Government

National

Mortgage

Association,

Pool

#4559

..................

5.00

10/20/39

12

22

Government

National

Mortgage

Association,

Pool

#MA9305

................

5.50

11/20/53

22

25

Government

National

Mortgage

Association,

Pool

#MA9668

................

5.50

5/20/54

24

23

Government

National

Mortgage

Association,

Pool

#MA9541

................

5.50

3/20/54

23

22

Government

National

Mortgage

Association,

Pool

#MA9488

................

5.50

2/20/54

22

22

Government

National

Mortgage

Association,

Pool

#MA9017

................

5.50

7/20/53

21

22

Government

National

Mortgage

Association,

Pool

#MA9362

................

5.50

12/20/53

22

21

Government

National

Mortgage

Association,

Pool

#MA9542

................

6.00

3/20/54

21

19

Government

National

Mortgage

Association,

Pool

#MA9018

................

6.00

7/20/53

19

24

Government

National

Mortgage

Association,

Pool

#MA9606

................

6.00

4/20/54

24

19

Government

National

Mortgage

Association,

Pool

#MA9424

................

6.00

1/20/54

19

49

Government

National

Mortgage

Association,

Pool

#MA9727

................

6.50

6/20/54

51

25

Government

National

Mortgage

Association,

30

YR

TBA

..................

2.00

1/20/55

20

25

Government

National

Mortgage

Association,

30

YR

TBA

..................

3.00

1/20/55

22

50

Government

National

Mortgage

Association,

30

YR

TBA

..................

3.50

1/20/55

46

25

Government

National

Mortgage

Association,

30

YR

TBA

..................

4.00

1/20/55

23

25

Government

National

Mortgage

Association,

30

YR

TBA

..................

4.50

2/20/55

24

25

Government

National

Mortgage

Association,

30

YR

TBA

..................

4.50

1/20/55

24

50

Government

National

Mortgage

Association,

30

YR

TBA

..................

5.00

1/20/54

49

50

Government

National

Mortgage

Association,

30

YR

TBA

..................

5.50

1/20/55

51

25

Government

National

Mortgage

Association,

30

YR

TBA

..................

5.50

2/20/55

25

75

Government

National

Mortgage

Association,

30

YR

TBA

..................

6.00

1/20/55

76

25

Government

National

Mortgage

Association,

30

YR

TBA

..................

6.50

1/20/55

25

25

Government

National

Mortgage

Association,

30

YR

TBA

..................

7.00

1/20/55

26

Total

U.S.

Government

Agency

Mortgages

...........................

9,559

U.S.

Government

Agency

Securities

—

0.41%

25

Fannie

Mae

...................................................

0.75

10/8/27

23

25

Fannie

Mae,

Callable

3/18/25

@

100.00

...............................

0.88

12/18/26

23

10

Fannie

Mae

...................................................

5.63

7/15/37

11

20

Fannie

Mae

...................................................

6.63

11/15/30

22

28

Federal

Farm

Credit

Banks

Funding

Corp.,

Callable

1/14/25

@

100.00

.........

1.55

7/26/30

24

30

Federal

Farm

Credit

Banks

Funding

Corp.

.............................

4.13

1/25/27

29

20

Federal

Farm

Credit

Banks

Funding

Corp.

.............................

4.50

3/2/26

20

30

Federal

Home

Loan

Banks,

Callable

2/26/25

@

100.00

....................

0.90

2/26/27

28

15

Federal

Home

Loan

Banks

........................................

2.50

6/12/26

15

125

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Government

Agency

Securities

(continued)

$

25

Federal

Home

Loan

Banks

........................................

3.25

11/16/28

$

24

55

Federal

Home

Loan

Banks

........................................

4.38

3/13/26

54

25

Federal

Home

Loan

Banks

........................................

4.75

4/9/27

25

10

Freddie

Mac

..................................................

0.00(b)

11/15/38

5

15

Freddie

Mac

..................................................

6.25

7/15/32

17

10

Freddie

Mac

..................................................

6.75

3/15/31

11

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

............................

369

Corporate

Bonds

—

13.10%

155

AbbVie,

Inc.

(Biotechnology)  

.....................................

4.40

11/6/42

133

8

AbbVie,

Inc.

(Biotechnology),

Callable

9/15/63

@

100.00 

.................

5.50

3/15/64

8

15

Air

Products

and

Chemicals,

Inc.

(Chemicals),

Callable

11/15/39

@

100.00 

.....

2.70

5/15/40

11

30

Alabama

Power

Co.,

Series

B

(Electric

Utilities),

Callable

6/1/47

@

100.00 

.....

3.70

12/1/47

22

125

Amgen,

Inc.

(Biotechnology),

Callable

2/1/25

@

100.00 

..................

3.13

5/1/25

124

80

Amgen,

Inc.

(Biotechnology),

Callable

8/21/39

@

100.00 

..................

3.15

2/21/40

59

65

Amgen,

Inc.

(Biotechnology),

Callable

12/15/50

@

100.00 

.................

4.66

6/15/51

54

10

Anheuser-Busch

Cos.

LLC/Anheuser-Busch

InBev

Worldwide,

Inc.

(Beverages),

Callable

8/1/45

@

100.00 

....................................

4.90

2/1/46

9

160

Anheuser-Busch

InBev

Worldwide,

Inc.

(Beverages)  

.....................

4.95

1/15/42

148

160

Apple,

Inc.

(Technology

Hardware,

Storage

&

Peripherals),

Callable

8/23/45

@

100.00 

..................................................

4.65

2/23/46

146

175

AT&T,

Inc.

(Diversified

Telecommunication

Services),

Callable

3/15/55

@

100.00 

3.55

9/15/55

118

55

AT&T,

Inc.

(Diversified

Telecommunication

Services),

Callable

9/9/48

@

100.00 

.

4.55

3/9/49

46

95

Atmos

Energy

Corp.

(Gas

Utilities),

Callable

7/15/42

@

100.00 

.............

4.15

1/15/43

79

470

Bank

of

America

Corp.

(Banks),

Callable

4/22/31

@

100.00 

................

2.69

(SOFR

+

132

bps)(c)

4/22/32

402

150

Bank

of

America

Corp.,

MTN

(Banks),

Callable

2/7/29

@

100.00 

...........

3.97

(TSFR3M

+

147

bps)(c)

2/7/30

144

40

Berkshire

Hathaway

Energy

Co.

(Oil,

Gas

&

Consumable

Fuels),

Callable

8/1/44

@

100.00 

..................................................

4.50

2/1/45

35

55

BP

Capital

Markets

America,

Inc.

(Oil,

Gas

&

Consumable

Fuels),

Callable

8/24/49

@

100.00 

................................................

3.00

2/24/50

35

100

Bristol-Myers

Squibb

Co.

(Pharmaceuticals),

Callable

4/26/49

@

100.00 

.......

4.25

10/26/49

80

165

Brown

&

Brown,

Inc.

(Insurance),

Callable

12/17/31

@

100.00 

.............

4.20

3/17/32

152

110

Bunge

Ltd.

Finance

Corp.

(Consumer

Staples

Distribution

&

Retail),

Callable

2/14/31

@

100.00 

..........................................

2.75

5/14/31

95

75

Capital

One

Financial

Corp.

(Consumer

Finance),

Callable

11/2/31

@

100.00 

...

2.62

(SOFR

+

127

bps)(c)

11/2/32

62

140

Capital

One

Financial

Corp.

(Consumer

Finance),

Callable

2/1/28

@

100.00 

....

5.47

(SOFR

+

208

bps)(c)

2/1/29

141

119

Carlisle

Cos.,

Inc.

(Building

Products),

Callable

12/1/31

@

100.00 

...........

2.20

3/1/32

97

35

CF

Industries,

Inc.

(Chemicals)  

....................................

5.38

3/15/44

32

200

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital

(Media),

Callable

1/1/31

@

100.00 

..............................

2.80

4/1/31

169

45

Cheniere

Energy

Partners

LP

(Oil,

Gas

&

Consumable

Fuels),

Callable

1/31/27

@

101.63 

..................................................

3.25

1/31/32

39

30

Cheniere

Energy

Partners

LP

(Oil,

Gas

&

Consumable

Fuels),

Callable

1/18/25

@

102.25 

..................................................

4.50

10/1/29

29

225

Citigroup,

Inc.

(Banks),

Callable

3/17/32

@

100.00 

......................

3.79

(SOFR

+

194

bps)(c)

3/17/33

202

175

Citigroup,

Inc.

(Banks),

Callable

3/31/30

@

100.00 

......................

4.41

(SOFR

+

391

bps)(c)

3/31/31

168

90

Citigroup,

Inc.

(Banks),

Callable

9/29/25

@

100.00 

......................

5.61

(SOFR

+

155

bps)(c)

9/29/26

90

155

Collins

Aerospace

(Aerospace

&

Defense),

Callable

12/15/26

@

100.00 

.......

3.50

3/15/27

149

126

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

Corporate

Bonds

(continued)

$

155

Comcast

Corp.

(Media),

Callable

5/1/49

@

100.00 

.......................

4.00

11/1/49

$

117

25

Comcast

Corp.

(Media)  

..........................................

4.65

7/15/42

22

10

ConocoPhillips

Co.

(Energy

Equipment

&

Services),

Callable

11/15/52

@

100.00 

5.30

5/15/53

9

10

ConocoPhillips

Co.

(Energy

Equipment

&

Services),

Callable

3/15/63

@

100.00 

.

5.70

9/15/63

10

40

Consolidated

Edison

Co.

of

New

York,

Inc.

(Electric

Utilities),

Callable

9/15/43

@

100.00 

..................................................

4.45

3/15/44

34

20

Consolidated

Edison

Co.

of

New

York,

Inc.,

Series

2008-B

(Electric

Utilities)  

...

6.75

4/1/38

22

110

Constellation

Brands,

Inc.

(Beverages),

Callable

2/1/33

@

100.00 

............

4.90

5/1/33

106

15

Constellation

Energy

Generation

LLC

(Independent

Power

and

Renewable

Electricity

Producers),

Callable

10/15/33

@

100.00 

..................

6.13

1/15/34

16

50

COPT

Defense

Properties

LP

(Real

Estate

Management

&

Development),

Callable

11/15/28

@

100.00 

.........................................

2.00

1/15/29

44

115

CSX

Corp.

(Ground

Transportation)  

.................................

6.22

4/30/40

123

140

CVS

Health

Corp.

(Health

Care

Providers

&

Services),

Callable

9/25/37

@

100.00 

4.78

3/25/38

121

60

CVS

Health

Corp.

(Health

Care

Providers

&

Services),

Callable

1/20/45

@

100.00 

5.13

7/20/45

51

10

CVS

Health

Corp.

(Health

Care

Providers

&

Services),

Callable

12/1/62

@

100.00 

6.00

6/1/63

9

80

Dell

International

LLC/EMC

Corp.

(Technology

Hardware,

Storage

&

Peripherals),

Callable

11/1/34

@

100.00 

....................................

4.85

2/1/35

76

5

Devon

Energy

Corp.

(Oil,

Gas

&

Consumable

Fuels),

Callable

11/15/41

@

100.00 

4.75

5/15/42

4

73

Devon

Energy

Corp.

(Oil,

Gas

&

Consumable

Fuels),

Callable

1/15/41

@

100.00 

.

5.60

7/15/41

67

135

Digital

Realty

Trust

LP

(Specialized

REITs),

Callable

4/15/28

@

100.00 

.......

4.45

7/15/28

132

35

DTE

Electric

Co.

(Electric

Utilities),

Callable

2/15/47

@

100.00 

.............

3.75

8/15/47

27

35

DTE

Energy

Co.

(Multi-Utilities),

Callable

3/1/34

@

100.00 

...............

5.85

6/1/34

36

15

Duke

Energy

Corp.

(Electric

Utilities),

Callable

2/15/52

@

100.00 

...........

5.00

8/15/52

13

160

EIDP,

Inc.

(Chemicals),

Callable

6/15/25

@

100.00 

......................

1.70

7/15/25

157

20

EIDP,

Inc.

(Chemicals),

Callable

2/15/33

@

100.00 

......................

4.80

5/15/33

19

15

Elevance

Health,

Inc.

(Health

Care

Providers

&

Services)  

.................

4.63

5/15/42

13

60

Elevance

Health,

Inc.

(Health

Care

Providers

&

Services)  

.................

4.65

1/15/43

52

95

Energy

Transfer

LP

(Oil,

Gas

&

Consumable

Fuels),

Callable

7/15/42

@

100.00 

.

4.95

1/15/43

81

110

Energy

Transfer

LP

(Oil,

Gas

&

Consumable

Fuels),

Callable

2/1/26

@

103.69 

..

7.38

2/1/31

115

99

Enterprise

Products

Operating

LLC

(Oil,

Gas

&

Consumable

Fuels),

Callable

9/15/43

@

100.00 

..........................................

4.85

3/15/44

88

153

FedEx

Corp.

Pass

Through

Trust,

Series

2020-1,

Class

-

AA

(Air

Freight

&

Logistics)  

...............................................

1.88

2/20/34

126

65

Fiserv,

Inc.

(Financial

Services),

Callable

12/2/32

@

100.00 

................

5.60

3/2/33

66

120

Ford

Motor

Co.

(Automobiles),

Callable

11/12/31

@

100.00 

................

3.25

2/12/32

100

200

Ford

Motor

Credit

Co.

LLC

(Financial

Services)  

........................

4.13

8/4/25

199

28

General

Motors

Co.

(Automobiles),

Callable

9/1/25

@

100.00 

..............

6.13

10/1/25

28

55

General

Motors

Financial

Co.,

Inc.

(Specialty

Retail),

Callable

2/7/25

@

100.00 

.

2.90

2/26/25

55

150

General

Motors

Financial

Co.,

Inc.

(Specialty

Retail),

Callable

2/6/30

@

100.00 

.

5.85

4/6/30

153

70

Georgia

Power

Co.

(Electric

Utilities)  

...............................

4.30

3/15/42

59

66

Gilead

Sciences,

Inc.

(Biotechnology),

Callable

8/1/44

@

100.00 

............

4.50

2/1/45

56

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

69

20

HCA,

Inc.

(Health

Care

Providers

&

Services),

Callable

1/1/34

@

100.00 

......

5.60

4/1/34

20

65

Howmet

Aerospace,

Inc.

(Aerospace

&

Defense),

Callable

8/15/31

@

100.00 

....

4.85

10/15/31

64

70

Intel

Corp.

(Semiconductors

&

Semiconductor

Equipment),

Callable

6/8/47

@

100.00 

..................................................

3.73

12/8/47

47

30

Intel

Corp.

(Semiconductors

&

Semiconductor

Equipment),

Callable

11/21/33

@

100.00 

..................................................

5.15

2/21/34

29

25

International

Business

Machines

Corp.

(IT

Services)  

.....................

4.00

6/20/42

20

35

International

Paper

Co.

(Containers

&

Packaging),

Callable

5/15/41

@

100.00 

...

6.00

11/15/41

36

420

JPMorgan

Chase

&

Co.

(Banks),

Callable

4/22/31

@

100.00 

................

2.58

(TSFR3M

+

125

bps)(c)

4/22/32

359

140

JPMorgan

Chase

&

Co.

(Banks),

Callable

1/29/26

@

100.00 

................

3.96

(TSFR3M

+

151

bps)(c)

1/29/27

139

50

JPMorgan

Chase

&

Co.

(Banks),

Callable

4/23/28

@

100.00 

................

4.01

(TSFR3M

+

138

bps)(c)

4/23/29

48

115

Kinder

Morgan,

Inc.

(Oil,

Gas

&

Consumable

Fuels),

Callable

3/1/25

@

100.00 

..

4.30

6/1/25

115

127

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

Corporate

Bonds

(continued)

$

100

Kinder

Morgan,

Inc.

(Oil,

Gas

&

Consumable

Fuels),

Callable

12/1/44

@

100.00 

.

5.55

6/1/45

$

93

30

Lincoln

National

Corp.

(Insurance),

Callable

10/15/29

@

100.00 

............

3.05

1/15/30

27

50

Lincoln

National

Corp.

(Insurance),

Callable

10/15/30

@

100.00 

............

3.40

1/15/31

45

30

Lincoln

National

Corp.

(Insurance),

Callable

12/15/33

@

100.00 

............

5.85

3/15/34

30

105

Lowe's

Cos.,

Inc.

(Specialty

Retail),

Callable

1/15/33

@

100.00 

.............

5.00

4/15/33

103

10

Lowe's

Cos.,

Inc.

(Specialty

Retail),

Callable

10/15/52

@

100.00 

............

5.63

4/15/53

10

55

Martin

Marietta

Materials,

Inc.

(Construction

Materials),

Callable

4/15/31

@

100.00 

2.40

7/15/31

47

35

Marvell

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment),

Callable

2/15/28

@

100.00 

..........................................

2.45

4/15/28

32

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

26

35

MetLife,

Inc.

(Insurance)  

........................................

4.88

11/13/43

32

215

Microchip

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment),

Callable

2/7/25

@

100.00 

...........................................

4.25

9/1/25

214

120

Microsoft

Corp.

(Software),

Callable

2/8/46

@

100.00 

....................

3.70

8/8/46

96

55

Mohawk

Industries,

Inc.

(Household

Durables),

Callable

2/15/30

@

100.00 

.....

3.63

5/15/30

51

92

Morgan

Stanley,

MTN

(Capital

Markets),

Callable

1/22/30

@

100.00 

.........

2.70

(SOFR

+

114

bps)(c)

1/22/31

82

310

Morgan

Stanley

(Capital

Markets),

Callable

1/21/32

@

100.00 

..............

2.94

(SOFR

+

129

bps)(c)

1/21/33

265

45

Motorola

Solutions,

Inc.

(Communications

Equipment),

Callable

1/15/34

@

100.00 

5.40

4/15/34

45

30

Motorola

Solutions,

Inc.

(Communications

Equipment),

Callable

3/1/32

@

100.00 

5.60

6/1/32

31

95

National

Rural

Utilities

Cooperative

Finance

Corp.

(Financial

Services),

Callable

7/15/32

@

100.00 

..........................................

5.80

1/15/33

98

80

NextEra

Energy

Capital

Holdings,

Inc.

(Electric

Utilities),

Callable

11/28/32

@

100.00 

..................................................

5.05

2/28/33

79

100

NextEra

Energy

Capital

Holdings,

Inc.

(Electric

Utilities),

Callable

8/28/52

@

100.00 

..................................................

5.25

2/28/53

91

35

NiSource,

Inc.

(Multi-Utilities),

Callable

1/1/34

@

100.00 

.................

5.35

4/1/34

35

65

NNN

REIT,

Inc.

(Retail

REITs),

Callable

1/15/30

@

100.00 

................

2.50

4/15/30

57

52

NNN

REIT,

Inc.

(Retail

REITs),

Callable

7/15/33

@

100.00 

................

5.60

10/15/33

53

75

Northrop

Grumman

Corp.

(Aerospace

&

Defense),

Callable

4/15/47

@

100.00 

..

4.03

10/15/47

59

10

Nucor

Corp.

(Metals

&

Mining),

Callable

1/1/32

@

100.00 

.................

3.13

4/1/32

9

28

Nucor

Corp.

(Metals

&

Mining),

Callable

2/1/43

@

100.00 

.................

5.20

8/1/43

27

95

Oracle

Corp.

(Software),

Callable

11/15/44

@

100.00 

....................

4.13

5/15/45

75

165

Ovintiv,

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

69

50

Potomac

Electric

Power

Co.

(Electric

Utilities),

Callable

9/15/42

@

100.00 

.....

4.15

3/15/43

42

70

Principal

Financial

Group,

Inc.

(Insurance),

Callable

3/15/30

@

100.00 

........

2.13

6/15/30

60

140

Progress

Energy,

Inc.

(Multi-Utilities)  

...............................

6.00

12/1/39

143

63

Progress

Energy,

Inc.

(Electric

Utilities)  

..............................

7.75

3/1/31

71

55

Prudential

Financial,

Inc.

(Insurance)  

................................

4.60

5/15/44

48

20

Prudential

Financial,

Inc.

(Insurance),

Callable

6/1/32

@

100.00 

.............

6.00

(H15T5Y

+

323

bps)(c)

9/1/52

20

15

Prudential

Financial,

Inc.,

MTN

(Insurance)  

..........................

6.63

6/21/40

16

30

Public

Service

Electric

and

Gas

Co.

(Electric

Utilities),

Callable

3/1/42

@

100.00 

3.65

9/1/42

23

77

Radian

Group,

Inc.

(Financial

Services),

Callable

9/15/26

@

100.00 

..........

4.88

3/15/27

76

95

Reliance,

Inc.

(Metals

&

Mining),

Callable

7/15/25

@

100.00 

...............

1.30

8/15/25

93

30

Roper

Technologies,

Inc.

(Software),

Callable

3/30/30

@

100.00 

.............

2.00

6/30/30

26

65

Roper

Technologies,

Inc.

(Software),

Callable

7/15/34

@

100.00 

.............

4.90

10/15/34

62

115

RTX

Corp.

(Aerospace

&

Defense)  

.................................

4.50

6/1/42

99

80

Sabra

Health

Care

LP

(Health

Care

REITs),

Callable

9/1/31

@

100.00 

.........

3.20

12/1/31

69

65

Sabra

Health

Care

LP

(Health

Care

REITs),

Callable

5/15/26

@

100.00 

........

5.13

8/15/26

65

45

Safehold

GL

Holdings

LLC

(Commercial

Services

&

Supplies),

Callable

10/15/34

@

100.00 

..................................................

5.65

1/15/35

44

80

Southern

Co.

Gas

Capital

Corp.

(Gas

Utilities),

Callable

11/30/46

@

100.00 

....

4.40

5/30/47

66

128

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

Corporate

Bonds

(continued)

$

80

Spectra

Energy

Partners

LP

(Oil,

Gas

&

Consumable

Fuels),

Callable

9/15/44

@

100.00 

..................................................

4.50

3/15/45

$

66

104

Steel

Dynamics,

Inc.

(Metals

&

Mining),

Callable

5/15/25

@

100.00 

..........

2.40

6/15/25

103

40

Steel

Dynamics,

Inc.

(Metals

&

Mining),

Callable

5/15/34

@

100.00 

..........

5.38

8/15/34

40

45

Sysco

Corp.

(Consumer

Staples

Distribution

&

Retail),

Callable

10/17/33

@

100.00 

6.00

1/17/34

47

300

The

Goldman

Sachs

Group,

Inc.

(Capital

Markets),

Callable

7/21/31

@

100.00 

..

2.38

(SOFR

+

125

bps)(c)

7/21/32

250

55

The

Home

Depot,

Inc.

(Specialty

Retail),

Callable

6/6/48

@

100.00 

..........

4.50

12/6/48

47

25

The

Home

Depot,

Inc.

(Specialty

Retail),

Callable

3/15/40

@

100.00 

..........

5.40

9/15/40

25

125

The

PNC

Financial

Services

Group,

Inc.

(Banks),

Callable

1/22/34

@

100.00 

...

5.68

(SOFR

+

190

bps)(c)

1/22/35

126

60

The

Travelers

Cos.,

Inc.

(Insurance)  

.................................

5.35

11/1/40

59

40

The

Walt

Disney

Co.

(Entertainment),

Callable

3/15/44

@

100.00 

............

4.75

9/15/44

36

40

T-Mobile

USA,

Inc.

(Wireless

Telecommunication

Services),

Callable

4/15/33

@

100.00 

..................................................

5.05

7/15/33

39

70

T-Mobile

USA,

Inc.

(Wireless

Telecommunication

Services),

Callable

7/15/52

@

100.00 

..................................................

5.65

1/15/53

68

65

Toyota

Motor

Credit

Corp.,

MTN

(Consumer

Finance)  

...................

4.80

1/5/34

63

95

Truist

Financial

Corp.,

MTN

(Banks),

Callable

1/24/34

@

100.00 

...........

5.71

(SOFR

+

192

bps)(c)

1/24/35

96

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

48

25

UnitedHealth

Group,

Inc.

(Health

Care

Providers

&

Services),

Callable

5/15/41

@

100.00 

..................................................

4.63

11/15/41

22

10

UnitedHealth

Group,

Inc.

(Health

Care

Providers

&

Services),

Callable

10/15/53

@

100.00 

..................................................

5.38

4/15/54

9

25

UnitedHealth

Group,

Inc.

(Health

Care

Providers

&

Services),

Callable

10/15/63

@

100.00 

..................................................

5.50

4/15/64

23

25

UnitedHealth

Group,

Inc.

(Health

Care

Providers

&

Services),

Callable

1/15/44

@

100.00 

..................................................

5.50

7/15/44

24

70

Valero

Energy

Corp.

(Oil,

Gas

&

Consumable

Fuels)  

.....................

6.63

6/15/37

73

70

Ventas

Realty

LP

(Diversified

REITs),

Callable

6/1/31

@

100.00 

.............

2.50

9/1/31

59

25

Ventas

Realty

LP

(Diversified

REITs)  

................................

3.50

2/1/25

25

40

Ventas

Realty

LP

(Diversified

REITs),

Callable

10/15/28

@

100.00 

...........

4.40

1/15/29

39

20

Verizon

Communications,

Inc.

(Diversified

Telecommunication

Services),

Callable

5/20/50

@

100.00 

..........................................

2.88

11/20/50

12

227

Verizon

Communications,

Inc.

(Diversified

Telecommunication

Services),

Callable

9/22/40

@

100.00 

..........................................

3.40

3/22/41

171

85

Virginia

Electric

and

Power

Co.,

Series

B

(Electric

Utilities),

Callable

3/15/47

@

100.00 

..................................................

3.80

9/15/47

64

20

Vulcan

Materials

Co.

(Construction

Materials),

Callable

3/1/30

@

100.00 

......

3.50

6/1/30

19

75

Warnermedia

Holdings,

Inc.

(Diversified

Telecommunication

Services),

Callable

12/15/31

@

100.00 

.........................................

4.28

3/15/32

66

145

Wells

Fargo

&

Co.

(Banks),

Callable

7/25/32

@

100.00 

...................

4.90

(SOFR

+

210

bps)(c)

7/25/33

140

160

Wells

Fargo

&

Co.

(Banks),

Callable

7/25/33

@

100.00 

...................

5.56

(SOFR

+

199

bps)(c)

7/25/34

160

55

WestRock

MWV

LLC

(Containers

&

Packaging)  

.......................

8.20

1/15/30

62

Total

Corporate

Bonds

..........................................

11,824

U.S.

Treasury

Obligations

—

24.16%

53

U.S.

Treasury

Bond

.............................................

1.13

8/15/40

32

70

U.S.

Treasury

Bond

.............................................

1.13

5/15/40

42

65

U.S.

Treasury

Bond

.............................................

1.25

5/15/50

31

150

U.S.

Treasury

Bond

.............................................

1.38

8/15/50

73

133

U.S.

Treasury

Bond

.............................................

1.38

11/15/40

82

140

U.S.

Treasury

Bond

.............................................

1.63

11/15/50

73

100

U.S.

Treasury

Bond

.............................................

1.75

8/15/41

65

129

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Treasury

Obligations

(continued)

$

96

U.S.

Treasury

Bond

.............................................

1.88

2/15/51

$

53

140

U.S.

Treasury

Bond

.............................................

1.88

2/15/41

94

148

U.S.

Treasury

Bond

.............................................

1.88

11/15/51

82

96

U.S.

Treasury

Bond

.............................................

2.00

2/15/50

56

145

U.S.

Treasury

Bond

.............................................

2.00

11/15/41

97

159

U.S.

Treasury

Bond

.............................................

2.00

8/15/51

91

117

U.S.

Treasury

Bond

.............................................

2.25

8/15/46

76

11

U.S.

Treasury

Bond

.............................................

2.25

8/15/49

7

100

U.S.

Treasury

Bond

.............................................

2.25

5/15/41

71

173

U.S.

Treasury

Bond

.............................................

2.25

2/15/52

105

81

U.S.

Treasury

Bond

.............................................

2.38

11/15/49

51

110

U.S.

Treasury

Bond

.............................................

2.38

5/15/51

69

110

U.S.

Treasury

Bond

.............................................

2.38

2/15/42

78

80

U.S.

Treasury

Bond

.............................................

2.50

2/15/46

55

55

U.S.

Treasury

Bond

.............................................

2.50

2/15/45

38

75

U.S.

Treasury

Bond

.............................................

2.50

5/15/46

51

80

U.S.

Treasury

Bond

.............................................

2.75

11/15/47

56

55

U.S.

Treasury

Bond

.............................................

2.75

8/15/47

39

10

U.S.

Treasury

Bond

.............................................

2.75

11/15/42

7

147

U.S.

Treasury

Bond

.............................................

2.88

5/15/52

103

50

U.S.

Treasury

Bond

.............................................

2.88

8/15/45

37

75

U.S.

Treasury

Bond

.............................................

2.88

5/15/43

57

65

U.S.

Treasury

Bond

.............................................

2.88

11/15/46

47

94

U.S.

Treasury

Bond

.............................................

2.88

5/15/49

67

45

U.S.

Treasury

Bond

.............................................

3.00

5/15/45

34

85

U.S.

Treasury

Bond

.............................................

3.00

11/15/44

65

115

U.S.

Treasury

Bond

.............................................

3.00

8/15/52

83

95

U.S.

Treasury

Bond

.............................................

3.00

8/15/48

69

55

U.S.

Treasury

Bond

.............................................

3.00

5/15/47

41

75

U.S.

Treasury

Bond

.............................................

3.00

2/15/47

56

50

U.S.

Treasury

Bond

.............................................

3.00

11/15/45

38

50

U.S.

Treasury

Bond

.............................................

3.00

2/15/48

37

90

U.S.

Treasury

Bond

.............................................

3.13

2/15/43

71

25

U.S.

Treasury

Bond

.............................................

3.13

11/15/41

20

22

U.S.

Treasury

Bond

.............................................

3.13

8/15/44

17

80

U.S.

Treasury

Bond

.............................................

3.13

5/15/48

60

125

U.S.

Treasury

Bond

.............................................

3.25

5/15/42

102

10

U.S.

Treasury

Bond

.............................................

3.38

11/15/48

8

10

U.S.

Treasury

Bond

.............................................

3.38

8/15/42

8

25

U.S.

Treasury

Bond

.............................................

3.38

5/15/44

20

8

U.S.

Treasury

Bond

.............................................

3.50

2/15/39

7

98

U.S.

Treasury

Bond

.............................................

3.63

2/15/53

80

135

U.S.

Treasury

Bond

.............................................

3.63

5/15/53

110

75

U.S.

Treasury

Bond

.............................................

3.63

8/15/43

64

90

U.S.

Treasury

Bond

.............................................

3.63

2/15/44

76

33

U.S.

Treasury

Bond

.............................................

3.75

8/15/41

29

75

U.S.

Treasury

Bond

.............................................

3.75

11/15/43

65

30

U.S.

Treasury

Bond

.............................................

3.88

2/15/43

26

35

U.S.

Treasury

Bond

.............................................

3.88

5/15/43

31

10

U.S.

Treasury

Bond

.............................................

3.88

8/15/40

9

73

U.S.

Treasury

Bond

.............................................

4.00

11/15/52

64

25

U.S.

Treasury

Bond

.............................................

4.00

11/15/42

22

30

U.S.

Treasury

Bond

.............................................

4.13

8/15/44

27

135

U.S.

Treasury

Bond

.............................................

4.13

8/15/53

120

75

U.S.

Treasury

Bond

.............................................

4.25

11/15/40

71

50

U.S.

Treasury

Bond

.............................................

4.25

8/15/54

46

130

U.S.

Treasury

Bond

.............................................

4.25

2/15/54

119

15

U.S.

Treasury

Bond

.............................................

4.38

5/15/40

14

25

U.S.

Treasury

Bond

.............................................

4.38

2/15/38

24

130

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Treasury

Obligations

(continued)

$

25

U.S.

Treasury

Bond

.............................................

4.38

11/15/39

$

24

30

U.S.

Treasury

Bond

.............................................

4.38

8/15/43

28

35

U.S.

Treasury

Bond

.............................................

4.38

5/15/41

33

80

U.S.

Treasury

Bond

.............................................

4.50

11/15/54

76

50

U.S.

Treasury

Bond

.............................................

4.50

2/15/36

50

30

U.S.

Treasury

Bond

.............................................

4.50

2/15/44

29

130

U.S.

Treasury

Bond

.............................................

4.63

5/15/54

126

35

U.S.

Treasury

Bond

.............................................

4.63

2/15/40

34

30

U.S.

Treasury

Bond

.............................................

4.63

11/15/44

29

30

U.S.

Treasury

Bond

.............................................

4.63

5/15/44

29

25

U.S.

Treasury

Bond

.............................................

4.75

11/15/43

25

80

U.S.

Treasury

Bond

.............................................

4.75

11/15/53

79

25

U.S.

Treasury

Bond

.............................................

4.75

2/15/37

25

70

U.S.

Treasury

Bond

.............................................

4.75

2/15/41

70

40

U.S.

Treasury

Bond

.............................................

5.00

5/15/37

41

20

U.S.

Treasury

Bond

.............................................

5.25

2/15/29

21

40

U.S.

Treasury

Bond

.............................................

5.38

2/15/31

42

60

U.S.

Treasury

Bond

.............................................

6.13

11/15/27

63

25

U.S.

Treasury

Bond

.............................................

6.13

8/15/29

27

35

U.S.

Treasury

Bond

.............................................

6.25

5/15/30

38

35

U.S.

Treasury

Note

..............................................

0.38

9/30/27

31

27

U.S.

Treasury

Note

..............................................

0.38(d)

1/31/26

26

55

U.S.

Treasury

Note

..............................................

0.38

7/31/27

50

20

U.S.

Treasury

Note

..............................................

0.50

8/31/27

18

30

U.S.

Treasury

Note

..............................................

0.50

6/30/27

27

5

U.S.

Treasury

Note

..............................................

0.50

4/30/27

5

50

U.S.

Treasury

Note

..............................................

0.50

10/31/27

45

45

U.S.

Treasury

Note

..............................................

0.50

2/28/26

43

110

U.S.

Treasury

Note

..............................................

0.63

7/31/26

104

45

U.S.

Treasury

Note

..............................................

0.63

11/30/27

41

20

U.S.

Treasury

Note

..............................................

0.63

12/31/27

18

5

U.S.

Treasury

Note

..............................................

0.63(d)

3/31/27

5

250

U.S.

Treasury

Note

..............................................

0.63

8/15/30

202

195

U.S.

Treasury

Note

..............................................

0.63

5/15/30

160

25

U.S.

Treasury

Note

..............................................

0.75

4/30/26

24

27

U.S.

Treasury

Note

..............................................

0.75

8/31/26

25

100

U.S.

Treasury

Note

..............................................

0.75

5/31/26

95

105

U.S.

Treasury

Note

..............................................

0.75

3/31/26

101

95

U.S.

Treasury

Note

..............................................

0.75(d)

1/31/28

85

185

U.S.

Treasury

Note

..............................................

0.88

11/15/30

151

145

U.S.

Treasury

Note

..............................................

0.88

9/30/26

137

20

U.S.

Treasury

Note

..............................................

0.88

6/30/26

19

85

U.S.

Treasury

Note

..............................................

1.00

7/31/28

76

120

U.S.

Treasury

Note

..............................................

1.13

10/31/26

113

10

U.S.

Treasury

Note

..............................................

1.13

2/28/27

9

126

U.S.

Treasury

Note

..............................................

1.13

2/15/31

104

125

U.S.

Treasury

Note

..............................................

1.13

8/31/28

112

110

U.S.

Treasury

Note

..............................................

1.13

2/29/28

100

130

U.S.

Treasury

Note

..............................................

1.25

3/31/28

118

100

U.S.

Treasury

Note

..............................................

1.25

5/31/28

90

90

U.S.

Treasury

Note

..............................................

1.25

4/30/28

82

145

U.S.

Treasury

Note

..............................................

1.25

12/31/26

137

155

U.S.

Treasury

Note

..............................................

1.25

8/15/31

127

150

U.S.

Treasury

Note

..............................................

1.25

11/30/26

142

120

U.S.

Treasury

Note

..............................................

1.25

9/30/28

107

65

U.S.

Treasury

Note

..............................................

1.25

6/30/28

59

120

U.S.

Treasury

Note

..............................................

1.38

10/31/28

108

167

U.S.

Treasury

Note

..............................................

1.38

11/15/31

137

105

U.S.

Treasury

Note

..............................................

1.38

12/31/28

94

131

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Treasury

Obligations

(continued)

$

63

U.S.

Treasury

Note

..............................................

1.50

2/15/30

$

55

140

U.S.

Treasury

Note

..............................................

1.50

8/15/26

134

85

U.S.

Treasury

Note

..............................................

1.50

11/30/28

76

150

U.S.

Treasury

Note

..............................................

1.50

1/31/27

142

60

U.S.

Treasury

Note

..............................................

1.63

2/15/26

58

100

U.S.

Treasury

Note

..............................................

1.63

5/15/26

97

80

U.S.

Treasury

Note

..............................................

1.63

5/15/31

68

45

U.S.

Treasury

Note

..............................................

1.63

9/30/26

43

20

U.S.

Treasury

Note

..............................................

1.75

12/31/26

19

140

U.S.

Treasury

Note

..............................................

1.75

1/31/29

126

40

U.S.

Treasury

Note

..............................................

1.75

11/15/29

35

105

U.S.

Treasury

Note

..............................................

1.88

2/28/27

100

247

U.S.

Treasury

Note

..............................................

1.88

2/15/32

207

75

U.S.

Treasury

Note

..............................................

1.88

7/31/26

72

65

U.S.

Treasury

Note

..............................................

1.88

2/28/29

59

25

U.S.

Treasury

Note

..............................................

1.88

6/30/26

24

160

U.S.

Treasury

Note

..............................................

2.00

11/15/26

154

85

U.S.

Treasury

Note

..............................................

2.13

5/31/26

83

150

U.S.

Treasury

Note

..............................................

2.25

11/15/27

142

80

U.S.

Treasury

Note

..............................................

2.25

3/31/26

78

150

U.S.

Treasury

Note

..............................................

2.25

2/15/27

144

145

U.S.

Treasury

Note

..............................................

2.25

8/15/27

138

35

U.S.

Treasury

Note

..............................................

2.38

5/15/29

32

30

U.S.

Treasury

Note

..............................................

2.38

4/30/26

29

105

U.S.

Treasury

Note

..............................................

2.38

5/15/27

101

35

U.S.

Treasury

Note

..............................................

2.38

3/31/29

32

60

U.S.

Treasury

Note

..............................................

2.50

2/28/26

59

40

U.S.

Treasury

Note

..............................................

2.50

3/31/27

39

45

U.S.

Treasury

Note

..............................................

2.63

5/31/27

43

15

U.S.

Treasury

Note

..............................................

2.63

7/31/29

14

165

U.S.

Treasury

Note

..............................................

2.63

2/15/29

154

85

U.S.

Treasury

Note

..............................................

2.63

1/31/26

84

66

U.S.

Treasury

Note

..............................................

2.75

7/31/27

64

75

U.S.

Treasury

Note

..............................................

2.75

4/30/27

73

105

U.S.

Treasury

Note

..............................................

2.75

2/15/28

100

218

U.S.

Treasury

Note

..............................................

2.75

8/15/32

192

60

U.S.

Treasury

Note

..............................................

2.75

5/31/29

56

203

U.S.

Treasury

Note

..............................................

2.88

5/15/32

182

125

U.S.

Treasury

Note

..............................................

2.88

8/15/28

119

65

U.S.

Treasury

Note

..............................................

2.88

4/30/29

61

160

U.S.

Treasury

Note

..............................................

2.88

5/15/28

153

65

U.S.

Treasury

Note

..............................................

3.13

8/31/27

63

140

U.S.

Treasury

Note

..............................................

3.13

11/15/28

134

55

U.S.

Treasury

Note

..............................................

3.13

8/31/29

52

70

U.S.

Treasury

Note

..............................................

3.25

6/30/27

68

60

U.S.

Treasury

Note

..............................................

3.25

6/30/29

57

105

U.S.

Treasury

Note

..............................................

3.38

9/15/27

103

195

U.S.

Treasury

Note

..............................................

3.38

5/15/33

179

70

U.S.

Treasury

Note

..............................................

3.50

1/31/30

67

70

U.S.

Treasury

Note

..............................................

3.50

4/30/30

67

100

U.S.

Treasury

Note

..............................................

3.50

9/30/29

96

90

U.S.

Treasury

Note

..............................................

3.50

1/31/28

88

170

U.S.

Treasury

Note

..............................................

3.50

2/15/33

158

85

U.S.

Treasury

Note

..............................................

3.50

4/30/28

83

125

U.S.

Treasury

Note

..............................................

3.50

9/30/26

123

90

U.S.

Treasury

Note

..............................................

3.63

3/31/28

88

70

U.S.

Treasury

Note

..............................................

3.63

3/31/30

67

80

U.S.

Treasury

Note

..............................................

3.63

5/15/26

79

115

U.S.

Treasury

Note

..............................................

3.63

8/31/29

111

132

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Treasury

Obligations

(continued)

$

90

U.S.

Treasury

Note

..............................................

3.63

5/31/28

$

88

80

U.S.

Treasury

Note

..............................................

3.63

9/30/31

76

70

U.S.

Treasury

Note

..............................................

3.75

5/31/30

68

125

U.S.

Treasury

Note

..............................................

3.75

8/31/26

124

80

U.S.

Treasury

Note

..............................................

3.75

4/15/26

79

115

U.S.

Treasury

Note

..............................................

3.75

12/31/28

112

80

U.S.

Treasury

Note

..............................................

3.75

12/31/30

77

70

U.S.

Treasury

Note

..............................................

3.75

6/30/30

68

80

U.S.

Treasury

Note

..............................................

3.75

8/31/31

77

105

U.S.

Treasury

Note

..............................................

3.75

8/15/27

104

105

U.S.

Treasury

Note

..............................................

3.88

10/15/27

104

75

U.S.

Treasury

Note

..............................................

3.88

9/30/29

73

75

U.S.

Treasury

Note

..............................................

3.88

12/31/29

73

75

U.S.

Treasury

Note

..............................................

3.88

11/30/29

73

175

U.S.

Treasury

Note

..............................................

3.88

8/15/34

166

90

U.S.

Treasury

Note

..............................................

3.88

12/31/27

89

80

U.S.

Treasury

Note

..............................................

3.88

1/15/26

80

90

U.S.

Treasury

Note

..............................................

3.88

11/30/27

89

220

U.S.

Treasury

Note

..............................................

3.88

8/15/33

208

120

U.S.

Treasury

Note

..............................................

4.00

1/31/29

118

45

U.S.

Treasury

Note

..............................................

4.00

1/15/27

45

210

U.S.

Treasury

Note

..............................................

4.00

2/15/34

200

85

U.S.

Treasury

Note

..............................................

4.00

6/30/28

84

80

U.S.

Treasury

Note

..............................................

4.00

1/31/31

78

40

U.S.

Treasury

Note

..............................................

4.00

2/29/28

40

130

U.S.

Treasury

Note

..............................................

4.00

7/31/29

128

80

U.S.

Treasury

Note

..............................................

4.00

2/15/26

80

70

U.S.

Treasury

Note

..............................................

4.00

2/28/30

69

65

U.S.

Treasury

Note

..............................................

4.00

10/31/29

64

45

U.S.

Treasury

Note

..............................................

4.00

7/31/30

44

100

U.S.

Treasury

Note

..............................................

4.00

12/15/27

99

85

U.S.

Treasury

Note

..............................................

4.13

7/31/28

84

130

U.S.

Treasury

Note

..............................................

4.13

3/31/29

129

70

U.S.

Treasury

Note

..............................................

4.13

8/31/30

69

80

U.S.

Treasury

Note

..............................................

4.13

3/31/31

79

80

U.S.

Treasury

Note

..............................................

4.13

10/31/31

78

90

U.S.

Treasury

Note

..............................................

4.13

10/31/27

90

105

U.S.

Treasury

Note

..............................................

4.13

2/15/27

105

80

U.S.

Treasury

Note

..............................................

4.13

6/15/26

80

125

U.S.

Treasury

Note

..............................................

4.13

10/31/26

125

70

U.S.

Treasury

Note

..............................................

4.13

7/31/31

69

125

U.S.

Treasury

Note

..............................................

4.13

11/30/29

124

70

U.S.

Treasury

Note

..............................................

4.13

11/30/31

69

125

U.S.

Treasury

Note

..............................................

4.13

10/31/29

124

105

U.S.

Treasury

Note

..............................................

4.13

11/15/27

105

90

U.S.

Treasury

Note

..............................................

4.13

9/30/27

90

142

U.S.

Treasury

Note

..............................................

4.13

11/15/32

139

130

U.S.

Treasury

Note

..............................................

4.25

6/30/29

129

125

U.S.

Treasury

Note

..............................................

4.25

11/30/26

125

130

U.S.

Treasury

Note

..............................................

4.25

11/15/34

127

115

U.S.

Treasury

Note

..............................................

4.25

1/31/26

115

105

U.S.

Treasury

Note

..............................................

4.25

3/15/27

105

125

U.S.

Treasury

Note

..............................................

4.25

2/28/29

124

100

U.S.

Treasury

Note

..............................................

4.25

12/31/26

100

80

U.S.

Treasury

Note

..............................................

4.25

6/30/31

79

50

U.S.

Treasury

Note

..............................................

4.25

2/28/31

49

125

U.S.

Treasury

Note

..............................................

4.38

12/31/29

125

125

U.S.

Treasury

Note

..............................................

4.38

7/31/26

125

170

U.S.

Treasury

Note

..............................................

4.38

5/15/34

168

133

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Treasury

Obligations

(continued)

$

110

U.S.

Treasury

Note

..............................................

4.38

11/30/28

$

110

75

U.S.

Treasury

Note

..............................................

4.38

11/30/30

75

85

U.S.

Treasury

Note

..............................................

4.38

8/15/26

85

105

U.S.

Treasury

Note

..............................................

4.38

7/15/27

105

95

U.S.

Treasury

Note

..............................................

4.38

8/31/28

95

90

U.S.

Treasury

Note

..............................................

4.38

12/15/26

90

230

U.S.

Treasury

Note

..............................................

4.50

11/15/33

228

80

U.S.

Treasury

Note

..............................................

4.50

12/31/31

80

125

U.S.

Treasury

Note

..............................................

4.50

3/31/26

125

110

U.S.

Treasury

Note

..............................................

4.50

4/15/27

111

80

U.S.

Treasury

Note

..............................................

4.50

7/15/26

80

130

U.S.

Treasury

Note

..............................................

4.50

5/31/29

131

110

U.S.

Treasury

Note

..............................................

4.50

5/15/27

111

75

U.S.

Treasury

Note

..............................................

4.63

9/30/30

76

95

U.S.

Treasury

Note

..............................................

4.63

11/15/26

96

130

U.S.

Treasury

Note

..............................................

4.63

4/30/29

131

85

U.S.

Treasury

Note

..............................................

4.63

4/30/31

86

65

U.S.

Treasury

Note

..............................................

4.63

5/31/31

66

90

U.S.

Treasury

Note

..............................................

4.63

9/15/26

91

120

U.S.

Treasury

Note

..............................................

4.63

2/28/26

120

80

U.S.

Treasury

Note

..............................................

4.63

3/15/26

80

105

U.S.

Treasury

Note

..............................................

4.63

6/15/27

106

90

U.S.

Treasury

Note

..............................................

4.63

10/15/26

91

100

U.S.

Treasury

Note

..............................................

4.63

9/30/28

101

125

U.S.

Treasury

Note

..............................................

4.63

6/30/26

126

105

U.S.

Treasury

Note

..............................................

4.88

10/31/28

107

75

U.S.

Treasury

Note

..............................................

4.88

10/31/30

77

130

U.S.

Treasury

Note

..............................................

4.88

4/30/26

131

130

U.S.

Treasury

Note

..............................................

4.88

5/31/26

131

Total

U.S.

Treasury

Obligations

...................................

21,807

Yankee

Dollars

—

1.06%

45

America

Movil

SAB

de

CV

(Wireless

Telecommunication

Services)  

.........

6.13

11/15/37

46

64

British

Telecommunications

PLC

(Diversified

Telecommunication

Services)  

....

9.63

12/15/30

77

170

Canadian

Natural

Resources

Ltd.

(Oil,

Gas

&

Consumable

Fuels),

Callable

6/15/25

@

100.00 

................................................

2.05

7/15/25

168

20

Canadian

Pacific

Railway

Co.

(Ground

Transportation),

Callable

6/2/51

@

100.00 

3.10

12/2/51

13

45

Canadian

Pacific

Railway

Co.

(Ground

Transportation)  

...................

7.13

10/15/31

50

40

Deutsche

Telekom

International

Finance

BV

(Diversified

Telecommunication

Services)  

................................................

8.75

6/15/30

46

75

Iberdrola

International

BV

(Electric

Utilities)  

..........................

5.81

3/15/25

75

80

Iberdrola

International

BV

(Electric

Utilities)  

..........................

6.75

7/15/36

89

45

Nutrien

Ltd.

(Chemicals),

Callable

9/27/52

@

100.00 

.....................

5.80

3/27/53

44

60

Orange

SA

(Diversified

Telecommunication

Services)  

....................

9.00

3/1/31

71

20

Pfizer

Investment

Enterprises

Pte

Ltd.

(Capital

Markets),

Callable

2/19/33

@

100.00 

4.75

5/19/33

19

95

Pfizer

Investment

Enterprises

Pte

Ltd.

(Capital

Markets),

Callable

11/19/42

@

100.00 

..................................................

5.11

5/19/43

90

25

Pfizer

Investment

Enterprises

Pte

Ltd.

(Capital

Markets),

Callable

11/19/62

@

100.00 

..................................................

5.34

5/19/63

23

70

Shell

International

Finance

BV

(Oil,

Gas

&

Consumable

Fuels)  

.............

4.55

8/12/43

61

50

Telefonica

Emisiones

SA

(Diversified

Telecommunication

Services)  

..........

7.05

6/20/36

55

9

Vodafone

Group

PLC

(Wireless

Telecommunication

Services)  

..............

6.15

2/27/37

9

20

Waste

Connections,

Inc.

(Commercial

Services

&

Supplies),

Callable

12/1/33

@

100.00 

..................................................

5.00

3/1/34

19

Total

Yankee

Dollars

............................................

955

134

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Rate

%

Maturity

Date

Value

(000)

Investment

Companies

—

50.16%

Domestic

Fixed

Income

—

39.27%

611,496

Vanguard

Intermediate-Term

Treasury

ETF

............................

$

35,467

Money

Market

Funds

—

10.89%

99,234

State

Street

Institutional

Treasury

Money

Market

Fund,

Premier

Class

.........

4.40(e)

99

9,721,682

State

Street

Institutional

Treasury

Plus

Money

Market

Fund,

Trust

Class

........

4.37(e)

9,722

9,821

Total

Investment

Companies

......................................

45,288

Total

Investments

(cost

$94,344)

—

100.29%

.........................

90,537

Liabilities

in

excess

of

other

assets

—

(0.29)%

.........................

(266)

Net

Assets

—

100.00%

..........................................

$

90,271

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,

2024.

(b)

Zero

Coupon

Security.

Effective

rate

shown

is

as

of

December

31,

2024.

(c)

Variable

Rate

Security.

The

rate

disclosed

is

the

rate

in

effect

on

December

31,

2024.

(d)

The

rate

disclosed

represents

effective

yield

at

purchase.

(e)

Annualized

7-day

yield

as

of

period-end.

bps—Basis

Points

ETF—Exchange-Traded

Fund

H15T5Y—5

Year

Treasury

Constant

Maturity

Rate

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

TSFR3M

—

3

Month

SOFR

135

See

accompanying

notes

to

financial

statements.

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(concluded)

—

December

31,

2024

(Unaudited)

The

following

table

reflects

the

percentage

of

total

net

assets

of

the

Portfolio

attributable

to

each

Specialist

Manager

as

of

December

31,

2024.

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-Backed

Securities

...........................................................

—

0.61

%

—

—

0.61

%

U.S.

Government

Agency

Mortgages

....................................................................

—

10.59

%

—

—

10.59

%

U.S.

Government

Agency

Securities

.....................................................................

—

0.41

%

—

—

0.41

%

Corporate

Bonds

.....................................................................................................

13.10

%

—

—

—

13.10

%

U.S.

Treasury

Obligations

......................................................................................

—

24.16

%

—

—

24.16

%

Yankee

Dollars

.......................................................................................................

1.06

%

—

—

—

1.06

%

Investment

Companies

...........................................................................................

0.11

%

1.01

%

47.64

%

1.40

%

50.16

%

Other

Assets

(Liabilities)

........................................................................................

0.19

%

-0.65

%

0.16

%

0.01

%

-0.29

%

Total

Net

Assets

.................................................................................................

14.46

%

36.33

%

47.80

%

1.41

%

100.00

%

The

following

table

reflects

the

open

derivative

positions

held

by

the

Portfolio

as

of

December

31,

2024

.

Futures

Contracts

Purchased

*

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value

and

Unrealized

Appreciation/

(Depreciation)

(000)

10

Year

US

Treasury

Note

Future

..................

67

3/20/25

$

7,286

$

(75)

$

7,286

$

(75)

Total

Unrealized

Appreciation

.....................

$

—

Total

Unrealized

Depreciation

.....................

(75)

Total

Net

Unrealized

Appreciation/(Depreciation)

.......

$

(75)

*

Cash

has

been

pledged

as

collateral

for

futures

contracts

held

by

the

Portfolio.

HC

CAPITAL

TRUST

The

Corporate

Opportunities

Portfolio

Portfolio

of

Investments

—

December

31,

2024

(Unaudited)

136

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Rate

%

Maturity

Date

Value

(000)

Common

Stocks

—

1.31%

1,740,900

ACC

Claims

Holding

LLC

(Financial

Services)^(a)

......................

$

─

2,661

Blackstone,

Inc.

(Capital

Markets)

..................................

459

3,122

KKR

&

Co.,

Inc.

(Capital

Markets)

..................................

462

433,130

Petershill

Partners

PLC

(Capital

Markets)

.............................

1,332

9,142

The

Carlyle

Group,

Inc.

(Capital

Markets)

.............................

462

Total

Common

Stocks

...........................................

2,715

Investment

Companies

—

95.88%

Domestic

Equity

Funds

—

24.04%

84,680

iShares

Core

S&P

500

ETF

........................................

49,850

International

Equity

Funds

—

8.46%

589,955

Apax

Global

Alpha

Ltd.

..........................................

1,049

20,000

CT

Private

Equity

Trust

PLC

.......................................

122

152,543

HarbourVest

Global

Private

Equity

Ltd.

...............................

5,061

158,630

ICG

Enterprise

Trust

PLC

.........................................

2,569

140,000

NB

Private

Equity

Partners

Ltd.

Fund

................................

2,769

118,000

Oakley

Capital

Investments

Ltd.

....................................

737

77,076

Partners

Group

Private

Equity

Ltd.

..................................

854

1,084,734

The

Pantheon

International

PLC

Fund

................................

4,372

17,533

Money

Market

Funds

—

63.38%

1,177,000

Federated

Hermes

Treasury

Obligations

Fund,

Institutional

Shares^^

..........

4.25(b)

1,177

129,994,491

State

Street

Institutional

Treasury

Plus

Money

Market

Fund,

Trust

Class

........

4.37(b)

129,994

179,992

State

Street

Institutional

U.S.

Government

Money

Market

Fund,

Administrative

Class

....................................................

4.18(b)

180

131,351

Total

Investment

Companies

......................................

198,734

Total

Investments

(cost

$202,103

)

—

97.19%

.........................

201,449

Other

assets

in

excess

of

liabilities

—

2.81%

..........................

5,823

Net

Assets

—

100.00%

..........................................

$

207,272

^

All

or

part

of

this

security

was

on

loan

as

of

December

31,

2024.

^^

Purchased

with

cash

collateral

held

from

securities

lending.

(a)

Escrow

security

due

to

bankruptcy.

(b)

Annualized

7-day

yield

as

of

period-end.

ETF—Exchange-Traded

Fund

137

HC

CAPITAL

TRUST

The

Corporate

Opportunities

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(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,

2024.

The

Corporate

Opportunities

Portfolio

City

of

London

Investment

Management

Company,

Limited

Parametric

Portfolio

Associates,

LLC

HC

Capital

Solutions

Total

Common

Stocks

...............................................................................................................................

1.31

%

—

—

1.31

%

Investment

Companies

.....................................................................................................................

8.55

%

87.32

%

0.01

%

95.88

%

Other

Assets

(Liabilities)

.................................................................................................................

-0.03

%

2.82

%

0.02

%

2.81

%

Total

Net

Assets

9.83

%

90.14

%

0.03

%

100.00

%

The

following

table

reflects

the

open

derivative

positions

held

by

the

Portfolio

as

of

December

31,

2024

.

Futures

Contracts

Purchased

*

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value

and

Unrealized

Appreciation/

(Depreciation)

(000)

10

Year

US

Treasury

Note

Future

.............................

402

3/20/25

$

43,718

$

(442)

5

Year

US

Treasury

Note

Future

..............................

622

3/31/25

66,121

(356)

E-Mini

S&P

500

Future

....................................

39

3/21/25

11,575

(378)

$

121,414

$

(1,176)

Total

Unrealized

Appreciation

.....................

$

—

Total

Unrealized

Depreciation

.....................

(1,176)

Total

Net

Unrealized

Appreciation/(Depreciation)

.......

$

(1,176)

*

Cash

has

been

pledged

as

collateral

for

futures

contracts

held

by

the

Portfolio.

138

See

accompanying

notes

to

financial

statements.

HC

CAPITAL

TRUST

The

Corporate

Opportunities

Portfolio

Portfolio

of

Investments

(concluded)

—

December

31,

2024

(Unaudited)

Centrally

Cleared

Swap

Agreements(a)

Credit

Default

Swap

Agreements

-

Buy

Protection

Underlying

Instrument

Payment

Frequency

Fixed

Deal

Pay

Rate

(%)

Maturity

Date

Implied

Credit

Spread

at

December

31,

2024

(%)(b)

Notional

Amount

(000)(c)

Value

(000)

Premiums

Paid/

(Received)

(000)

Unrealized

Appreciation/

(Depreciation)

(000)

CDX

High

Yield

Index

Swap

Agreement,

Series

43

Daily

5.00

12/20/2029

2.98

$

76,000

$

(5,849)

$

(5,587)

$

(262)

$

(5,849)

$

(5,587)

$

(262)

(a)

When

a

credit

event

occurs

as

defined

under

the

terms

of

the

swap

agreement,

the

Fund

as

a

buyer

of

credit

protection

will

either

(i)

receive

from

the

seller

of

protection

an

amount

equal

to

the

par

value

of

the

defaulted

reference

entity

and

deliver

the

reference

entity

or

(ii)

receive

a

net

amount

equal

to

the

par

value

of

the

defaulted

reference

entity

less

its

recovery

value.

(b)

Implied

credit

spread,

represented

in

absolute

terms,

utilized

in

determining

the

value

of

the

credit

default

swap

agreements

as

of

period

end

will

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

likelihood

or

risk

of

default

or

other

credit

event

for

the

credit

derivative.

The

implied

credit

spread

of

a

referenced

entity

reflects

the

cost

of

buying/selling

protection

and

may

include

payments

required

to

be

made

to

enter

into

the

agreement.

Generally,

wider

credit

spreads

represent

a

perceived

deterioration

of

the

referenced

entity's

credit

soundness

and

a

greater

likelihood

or

risk

of

default

or

other

credit

event

occurring

as

defined

under

the

terms

of

the

swap

agreement.

(c)

The

notional

amount

represents

the

maximum

potential

amount

the

Fund

may

receive

as

a

buyer

of

credit

protection

if

a

credit

event

occurs,

as

defined

under

the

terms

of

the

swap

agreement,

for

each

security

included

in

the

CDX

North

America

High

Yield

Index.

HC

CAPITAL

TRUST

The

U.S.

Government

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

—

December

31,

2024

(Unaudited)

139

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Government

Agency

Securities

—

0.70%

$

350

Fannie

Mae

...................................................

0.75

10/8/27

$

317

200

Fannie

Mae

...................................................

0.88

8/5/30

165

100

Fannie

Mae,

Callable

3/18/25

@

100.00

...............................

0.88

12/18/26

93

100

Fannie

Mae

...................................................

1.88

9/24/26

96

150

Fannie

Mae

...................................................

2.13

4/24/26

146

95

Fannie

Mae

...................................................

6.25

5/15/29

102

160

Fannie

Mae

...................................................

6.63

11/15/30

177

180

Fannie

Mae

...................................................

7.25

5/15/30

203

250

Federal

Farm

Credit

Banks

Funding

Corp.,

Callable

1/14/25

@

100.00

.........

1.00

10/7/26

236

75

Federal

Farm

Credit

Banks

Funding

Corp.,

Callable

1/14/25

@

100.00

.........

1.24

12/23/30

62

468

Federal

Farm

Credit

Banks

Funding

Corp.,

Callable

1/14/25

@

100.00

.........

1.55

7/26/30

396

300

Federal

Farm

Credit

Banks

Funding

Corp.

.............................

4.38

7/6/26

300

200

Federal

Farm

Credit

Banks

Funding

Corp.

.............................

4.38

6/23/26

200

100

Federal

Farm

Credit

Banks

Funding

Corp.

.............................

4.50

8/14/26

100

200

Federal

Farm

Credit

Banks

Funding

Corp.

.............................

4.75

5/28/26

201

70

Federal

Home

Loan

Banks,

Series

4,

Callable

1/27/25

@

100.00

.............

1.00

7/27/26

66

100

Federal

Home

Loan

Banks

........................................

1.25

12/21/26

94

300

Federal

Home

Loan

Banks

........................................

3.25

6/9/28

289

225

Federal

Home

Loan

Banks

........................................

3.63

9/4/26

223

300

Federal

Home

Loan

Banks

........................................

4.00

6/30/28

296

100

Federal

Home

Loan

Banks

........................................

4.00

10/9/26

99

200

Federal

Home

Loan

Banks

........................................

4.38

6/12/26

200

500

Federal

Home

Loan

Banks

........................................

4.63

11/17/26

504

100

Federal

Home

Loan

Banks

........................................

4.75

4/9/27

101

165

Federal

Home

Loan

Banks

........................................

5.50

7/15/36

175

100

Freddie

Mac,

Series

1

............................................

0.00(a)

11/15/38

49

400

Freddie

Mac,

Callable

1/27/25

@

100.00

..............................

0.80

10/27/26

375

500

Freddie

Mac,

Callable

3/27/25

@

100.00

..............................

4.88

9/27/29

498

250

Freddie

Mac

..................................................

6.25

7/15/32

276

180

Freddie

Mac

..................................................

6.75

3/15/31

201

85

Tennessee

Valley

Authority

........................................

5.25

9/15/39

87

200

Tennessee

Valley

Authority

........................................

5.38

4/1/56

204

100

Tennessee

Valley

Authority

........................................

5.88

4/1/36

108

140

Tennessee

Valley

Authority

........................................

6.15

1/15/38

155

Total

U.S.

Government

Agency

Securities

............................

6,794

U.S.

Treasury

Obligations

—

44.93%

575

U.S.

Treasury

Bond

.............................................

1.13

5/15/40

346

825

U.S.

Treasury

Bond

.............................................

1.13

8/15/40

492

535

U.S.

Treasury

Bond

.............................................

1.25

5/15/50

254

1,965

U.S.

Treasury

Bond

.............................................

1.38

11/15/40

1,216

2,560

U.S.

Treasury

Bond

.............................................

1.38

8/15/50

1,249

2,070

U.S.

Treasury

Bond

.............................................

1.63

11/15/50

1,080

2,625

U.S.

Treasury

Bond

.............................................

1.75

8/15/41

1,699

2,695

U.S.

Treasury

Bond

.............................................

1.88

2/15/51

1,500

2,140

U.S.

Treasury

Bond

.............................................

1.88

2/15/41

1,433

2,215

U.S.

Treasury

Bond

.............................................

1.88

11/15/51

1,222

4,335

U.S.

Treasury

Bond

.............................................

2.00

8/15/51

2,478

3,320

U.S.

Treasury

Bond

.............................................

2.00

11/15/41

2,230

1,020

U.S.

Treasury

Bond

.............................................

2.00

2/15/50

593

1,260

U.S.

Treasury

Bond

.............................................

2.25

8/15/46

813

3,010

U.S.

Treasury

Bond

.............................................

2.25

2/15/52

1,826

650

U.S.

Treasury

Bond

.............................................

2.25

8/15/49

403

1,750

U.S.

Treasury

Bond

.............................................

2.25

5/15/41

1,241

2,475

U.S.

Treasury

Bond

.............................................

2.38

11/15/49

1,574

3,860

U.S.

Treasury

Bond

.............................................

2.38

5/15/51

2,429

1,880

U.S.

Treasury

Bond

.............................................

2.38

2/15/42

1,338

1,135

U.S.

Treasury

Bond

.............................................

2.50

2/15/46

776

140

HC

CAPITAL

TRUST

The

U.S.

Government

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Treasury

Obligations

(continued)

$

800

U.S.

Treasury

Bond

.............................................

2.50

5/15/46

$

545

1,955

U.S.

Treasury

Bond

.............................................

2.50

2/15/45

1,356

450

U.S.

Treasury

Bond

.............................................

2.75

8/15/42

338

1,995

U.S.

Treasury

Bond

.............................................

2.75

11/15/42

1,490

2,320

U.S.

Treasury

Bond

.............................................

2.75

11/15/47

1,628

1,110

U.S.

Treasury

Bond

.............................................

2.75

8/15/47

781

850

U.S.

Treasury

Bond

.............................................

2.88

5/15/49

603

880

U.S.

Treasury

Bond

.............................................

2.88

8/15/45

649

955

U.S.

Treasury

Bond

.............................................

2.88

11/15/46

694

831

U.S.

Treasury

Bond

.............................................

2.88

5/15/43

629

2,095

U.S.

Treasury

Bond

.............................................

2.88

5/15/52

1,466

1,370

U.S.

Treasury

Bond

.............................................

3.00

2/15/48

1,005

400

U.S.

Treasury

Bond

.............................................

3.00

11/15/45

301

1,010

U.S.

Treasury

Bond

.............................................

3.00

5/15/45

763

1,105

U.S.

Treasury

Bond

.............................................

3.00

11/15/44

839

1,460

U.S.

Treasury

Bond

.............................................

3.00

8/15/48

1,067

440

U.S.

Treasury

Bond

.............................................

3.00

2/15/47

326

570

U.S.

Treasury

Bond

.............................................

3.00

2/15/49

415

1,125

U.S.

Treasury

Bond

.............................................

3.00

5/15/42

882

1,670

U.S.

Treasury

Bond

.............................................

3.00

8/15/52

1,199

1,075

U.S.

Treasury

Bond

.............................................

3.00

5/15/47

795

1,205

U.S.

Treasury

Bond

.............................................

3.13

8/15/44

935

1,000

U.S.

Treasury

Bond

.............................................

3.13

2/15/42

802

1,000

U.S.

Treasury

Bond

.............................................

3.13

11/15/41

804

1,177

U.S.

Treasury

Bond

.............................................

3.13

2/15/43

929

1,030

U.S.

Treasury

Bond

.............................................

3.13

5/15/48

772

850

U.S.

Treasury

Bond

.............................................

3.25

5/15/42

691

2,400

U.S.

Treasury

Bond

.............................................

3.38

11/15/48

1,875

1,695

U.S.

Treasury

Bond

.............................................

3.38

5/15/44

1,373

1,315

U.S.

Treasury

Bond

.............................................

3.38

8/15/42

1,085

1,470

U.S.

Treasury

Bond

.............................................

3.63

8/15/43

1,245

2,205

U.S.

Treasury

Bond

.............................................

3.63

2/15/44

1,860

2,100

U.S.

Treasury

Bond

.............................................

3.63

2/15/53

1,708

3,605

U.S.

Treasury

Bond

.............................................

3.63

5/15/53

2,934

1,220

U.S.

Treasury

Bond

.............................................

3.75

11/15/43

1,050

1,275

U.S.

Treasury

Bond

.............................................

3.88

2/15/43

1,125

150

U.S.

Treasury

Bond

.............................................

3.88

5/15/43

132

225

U.S.

Treasury

Bond

.............................................

3.88

8/15/40

203

925

U.S.

Treasury

Bond

.............................................

4.00

11/15/52

806

3,015

U.S.

Treasury

Bond

.............................................

4.13

8/15/53

2,689

550

U.S.

Treasury

Bond

.............................................

4.25

11/15/40

517

2,355

U.S.

Treasury

Bond

.............................................

4.25

2/15/54

2,151

1,625

U.S.

Treasury

Bond

.............................................

4.25

8/15/54

1,486

130

U.S.

Treasury

Bond

.............................................

4.25

5/15/39

123

530

U.S.

Treasury

Bond

.............................................

4.38

2/15/38

515

163

U.S.

Treasury

Bond

.............................................

4.38

5/15/40

156

551

U.S.

Treasury

Bond

.............................................

4.38

5/15/41

525

680

U.S.

Treasury

Bond

.............................................

4.38

11/15/39

652

275

U.S.

Treasury

Bond

.............................................

4.50

2/15/36

274

1,060

U.S.

Treasury

Bond

.............................................

4.50

11/15/54

1,012

700

U.S.

Treasury

Bond

.............................................

4.50

2/15/44

669

255

U.S.

Treasury

Bond

.............................................

4.50

5/15/38

251

1,150

U.S.

Treasury

Bond

.............................................

4.50

8/15/39

1,119

2,130

U.S.

Treasury

Bond

.............................................

4.63

5/15/54

2,072

673

U.S.

Treasury

Bond

.............................................

4.63

2/15/40

662

450

U.S.

Treasury

Bond

.............................................

4.63

5/15/44

437

1,775

U.S.

Treasury

Bond

.............................................

4.75

11/15/53

1,758

520

U.S.

Treasury

Bond

.............................................

4.75

2/15/37

527

1,750

U.S.

Treasury

Bond

.............................................

4.75

11/15/43

1,729

141

HC

CAPITAL

TRUST

The

U.S.

Government

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(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

$

1,493

235

U.S.

Treasury

Bond

.............................................

5.00

5/15/37

243

282

U.S.

Treasury

Bond

.............................................

5.25

11/15/28

290

425

U.S.

Treasury

Bond

.............................................

5.25

2/15/29

440

215

U.S.

Treasury

Bond

.............................................

5.38

2/15/31

225

400

U.S.

Treasury

Bond

.............................................

5.50

8/15/28

416

270

U.S.

Treasury

Bond

.............................................

6.00

2/15/26

274

265

U.S.

Treasury

Bond

.............................................

6.13

11/15/27

278

280

U.S.

Treasury

Bond

.............................................

6.13

8/15/29

300

1,090

U.S.

Treasury

Bond

.............................................

6.25

5/15/30

1,183

100

U.S.

Treasury

Bond

.............................................

6.38

8/15/27

105

3

U.S.

Treasury

Bond

.............................................

6.50

11/15/26

3

1,000

U.S.

Treasury

Bond

.............................................

6.63

2/15/27

1,049

200

U.S.

Treasury

Bond

.............................................

6.75

8/15/26

207

2,810

U.S.

Treasury

Note

..............................................

0.38

1/31/26

2,696

285

U.S.

Treasury

Note

..............................................

0.38

7/31/27

258

1,740

U.S.

Treasury

Note

..............................................

0.38

9/30/27

1,566

2,145

U.S.

Treasury

Note

..............................................

0.50

10/31/27

1,931

3,175

U.S.

Treasury

Note

..............................................

0.50

2/28/26

3,042

465

U.S.

Treasury

Note

..............................................

0.50

5/31/27

425

1,940

U.S.

Treasury

Note

..............................................

0.50

4/30/27

1,780

1,270

U.S.

Treasury

Note

..............................................

0.50

6/30/27

1,158

2,135

U.S.

Treasury

Note

..............................................

0.50

8/31/27

1,934

135

U.S.

Treasury

Note

..............................................

0.63

11/30/27

122

690

U.S.

Treasury

Note

..............................................

0.63

3/31/27

637

3,220

U.S.

Treasury

Note

..............................................

0.63

5/15/30

2,643

3,895

U.S.

Treasury

Note

..............................................

0.63

8/15/30

3,165

3,000

U.S.

Treasury

Note

..............................................

0.63

12/31/27

2,694

2,990

U.S.

Treasury

Note

..............................................

0.75

5/31/26

2,848

3,415

U.S.

Treasury

Note

..............................................

0.75

1/31/28

3,068

2,890

U.S.

Treasury

Note

..............................................

0.75

3/31/26

2,768

2,460

U.S.

Treasury

Note

..............................................

0.75

4/30/26

2,350

2,345

U.S.

Treasury

Note

..............................................

0.75

8/31/26

2,215

1,640

U.S.

Treasury

Note

..............................................

0.88

6/30/26

1,561

2,030

U.S.

Treasury

Note

..............................................

0.88

9/30/26

1,916

4,775

U.S.

Treasury

Note

..............................................

0.88

11/15/30

3,908

3,365

U.S.

Treasury

Note

..............................................

1.00

7/31/28

2,996

4,625

U.S.

Treasury

Note

..............................................

1.13

2/15/31

3,817

2,465

U.S.

Treasury

Note

..............................................

1.13

2/29/28

2,236

3,635

U.S.

Treasury

Note

..............................................

1.13

8/31/28

3,243

1,840

U.S.

Treasury

Note

..............................................

1.13

2/28/27

1,722

635

U.S.

Treasury

Note

..............................................

1.13

10/31/26

600

2,820

U.S.

Treasury

Note

..............................................

1.25

11/30/26

2,666

3,390

U.S.

Treasury

Note

..............................................

1.25

5/31/28

3,062

3,510

U.S.

Treasury

Note

..............................................

1.25

4/30/28

3,179

2,460

U.S.

Treasury

Note

..............................................

1.25

3/31/28

2,234

3,515

U.S.

Treasury

Note

..............................................

1.25

6/30/28

3,168

2,350

U.S.

Treasury

Note

..............................................

1.25

12/31/26

2,216

3,975

U.S.

Treasury

Note

..............................................

1.25

8/15/31

3,245

2,990

U.S.

Treasury

Note

..............................................

1.25

9/30/28

2,672

3,840

U.S.

Treasury

Note

..............................................

1.38

11/15/31

3,139

450

U.S.

Treasury

Note

..............................................

1.38

8/31/26

429

3,400

U.S.

Treasury

Note

..............................................

1.38

10/31/28

3,046

2,650

U.S.

Treasury

Note

..............................................

1.38

12/31/28

2,363

3,410

U.S.

Treasury

Note

..............................................

1.50

11/30/28

3,063

3,145

U.S.

Treasury

Note

..............................................

1.50

2/15/30

2,731

3,955

U.S.

Treasury

Note

..............................................

1.50

1/31/27

3,740

50

U.S.

Treasury

Note

..............................................

1.50

8/15/26

48

2,235

U.S.

Treasury

Note

..............................................

1.63

8/15/29

1,984

142

HC

CAPITAL

TRUST

The

U.S.

Government

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Treasury

Obligations

(continued)

$

2,835

U.S.

Treasury

Note

..............................................

1.63

5/15/26

$

2,736

2,900

U.S.

Treasury

Note

..............................................

1.63

2/15/26

2,817

600

U.S.

Treasury

Note

..............................................

1.63

9/30/26

574

1,500

U.S.

Treasury

Note

..............................................

1.63

10/31/26

1,432

945

U.S.

Treasury

Note

..............................................

1.63

11/30/26

900

4,675

U.S.

Treasury

Note

..............................................

1.63

5/15/31

3,945

2,500

U.S.

Treasury

Note

..............................................

1.75

11/15/29

2,217

1,100

U.S.

Treasury

Note

..............................................

1.75

12/31/26

1,048

3,005

U.S.

Treasury

Note

..............................................

1.75

1/31/29

2,714

2,935

U.S.

Treasury

Note

..............................................

1.88

2/28/27

2,792

4,350

U.S.

Treasury

Note

..............................................

1.88

2/15/32

3,661

410

U.S.

Treasury

Note

..............................................

1.88

6/30/26

396

1,965

U.S.

Treasury

Note

..............................................

1.88

2/28/29

1,780

2,510

U.S.

Treasury

Note

..............................................

2.00

11/15/26

2,409

1,430

U.S.

Treasury

Note

..............................................

2.13

5/31/26

1,388

1,775

U.S.

Treasury

Note

..............................................

2.25

11/15/27

1,678

1,785

U.S.

Treasury

Note

..............................................

2.25

2/15/27

1,713

2,000

U.S.

Treasury

Note

..............................................

2.25

3/31/26

1,951

2,510

U.S.

Treasury

Note

..............................................

2.38

5/15/27

2,404

2,820

U.S.

Treasury

Note

..............................................

2.38

5/15/29

2,600

1,080

U.S.

Treasury

Note

..............................................

2.38

4/30/26

1,054

2,400

U.S.

Treasury

Note

..............................................

2.38

3/31/29

2,216

2,000

U.S.

Treasury

Note

..............................................

2.50

2/28/26

1,960

2,000

U.S.

Treasury

Note

..............................................

2.50

3/31/27

1,926

1,305

U.S.

Treasury

Note

..............................................

2.63

1/31/26

1,283

355

U.S.

Treasury

Note

..............................................

2.63

7/31/29

329

2,745

U.S.

Treasury

Note

..............................................

2.63

2/15/29

2,567

2,750

U.S.

Treasury

Note

..............................................

2.63

5/31/27

2,648

1,500

U.S.

Treasury

Note

..............................................

2.75

4/30/27

1,450

4,160

U.S.

Treasury

Note

..............................................

2.75

8/15/32

3,691

2,825

U.S.

Treasury

Note

..............................................

2.75

2/15/28

2,698

2,655

U.S.

Treasury

Note

..............................................

2.75

5/31/29

2,483

1,000

U.S.

Treasury

Note

..............................................

2.75

7/31/27

963

2,995

U.S.

Treasury

Note

..............................................

2.88

5/15/28

2,861

3,380

U.S.

Treasury

Note

..............................................

2.88

8/15/28

3,216

3,610

U.S.

Treasury

Note

..............................................

2.88

5/15/32

3,244

2,600

U.S.

Treasury

Note

..............................................

2.88

4/30/29

2,448

2,000

U.S.

Treasury

Note

..............................................

3.13

8/31/29

1,895

1,500

U.S.

Treasury

Note

..............................................

3.13

8/31/27

1,457

3,430

U.S.

Treasury

Note

..............................................

3.13

11/15/28

3,282

2,700

U.S.

Treasury

Note

..............................................

3.25

6/30/29

2,577

2,200

U.S.

Treasury

Note

..............................................

3.25

6/30/27

2,149

2,110

U.S.

Treasury

Note

..............................................

3.38

9/15/27

2,062

4,400

U.S.

Treasury

Note

..............................................

3.38

5/15/33

4,045

2,200

U.S.

Treasury

Note

..............................................

3.50

1/31/28

2,150

1,245

U.S.

Treasury

Note

..............................................

3.50

1/31/30

1,195

4,600

U.S.

Treasury

Note

..............................................

3.50

2/15/33

4,281

2,000

U.S.

Treasury

Note

..............................................

3.50

9/30/29

1,925

1,030

U.S.

Treasury

Note

..............................................

3.63

9/30/31

979

400

U.S.

Treasury

Note

..............................................

3.63

3/31/30

386

2,700

U.S.

Treasury

Note

..............................................

3.63

8/31/29

2,616

2,680

U.S.

Treasury

Note

..............................................

3.63

5/15/26

2,658

515

U.S.

Treasury

Note

..............................................

3.75

8/31/31

494

2,345

U.S.

Treasury

Note

..............................................

3.75

12/31/30

2,260

2,500

U.S.

Treasury

Note

..............................................

3.75

12/31/28

2,445

2,050

U.S.

Treasury

Note

..............................................

3.75

8/15/27

2,024

2,500

U.S.

Treasury

Note

..............................................

3.75

8/31/26

2,481

1,545

U.S.

Treasury

Note

..............................................

3.75

4/15/26

1,535

2,175

U.S.

Treasury

Note

..............................................

3.75

5/31/30

2,106

143

HC

CAPITAL

TRUST

The

U.S.

Government

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Treasury

Obligations

(continued)

$

2,490

U.S.

Treasury

Note

..............................................

3.88

1/15/26

$

2,481

1,325

U.S.

Treasury

Note

..............................................

3.88

12/31/29

1,295

4,605

U.S.

Treasury

Note

..............................................

3.88

8/15/33

4,384

1,400

U.S.

Treasury

Note

..............................................

3.88

9/30/29

1,370

3,600

U.S.

Treasury

Note

..............................................

3.88

8/15/34

3,407

2,090

U.S.

Treasury

Note

..............................................

3.88

10/15/27

2,068

1,765

U.S.

Treasury

Note

..............................................

3.88

11/30/29

1,726

2,050

U.S.

Treasury

Note

..............................................

4.00

1/15/27

2,040

4,000

U.S.

Treasury

Note

..............................................

4.00

2/15/34

3,832

2,030

U.S.

Treasury

Note

..............................................

4.00

12/15/27

2,012

1,985

U.S.

Treasury

Note

..............................................

4.00

1/31/31

1,938

1,950

U.S.

Treasury

Note

..............................................

4.00

1/31/29

1,924

2,500

U.S.

Treasury

Note

..............................................

4.00

7/31/29

2,462

1,750

U.S.

Treasury

Note

..............................................

4.00

10/31/29

1,721

1,500

U.S.

Treasury

Note

..............................................

4.00

2/28/30

1,473

2,400

U.S.

Treasury

Note

..............................................

4.00

2/15/26

2,394

1,000

U.S.

Treasury

Note

..............................................

4.00

2/29/28

991

1,750

U.S.

Treasury

Note

..............................................

4.13

10/31/26

1,746

1,050

U.S.

Treasury

Note

..............................................

4.13

11/30/31

1,028

1,580

U.S.

Treasury

Note

..............................................

4.13

6/15/26

1,577

3,720

U.S.

Treasury

Note

..............................................

4.13

11/15/32

3,630

1,700

U.S.

Treasury

Note

..............................................

4.13

3/31/29

1,684

750

U.S.

Treasury

Note

..............................................

4.13

3/31/31

737

2,230

U.S.

Treasury

Note

..............................................

4.13

2/15/27

2,224

2,790

U.S.

Treasury

Note

..............................................

4.13

7/31/31

2,736

2,030

U.S.

Treasury

Note

..............................................

4.13

11/15/27

2,022

500

U.S.

Treasury

Note

..............................................

4.13

10/31/29

494

400

U.S.

Treasury

Note

..............................................

4.13

10/31/31

392

1,000

U.S.

Treasury

Note

..............................................

4.13

11/30/29

989

355

U.S.

Treasury

Note

..............................................

4.25

6/30/31

351

2,750

U.S.

Treasury

Note

..............................................

4.25

2/28/29

2,738

1,675

U.S.

Treasury

Note

..............................................

4.25

2/28/31

1,657

2,280

U.S.

Treasury

Note

..............................................

4.25

3/15/27

2,280

2,600

U.S.

Treasury

Note

..............................................

4.25

6/30/29

2,587

2,970

U.S.

Treasury

Note

..............................................

4.25

11/15/34

2,894

2,000

U.S.

Treasury

Note

..............................................

4.25

11/30/26

2,000

2,210

U.S.

Treasury

Note

..............................................

4.38

7/15/27

2,216

2,220

U.S.

Treasury

Note

..............................................

4.38

11/30/30

2,213

1,670

U.S.

Treasury

Note

..............................................

4.38

8/15/26

1,673

1,950

U.S.

Treasury

Note

..............................................

4.38

12/15/26

1,955

2,250

U.S.

Treasury

Note

..............................................

4.38

5/15/34

2,217

4,815

U.S.

Treasury

Note

..............................................

4.50

11/15/33

4,794

2,375

U.S.

Treasury

Note

..............................................

4.50

5/15/27

2,387

2,320

U.S.

Treasury

Note

..............................................

4.50

4/15/27

2,332

1,590

U.S.

Treasury

Note

..............................................

4.50

7/15/26

1,596

1,400

U.S.

Treasury

Note

..............................................

4.50

3/31/26

1,404

1,980

U.S.

Treasury

Note

..............................................

4.63

5/31/31

1,997

1,335

U.S.

Treasury

Note

..............................................

4.63

4/30/31

1,347

1,750

U.S.

Treasury

Note

..............................................

4.63

9/15/26

1,760

2,265

U.S.

Treasury

Note

..............................................

4.63

6/15/27

2,284

1,555

U.S.

Treasury

Note

..............................................

4.63

3/15/26

1,562

2,750

U.S.

Treasury

Note

..............................................

4.63

2/28/26

2,761

2,805

U.S.

Treasury

Note

..............................................

4.63

10/15/26

2,823

3,100

U.S.

Treasury

Note

..............................................

4.63

4/30/29

3,131

1,945

U.S.

Treasury

Note

..............................................

4.63

11/15/26

1,958

2,000

U.S.

Treasury

Note

..............................................

4.88

4/30/26

2,016

144

HC

CAPITAL

TRUST

The

U.S.

Government

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(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,

2024.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Treasury

Obligations

(continued)

$

340

U.S.

Treasury

Note

..............................................

4.88

10/31/30

$

348

Total

U.S.

Treasury

Obligations

...................................

433,658

Shares

Investment

Companies

—

53.36%

Domestic

Fixed

Income

—

46.16%

682,840

iShares

U.S.

Treasury

Bond

ETF

....................................

15,692

7,409,798

Vanguard

Intermediate-Term

Treasury

ETF

............................

429,768

445,460

Money

Market

Funds

—

7.20%

69,475,279

State

Street

Institutional

Treasury

Plus

Money

Market

Fund,

Trust

Class

........

4.37(b)

69,475

Total

Investment

Companies

......................................

514,935

Total

Investments

(cost

$984,665)

—

98.99%

.........................

955,387

Other

assets

in

excess

of

liabilities

—

1.01%

..........................

9,756

Net

Assets

—

100.00%

..........................................

$

965,143

(a)

Zero

Coupon

Security.

Effective

rate

shown

is

as

of

December

31,

2024.

(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

.......................................................................................................................

0.70

%

—

0.70

%

U.S.

Treasury

Obligations

........................................................................................................................................

44.93

%

—

44.93

%

Investment

Company

...............................................................................................................................................

—

53.36

%

53.36

%

Other

Assets

(Liabilities)

........................................................................................................................................

0.41

%

0.60

%

1.01

%

Total

Net

Assets

..................................................................................................................................................

46.04

%

53.96

%

100.00

%

145

See

accompanying

notes

to

financial

statements.

HC

CAPITAL

TRUST

The

U.S.

Government

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(concluded)

—

December

31,

2024

(Unaudited)

The

following

table

reflects

the

open

derivative

positions

held

by

the

Portfolio

as

of

December

31,

2024

.

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

3/20/25

$

129,304

$

(1,313)

30

Year

US

Treasury

Bond

Future

.............................

302

3/20/25

34,381

(1,052)

$

163,685

$

(2,365)

Total

Unrealized

Appreciation

.....................

$

—

Total

Unrealized

Depreciation

.....................

(2,365)

Total

Net

Unrealized

Appreciation/(Depreciation)

.......

$

(2,365)

*

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,

2024

were

as

follows:

Description

Put/Call

Number

of

Contracts

Notional

Amount

(000)

Exercise

Price

Expiration

Date

Value

(000)

10

Year

US

Treasury

Note

Future

Option

......

Put

50

$

5,400

$

108.00

1/24/25

$

(20)

US

Treasury

Bond

Future

Option

............

Put

25

2,700

108.00

2/21/25

(9)

US

Treasury

Bond

Future

Option

............

Put

50

5,650

113.00

2/21/25

(80)

US

Treasury

Bond

Future

Option

............

Put

25

2,800

112.00

2/21/25

(30)

US

Treasury

Bond

Future

Option

............

Put

25

2,775

111.00

2/21/25

(23)

US

Treasury

Bond

Future

Option

............

Put

25

2,725

109.00

2/21/25

(12)

US

Treasury

Bond

Future

Option

............

Put

50

5,500

110.00

3/21/25

(56)

US

Treasury

Bond

Future

Option

............

Put

50

5,450

109.00

3/21/25

(44)

US

Treasury

Bond

Future

Option

............

Put

25

2,700

108.00

3/21/25

(17)

US

Treasury

Bond

Future

Option

............

Put

75

8,025

107.00

3/21/25

(40)

$

(331)

HC

CAPITAL

TRUST

The

U.S.

Corporate

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

—

December

31,

2024

(Unaudited)

146

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

Corporate

Bonds

—

68.99%

$

2,314

AbbVie,

Inc.

(Biotechnology)  

.....................................

4.40

11/6/42

$

1,988

140

AbbVie,

Inc.

(Biotechnology),

Callable

9/15/63

@

100.00 

.................

5.50

3/15/64

134

232

Air

Products

and

Chemicals,

Inc.

(Chemicals),

Callable

11/15/39

@

100.00 

.....

2.70

5/15/40

165

615

Alabama

Power

Co.,

Series

B

(Electric

Utilities),

Callable

6/1/47

@

100.00 

.....

3.70

12/1/47

461

1,435

Amgen,

Inc.

(Biotechnology),

Callable

8/21/39

@

100.00 

..................

3.15

2/21/40

1,056

1,110

Amgen,

Inc.

(Biotechnology),

Callable

12/15/50

@

100.00 

.................

4.66

6/15/51

928

1,790

Anheuser-Busch

Cos.

LLC/Anheuser-Busch

InBev

Worldwide,

Inc.

(Beverages),

Callable

8/1/45

@

100.00 

....................................

4.90

2/1/46

1,631

740

Anheuser-Busch

InBev

Worldwide,

Inc.

(Beverages)  

.....................

4.95

1/15/42

686

2,045

Apple,

Inc.

(Technology

Hardware,

Storage

&

Peripherals),

Callable

8/23/45

@

100.00 

..................................................

4.65

2/23/46

1,863

2,890

AT&T,

Inc.

(Diversified

Telecommunication

Services),

Callable

3/15/55

@

100.00 

3.55

9/15/55

1,945

875

AT&T,

Inc.

(Diversified

Telecommunication

Services),

Callable

9/9/48

@

100.00 

.

4.55

3/9/49

728

255

Atmos

Energy

Corp.

(Gas

Utilities),

Callable

4/15/44

@

100.00 

.............

4.13

10/15/44

207

895

Atmos

Energy

Corp.

(Gas

Utilities),

Callable

7/15/42

@

100.00 

.............

4.15

1/15/43

746

6,575

Bank

of

America

Corp.

(Banks),

Callable

4/22/31

@

100.00 

................

2.69

(SOFR

+

132

bps)(a)

4/22/32

5,622

2,000

Bank

of

America

Corp.,

MTN

(Banks),

Callable

2/7/29

@

100.00 

...........

3.97

(TSFR3M

+

147

bps)(a)

2/7/30

1,918

600

Bank

of

America

Corp.

(Banks),

Callable

9/15/33

@

100.00 

................

5.87

(SOFR

+

184

bps)(a)

9/15/34

618

765

Berkshire

Hathaway

Energy

Co.

(Oil,

Gas

&

Consumable

Fuels),

Callable

8/1/44

@

100.00 

..................................................

4.50

2/1/45

667

1,000

BP

Capital

Markets

America,

Inc.

(Oil,

Gas

&

Consumable

Fuels),

Callable

8/24/49

@

100.00 

................................................

3.00

2/24/50

636

1,240

Bristol-Myers

Squibb

Co.

(Pharmaceuticals),

Callable

4/26/49

@

100.00 

.......

4.25

10/26/49

988

2,500

Brown

&

Brown,

Inc.

(Insurance),

Callable

12/17/31

@

100.00 

.............

4.20

3/17/32

2,307

1,705

Bunge

Ltd.

Finance

Corp.

(Consumer

Staples

Distribution

&

Retail),

Callable

2/14/31

@

100.00 

..........................................

2.75

5/14/31

1,468

500

Capital

One

Financial

Corp.

(Consumer

Finance),

Callable

11/2/31

@

100.00 

...

2.62

(SOFR

+

127

bps)(a)

11/2/32

414

3,000

Capital

One

Financial

Corp.

(Consumer

Finance),

Callable

2/1/28

@

100.00 

....

5.47

(SOFR

+

208

bps)(a)

2/1/29

3,020

1,910

Carlisle

Cos.,

Inc.

(Building

Products),

Callable

12/1/31

@

100.00 

...........

2.20

3/1/32

1,550

570

CF

Industries,

Inc.

(Chemicals)  

....................................

5.38

3/15/44

529

3,105

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital

(Media),

Callable

1/1/31

@

100.00 

..............................

2.80

4/1/31

2,619

800

Cheniere

Energy

Partners

LP

(Oil,

Gas

&

Consumable

Fuels),

Callable

1/31/27

@

101.63 

..................................................

3.25

1/31/32

692

445

Cheniere

Energy

Partners

LP

(Oil,

Gas

&

Consumable

Fuels),

Callable

1/18/25

@

102.25 

..................................................

4.50

10/1/29

431

1,200

Citigroup,

Inc.

(Banks),

Callable

4/8/25

@

100.00 

.......................

3.11

(SOFR

+

284

bps)(a)

4/8/26

1,194

3,475

Citigroup,

Inc.

(Banks),

Callable

3/17/32

@

100.00 

......................

3.79

(SOFR

+

194

bps)(a)

3/17/33

3,123

3,105

Citigroup,

Inc.

(Banks),

Callable

3/31/30

@

100.00 

......................

4.41

(SOFR

+

391

bps)(a)

3/31/31

2,982

920

Citigroup,

Inc.

(Banks),

Callable

9/29/25

@

100.00 

......................

5.61

(SOFR

+

155

bps)(a)

9/29/26

924

1,244

Collins

Aerospace

(Aerospace

&

Defense),

Callable

12/15/26

@

100.00 

.......

3.50

3/15/27

1,197

770

Comcast

Corp.

(Media),

Callable

5/1/49

@

100.00 

.......................

4.00

11/1/49

582

295

Comcast

Corp.

(Media)  

..........................................

4.65

7/15/42

259

2,185

Comcast

Corp.

(Media)  

..........................................

4.75

3/1/44

1,907

200

ConocoPhillips

Co.

(Energy

Equipment

&

Services),

Callable

11/15/52

@

100.00 

5.30

5/15/53

185

155

ConocoPhillips

Co.

(Energy

Equipment

&

Services),

Callable

3/15/63

@

100.00 

.

5.70

9/15/63

149

380

Consolidated

Edison

Co.

of

New

York,

Inc.

(Electric

Utilities),

Callable

9/15/43

@

100.00 

..................................................

4.45

3/15/44

326

1,970

Constellation

Brands,

Inc.

(Beverages),

Callable

2/1/33

@

100.00 

............

4.90

5/1/33

1,899

147

HC

CAPITAL

TRUST

The

U.S.

Corporate

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

Corporate

Bonds

(continued)

$

225

Constellation

Energy

Generation

LLC

(Independent

Power

and

Renewable

Electricity

Producers),

Callable

10/15/33

@

100.00 

..................

6.13

1/15/34

$

236

795

COPT

Defense

Properties

LP

(Real

Estate

Management

&

Development),

Callable

11/15/28

@

100.00 

.........................................

2.00

1/15/29

699

1,490

CSX

Corp.

(Ground

Transportation)  

.................................

6.22

4/30/40

1,592

1,940

CVS

Health

Corp.

(Health

Care

Providers

&

Services),

Callable

9/25/37

@

100.00 

4.78

3/25/38

1,676

1,130

CVS

Health

Corp.

(Health

Care

Providers

&

Services),

Callable

1/20/45

@

100.00 

5.13

7/20/45

952

205

CVS

Health

Corp.

(Health

Care

Providers

&

Services),

Callable

12/1/62

@

100.00 

6.00

6/1/63

186

1,340

Dell

International

LLC/EMC

Corp.

(Technology

Hardware,

Storage

&

Peripherals),

Callable

11/1/34

@

100.00 

....................................

4.85

2/1/35

1,274

100

Devon

Energy

Corp.

(Oil,

Gas

&

Consumable

Fuels),

Callable

11/15/41

@

100.00 

4.75

5/15/42

83

1,265

Devon

Energy

Corp.

(Oil,

Gas

&

Consumable

Fuels),

Callable

1/15/41

@

100.00 

.

5.60

7/15/41

1,170

1,000

Digital

Realty

Trust

LP

(Specialized

REITs),

Callable

4/15/28

@

100.00 

.......

4.45

7/15/28

981

560

DTE

Electric

Co.

(Electric

Utilities),

Callable

2/15/47

@

100.00 

.............

3.75

8/15/47

425

530

DTE

Energy

Co.

(Multi-Utilities),

Callable

3/1/34

@

100.00 

...............

5.85

6/1/34

542

2,840

EIDP,

Inc.

(Chemicals),

Callable

6/15/25

@

100.00 

......................

1.70

7/15/25

2,793

310

EIDP,

Inc.

(Chemicals),

Callable

2/15/33

@

100.00 

......................

4.80

5/15/33

301

600

Elevance

Health,

Inc.

(Health

Care

Providers

&

Services)  

.................

4.63

5/15/42

513

735

Elevance

Health,

Inc.

(Health

Care

Providers

&

Services)  

.................

4.65

1/15/43

632

1,625

Energy

Transfer

LP

(Oil,

Gas

&

Consumable

Fuels),

Callable

7/15/42

@

100.00 

.

4.95

1/15/43

1,391

1,890

Energy

Transfer

LP

(Oil,

Gas

&

Consumable

Fuels),

Callable

2/1/26

@

103.69 

..

7.38

2/1/31

1,976

1,467

Enterprise

Products

Operating

LLC

(Oil,

Gas

&

Consumable

Fuels),

Callable

9/15/43

@

100.00 

..........................................

4.85

3/15/44

1,299

1,702

FedEx

Corp.

Pass

Through

Trust,

Series

2020-1,

Class

-

AA

(Air

Freight

&

Logistics)  

...............................................

1.88

2/20/34

1,403

990

Fiserv,

Inc.

(Financial

Services),

Callable

12/2/32

@

100.00 

................

5.60

3/2/33

1,003

1,990

Ford

Motor

Co.

(Automobiles),

Callable

11/12/31

@

100.00 

................

3.25

2/12/32

1,656

3,000

Ford

Motor

Credit

Co.

LLC

(Financial

Services)  

........................

4.13

8/4/25

2,978

488

General

Motors

Co.

(Automobiles),

Callable

9/1/25

@

100.00 

..............

6.13

10/1/25

491

1,815

General

Motors

Financial

Co.,

Inc.

(Specialty

Retail),

Callable

2/7/25

@

100.00 

.

2.90

2/26/25

1,808

2,475

General

Motors

Financial

Co.,

Inc.

(Specialty

Retail),

Callable

2/6/30

@

100.00 

.

5.85

4/6/30

2,528

1,000

Georgia

Power

Co.

(Electric

Utilities)  

...............................

4.30

3/15/42

846

1,150

Gilead

Sciences,

Inc.

(Biotechnology),

Callable

8/1/44

@

100.00 

............

4.50

2/1/45

975

2,785

HCA,

Inc.

(Health

Care

Providers

&

Services)  

.........................

5.38

2/1/25

2,786

1,235

HCA,

Inc.

(Health

Care

Providers

&

Services),

Callable

3/1/33

@

100.00 

......

5.50

6/1/33

1,216

365

HCA,

Inc.

(Health

Care

Providers

&

Services),

Callable

1/1/34

@

100.00 

......

5.60

4/1/34

360

1,055

Howmet

Aerospace,

Inc.

(Aerospace

&

Defense),

Callable

8/15/31

@

100.00 

....

4.85

10/15/31

1,036

1,072

Intel

Corp.

(Semiconductors

&

Semiconductor

Equipment),

Callable

6/8/47

@

100.00 

..................................................

3.73

12/8/47

712

520

Intel

Corp.

(Semiconductors

&

Semiconductor

Equipment),

Callable

11/21/33

@

100.00 ^

.................................................

5.15

2/21/34

498

400

International

Business

Machines

Corp.

(IT

Services)  

.....................

4.00

6/20/42

327

545

International

Paper

Co.

(Containers

&

Packaging),

Callable

5/15/41

@

100.00 

...

6.00

11/15/41

555

7,015

JPMorgan

Chase

&

Co.

(Banks),

Callable

4/22/31

@

100.00 

................

2.58

(TSFR3M

+

125

bps)(a)

4/22/32

5,995

775

JPMorgan

Chase

&

Co.

(Banks),

Callable

4/23/28

@

100.00 

................

4.01

(TSFR3M

+

138

bps)(a)

4/23/29

751

1,805

Kinder

Morgan,

Inc.

(Oil,

Gas

&

Consumable

Fuels),

Callable

12/1/44

@

100.00 

.

5.55

6/1/45

1,682

475

Lincoln

National

Corp.

(Insurance),

Callable

10/15/29

@

100.00 

............

3.05

1/15/30

427

625

Lincoln

National

Corp.

(Insurance),

Callable

10/15/30

@

100.00 

............

3.40

1/15/31

562

570

Lincoln

National

Corp.

(Insurance),

Callable

12/15/33

@

100.00 

............

5.85

3/15/34

579

1,555

Lowe's

Cos.,

Inc.

(Specialty

Retail),

Callable

1/15/33

@

100.00 

.............

5.00

4/15/33

1,532

225

Lowe's

Cos.,

Inc.

(Specialty

Retail),

Callable

10/15/52

@

100.00 

............

5.63

4/15/53

216

945

Martin

Marietta

Materials,

Inc.

(Construction

Materials),

Callable

4/15/31

@

100.00 

2.40

7/15/31

807

1,890

Marvell

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment),

Callable

2/15/28

@

100.00 

..........................................

2.45

4/15/28

1,743

810

Marvell

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment),

Callable

1/15/31

@

100.00 

..........................................

2.95

4/15/31

712

148

HC

CAPITAL

TRUST

The

U.S.

Corporate

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

Corporate

Bonds

(continued)

$

205

Marvell

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment),

Callable

6/15/33

@

100.00 

..........................................

5.95

9/15/33

$

213

580

MetLife,

Inc.

(Insurance)  

........................................

4.88

11/13/43

525

3,771

Microchip

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment),

Callable

2/7/25

@

100.00 

...........................................

4.25

9/1/25

3,756

1,535

Microsoft

Corp.

(Software),

Callable

2/8/46

@

100.00 

....................

3.70

8/8/46

1,223

455

Mohawk

Industries,

Inc.

(Household

Durables),

Callable

2/15/30

@

100.00 

.....

3.63

5/15/30

420

600

Mohawk

Industries,

Inc.

(Household

Durables),

Callable

8/18/28

@

100.00 

.....

5.85

9/18/28

613

1,448

Morgan

Stanley,

MTN

(Capital

Markets),

Callable

1/22/30

@

100.00 

.........

2.70

(SOFR

+

114

bps)(a)

1/22/31

1,287

4,875

Morgan

Stanley

(Capital

Markets),

Callable

1/21/32

@

100.00 

..............

2.94

(SOFR

+

129

bps)(a)

1/21/33

4,171

740

Motorola

Solutions,

Inc.

(Communications

Equipment),

Callable

1/15/34

@

100.00 

5.40

4/15/34

742

470

Motorola

Solutions,

Inc.

(Communications

Equipment),

Callable

3/1/32

@

100.00 

5.60

6/1/32

481

1,533

National

Rural

Utilities

Cooperative

Finance

Corp.

(Financial

Services),

Callable

7/15/32

@

100.00 

..........................................

5.80

1/15/33

1,585

450

Netflix,

Inc.

(Entertainment)  

......................................

5.88

2/15/25

450

1,335

NextEra

Energy

Capital

Holdings,

Inc.

(Electric

Utilities),

Callable

11/28/32

@

100.00 

..................................................

5.05

2/28/33

1,315

1,650

NextEra

Energy

Capital

Holdings,

Inc.

(Electric

Utilities),

Callable

8/28/52

@

100.00 

..................................................

5.25

2/28/53

1,507

555

NiSource,

Inc.

(Multi-Utilities),

Callable

1/1/34

@

100.00 

.................

5.35

4/1/34

550

1,180

NNN

REIT,

Inc.

(Retail

REITs),

Callable

1/15/30

@

100.00 

................

2.50

4/15/30

1,031

900

NNN

REIT,

Inc.

(Retail

REITs),

Callable

7/15/33

@

100.00 

................

5.60

10/15/33

917

1,395

Northrop

Grumman

Corp.

(Aerospace

&

Defense),

Callable

4/15/47

@

100.00 

..

4.03

10/15/47

1,097

185

Nucor

Corp.

(Metals

&

Mining),

Callable

1/1/32

@

100.00 

.................

3.13

4/1/32

162

434

Nucor

Corp.

(Metals

&

Mining),

Callable

2/1/43

@

100.00 

.................

5.20

8/1/43

412

1,460

Oracle

Corp.

(Software),

Callable

11/15/44

@

100.00 

....................

4.13

5/15/45

1,151

160

Oracle

Corp.

(Software),

Callable

8/9/32

@

100.00 

......................

6.25

11/9/32

169

3,175

Ovintiv,

Inc.

(Oil,

Gas

&

Consumable

Fuels),

Callable

10/1/25

@

100.00 

......

5.38

1/1/26

3,184

1,435

Philip

Morris

International,

Inc.

(Tobacco)  

............................

4.50

3/20/42

1,237

790

Potomac

Electric

Power

Co.

(Electric

Utilities),

Callable

9/15/42

@

100.00 

.....

4.15

3/15/43

656

1,290

Principal

Financial

Group,

Inc.

(Insurance),

Callable

3/15/30

@

100.00 

........

2.13

6/15/30

1,112

2,534

Progress

Energy,

Inc.

(Multi-Utilities)  

...............................

6.00

12/1/39

2,582

1,085

Progress

Energy,

Inc.

(Electric

Utilities)  

..............................

7.75

3/1/31

1,225

735

Prudential

Financial,

Inc.

(Insurance)  

................................

4.60

5/15/44

641

300

Prudential

Financial,

Inc.

(Insurance),

Callable

6/1/32

@

100.00 

.............

6.00

(H15T5Y

+

323

bps)(a)

9/1/52

301

152

Prudential

Financial,

Inc.,

MTN

(Insurance)  

..........................

6.63

6/21/40

166

265

Public

Service

Electric

and

Gas

Co.

(Electric

Utilities),

Callable

3/1/42

@

100.00 

3.65

9/1/42

207

1,210

Radian

Group,

Inc.

(Financial

Services),

Callable

9/15/26

@

100.00 

..........

4.88

3/15/27

1,198

1,739

Reliance,

Inc.

(Metals

&

Mining),

Callable

7/15/25

@

100.00 

...............

1.30

8/15/25

1,699

460

Roper

Technologies,

Inc.

(Software),

Callable

3/30/30

@

100.00 

.............

2.00

6/30/30

392

1,075

Roper

Technologies,

Inc.

(Software),

Callable

7/15/34

@

100.00 

.............

4.90

10/15/34

1,034

1,999

RTX

Corp.

(Aerospace

&

Defense)  

.................................

4.50

6/1/42

1,724

930

Sabra

Health

Care

LP

(Health

Care

REITs),

Callable

9/1/31

@

100.00 

.........

3.20

12/1/31

799

959

Sabra

Health

Care

LP

(Health

Care

REITs),

Callable

5/15/26

@

100.00 

........

5.13

8/15/26

959

710

Safehold

GL

Holdings

LLC

(Commercial

Services

&

Supplies),

Callable

10/15/34

@

100.00 

..................................................

5.65

1/15/35

692

920

Southern

Co.

Gas

Capital

Corp.

(Gas

Utilities),

Callable

11/30/46

@

100.00 

....

4.40

5/30/47

760

1,365

Spectra

Energy

Partners

LP

(Oil,

Gas

&

Consumable

Fuels),

Callable

9/15/44

@

100.00 

..................................................

4.50

3/15/45

1,125

1,000

Steel

Dynamics,

Inc.

(Metals

&

Mining),

Callable

5/15/25

@

100.00 

..........

2.40

6/15/25

988

730

Steel

Dynamics,

Inc.

(Metals

&

Mining),

Callable

5/15/34

@

100.00 

..........

5.38

8/15/34

723

795

Sysco

Corp.

(Consumer

Staples

Distribution

&

Retail),

Callable

10/17/33

@

100.00 

6.00

1/17/34

831

4,540

The

Goldman

Sachs

Group,

Inc.

(Capital

Markets),

Callable

7/21/31

@

100.00 

..

2.38

(SOFR

+

125

bps)(a)

7/21/32

3,791

445

The

Home

Depot,

Inc.

(Specialty

Retail),

Callable

6/6/48

@

100.00 

..........

4.50

12/6/48

380

685

The

Home

Depot,

Inc.

(Specialty

Retail),

Callable

3/15/40

@

100.00 

..........

5.40

9/15/40

681

149

HC

CAPITAL

TRUST

The

U.S.

Corporate

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

Corporate

Bonds

(continued)

$

512

The

Interpublic

Group

of

Cos.,

Inc.

(Media),

Callable

3/15/33

@

100.00 

.......

5.38

6/15/33

$

507

800

The

PNC

Financial

Services

Group,

Inc.

(Banks),

Callable

6/12/28

@

100.00 

...

5.58

(SOFR

+

184

bps)(a)

6/12/29

809

1,760

The

PNC

Financial

Services

Group,

Inc.

(Banks),

Callable

1/22/34

@

100.00 

...

5.68

(SOFR

+

190

bps)(a)

1/22/35

1,773

475

The

Travelers

Cos.,

Inc.

(Insurance)  

.................................

5.35

11/1/40

465

350

The

Walt

Disney

Co.

(Entertainment),

Callable

3/15/44

@

100.00 

............

4.75

9/15/44

313

730

T-Mobile

USA,

Inc.

(Wireless

Telecommunication

Services),

Callable

4/15/33

@

100.00 

..................................................

5.05

7/15/33

714

1,210

T-Mobile

USA,

Inc.

(Wireless

Telecommunication

Services),

Callable

7/15/52

@

100.00 

..................................................

5.65

1/15/53

1,174

250

Toyota

Motor

Credit

Corp.,

MTN

(Consumer

Finance)  

...................

4.80

1/5/34

243

1,490

Truist

Financial

Corp.,

MTN

(Banks),

Callable

1/24/34

@

100.00 

...........

5.71

(SOFR

+

192

bps)(a)

1/24/35

1,509

552

UDR,

Inc.,

MTN

(Residential

REITs),

Callable

5/1/32

@

100.00 

............

2.10

8/1/32

439

384

UDR,

Inc.

(Residential

REITs),

Callable

5/15/31

@

100.00 

.................

3.00

8/15/31

337

425

UnitedHealth

Group,

Inc.

(Health

Care

Providers

&

Services),

Callable

5/15/41

@

100.00 

..................................................

4.63

11/15/41

371

145

UnitedHealth

Group,

Inc.

(Health

Care

Providers

&

Services),

Callable

10/15/53

@

100.00 

..................................................

5.38

4/15/54

136

400

UnitedHealth

Group,

Inc.

(Health

Care

Providers

&

Services),

Callable

1/15/44

@

100.00 

..................................................

5.50

7/15/44

385

440

UnitedHealth

Group,

Inc.

(Health

Care

Providers

&

Services),

Callable

10/15/63

@

100.00 

..................................................

5.50

4/15/64

407

1,190

Valero

Energy

Corp.

(Oil,

Gas

&

Consumable

Fuels)  

.....................

6.63

6/15/37

1,248

1,175

Ventas

Realty

LP

(Diversified

REITs),

Callable

6/1/31

@

100.00 

.............

2.50

9/1/31

992

475

Ventas

Realty

LP

(Diversified

REITs)  

................................

3.50

2/1/25

474

945

Ventas

Realty

LP

(Diversified

REITs),

Callable

10/15/28

@

100.00 

...........

4.40

1/15/29

921

100

Verizon

Communications,

Inc.

(Diversified

Telecommunication

Services),

Callable

5/20/50

@

100.00 

..........................................

2.88

11/20/50

61

3,830

Verizon

Communications,

Inc.

(Diversified

Telecommunication

Services),

Callable

9/22/40

@

100.00 

..........................................

3.40

3/22/41

2,886

625

Virginia

Electric

and

Power

Co.,

Series

B

(Electric

Utilities),

Callable

3/15/47

@

100.00 

..................................................

3.80

9/15/47

471

820

Virginia

Electric

and

Power

Co.,

Series

D

(Electric

Utilities),

Callable

2/15/43

@

100.00 

..................................................

4.65

8/15/43

723

325

Vulcan

Materials

Co.

(Construction

Materials),

Callable

3/1/30

@

100.00 

......

3.50

6/1/30

301

1,190

Warnermedia

Holdings,

Inc.

(Diversified

Telecommunication

Services),

Callable

12/15/31

@

100.00 

.........................................

4.28

3/15/32

1,047

1,000

Wells

Fargo

&

Co.

(Banks),

Callable

4/30/25

@

100.00 

...................

2.19

(SOFR

+

200

bps)(a)

4/30/26

991

1,600

Wells

Fargo

&

Co.,

MTN

(Banks),

Callable

10/30/29

@

100.00 

.............

2.88

(TSFR3M

+

143

bps)(a)

10/30/30

1,435

3,375

Wells

Fargo

&

Co.

(Banks),

Callable

7/25/32

@

100.00 

...................

4.90

(SOFR

+

210

bps)(a)

7/25/33

3,261

795

Wells

Fargo

&

Co.

(Banks),

Callable

7/25/33

@

100.00 

...................

5.56

(SOFR

+

199

bps)(a)

7/25/34

793

340

WestRock

MWV

LLC

(Containers

&

Packaging)  

.......................

8.20

1/15/30

385

Total

Corporate

Bonds

..........................................

184,084

Yankee

Dollars

—

5.83%

675

America

Movil

SAB

de

CV

(Wireless

Telecommunication

Services)  

.........

6.13

11/15/37

692

1,900

Aptiv

Swiss

Holdings

Ltd.

(Financial

Services),

Callable

8/13/29

@

100.00 

.....

4.65

9/13/29

1,839

1,246

British

Telecommunications

PLC

(Diversified

Telecommunication

Services)  

....

9.63

12/15/30

1,508

880

Canadian

Natural

Resources

Ltd.

(Oil,

Gas

&

Consumable

Fuels),

Callable

6/15/25

@

100.00 

................................................

2.05

7/15/25

867

240

Canadian

Pacific

Railway

Co.

(Ground

Transportation),

Callable

6/2/51

@

100.00 

3.10

12/2/51

156

635

Canadian

Pacific

Railway

Co.

(Ground

Transportation)  

...................

7.13

10/15/31

705

150

HC

CAPITAL

TRUST

The

U.S.

Corporate

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

Yankee

Dollars

(continued)

$

836

Deutsche

Telekom

International

Finance

BV

(Diversified

Telecommunication

Services)  

................................................

8.75

6/15/30

$

969

1

Enbridge,

Inc.

(Oil,

Gas

&

Consumable

Fuels),

Callable

4/15/27

@

100.00 

.....

3.70

7/15/27

1

1,375

Iberdrola

International

BV

(Electric

Utilities)  

..........................

5.81

3/15/25

1,377

1,150

Iberdrola

International

BV

(Electric

Utilities)  

..........................

6.75

7/15/36

1,264

755

Nutrien

Ltd.

(Chemicals),

Callable

9/27/52

@

100.00 

.....................

5.80

3/27/53

744

1,143

Orange

SA

(Diversified

Telecommunication

Services)  

....................

9.00

3/1/31

1,361

1,420

Pfizer

Investment

Enterprises

Pte

Ltd.

(Capital

Markets),

Callable

11/19/42

@

100.00 

..................................................

5.11

5/19/43

1,333

440

Pfizer

Investment

Enterprises

Pte

Ltd.

(Capital

Markets),

Callable

11/19/62

@

100.00 

..................................................

5.34

5/19/63

404

1,225

Shell

International

Finance

BV

(Oil,

Gas

&

Consumable

Fuels)  

.............

4.55

8/12/43

1,066

150

Telefonica

Emisiones

SA

(Diversified

Telecommunication

Services)  

..........

5.21

3/8/47

132

620

Telefonica

Emisiones

SA

(Diversified

Telecommunication

Services)  

..........

7.05

6/20/36

681

162

Vodafone

Group

PLC

(Wireless

Telecommunication

Services)  

..............

6.15

2/27/37

170

290

Waste

Connections,

Inc.

(Commercial

Services

&

Supplies),

Callable

12/1/33

@

100.00 

..................................................

5.00

3/1/34

282

Total

Yankee

Dollars

............................................

15,551

Shares

Investment

Companies

—

24.14%

Domestic

Fixed

Income

—

21.45%

96,880

Vanguard

Intermediate-Term

Corporate

Bond

ETF

.......................

7,777

852,311

Vanguard

Intermediate-Term

Treasury

ETF

............................

49,433

57,210

Money

Market

Funds

—

2.69%

250,000

Federated

Hermes

Treasury

Obligations

Fund,

Institutional

Shares^^

..........

4.25(b)

250

894,786

State

Street

Institutional

Treasury

Money

Market

Fund,

Premier

Class

.........

4.40(b)

895

6,039,262

State

Street

Institutional

Treasury

Plus

Money

Market

Fund,

Trust

Class

........

4.37(b)

6,040

7,185

Total

Investment

Companies

......................................

64,395

Total

Investments

(cost

$277,223)

—

98.96%

.........................

264,030

Other

assets

in

excess

of

liabilities

—

1.04%

..........................

2,780

Net

Assets

—

100.00%

..........................................

$

266,810

^

All

or

part

of

this

security

was

on

loan

as

of

December

31,

2024.

^^

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,

2024.

(a)

Variable

Rate

Security.

The

rate

disclosed

is

the

rate

in

effect

on

December

31,

2024.

(b)

Annualized

7-day

yield

as

of

period-end.

bps—Basis

Points

ETF—Exchange-Traded

Fund

H15T5Y—5

Year

Treasury

Constant

Maturity

Rate

MTN—Medium

Term

Note

REIT—Real

Estate

Investment

Trust

SOFR—Secured

Overnight

Financing

Rate

TSFR3M

—

3

Month

SOFR

151

See

accompanying

notes

to

financial

statements.

HC

CAPITAL

TRUST

The

U.S.

Corporate

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(concluded)

—

December

31,

2024

(Unaudited)

The

following

table

reflects

the

percentage

of

total

net

assets

of

the

Portfolio

attributable

to

each

Specialist

Manager

as

of

December

31,

2024.

The

U.S.

Corporate

Fixed

Income

Securities

Portfolio

Agincourt

Capital

Management,

LLC

Parametric

Portfolio

Associates,

LLC

HC

Capital

Solutions

Total

Corporate

Bonds

..............................................................................................................................

68.99

%

—

—

68.99

%

Yankee

Dollars

.................................................................................................................................

5.83

%

—

—

5.83

%

Investment

Companies

.....................................................................................................................

0.44

%

21.48

%

2.22

%

24.14

%

Other

Assets

(Liabilities)

.................................................................................................................

1.03

%

—

0.01

%

1.04

%

Total

Net

Assets

..........................................................................................................................

76.29

%

21.48

%

2.23

%

100.00

%

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

of

Investments

—

December

31,

2024

(Unaudited)

152

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

Asset

Backed

Securities

—

1.35%

$

300

American

Express

Credit

Account

Master

Trust,

Series

2023-1,

Class

-

A

.......

4.87

5/15/28

$

302

100

BMW

Vehicle

Lease

Trust,

Series

2023-2,

Class

-

A4

.....................

5.98

2/25/27

101

140

Capital

One

Multi-Asset

Execution

Trust,

Series

2021-A2,

Class

-

A2

.........

1.39

7/15/30

125

75

Carvana

Auto

Receivables

Trust,

Series

2022-P2,

Class

-

A4,

Callable

1/10/28

@

100.00

...................................................

4.68

2/10/28

75

100

Chase

Issuance

Trust,

Series

2024-A2,

Class

-

A

.........................

4.63

1/15/31

100

97

CNH

Equipment

Trust,

Series

2022-C,

Class

-

A3,

Callable

8/15/27

@

100.00

...

5.15

4/17/28

98

150

Ford

Credit

Auto

Lease

Trust,

Series

2024-B,

Class

-

A4

,

Callable

3/15/27

@

100.00

4.99

1/15/28

151

300

GM

Financial

Consumer

Automobile

Receivables

Trust,

Series

2024-1,

Class

-

A3,

Callable

7/16/27

@

100.00

....................................

4.85

12/18/28

301

200

Harley-Davidson

Motorcycle

Trust,

Series

2024-A,

Class

-

A4

,

Callable

12/15/27

@

100.00

...................................................

5.29

12/15/31

202

75

Honda

Auto

Receivables

Owner

Trust,

Series

2023-1,

Class

-

A4,

Callable

7/21/26

@

100.00

................................................

4.97

6/21/29

75

100

Honda

Auto

Receivables

Owner

Trust,

Series

2023-3,

Class

-

A4,

Callable

11/18/26

@

100.00

................................................

5.30

12/18/29

101

100

Hyundai

Auto

Receivables

Trust,

Series

2024-B,

Class

-

A3,

Callable

9/15/28

@

100.00

...................................................

4.84

3/15/29

100

100

Hyundai

Auto

Receivables

Trust,

Series

2023-B,

Class

-

A3,

Callable

10/15/27

@

100.00

...................................................

5.48

4/17/28

101

125

Hyundai

Auto

Receivables

Trust,

Series

2023-C,

Class

-

A3,

Callable

1/15/28

@

100.00

...................................................

5.54

10/16/28

127

100

Mercedes-Benz

Auto

Receivables

Trust,

Series

2023-2,

Class

-

A3,

Callable

10/15/27

@

100.00

................................................

5.95

11/15/28

101

150

Synchrony

Card

Funding

LLC,

Series

2024-A1,

Class

-

A

..................

5.04

3/15/30

151

200

Toyota

Auto

Receivables

Owner

Trust,

Series

2024-A,

Class

-

A4,

Callable

12/15/27

@

100.00

................................................

4.77

4/16/29

200

100

Verizon

Master

Trust,

Series

2022-6,

Class

-

A,

Callable

7/20/25

@

100.00

......

3.67

1/22/29

100

100

Verizon

Master

Trust,

Series

2024-6,

Class

-

A1A,

Callable

8/20/27

@

100.00

...

4.17

8/20/30

99

125

Volkswagen

Auto

Loan

Enhanced

Trust,

Series

2023-1,

Class

-

A3

,

Callable

3/20/27

@

100.00

................................................

5.02

6/20/28

126

75

WF

Card

Issuance

Trust,

Series

2024-A1,

Class

-

A

.......................

4.94

2/15/29

76

100

World

Omni

Auto

Receivables

Trust,

Series

2024-B,

Class

-

A3,

Callable

9/15/27

@

100.00

...................................................

5.27

9/17/29

101

Total

Asset

Backed

Securities

.....................................

2,913

Collateralized

Mortgage-Backed

Securities

—

4.79%

150

BANK,

Series

2020-BN26,

Class

-

A4,

Callable

3/15/30

@

100.00

...........

2.40

3/15/63

130

300

BANK,

Series

2021-BN37,

Class

-

A5,

Callable

11/15/31

@

100.00

...........

2.62(a)

11/15/64

254

100

BANK,

Series

2019-BN21,

Class

-

A5,

Callable

10/15/29

@

100.00

...........

2.85

10/17/52

90

100

BANK,

Series

2019-BN19,

Class

-

A3

,

Callable

7/15/29

@

100.00

...........

3.18

8/15/61

90

—

BANK,

Series

2017-BNK9,

Class

-

ASB,

Callable

12/15/29

@

100.00

.........

3.47

11/15/54

—

300

BANK,

Series

2018-BN10,

Class

-

A5,

Callable

2/15/28

@

100.00

...........

3.69

2/15/61

288

100

BANK,

Series

2019-BN17,

Class

-

A4,

Callable

4/15/29

@

100.00

...........

3.71

4/15/52

95

150

BANK,

Series

2022-BNK41,

Class

-

A4

..............................

3.79(a)

4/15/65

137

60

BBCMS

Mortgage

Trust,

Series

2020-C7,

Class

-

AS,

Callable

4/15/30

@

100.00

.

2.44

4/15/53

51

400

BBCMS

Mortgage

Trust,

Series

2022-C15,

Class

-

A5,

Callable

4/15/32

@

100.00

3.66(a)

4/15/55

358

50

BBCMS

Mortgage

Trust,

Series

2023-C21,

Class

-

A5,

Callable

9/15/33

@

100.00

6.00(a)

9/15/56

53

125

BBCMS

Mortgage

Trust,

Series

2023-C22,

Class

-

A5,

Callable

10/15/33

@

100.00

6.80(a)

11/15/56

139

150

Benchmark

Mortgage

Trust,

Series

2021-B25,

Class

-

ASB,

Callable

4/15/31

@

100.00

...................................................

2.27

4/15/54

136

100

Benchmark

Mortgage

Trust,

Series

2020-IG1,

Class

-

AS,

Callable

1/15/30

@

100.00

2.91(a)

9/15/43

76

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

237

200

Benchmark

Mortgage

Trust,

Series

2018-B6,

Class

-

A4,

Callable

10/10/28

@

100.00

...................................................

4.26

10/10/51

193

153

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

Collateralized

Mortgage-Backed

Securities

(continued)

$

100

Citigroup

Commercial

Mortgage

Trust,

Series

2020-GC46,

Class

-

AS,

Callable

2/15/30

@

100.00

..........................................

2.92

2/15/53

$

86

150

Citigroup

Commercial

Mortgage

Trust,

Series

2019-C7,

Class

-

A4,

Callable

12/15/29

@

100.00

..........................................

3.10

12/15/72

137

100

Citigroup

Commercial

Mortgage

Trust,

Series

2016-GC37,

Class

-

A4,

Callable

3/10/26

@

100.00

..........................................

3.31

4/10/49

98

100

Citigroup

Commercial

Mortgage

Trust,

Series

2016-GC36,

Class

-

A5,

Callable

2/10/26

@

100.00

..........................................

3.62

2/10/49

96

49

COMM

Mortgage

Trust,

Series

2019-GC44,

Class

-

ASB,

Callable

11/15/29

@

100.00

...................................................

2.87

8/15/57

47

189

Fannie

Mae-ACES,

Series

2020-M8,

Class

-

A2

.........................

1.82

2/25/30

163

140

Fannie

Mae-ACES,

Series

2022-M11,

Class

-

A2

........................

2.94(a)

10/25/27

134

162

Fannie

Mae-ACES,

Series

2017-M7,

Class

-

A2

.........................

2.96(a)

2/25/27

157

94

Fannie

Mae-ACES,

Series

2017-M11,

Class

-

A2

........................

2.98

8/25/29

88

178

Fannie

Mae-ACES,

Series

2017-M12,

Class

-

A2

........................

3.06(a)

6/25/27

172

164

Fannie

Mae-ACES,

Series

2017-M15,

Class

-

ATS2

......................

3.16(a)

11/25/27

158

236

Fannie

Mae-ACES,

Series

2018-M14,

Class

-

A2

........................

3.58(a)

8/25/28

227

179

Fannie

Mae-ACES,

Series

2019-M2,

Class

-

A2

.........................

3.62(a)

11/25/28

172

100

Fannie

Mae-ACES,

Series

2023-M4,

Class

-

A2

.........................

3.77(a)

9/25/32

93

300

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K117,

Class

-

A2,

Callable

8/25/30

@

100.00

.................................

1.41

8/25/30

251

300

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K-1516,

Class

-

A2,

Callable

5/25/35

@

100.00

................................

1.72

5/25/35

219

57

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K106,

Class

-

A1,

Callable

10/25/29

@

100.00

................................

1.78

10/25/29

53

390

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K126

,

Class

-

A2,

Callable

1/25/31

@

100.00

.................................

2.07

1/25/31

334

200

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K133,

Class

-

A2,

Callable

9/25/31

@

100.00

.................................

2.10

9/25/31

169

150

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K749,

Class

-

A2,

Callable

3/25/29

@

100.00

.................................

2.12(a)

3/25/29

136

200

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K749,

Class

-

AM,

Callable

4/25/29

@

100

.00

................................

2.12

4/25/29

178

100

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K136,

Class

-

A2

.....................................................

2.13

11/25/31

84

300

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K-1521,

Class

-

A2,

Callable

8/25/36

@

100.00

................................

2.18

8/25/36

223

40

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K099,

Class

-

A1,

Callable

6/25/29

@

100.00

.................................

2.26

6/25/29

38

75

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K-1514,

Class

-

A2,

Callable

10/25/34

@

100.00

...............................

2.86

10/25/34

62

200

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K147,

Class

-

A2

.....................................................

3.00(a)

6/25/32

177

100

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K092,

Class

-

A2,

Callable

4/25/29

@

100.00

.................................

3.30

4/25/29

95

250

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K091,

Class

-

A2

.....................................................

3.51

3/25/29

239

250

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K087,

Class

-

A2

.....................................................

3.77

12/25/28

242

150

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K-152,

Class

-

A2,

Callable

11/25/32

@

100.00

................................

3.78

11/25/32

139

75

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K-153,

Class

-

AM,

Callable

12/25/32

@

100.00

...............................

3.82

12/25/32

69

350

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K077,

Class

-

A2,

Callable

5/25/28

@

100.00

.................................

3.85

5/25/28

340

400

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K081,

Class

-

A2,

Callable

8/25/28

@

100.00

.................................

3.90(a)

8/25/28

389

150

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates

,

Series

K751,

Class

-

A2,

Callable

3/25/30

@

100.00

.................................

4.41

3/25/30

148

154

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

Collateralized

Mortgage-Backed

Securities

(continued)

$

140

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K-164,

Class

-

A2,

Callable

5/25/34

@

100.00

.................................

5.00

5/25/34

$

140

200

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K-162,

Class

-

A2,

Callable

12/25/33

@

100.00

................................

5.15

12/25/33

203

224

GS

Mortgage

Securities

Trust,

Series

2016-GS2,

Class

-

A3,

Callable

5/10/26

@

100.00

...................................................

2.79

5/10/49

219

200

GS

Mortgage

Securities

Trust,

Series

2019-GC42,

Class

-

A4,

Callable

9/10/29

@

100.00

...................................................

3.00

9/10/52

180

100

GS

Mortgage

Securities

Trust,

Series

2020-GC45,

Class

-

AS,

Callable

1/13/30

@

100.00

...................................................

3.17(a)

2/13/53

89

250

GS

Mortgage

Securities

Trust,

Series

2017-GS5,

Class

-

A4,

Callable

3/10/27

@

100.00

...................................................

3.67

3/10/50

240

100

GS

Mortgage

Securities

Trust,

Series

2018-GS10,

Class

-

A5,

Callable

7/10/28

@

100.00

...................................................

4.15(a)

7/10/51

96

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

193

200

Morgan

Stanley

Capital

I

Trust,

Series

2017-H1,

Class

-

A4,

Callable

6/15/27

@

100.00

...................................................

3.26

6/15/50

193

100

MSWF

Commercial

Mortgage

Trust,

Series

2023-1,

Class

-

A5,

Callable

6/15/33

@

100.00

...................................................

5.75

5/15/56

103

100

SG

Commercial

Mortgage

Securities

Trust,

Series

2016-C5,

Class

-

A4,

Callable

7/10/26

@

100.00

..........................................

3.06

10/10/48

97

122

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2019-C53,

Class

-

A4,

Callable

10/15/29

@

100.00

..........................................

3.04

10/15/52

111

500

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2016-C34,

Class

-

A4,

Callable

5/15/26

@

100.00

..........................................

3.10

6/15/49

484

100

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2018-C47,

Class

-

A4,

Callable

10/15/28

@

100.00

..........................................

4.44

9/15/61

98

Total

Collateralized

Mortgage-Backed

Securities

......................

10,364

U.S.

Government

Agency

Mortgages

—

80.67%

129

Fannie

Mae,

Pool

#MA4310

.......................................

1.50

4/1/41

104

363

Fannie

Mae,

Pool

#MA4343

.......................................

1.50

5/1/51

268

235

Fannie

Mae,

Pool

#CA7696

.......................................

1.50

11/1/50

174

343

Fannie

Mae,

Pool

#FM6579

.......................................

1.50

3/1/51

254

408

Fannie

Mae,

Pool

#MA4354

.......................................

1.50

6/1/51

302

375

Fannie

Mae,

Pool

#CB0711

........................................

1.50

6/1/51

279

213

Fannie

Mae,

Pool

#BQ5781

.......................................

1.50

11/1/35

184

38

Fannie

Mae,

Pool

#MA4342

.......................................

1.50

5/1/41

30

374

Fannie

Mae,

Pool

#MA4280

.......................................

1.50

3/1/51

276

421

Fannie

Mae,

Pool

#MA4397

.......................................

1.50

8/1/51

311

153

Fannie

Mae,

Pool

#MA4386

.......................................

1.50

7/1/41

124

298

Fannie

Mae,

Pool

#MA4236

.......................................

1.50

1/1/51

220

358

Fannie

Mae,

Pool

#MA4304

.......................................

1.50

4/1/51

265

317

Fannie

Mae,

Pool

#MA4417

.......................................

1.50

9/1/36

273

174

Fannie

Mae,

Pool

#MA4302

.......................................

1.50

4/1/36

150

248

Fannie

Mae,

Pool

#FS1327

........................................

1.50

6/1/36

214

119

Fannie

Mae,

Pool

#FM9249

.......................................

1.50

10/1/41

96

158

Fannie

Mae,

Pool

#MA4266

.......................................

1.50

2/1/41

128

72

Fannie

Mae,

Pool

#MA4286

.......................................

1.50

3/1/41

58

89

Fannie

Mae,

Pool

#MA4122

.......................................

1.50

9/1/35

77

78

Fannie

Mae,

Pool

#MA4445

.......................................

1.50

10/1/41

63

39

Fannie

Mae,

Pool

#FS2037

........................................

1.50

5/1/37

33

324

Fannie

Mae,

Pool

#MA4441

.......................................

1.50

10/1/36

279

259

Fannie

Mae,

Pool

#BQ3141

.......................................

1.50

10/1/35

224

289

Fannie

Mae,

Pool

#CB0310

.......................................

1.50

4/1/36

250

343

Fannie

Mae,

Pool

#CA7695

.......................................

1.50

11/1/50

254

19

Fannie

Mae

,

Pool

#MA4181

.......................................

1.50

11/1/50

14

155

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Government

Agency

Mortgages

(continued)

$

84

Fannie

Mae,

Pool

#BT2055

........................................

1.50

3/1/37

$

72

345

Fannie

Mae,

Pool

#FM6448

.......................................

2.00

3/1/51

272

425

Fannie

Mae,

Pool

#CA9273

.......................................

2.00

2/1/51

331

338

Fannie

Mae,

Pool

#BQ9685

.......................................

2.00

1/1/51

264

467

Fannie

Mae,

Pool

#BR4094

.......................................

2.00

1/1/51

365

247

Fannie

Mae,

Pool

#FS1621

........................................

2.00

7/1/51

193

394

Fannie

Mae,

Pool

#FM9441

.......................................

2.00

4/1/51

308

56

Fannie

Mae,

Pool

#BU8781

.......................................

2.00

4/1/37

50

325

Fannie

Mae,

Pool

#MA4255

.......................................

2.00

2/1/51

254

320

Fannie

Mae,

Pool

#MA4237

.......................................

2.00

1/1/51

251

232

Fannie

Mae,

Pool

#MA4355

.......................................

2.00

6/1/51

182

381

Fannie

Mae,

Pool

#MA4536

.......................................

2.00

2/1/37

337

313

Fannie

Mae,

Pool

#MA4602

.......................................

2.00

5/1/37

277

331

Fannie

Mae,

Pool

#FM6555

.......................................

2.00

4/1/51

261

30

Fannie

Mae,

Pool

#MA2906

.......................................

2.00

2/1/32

28

412

Fannie

Mae,

Pool

#CA8933

.......................................

2.00

2/1/51

324

312

Fannie

Mae,

Pool

#BR2176

.......................................

2.00

7/1/36

275

169

Fannie

Mae,

Pool

#BQ5160

.......................................

2.00

12/1/50

133

360

Fannie

Mae,

Pool

#CA8110

.......................................

2.00

12/1/50

283

456

Fannie

Mae,

Pool

#BQ5112

.......................................

2.00

11/1/50

358

138

Fannie

Mae,

Pool

#MA4303

.......................................

2.00

4/1/36

122

341

Fannie

Mae,

Pool

#MA4305

.......................................

2.00

4/1/51

267

349

Fannie

Mae,

Pool

#FM5308

.......................................

2.00

12/1/50

274

330

Fannie

Mae,

Pool

#CA8850

.......................................

2.00

2/1/51

258

74

Fannie

Mae,

Pool

#CA8687

.......................................

2.00

1/1/51

58

411

Fannie

Mae,

Pool

#CA8252

.......................................

2.00

12/1/45

323

452

Fannie

Mae,

Pool

#FM4788

.......................................

2.00

11/1/50

355

368

Fannie

Mae,

Pool

#CB1620

.......................................

2.00

9/1/51

287

300

Fannie

Mae,

Pool

#CA7225

.......................................

2.00

10/1/50

237

243

Fannie

Mae,

Pool

#FM3755

.......................................

2.00

9/1/35

216

186

Fannie

Mae,

Pool

#FM4039

.......................................

2.00

10/1/35

166

375

Fannie

Mae,

Pool

#MA4182

.......................................

2.00

11/1/50

294

282

Fannie

Mae,

Pool

#MA4403

.......................................

2.00

8/1/36

249

153

Fannie

Mae,

Pool

#MA4176

.......................................

2.00

11/1/40

128

77

Fannie

Mae,

Pool

#MA4474

.......................................

2.00

11/1/41

64

10

Fannie

Mae,

Pool

#AS0001

........................................

2.00

7/1/28

9

54

Fannie

Mae,

Pool

#AS1058

........................................

2.00

11/1/28

52

215

Fannie

Mae,

Pool

#FM5044

.......................................

2.00

12/1/50

170

9

Fannie

Mae,

Pool

#AY4232

.......................................

2.00

5/1/30

9

398

Fannie

Mae,

Pool

#MA4378

.......................................

2.00

7/1/51

311

381

Fannie

Mae,

Pool

#FM9579

.......................................

2.00

7/1/51

297

425

Fannie

Mae,

Pool

#FM7411

.......................................

2.00

5/1/51

330

389

Fannie

Mae,

Pool

#BT0240

........................................

2.00

9/1/51

304

422

Fannie

Mae,

Pool

#MA4511

.......................................

2.00

1/1/52

329

269

Fannie

Mae,

Pool

#BU7103

.......................................

2.00

12/1/51

210

284

Fannie

Mae,

Pool

#CA7224

.......................................

2.00

10/1/50

225

266

Fannie

Mae,

Pool

#CA9183

.......................................

2.00

2/1/36

237

358

Fannie

Mae,

Pool

#CB0325

.......................................

2.00

4/1/51

279

176

Fannie

Mae,

Pool

#CB0497

.......................................

2.00

5/1/51

138

36

Fannie

Mae,

Pool

#MA4071

.......................................

2.00

7/1/40

30

27

Fannie

Mae,

Pool

#MA4093

.......................................

2.00

8/1/40

22

209

Fannie

Mae,

Pool

#MA4437

.......................................

2.00

10/1/51

164

152

Fannie

Mae,

Pool

#MA4333

.......................................

2.00

5/1/41

128

336

Fannie

Mae,

Pool

#FM6852

.......................................

2.00

5/1/51

267

132

Fannie

Mae,

Pool

#MA4204

.......................................

2.00

12/1/40

110

329

Fannie

Mae,

Pool

#MA4442

.......................................

2.00

10/1/36

291

243

Fannie

Mae,

Pool

#MA4208

.......................................

2.00

12/1/50

191

221

Fannie

Mae,

Pool

#MA4119

.......................................

2.00

9/1/50

173

416

Fannie

Mae,

Pool

#MA4158

.......................................

2.00

10/1/50

326

156

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Government

Agency

Mortgages

(continued)

$

136

Fannie

Mae,

Pool

#BP6626

........................................

2.00

8/1/50

$

106

324

Fannie

Mae,

Pool

#BQ8341

.......................................

2.00

12/1/50

254

213

Fannie

Mae,

Pool

#MA4325

.......................................

2.00

5/1/51

166

194

Fannie

Mae,

Pool

#CA8118

.......................................

2.00

12/1/50

153

211

Fannie

Mae,

Pool

#BR4435

.......................................

2.00

4/1/51

165

120

Fannie

Mae,

Pool

#MA4287

.......................................

2.00

3/1/41

101

112

Fannie

Mae,

Pool

#FM5453

.......................................

2.00

1/1/41

93

329

Fannie

Mae,

Pool

#MA4128

.......................................

2.00

9/1/40

274

97

Fannie

Mae,

Pool

#MA4155

.......................................

2.00

10/1/35

86

292

Fannie

Mae,

Pool

#BQ7777

.......................................

2.00

3/1/36

258

326

Fannie

Mae,

Pool

#BQ3004

.......................................

2.00

10/1/50

256

297

Fannie

Mae,

Pool

#BP9370

........................................

2.00

7/1/50

233

306

Fannie

Mae,

Pool

#MA4360

.......................................

2.00

6/1/36

270

331

Fannie

Mae,

Pool

#MA4281

.......................................

2.00

3/1/51

259

410

Fannie

Mae,

Pool

#FS1334

........................................

2.00

11/1/51

320

368

Fannie

Mae,

Pool

#CB0684

.......................................

2.00

6/1/51

288

11

Fannie

Mae,

Pool

#BJ4362

........................................

2.00

11/1/32

10

404

Fannie

Mae,

Pool

#FM4969

.......................................

2.00

12/1/50

319

36

Fannie

Mae,

Pool

#FM9724

.......................................

2.00

11/1/36

32

425

Fannie

Mae,

Pool

#BK8461

.......................................

2.00

1/1/51

332

80

Fannie

Mae,

Pool

#FS0317

........................................

2.00

2/1/42

67

429

Fannie

Mae,

Pool

#BR0948

.......................................

2.00

4/1/51

336

356

Fannie

Mae,

Pool

#CA7833

.......................................

2.00

11/1/50

281

241

Fannie

Mae,

Pool

#FS0355

........................................

2.00

9/1/51

188

7

Fannie

Mae,

Pool

#CA0052

.......................................

2.00

7/1/32

7

23

Fannie

Mae,

Pool

#MA3217

.......................................

2.50

12/1/32

21

38

Fannie

Mae,

Pool

#MA3764

.......................................

2.50

9/1/34

34

31

Fannie

Mae,

Pool

#MA3965

.......................................

2.50

3/1/40

27

218

Fannie

Mae,

Pool

#MA4159

.......................................

2.50

10/1/50

179

165

Fannie

Mae,

Pool

#MA4183

.......................................

2.50

11/1/50

136

66

Fannie

Mae,

Pool

#AB7391

.......................................

2.50

12/1/42

56

236

Fannie

Mae,

Pool

#MA4256

.......................................

2.50

2/1/51

193

39

Fannie

Mae,

Pool

#AU6387

.......................................

2.50

11/1/28

37

221

Fannie

Mae,

Pool

#CA6304

.......................................

2.50

7/1/50

182

18

Fannie

Mae,

Pool

#AU5334

.......................................

2.50

11/1/28

17

14

Fannie

Mae,

Pool

#MA2868

.......................................

2.50

1/1/32

13

100

Fannie

Mae,

Pool

#MA4099

.......................................

2.50

8/1/35

92

220

Fannie

Mae,

Pool

#MA4078

.......................................

2.50

7/1/50

181

62

Fannie

Mae,

Pool

#MA4075

.......................................

2.50

7/1/35

57

10

Fannie

Mae,

Pool

#MA3830

.......................................

2.50

11/1/39

8

37

Fannie

Mae,

Pool

#AP4742

........................................

2.50

8/1/27

36

204

Fannie

Mae,

Pool

#MA4210

.......................................

2.50

12/1/50

167

384

Fannie

Mae,

Pool

#CB1784

.......................................

2.50

10/1/51

316

277

Fannie

Mae,

Pool

#FM4309

.......................................

2.50

9/1/50

229

42

Fannie

Mae,

Pool

#AS4946

........................................

2.50

5/1/30

40

43

Fannie

Mae,

Pool

#BE3032

........................................

2.50

1/1/32

41

4

Fannie

Mae,

Pool

#MA2789

.......................................

2.50

10/1/36

3

209

Fannie

Mae,

Pool

#CA6074

.......................................

2.50

6/1/50

173

69

Fannie

Mae,

Pool

#MA3154

.......................................

2.50

10/1/32

64

222

Fannie

Mae,

Pool

#MA4096

.......................................

2.50

8/1/50

183

294

Fannie

Mae,

Pool

#CA8131

.......................................

2.50

12/1/50

243

11

Fannie

Mae,

Pool

#BJ3742

........................................

2.50

12/1/32

10

230

Fannie

Mae,

Pool

#CA6075

.......................................

2.50

6/1/50

190

396

Fannie

Mae,

Pool

#CB1828

.......................................

2.50

10/1/51

324

43

Fannie

Mae,

Pool

#MA1210

.......................................

2.50

10/1/27

42

208

Fannie

Mae,

Pool

#BO4657

.......................................

2.50

11/1/49

172

195

Fannie

Mae

,

Pool

#CB1131

........................................

2.50

7/1/51

161

429

Fannie

Mae,

Pool

#CA9289

.......................................

2.50

2/1/51

350

128

Fannie

Mae,

Pool

#BQ0329

.......................................

2.50

7/1/50

105

157

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Government

Agency

Mortgages

(continued)

$

11

Fannie

Mae,

Pool

#AZ6458

.......................................

2.50

7/1/30

$

11

228

Fannie

Mae,

Pool

#FM4231

.......................................

2.50

9/1/50

187

213

Fannie

Mae,

Pool

#BP5878

........................................

2.50

6/1/50

176

11

Fannie

Mae,

Pool

#AS8437

........................................

2.50

12/1/36

10

26

Fannie

Mae,

Pool

#AT2717

........................................

2.50

5/1/43

22

127

Fannie

Mae,

Pool

#MA3902

.......................................

2.50

1/1/50

105

16

Fannie

Mae,

Pool

#MA3737

.......................................

2.50

8/1/34

15

288

Fannie

Mae,

Pool

#MA4541

.......................................

2.50

2/1/42

246

136

Fannie

Mae,

Pool

#MA2730

.......................................

2.50

8/1/46

115

123

Fannie

Mae,

Pool

#MA3246

.......................................

2.50

1/1/33

115

8

Fannie

Mae,

Pool

#MA3788

.......................................

2.50

9/1/39

7

55

Fannie

Mae,

Pool

#FM3296

.......................................

2.50

5/1/35

50

237

Fannie

Mae,

Pool

#MA4517

.......................................

2.50

1/1/37

215

127

Fannie

Mae,

Pool

#MA3990

.......................................

2.50

4/1/50

104

422

Fannie

Mae,

Pool

#FM8745

.......................................

2.50

9/1/51

344

384

Fannie

Mae,

Pool

#FS0030

........................................

2.50

4/1/51

313

435

Fannie

Mae,

Pool

#FS0235

........................................

2.50

1/1/52

354

41

Fannie

Mae,

Pool

#FS0547

........................................

2.50

2/1/52

34

100

Fannie

Mae,

Pool

#FS1340

........................................

2.50

3/1/52

82

355

Fannie

Mae,

Pool

#MA4399

.......................................

2.50

8/1/51

290

24

Fannie

Mae,

Pool

#BJ3944

........................................

2.50

1/1/33

23

268

Fannie

Mae,

Pool

#CA8955

.......................................

2.50

2/1/51

221

17

Fannie

Mae,

Pool

#CB2979

.......................................

2.50

2/1/37

16

255

Fannie

Mae,

Pool

#FM3878

.......................................

2.50

7/1/50

213

43

Fannie

Mae,

Pool

#MA1277

.......................................

2.50

12/1/27

42

17

Fannie

Mae,

Pool

#AS0513

........................................

2.50

8/1/43

14

28

Fannie

Mae,

Pool

#AO3019

.......................................

2.50

5/1/27

27

20

Fannie

Mae,

Pool

#FM9543

.......................................

2.50

12/1/51

16

46

Fannie

Mae,

Pool

#BC9041

.......................................

2.50

11/1/31

43

13

Fannie

Mae,

Pool

#MA1270

.......................................

2.50

11/1/32

12

370

Fannie

Mae,

Pool

#FM8997

.......................................

2.50

10/1/51

304

7

Fannie

Mae,

Pool

#MA1511

.......................................

2.50

7/1/33

6

19

Fannie

Mae,

Pool

#MA3282

.......................................

2.50

2/1/33

17

74

Fannie

Mae,

Pool

#MA3827

.......................................

2.50

11/1/34

68

90

Fannie

Mae,

Pool

#MA3765

.......................................

2.50

9/1/49

74

360

Fannie

Mae,

Pool

#BU5917

.......................................

2.50

12/1/51

297

39

Fannie

Mae,

Pool

#MA3955

.......................................

2.50

3/1/35

36

8

Fannie

Mae,

Pool

#MA2854

.......................................

2.50

12/1/46

6

5

Fannie

Mae,

Pool

#AS8172

........................................

2.50

10/1/36

4

357

Fannie

Mae,

Pool

#CB0415

.......................................

2.50

5/1/51

292

368

Fannie

Mae,

Pool

#CB1556

.......................................

2.50

9/1/51

303

166

Fannie

Mae,

Pool

#CA7237

.......................................

2.50

10/1/50

137

211

Fannie

Mae,

Pool

#FM2881

.......................................

2.50

4/1/50

175

382

Fannie

Mae,

Pool

#BU1451

.......................................

2.50

1/1/52

312

333

Fannie

Mae

,

Pool

#BR7857

.......................................

2.50

5/1/51

273

14

Fannie

Mae,

Pool

#AS4660

........................................

2.50

3/1/30

14

27

Fannie

Mae,

Pool

#AS8246

........................................

2.50

11/1/31

25

189

Fannie

Mae,

Pool

#CA8132

.......................................

2.50

12/1/50

156

240

Fannie

Mae,

Pool

#FM3494

.......................................

2.50

4/1/48

202

193

Fannie

Mae,

Pool

#FM3027

.......................................

2.50

12/1/46

163

420

Fannie

Mae,

Pool

#CB2523

.......................................

2.50

1/1/52

345

307

Fannie

Mae,

Pool

#BQ5110

.......................................

2.50

11/1/50

253

37

Fannie

Mae,

Pool

#AS8892

........................................

2.50

2/1/32

35

160

Fannie

Mae,

Pool

#MA4414

.......................................

2.50

9/1/51

131

39

Fannie

Mae,

Pool

#MA3896

.......................................

2.50

1/1/35

35

7

Fannie

Mae,

Pool

#MA2888

.......................................

2.50

1/1/47

6

53

Fannie

Mae,

Pool

#MA4053

.......................................

2.50

6/1/35

49

24

Fannie

Mae,

Pool

#MA3801

.......................................

2.50

10/1/49

20

22

Fannie

Mae,

Pool

#MA4016

.......................................

2.50

5/1/40

19

158

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Government

Agency

Mortgages

(continued)

$

214

Fannie

Mae,

Pool

#BK2588

.......................................

2.50

5/1/50

$

177

32

Fannie

Mae,

Pool

#AU2619

.......................................

2.50

8/1/28

31

38

Fannie

Mae,

Pool

#MA1527

.......................................

3.00

8/1/33

36

31

Fannie

Mae,

Pool

#MA3991

.......................................

3.00

4/1/50

26

100

Fannie

Mae,

Pool

#AS8414

........................................

3.00

11/1/46

86

30

Fannie

Mae,

Pool

#CA3754

.......................................

3.00

6/1/34

29

108

Fannie

Mae,

Pool

#FM1370

.......................................

3.00

4/1/46

94

87

Fannie

Mae,

Pool

#CA5729

.......................................

3.00

5/1/50

75

22

Fannie

Mae,

Pool

#MA3934

.......................................

3.00

2/1/40

19

87

Fannie

Mae,

Pool

#BO3192

.......................................

3.00

10/1/49

75

18

Fannie

Mae,

Pool

#AB4483

.......................................

3.00

2/1/27

17

377

Fannie

Mae,

Pool

#CB3172

.......................................

3.00

3/1/52

320

281

Fannie

Mae,

Pool

#AB7099

.......................................

3.00

11/1/42

246

119

Fannie

Mae,

Pool

#CA5668

.......................................

3.00

5/1/50

102

49

Fannie

Mae,

Pool

#CA5519

.......................................

3.00

4/1/50

42

121

Fannie

Mae,

Pool

#BP6466

........................................

3.00

7/1/50

105

18

Fannie

Mae,

Pool

#MA3631

.......................................

3.00

4/1/34

17

181

Fannie

Mae,

Pool

#FS0831

........................................

3.00

3/1/52

154

92

Fannie

Mae,

Pool

#BO8947

.......................................

3.00

1/1/50

80

68

Fannie

Mae,

Pool

#BO7242

.......................................

3.00

1/1/50

59

17

Fannie

Mae,

Pool

#MA3958

.......................................

3.00

3/1/40

15

21

Fannie

Mae,

Pool

#BD5076

.......................................

3.00

2/1/32

19

3

Fannie

Mae,

Pool

#AK0006

.......................................

3.00

1/1/27

3

184

Fannie

Mae,

Pool

#MA3834

.......................................

3.00

11/1/49

159

102

Fannie

Mae,

Pool

#AL9865

.......................................

3.00

2/1/47

89

35

Fannie

Mae,

Pool

#CA3788

.......................................

3.00

7/1/49

30

62

Fannie

Mae,

Pool

#MA3960

.......................................

3.00

3/1/50

53

50

Fannie

Mae,

Pool

#FM2132

.......................................

3.00

1/1/50

43

106

Fannie

Mae,

Pool

#BO2201

.......................................

3.00

9/1/49

91

83

Fannie

Mae,

Pool

#BN7703

.......................................

3.00

8/1/49

71

126

Fannie

Mae,

Pool

#BO6219

.......................................

3.00

12/1/49

109

20

Fannie

Mae,

Pool

#MA3060

.......................................

3.00

7/1/32

19

12

Fannie

Mae,

Pool

#AQ3223

.......................................

3.00

11/1/27

12

19

Fannie

Mae,

Pool

#CA5423

.......................................

3.00

3/1/50

17

11

Fannie

Mae,

Pool

#AR7426

.......................................

3.00

7/1/43

10

20

Fannie

Mae,

Pool

#AS8424

........................................

3.00

12/1/36

18

54

Fannie

Mae,

Pool

#MA2246

.......................................

3.00

4/1/30

52

24

Fannie

Mae,

Pool

#AS8483

........................................

3.00

12/1/46

20

7

Fannie

Mae,

Pool

#BA4786

.......................................

3.00

2/1/31

7

81

Fannie

Mae,

Pool

#BC9003

.......................................

3.00

11/1/46

70

66

Fannie

Mae,

Pool

#BD4225

.......................................

3.00

11/1/46

57

9

Fannie

Mae,

Pool

#MA1058

.......................................

3.00

5/1/32

8

14

Fannie

Mae,

Pool

#MA2579

.......................................

3.00

4/1/36

12

59

Fannie

Mae,

Pool

#AY4829

.......................................

3.00

5/1/45

51

14

Fannie

Mae,

Pool

#MA2961

.......................................

3.00

4/1/37

12

15

Fannie

Mae,

Pool

#MA2832

.......................................

3.00

12/1/36

13

23

Fannie

Mae,

Pool

#MA2230

.......................................

3.00

4/1/35

21

38

Fannie

Mae,

Pool

#BE4400

........................................

3.00

1/1/47

33

75

Fannie

Mae,

Pool

#MA2895

.......................................

3.00

2/1/47

65

10

Fannie

Mae,

Pool

#MA2087

.......................................

3.00

11/1/34

9

12

Fannie

Mae,

Pool

#AS3117

........................................

3.00

8/1/29

12

58

Fannie

Mae,

Pool

#BD5545

.......................................

3.00

10/1/46

50

15

Fannie

Mae,

Pool

#AS2312

........................................

3.00

5/1/29

15

66

Fannie

Mae,

Pool

#MA2833

.......................................

3.00

12/1/46

58

39

Fannie

Mae,

Pool

#AS7908

........................................

3.00

9/1/46

34

66

Fannie

Mae,

Pool

#MA3106

.......................................

3.00

8/1/47

57

22

Fannie

Mae,

Pool

#AS8438

........................................

3.00

12/1/36

20

83

Fannie

Mae,

Pool

#MA3082

.......................................

3.00

7/1/47

71

7

Fannie

Mae,

Pool

#MA2065

.......................................

3.00

10/1/34

6

159

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Government

Agency

Mortgages

(continued)

$

83

Fannie

Mae,

Pool

#MA2806

.......................................

3.00

11/1/46

$

72

59

Fannie

Mae,

Pool

#BE1901

........................................

3.00

12/1/46

52

21

Fannie

Mae,

Pool

#AL8861

.......................................

3.00

7/1/31

20

70

Fannie

Mae,

Pool

#AS8276

........................................

3.00

11/1/46

60

21

Fannie

Mae,

Pool

#AL9996

.......................................

3.00

4/1/32

21

19

Fannie

Mae,

Pool

#MA1338

.......................................

3.00

2/1/33

17

68

Fannie

Mae,

Pool

#AS8784

........................................

3.00

2/1/47

59

35

Fannie

Mae,

Pool

#AS8186

........................................

3.00

10/1/46

30

22

Fannie

Mae,

Pool

#MA3331

.......................................

3.00

4/1/48

19

136

Fannie

Mae,

Pool

#MA4020

.......................................

3.00

5/1/50

117

39

Fannie

Mae,

Pool

#MA3147

.......................................

3.00

10/1/47

34

20

Fannie

Mae,

Pool

#AW7383

.......................................

3.00

8/1/29

20

25

Fannie

Mae,

Pool

#AZ0538

.......................................

3.00

9/1/30

24

19

Fannie

Mae,

Pool

#MA3304

.......................................

3.00

3/1/48

17

93

Fannie

Mae,

Pool

#MA3871

.......................................

3.00

12/1/49

81

14

Fannie

Mae,

Pool

#BC4276

.......................................

3.00

4/1/46

12

71

Fannie

Mae,

Pool

#AU3735

.......................................

3.00

8/1/43

62

152

Fannie

Mae,

Pool

#MA4048

.......................................

3.00

6/1/50

131

25

Fannie

Mae,

Pool

#MA2523

.......................................

3.00

2/1/36

23

4

Fannie

Mae,

Pool

#FM1585

.......................................

3.00

9/1/49

3

154

Fannie

Mae,

Pool

#BP1932

........................................

3.00

4/1/50

132

14

Fannie

Mae,

Pool

#BK1015

.......................................

3.00

2/1/33

13

103

Fannie

Mae,

Pool

#MA4079

.......................................

3.00

7/1/50

88

14

Fannie

Mae,

Pool

#AW8295

.......................................

3.00

8/1/29

13

26

Fannie

Mae,

Pool

#MA3831

.......................................

3.00

11/1/39

23

37

Fannie

Mae,

Pool

#MA1401

.......................................

3.00

4/1/33

35

14

Fannie

Mae,

Pool

#AT1575

........................................

3.00

5/1/43

13

85

Fannie

Mae,

Pool

#MA1307

.......................................

3.00

1/1/33

80

23

Fannie

Mae,

Pool

#MA2425

.......................................

3.00

10/1/30

22

8

Fannie

Mae,

Pool

#MA3218

.......................................

3.00

12/1/32

7

36

Fannie

Mae,

Pool

#BO9169

.......................................

3.00

12/1/49

31

14

Fannie

Mae,

Pool

#BJ2996

........................................

3.00

1/1/33

13

5

Fannie

Mae,

Pool

#MA3802

.......................................

3.00

10/1/49

4

18

Fannie

Mae,

Pool

#MA3339

.......................................

3.00

4/1/33

17

27

Fannie

Mae,

Pool

#MA3744

.......................................

3.00

8/1/49

23

18

Fannie

Mae,

Pool

#MA3237

.......................................

3.00

1/1/48

16

91

Fannie

Mae,

Pool

#AT2014

........................................

3.00

4/1/43

79

44

Fannie

Mae,

Pool

#AY4200

.......................................

3.00

5/1/45

38

8

Fannie

Mae,

Pool

#MA2287

.......................................

3.00

6/1/35

7

4

Fannie

Mae,

Pool

#MA3738

.......................................

3.00

8/1/34

4

31

Fannie

Mae,

Pool

#MA3127

.......................................

3.00

9/1/37

29

11

Fannie

Mae,

Pool

#AP2465

........................................

3.00

8/1/42

10

322

Fannie

Mae,

Pool

#AP6375

........................................

3.00

9/1/42

282

148

Fannie

Mae,

Pool

#AP6493

........................................

3.00

9/1/42

130

156

Fannie

Mae,

Pool

#AQ7920

.......................................

3.00

12/1/42

137

32

Fannie

Mae,

Pool

#AS1527

........................................

3.00

1/1/29

31

19

Fannie

Mae,

Pool

#MA2149

.......................................

3.00

1/1/30

18

6

Fannie

Mae,

Pool

#AZ4358

.......................................

3.00

7/1/30

6

4

Fannie

Mae,

Pool

#BA0826

.......................................

3.00

10/1/30

4

36

Fannie

Mae,

Pool

#BD5787

.......................................

3.00

9/1/46

32

70

Fannie

Mae,

Pool

#MA2863

.......................................

3.00

1/1/47

60

110

Fannie

Mae,

Pool

#AT0682

........................................

3.00

4/1/43

96

99

Fannie

Mae,

Pool

#AB8897

.......................................

3.00

4/1/43

86

27

Fannie

Mae,

Pool

#MA2773

.......................................

3.00

10/1/36

24

12

Fannie

Mae,

Pool

#AU7890

.......................................

3.00

9/1/28

12

20

Fannie

Mae,

Pool

#CA4860

.......................................

3.00

12/1/49

17

12

Fannie

Mae,

Pool

#MA3185

.......................................

3.00

11/1/37

11

44

Fannie

Mae,

Pool

#AS7238

........................................

3.00

5/1/46

38

17

Fannie

Mae,

Pool

#BE3861

........................................

3.00

1/1/47

15

160

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Government

Agency

Mortgages

(continued)

$

11

Fannie

Mae,

Pool

#MA2897

.......................................

3.00

2/1/37

$

10

121

Fannie

Mae,

Pool

#BD2446

.......................................

3.00

1/1/47

105

109

Fannie

Mae,

Pool

#MA2956

.......................................

3.00

4/1/47

95

8

Fannie

Mae,

Pool

#MA3078

.......................................

3.00

7/1/37

7

59

Fannie

Mae,

Pool

#AS4884

........................................

3.00

5/1/45

51

10

Fannie

Mae,

Pool

#AS8056

........................................

3.00

10/1/46

9

83

Fannie

Mae,

Pool

#BC4764

.......................................

3.00

10/1/46

72

6

Fannie

Mae,

Pool

#MA3657

.......................................

3.00

5/1/34

6

60

Fannie

Mae,

Pool

#FM1134

.......................................

3.00

4/1/48

52

179

Fannie

Mae,

Pool

#AO0752

.......................................

3.00

4/1/42

157

51

Fannie

Mae,

Pool

#FM1552

.......................................

3.00

12/1/47

44

103

Fannie

Mae,

Pool

#AS7904

........................................

3.00

9/1/46

90

100

Fannie

Mae,

Pool

#MA3905

.......................................

3.00

1/1/50

87

97

Fannie

Mae,

Pool

#MA3937

.......................................

3.00

2/1/50

83

51

Fannie

Mae,

Pool

#AS8521

........................................

3.00

12/1/46

44

74

Fannie

Mae,

Pool

#MA3774

.......................................

3.00

9/1/49

63

18

Fannie

Mae,

Pool

#MA3090

.......................................

3.00

8/1/32

17

4

Fannie

Mae,

Pool

#MA3100

.......................................

3.00

8/1/37

4

46

Fannie

Mae,

Pool

#MA3179

.......................................

3.00

11/1/47

39

16

Fannie

Mae,

Pool

#MA3247

.......................................

3.00

1/1/33

15

14

Fannie

Mae,

Pool

#MA3897

.......................................

3.00

1/1/35

13

6

Fannie

Mae,

Pool

#AL9848

.......................................

3.00

3/1/47

5

61

Fannie

Mae,

Pool

#AS0196

........................................

3.00

8/1/28

59

14

Fannie

Mae,

Pool

#BM1370

.......................................

3.00

4/1/37

13

235

Fannie

Mae,

Pool

#BU1241

.......................................

3.00

3/1/52

200

329

Fannie

Mae,

Pool

#CB2759

.......................................

3.00

2/1/52

280

172

Fannie

Mae,

Pool

#MA4579

.......................................

3.00

4/1/52

146

101

Fannie

Mae,

Pool

#MA2737

.......................................

3.00

9/1/46

88

5

Fannie

Mae,

Pool

#AX8309

.......................................

3.00

11/1/29

5

186

Fannie

Mae,

Pool

#FS2122

........................................

3.00

3/1/52

159

111

Fannie

Mae,

Pool

#BU8883

.......................................

3.00

3/1/52

94

173

Fannie

Mae,

Pool

#FM3395

.......................................

3.00

6/1/50

149

219

Fannie

Mae,

Pool

#FS1374

........................................

3.00

3/1/52

186

15

Fannie

Mae,

Pool

#BE9547

........................................

3.00

4/1/47

13

29

Fannie

Mae,

Pool

#FM4317

.......................................

3.00

9/1/50

25

406

Fannie

Mae,

Pool

#CB2755

.......................................

3.00

2/1/52

348

404

Fannie

Mae,

Pool

#CB2756

.......................................

3.00

2/1/52

346

109

Fannie

Mae,

Pool

#AT7620

........................................

3.00

6/1/43

95

13

Fannie

Mae,

Pool

#AS4334

........................................

3.00

1/1/45

12

422

Fannie

Mae,

Pool

#CA5229

.......................................

3.00

2/1/50

360

37

Fannie

Mae,

Pool

#AK3302

.......................................

3.00

3/1/27

37

55

Fannie

Mae,

Pool

#AS4333

........................................

3.00

1/1/45

48

338

Fannie

Mae,

Pool

#CB3364

.......................................

3.00

4/1/52

288

47

Fannie

Mae,

Pool

#MA1982

.......................................

3.50

8/1/34

45

46

Fannie

Mae,

Pool

#AY5303

.......................................

3.50

3/1/45

42

53

Fannie

Mae,

Pool

#FM1001

.......................................

3.50

11/1/48

47

10

Fannie

Mae,

Pool

#MA2495

.......................................

3.50

1/1/46

9

18

Fannie

Mae,

Pool

#BA1893

.......................................

3.50

8/1/45

16

71

Fannie

Mae,

Pool

#BM4703

.......................................

3.50

2/1/48

63

55

Fannie

Mae,

Pool

#MA2125

.......................................

3.50

12/1/44

50

33

Fannie

Mae,

Pool

#AS5068

........................................

3.50

6/1/45

30

89

Fannie

Mae,

Pool

#BH9277

.......................................

3.50

2/1/48

79

49

Fannie

Mae,

Pool

#AS4771

........................................

3.50

4/1/45

44

22

Fannie

Mae,

Pool

#AS4772

........................................

3.50

4/1/45

20

3

Fannie

Mae,

Pool

#AL8776

.......................................

3.50

7/1/46

3

39

Fannie

Mae,

Pool

#AS4773

........................................

3.50

4/1/45

35

49

Fannie

Mae,

Pool

#AX9530

.......................................

3.50

2/1/45

44

63

Fannie

Mae,

Pool

#AY1306

.......................................

3.50

3/1/45

57

39

Fannie

Mae,

Pool

#AY4300

.......................................

3.50

1/1/45

35

161

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

of

Investments

(continued)

—

December

31,

2024

(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

#310139

........................................

3.50

11/1/25

$

2

44

Fannie

Mae,

Pool

#FM3387

.......................................

3.50

3/1/35

42

19

Fannie

Mae,

Pool

#MA3462

.......................................

3.50

9/1/33

18

67

Fannie

Mae,

Pool

#FM1543

.......................................

3.50

11/1/48

60

18

Fannie

Mae,

Pool

#AX5201

.......................................

3.50

10/1/29

17

24

Fannie

Mae,

Pool

#BJ0647

........................................

3.50

3/1/48

21

38

Fannie

Mae,

Pool

#AS7239

........................................

3.50

5/1/46

34

7

Fannie

Mae,

Pool

#MA3152

.......................................

3.50

10/1/37

7

328

Fannie

Mae,

Pool

#BU8723

.......................................

3.50

6/1/52

290

46

Fannie

Mae,

Pool

#AZ9576

.......................................

3.50

12/1/45

41

28

Fannie

Mae,

Pool

#AS5696

........................................

3.50

8/1/45

25

75

Fannie

Mae,

Pool

#BH5155

.......................................

3.50

9/1/47

68

4

Fannie

Mae,

Pool

#AK0706

.......................................

3.50

2/1/27

4

46

Fannie

Mae,

Pool

#MA3332

.......................................

3.50

4/1/48

41

227

Fannie

Mae,

Pool

#AB6017

.......................................

3.50

8/1/42

208

68

Fannie

Mae,

Pool

#AZ0862

.......................................

3.50

7/1/45

61

4

Fannie

Mae,

Pool

#BM1231

.......................................

3.50

11/1/31

4

20

Fannie

Mae,

Pool

#MA2389

.......................................

3.50

9/1/35

19

52

Fannie

Mae,

Pool

#AS0024

........................................

3.50

7/1/43

47

5

Fannie

Mae,

Pool

#MA2909

.......................................

3.50

2/1/37

4

15

Fannie

Mae,

Pool

#FS1774

........................................

3.50

5/1/37

14

33

Fannie

Mae,

Pool

#BC3126

.......................................

3.50

1/1/46

30

14

Fannie

Mae,

Pool

#AE0981

.......................................

3.50

3/1/41

13

25

Fannie

Mae,

Pool

#BM2001

.......................................

3.50

12/1/46

23

7

Fannie

Mae,

Pool

#MA3059

.......................................

3.50

7/1/37

7

16

Fannie

Mae,

Pool

#AS5892

........................................

3.50

10/1/45

14

22

Fannie

Mae,

Pool

#MA2923

.......................................

3.50

3/1/37

21

10

Fannie

Mae,

Pool

#MA3835

.......................................

3.50

11/1/49

9

2

Fannie

Mae,

Pool

#AJ6181

........................................

3.50

12/1/26

2

37

Fannie

Mae,

Pool

#AL1717

.......................................

3.50

5/1/27

37

63

Fannie

Mae,

Pool

#BD5046

.......................................

3.50

2/1/47

56

51

Fannie

Mae,

Pool

#BK9038

.......................................

3.50

10/1/33

48

42

Fannie

Mae,

Pool

#BM5485

.......................................

3.50

2/1/49

37

22

Fannie

Mae,

Pool

#MA3775

.......................................

3.50

9/1/49

20

52

Fannie

Mae,

Pool

#MA3663

.......................................

3.50

5/1/49

46

44

Fannie

Mae,

Pool

#MA3057

.......................................

3.50

7/1/47

40

217

Fannie

Mae,

Pool

#MA4654

.......................................

3.50

7/1/52

192

21

Fannie

Mae,

Pool

#AX7655

.......................................

3.50

1/1/45

19

38

Fannie

Mae,

Pool

#AX2486

.......................................

3.50

10/1/44

35

436

Fannie

Mae,

Pool

#MA4600

.......................................

3.50

5/1/52

386

51

Fannie

Mae,

Pool

#CA0487

.......................................

3.50

10/1/47

46

190

Fannie

Mae,

Pool

#AO2548

.......................................

3.50

4/1/42

174

38

Fannie

Mae,

Pool

#FM1028

.......................................

3.50

6/1/49

34

17

Fannie

Mae,

Pool

#MA3614

.......................................

3.50

3/1/49

15

82

Fannie

Mae,

Pool

#AO3760

.......................................

3.50

5/1/42

75

38

Fannie

Mae,

Pool

#BE3767

........................................

3.50

7/1/47

34

45

Fannie

Mae,

Pool

#AS7491

........................................

3.50

7/1/46

40

83

Fannie

Mae,

Pool

#AU1635

.......................................

3.50

7/1/43

75

215

Fannie

Mae,

Pool

#CB3601

.......................................

3.50

5/1/52

191

44

Fannie

Mae,

Pool

#AO4647

.......................................

3.50

6/1/42

40

5

Fannie

Mae,

Pool

#AS2081

........................................

3.50

4/1/29

5

9

Fannie

Mae,

Pool

#AJ4093

........................................

3.50

10/1/26

9

49

Fannie

Mae,

Pool

#MA3026

.......................................

3.50

6/1/47

44

64

Fannie

Mae,

Pool

#MA3238

.......................................

3.50

1/1/48

57

114

Fannie

Mae,

Pool

#AQ0546

.......................................

3.50

11/1/42

105

43

Fannie

Mae,

Pool

#AS7388

........................................

3.50

6/1/46

39

18

Fannie

Mae,

Pool

#AP9390

........................................

3.50

10/1/42

16

57

Fannie

Mae,

Pool

#MA1107

.......................................

3.50

7/1/32

54

41

Fannie

Mae,

Pool

#MA1059

.......................................

3.50

5/1/32

39

162

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Government

Agency

Mortgages

(continued)

$

72

Fannie

Mae,

Pool

#BJ2692

........................................

3.50

4/1/48

$

65

2

Fannie

Mae,

Pool

#MA1021

.......................................

3.50

3/1/27

2

43

Fannie

Mae,

Pool

#AK7497

.......................................

3.50

4/1/42

39

17

Fannie

Mae,

Pool

#CA1191

.......................................

3.50

11/1/47

15

123

Fannie

Mae,

Pool

#BP1947

........................................

3.50

4/1/50

110

62

Fannie

Mae,

Pool

#AO8137

.......................................

3.50

8/1/42

57

51

Fannie

Mae,

Pool

#FM1566

.......................................

3.50

11/1/48

46

65

Fannie

Mae,

Pool

#MA2292

.......................................

3.50

6/1/45

59

4

Fannie

Mae,

Pool

#MA2996

.......................................

3.50

5/1/37

4

20

Fannie

Mae,

Pool

#MA3494

.......................................

3.50

10/1/48

18

87

Fannie

Mae,

Pool

#BD2436

.......................................

3.50

1/1/47

78

67

Fannie

Mae,

Pool

#BC1158

........................................

3.50

2/1/46

60

6

Fannie

Mae,

Pool

#MA3634

.......................................

3.50

4/1/39

6

22

Fannie

Mae,

Pool

#BC7633

.......................................

3.50

6/1/46

20

16

Fannie

Mae,

Pool

#MA3692

.......................................

3.50

7/1/49

14

47

Fannie

Mae,

Pool

#MA3414

.......................................

3.50

7/1/48

42

35

Fannie

Mae,

Pool

#AS6649

........................................

3.50

2/1/46

31

27

Fannie

Mae,

Pool

#AS5319

........................................

3.50

7/1/45

24

132

Fannie

Mae,

Pool

#BM1568

.......................................

3.50

7/1/47

120

107

Fannie

Mae,

Pool

#MA3276

.......................................

3.50

2/1/48

96

57

Fannie

Mae,

Pool

#AJ8476

........................................

3.50

12/1/41

52

7

Fannie

Mae,

Pool

#MA3906

.......................................

3.50

1/1/50

6

62

Fannie

Mae,

Pool

#FM1911

.......................................

3.50

7/1/48

56

21

Fannie

Mae,

Pool

#BC0163

.......................................

3.50

1/1/46

19

3

Fannie

Mae,

Pool

#AV6407

.......................................

3.50

2/1/29

3

38

Fannie

Mae,

Pool

#AO9140

.......................................

3.50

7/1/42

35

66

Fannie

Mae,

Pool

#MA3520

.......................................

3.50

11/1/48

59

18

Fannie

Mae,

Pool

#MA3597

.......................................

3.50

2/1/49

16

61

Fannie

Mae,

Pool

#MA3305

.......................................

3.50

3/1/48

54

49

Fannie

Mae,

Pool

#AO4385

.......................................

3.50

6/1/42

45

58

Fannie

Mae,

Pool

#BM2000

.......................................

3.50

5/1/47

52

3

Fannie

Mae,

Pool

#AE5487

.......................................

3.50

10/1/25

3

8

Fannie

Mae,

Pool

#MA2692

.......................................

3.50

7/1/36

7

31

Fannie

Mae,

Pool

#BE5258

........................................

3.50

1/1/47

28

46

Fannie

Mae,

Pool

#AU3742

.......................................

3.50

8/1/43

42

52

Fannie

Mae,

Pool

#MA3745

.......................................

3.50

8/1/49

46

22

Fannie

Mae,

Pool

#AZ2614

.......................................

3.50

8/1/45

20

33

Fannie

Mae,

Pool

#FM0020

.......................................

3.50

7/1/49

29

71

Fannie

Mae,

Pool

#BH9215

.......................................

3.50

1/1/48

63

69

Fannie

Mae,

Pool

#MA3182

.......................................

3.50

11/1/47

62

13

Fannie

Mae,

Pool

#MA3637

.......................................

3.50

4/1/49

12

69

Fannie

Mae,

Pool

#AS3133

........................................

3.50

8/1/44

63

1

Fannie

Mae,

Pool

#BA5031

.......................................

3.50

1/1/46

1

2

Fannie

Mae,

Pool

#AX0159

.......................................

3.50

9/1/29

2

41

Fannie

Mae,

Pool

#MA1980

.......................................

3.50

8/1/44

37

5

Fannie

Mae,

Pool

#BM5446

.......................................

3.50

2/1/49

4

32

Fannie

Mae,

Pool

#AY3802

.......................................

3.50

2/1/45

29

8

Fannie

Mae,

Pool

#CA0234

.......................................

3.50

8/1/47

7

25

Fannie

Mae,

Pool

#AZ6383

.......................................

3.50

9/1/45

23

23

Fannie

Mae,

Pool

#AY8856

.......................................

3.50

9/1/45

21

32

Fannie

Mae,

Pool

#AY3913

.......................................

3.50

2/1/45

29

11

Fannie

Mae,

Pool

#CA2469

.......................................

4.00

10/1/48

10

26

Fannie

Mae,

Pool

#BE8050

........................................

4.00

4/1/47

25

15

Fannie

Mae,

Pool

#AH6242

.......................................

4.00

4/1/26

15

2

Fannie

Mae,

Pool

#AL2689

.......................................

4.00

2/1/27

2

78

Fannie

Mae,

Pool

#AS7558

........................................

4.00

7/1/46

72

136

Fannie

Mae,

Pool

#AJ7689

........................................

4.00

12/1/41

128

79

Fannie

Mae,

Pool

#AH5859

.......................................

4.00

2/1/41

75

40

Fannie

Mae,

Pool

#FM1960

.......................................

4.00

5/1/49

37

163

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

of

Investments

(continued)

—

December

31,

2024

(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

#BM2002

.......................................

4.00

10/1/47

$

43

35

Fannie

Mae,

Pool

#CA1894

.......................................

4.00

6/1/48

32

40

Fannie

Mae,

Pool

#AS9831

........................................

4.00

6/1/47

37

33

Fannie

Mae,

Pool

#FM1571

.......................................

4.00

12/1/48

30

10

Fannie

Mae,

Pool

#AH3394

.......................................

4.00

1/1/41

9

54

Fannie

Mae,

Pool

#MA3746

.......................................

4.00

8/1/49

50

28

Fannie

Mae,

Pool

#CA0237

.......................................

4.00

8/1/47

26

30

Fannie

Mae,

Pool

#MA3563

.......................................

4.00

1/1/49

27

45

Fannie

Mae,

Pool

#FM0021

.......................................

4.00

3/1/49

42

34

Fannie

Mae,

Pool

#FM1415

.......................................

4.00

12/1/48

32

137

Fannie

Mae,

Pool

#AJ5303

........................................

4.00

11/1/41

129

48

Fannie

Mae,

Pool

#CA1015

.......................................

4.00

1/1/48

44

355

Fannie

Mae,

Pool

#FS0016

........................................

4.00

6/1/49

329

24

Fannie

Mae,

Pool

#BC5559

.......................................

4.00

3/1/46

23

3

Fannie

Mae,

Pool

#BM5525

.......................................

4.00

3/1/31

3

257

Fannie

Mae,

Pool

#190405

........................................

4.00

10/1/40

243

62

Fannie

Mae,

Pool

#BK7943

.......................................

4.00

11/1/48

58

20

Fannie

Mae,

Pool

#AY2291

.......................................

4.00

3/1/45

18

22

Fannie

Mae,

Pool

#BK0915

.......................................

4.00

7/1/48

20

31

Fannie

Mae,

Pool

#AS2498

........................................

4.00

5/1/44

29

50

Fannie

Mae,

Pool

#MA3211

.......................................

4.00

12/1/47

46

12

Fannie

Mae,

Pool

#FM1101

.......................................

4.00

7/1/34

12

18

Fannie

Mae,

Pool

#MA3521

.......................................

4.00

11/1/48

16

19

Fannie

Mae,

Pool

#CA2474

.......................................

4.00

7/1/48

17

1

Fannie

Mae,

Pool

#AL9742

.......................................

4.00

7/1/29

1

19

Fannie

Mae,

Pool

#BM4991

.......................................

4.00

9/1/48

18

37

Fannie

Mae,

Pool

#MA4797

.......................................

4.00

11/1/37

36

18

Fannie

Mae,

Pool

#BN5258

.......................................

4.00

2/1/49

17

81

Fannie

Mae,

Pool

#BN6677

.......................................

4.00

6/1/49

75

33

Fannie

Mae,

Pool

#BN0334

.......................................

4.00

12/1/48

31

346

Fannie

Mae,

Pool

#FS3526

........................................

4.00

12/1/52

316

30

Fannie

Mae,

Pool

#BK9697

.......................................

4.00

12/1/48

28

9

Fannie

Mae,

Pool

#MA2455

.......................................

4.00

11/1/35

9

38

Fannie

Mae,

Pool

#AS9486

........................................

4.00

4/1/47

35

8

Fannie

Mae,

Pool

#AW5109

.......................................

4.00

8/1/44

7

43

Fannie

Mae,

Pool

#AL8387

.......................................

4.00

3/1/46

40

42

Fannie

Mae,

Pool

#BK7608

.......................................

4.00

9/1/48

39

33

Fannie

Mae,

Pool

#BM5685

.......................................

4.00

6/1/48

31

217

Fannie

Mae,

Pool

#MA4732

.......................................

4.00

9/1/52

198

9

Fannie

Mae,

Pool

#MA3427

.......................................

4.00

7/1/33

9

61

Fannie

Mae,

Pool

#AO2959

.......................................

4.00

5/1/42

57

26

Fannie

Mae,

Pool

#BN0594

.......................................

4.00

12/1/48

24

32

Fannie

Mae,

Pool

#BK0909

.......................................

4.00

7/1/48

30

13

Fannie

Mae,

Pool

#MA3592

.......................................

4.00

2/1/49

12

33

Fannie

Mae,

Pool

#MA3615

.......................................

4.00

3/1/49

30

20

Fannie

Mae,

Pool

#MA3638

.......................................

4.00

4/1/49

18

109

Fannie

Mae,

Pool

#AJ7857

........................................

4.00

12/1/41

103

6

Fannie

Mae,

Pool

#AS3448

........................................

4.00

9/1/44

5

47

Fannie

Mae,

Pool

#BJ9169

........................................

4.00

5/1/48

43

40

Fannie

Mae,

Pool

#AS3216

........................................

4.00

9/1/44

37

37

Fannie

Mae,

Pool

#AV2340

.......................................

4.00

12/1/43

35

1

Fannie

Mae,

Pool

#AE0375

.......................................

4.00

7/1/25

1

76

Fannie

Mae,

Pool

#FM5134

.......................................

4.00

1/1/49

70

24

Fannie

Mae,

Pool

#AS3903

........................................

4.00

11/1/44

23

23

Fannie

Mae,

Pool

#AS3468

........................................

4.00

10/1/44

21

37

Fannie

Mae,

Pool

#AS3293

........................................

4.00

9/1/44

35

17

Fannie

Mae,

Pool

#AY0025

.......................................

4.00

2/1/45

15

29

Fannie

Mae,

Pool

#AL7347

.......................................

4.00

9/1/45

27

27

Fannie

Mae,

Pool

#AY8981

.......................................

4.00

8/1/45

26

164

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

of

Investments

(continued)

—

December

31,

2024

(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

#AZ7362

.......................................

4.00

11/1/45

$

43

1

Fannie

Mae,

Pool

#AZ8874

.......................................

4.00

9/1/45

1

2

Fannie

Mae,

Pool

#CA3084

.......................................

4.00

2/1/49

2

33

Fannie

Mae,

Pool

#AS7601

........................................

4.00

7/1/46

30

56

Fannie

Mae,

Pool

#BD7081

.......................................

4.00

3/1/47

52

17

Fannie

Mae,

Pool

#AL4778

.......................................

4.00

10/1/32

16

10

Fannie

Mae,

Pool

#BJ0639

........................................

4.00

3/1/48

10

12

Fannie

Mae,

Pool

#MA3536

.......................................

4.00

12/1/48

11

31

Fannie

Mae,

Pool

#AS3467

........................................

4.00

10/1/44

29

65

Fannie

Mae,

Pool

#AU3753

.......................................

4.00

8/1/43

61

30

Fannie

Mae,

Pool

#AW5063

.......................................

4.00

7/1/44

28

4

Fannie

Mae,

Pool

#AW9041

.......................................

4.00

8/1/44

4

121

Fannie

Mae,

Pool

#AS0531

........................................

4.00

9/1/43

113

25

Fannie

Mae,

Pool

#AY1595

.......................................

4.00

1/1/45

23

37

Fannie

Mae,

Pool

#AX0841

.......................................

4.00

9/1/44

35

5

Fannie

Mae,

Pool

#AS7028

........................................

4.00

4/1/46

5

12

Fannie

Mae,

Pool

#MA0493

.......................................

4.00

8/1/30

12

14

Fannie

Mae,

Pool

#AT3872

........................................

4.00

6/1/43

13

23

Fannie

Mae,

Pool

#BA6910

.......................................

4.00

2/1/46

22

1

Fannie

Mae,

Pool

#BA0847

.......................................

4.00

3/1/46

1

102

Fannie

Mae,

Pool

#AY1377

.......................................

4.00

4/1/45

95

7

Fannie

Mae,

Pool

#AS2117

........................................

4.00

4/1/44

7

88

Fannie

Mae,

Pool

#AZ8067

.......................................

4.00

9/1/45

81

26

Fannie

Mae,

Pool

#AS7600

........................................

4.00

7/1/46

25

45

Fannie

Mae,

Pool

#MA3121

.......................................

4.00

9/1/47

42

42

Fannie

Mae,

Pool

#MA0641

.......................................

4.00

2/1/31

40

50

Fannie

Mae,

Pool

#MA3027

.......................................

4.00

6/1/47

46

29

Fannie

Mae,

Pool

#AC7328

.......................................

4.00

12/1/39

27

4

Fannie

Mae,

Pool

#MA2536

.......................................

4.00

2/1/36

4

13

Fannie

Mae,

Pool

#AS8823

........................................

4.00

2/1/47

12

52

Fannie

Mae,

Pool

#CA0183

.......................................

4.00

8/1/47

47

35

Fannie

Mae,

Pool

#MA3277

.......................................

4.00

2/1/48

33

17

Fannie

Mae,

Pool

#MA3244

.......................................

4.00

1/1/38

16

6

Fannie

Mae,

Pool

#MA3413

.......................................

4.00

7/1/38

6

12

Fannie

Mae,

Pool

#BH2623

.......................................

4.00

8/1/47

11

10

Fannie

Mae,

Pool

#MA3216

.......................................

4.00

12/1/37

9

53

Fannie

Mae,

Pool

#MA3183

.......................................

4.00

11/1/47

49

36

Fannie

Mae,

Pool

#AS8532

........................................

4.00

12/1/46

34

52

Fannie

Mae,

Pool

#MA3804

.......................................

4.00

10/1/49

47

61

Fannie

Mae,

Pool

#MA2995

.......................................

4.00

5/1/47

57

8

Fannie

Mae,

Pool

#MA0695

.......................................

4.00

4/1/31

8

5

Fannie

Mae,

Pool

#MA2655

.......................................

4.00

6/1/36

4

4

Fannie

Mae,

Pool

#MA3037

.......................................

4.00

6/1/37

4

1

Fannie

Mae,

Pool

#BM4306

.......................................

4.00

9/1/25

1

123

Fannie

Mae,

Pool

#AH7521

.......................................

4.50

3/1/41

120

14

Fannie

Mae,

Pool

#BM1285

.......................................

4.50

5/1/47

14

177

Fannie

Mae,

Pool

#AL1107

........................................

4.50

11/1/41

170

18

Fannie

Mae,

Pool

#BK5283

.......................................

4.50

6/1/48

17

12

Fannie

Mae,

Pool

#AS8576

........................................

4.50

12/1/46

12

47

Fannie

Mae,

Pool

#CA1711

.......................................

4.50

5/1/48

45

3

Fannie

Mae,

Pool

#BN0877

.......................................

4.50

11/1/48

3

40

Fannie

Mae,

Pool

#AS8157

........................................

4.50

10/1/46

39

8

Fannie

Mae,

Pool

#AL8816

.......................................

4.50

9/1/45

8

44

Fannie

Mae,

Pool

#AB3192

.......................................

4.50

6/1/41

42

23

Fannie

Mae,

Pool

#MA0481

.......................................

4.50

8/1/30

23

33

Fannie

Mae,

Pool

#BE5992

........................................

4.50

2/1/47

32

34

Fannie

Mae,

Pool

#CA0148

.......................................

4.50

8/1/47

33

8

Fannie

Mae,

Pool

#AA0860

.......................................

4.50

1/1/39

8

116

Fannie

Mae,

Pool

#AH9055

.......................................

4.50

4/1/41

112

165

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Government

Agency

Mortgages

(continued)

$

199

Fannie

Mae,

Pool

#MA3184

.......................................

4.50

11/1/47

$

190

11

Fannie

Mae,

Pool

#FM3619

.......................................

4.50

1/1/50

11

25

Fannie

Mae,

Pool

#AS2276

........................................

4.50

4/1/44

24

47

Fannie

Mae,

Pool

#AD8529

.......................................

4.50

8/1/40

46

14

Fannie

Mae,

Pool

#BE6489

........................................

4.50

1/1/47

13

23

Fannie

Mae,

Pool

#AL5082

.......................................

4.50

3/1/44

22

43

Fannie

Mae,

Pool

#MA3639

.......................................

4.50

4/1/49

41

14

Fannie

Mae,

Pool

#MA3593

.......................................

4.50

2/1/49

13

16

Fannie

Mae,

Pool

#MA3537

.......................................

4.50

12/1/48

16

8

Fannie

Mae,

Pool

#AS0861

........................................

4.50

10/1/43

7

368

Fannie

Mae,

Pool

#MA5070

.......................................

4.50

7/1/53

346

3

Fannie

Mae,

Pool

#BK8830

.......................................

4.50

8/1/48

3

10

Fannie

Mae,

Pool

#CA1218

.......................................

4.50

2/1/48

9

9

Fannie

Mae,

Pool

#AH6790

.......................................

4.50

3/1/41

9

12

Fannie

Mae,

Pool

#AU5302

.......................................

4.50

10/1/43

12

38

Fannie

Mae,

Pool

#AL4450

.......................................

4.50

12/1/43

37

45

Fannie

Mae,

Pool

#AI4815

........................................

4.50

6/1/41

43

21

Fannie

Mae,

Pool

#CA0623

.......................................

4.50

10/1/47

20

52

Fannie

Mae,

Pool

#AE0217

.......................................

4.50

8/1/40

51

363

Fannie

Mae,

Pool

#BV7928

.......................................

4.50

8/1/52

341

23

Fannie

Mae,

Pool

#AS1638

........................................

4.50

2/1/44

23

24

Fannie

Mae,

Pool

#AB1389

.......................................

4.50

8/1/40

23

90

Fannie

Mae,

Pool

#AS9394

........................................

4.50

4/1/47

86

19

Fannie

Mae,

Pool

#MA3522

.......................................

4.50

11/1/48

18

46

Fannie

Mae,

Pool

#BK1416

.......................................

4.50

5/1/48

44

10

Fannie

Mae,

Pool

#AB1470

.......................................

4.50

9/1/40

9

12

Fannie

Mae,

Pool

#725238

........................................

5.00

3/1/34

12

11

Fannie

Mae,

Pool

#CA0349

.......................................

5.00

9/1/47

10

206

Fannie

Mae,

Pool

#889117

........................................

5.00

10/1/35

205

51

Fannie

Mae,

Pool

#AH5988

.......................................

5.00

3/1/41

51

9

Fannie

Mae,

Pool

#890621

........................................

5.00

5/1/42

9

10

Fannie

Mae,

Pool

#CA1795

.......................................

5.00

5/1/48

9

296

Fannie

Mae,

Pool

#MA4761

.......................................

5.00

9/1/52

286

378

Fannie

Mae,

Pool

#FS7252

........................................

5.00

11/1/53

365

364

Fannie

Mae,

Pool

#MA5071

.......................................

5.00

7/1/53

351

19

Fannie

Mae,

Pool

#AS0575

........................................

5.00

9/1/43

19

17

Fannie

Mae,

Pool

#BM3904

.......................................

5.00

5/1/48

17

1

Fannie

Mae,

Pool

#BM3781

.......................................

5.00

11/1/30

1

8

Fannie

Mae,

Pool

#MA3527

.......................................

5.00

11/1/48

7

7

Fannie

Mae,

Pool

#MA3708

.......................................

5.00

6/1/49

7

273

Fannie

Mae,

Pool

#MA4918

.......................................

5.00

2/1/53

264

18

Fannie

Mae,

Pool

#MA3594

.......................................

5.00

2/1/49

18

18

Fannie

Mae,

Pool

#AS0837

........................................

5.00

10/1/43

18

22

Fannie

Mae,

Pool

#AL5788

.......................................

5.00

5/1/42

22

10

Fannie

Mae,

Pool

#890603

........................................

5.00

8/1/41

10

21

Fannie

Mae,

Pool

#836750

........................................

5.00

10/1/35

21

8

Fannie

Mae,

Pool

#MA3617

.......................................

5.00

3/1/49

8

13

Fannie

Mae,

Pool

#MA3669

.......................................

5.00

5/1/49

12

11

Fannie

Mae,

Pool

#MA3472

.......................................

5.00

9/1/48

10

356

Fannie

Mae,

Pool

#MA5010

.......................................

5.50

5/1/53

351

375

Fannie

Mae,

Pool

#MA5165

.......................................

5.50

10/1/53

370

324

Fannie

Mae,

Pool

#FS3360

........................................

5.50

12/1/52

322

357

Fannie

Mae,

Pool

#MA4919

.......................................

5.50

2/1/53

352

6

Fannie

Mae,

Pool

#929451

........................................

5.50

5/1/38

6

335

Fannie

Mae,

Pool

#890221

........................................

5.50

12/1/33

339

458

Fannie

Mae,

Pool

#MA5107

.......................................

5.50

8/1/53

453

351

Fannie

Mae,

Pool

#MA5072

.......................................

5.50

7/1/53

346

432

Fannie

Mae,

Pool

#FS4840

........................................

5.50

5/1/53

427

364

Fannie

Mae,

Pool

#MA5190

.......................................

5.50

11/1/53

359

166

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Government

Agency

Mortgages

(continued)

$

373

Fannie

Mae,

Pool

#MA5138

.......................................

5.50

9/1/53

$

368

346

Fannie

Mae,

Pool

#MA5191

.......................................

6.00

11/1/53

348

417

Fannie

Mae,

Pool

#CB8916

.......................................

6.00

7/1/54

420

204

Fannie

Mae,

Pool

#725228

........................................

6.00

3/1/34

208

439

Fannie

Mae,

Pool

#MA5445

.......................................

6.00

8/1/54

442

241

Fannie

Mae,

Pool

#MA5073

.......................................

6.00

7/1/53

243

402

Fannie

Mae,

Pool

#MA5247

.......................................

6.00

1/1/54

404

42

Fannie

Mae,

Pool

#CB5704

.......................................

6.00

2/1/53

42

347

Fannie

Mae,

Pool

#MA5108

.......................................

6.00

8/1/53

348

295

Fannie

Mae,

Pool

#MA5498

.......................................

6.00

10/1/54

296

346

Fannie

Mae,

Pool

#MA5166

.......................................

6.00

10/1/53

348

411

Fannie

Mae,

Pool

#MA5422

.......................................

6.50

7/1/54

420

316

Fannie

Mae,

Pool

#MA5140

.......................................

6.50

9/1/53

323

305

Fannie

Mae,

Pool

#MA5273

.......................................

6.50

2/1/54

312

438

Fannie

Mae,

Pool

#MA5472

.......................................

6.50

9/1/54

448

304

Fannie

Mae,

Pool

#MA5217

.......................................

6.50

12/1/53

314

50

Fannie

Mae,

Pool

#889984

........................................

6.50

10/1/38

52

50

Fannie

Mae,

15

YR

TBA

.........................................

1.50

1/25/40

43

100

Fannie

Mae,

15

YR

TBA

.........................................

3.00

1/25/40

93

50

Fannie

Mae,

15

YR

TBA

.........................................

3.50

1/25/40

47

100

Fannie

Mae,

15

YR

TBA

.........................................

4.00

1/25/40

96

50

Fannie

Mae,

15

YR

TBA

.........................................

4.00

2/25/40

48

200

Fannie

Mae,

15

YR

TBA

.........................................

4.50

1/25/40

195

25

Fannie

Mae,

15

YR

TBA

.........................................

5.00

2/25/40

25

250

Fannie

Mae,

15

YR

TBA

.........................................

5.00

1/25/40

248

175

Fannie

Mae,

15

YR

TBA

.........................................

5.50

1/25/40

176

100

Fannie

Mae,

15

YR

TBA

.........................................

6.00

1/25/40

101

50

Fannie

Mae,

30

YR

TBA

.........................................

4.00

2/25/55

46

25

Fannie

Mae,

30

YR

TBA

.........................................

4.00

1/25/55

23

150

Fannie

Mae,

30

YR

TBA

.........................................

4.50

2/25/55

141

575

Fannie

Mae,

30

YR

TBA

.........................................

4.50

1/25/55

541

1,550

Fannie

Mae,

30

YR

TBA

.........................................

5.00

1/25/55

1,496

650

Fannie

Mae,

30

YR

TBA

.........................................

5.00

2/25/55

628

450

Fannie

Mae,

30

YR

TBA

.........................................

5.50

7/25/55

444

1,275

Fannie

Mae,

30

YR

TBA

.........................................

5.50

1/25/55

1,258

1,350

Fannie

Mae,

30

YR

TBA

.........................................

6.00

1/25/55

1,357

200

Fannie

Mae,

30

YR

TBA

.........................................

6.00

2/25/55

201

1,300

Fannie

Mae,

30

YR

TBA

.........................................

6.50

1/25/55

1,328

700

Fannie

Mae,

30

YR

TBA

.........................................

7.00

1/25/55

726

65

Freddie

Mac,

Pool

#SD8082

.......................................

1.50

10/1/50

48

360

Freddie

Mac,

Pool

#SB8083

.......................................

1.50

1/1/36

311

170

Freddie

Mac,

Pool

#SD8139

.......................................

1.50

4/1/51

125

353

Freddie

Mac,

Pool

#QC0962

.......................................

1.50

4/1/51

261

349

Freddie

Mac,

Pool

#SB8144

.......................................

1.50

3/1/37

300

310

Freddie

Mac,

Pool

#SB8097

.......................................

1.50

4/1/36

267

332

Freddie

Mac,

Pool

#SB8106

.......................................

1.50

6/1/36

286

350

Freddie

Mac,

Pool

#SB8088

.......................................

1.50

2/1/36

302

56

Freddie

Mac,

Pool

#RB5110

.......................................

1.50

5/1/41

45

187

Freddie

Mac,

Pool

#QN9521

.......................................

1.50

2/1/37

160

362

Freddie

Mac,

Pool

#SD8154

.......................................

1.50

7/1/51

267

390

Freddie

Mac,

Pool

#SD8172

.......................................

2.00

10/1/51

304

80

Freddie

Mac,

Pool

#SD0731

.......................................

2.00

5/1/51

63

394

Freddie

Mac,

Pool

#SD8177

.......................................

2.00

11/1/51

307

187

Freddie

Mac,

Pool

#SB8061

.......................................

2.00

9/1/35

167

252

Freddie

Mac,

Pool

#SD8150

.......................................

2.00

6/1/51

197

330

Freddie

Mac,

Pool

#QB3926

.......................................

2.00

10/1/50

259

202

Freddie

Mac,

Pool

#RA5256

.......................................

2.00

5/1/51

157

349

Freddie

Mac,

Pool

#QB6893

.......................................

2.00

12/1/50

274

345

Freddie

Mac,

Pool

#QB8064

.......................................

2.00

1/1/51

270

167

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Government

Agency

Mortgages

(continued)

$

400

Freddie

Mac,

Pool

#QC6925

.......................................

2.00

9/1/51

$

313

423

Freddie

Mac,

Pool

#QB7708

.......................................

2.00

1/1/51

331

402

Freddie

Mac,

Pool

#QD0433

.......................................

2.00

11/1/51

315

338

Freddie

Mac,

Pool

#RA3205

.......................................

2.00

8/1/50

267

257

Freddie

Mac,

Pool

#RC1727

.......................................

2.00

12/1/35

227

150

Freddie

Mac,

Pool

#RB5121

.......................................

2.00

8/1/41

126

336

Freddie

Mac,

Pool

#QB3716

.......................................

2.00

9/1/50

263

344

Freddie

Mac,

Pool

#QC1333

.......................................

2.00

5/1/51

269

366

Freddie

Mac,

Pool

#RA5928

.......................................

2.00

9/1/51

285

112

Freddie

Mac,

Pool

#QO0110

.......................................

2.00

4/1/37

99

228

Freddie

Mac,

Pool

#RA6025

.......................................

2.00

10/1/51

179

311

Freddie

Mac,

Pool

#RA3575

.......................................

2.00

9/1/50

246

370

Freddie

Mac,

Pool

#QC6815

.......................................

2.00

9/1/51

290

117

Freddie

Mac,

Pool

#RB5138

.......................................

2.00

12/1/41

98

245

Freddie

Mac,

Pool

#RA6026

.......................................

2.00

10/1/51

191

418

Freddie

Mac,

Pool

#SD8182

.......................................

2.00

12/1/51

326

474

Freddie

Mac,

Pool

#SB8128

.......................................

2.00

11/1/36

419

371

Freddie

Mac,

Pool

#QC3697

.......................................

2.00

6/1/51

290

385

Freddie

Mac,

Pool

#QC4423

.......................................

2.00

7/1/51

301

368

Freddie

Mac,

Pool

#SD8134

.......................................

2.00

3/1/51

288

127

Freddie

Mac,

Pool

#QD3162

.......................................

2.00

12/1/51

99

219

Freddie

Mac,

Pool

#RB5114

.......................................

2.00

6/1/41

183

427

Freddie

Mac,

Pool

#SD8193

.......................................

2.00

2/1/52

332

466

Freddie

Mac,

Pool

#RA3606

.......................................

2.00

10/1/50

368

404

Freddie

Mac,

Pool

#QD5748

.......................................

2.00

2/1/52

315

398

Freddie

Mac,

Pool

#RA5155

.......................................

2.00

5/1/51

310

386

Freddie

Mac,

Pool

#SD8199

.......................................

2.00

3/1/52

300

375

Freddie

Mac,

Pool

#SD8098

.......................................

2.00

10/1/50

295

146

Freddie

Mac,

Pool

#RB5111

.......................................

2.00

5/1/41

122

337

Freddie

Mac,

Pool

#SD8121

.......................................

2.00

1/1/51

265

158

Freddie

Mac,

Pool

#QD1254

.......................................

2.00

11/1/51

123

228

Freddie

Mac,

Pool

#RA5257

.......................................

2.00

5/1/51

178

114

Freddie

Mac,

Pool

#RB5095

.......................................

2.00

1/1/41

95

385

Freddie

Mac,

Pool

#RA6507

.......................................

2.00

12/1/51

300

119

Freddie

Mac,

Pool

#RB5141

.......................................

2.00

1/1/42

98

332

Freddie

Mac,

Pool

#SB8510

.......................................

2.00

2/1/36

296

72

Freddie

Mac,

Pool

#ZS7735

.......................................

2.00

1/1/32

67

438

Freddie

Mac,

Pool

#SD8113

.......................................

2.00

12/1/50

344

329

Freddie

Mac,

Pool

#RB5153

.......................................

2.00

4/1/42

271

324

Freddie

Mac,

Pool

#SD8128

.......................................

2.00

2/1/51

253

350

Freddie

Mac,

Pool

#RA3328

.......................................

2.00

8/1/50

275

315

Freddie

Mac,

Pool

#SB8079

.......................................

2.00

12/1/35

281

356

Freddie

Mac,

Pool

#RA4214

.......................................

2.00

12/1/50

281

421

Freddie

Mac,

Pool

#SD8188

.......................................

2.00

1/1/52

328

382

Freddie

Mac,

Pool

#SD8079

.......................................

2.00

7/1/50

300

365

Freddie

Mac,

Pool

#RA5040

.......................................

2.00

4/1/51

285

386

Freddie

Mac,

Pool

#QB9896

.......................................

2.00

3/1/51

302

346

Freddie

Mac,

Pool

#QC1075

.......................................

2.00

4/1/51

271

377

Freddie

Mac,

Pool

#QC3597

.......................................

2.00

6/1/51

295

296

Freddie

Mac,

Pool

#SB8115

.......................................

2.00

8/1/36

262

203

Freddie

Mac,

Pool

#SD7537

.......................................

2.00

3/1/51

160

388

Freddie

Mac,

Pool

#QC7473

.......................................

2.00

9/1/51

304

207

Freddie

Mac,

Pool

#QC0423

.......................................

2.00

4/1/51

162

418

Freddie

Mac,

Pool

#RA6333

.......................................

2.00

11/1/51

326

323

Freddie

Mac,

Pool

#RA4986

.......................................

2.00

4/1/51

254

363

Freddie

Mac,

Pool

#SD8160

.......................................

2.00

8/1/51

283

210

Freddie

Mac,

Pool

#SD8146

.......................................

2.00

5/1/51

164

301

Freddie

Mac,

Pool

#SB8107

.......................................

2.00

6/1/36

267

281

Freddie

Mac,

Pool

#SD8129

.......................................

2.50

2/1/51

230

168

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Government

Agency

Mortgages

(continued)

$

8

Freddie

Mac,

Pool

#ZT2094

.......................................

2.50

6/1/34

$

7

189

Freddie

Mac,

Pool

#SD8067

.......................................

2.50

6/1/50

155

371

Freddie

Mac,

Pool

#QC9156

.......................................

2.50

10/1/51

304

284

Freddie

Mac,

Pool

#SD8114

.......................................

2.50

12/1/50

234

312

Freddie

Mac,

Pool

#SD8021

.......................................

2.50

9/1/49

257

418

Freddie

Mac,

Pool

#SD1011

.......................................

2.50

4/1/52

341

252

Freddie

Mac,

Pool

#SD8099

.......................................

2.50

10/1/50

207

26

Freddie

Mac,

Pool

#ZS8483

.......................................

2.50

3/1/28

25

267

Freddie

Mac,

Pool

#QB3287

.......................................

2.50

8/1/50

220

155

Freddie

Mac,

Pool

#RA2645

.......................................

2.50

6/1/50

128

227

Freddie

Mac,

Pool

#RB5157

.......................................

2.50

5/1/42

194

251

Freddie

Mac,

Pool

#QB3703

.......................................

2.50

9/1/50

207

270

Freddie

Mac,

Pool

#SD8167

.......................................

2.50

9/1/51

221

209

Freddie

Mac,

Pool

#QA9142

.......................................

2.50

5/1/50

171

312

Freddie

Mac,

Pool

#SD8141

.......................................

2.50

4/1/51

256

31

Freddie

Mac,

Pool

#ZS8692

.......................................

2.50

4/1/33

28

54

Freddie

Mac,

Pool

#ZS4687

.......................................

2.50

11/1/46

45

126

Freddie

Mac,

Pool

#SD8055

.......................................

2.50

4/1/50

104

364

Freddie

Mac,

Pool

#QC2251

.......................................

2.50

5/1/51

298

256

Freddie

Mac,

Pool

#RA2634

.......................................

2.50

5/1/50

212

143

Freddie

Mac,

Pool

#SD8083

.......................................

2.50

8/1/50

118

341

Freddie

Mac,

Pool

#QC2031

.......................................

2.50

5/1/51

280

359

Freddie

Mac,

Pool

#RA5832

.......................................

2.50

9/1/51

296

47

Freddie

Mac,

Pool

#RB5072

.......................................

2.50

9/1/40

41

209

Freddie

Mac,

Pool

#RA2595

.......................................

2.50

5/1/50

173

29

Freddie

Mac,

Pool

#SB8062

.......................................

2.50

9/1/35

26

349

Freddie

Mac,

Pool

#RA5286

.......................................

2.50

5/1/51

285

110

Freddie

Mac,

Pool

#SB0301

.......................................

2.50

4/1/35

100

112

Freddie

Mac,

Pool

#SB8108

.......................................

2.50

6/1/36

102

414

Freddie

Mac,

Pool

#SD8194

.......................................

2.50

2/1/52

338

38

Freddie

Mac,

Pool

#ZK8425

.......................................

2.50

12/1/31

36

401

Freddie

Mac,

Pool

#QD5204

.......................................

2.50

1/1/52

328

173

Freddie

Mac,

Pool

#RA2897

.......................................

2.50

6/1/50

142

18

Freddie

Mac,

Pool

#SB8053

.......................................

2.50

7/1/35

16

60

Freddie

Mac,

Pool

#SB8045

.......................................

2.50

5/1/35

55

355

Freddie

Mac,

Pool

#RA5802

.......................................

2.50

9/1/51

293

408

Freddie

Mac,

Pool

#RA6765

.......................................

2.50

2/1/52

335

435

Freddie

Mac,

Pool

#SD8212

.......................................

2.50

5/1/52

355

143

Freddie

Mac,

Pool

#QA5290

.......................................

2.50

12/1/49

117

129

Freddie

Mac,

Pool

#RA2643

.......................................

2.50

6/1/50

106

372

Freddie

Mac,

Pool

#QC7457

.......................................

2.50

9/1/51

305

278

Freddie

Mac,

Pool

#SD8122

.......................................

2.50

1/1/51

229

372

Freddie

Mac,

Pool

#RA6019

.......................................

2.50

10/1/51

307

361

Freddie

Mac,

Pool

#SD8183

.......................................

2.50

12/1/51

296

101

Freddie

Mac,

Pool

#RB5043

.......................................

2.50

4/1/40

88

48

Freddie

Mac,

Pool

#RB5054

.......................................

2.50

6/1/40

41

412

Freddie

Mac,

Pool

#SD8147

.......................................

2.50

5/1/51

338

272

Freddie

Mac,

Pool

#SD8151

.......................................

2.50

6/1/51

223

304

Freddie

Mac,

Pool

#SD0412

.......................................

2.50

8/1/50

253

301

Freddie

Mac,

Pool

#SD0578

.......................................

2.50

3/1/51

248

103

Freddie

Mac,

Pool

#RB5086

.......................................

2.50

11/1/40

89

389

Freddie

Mac,

Pool

#RA6493

.......................................

2.50

12/1/51

317

382

Freddie

Mac,

Pool

#SD0780

.......................................

2.50

12/1/51

314

383

Freddie

Mac,

Pool

#RA6340

.......................................

2.50

11/1/51

315

386

Freddie

Mac,

Pool

#SD8189

.......................................

2.50

1/1/52

315

405

Freddie

Mac,

Pool

#RA6621

.......................................

2.50

1/1/52

334

20

Freddie

Mac,

Pool

#RA6815

.......................................

2.50

2/1/52

16

225

Freddie

Mac,

Pool

#RA3528

.......................................

2.50

9/1/50

183

213

Freddie

Mac,

Pool

#SD8205

.......................................

2.50

4/1/52

174

169

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Government

Agency

Mortgages

(continued)

$

81

Freddie

Mac,

Pool

#QE2352

.......................................

2.50

5/1/52

$

66

91

Freddie

Mac,

Pool

#SB8046

.......................................

3.00

5/1/35

85

45

Freddie

Mac,

Pool

#ZA2313

.......................................

3.00

9/1/33

42

125

Freddie

Mac,

Pool

#SD8184

.......................................

3.00

12/1/51

107

95

Freddie

Mac,

Pool

#SD8024

.......................................

3.00

11/1/49

82

123

Freddie

Mac,

Pool

#ZS4697

.......................................

3.00

1/1/47

107

331

Freddie

Mac,

Pool

#QD9881

.......................................

3.00

3/1/52

282

64

Freddie

Mac,

Pool

#ZS4693

.......................................

3.00

12/1/46

55

12

Freddie

Mac,

Pool

#ZT2019

.......................................

3.00

5/1/34

11

88

Freddie

Mac,

Pool

#SD8242

.......................................

3.00

9/1/52

75

51

Freddie

Mac,

Pool

#ZM2169

.......................................

3.00

11/1/46

44

58

Freddie

Mac,

Pool

#SD8074

.......................................

3.00

7/1/50

50

24

Freddie

Mac,

Pool

#ZS8686

.......................................

3.00

2/1/33

22

421

Freddie

Mac,

Pool

#ZS4522

.......................................

3.00

7/1/43

367

60

Freddie

Mac,

Pool

#QA8065

.......................................

3.00

3/1/50

52

78

Freddie

Mac,

Pool

#ZS4512

.......................................

3.00

5/1/43

68

45

Freddie

Mac,

Pool

#ZT1323

.......................................

3.00

10/1/48

39

17

Freddie

Mac,

Pool

#SD8030

.......................................

3.00

12/1/49

15

76

Freddie

Mac,

Pool

#ZA1283

.......................................

3.00

1/1/43

66

86

Freddie

Mac,

Pool

#ZS4621

.......................................

3.00

7/1/45

75

150

Freddie

Mac,

Pool

#ZS4519

.......................................

3.00

6/1/43

131

38

Freddie

Mac,

Pool

#ZT0195

.......................................

3.00

9/1/46

33

50

Freddie

Mac,

Pool

#ZS4779

.......................................

3.00

6/1/48

42

90

Freddie

Mac,

Pool

#ZS4658

.......................................

3.00

4/1/46

78

191

Freddie

Mac,

Pool

#QB1382

.......................................

3.00

7/1/50

164

37

Freddie

Mac,

Pool

#SD8056

.......................................

3.00

4/1/50

32

308

Freddie

Mac,

Pool

#SD8174

.......................................

3.00

10/1/51

264

106

Freddie

Mac,

Pool

#QA9049

.......................................

3.00

4/1/50

91

101

Freddie

Mac,

Pool

#ZM2285

.......................................

3.00

12/1/46

88

25

Freddie

Mac,

Pool

#ZS4703

.......................................

3.00

2/1/47

22

69

Freddie

Mac,

Pool

#ZM2089

.......................................

3.00

11/1/46

59

50

Freddie

Mac

,

Pool

#ZS4706

.......................................

3.00

3/1/47

43

29

Freddie

Mac,

Pool

#ZS4641

.......................................

3.00

12/1/45

26

35

Freddie

Mac,

Pool

#ZT0715

.......................................

3.00

9/1/48

31

39

Freddie

Mac,

Pool

#ZS4688

.......................................

3.00

11/1/46

34

76

Freddie

Mac,

Pool

#ZS4609

.......................................

3.00

4/1/45

66

72

Freddie

Mac,

Pool

#QA1033

.......................................

3.00

7/1/49

62

50

Freddie

Mac,

Pool

#ZM2721

.......................................

3.00

2/1/47

44

51

Freddie

Mac,

Pool

#RA2594

.......................................

3.00

5/1/50

44

109

Freddie

Mac,

Pool

#ZS4536

.......................................

3.50

10/1/43

99

22

Freddie

Mac,

Pool

#SD2253

.......................................

3.50

12/1/52

20

50

Freddie

Mac,

Pool

#SD8001

.......................................

3.50

7/1/49

44

128

Freddie

Mac,

Pool

#RA2469

.......................................

3.50

4/1/50

114

15

Freddie

Mac,

Pool

#RA1508

.......................................

3.50

10/1/49

13

26

Freddie

Mac,

Pool

#ZS4663

.......................................

3.50

5/1/46

23

13

Freddie

Mac,

Pool

#ZT0711

.......................................

3.50

10/1/48

11

88

Freddie

Mac,

Pool

#ZS4599

.......................................

3.50

1/1/45

80

8

Freddie

Mac,

Pool

#SB0031

.......................................

3.50

10/1/27

8

25

Freddie

Mac,

Pool

#ZT1951

.......................................

3.50

5/1/49

22

79

Freddie

Mac,

Pool

#ZS4618

.......................................

3.50

6/1/45

72

35

Freddie

Mac,

Pool

#ZA5128

.......................................

3.50

12/1/47

31

126

Freddie

Mac,

Pool

#ZM4908

.......................................

3.50

11/1/47

113

22

Freddie

Mac,

Pool

#ZS4759

.......................................

3.50

3/1/48

20

31

Freddie

Mac,

Pool

#ZS4771

.......................................

3.50

6/1/48

28

70

Freddie

Mac,

Pool

#QA8794

.......................................

3.50

4/1/50

62

61

Freddie

Mac,

Pool

#ZS4651

.......................................

3.50

3/1/46

54

49

Freddie

Mac,

Pool

#ZS4630

.......................................

3.50

9/1/45

44

36

Freddie

Mac,

Pool

#SD8011

.......................................

3.50

9/1/49

32

91

Freddie

Mac,

Pool

#SD8226

.......................................

3.50

7/1/52

80

170

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Government

Agency

Mortgages

(continued)

$

62

Freddie

Mac,

Pool

#ZS4642

.......................................

3.50

12/1/45

$

56

23

Freddie

Mac,

Pool

#ZS4659

.......................................

3.50

4/1/46

20

53

Freddie

Mac,

Pool

#ZS4713

.......................................

3.50

4/1/47

48

13

Freddie

Mac,

Pool

#SB8007

.......................................

3.50

9/1/34

12

8

Freddie

Mac,

Pool

#ZS4747

.......................................

3.50

12/1/47

7

54

Freddie

Mac,

Pool

#ZS4622

.......................................

3.50

7/1/45

49

511

Freddie

Mac,

Pool

#SD8214

.......................................

3.50

5/1/52

453

401

Freddie

Mac,

Pool

#SD0968

.......................................

3.50

4/1/52

358

356

Freddie

Mac,

Pool

#SD8221

.......................................

3.50

6/1/52

315

40

Freddie

Mac,

Pool

#ZS4704

.......................................

3.50

2/1/47

36

73

Freddie

Mac,

Pool

#SB8183

.......................................

3.50

10/1/37

69

245

Freddie

Mac,

Pool

#ZS4487

.......................................

3.50

6/1/42

224

256

Freddie

Mac,

Pool

#SD8038

.......................................

3.50

1/1/50

228

357

Freddie

Mac,

Pool

#SD8256

.......................................

4.00

10/1/52

327

177

Freddie

Mac,

Pool

#QE6074

.......................................

4.00

7/1/52

162

23

Freddie

Mac,

Pool

#ZT1320

.......................................

4.00

11/1/48

21

19

Freddie

Mac,

Pool

#ZT1840

.......................................

4.00

9/1/48

18

64

Freddie

Mac,

Pool

#ZS4708

.......................................

4.00

3/1/47

60

84

Freddie

Mac,

Pool

#SD0290

.......................................

4.00

4/1/50

78

53

Freddie

Mac,

Pool

#ZA4988

.......................................

4.00

8/1/47

48

7

Freddie

Mac,

Pool

#ZT1800

.......................................

4.00

3/1/34

7

50

Freddie

Mac,

Pool

#ZS4731

.......................................

4.00

8/1/47

47

12

Freddie

Mac,

Pool

#ZS4652

.......................................

4.00

2/1/46

12

32

Freddie

Mac,

Pool

#ZT1952

.......................................

4.00

5/1/49

29

107

Freddie

Mac,

Pool

#SD8070

.......................................

4.00

6/1/50

99

368

Freddie

Mac,

Pool

#SD8313

.......................................

4.00

4/1/53

337

227

Freddie

Mac,

Pool

#SD8286

.......................................

4.00

1/1/53

207

66

Freddie

Mac,

Pool

#ZS4627

.......................................

4.00

8/1/45

62

361

Freddie

Mac,

Pool

#SD8244

.......................................

4.00

9/1/52

330

35

Freddie

Mac,

Pool

#SD8039

.......................................

4.00

1/1/50

33

28

Freddie

Mac,

Pool

#ZT2106

.......................................

4.00

3/1/49

26

55

Freddie

Mac,

Pool

#ZL7781

.......................................

4.00

2/1/44

52

353

Freddie

Mac,

Pool

#QE5462

.......................................

4.00

7/1/52

322

347

Freddie

Mac,

Pool

#SD1132

.......................................

4.00

6/1/52

319

21

Freddie

Mac,

Pool

#ZA6946

.......................................

4.00

5/1/49

19

51

Freddie

Mac,

Pool

#ZS4631

.......................................

4.00

9/1/45

48

10

Freddie

Mac,

Pool

#ZN5030

.......................................

4.00

4/1/49

9

39

Freddie

Mac,

Pool

#ZS4573

.......................................

4.00

7/1/44

37

20

Freddie

Mac,

Pool

#ZS4781

.......................................

4.50

7/1/48

19

410

Freddie

Mac,

Pool

#SD8245

.......................................

4.50

9/1/52

385

361

Freddie

Mac,

Pool

#SD8266

.......................................

4.50

11/1/52

339

75

Freddie

Mac,

Pool

#SD8002

.......................................

4.50

7/1/49

71

128

Freddie

Mac,

Pool

#QE9161

.......................................

4.50

9/1/52

120

20

Freddie

Mac,

Pool

#ZS4774

.......................................

4.50

5/1/48

19

370

Freddie

Mac,

Pool

#SD8340

.......................................

4.50

7/1/53

348

363

Freddie

Mac,

Pool

#SD8306

.......................................

4.50

3/1/53

341

363

Freddie

Mac,

Pool

#SD8287

.......................................

4.50

1/1/53

342

284

Freddie

Mac,

Pool

#SD8365

.......................................

4.50

10/1/53

267

18

Freddie

Mac,

Pool

#ZT1321

.......................................

4.50

11/1/48

18

86

Freddie

Mac,

Pool

#RA7928

.......................................

4.50

9/1/52

82

39

Freddie

Mac,

Pool

#ZT1711

.......................................

4.50

2/1/49

37

433

Freddie

Mac,

Pool

#SD8315

.......................................

5.00

4/1/53

418

4

Freddie

Mac,

Pool

#SD0093

.......................................

5.00

10/1/49

4

365

Freddie

Mac,

Pool

#SD8323

.......................................

5.00

5/1/53

352

212

Freddie

Mac,

Pool

#SD8371

.......................................

5.00

11/1/53

204

364

Freddie

Mac,

Pool

#SD8341

.......................................

5.00

7/1/53

351

359

Freddie

Mac,

Pool

#SD8288

.......................................

5.00

1/1/53

347

356

Freddie

Mac,

Pool

#SD8299

.......................................

5.00

2/1/53

344

374

Freddie

Mac,

Pool

#SD8361

.......................................

5.00

9/1/53

361

171

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Government

Agency

Mortgages

(continued)

$

47

Freddie

Mac,

Pool

#ZT1779

.......................................

5.00

3/1/49

$

46

379

Freddie

Mac,

Pool

#SD4977

.......................................

5.00

11/1/53

366

338

Freddie

Mac,

Pool

#SD8300

.......................................

5.50

2/1/53

333

280

Freddie

Mac,

Pool

#SD8349

.......................................

5.50

8/1/53

276

442

Freddie

Mac,

Pool

#SD8475

.......................................

5.50

11/1/54

437

430

Freddie

Mac,

Pool

#SD8431

.......................................

5.50

5/1/54

424

354

Freddie

Mac,

Pool

#SD8342

.......................................

5.50

7/1/53

349

326

Freddie

Mac,

Pool

#SD8438

.......................................

5.50

6/1/54

322

359

Freddie

Mac,

Pool

#SD8362

.......................................

5.50

9/1/53

354

348

Freddie

Mac,

Pool

#SD8331

.......................................

5.50

6/1/53

343

363

Freddie

Mac,

Pool

#SD8372

.......................................

5.50

11/1/53

358

331

Freddie

Mac,

Pool

#SD8384

.......................................

6.00

12/1/53

333

340

Freddie

Mac,

Pool

#SD8373

.......................................

6.00

11/1/53

342

360

Freddie

Mac,

Pool

#SD8343

.......................................

6.00

7/1/53

362

434

Freddie

Mac,

Pool

#SD8463

.......................................

6.00

9/1/54

437

335

Freddie

Mac,

Pool

#SD8350

.......................................

6.00

8/1/53

337

339

Freddie

Mac,

Pool

#SD8363

.......................................

6.00

9/1/53

341

397

Freddie

Mac,

Pool

#SD8432

.......................................

6.00

5/1/54

399

348

Freddie

Mac,

Pool

#SD8421

.......................................

6.00

4/1/54

349

213

Freddie

Mac,

Pool

#SD8325

.......................................

6.00

5/1/53

214

227

Freddie

Mac,

Pool

#SD8374

.......................................

6.50

11/1/53

232

424

Freddie

Mac,

Pool

#SD8471

.......................................

6.50

10/1/54

438

295

Freddie

Mac,

Pool

#SD8397

.......................................

6.50

1/1/54

301

233

Freddie

Mac,

Pool

#SD5987

.......................................

6.50

2/1/54

241

376

Freddie

Mac,

Pool

#SD8386

.......................................

7.00

12/1/53

389

11

Freddie

Mac

Gold,

Pool

#G18547

...................................

2.00

3/1/30

11

18

Freddie

Mac

Gold,

Pool

#J25777

....................................

2.00

9/1/28

17

8

Freddie

Mac

Gold,

Pool

#J25759

....................................

2.00

8/1/28

7

25

Freddie

Mac

Gold,

Pool

#G18634

...................................

2.00

3/1/32

23

16

Freddie

Mac

Gold,

Pool

#J25585

....................................

2.50

9/1/28

16

91

Freddie

Mac

Gold,

Pool

#G18611

...................................

2.50

9/1/31

85

8

Freddie

Mac

Gold,

Pool

#G08638

...................................

2.50

4/1/45

6

9

Freddie

Mac

Gold,

Pool

#G18665

...................................

2.50

11/1/32

9

15

Freddie

Mac

Gold,

Pool

#G18485

...................................

2.50

10/1/28

14

33

Freddie

Mac

Gold,

Pool

#G18470

...................................

2.50

6/1/28

32

19

Freddie

Mac

Gold,

Pool

#G18704

...................................

2.50

6/1/33

17

30

Freddie

Mac

Gold,

Pool

#J35643

....................................

2.50

11/1/31

28

75

Freddie

Mac

Gold,

Pool

#J38477

....................................

2.50

2/1/33

70

47

Freddie

Mac

Gold,

Pool

#J26408

....................................

2.50

11/1/28

45

31

Freddie

Mac

Gold,

Pool

#G18533

...................................

2.50

12/1/29

30

7

Freddie

Mac

Gold,

Pool

#G08755

...................................

2.50

2/1/47

6

26

Freddie

Mac

Gold,

Pool

#J23440

....................................

2.50

4/1/28

26

5

Freddie

Mac

Gold,

Pool

#G18472

...................................

2.50

7/1/28

5

20

Freddie

Mac

Gold,

Pool

#J18954

....................................

2.50

4/1/27

19

21

Freddie

Mac

Gold,

Pool

#Q42878

...................................

2.50

9/1/46

18

28

Freddie

Mac

Gold,

Pool

#C09026

...................................

2.50

2/1/43

24

63

Freddie

Mac

Gold,

Pool

#G18680

...................................

2.50

3/1/33

59

45

Freddie

Mac

Gold,

Pool

#J37902

....................................

2.50

11/1/32

42

42

Freddie

Mac

Gold,

Pool

#G18635

...................................

2.50

3/1/32

39

3

Freddie

Mac

Gold,

Pool

#J30875

....................................

2.50

3/1/30

3

43

Freddie

Mac

Gold,

Pool

#G18568

...................................

2.50

9/1/30

40

11

Freddie

Mac

Gold,

Pool

#C91904

...................................

2.50

11/1/36

10

9

Freddie

Mac

Gold,

Pool

#C91969

...................................

3.00

1/1/38

8

67

Freddie

Mac

Gold,

Pool

#C04422

...................................

3.00

12/1/42

58

17

Freddie

Mac

Gold,

Pool

#G18582

...................................

3.00

1/1/31

16

72

Freddie

Mac

Gold,

Pool

#G60187

...................................

3.00

8/1/45

63

4

Freddie

Mac

Gold,

Pool

#C91949

...................................

3.00

9/1/37

4

19

Freddie

Mac

Gold,

Pool

#Q19754

...................................

3.00

7/1/43

17

13

Freddie

Mac

Gold,

Pool

#G18715

...................................

3.00

12/1/33

13

172

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

of

Investments

(continued)

—

December

31,

2024

(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

Gold,

Pool

#G60989

...................................

3.00

12/1/46

$

94

8

Freddie

Mac

Gold,

Pool

#G18534

...................................

3.00

12/1/29

8

26

Freddie

Mac

Gold,

Pool

#J17774

....................................

3.00

1/1/27

25

20

Freddie

Mac

Gold,

Pool

#G08540

...................................

3.00

8/1/43

17

41

Freddie

Mac

Gold,

Pool

#G18514

...................................

3.00

6/1/29

39

4

Freddie

Mac

Gold,

Pool

#C91939

...................................

3.00

6/1/37

3

35

Freddie

Mac

Gold,

Pool

#G15217

...................................

3.00

11/1/29

33

88

Freddie

Mac

Gold,

Pool

#Q43734

...................................

3.00

10/1/46

78

31

Freddie

Mac

Gold,

Pool

#C91707

...................................

3.00

6/1/33

28

11

Freddie

Mac

Gold,

Pool

#C91905

...................................

3.00

11/1/36

10

23

Freddie

Mac

Gold,

Pool

#C91819

...................................

3.00

4/1/35

21

11

Freddie

Mac

Gold,

Pool

#C91924

...................................

3.00

4/1/37

10

63

Freddie

Mac

Gold

,

Pool

#G18673

...................................

3.00

1/1/33

60

16

Freddie

Mac

Gold,

Pool

#J38675

....................................

3.00

3/1/33

15

37

Freddie

Mac

Gold,

Pool

#Q41795

...................................

3.00

7/1/46

32

29

Freddie

Mac

Gold,

Pool

#G18531

...................................

3.00

11/1/29

27

8

Freddie

Mac

Gold,

Pool

#C91943

...................................

3.00

7/1/37

7

55

Freddie

Mac

Gold,

Pool

#C91581

...................................

3.00

11/1/32

51

22

Freddie

Mac

Gold,

Pool

#C91927

...................................

3.00

5/1/37

20

104

Freddie

Mac

Gold,

Pool

#Q16222

...................................

3.00

3/1/43

91

6

Freddie

Mac

Gold,

Pool

#G30999

...................................

3.00

2/1/37

5

2

Freddie

Mac

Gold,

Pool

#Q39527

...................................

3.00

3/1/46

1

18

Freddie

Mac

Gold,

Pool

#G30945

...................................

3.00

9/1/36

17

7

Freddie

Mac

Gold,

Pool

#C91826

...................................

3.00

5/1/35

6

5

Freddie

Mac

Gold,

Pool

#Q13086

...................................

3.00

11/1/42

4

1

Freddie

Mac

Gold,

Pool

#J14241

....................................

3.00

1/1/26

1

19

Freddie

Mac

Gold,

Pool

#J36428

....................................

3.00

2/1/32

18

37

Freddie

Mac

Gold,

Pool

#G08783

...................................

3.00

10/1/47

32

10

Freddie

Mac

Gold,

Pool

#J38057

....................................

3.00

12/1/32

9

3

Freddie

Mac

Gold,

Pool

#C91809

...................................

3.00

2/1/35

3

219

Freddie

Mac

Gold,

Pool

#Q21065

...................................

3.00

8/1/43

192

114

Freddie

Mac

Gold,

Pool

#Q45735

...................................

3.00

1/1/47

99

94

Freddie

Mac

Gold,

Pool

#C04619

...................................

3.00

3/1/43

83

10

Freddie

Mac

Gold,

Pool

#J33135

....................................

3.00

11/1/30

9

8

Freddie

Mac

Gold,

Pool

#J29932

....................................

3.00

11/1/29

7

43

Freddie

Mac

Gold,

Pool

#Q20067

...................................

3.00

7/1/43

38

1

Freddie

Mac

Gold,

Pool

#J17111

....................................

3.00

10/1/26

1

4

Freddie

Mac

Gold,

Pool

#Q18882

...................................

3.00

5/1/43

4

32

Freddie

Mac

Gold,

Pool

#G15145

...................................

3.00

7/1/29

31

11

Freddie

Mac

Gold,

Pool

#G18575

...................................

3.00

11/1/30

11

10

Freddie

Mac

Gold,

Pool

#J38807

....................................

3.00

4/1/33

9

17

Freddie

Mac

Gold,

Pool

#C91798

...................................

3.00

12/1/34

16

29

Freddie

Mac

Gold,

Pool

#G18569

...................................

3.00

9/1/30

28

27

Freddie

Mac

Gold,

Pool

#G08648

...................................

3.00

6/1/45

24

32

Freddie

Mac

Gold,

Pool

#G08640

...................................

3.00

5/1/45

28

11

Freddie

Mac

Gold,

Pool

#Q18599

...................................

3.00

6/1/43

10

32

Freddie

Mac

Gold,

Pool

#G18518

...................................

3.00

7/1/29

30

35

Freddie

Mac

Gold,

Pool

#Q57871

...................................

3.50

8/1/48

31

26

Freddie

Mac

Gold,

Pool

#G08698

...................................

3.50

3/1/46

23

10

Freddie

Mac

Gold,

Pool

#Q55002

...................................

3.50

3/1/48

9

4

Freddie

Mac

Gold,

Pool

#C91760

...................................

3.50

5/1/34

3

40

Freddie

Mac

Gold,

Pool

#C91456

...................................

3.50

6/1/32

38

4

Freddie

Mac

Gold,

Pool

#C91925

...................................

3.50

4/1/37

4

31

Freddie

Mac

Gold,

Pool

#Q36040

...................................

3.50

9/1/45

28

8

Freddie

Mac

Gold,

Pool

#C92003

...................................

3.50

7/1/38

8

69

Freddie

Mac

Gold,

Pool

#G08766

...................................

3.50

6/1/47

62

68

Freddie

Mac

Gold,

Pool

#G08804

...................................

3.50

3/1/48

61

19

Freddie

Mac

Gold,

Pool

#G08846

...................................

3.50

11/1/48

17

2

Freddie

Mac

Gold,

Pool

#J13582

....................................

3.50

11/1/25

2

173

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Government

Agency

Mortgages

(continued)

$

13

Freddie

Mac

Gold,

Pool

#A96409

...................................

3.50

1/1/41

$

12

44

Freddie

Mac

Gold,

Pool

#Q51461

...................................

3.50

10/1/47

39

—

Freddie

Mac

Gold,

Pool

#E02735

...................................

3.50

10/1/25

—

23

Freddie

Mac

Gold,

Pool

#G18707

...................................

3.50

9/1/33

22

29

Freddie

Mac

Gold,

Pool

#G08687

...................................

3.50

1/1/46

27

21

Freddie

Mac

Gold

,

Pool

#G08813

...................................

3.50

5/1/48

18

29

Freddie

Mac

Gold,

Pool

#G08733

...................................

3.50

11/1/46

26

58

Freddie

Mac

Gold,

Pool

#Q49490

...................................

3.50

7/1/47

52

11

Freddie

Mac

Gold,

Pool

#Q31134

...................................

3.50

2/1/45

10

12

Freddie

Mac

Gold,

Pool

#J27494

....................................

3.50

2/1/29

11

46

Freddie

Mac

Gold,

Pool

#G08761

...................................

3.50

5/1/47

41

54

Freddie

Mac

Gold,

Pool

#G61148

...................................

3.50

9/1/47

48

18

Freddie

Mac

Gold,

Pool

#G08605

...................................

3.50

9/1/44

16

90

Freddie

Mac

Gold,

Pool

#G08636

...................................

3.50

4/1/45

81

14

Freddie

Mac

Gold,

Pool

#J15105

....................................

3.50

4/1/26

14

62

Freddie

Mac

Gold,

Pool

#G08641

...................................

3.50

5/1/45

56

18

Freddie

Mac

Gold,

Pool

#G08599

...................................

3.50

8/1/44

16

14

Freddie

Mac

Gold,

Pool

#C91950

...................................

3.50

9/1/37

13

81

Freddie

Mac

Gold,

Pool

#G08627

...................................

3.50

2/1/45

73

78

Freddie

Mac

Gold,

Pool

#Q20860

...................................

3.50

8/1/43

70

27

Freddie

Mac

Gold,

Pool

#Q37449

...................................

3.50

11/1/45

25

7

Freddie

Mac

Gold,

Pool

#G08620

...................................

3.50

12/1/44

6

55

Freddie

Mac

Gold,

Pool

#G08632

...................................

3.50

3/1/45

50

8

Freddie

Mac

Gold,

Pool

#C91940

...................................

3.50

6/1/37

7

78

Freddie

Mac

Gold,

Pool

#G08562

...................................

3.50

1/1/44

71

53

Freddie

Mac

Gold,

Pool

#Q08903

...................................

3.50

6/1/42

48

36

Freddie

Mac

Gold,

Pool

#C91403

...................................

3.50

3/1/32

34

19

Freddie

Mac

Gold,

Pool

#C03920

...................................

3.50

5/1/42

17

27

Freddie

Mac

Gold,

Pool

#Q58422

...................................

3.50

9/1/48

25

42

Freddie

Mac

Gold,

Pool

#Q53176

...................................

3.50

12/1/47

38

29

Freddie

Mac

Gold,

Pool

#Q04087

...................................

3.50

10/1/41

26

44

Freddie

Mac

Gold,

Pool

#Q08998

...................................

3.50

6/1/42

40

53

Freddie

Mac

Gold,

Pool

#Q09896

...................................

3.50

8/1/42

48

31

Freddie

Mac

Gold,

Pool

#Q06749

...................................

3.50

3/1/42

29

23

Freddie

Mac

Gold,

Pool

#G30776

...................................

3.50

7/1/35

22

11

Freddie

Mac

Gold

,

Pool

#C91742

...................................

3.50

1/1/34

10

33

Freddie

Mac

Gold,

Pool

#Q12052

...................................

3.50

10/1/42

30

17

Freddie

Mac

Gold,

Pool

#G08836

...................................

4.00

9/1/48

16

70

Freddie

Mac

Gold,

Pool

#G06506

...................................

4.00

12/1/40

66

40

Freddie

Mac

Gold,

Pool

#G08616

...................................

4.00

11/1/44

37

5

Freddie

Mac

Gold,

Pool

#G08633

...................................

4.00

3/1/45

5

34

Freddie

Mac

Gold,

Pool

#Q58680

...................................

4.00

9/1/48

31

21

Freddie

Mac

Gold,

Pool

#C91738

...................................

4.00

11/1/33

20

20

Freddie

Mac

Gold,

Pool

#G08601

...................................

4.00

8/1/44

19

—

Freddie

Mac

Gold,

Pool

#J12435

....................................

4.00

6/1/25

—

36

Freddie

Mac

Gold,

Pool

#G08567

...................................

4.00

1/1/44

34

42

Freddie

Mac

Gold,

Pool

#G08588

...................................

4.00

5/1/44

40

3

Freddie

Mac

Gold,

Pool

#G08642

...................................

4.00

5/1/45

3

21

Freddie

Mac

Gold

,

Pool

#Q34081

...................................

4.00

6/1/45

20

1

Freddie

Mac

Gold,

Pool

#G14453

...................................

4.00

6/1/26

1

2

Freddie

Mac

Gold,

Pool

#Q27456

...................................

4.00

7/1/44

2

10

Freddie

Mac

Gold,

Pool

#G08672

...................................

4.00

10/1/45

10

34

Freddie

Mac

Gold,

Pool

#C09070

...................................

4.00

12/1/44

32

192

Freddie

Mac

Gold,

Pool

#A96286

...................................

4.00

1/1/41

182

21

Freddie

Mac

Gold,

Pool

#C91765

...................................

4.00

6/1/34

20

6

Freddie

Mac

Gold,

Pool

#C92019

...................................

4.00

10/1/38

6

17

Freddie

Mac

Gold,

Pool

#G08831

...................................

4.00

8/1/48

15

28

Freddie

Mac

Gold,

Pool

#G08767

...................................

4.00

6/1/47

26

35

Freddie

Mac

Gold,

Pool

#Q27594

...................................

4.00

8/1/44

33

174

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Government

Agency

Mortgages

(continued)

$

8

Freddie

Mac

Gold,

Pool

#C91994

...................................

4.00

5/1/38

$

7

23

Freddie

Mac

Gold,

Pool

#G08637

...................................

4.00

4/1/45

21

42

Freddie

Mac

Gold,

Pool

#G08785

...................................

4.00

10/1/47

39

19

Freddie

Mac

Gold,

Pool

#G08483

...................................

4.00

3/1/42

18

5

Freddie

Mac

Gold,

Pool

#C91923

...................................

4.00

3/1/37

4

39

Freddie

Mac

Gold,

Pool

#G08618

...................................

4.00

12/1/44

36

42

Freddie

Mac

Gold,

Pool

#G08459

...................................

4.00

9/1/41

40

4

Freddie

Mac

Gold,

Pool

#A90437

...................................

4.50

1/1/40

4

12

Freddie

Mac

Gold,

Pool

#Q25432

...................................

4.50

3/1/44

11

26

Freddie

Mac

Gold,

Pool

#Q57957

...................................

4.50

8/1/48

25

12

Freddie

Mac

Gold,

Pool

#G08596

...................................

4.50

7/1/44

11

6

Freddie

Mac

Gold,

Pool

#C09059

...................................

4.50

3/1/44

6

16

Freddie

Mac

Gold,

Pool

#G60512

...................................

4.50

12/1/45

15

356

Freddie

Mac

Gold,

Pool

#A97692

...................................

4.50

3/1/41

345

16

Freddie

Mac

Gold,

Pool

#Q22671

...................................

4.50

11/1/43

15

1

Freddie

Mac

Gold,

Pool

#E02862

...................................

4.50

3/1/26

1

10

Freddie

Mac

Gold,

Pool

#G08781

...................................

4.50

9/1/47

9

19

Freddie

Mac

Gold,

Pool

#Q59805

...................................

4.50

11/1/48

18

37

Freddie

Mac

Gold,

Pool

#A97495

...................................

4.50

3/1/41

36

30

Freddie

Mac

Gold,

Pool

#G08759

...................................

4.50

4/1/47

29

20

Freddie

Mac

Gold,

Pool

#G08754

...................................

4.50

3/1/47

19

5

Freddie

Mac

Gold,

Pool

#G07068

...................................

5.00

7/1/41

5

12

Freddie

Mac

Gold,

Pool

#G05205

...................................

5.00

1/1/39

11

28

Freddie

Mac

Gold,

Pool

#Q00763

...................................

5.00

5/1/41

27

158

Freddie

Mac

Gold,

Pool

#C01598

...................................

5.00

8/1/33

158

6

Freddie

Mac

Gold,

Pool

#G08838

...................................

5.00

9/1/48

6

74

Freddie

Mac

Gold,

Pool

#G04913

...................................

5.00

3/1/38

73

99

Freddie

Mac

Gold,

Pool

#G01665

...................................

5.50

3/1/34

100

1

Freddie

Mac

Gold,

Pool

#A79636

...................................

5.50

7/1/38

1

26

Freddie

Mac

Gold,

Pool

#G06031

...................................

5.50

3/1/40

26

1

Freddie

Mac

Gold,

Pool

#G06091

...................................

5.50

5/1/40

1

1

Freddie

Mac

Gold,

Pool

#A69671

...................................

5.50

12/1/37

1

2

Freddie

Mac

Gold,

Pool

#A62706

...................................

6.00

6/1/37

2

95

Freddie

Mac

Gold,

Pool

#G02794

...................................

6.00

5/1/37

99

22

Freddie

Mac

Gold,

Pool

#G03551

...................................

6.00

11/1/37

23

11

Freddie

Mac

Gold,

Pool

#G05709

...................................

6.00

6/1/38

12

368

Government

National

Mortgage

Association,

Pool

#MA6994

................

2.00

11/20/50

295

376

Government

National

Mortgage

Association,

Pool

#MA7986

................

2.00

4/20/52

301

359

Government

National

Mortgage

Association,

Pool

#MA7588

................

2.00

9/20/51

288

323

Government

National

Mortgage

Association,

Pool

#MA7051

................

2.00

12/20/50

258

537

Government

National

Mortgage

Association,

Pool

#MA7826

................

2.00

1/20/52

430

272

Government

National

Mortgage

Association,

Pool

#MA6930

................

2.00

10/20/50

218

226

Government

National

Mortgage

Association,

Pool

#MA7533

................

2.00

8/20/51

180

318

Government

National

Mortgage

Association,

Pool

#MA7417

................

2.00

6/20/51

255

457

Government

National

Mortgage

Association,

Pool

#MA7311

................

2.00

4/20/51

366

340

Government

National

Mortgage

Association

,

Pool

#MA8041

................

2.00

5/20/52

272

171

Government

National

Mortgage

Association,

Pool

#MA7880

................

2.00

2/20/52

137

397

Government

National

Mortgage

Association,

Pool

#MA7766

................

2.00

12/20/51

318

289

Government

National

Mortgage

Association,

Pool

#MA7135

................

2.00

1/20/51

231

282

Government

National

Mortgage

Association,

Pool

#MA6818

................

2.00

8/20/50

226

299

Government

National

Mortgage

Association,

Pool

#MA7254

................

2.00

3/20/51

240

513

Government

National

Mortgage

Association,

Pool

#MA7704

................

2.00

11/20/51

410

162

Government

National

Mortgage

Association,

Pool

#MA6864

................

2.00

9/20/50

130

297

Government

National

Mortgage

Association,

Pool

#MA7366

................

2.00

5/20/51

237

430

Government

National

Mortgage

Association,

Pool

#MA7935

................

2.00

3/20/52

344

412

Government

National

Mortgage

Association,

Pool

#MA7471

................

2.00

7/20/51

330

377

Government

National

Mortgage

Association,

Pool

#MA7052

................

2.50

12/20/50

316

398

Government

National

Mortgage

Association,

Pool

#MA7827

................

2.50

1/20/52

332

14

Government

National

Mortgage

Association,

Pool

#MA4717

................

2.50

9/20/47

12

175

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Government

Agency

Mortgages

(continued)

$

165

Government

National

Mortgage

Association,

Pool

#MA7705

................

2.50

11/20/51

$

138

29

Government

National

Mortgage

Association,

Pool

#MA1283

................

2.50

9/20/43

25

364

Government

National

Mortgage

Association,

Pool

#MA7987

................

2.50

4/20/52

304

4

Government

National

Mortgage

Association,

Pool

#MA4355

................

2.50

4/20/32

4

329

Government

National

Mortgage

Association,

Pool

#MA7367

................

2.50

5/20/51

275

307

Government

National

Mortgage

Association,

Pool

#MA7534

................

2.50

8/20/51

256

5

Government

National

Mortgage

Association,

Pool

#MA0908

................

2.50

4/20/28

5

365

Government

National

Mortgage

Association,

Pool

#MA7881

................

2.50

2/20/52

305

343

Government

National

Mortgage

Association,

Pool

#MA7649

................

2.50

10/20/51

286

364

Government

National

Mortgage

Association,

Pool

#MA7589

................

2.50

9/20/51

304

6

Government

National

Mortgage

Association,

Pool

#MA1133

................

2.50

7/20/28

6

373

Government

National

Mortgage

Association,

Pool

#MA7136

................

2.50

1/20/51

312

266

Government

National

Mortgage

Association,

Pool

#MA8042

................

2.50

5/20/52

222

155

Government

National

Mortgage

Association,

Pool

#MA6655

................

2.50

5/20/50

130

78

Government

National

Mortgage

Association,

Pool

#MA6598

................

2.50

4/20/50

65

362

Government

National

Mortgage

Association,

Pool

#MA7936

................

2.50

3/20/52

302

313

Government

National

Mortgage

Association,

Pool

#MA7418

................

2.50

6/20/51

262

8

Government

National

Mortgage

Association,

Pool

#AA8341

................

2.50

2/15/28

8

367

Government

National

Mortgage

Association,

Pool

#MA6709

................

2.50

6/20/50

308

11

Government

National

Mortgage

Association,

Pool

#776954

.................

2.50

11/15/42

10

10

Government

National

Mortgage

Association,

Pool

#711729

.................

2.50

3/15/43

8

285

Government

National

Mortgage

Association,

Pool

#MA7255

................

2.50

3/20/51

238

341

Government

National

Mortgage

Association,

Pool

#MA8147

................

2.50

7/20/52

286

322

Government

National

Mortgage

Association,

Pool

#MA7472

................

2.50

7/20/51

269

5

Government

National

Mortgage

Association,

Pool

#MA2890

................

2.50

6/20/45

4

293

Government

National

Mortgage

Association,

Pool

#MA7312

................

2.50

4/20/51

245

502

Government

National

Mortgage

Association,

Pool

#MA7767

................

2.50

12/20/51

419

16

Government

National

Mortgage

Association,

Pool

#MA4067

................

2.50

11/20/46

14

122

Government

National

Mortgage

Association,

Pool

#MA6540

................

2.50

3/20/50

103

8

Government

National

Mortgage

Association,

Pool

#MA4424

................

2.50

5/20/32

8

10

Government

National

Mortgage

Association,

Pool

#MA4194

................

2.50

1/20/47

9

174

Government

National

Mortgage

Association,

Pool

#MA6819

................

2.50

8/20/50

146

105

Government

National

Mortgage

Association,

Pool

#MA7193

................

2.50

2/20/51

87

8

Government

National

Mortgage

Association,

Pool

#MA0601

................

2.50

12/20/27

8

162

Government

National

Mortgage

Association,

Pool

#MA4125

................

2.50

12/20/46

138

221

Government

National

Mortgage

Association,

Pool

#MA6931

................

2.50

10/20/50

185

158

Government

National

Mortgage

Association,

Pool

#MA4260

................

2.50

2/20/47

135

190

Government

National

Mortgage

Association,

Pool

#MA6865

................

2.50

9/20/50

159

237

Government

National

Mortgage

Association,

Pool

#MA6995

................

2.50

11/20/50

198

8

Government

National

Mortgage

Association,

Pool

#MA0205

................

3.00

7/20/27

8

65

Government

National

Mortgage

Association,

Pool

#MA4961

................

3.00

1/20/48

57

1

Government

National

Mortgage

Association,

Pool

#5276

..................

3.00

1/20/27

1

124

Government

National

Mortgage

Association,

Pool

#MA4261

................

3.00

2/20/47

109

89

Government

National

Mortgage

Association,

Pool

#MA4836

................

3.00

11/20/47

78

70

Government

National

Mortgage

Association,

Pool

#MA0153

................

3.00

6/20/42

62

53

Government

National

Mortgage

Association,

Pool

#MA3662

................

3.00

5/20/46

47

183

Government

National

Mortgage

Association,

Pool

#MA6656

................

3.00

5/20/50

159

130

Government

National

Mortgage

Association,

Pool

#MA4195

................

3.00

1/20/47

114

109

Government

National

Mortgage

Association,

Pool

#MA6409

................

3.00

1/20/50

95

69

Government

National

Mortgage

Association,

Pool

#MA4450

................

3.00

5/20/47

60

44

Government

National

Mortgage

Association,

Pool

#MA2444

................

3.00

12/20/44

39

61

Government

National

Mortgage

Association,

Pool

#MA3802

................

3.00

7/20/46

53

32

Government

National

Mortgage

Association,

Pool

#MA2753

................

3.00

4/20/45

28

85

Government

National

Mortgage

Association,

Pool

#MA4651

................

3.00

8/20/47

75

25

Government

National

Mortgage

Association,

Pool

#MA4068

................

3.00

11/20/46

22

12

Government

National

Mortgage

Association,

Pool

#AK7285

................

3.00

3/15/45

11

71

Government

National

Mortgage

Association,

Pool

#MA2520

................

3.00

1/20/45

63

16

Government

National

Mortgage

Association,

Pool

#MA6820

................

3.00

8/20/50

14

120

Government

National

Mortgage

Association,

Pool

#MA5018

................

3.00

2/20/48

105

176

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Government

Agency

Mortgages

(continued)

$

3

Government

National

Mortgage

Association,

Pool

#AL5058

................

3.00

3/15/45

$

3

64

Government

National

Mortgage

Association,

Pool

#MA4777

................

3.00

10/20/47

56

39

Government

National

Mortgage

Association,

Pool

#MA3172

................

3.00

10/20/45

34

12

Government

National

Mortgage

Association,

Pool

#MA4559

................

3.00

7/20/32

12

79

Government

National

Mortgage

Association,

Pool

#MA4509

................

3.00

6/20/47

69

145

Government

National

Mortgage

Association,

Pool

#MA4003

................

3.00

10/20/46

128

113

Government

National

Mortgage

Association,

Pool

#MA6474

................

3.00

2/20/50

99

81

Government

National

Mortgage

Association,

Pool

#AA6149

................

3.00

3/20/43

72

26

Government

National

Mortgage

Association,

Pool

#MA0851

................

3.00

3/20/43

23

113

Government

National

Mortgage

Association,

Pool

#MA0391

................

3.00

9/20/42

100

49

Government

National

Mortgage

Association,

Pool

#MA3596

................

3.00

4/20/46

43

63

Government

National

Mortgage

Association,

Pool

#MA0461

................

3.00

10/20/42

56

90

Government

National

Mortgage

Association,

Pool

#MA2147

................

3.00

8/20/44

79

52

Government

National

Mortgage

Association,

Pool

#MA4320

................

3.00

3/20/47

46

108

Government

National

Mortgage

Association,

Pool

#MA3735

................

3.00

6/20/46

95

7

Government

National

Mortgage

Association,

Pool

#AN5756

................

3.00

7/15/45

6

4

Government

National

Mortgage

Association,

Pool

#MA1890

................

3.00

5/20/29

4

44

Government

National

Mortgage

Association,

Pool

#MA3873

................

3.00

8/20/46

39

7

Government

National

Mortgage

Association,

Pool

#MA2797

................

3.00

5/20/30

6

93

Government

National

Mortgage

Association,

Pool

#MA6338

................

3.00

12/20/49

81

99

Government

National

Mortgage

Association,

Pool

#MA3936

................

3.00

9/20/46

87

14

Government

National

Mortgage

Association,

Pool

#MA6766

................

3.00

7/20/50

12

147

Government

National

Mortgage

Association,

Pool

#MA4126

................

3.00

12/20/46

129

60

Government

National

Mortgage

Association,

Pool

#MA6710

................

3.00

6/20/50

52

3

Government

National

Mortgage

Association,

Pool

#MA4935

................

3.00

1/20/33

3

60

Government

National

Mortgage

Association,

Pool

#MA6089

................

3.00

8/20/49

52

49

Government

National

Mortgage

Association,

Pool

#MA3309

................

3.00

12/20/45

44

63

Government

National

Mortgage

Association,

Pool

#MA6283

................

3.00

11/20/49

55

19

Government

National

Mortgage

Association,

Pool

#MA3243

................

3.00

11/20/45

17

34

Government

National

Mortgage

Association,

Pool

#779084

.................

3.00

4/15/42

30

61

Government

National

Mortgage

Association,

Pool

#MA3033

................

3.00

8/20/45

54

29

Government

National

Mortgage

Association,

Pool

#MA4899

................

3.00

12/20/47

26

16

Government

National

Mortgage

Association,

Pool

#MA2600

................

3.00

2/20/45

14

41

Government

National

Mortgage

Association,

Pool

#MA2825

................

3.00

5/20/45

36

298

Government

National

Mortgage

Association,

Pool

#MA6218

................

3.00

10/20/49

260

42

Government

National

Mortgage

Association,

Pool

#MA2960

................

3.00

7/20/45

37

55

Government

National

Mortgage

Association,

Pool

#MA4381

................

3.00

4/20/47

48

373

Government

National

Mortgage

Association,

Pool

#MA8098

................

3.00

6/20/52

324

12

Government

National

Mortgage

Association,

Pool

#MA1265

................

3.00

9/20/28

12

317

Government

National

Mortgage

Association,

Pool

#MA7706

................

3.00

11/20/51

275

132

Government

National

Mortgage

Association,

Pool

#MA5076

................

3.00

3/20/48

115

7

Government

National

Mortgage

Association,

Pool

#AA2934

................

3.00

7/15/42

6

11

Government

National

Mortgage

Association,

Pool

#AG0440

................

3.00

8/15/43

10

109

Government

National

Mortgage

Association,

Pool

#AD8433

................

3.00

7/15/43

97

321

Government

National

Mortgage

Association,

Pool

#MA7828

................

3.00

1/20/52

278

327

Government

National

Mortgage

Association,

Pool

#MA7768

................

3.00

12/20/51

283

398

Government

National

Mortgage

Association,

Pool

#MA0624

................

3.00

12/20/42

354

37

Government

National

Mortgage

Association,

Pool

#AA2654

................

3.00

6/15/43

32

18

Government

National

Mortgage

Association,

Pool

#MA3520

................

3.00

3/20/46

16

74

Government

National

Mortgage

Association,

Pool

#MA1374

................

3.00

10/20/43

66

47

Government

National

Mortgage

Association,

Pool

#MA3104

................

3.00

9/20/45

41

207

Government

National

Mortgage

Association,

Pool

#MA6599

................

3.00

4/20/50

180

46

Government

National

Mortgage

Association,

Pool

#MA2961

................

3.50

7/20/45

42

51

Government

National

Mortgage

Association,

Pool

#MA3803

................

3.50

7/20/46

46

47

Government

National

Mortgage

Association,

Pool

#MA3874

................

3.50

8/20/46

43

13

Government

National

Mortgage

Association,

Pool

#MA6339

................

3.50

12/20/49

11

109

Government

National

Mortgage

Association,

Pool

#MA0462

................

3.50

10/20/42

101

47

Government

National

Mortgage

Association,

Pool

#MA5077

................

3.50

3/20/48

43

33

Government

National

Mortgage

Association,

Pool

#740798

.................

3.50

1/15/42

30

177

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Government

Agency

Mortgages

(continued)

$

43

Government

National

Mortgage

Association,

Pool

#MA4586

................

3.50

7/20/47

$

38

99

Government

National

Mortgage

Association,

Pool

#MA5019

................

3.50

2/20/48

89

69

Government

National

Mortgage

Association,

Pool

#AM4971

................

3.50

4/20/45

61

58

Government

National

Mortgage

Association,

Pool

#MA2678

................

3.50

3/20/45

53

10

Government

National

Mortgage

Association,

Pool

#MA6219

................

3.50

10/20/49

9

13

Government

National

Mortgage

Association,

Pool

#AD2416

................

3.50

5/15/43

12

155

Government

National

Mortgage

Association,

Pool

#MA2148

................

3.50

8/20/44

141

61

Government

National

Mortgage

Association,

Pool

#MA4321

................

3.50

3/20/47

55

57

Government

National

Mortgage

Association,

Pool

#MA4262

................

3.50

2/20/47

51

2

Government

National

Mortgage

Association,

Pool

#MA1266

................

3.50

9/20/28

2

50

Government

National

Mortgage

Association,

Pool

#778157

.................

3.50

3/15/42

46

34

Government

National

Mortgage

Association,

Pool

#AC3938

................

3.50

1/15/43

31

95

Government

National

Mortgage

Association,

Pool

#MA0934

................

3.50

4/20/43

87

39

Government

National

Mortgage

Association,

Pool

#MA2754

................

3.50

4/20/45

36

64

Government

National

Mortgage

Association,

Pool

#MA4004

................

3.50

10/20/46

58

77

Government

National

Mortgage

Association,

Pool

#MA4127

................

3.50

12/20/46

69

31

Government

National

Mortgage

Association,

Pool

#MA1919

................

3.50

5/20/44

28

35

Government

National

Mortgage

Association,

Pool

#MA1838

................

3.50

4/20/44

32

5

Government

National

Mortgage

Association,

Pool

#MA1574

................

3.50

1/20/29

4

34

Government

National

Mortgage

Association,

Pool

#MA3454

................

3.50

2/20/46

31

107

Government

National

Mortgage

Association,

Pool

#MA1090

................

3.50

6/20/43

97

57

Government

National

Mortgage

Association,

Pool

#MA0699

................

3.50

1/20/43

53

40

Government

National

Mortgage

Association,

Pool

#MA4778

................

3.50

10/20/47

36

77

Government

National

Mortgage

Association,

Pool

#MA4837

................

3.50

11/20/47

69

58

Government

National

Mortgage

Association,

Pool

#MA4900

................

3.50

12/20/47

52

48

Government

National

Mortgage

Association,

Pool

#MA3310

................

3.50

12/20/45

43

110

Government

National

Mortgage

Association,

Pool

#MA1157

................

3.50

7/20/43

100

214

Government

National

Mortgage

Association,

Pool

#MA8266

................

3.50

9/20/52

192

84

Government

National

Mortgage

Association,

Pool

#MA3521

................

3.50

3/20/46

76

52

Government

National

Mortgage

Association,

Pool

#MA4719

................

3.50

9/20/47

47

61

Government

National

Mortgage

Association,

Pool

#MA3597

................

3.50

4/20/46

55

49

Government

National

Mortgage

Association,

Pool

#MA3663

................

3.50

5/20/46

44

58

Government

National

Mortgage

Association,

Pool

#MA4652

................

3.50

8/20/47

52

63

Government

National

Mortgage

Association,

Pool

#MA2892

................

3.50

6/20/45

57

27

Government

National

Mortgage

Association,

Pool

#MA4451

................

3.50

5/20/47

24

41

Government

National

Mortgage

Association,

Pool

#MA4510

................

3.50

6/20/47

37

8

Government

National

Mortgage

Association,

Pool

#MA6410

................

3.50

1/20/50

7

9

Government

National

Mortgage

Association,

Pool

#MA6475

................

3.50

2/20/50

8

11

Government

National

Mortgage

Association,

Pool

#MA6711

................

3.50

6/20/50

10

21

Government

National

Mortgage

Association,

Pool

#BD5909

................

3.50

10/15/47

19

39

Government

National

Mortgage

Association,

Pool

#MA5263

................

3.50

6/20/48

35

68

Government

National

Mortgage

Association,

Pool

#MA2303

................

3.50

10/20/44

62

338

Government

National

Mortgage

Association,

Pool

#MA8149

................

3.50

7/20/52

302

13

Government

National

Mortgage

Association,

Pool

#796271

.................

3.50

7/15/42

11

38

Government

National

Mortgage

Association,

Pool

#MA2445

................

3.50

12/20/44

35

90

Government

National

Mortgage

Association,

Pool

#MA4196

................

3.50

1/20/47

81

10

Government

National

Mortgage

Association,

Pool

#MA5762

................

3.50

2/20/49

9

95

Government

National

Mortgage

Association,

Pool

#MA0852

................

3.50

3/20/43

86

8

Government

National

Mortgage

Association,

Pool

#MA5875

................

3.50

4/20/49

7

33

Government

National

Mortgage

Association,

Pool

#MA2371

................

3.50

11/20/44

30

90

Government

National

Mortgage

Association,

Pool

#MA3173

................

3.50

10/20/45

82

76

Government

National

Mortgage

Association,

Pool

#MA0088

................

3.50

5/20/42

69

62

Government

National

Mortgage

Association,

Pool

#MA3376

................

3.50

1/20/46

56

71

Government

National

Mortgage

Association,

Pool

#MA3244

................

3.50

11/20/45

64

14

Government

National

Mortgage

Association,

Pool

#MA3937

................

3.50

9/20/46

13

234

Government

National

Mortgage

Association,

Pool

#MA8199

................

3.50

8/20/52

209

54

Government

National

Mortgage

Association,

Pool

#783976

.................

3.50

4/20/43

49

2

Government

National

Mortgage

Association,

Pool

#AL8566

................

3.50

3/15/45

2

193

Government

National

Mortgage

Association,

Pool

#MA0220

................

3.50

7/20/42

177

178

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Government

Agency

Mortgages

(continued)

$

79

Government

National

Mortgage

Association,

Pool

#MA3034

................

3.50

8/20/45

$

72

53

Government

National

Mortgage

Association,

Pool

#MA5136

................

3.50

4/20/48

48

3

Government

National

Mortgage

Association,

Pool

#738602

.................

3.50

8/15/26

3

109

Government

National

Mortgage

Association,

Pool

#MA2073

................

3.50

7/20/44

101

44

Government

National

Mortgage

Association,

Pool

#MA3736

................

3.50

6/20/46

40

64

Government

National

Mortgage

Association,

Pool

#MA4382

................

3.50

4/20/47

58

59

Government

National

Mortgage

Association,

Pool

#MA0022

................

3.50

4/20/42

54

58

Government

National

Mortgage

Association,

Pool

#MA4069

................

3.50

11/20/46

52

34

Government

National

Mortgage

Association,

Pool

#MA1678

................

4.00

2/20/44

32

65

Government

National

Mortgage

Association,

Pool

#MA2074

................

4.00

7/20/44

61

22

Government

National

Mortgage

Association,

Pool

#MA2149

................

4.00

8/20/44

20

40

Government

National

Mortgage

Association,

Pool

#MA2522

................

4.00

1/20/45

38

11

Government

National

Mortgage

Association,

Pool

#MA3106

................

4.00

9/20/45

11

19

Government

National

Mortgage

Association,

Pool

#753254

.................

4.00

9/15/43

18

20

Government

National

Mortgage

Association,

Pool

#MA3245

................

4.00

11/20/45

19

16

Government

National

Mortgage

Association,

Pool

#738710

.................

4.00

9/15/41

15

12

Government

National

Mortgage

Association,

Pool

#AV6086

................

4.00

7/15/47

11

23

Government

National

Mortgage

Association,

Pool

#MA1286

................

4.00

9/20/43

22

136

Government

National

Mortgage

Association,

Pool

#5139

..................

4.00

8/20/41

129

44

Government

National

Mortgage

Association,

Pool

#MA1449

................

4.00

11/20/43

41

11

Government

National

Mortgage

Association,

Pool

#MA5330

................

4.00

7/20/48

10

24

Government

National

Mortgage

Association,

Pool

#MA3737

................

4.00

6/20/46

22

13

Government

National

Mortgage

Association,

Pool

#MA3455

................

4.00

2/20/46

13

436

Government

National

Mortgage

Association,

Pool

#MA8267

................

4.00

9/20/52

403

12

Government

National

Mortgage

Association,

Pool

#MA5986

................

4.00

6/20/49

11

7

Government

National

Mortgage

Association,

Pool

#779401

.................

4.00

6/15/42

6

31

Government

National

Mortgage

Association,

Pool

#MA4263

................

4.00

2/20/47

29

13

Government

National

Mortgage

Association,

Pool

#MA4322

................

4.00

3/20/47

12

38

Government

National

Mortgage

Association,

Pool

#MA4197

................

4.00

1/20/47

35

36

Government

National

Mortgage

Association,

Pool

#MA5876

................

4.00

4/20/49

33

18

Government

National

Mortgage

Association,

Pool

#AD5627

................

4.00

4/15/43

17

351

Government

National

Mortgage

Association,

Pool

#MA8200

................

4.00

8/20/52

325

48

Government

National

Mortgage

Association,

Pool

#MA5595

................

4.00

11/20/48

44

15

Government

National

Mortgage

Association,

Pool

#740068

.................

4.00

9/15/40

14

7

Government

National

Mortgage

Association,

Pool

#MA6040

................

4.00

7/20/49

7

40

Government

National

Mortgage

Association,

Pool

#MA3598

................

4.00

4/20/46

38

15

Government

National

Mortgage

Association,

Pool

#MA5931

................

4.00

5/20/49

14

144

Government

National

Mortgage

Association,

Pool

#MA8488

................

4.00

12/20/52

132

67

Government

National

Mortgage

Association,

Pool

#MA5466

................

4.00

9/20/48

63

57

Government

National

Mortgage

Association,

Pool

#MA2224

................

4.00

9/20/44

54

433

Government

National

Mortgage

Association,

Pool

#MA9302

................

4.00

11/20/53

399

44

Government

National

Mortgage

Association,

Pool

#MA4511

................

4.00

6/20/47

41

36

Government

National

Mortgage

Association,

Pool

#MA5710

................

4.00

1/20/49

34

20

Government

National

Mortgage

Association,

Pool

#AM8203

................

4.00

5/15/45

19

37

Government

National

Mortgage

Association,

Pool

#713876

.................

4.00

8/15/39

36

54

Government

National

Mortgage

Association,

Pool

#MA1761

................

4.00

3/20/44

51

7

Government

National

Mortgage

Association,

Pool

#MA3174

................

4.00

10/20/45

7

49

Government

National

Mortgage

Association,

Pool

#MA4653

................

4.00

8/20/47

46

10

Government

National

Mortgage

Association,

Pool

#4922

..................

4.00

1/20/41

9

37

Government

National

Mortgage

Association,

Pool

#MA3377

................

4.00

1/20/46

35

70

Government

National

Mortgage

Association,

Pool

#MA4452

................

4.00

5/20/47

65

8

Government

National

Mortgage

Association,

Pool

#766495

.................

4.00

10/15/41

8

18

Government

National

Mortgage

Association,

Pool

#MA0155

................

4.00

6/20/42

17

66

Government

National

Mortgage

Association,

Pool

#MA1839

................

4.00

4/20/44

62

43

Government

National

Mortgage

Association,

Pool

#MA1376

................

4.00

10/20/43

41

48

Government

National

Mortgage

Association,

Pool

#MA2304

................

4.00

10/20/44

46

12

Government

National

Mortgage

Association,

Pool

#MA6091

................

4.00

8/20/49

11

44

Government

National

Mortgage

Association,

Pool

#AB1483

................

4.00

8/15/42

42

27

Government

National

Mortgage

Association,

Pool

#MA2602

................

4.00

2/20/45

25

179

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Government

Agency

Mortgages

(continued)

$

41

Government

National

Mortgage

Association,

Pool

#MA0319

................

4.00

8/20/42

$

39

78

Government

National

Mortgage

Association,

Pool

#MA4587

................

4.00

7/20/47

73

12

Government

National

Mortgage

Association,

Pool

#MA6155

................

4.00

9/20/49

11

24

Government

National

Mortgage

Association,

Pool

#MA1996

................

4.00

6/20/44

23

37

Government

National

Mortgage

Association,

Pool

#MA5078

................

4.00

3/20/48

34

42

Government

National

Mortgage

Association,

Pool

#MA4383

................

4.00

4/20/47

39

336

Government

National

Mortgage

Association,

Pool

#MA8151

................

4.50

7/20/52

319

45

Government

National

Mortgage

Association,

Pool

#MA2756

................

4.50

4/20/45

43

35

Government

National

Mortgage

Association,

Pool

#MA4384

................

4.50

4/20/47

33

28

Government

National

Mortgage

Association,

Pool

#MA5818

................

4.50

3/20/49

27

12

Government

National

Mortgage

Association,

Pool

#MA4780

................

4.50

10/20/47

12

11

Government

National

Mortgage

Association,

Pool

#738793

.................

4.50

9/15/41

11

3

Government

National

Mortgage

Association,

Pool

#MA5877

................

4.50

4/20/49

3

51

Government

National

Mortgage

Association,

Pool

#MA1762

................

4.50

3/20/44

49

9

Government

National

Mortgage

Association,

Pool

#MA5596

................

4.50

11/20/48

8

6

Government

National

Mortgage

Association,

Pool

#MA5987

................

4.50

6/20/49

5

20

Government

National

Mortgage

Association,

Pool

#MA5467

................

4.50

9/20/48

19

8

Government

National

Mortgage

Association,

Pool

#MA4129

................

4.50

12/20/46

7

10

Government

National

Mortgage

Association,

Pool

#729511

.................

4.50

4/15/40

9

26

Government

National

Mortgage

Association,

Pool

#MA4512

................

4.50

6/20/47

25

15

Government

National

Mortgage

Association,

Pool

#MA3805

................

4.50

7/20/46

15

8

Government

National

Mortgage

Association,

Pool

#MA5399

................

4.50

8/20/48

8

529

Government

National

Mortgage

Association,

Pool

#MA8877

................

4.50

5/20/53

501

140

Government

National

Mortgage

Association,

Pool

#721760

.................

4.50

8/15/40

135

5

Government

National

Mortgage

Association,

Pool

#MA5529

................

4.50

10/20/48

5

51

Government

National

Mortgage

Association,

Pool

#5260

..................

4.50

12/20/41

49

243

Government

National

Mortgage

Association,

Pool

#MA9486

................

4.50

2/20/54

230

33

Government

National

Mortgage

Association,

Pool

#MA5652

................

4.50

12/20/48

31

191

Government

National

Mortgage

Association,

Pool

#4801

..................

4.50

9/20/40

186

28

Government

National

Mortgage

Association,

Pool

#MA0701

................

4.50

1/20/43

28

4

Government

National

Mortgage

Association,

Pool

#BB7097

................

4.50

8/15/47

4

11

Government

National

Mortgage

Association,

Pool

#MA4721

................

4.50

9/20/47

10

10

Government

National

Mortgage

Association,

Pool

#MA5711

................

4.50

1/20/49

10

80

Government

National

Mortgage

Association,

Pool

#717148

.................

4.50

5/15/39

77

16

Government

National

Mortgage

Association,

Pool

#MA1092

................

4.50

6/20/43

16

358

Government

National

Mortgage

Association,

Pool

#MA8724

................

4.50

3/20/53

339

3

Government

National

Mortgage

Association,

Pool

#MA5764

................

4.50

2/20/49

3

8

Government

National

Mortgage

Association,

Pool

#782468

.................

5.00

11/15/38

8

370

Government

National

Mortgage

Association,

Pool

#MA9170

................

5.00

9/20/53

359

18

Government

National

Mortgage

Association,

Pool

#712690

.................

5.00

4/15/39

18

138

Government

National

Mortgage

Association,

Pool

#4559

..................

5.00

10/20/39

137

247

Government

National

Mortgage

Association,

Pool

#MA8428

................

5.00

11/20/52

240

8

Government

National

Mortgage

Association,

Pool

#MA5400

................

5.00

8/20/48

8

370

Government

National

Mortgage

Association,

Pool

#MA9105

................

5.00

8/20/53

359

17

Government

National

Mortgage

Association,

Pool

#MA4007

................

5.00

10/20/46

17

9

Government

National

Mortgage

Association,

Pool

#MA5933

................

5.00

5/20/49

8

42

Government

National

Mortgage

Association,

Pool

#694531

.................

5.00

11/15/38

42

61

Government

National

Mortgage

Association,

Pool

#782523

.................

5.00

11/15/35

61

29

Government

National

Mortgage

Association,

Pool

#MA2076

................

5.00

7/20/44

28

353

Government

National

Mortgage

Association,

Pool

#MA8800

................

5.00

4/20/53

343

8

Government

National

Mortgage

Association,

Pool

#MA5819

................

5.00

3/20/49

8

3

Government

National

Mortgage

Association,

Pool

#MA5653

................

5.00

12/20/48

3

12

Government

National

Mortgage

Association,

Pool

#675179

.................

5.00

3/15/38

11

7

Government

National

Mortgage

Association,

Pool

#MA5765

................

5.00

2/20/49

7

7

Government

National

Mortgage

Association,

Pool

#MA5080

................

5.00

3/20/48

7

3

Government

National

Mortgage

Association,

Pool

#MA5712

................

5.00

1/20/49

3

4

Government

National

Mortgage

Association,

Pool

#MA0465

................

5.00

10/20/42

5

8

Government

National

Mortgage

Association,

Pool

#MA5530

................

5.00

10/20/48

8

346

Government

National

Mortgage

Association,

Pool

#MA8647

................

5.00

2/20/53

336

180

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Government

Agency

Mortgages

(continued)

$

368

Government

National

Mortgage

Association,

Pool

#MA9016

................

5.00

7/20/53

$

357

3

Government

National

Mortgage

Association,

Pool

#MA5988

................

5.00

6/20/49

3

14

Government

National

Mortgage

Association,

Pool

#MA5597

................

5.00

11/20/48

14

189

Government

National

Mortgage

Association,

Pool

#MA9240

................

5.00

10/20/53

184

29

Government

National

Mortgage

Association,

Pool

#604285

.................

5.00

5/15/33

29

286

Government

National

Mortgage

Association,

Pool

#MA9305

................

5.50

11/20/53

284

398

Government

National

Mortgage

Association,

Pool

#MA9488

................

5.50

2/20/54

394

25

Government

National

Mortgage

Association,

Pool

#510835

.................

5.50

2/15/35

25

157

Government

National

Mortgage

Association,

Pool

#MA8801

................

5.50

4/20/53

156

171

Government

National

Mortgage

Association,

Pool

#MA8948

................

5.50

6/20/53

170

442

Government

National

Mortgage

Association,

Pool

#MA9668

................

5.50

5/20/54

439

261

Government

National

Mortgage

Association,

Pool

#MA9241

................

5.50

10/20/53

259

5

Government

National

Mortgage

Association,

Pool

#658181

.................

5.50

11/15/36

5

345

Government

National

Mortgage

Association,

Pool

#MA9017

................

5.50

7/20/53

343

44

Government

National

Mortgage

Association,

Pool

#783284

.................

5.50

6/20/40

45

359

Government

National

Mortgage

Association,

Pool

#MA9362

................

5.50

12/20/53

357

5

Government

National

Mortgage

Association,

Pool

#MA0466

................

5.50

10/20/42

5

25

Government

National

Mortgage

Association,

Pool

#4245

..................

6.00

9/20/38

26

22

Government

National

Mortgage

Association,

Pool

#4222

..................

6.00

8/20/38

22

309

Government

National

Mortgage

Association,

Pool

#MA9018

................

6.00

7/20/53

311

347

Government

National

Mortgage

Association,

Pool

#MA9424

................

6.00

1/20/54

349

427

Government

National

Mortgage

Association,

Pool

#MA9606

................

6.00

4/20/54

432

21

Government

National

Mortgage

Association,

Pool

#781959

.................

6.00

7/15/35

21

7

Government

National

Mortgage

Association,

Pool

#699237

.................

6.50

9/15/38

7

439

Government

National

Mortgage

Association,

Pool

#MA9727

................

6.50

6/20/54

448

258

Government

National

Mortgage

Association,

Pool

#MA9364

................

6.50

12/20/53

264

1,175

Government

National

Mortgage

Association,

30

YR

TBA

..................

2.00

1/20/55

940

175

Government

National

Mortgage

Association,

30

YR

TBA

..................

2.50

1/20/55

146

75

Government

National

Mortgage

Association,

30

YR

TBA

..................

3.00

1/20/55

65

25

Government

National

Mortgage

Association,

30

YR

TBA

..................

3.50

2/20/55

22

100

Government

National

Mortgage

Association,

30

YR

TBA

..................

3.50

1/20/55

89

25

Government

National

Mortgage

Association,

30

YR

TBA

..................

4.00

1/20/55

23

750

Government

National

Mortgage

Association,

30

YR

TBA

..................

4.50

1/20/55

709

225

Government

National

Mortgage

Association,

30

YR

TBA

..................

4.50

2/20/55

212

325

Government

National

Mortgage

Association,

30

YR

TBA

..................

5.00

2/20/55

315

800

Government

National

Mortgage

Association,

30

YR

TBA

..................

5.00

1/20/54

777

175

Government

National

Mortgage

Association,

30

YR

TBA

..................

5.50

2/20/55

173

1,175

Government

National

Mortgage

Association,

30

YR

TBA

..................

5.50

1/20/55

1,165

1,550

Government

National

Mortgage

Association,

30

YR

TBA

..................

6.00

1/20/55

1,561

600

Government

National

Mortgage

Association,

30

YR

TBA

..................

6.50

1/20/55

610

375

Government

National

Mortgage

Association,

30

YR

TBA

..................

7.00

1/20/55

384

Total

U.S.

Government

Agency

Mortgages

...........................

174,426

Corporate

Bonds

—

0.14%

100

PG&E

Wildfire

Recovery

Funding

LLC,

Series

A-2

(Electric

Utilities)  

........

4.26

6/1/36

94

225

PG&E

Wildfire

Recovery

Funding

LLC,

Series

A-5

(

Electric

Utilities)  

........

5.10

6/1/52

213

Total

Corporate

Bonds

..........................................

307

Shares

Investment

Companies

—

20.46%

Domestic

Fixed

Income

—

9.40%

350,577

Vanguard

Intermediate-Term

Treasury

ETF

............................

20,334

181

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Rate

%

Maturity  

Date

Value

(000)

Investment

Companies

(continued)

Money

Market

Funds

—

11.06%

23,913,307

State

Street

Institutional

Treasury

Plus

Money

Market

Fund,

Trust

Class

........

4.37(b)

$

23,913

Total

Investment

Companies

......................................

44,247

Total

Investments

Before

TBA

Sale

Commitments

232,257

(cost

$255,778)

—

107.41%

.......................................

Principal

Amount  

(000)

TBA

Sale

Commitments

(c)

—

(0.25)%

$

(75)

Fannie

Mae,

15

YR

TBA

.........................................

2.50

1/25/40

(68)

(50)

Fannie

Mae,

30

YR

TBA

.........................................

3.00

1/25/55

(42)

(75)

Fannie

Mae,

30

YR

TBA

.........................................

3.50

1/25/55

(66)

(125)

Fannie

Mae,

30

YR

TBA

.........................................

2.50

1/25/55

(103)

(25)

Fannie

Mae,

30

YR

TBA

.........................................

2.50

2/25/55

(20)

(75)

Fannie

Mae,

30

YR

TBA

.........................................

2.00

2/25/55

(58)

(200)

Fannie

Mae,

30

YR

TBA

.........................................

2.00

1/25/55

(156)

(25)

Fannie

Mae,

30

YR

TBA

.........................................

3.50

2/25/55

(22)

Total

TBA

Sale

Commitments

.....................................

(535)

Liabilities

in

excess

of

other

assets

—

(7.16)%

.........................

(15,488)

Net

Assets

—

100.00%

..........................................

$

216,234

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

disclos

ed

is

the

rate

in

effect

on

December

31,

2024.

(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.)

ETF—Exchange-Traded

Fund

TBA

—

To

Be

Announced

purchase

or

sale

commitment.

Security

is

subject

to

delayed

delivery

182

See

accompanying

notes

to

financial

statements.

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

of

Investments

(concluded)

—

December

31,

2024

(Unaudited)

The

following

table

reflects

the

percentage

of

total

net

assets

of

the

Portfolio

attributable

to

each

Specialist

Manager

as

of

December

31,

2024.

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Mellon

Investments

Corporation

Parametric

Portfolio

Associates,

LLC

(Options

Overlay)

HC

Capital

Solutions

Total

Asset

Backed

Securities

..................................................................................................................

1.35

%

—

—

1.35

%

Collateralized

Mortgage-Backed

Securities

....................................................................................

4.79

%

—

—

4.79

%

U.S.

Government

Agency

Mortgages

.............................................................................................

80.67

%

—

—

80.67

%

Corporate

Bonds

..............................................................................................................................

0.14

%

—

—

0.14

%

Investment

Companies

....................................................................................................................

7.48

%

9.45

%

3.53

%

20.46

%

TBA

Sales

Commitments

................................................................................................................

-0.25

%

—

—

-0.25

%

Other

Assets

(Liabilities)

.................................................................................................................

-7.17

%

—

0.01

%

-7.16

%

Total

Net

Assets

..........................................................................................................................

87.01

%

9.45

%

3.54

%

100.00

%

HC

CAPITAL

TRUST

The

Short-Term

Municipal

Bond

Portfolio

Portfolio

of

Investments

—

December

31,

2024

(Unaudited)

183

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

Municipal

Bonds

—

97

.60

%

Alabama

—

5

.12

%

$

1,130

Auburn

University

Revenue

,

Series

A

Continuously

Callable

@100

...........

5.00

6/1/28

$

1,137

2,315

City

of

Huntsville

AL,

GO

,

Series

A

.................................

5.00

3/1/27

2,416

3,553

Arizona

—

4

.86

%

990

Arizona

Department

of

Transportation

State

Highway

Fund

Revenue

.........

5.00

7/1/28

1,058

1,275

Maricopa

County

Industrial

Development

Authority

Revenue

,

Series

D

........

5.00(a)

1/1/46

1,302

1,000

Maricopa

County

Unified

School

District

No.

41

Gilbert,

GO

,

Series

C

........

5.00

7/1/25

1,010

3,370

Arkansas

—

1

.86

%

1,295

Rogers

School

District

No.

30,

GO

Continuously

Callable

@100

(

State

Aid

Withholding

)

..............................................

4.00

2/1/26

1,292

Florida

—

2

.04

%

1,325

State

of

Florida

Department

of

Transportation

Turnpike

System

Revenue

,

Series

C

5.00

7/1/28

1,415

Georgia

—

1

.92

%

1,300

State

of

Georgia,

GO

,

Series

C

.....................................

4.00

1/1/27

1,335

Illinois

—

3

.90

%

1,695

State

of

Illinois,

GO

............................................

5.00

2/1/26

1,724

935

State

of

Illinois,

GO

,

Series

D

.....................................

5.00

11/1/27

981

2,705

Indiana

—

3

.49

%

2,410

Indiana

Finance

Authority

Revenue

,

Series

A

(Pre-Refunded/Escrowed

to

Maturity)

5.00

3/1/39

2,418

Iowa

—

2

.27

%

1,000

City

of

Ankeny

IA,

GO

,

Series

A

...................................

5.00

6/1/25

1,008

550

Linn-Mar

Community

School

District,

GO

Continuously

Callable

@100

(

BAM

)

..

5.00

5/1/27

565

1,573

Kansas

—

2

.23

%

1,465

Riley

County

Unified

School

District

No.

383

Manhattan-Ogden,

GO

,

Series

A

(Pre-

Refunded/Escrowed

to

Maturity)

...............................

5.00

9/1/36

1,547

Maryland

—

8

.14

%

900

County

of

Baltimore

MD,

GO

.....................................

5.00

3/1/31

1,002

1,160

County

of

Harford

MD,

GO

,

Series

B

................................

5.00

2/1/26

1,184

1,640

County

of

Prince

George's

MD,

GO

,

Series

A

..........................

5.00

8/1/28

1,757

1,640

State

of

Maryland

Department

of

Transportation

Revenue

..................

5.00

10/1/26

1,702

5,645

Massachusetts

—

2

.28

%

1,545

Massachusetts

School

Building

Authority

Revenue

,

Series

A

(Pre-Refunded/

Escrowed

to

Maturity)

.......................................

5.00

2/15/49

1,583

Minnesota

—

5

.76

%

1,730

City

of

Minneapolis,

GO

.........................................

5.00

12/1/26

1,795

1,270

State

of

Minnesota,

GO

,

Series

A

...................................

5.00

9/1/28

1,362

750

University

of

Minnesota

Revenue

,

Series

B

............................

5.00

2/1/32

836

3,993

Missouri

—

1

.62

%

1,100

Lindbergh

School

District,

GO

.....................................

4.00

3/1/27

1,124

184

HC

CAPITAL

TRUST

The

Short-Term

Municipal

Bond

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

Municipal

Bonds

(continued)

Nebraska

—

3

.03

%

$

2,060

Nebraska

Public

Power

District

Revenue

,

Series

A

.......................

5.00

1/1/26

$

2,101

New

Jersey

—

8

.90

%

1,735

New

Jersey

Educational

Facilities

Authority

Revenue

,

Series

A

..............

5.00

3/1/27

1,813

1,250

New

Jersey

Health

Care

Facilities

Financing

Authority

Revenue

,

Series

A

Continuously

Callable

@100

..................................

5.00

7/1/30

1,277

3,000

State

of

New

Jersey,

GO

,

Series

A

...................................

5.00

6/1/26

3,083

6,173

New

York

—

5

.08

%

1,605

New

York

City

Transitional

Finance

Authority

Revenue

,

Series

C-1

...........

5.00

5/1/28

1,708

1,610

New

York

State

Dormitory

Authority

Revenue

,

Series

A-1

.................

5.00

3/15/31

1,815

3,523

Oregon

—

1

.88

%

1,250

Oregon

State

Lottery

Revenue

,

Series

A

Continuously

Callable

@100

.........

5.00

4/1/30

1,307

South

Carolina

—

2

.38

%

1,495

South

Carolina

Jobs-Economic

Development

Authority

Revenue

,

Series

A

......

5.00

11/1/31

1,652

South

Dakota

—

3

.03

%

1,905

South

Dakota

Conservancy

District

Revenue

,

Series

B

....................

5.00

8/1/30

2,100

Tennessee

—

4

.87

%

1,500

County

of

Wilson

TN,

GO

........................................

5.00

4/1/30

1,648

1,535

Metropolitan

Government

of

Nashville

&

Davidson

County,

GO

,

Series

A

......

5.00

1/1/32

1,728

3,376

Texas

—

9

.53

%

1,670

City

of

Cedar

Park

TX,

GO

.......................................

5.00

2/15/27

1,739

1,550

City

of

Plano

TX,

GO

...........................................

5.00

9/1/29

1,683

1,015

Conroe

Independent

School

District,

GO

(

PSF-GTD

)

.....................

5.00

2/15/25

1,017

1,150

Round

Rock

Independent

School

District,

GO

(

PSF-GTD

)

.................

5.00

8/1/25

1,163

1,000

Spring

Branch

Independent

School

District,

GO

(

PSF-GTD

)

................

5.00

2/1/25

1,001

6,603

Virginia

—

3

.65

%

900

City

of

Fredericksburg

VA,

GO

,

Series

A

(

State

Aid

Withholding

)

............

5.00

10/1/29

982

1,505

Hampton

Roads

Transportation

Accountability

Commission

Revenue

,

Series

A

..

5.00

7/1/26

1,550

2,532

Washington

—

4

.15

%

1,260

Central

Puget

Sound

Regional

Transit

Authority

Revenue

(Pre-Refunded/Escrowed

to

Maturity)

..............................................

4.00

11/1/50

1,270

1,590

State

of

Washington,

GO

,

Series

R-2022C

.............................

4.00

7/1/26

1,612

2,882

Wisconsin

—

5

.61

%

2,700

State

of

Wisconsin,

GO

Continuously

Callable

@100

.....................

5.00

5/1/29

2,717

1,150

Wisconsin

Housing

&

Economic

Development

Authority

Home

Ownership

Revenue

,

Series

B

.................................................

5.00

9/1/26

1,176

3,893

Total

Municipal

Bonds

..........................................

67,695

185

See

accompanying

notes

to

financial

statements.

HC

CAPITAL

TRUST

The

Short-Term

Municipal

Bond

Portfolio

Portfolio

of

Investments

(concluded)

—

December

31,

2024

(Unaudited)

As

of

December

31,

2024

,

100%

of

the

Portfolio’s

net

assets

were

managed

by

Breckinridge

Capital

Advisors,

Inc.

Shares

Security

Description

Rate

%

Maturity

Date

Value

(000)

Investment

Company

—

1

.01

%

Money

Market

Funds

—

1

.01

%

698,587

State

Street

Institutional

Treasury

Plus

Money

Market

Fund,

Trust

Class

........

4.37(b)

$

699

Total

Investment

Company

.......................................

699

Total

Investments

(cost

$

68,830

)

—

98

.61

%

..........................

68,394

Other

assets

in

excess

of

liabilities

—

1

.39

%

..........................

966

Net

Assets

—

100.00%

..........................................

$

69,360

(a)

Interest

rate

is

determined

by

the

Remarketing

Agent.  The

rate

disclosed

is

the

rate

in

effect

on

December

31,

2024.

(b)

Annualized

7-day

yield

as

of

period-end.

BAM—Build

America

Mutual

GO—General

Obligation

PSF-GTD—Public

School

Fund

Guaranteed

HC

CAPITAL

TRUST

The

Intermediate

Term

Municipal

Bond

Portfolio

Portfolio

of

Investments

—

December

31,

2024

(Unaudited)

186

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

Municipal

Bonds

—

83.67%

Alabama

—

2.31%

$

1,415

Alabama

Special

Care

Facilities

Financing

Authority-Birmingham

AL

Revenue

Continuously

Callable

@100 

..................................

5.00

6/1/29

$

1,427

1,675

Auburn

University

Revenue,

Series

A 

................................

5.00

6/1/26

1,720

2,895

Black

Belt

Energy

Gas

District

Revenue

Continuously

Callable

@100 

.........

4.00(a)

6/1/51

2,884

1,500

Black

Belt

Energy

Gas

District

Revenue,

Series

B,

Callable

9/1/30

@

100.32 

....

5.25

12/1/53

1,598

1,805

County

of

Jefferson

AL

Sewer

Revenue

Continuously

Callable

@100 

.........

5.00

10/1/36

1,968

1,000

Energy

Southeast

A

Cooperative

District

Revenue,

Series

B-1

Continuously

Callable

@100 

...................................................

5.75(a)

4/1/54

1,093

1,000

Troy

University

Revenue,

Series

A

(BAM)

.............................

5.00

11/1/26

1,033

11,723

Arizona

—

2.55%

3,425

Chandler

Industrial

Development

Authority

Revenue

Continuously

Callable

@100

(AMT)

..................................................

4.00(a)

6/1/49

3,402

1,555

City

of

Phoenix

Civic

Improvement

Corp.

Revenue,

Series

B

Continuously

Callable

@100

(AMT)

.............................................

5.00

7/1/30

1,630

1,685

City

of

Phoenix

Civic

Improvement

Corp.

Revenue,

Series

A

Continuously

Callable

@100 

...................................................

5.00

7/1/32

1,850

1,000

Maricopa

County

Union

High

School

District

No.

210-Phoenix,

GO 

..........

5.00

7/1/25

1,010

4,000

Salt

River

Project

Agricultural

Improvement

&

Power

District

Revenue,

Series

A

Continuously

Callable

@100 

..................................

5.00

12/1/36

4,026

1,015

State

of

Arizona

Certificates

of

Participation,

Series

A 

....................

5.00

10/1/25

1,028

12,946

California

—

1.38%

2,500

California

Community

Choice

Financing

Authority

Revenue,

Series

G

Continuously

Callable

@100 

............................................

5.25(a)

11/1/54

2,650

945

Los

Angeles

Unified

School

District,

GO,

Series

A 

.......................

5.00

7/1/30

1,054

1,000

State

of

California,

GO

Continuously

Callable

@100 

.....................

5.00

4/1/35

1,063

2,000

State

of

California,

GO

Continuously

Callable

@100 

.....................

5.00

9/1/33

2,247

7,014

Colorado

—

2.41%

500

Canyons

Metropolitan

District

No.

5,

GO

(BAM)

........................

5.00

12/1/33

553

3,600

City

&

County

of

Denver

Co.

Airport

System

Revenue,

Series

A

(AMT)

........

5.00

12/1/25

3,650

900

City

&

County

of

Denver

Co.,

GO,

Series

B

Continuously

Callable

@100 

......

5.00

8/1/35

1,037

2,970

Denver

City

&

County

School

District

No.

1,

GO,

Series

A

(State

Aid

Withholding)

5.50

12/1/25

3,037

3,740

State

of

Colorado

Certificates

of

Participation,

Series

M

Continuously

Callable

@100 

...................................................

5.00

3/15/29

3,953

12,230

Connecticut

—

0.85%

1,085

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue,

Series

B 

..

5.00

12/1/26

1,120

1,500

State

of

Connecticut

Special

Tax

Revenue,

Series

D

Continuously

Callable

@100 

5.00

11/1/34

1,654

1,000

State

of

Connecticut,

GO,

Series

A 

..................................

4.00

1/15/29

1,040

465

State

of

Connecticut,

GO,

Series

E

Continuously

Callable

@100 

.............

5.00

9/15/32

494

4,308

Delaware

—

0.13%

620

Delaware

Transportation

Authority

Revenue

Continuously

Callable

@100 

......

5.00

7/1/32

682

District

of

Columbia

—

1.93%

2,500

District

of

Columbia

Revenue

Continuously

Callable

@100 

................

5.00

7/15/32

2,533

2,075

Metropolitan

Washington

Airports

Authority

Aviation

Revenue,

Series

A

Continuously

Callable

@100

(AMT)

.............................

4.00

10/1/36

2,011

2,000

Metropolitan

Washington

Airports

Authority

Aviation

Revenue,

Series

A

(AMT)

..

5.00

10/1/29

2,117

2,815

Washington

Metropolitan

Area

Transit

Authority

Dedicated

Revenue,

Series

A 

...

5.00

7/15/31

3,123

9,784

Florida

—

3.75%

2,000

Alachua

County

Health

Facilities

Authority

Revenue

Continuously

Callable

@100 

5.00(a)

12/1/37

2,039

187

HC

CAPITAL

TRUST

The

Intermediate

Term

Municipal

Bond

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

Municipal

Bonds

(continued)

Florida

(continued)

$

1,500

Central

Florida

Expressway

Authority

Revenue

(AGM)

....................

5.00

7/1/30

$

1,658

1,500

County

of

Lee

FL

Solid

Waste

System

Revenue

(AMT)

....................

5.00

10/1/25

1,515

3,000

County

of

Miami-Dade

FL

Aviation

Revenue 

..........................

5.00

10/1/34

3,234

2,500

County

of

Miami-Dade

FL

Water

&

Sewer

System

Revenue,

Series

B 

.........

5.00

10/1/33

2,827

955

County

of

Polk

FL

Utility

System

Revenue 

............................

5.00

10/1/27

1,004

2,030

JEA

Electric

System

Revenue,

Series

3A

Continuously

Callable

@100 

........

5.00

10/1/34

2,186

3,295

Orlando

Utilities

Commission

Revenue,

Series

A

Continuously

Callable

@100 

..

5.00

10/1/32

3,450

1,025

Palm

Beach

County

School

District

Certificates

of

Participation,

Series

A

Continuously

Callable

@100 

..................................

5.00

8/1/36

1,151

19,064

Georgia

—

1.75%

5,000

Main

Street

Natural

Gas,

Inc.

Revenue,

Series

C

Continuously

Callable

@100 

...

4.00(a)

3/1/50

5,011

1,500

Municipal

Electric

Authority

of

Georgia

Revenue,

Series

A 

.................

5.00

1/1/34

1,671

1,225

State

of

Georgia,

GO,

Series

C 

.....................................

4.00

1/1/28

1,274

1,000

State

of

Georgia,

GO,

Series

A

Continuously

Callable

@100 

................

3.00

8/1/36

945

8,901

Illinois

—

5.23%

455

Chicago

O'Hare

International

Airport

Revenue,

Series

C

(AMT)

.............

5.00

1/1/32

484

400

Chicago

O'Hare

International

Airport

Revenue,

Series

C

Continuously

Callable

@100

(AMT)

.............................................

5.00

1/1/33

423

1,025

Chicago

O'Hare

International

Airport

Revenue 

.........................

5.00

1/1/32

1,123

1,465

Chicago

Transit

Auth

Sales

Tax

Receipts

Revenue

Continuously

Callable

@100 

..

5.00

12/1/36

1,636

58

City

of

Chicago

IL

Certificates

of

Participation,

Series

NT

Continuously

Callable

@100 

...................................................

7.46

2/15/26

40

1,200

City

of

Chicago

IL

Wastewater

Transmission

Revenue

Continuously

Callable

@100

(BAM)

..................................................

5.00

1/1/37

1,317

2,335

City

of

Chicago

IL,

GO,

Series

A

Continuously

Callable

@100 

..............

4.00

1/1/36

2,264

1,375

Illinois

Finance

Authority

Revenue,

Series

B-2

Continuously

Callable

@100 

....

5.00(a)

5/15/50

1,399

1,390

Illinois

Finance

Authority

Revenue,

Series

A 

...........................

5.00

4/1/34

1,579

1,650

Illinois

Municipal

Electric

Agency

Revenue,

Series

A

Continuously

Callable

@100 

4.00

2/1/35

1,609

850

Illinois

State

Toll

Highway

Authority

Revenue,

Series

A

Continuously

Callable

@100 

...................................................

5.00

1/1/30

909

1,420

Metropolitan

Water

Reclamation

District

of

Greater

Chicago,

GO,

Series

D 

.....

5.00

12/1/30

1,566

3,035

Metropolitan

Water

Reclamation

District

of

Greater

Chicago,

GO,

Series

A

Continuously

Callable

@100 

..................................

5.00

12/1/27

3,146

380

Regional

Transportation

Authority

Revenue

(AGM)

......................

6.00

6/1/25

383

1,270

Sales

Tax

Securitization

Corp.

Revenue

Continuously

Callable

@100 

.........

5.00

1/1/35

1,400

3,000

Sales

Tax

Securitization

Corp.

Revenue,

Series

A 

........................

5.00

1/1/29

3,179

1,000

State

of

Illinois,

GO,

Series

D 

.....................................

5.00

7/1/27

1,043

2,995

University

of

Illinois

Certificates

of

Participation,

Series

B

Continuously

Callable

@100 

...................................................

5.00

10/1/27

3,068

26,568

Indiana

—

2.01%

2,500

City

of

Whiting

IN

Revenue

(AMT)

.................................

5.00(a)

12/1/44

2,539

2,250

Indiana

Finance

Authority

Revenue,

Series

B

Continuously

Callable

@100 

.....

2.25(a)

12/1/58

2,108

3,655

Indiana

Finance

Authority

Revenue,

Series

B-3,

Callable

7/1/31

@

101.64 

......

5.00(a)

10/1/55

4,041

1,350

Indiana

Finance

Authority

Revenue,

Series

A

Continuously

Callable

@100 

.....

5.00

10/1/34

1,509

10,197

Iowa

—

0.10%

450

Iowa

Tobacco

Settlement

Authority

Revenue,

Series

A2

Continuously

Callable

@100 

...................................................

5.00

6/1/32

493

Kansas

—

0.20%

920

State

of

Kansas

Department

of

Transportation

Revenue,

Series

A 

............

5.00

9/1/32

1,041

188

HC

CAPITAL

TRUST

The

Intermediate

Term

Municipal

Bond

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

Municipal

Bonds

(continued)

Kentucky

—

1.60%

$

3,560

Kentucky

Public

Energy

Authority

Revenue,

Series

A-1

Continuously

Callable

@100 

...................................................

4.00(a)

8/1/52

$

3,543

3,115

Kentucky

Public

Energy

Authority

Revenue,

Series

A-1

Continuously

Callable

@100 

...................................................

5.25(a)

4/1/54

3,312

1,150

Louisville/Jefferson

County

Metropolitan

Government,

GO,

Series

A 

.........

5.00

12/1/30

1,277

8,132

Louisiana

—

0.28%

1,415

Jefferson

Sales

Tax

District

Revenue,

Series

A

(AGM)

....................

5.00

12/1/25

1,437

Maine

—

0.31%

1,025

Finance

Authority

of

Maine

Revenue,

Series

A-1

(AGM)

..................

5.00

12/1/26

1,048

490

Maine

Municipal

Bond

Bank

Revenue 

...............................

5.00

11/1/29

536

1,584

Maryland

—

2.63%

2,000

County

of

Baltimore

MD,

GO

Continuously

Callable

@100 

................

4.00

3/1/33

2,058

860

County

of

Frederick

MD,

GO

Continuously

Callable

@100 

................

5.00

4/1/37

972

1,190

County

of

Howard

MD,

GO,

Series

A

Continuously

Callable

@100 

...........

5.00

8/15/34

1,345

2,090

Maryland

State

Transportation

Authority

Passenger

Facility

Charge

Revenue

(AMT)

5.00

6/1/28

2,178

2,500

State

of

Maryland

Department

of

Transportation

Revenue

Continuously

Callable

@100 

...................................................

5.00

10/1/32

2,761

1,000

State

of

Maryland

Department

of

Transportation

Revenue

Continuously

Callable

@100 

...................................................

4.00

10/1/32

1,012

1,495

State

of

Maryland,

GO

Continuously

Callable

@100 

.....................

5.00

6/1/34

1,683

1,240

State

of

Maryland,

GO,

Series

A

Continuously

Callable

@100 

..............

5.00

3/15/31

1,363

13,372

Massachusetts

—

1.64%

3,000

Commonwealth

of

Massachusetts,

GO,

Series

A

(AMBAC)

.................

5.50

8/1/30

3,347

780

Commonwealth

of

Massachusetts,

GO,

Series

A

Continuously

Callable

@100 

...

5.00

5/1/35

881

1,400

Massachusetts

Educational

Financing

Authority

Revenue,

Series

B

(AMT)

......

5.00

7/1/29

1,456

1,000

Massachusetts

Educational

Financing

Authority

Revenue,

Series

I

(AMT)

......

5.00

1/1/25

1,000

1,500

Massachusetts

Port

Authority

Revenue,

Series

A

(AMT)

...................

5.00

7/1/32

1,642

8,326

Michigan

—

3.46%

1,000

Detroit

Downtown

Development

Authority

Tax

allocation

Continuously

Callable

@100 

...................................................

5.00

7/1/37

1,085

1,250

Great

Lakes

Water

Authority

Sewage

Disposal

System

Revenue,

Series

A

Continuously

Callable

@100 

..................................

5.00

7/1/37

1,401

6,000

Michigan

Finance

Authority

Revenue

Continuously

Callable

@100 

...........

5.00(a)

11/15/44

6,125

1,100

Michigan

Finance

Authority

Revenue 

................................

5.00

10/1/29

1,197

1,000

Michigan

Finance

Authority

Revenue

Continuously

Callable

@100 

...........

5.50

12/1/29

1,008

1,425

Michigan

Finance

Authority

Revenue 

................................

5.00

2/28/34

1,483

1,280

Michigan

Finance

Authority

Revenue,

Series

B 

.........................

5.00

10/1/30

1,409

790

Novi

Community

School

District,

GO,

Series

III 

........................

5.00

5/1/26

811

2,960

Utica

Community

Schools,

GO

(Q-SBLF)

.............................

5.00

5/1/26

3,036

17,555

Minnesota

—

2.97%

1,000

Minneapolis-St

Paul

Metropolitan

Airports

Commission

Revenue,

Series

C 

.....

5.00

1/1/26

1,019

1,750

Minnesota

Agricultural

&

Economic

Development

Board

Revenue

Continuously

Callable

@100 

............................................

5.00

1/1/36

1,948

1,240

Minnesota

Housing

Finance

Agency

Revenue,

Series

B 

...................

5.00

8/1/29

1,335

2,195

Minnesota

Housing

Finance

Agency

Revenue,

Series

B 

...................

5.00

8/1/30

2,363

1,985

Minnesota

Housing

Finance

Agency

Revenue,

Series

B 

...................

5.00

8/1/28

2,107

1,345

State

of

Minnesota

Certificates

of

Participation 

.........................

5.00

11/1/33

1,536

1,260

State

of

Minnesota,

GO,

Series

E 

...................................

5.00

8/1/30

1,396

189

HC

CAPITAL

TRUST

The

Intermediate

Term

Municipal

Bond

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

Municipal

Bonds

(continued)

Minnesota

(continued)

$

3,000

State

of

Minnesota,

GO,

Series

B

Continuously

Callable

@100 

..............

5.00

8/1/35

$

3,401

15,105

Missouri

—

0.75%

995

St

Joseph

School

District,

GO

(ST

AID

DIR

DEP)

.......................

5.00

3/1/27

1,034

2,505

The

Curators

of

the

University

of

Missouri

Revenue,

Series

B 

...............

5.00

11/1/30

2,778

3,812

Nebraska

—

0.70%

1,000

City

of

Omaha

NE

Sewer

Revenue,

Series

A

Continuously

Callable

@100 

......

4.00

4/1/31

1,027

1,000

City

of

Omaha

NE

Sewer

Revenue,

Series

A

Continuously

Callable

@100 

......

4.00

4/1/32

1,024

1,350

Omaha

Public

Power

District

Revenue,

Series

B

Continuously

Callable

@100 

...

5.00

2/1/34

1,517

3,568

Nevada

—

1.90%

750

City

of

North

Las

Vegas

NV,

GO 

...................................

5.00

6/1/33

842

2,915

Clark

County

School

District,

GO,

Series

A

Continuously

Callable

@100

(AGM)

.

5.00

6/15/32

3,166

5,435

Las

Vegas

Valley

Water

District,

GO,

Series

C

Continuously

Callable

@100 

....

4.00

6/1/34

5,644

9,652

New

Jersey

—

2.97%

1,000

New

Jersey

Economic

Development

Authority

Revenue,

Series

RRR 

.........

5.00

3/1/28

1,057

430

New

Jersey

Economic

Development

Authority

Revenue

Continuously

Callable

@100 

...................................................

5.00

11/1/30

463

1,210

New

Jersey

Economic

Development

Authority

Revenue 

...................

5.00

6/15/28

1,279

1,725

New

Jersey

Higher

Education

Student

Assistance

Authority

Revenue,

Series

B

(AMT)

..................................................

5.00

12/1/29

1,808

750

New

Jersey

Transportation

Trust

Fund

Authority

Revenue,

Series

AA

Continuously

Callable

@100 

............................................

5.00

6/15/36

825

1,000

New

Jersey

Transportation

Trust

Fund

Authority

Revenue,

Series

AA 

.........

5.00

6/15/30

1,087

1,750

New

Jersey

Transportation

Trust

Fund

Authority

Revenue,

Series

BB

Continuously

Callable

@100 

............................................

5.00

6/15/36

1,945

4,295

New

Jersey

Turnpike

Authority

Revenue,

Series

A

Continuously

Callable

@100 

.

5.00

1/1/31

4,365

1,100

State

of

New

Jersey,

GO,

Series

A 

...................................

4.00

6/1/31

1,157

1,035

Tobacco

Settlement

Financing

Corp.

Revenue,

Series

A

Continuously

Callable

@100 

...................................................

5.00

6/1/33

1,083

15,069

New

Mexico

—

0.73%

1,025

Albuquerque

Municipal

School

District

No.

12,

GO

Continuously

Callable

@100

(State

Aid

Withholding)

......................................

5.00

8/1/29

1,091

2,590

New

Mexico

Educational

Assistance

Foundation

Revenue,

Series

1A

(AMT)

....

5.00

9/1/25

2,614

3,705

New

York

—

7.26%

2,890

City

of

New

York

NY,

GO,

Series

1-A

Continuously

Callable

@100 

..........

5.00

4/1/32

3,167

5,000

City

of

New

York

NY,

GO,

Series

C 

.................................

5.00

8/1/28

5,333

1,165

Empire

State

Development

Corp.

Revenue,

Series

A

Continuously

Callable

@100 

5.00

3/15/35

1,323

1,700

Metropolitan

Transportation

Authority

Revenue,

Series

B

Continuously

Callable

@100 

...................................................

5.00

11/15/29

1,750

2,410

New

York

City

Municipal

Water

Finance

Authority

Revenue,

Series

BB-2

Continuously

Callable

@100 

..................................

5.00

6/15/27

2,453

1,000

New

York

City

Municipal

Water

Finance

Authority

Revenue,

Series

DD

Continuously

Callable

@100 

..................................

5.00

6/15/34

1,142

4,940

New

York

City

Municipal

Water

Finance

Authority

Revenue,

Series

CC-2 

......

5.00

6/15/36

5,807

1,500

New

York

City

Transitional

Finance

Authority

Revenue,

Series

D-1

Continuously

Callable

@100 

............................................

5.00

11/1/36

1,682

930

New

York

City

Transitional

Finance

Authority

Revenue,

Series

A-1 

...........

5.00

11/1/32

1,053

1,000

New

York

State

Dormitory

Authority

Revenue,

Series

A

Continuously

Callable

@100 

...................................................

5.00

2/15/31

1,029

4,710

New

York

State

Thruway

Authority

Revenue,

Series

A

Continuously

Callable

@100 

5.00

3/15/35

5,252

190

HC

CAPITAL

TRUST

The

Intermediate

Term

Municipal

Bond

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

Municipal

Bonds

(continued)

New

York

(continued)

$

1,795

New

York

Transportation

Development

Corp.

Revenue

(AMT)

..............

5.00

12/1/27

$

1,868

4,970

Port

Authority

of

New

York

&

New

Jersey

Revenue,

Series

207

Continuously

Callable

@100

(AMT)

.......................................

4.00

3/15/30

4,989

36,848

North

Carolina

—

0.84%

820

City

of

Fayetteville

NC

Public

Works

Commission

Revenue 

................

5.00

3/1/31

914

1,000

County

of

Wake

NC

Revenue 

......................................

5.00

9/1/28

1,073

1,100

County

of

Wake

NC,

GO,

Series

A 

..................................

5.00

2/1/30

1,212

1,000

The

Charlotte-Mecklenburg

Hospital

Authority

Revenue 

..................

5.00(a)

1/15/50

1,062

4,261

Ohio

—

3.30%

3,000

Buckeye

Tobacco

Settlement

Financing

Authority

Revenue,

Series

A-2

Continuously

Callable

@100 

............................................

5.00

6/1/32

3,203

1,450

City

of

Columbus

OH

Sewerage

Revenue

Continuously

Callable

@100 

........

5.00

6/1/29

1,485

1,000

County

of

Butler

OH

Revenue,

Series

X 

..............................

5.00

5/15/29

1,080

125

County

of

Mahoning

OH

Revenue

Continuously

Callable

@100

(NATL)

.......

5.50

10/15/25

126

800

County

of

Montgomery

OH

Revenue

Continuously

Callable

@100 

...........

5.00

8/1/33

860

1,130

County

of

Warren

OH

Revenue

Continuously

Callable

@100 

...............

5.00

7/1/36

1,224

1,750

Ohio

Water

Development

Authority

Revenue,

Series

A

Continuously

Callable

@100 

5.00

12/1/37

1,978

3,050

Ohio

Water

Development

Authority

Water

Pollution

Control

Loan

Fund

Revenue,

Series

B

Continuously

Callable

@100 

............................

5.00

6/1/35

3,481

2,000

State

of

Ohio

Revenue 

...........................................

2.75(a)

1/1/52

2,000

500

State

of

Ohio

Revenue,

Series

A

Continuously

Callable

@100 

...............

5.00

1/1/30

528

775

University

of

Cincinnati

Revenue,

Series

A 

............................

5.00

6/1/26

795

16,760

Oklahoma

—

0.54%

1,925

Grand

River

Dam

Authority

Revenue,

Series

A

Continuously

Callable

@100 

....

5.00

6/1/37

2,170

530

Oklahoma

Municipal

Power

Authority

Revenue,

Series

A

Continuously

Callable

@100

(AGM)

.............................................

4.00

1/1/32

555

2,725

Oregon

—

1.50%

2,500

Multnomah

County

School

District

No.

1

Portland,

GO

(SCH

BD

GTY)

.......

5.00

6/15/29

2,721

2,500

Port

of

Portland

OR

Airport

Revenue,

Series

29

Continuously

Callable

@100

(AMT)

5.00

7/1/35

2,658

2,000

Portland

Community

College

District,

GO

Continuously

Callable

@100 

.......

5.00

6/15/35

2,259

7,638

Pennsylvania

—

4.84%

1,000

City

of

Philadelphia

PA

Water

&

Wastewater

Revenue,

Series

B 

.............

5.00

11/1/27

1,053

1,000

City

of

Philadelphia

PA

Water

&

Wastewater

Revenue,

Series

B

(AGM)

........

5.00

9/1/29

1,083

2,600

City

of

Philadelphia

PA,

GO,

Series

B

Continuously

Callable

@100 

..........

5.00

2/1/30

2,768

1,735

City

of

Philadelphia

PA,

GO,

Series

B

Continuously

Callable

@100 

..........

5.00

2/1/31

1,839

1,000

Commonwealth

Financing

Authority

Revenue

Continuously

Callable

@100 

....

5.00

6/1/32

1,054

3,500

Commonwealth

of

Pennsylvania,

GO,

Series

BAM-TCRS

Continuously

Callable

@100

(BAM-TCRS)

........................................

4.00

3/1/35

3,531

835

Commonwealth

of

Pennsylvania,

GO

Continuously

Callable

@100 

...........

5.00

8/15/38

945

1,860

Luzerne

County

Industrial

Development

Authority

Revenue

Continuously

Callable

@100

(AMT)

.............................................

2.45(a)

12/1/39

1,716

3,625

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Continuously

Callable

@100

(AMT)

.......................................

5.00

12/31/33

3,971

1,000

Pennsylvania

Higher

Education

Assistance

Agency

Revenue,

Series

A

(AMT)

....

5.00

6/1/29

1,053

1,000

Pennsylvania

Higher

Education

Assistance

Agency

Revenue,

Series

1A

(AMT)

...

5.00

6/1/32

1,022

2,455

Pennsylvania

Turnpike

Commission

Revenue

Continuously

Callable

@100 

.....

5.00

6/1/35

2,774

625

Pennsylvania

Turnpike

Commission

Revenue,

Series

B 

...................

5.00

12/1/28

669

1,000

The

School

District

of

Philadelphia,

GO,

Series

A

Continuously

Callable

@100

(State

Aid

Withholding)

......................................

5.25

9/1/36

1,108

24,586

191

HC

CAPITAL

TRUST

The

Intermediate

Term

Municipal

Bond

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

Municipal

Bonds

(continued)

Rhode

Island

—

0.52%

$

625

Rhode

Island

Student

Loan

Authority

Revenue,

Series

A

(AMT)

.............

5.00

12/1/29

$

670

1,875

Rhode

Island

Student

Loan

Authority

Revenue,

Series

A

(AMT)

.............

5.00

12/1/29

1,990

2,660

South

Carolina

—

0.57%

1,000

Piedmont

Municipal

Power

Agency

Revenue,

Series

B 

....................

5.00

1/1/29

1,067

680

South

Carolina

Public

Service

Authority

Revenue,

Series

A 

................

5.00

12/1/27

720

1,000

South

Carolina

Public

Service

Authority

Revenue,

Series

A 

................

5.00

12/1/31

1,115

2,902

Tennessee

—

1.27%

1,215

County

of

Hamblen

TN,

GO 

......................................

5.00

5/1/29

1,314

500

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facs

Bd

Revenue 

..............................................

5.00

7/1/29

537

1,235

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facs

Bd

Revenue 

..............................................

5.00

5/1/31

1,328

1,000

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facs

Bd

Revenue

Continuously

Callable

@100 

.........................

5.00

5/1/35

1,072

1,350

Metropolitan

Government

of

Nashville

&

Davidson

County

TN,

GO

Continuously

Callable

@100 

............................................

4.00

7/1/33

1,372

730

Metropolitan

Government

of

Nashville

&

Davidson

County,

GO,

Series

A 

......

5.00

1/1/32

822

6,445

Texas

—

11.78%

1,025

Arlington

Higher

Education

Finance

Corp.

Revenue

(PSF-GTD)

.............

5.00

8/15/27

1,073

1,230

Arlington

Higher

Education

Finance

Corp.

Revenue

(PSF-GTD)

.............

5.00

8/15/28

1,306

2,500

Central

Texas

Turnpike

System

Revenue,

Series

C

Continuously

Callable

@100 

.

5.00

8/15/37

2,726

920

City

of

College

Station

TX,

GO 

....................................

5.00

2/15/31

1,011

1,000

City

of

Dallas

TX,

GO

Continuously

Callable

@100 

.....................

5.00

2/15/27

1,004

2,500

City

of

Houston

TX

Airport

System

Revenue,

Series

C

(AMT)

..............

5.00

7/1/25

2,517

300

City

of

Pearland

TX,

GO

Continuously

Callable

@100 

....................

5.00

3/1/29

312

1,000

City

of

San

Antonio

TX

Airport

System

Revenue,

Series

A

(AMT)

............

5.00

7/1/26

1,017

1,750

City

of

San

Antonio

TX

Airport

System

Revenue,

Series

A

(AMT)

............

5.00

7/1/25

1,764

1,300

City

of

San

Antonio

TX

Electric

&

Gas

Systems

Revenue,

Series

B 

...........

4.00

2/1/33

1,352

940

City

of

San

Antonio

TX,

GO 

......................................

5.00

2/1/27

977

950

Clifton

Higher

Education

Finance

Corp.

Revenue,

Series

T

Continuously

Callable

@100

(PSF-GTD)

..........................................

4.00

8/15/34

969

2,200

Clifton

Higher

Education

Finance

Corp.

Revenue

(PSF-GTD)

...............

5.00

8/15/25

2,226

1,545

County

of

Harris

TX

Revenue,

Series

A

Continuously

Callable

@100 

.........

5.00

8/15/30

1,578

1,750

County

of

Harris

TX

Revenue

Continuously

Callable

@100 

................

5.00

8/15/34

1,762

4,730

Dallas

Area

Rapid

Transit

Revenue

Continuously

Callable

@100 

............

5.00

12/1/33

5,107

545

Dallas

Fort

Worth

International

Airport

Revenue 

........................

5.00

11/1/30

599

1,500

Dallas

Independent

School

District,

GO,

Series

A

Continuously

Callable

@100

(PSF-GTD)

...............................................

5.00

2/15/27

1,503

1,650

Harris

County

Cultural

Education

Facilities

Finance

Corp.

Revenue 

..........

5.00

11/15/25

1,674

1,500

Harris

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

Continuously

Callable

@100 

............................................

5.00

10/1/27

1,517

2,100

Harris

County

Cultural

Education

Facilities

Finance

Corp.

Revenue 

..........

5.00

11/15/27

2,198

2,300

Love

Field

Airport

Modernization

Corp.

Revenue

(AMT)

..................

5.00

11/1/25

2,322

850

Love

Field

Airport

Modernization

Corp.

Revenue

Continuously

Callable

@100 

..

5.00

11/1/28

850

1,000

Lower

Colorado

River

Authority

Revenue

Continuously

Callable

@100

(AGM)

..

5.00

5/15/34

1,120

1,090

Lower

Colorado

River

Authority

Revenue

(AGM)

.......................

5.00

5/15/29

1,173

2,180

Lower

Colorado

River

Authority

Revenue

Continuously

Callable

@100 

.......

5.00

5/15/32

2,360

1,000

Lower

Colorado

River

Authority

Revenue 

.............................

5.00

5/15/26

1,026

2,410

Midland

Independent

School

District,

GO

Continuously

Callable

@100

(PSF-GTD)

5.00

2/15/37

2,692

250

North

Texas

Tollway

Authority

Revenue,

Series

A

Continuously

Callable

@100 

..

5.00

1/1/25

250

1,280

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

Revenue,

Series

A

Continuously

Callable

@100 

..................................

5.00

7/1/32

1,421

192

HC

CAPITAL

TRUST

The

Intermediate

Term

Municipal

Bond

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

Municipal

Bonds

(continued)

Texas

(continued)

$

1,545

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

Continuously

Callable

@100 

............................................

5.00

10/1/36

$

1,663

2,000

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

Revenue,

Series

A

Continuously

Callable

@100 

..................................

5.00(a)

7/1/53

2,193

3,500

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

IV

Revenue,

Series

B

Continuously

Callable

@100 

..................................

5.50(a)

1/1/54

3,855

2,230

University

of

Houston

Revenue,

Series

C

Continuously

Callable

@100 

........

5.00

2/15/28

2,267

1,300

West

Harris

County

Regional

Water

Authority

Revenue 

...................

5.00

12/15/27

1,368

1,000

West

Travis

County

Public

Utility

Agency

Revenue

(BAM)

.................

5.00

8/15/26

1,031

59,783

Virginia

—

0.55%

760

Chesterfield

County

Economic

Development

Authority

Revenue

Continuously

Callable

@100 

............................................

5.00

4/1/38

858

850

Hampton

Roads

Transportation

Accountability

Commission

Revenue,

Series

A

Continuously

Callable

@100 

..................................

5.00

7/1/31

934

1,000

Roanoke

Economic

Development

Authority

Revenue 

.....................

5.00

7/1/25

1,010

2,802

Washington

—

4.19%

955

City

of

Seattle

WA,

GO

Continuously

Callable

@100 

.....................

5.00

5/1/38

1,075

525

King

County

School

District

No.

405

Bellevue,

GO

Continuously

Callable

@100

(SCH

BD

GTY)

............................................

5.00

12/1/29

556

1,550

Kitsap

County

School

District

No

100-C

Bremerton,

GO,

Series

C

Continuously

Callable

@100

(SCH

BD

GTY)

................................

5.00

12/1/36

1,748

1,555

Port

of

Seattle

WA

Revenue

Continuously

Callable

@100

(AMT)

............

5.00

8/1/33

1,653

1,500

Port

of

Seattle

WA

Revenue

(AMT)

..................................

5.00

4/1/26

1,526

3,665

Port

of

Seattle

WA

Revenue,

Series

B

Continuously

Callable

@100 

...........

5.00

7/1/36

3,909

7,065

State

of

Washington,

GO,

Series

R-2017A

Continuously

Callable

@100 

.......

5.00

8/1/32

7,203

790

State

of

Washington,

GO,

Series

C 

..................................

5.00

2/1/32

888

1,300

State

of

Washington,

GO,

Series

C

Continuously

Callable

@100 

.............

5.00

2/1/33

1,439

1,250

Washington

Health

Care

Facilities

Authority

Revenue,

Series

B 

.............

5.00

10/1/25

1,263

21,260

Wisconsin

—

1.97%

580

Madison

Metropolitan

School

District,

GO

Continuously

Callable

@100 

.......

5.00

3/1/34

626

3,455

Public

Finance

Authority

Revenue,

Series

A-2 

..........................

3.70(a)

10/1/46

3,430

1,000

University

of

Wisconsin

Hospitals

&

Clinics

Revenue,

Series

B

Continuously

Callable

@100 

............................................

5.00(a)

4/1/54

1,092

1,225

University

of

Wisconsin

Hospitals

&

Clinics

Revenue,

Series

A 

.............

5.00

4/1/26

1,250

1,100

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue 

..............

4.00

11/15/26

1,114

2,460

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue,

Series

A

Continuously

Callable

@100 

..................................

5.00

11/15/35

2,495

10,007

Total

Municipal

Bonds

..........................................

424,945

Shares

Investment

Companies

—

15.19%

Domestic

Fixed

Income

—

12.78%

436,201

AllianceBernstein

National

Municipal

Income

Fund,

Inc.

..................

4,742

319,133

BlackRock

Municipal

2030

Target

Term

Trust

..........................

6,572

57,002

BlackRock

Municipal

Income

Fund,

Inc.

..............................

691

241,404

BlackRock

Muniholdings

California

Quality

Fund,

Inc.

....................

2,566

103,082

BlackRock

Muniholdings

Fund

.....................................

1,203

107,345

BlackRock

MuniYield

Fund,

Inc.

...................................

1,115

348,844

BlackRock

MuniYield

Quality

Fund

III,

Inc.

...........................

3,851

186,540

BNY

Mellon

Strategic

Municipals,

Inc.

...............................

1,127

193

HC

CAPITAL

TRUST

The

Intermediate

Term

Municipal

Bond

Portfolio

Portfolio

of

Investments

(continued)

—

December

31,

2024

(Unaudited)

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Rate

%

Maturity  

Date

Value

(000)

Investment

Companies

(continued)

Domestic

Fixed

Income

(continued)

71,012

DTF

Tax-Free

Income

2028

Term

Fund,

Inc.

...........................

$

796

323,740

DWS

Municipal

Income

Trust

......................................

3,059

138,683

Eaton

Vance

California

Municipal

Bond

Fund

..........................

1,272

297,077

Eaton

Vance

Municipal

Bond

Fund

..................................

3,078

146,400

Eaton

Vance

New

York

Municipal

Bond

Fund

..........................

1,395

34,925

Federated

Hermes

Premier

Municipal

Income

Fund

......................

381

439,498

Invesco

Quality

Municipal

Income

Trust

..............................

4,333

43,749

iShares

National

Muni

Bond

ETF

...................................

4,661

195,885

MFS

High

Income

Municipal

Trust

..................................

721

463,249

MFS

High

Yield

Municipal

Trust

....................................

1,631

174,485

Nuveen

AMT-Free

Quality

Municipal

Income

Fund

......................

1,968

262,498

Nuveen

Municipal

Credit

Income

Fund

...............................

3,195

101,974

Nuveen

Municipal

Value

Fund,

Inc.

..................................

876

276,190

Nuveen

Quality

Municipal

Income

Fund

..............................

3,220

87,267

NYLI

MacKay

DefinedTerm

Muni

Opportunities

Fund

....................

1,303

315,690

PIMCO

California

Municipal

Income

Fund

II

...........................

1,806

207,184

PIMCO

Municipal

Income

Fund

III

..................................

1,525

441,991

Pioneer

Municipal

High

Income

Advantage

Fund,

Inc.

....................

3,726

397,985

Western

Asset

Managed

Municipals

Fund,

Inc.

..........................

4,059

64,872

Money

Market

Funds

—

2.41%

12,264,333

BlackRock

Liquidity

Funds

MuniCash

................................

3.41(b)

12,265

Total

Investment

Companies

......................................

77,137

Total

Investments

(cost

$511,130)

—

98.86%

..........................

502,082

Other

assets

in

excess

of

liabilities

—

1.14%

..........................

5,808

Net

Assets

—

100.00%

..........................................

$

507,890

(a)

Interest

rate

is

determined

by

the

Remarketing

Agent.  The

rate

disclosed

is

the

rate

in

effect

on

December

31,

2024.

(b)

Annualized

7-day

yield

as

of

period-end.

AGM—Assured

Guaranty

Municipal

Corporation

AMBAC—American

Municipal

Bond

Assurance

Corporation

AMT—Alternative

Minimum

Tax

BAM—Build

America

Mutual

ETF—Exchange-Traded

Fund

GO—General

Obligation

PSF-GTD—Public

School

Fund

Guaranteed

Q-SBLF—Qualified

School

Bond

Loan

Fund

SCH

BD

GTY—School

Board

Guaranty

194

See

accompanying

notes

to

financial

statements.

HC

CAPITAL

TRUST

The

Intermediate

Term

Municipal

Bond

Portfolio

Portfolio

of

Investments

(concluded)

—

December

31,

2024

(Unaudited)

The

following

table

reflects

the

percentage

of

total

net

assets

of

the

Portfolio

attributable

to

each

Specialist

Manager

as

of

December

31,

2024.

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

.....................................................................................................

75.43

%

8.24

%

—

—

83.67

%

Investment

Companies

............................................................................................

0.11

%

—

12.78

%

2.30

%

15.19

%

Other

Assets

(Liabilities)

........................................................................................

0.86

%

0.13

%

0.15

%

—

1.14

%

Total

Net

Assets

.................................................................................................

76.40

%

8.37

%

12.93

%

2.30

%

100.00

%

HC

CAPITAL

TRUST

Statements

of

Assets

and

Liabilities

As

of

December

31,

2024

(Unaudited)

(Amounts

in

thousands,

except

per

share

amounts)

195

See

accompanying

notes

to

financial

statements.

Amounts

designated

as

"—"

are

$0

or

have

been

rounded

to

$0.

The

U.S.

Equity

Portfolio

The

Institutional

U.S.

Equity

Portfolio

ASSETS:

Investments

in

securities,

at

value(a)

..............................................................................

$

1,856,992

$

2,544,877

Cash

...............................................................................................................

1,370

2,962

Receivable

for

portfolio

shares

issued

............................................................................

1,270

158

Receivable

from

investments

sold

................................................................................

21

105

Variation

margin

receivable

on

derivatives

.......................................................................

—

1,138

Cash

held

as

collateral

at

broker

for

derivatives

..................................................................

—

25,433

Dividends

and

interest

receivable

.................................................................................

1,147

600

Foreign

tax

reclaims

receivable

...................................................................................

120

101

Prepaid

expenses

..................................................................................................

49

63

Total

assets

.....................................................................................................

1,860,969

2,575,437

LIABILITIES:

Written

options,

at

fair

value

(Premiums

received

$—

and

$1,522,

respectively)

................................

—

1,444

Payable

for

investments

purchased

...............................................................................

—

116

Payable

for

portfolio

shares

redeemed

............................................................................

1,275

243

Payable

for

collateral

received

on

loaned

securities

..............................................................

257

—

Variation

margin

payable

on

derivatives

..........................................................................

—

445

Advisory

fees

payable

.............................................................................................

127

299

Administrative

services

fees

payable

.............................................................................

63

86

Trustee

fees

payable

...............................................................................................

21

34

Professional

fees

payable

.........................................................................................

61

109

Custodian

fees

payable

............................................................................................

44

52

Other

accrued

expenses

...........................................................................................

61

65

Total

liabilities

..................................................................................................

1,909

2,893

NET

ASSETS

........................................................................................................

$

1,859,060

$

2,572,544

NET

ASSETS

CONSISTS

OF:

Shares

of

beneficial

interest,

at

par

value

$

48

$

164

Additional

paid-in

capital

.........................................................................................

559,389

2,062,527

Total

distributable

earnings/(loss)

1,299,623

509,853

Net

Assets

......................................................................................................

$

1,859,060

$

2,572,544

NET

ASSETS:

$

1,859,060

$

2,572,544

SHARES

OF

BENEFICIAL

INTEREST

OUTSTANDING

(Unlimited

number

of

shares

authorized;

par

value

$0.001):

48,102

163,657

Net

Asset

Value,

offering

and

redemption

price

per

share:

(b)

$

38.65

$

15.72

Investments

in

securities,

at

cost

..................................................................................

$

557,573

$

1,766,791

(a)

Includes

securities

on

loan

of

$253

and

$0,

respectively.

(b)

Per

share

amounts

may

not

recalculate

due

to

rounding

of

net

assets

and/or

shares

outstanding.

196

HC

CAPITAL

TRUST

Statements

of

Assets

and

Liabilities

(continued)

As

of

December

31,

2024

(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)

..............................

$

201,730

$

36,789

$

537,317

$

860,575

Cash

...............................................................

2

—

—

1,737

Foreign

currency,

at

value

(Cost

$173,

$35,

$174

and

$1,178,

respectively)

....................................................

173

35

501

1,199

Receivable

for

portfolio

shares

issued

............................

—

—

—

86

Receivable

from

investments

sold

................................

—

—

1,632

362

Cash

held

as

collateral

at

broker

for

derivatives

..................

4

—

675

1,902

Dividends

and

interest

receivable

.................................

121

22

339

1,092

Foreign

tax

reclaims

receivable

...................................

215

27

2,604

3,737

Prepaid

expenses

..................................................

6

2

20

30

Total

assets

.....................................................

202,251

36,875

543,088

870,720

LIABILITIES:

Payable

to

Custodian

..............................................

—

—

279

—

Written

options,

at

fair

value

(Premiums

received

$—,

$—,

$185

and

$315,

respectively)

.........................................

—

—

175

297

Payable

for

investments

purchased

...............................

—

—

10

51

Payable

for

portfolio

shares

redeemed

............................

—

—

—

240

Payable

for

collateral

received

on

loaned

securities

..............

—

—

—

485

Variation

margin

payable

on

derivatives

..........................

—

—

109

280

Advisory

fees

payable

.............................................

27

1

53

167

Administrative

services

fees

payable

.............................

20

15

39

41

Trustee

fees

payable

...............................................

3

1

10

12

Professional

fees

payable

.........................................

15

4

84

78

Custodian

fees

payable

............................................

8

3

58

50

Other

accrued

expenses

...........................................

6

3

17

22

Total

liabilities

..................................................

79

27

834

1,723

NET

ASSETS

........................................................

$

202,172

$

36,848

$

542,254

$

868,997

NET

ASSETS

CONSISTS

OF:

Shares

of

beneficial

interest,

at

par

value

$

12

$

2

$

44

$

86

Additional

paid-in

capital

.........................................

123,476

20,034

395,750

788,843

Total

distributable

earnings/(loss)

78,684

16,812

146,460

80,068

Net

Assets

......................................................

$

202,172

$

36,848

$

542,254

$

868,997

NET

ASSETS:

$

202,172

$

36,848

$

542,254

$

868,997

SHARES

OF

BENEFICIAL

INTEREST

OUTSTANDING

(Unlimited

number

of

shares

authorized;

par

value

$0.001):

12,260

2,731

43,669

85,932

Net

Asset

Value,

offering

and

redemption

price

per

share:

(b)

$

16.49

$

13.49

$

12.42

$

10.11

Investments

in

securities,

at

cost

..................................

$

121,220

$

19,421

$

298,043

$

744,563

(a)

Includes

securities

on

loan

of

$0,

$0,

$0

and

$2,041,

respectively.

(b)

Per

share

amounts

may

not

recalculate

due

to

rounding

of

net

assets

and/or

shares

outstanding.

197

HC

CAPITAL

TRUST

Statements

of

Assets

and

Liabilities

(continued)

As

of

December

31,

2024

(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)

......................................................

$

656,876

$

90,537

$

201,449

Cash

.......................................................................................

511

134

594

Foreign

currency,

at

value

(Cost

$2,932,

$—

and

$—,

respectively)

.....................

2,507

—

—

Receivable

for

portfolio

shares

issued

....................................................

46

—

—

Receivable

from

investments

sold

........................................................

—

475

—

Variation

margin

receivable

on

derivatives

...............................................

—

—

263

Cash

held

as

collateral

at

broker

for

derivatives

..........................................

1,902

141

6,208

Dividends

and

interest

receivable

.........................................................

1,925

413

238

Foreign

tax

reclaims

receivable

...........................................................

39

—

—

Prepaid

expenses

..........................................................................

25

11

14

Total

assets

.............................................................................

663,831

91,711

208,766

LIABILITIES:

Written

options,

at

fair

value

(Premiums

received

$255,

$—

and

$—,

respectively)

....

248

—

—

Payable

for

investments

purchased

.......................................................

46

509

46

Payable

for

portfolio

shares

redeemed

....................................................

125

—

—

Payable

for

collateral

received

on

loaned

securities

......................................

13

—

1,177

Variation

margin

payable

on

derivatives

..................................................

356

15

209

Accrued

foreign

capital

gains

tax

.........................................................

5,193

—

—

TBA

sale

commitments

payable

..........................................................

—

888

—

Advisory

fees

payable

.....................................................................

146

7

31

Administrative

services

fees

payable

.....................................................

37

13

15

Trustee

fees

payable

.......................................................................

10

1

2

Professional

fees

payable

.................................................................

45

2

7

Custodian

fees

payable

....................................................................

299

3

3

Other

accrued

expenses

...................................................................

19

2

4

Total

liabilities

..........................................................................

6,537

1,440

1,494

NET

ASSETS

................................................................................

$

657,294

$

90,271

$

207,272

NET

ASSETS

CONSISTS

OF:

Shares

of

beneficial

interest,

at

par

value

$

37

$

10

$

28

Additional

paid-in

capital

.................................................................

678,801

99,573

218,712

Total

distributable

earnings/(loss)

(21,544)

(9,312)

(11,468)

Net

Assets

..............................................................................

$

657,294

$

90,271

$

207,272

NET

ASSETS:

$

657,294

$

90,271

$

207,272

SHARES

OF

BENEFICIAL

INTEREST

OUTSTANDING

(Unlimited

number

of

shares

authorized;

par

value

$0.001):

36,688

10,736

28,429

Net

Asset

Value,

offering

and

redemption

price

per

share:

(b)

$

17.92

$

8.41

$

7.29

Investments

in

securities,

at

cost

..........................................................

$

579,155

$

94,344

$

202,103

(a)

Includes

securities

on

loan

of

$549,

$0

and

$0,

respectively.

(b)

Per

share

amounts

may

not

recalculate

due

to

rounding

of

net

assets

and/or

shares

outstanding.

198

HC

CAPITAL

TRUST

Statements

of

Assets

and

Liabilities

(continued)

As

of

December

31,

2024

(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)

......................................................

$

955,387

$

264,030

$

232,257

Cash

.......................................................................................

2,230

295

—

Receivable

for

portfolio

shares

issued

....................................................

102

28

24

Receivable

from

investments

sold

........................................................

8,597

294

—

Cash

held

as

collateral

at

broker

for

derivatives

..........................................

4,928

—

—

Dividends

and

interest

receivable

.........................................................

3,522

2,755

619

TBA

sale

commitments

receivable

........................................................

—

—

546

Prepaid

expenses

..........................................................................

30

15

15

Total

assets

.............................................................................

974,796

267,417

233,461

LIABILITIES:

Written

options,

at

fair

value

(Premiums

received

$244,

$—

and

$—,

respectively)

....

331

—

—

Payable

for

investments

purchased

.......................................................

8,833

295

—

Payable

for

portfolio

shares

redeemed

....................................................

10

5

—

Payable

for

collateral

received

on

loaned

securities

......................................

—

250

—

Variation

margin

payable

on

derivatives

..................................................

325

—

—

TBA

sale

commitments,

at

fair

value

.....................................................

—

—

535

TBA

sale

commitments

payable

..........................................................

—

—

16,642

Advisory

fees

payable

.....................................................................

27

18

14

Administrative

services

fees

payable

.....................................................

36

16

21

Trustee

fees

payable

.......................................................................

12

3

2

Professional

fees

payable

.................................................................

36

9

5

Custodian

fees

payable

....................................................................

20

6

4

Other

accrued

expenses

...................................................................

23

5

4

Total

liabilities

..........................................................................

9,653

607

17,227

NET

ASSETS

................................................................................

$

965,143

$

266,810

$

216,234

NET

ASSETS

CONSISTS

OF:

Shares

of

beneficial

interest,

at

par

value

$

115

$

31

$

26

Additional

paid-in

capital

.................................................................

1,047,464

297,607

257,550

Total

distributable

earnings/(loss)

(82,436)

(30,828)

(41,342)

Net

Assets

..............................................................................

$

965,143

$

266,810

$

216,234

NET

ASSETS:

$

965,143

$

266,810

$

216,234

SHARES

OF

BENEFICIAL

INTEREST

OUTSTANDING

(Unlimited

number

of

shares

authorized;

par

value

$0.001):

115,429

30,608

26,381

Net

Asset

Value,

offering

and

redemption

price

per

share:

(b)

$

8.36

$

8.72

$

8.20

Investments

in

securities,

at

cost

..........................................................

$

984,665

$

277,223

$

255,778

(a)

Includes

securities

on

loan

of

$0,

$239

and

$0,

respectively.

(b)

Per

share

amounts

may

not

recalculate

due

to

rounding

of

net

assets

and/or

shares

outstanding.

199

See

accompanying

notes

to

financial

statements.

HC

CAPITAL

TRUST

Statements

of

Assets

and

Liabilities

(concluded)

As

of

December

31,

2024

(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

................................................................................

$

68,394

$

502,082

Cash

...............................................................................................................

—

963

Dividends

and

interest

receivable

.................................................................................

980

5,166

Prepaid

expenses

..................................................................................................

6

19

Total

assets

.....................................................................................................

69,380

508,230

LIABILITIES:

Payable

for

portfolio

shares

redeemed

............................................................................

—

40

Advisory

fees

payable

.............................................................................................

7

235

Administrative

services

fees

payable

.............................................................................

7

23

Trustee

fees

payable

...............................................................................................

1

6

Professional

fees

payable

.........................................................................................

2

17

Custodian

fees

payable

............................................................................................

1

8

Other

accrued

expenses

...........................................................................................

2

11

Total

liabilities

..................................................................................................

20

340

NET

ASSETS

........................................................................................................

$

69,360

$

507,890

NET

ASSETS

CONSISTS

OF:

Shares

of

beneficial

interest,

at

par

value

$

7

$

53

Additional

paid-in

capital

.........................................................................................

74,388

529,469

Total

distributable

earnings/(loss)

(5,035)

(21,632)

Net

Assets

......................................................................................................

$

69,360

$

507,890

NET

ASSETS:

$

69,360

$

507,890

SHARES

OF

BENEFICIAL

INTEREST

OUTSTANDING

(Unlimited

number

of

shares

authorized;

par

value

$0.001):

7,241

52,438

Net

Asset

Value,

offering

and

redemption

price

per

share:

(a)

$

9.58

$

9.69

Investments

in

securities,

at

cost

..................................................................................

$

68,830

$

511,130

(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,

2024

(Unaudited)

(Amounts

in

thousands)

200

See

accompanying

notes

to

financial

statements.

1

st

Amounts

designated

as

“—”

are

$0

or

have

been

rounded

to

$0.

The

U.S.

Equity

Portfolio

The

Institutional

U.S.

Equity

Portfolio

INVESTMENT

INCOME:

Interest

..................................................................................................................

$

—

$

122

Dividends

(net

of

foreign

withholding

tax

of

($58)

and

$7,

respectively)

.............................................

12,960

22,056

Income

from

securities

lending,

net

....................................................................................

7

63

Total

Investment

Income

............................................................................................

12,967

22,241

EXPENSES:

Advisory

fees

...........................................................................................................

722

1,748

Administrative

services

fees

...........................................................................................

345

474

Professional

fees

.......................................................................................................

129

198

Transfer

agent

fees

.....................................................................................................

23

36

Compliance

service

fees

...............................................................................................

22

34

Custodian

fees

..........................................................................................................

87

100

Registration

and

filing

fees

.............................................................................................

6

5

Trustee

fees

.............................................................................................................

62

96

Other

...................................................................................................................

128

90

Net

Expenses

..................................................................................................

1,524

2,781

Net

Investment

Income

.................................................................................................

11,443

19,460

NET

REALIZED/UNREALIZED

GAIN/(LOSS)

ON

INVESTMENTS:

Net

realized

gains/(losses)

from

investment

in

securities

and

foreign

currency

translations

..........................

(1,990)

179,317

Net

realized

gains/(losses)

from

redemptions

in-kind

transactions

60,100

—

Net

realized

gains/(losses)

from

futures

transactions

..................................................................

—

6,471

Net

realized

gains/(losses)

from

written

options

transactions

.........................................................

—

9,452

Net

realized

gains/(losses)

from

swap

transactions

....................................................................

—

(7,425)

Net

realized

gains/(losses)

from

investments

..........................................................................

58,110

187,815

Change

in

unrealized

appreciation/(depreciation)

on

investment

transactions

and

foreign

currency

translations

....

78,805

(7,757)

Change

in

unrealized

appreciation/(depreciation)

on

futures

..........................................................

—

(3,451)

Change

in

unrealized

appreciation/(depreciation)

on

written

options

.................................................

—

(2,189)

Change

in

unrealized

appreciation/(depreciation)

on

swaps

...........................................................

—

(1,035)

Change

in

unrealized

appreciation/(depreciation)

on

investments

.....................................................

78,805

(14,432)

Net

realized/unrealized

gains/(losses)

from

investments

..............................................................

136,915

173,383

Change

in

net

assets

resulting

from

operations

$

148,358

$

192,843

201

HC

CAPITAL

TRUST

Statements

of

Operations

(continued)

For

the

Six

Months

Ended

December

31,

2024

(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

.......................................................................

$

—

$

—

$

22

$

53

Dividends

(net

of

foreign

withholding

tax

of

$84,

$19,

$886

and

$722,

respectively)

..............................................................

1,527

270

5,618

12,265

Income

from

securities

lending,

net

.........................................

—

—

—

13

Total

Investment

Income

.................................................

1,527

270

5,640

12,331

EXPENSES:

Advisory

fees

................................................................

106

18

341

939

Administrative

services

fees

................................................

61

32

132

188

Professional

fees

............................................................

27

12

93

106

Transfer

agent

fees

..........................................................

3

1

7

10

Compliance

service

fees

....................................................

2

1

7

9

Custodian

fees

...............................................................

14

5

71

74

Registration

and

filing

fees

..................................................

1

1

4

5

Trustee

fees

..................................................................

7

1

19

26

Other

........................................................................

6

2

18

26

Total

expenses

before

waivers

and/or

reimbursements

...............

227

73

692

1,383

Expenses

waived

and/or

reimbursed

by

Adviser

......................

—

(16)

—

—

Net

Expenses

.......................................................

227

57

692

1,383

Net

Investment

Income

......................................................

1,300

213

4,948

10,948

NET

REALIZED/UNREALIZED

GAIN/(LOSS)

ON

INVESTMENTS:

Net

realized

gains/(losses)

from

investment

in

securities

and

foreign

currency

translations

.....................................................

(124)

80

(89)

14,943

Net

realized

gains/(losses)

from

futures

transactions

.......................

41

—

(1,466)

(3,058)

Net

realized

gains/(losses)

from

written

options

transactions

..............

—

—

1,554

2,635

Net

realized

gains/(losses)

from

investments

...............................

(83)

80

(1)

14,520

Change

in

unrealized

appreciation/(depreciation)

on

investment

transactions

and

foreign

currency

translations

...........................

9,881

2,315

(15,649)

(36,198)

Change

in

unrealized

appreciation/(depreciation)

on

futures

...............

—

—

(117)

(340)

Change

in

unrealized

appreciation/(depreciation)

on

written

options

......

—

—

(496)

(689)

Change

in

unrealized

appreciation/(depreciation)

on

investments

..........

9,881

2,315

(16,262)

(37,227)

Net

realized/unrealized

gains/(losses)

from

investments

...................

9,798

2,395

(16,263)

(22,707)

Change

in

net

assets

resulting

from

operations

$

11,098

$

2,608

$

(11,315)

$

(11,759)

202

HC

CAPITAL

TRUST

Statements

of

Operations

(continued)

For

the

Six

Months

Ended

December

31,

2024

(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

.............................................................................................

$

25

$

886

$

75

Dividends

(net

of

foreign

withholding

tax

of

$4,321,

$—

and

$—,

respectively)

................

9,618

940

4,945

Income

from

securities

lending,

net

...............................................................

7

—

4

Total

Investment

Income

.......................................................................

9,650

1,826

5,024

EXPENSES:

Advisory

fees

......................................................................................

814

37

144

Administrative

services

fees

......................................................................

156

56

56

Professional

fees

..................................................................................

84

7

13

Transfer

agent

fees

................................................................................

10

1

3

Compliance

service

fees

..........................................................................

9

1

2

Custodian

fees

.....................................................................................

513

9

7

Registration

and

filing

fees

........................................................................

5

4

4

Trustee

fees

........................................................................................

25

3

7

Other

..............................................................................................

25

4

10

Net

Expenses

.............................................................................

1,641

122

246

Net

Investment

Income

............................................................................

8,009

1,704

4,778

NET

REALIZED/UNREALIZED

GAIN/(LOSS)

ON

INVESTMENTS:

Net

realized

gains/(losses)

from

investment

in

securities

and

foreign

currency

translations

.....

30,859

(155)

424

Net

realized

gains/(losses)

from

futures

transactions

.............................................

(4,489)

(151)

5,268

Net

realized

gains/(losses)

from

written

options

transactions

....................................

2,282

—

—

Net

realized

gains/(losses)

from

swap

transactions

...............................................

—

—

(2,623)

Net

realized

gains/(losses)

from

investments

.....................................................

28,652

(306)

3,069

Change

in

unrealized

appreciation/(depreciation)

on

investment

transactions

and

foreign

currency

translations

...........................................................................

(33,643)

(24)

(394)

Change

in

unrealized

appreciation/(depreciation)

on

futures

.....................................

(919)

(75)

(2,003)

Change

in

unrealized

appreciation/(depreciation)

on

written

options

............................

(614)

—

—

Change

in

unrealized

appreciation/(depreciation)

on

swaps

......................................

—

—

(552)

Change

in

unrealized

appreciation/(depreciation)

on

investments

................................

(35,176)

(99)

(2,949)

Net

realized/unrealized

gains/(losses)

from

investments

.........................................

(6,524)

(405)

120

Change

in

net

assets

resulting

from

operations

$

1,485

$

1,299

$

4,898

203

HC

CAPITAL

TRUST

Statements

of

Operations

(continued)

For

the

Six

Months

Ended

December

31,

2024

(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

.............................................................................................

$

8,691

$

5,149

$

3,097

Dividends

(net

of

foreign

withholding

tax

of

$—,

$—

and

$—,

respectively)

...................

11,721

1,444

928

Income

from

securities

lending,

net

...............................................................

—

2

—

Total

Investment

Income

.......................................................................

20,412

6,595

4,025

EXPENSES:

Advisory

fees

......................................................................................

159

105

86

Administrative

services

fees

......................................................................

188

68

91

Professional

fees

..................................................................................

69

19

15

Transfer

agent

fees

................................................................................

13

4

3

Compliance

service

fees

..........................................................................

13

3

3

Custodian

fees

.....................................................................................

38

13

12

Registration

and

filing

fees

........................................................................

5

5

5

Trustee

fees

........................................................................................

35

10

8

Other

..............................................................................................

34

9

7

Net

Expenses

.............................................................................

554

236

230

Net

Investment

Income

............................................................................

19,858

6,359

3,795

NET

REALIZED/UNREALIZED

GAIN/(LOSS)

ON

INVESTMENTS:

Net

realized

gains/(losses)

from

investment

in

securities

........................................

(2,146)

(300)

(784)

Net

realized

gains/(losses)

from

futures

transactions

.............................................

(358)

1,349

578

Net

realized

gains/(losses)

from

written

options

transactions

....................................

973

—

—

Net

realized

gains/(losses)

from

investments

.....................................................

(1,531)

1,049

(206)

Change

in

unrealized

appreciation/(depreciation)

on

investment

transactions

...................

(2,114)

184

1,597

Change

in

unrealized

appreciation/(depreciation)

on

futures

.....................................

(3,134)

(118)

(50)

Change

in

unrealized

appreciation/(depreciation)

on

written

options

............................

(148)

—

—

Change

in

unrealized

appreciation/(depreciation)

on

investments

................................

(5,396)

66

1,547

Net

realized/unrealized

gains/(losses)

from

investments

.........................................

(6,927)

1,115

1,341

Change

in

net

assets

resulting

from

operations

$

12,931

$

7,474

$

5,136

204

See

accompanying

notes

to

financial

statements.

HC

CAPITAL

TRUST

Statements

of

Operations

(concluded)

For

the

Six

Months

Ended

December

31,

2024

(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

..................................................................................................................

$

933

$

6,119

Dividends

(net

of

foreign

withholding

tax

of

$—

and

$—,

respectively)

.............................................

42

1,880

Total

Investment

Income

............................................................................................

975

7,999

EXPENSES:

Advisory

fees

...........................................................................................................

43

466

Administrative

services

fees

...........................................................................................

26

108

Professional

fees

.......................................................................................................

5

36

Transfer

agent

fees

.....................................................................................................

1

7

Compliance

service

fees

...............................................................................................

1

7

Custodian

fees

..........................................................................................................

2

18

Registration

and

filing

fees

.............................................................................................

4

4

Trustee

fees

.............................................................................................................

2

19

Other

...................................................................................................................

3

18

Net

Expenses

..................................................................................................

87

683

Net

Investment

Income

.................................................................................................

888

7,316

NET

REALIZED/UNREALIZED

GAIN/(LOSS)

ON

INVESTMENTS:

Net

realized

gains/(losses)

from

investment

in

securities

.............................................................

(29)

59

Net

realized

gains/(losses)

from

investments

..........................................................................

(29)

59

Change

in

unrealized

appreciation/(depreciation)

on

investment

transactions

........................................

159

(1,241)

Change

in

unrealized

appreciation/(depreciation)

on

investments

.....................................................

159

(1,241)

Net

realized/unrealized

gains/(losses)

from

investments

..............................................................

130

(1,182)

Change

in

net

assets

resulting

from

operations

$

1,018

$

6,134

HC

CAPITAL

TRUST

Statements

of

Changes

in

Net

Assets

(Amounts

in

thousands)

205

See

accompanying

notes

to

financial

statements.

Amounts

designated

as

“—”

are

$0

or

have

been

rounded

to

$0.

The

U.S.

Equity

Portfolio

The

Institutional

U.S.

Equity

Portfolio

Six

Months

Ended

December

31,

2024

(Unaudited)

For

the

Year

Ended

June

30,

2024

Six

Months

Ended

December

31,

2024

(Unaudited)

For

the

Year

Ended

June

30,

2024

Operations:

Net

investment

income

.........................................................................

$

11,443

$

8,629

$

19,460

$

37,075

Net

realized

gains/(losses)

from

investments

..................................................

58,110

74,350

187,815

455,201

Change

in

unrealized

appreciation/(depreciation)

from

investments

..........................

78,805

123,332

(14,432)

17,140

Change

in

net

assets

resulting

from

operations

...................................................

148,358

206,311

192,843

509,416

Distributions

to

Shareholders:

From

net

investment

income

and/or

net

realized

capital

gains

........................................................................

(20,290)

(19,522)

(471,951)

(290,603)

Change

in

net

assets

resulting

from

distributions

.................................................

(20,290)

(19,522)

(471,951)

(290,603)

Capital

Transactions:

Proceeds

from

shares

issued

...................................................................

$

68,937

$

74,515

$

69,891

$

164,333

Proceeds

from

merger

(Note

9)

................................................................

—

854,367

—

—

Proceeds

from

reinvestment

of

dividends

......................................................

14,111

13,712

465,437

281,457

Cost

of

shares

redeemed

.......................................................................

(133,609)

(154,410)

(216,084)

(601,596)

Change

in

net

assets

from

shares

of

beneficial

interest

........................................

$

(50,561)

$

788,184

$

319,244

$

(155,806)

Change

in

net

assets

...............................................................................

77,507

974,973

40,136

63,007

Net

Assets:

Beginning

of

period

............................................................................

1,781,553

806,580

2,532,408

2,469,401

End

of

period

...................................................................................

$

1,859,060

$

1,781,553

$

2,572,544

$

2,532,408

Share

Transactions:

Issued

...........................................................................................

1,890

2,336

3,851

9,909

Issued

from

merger

(Note

9)

...................................................................

—

23,870

—

—

Reinvested

......................................................................................

369

433

29,640

17,703

Redeemed

......................................................................................

(3,602)

(4,837)

(11,538)

(35,885)

Change

in

Shares

...............................................................................

(1,343)

21,802

21,953

(8,273)

206

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

ESG

Growth

Portfolio

The

Catholic

SRI

Growth

Portfolio

Six

Months

Ended

December

31,

2024

(Unaudited)

For

the

Year

Ended

June

30,

2024

Six

Months

Ended

December

31,

2024

(Unaudited)

For

the

Year

Ended

June

30,

2024

Operations:

Net

investment

income

.........................................................................

$

1,300

$

2,799

$

213

$

474

Net

realized

gains/(losses)

from

investments

..................................................

(83)

2,283

80

3

Change

in

unrealized

appreciation/(depreciation)

from

investments

..........................

9,881

26,604

2,315

5,445

Change

in

net

assets

resulting

from

operations

...................................................

11,098

31,686

2,608

5,922

Distributions

to

Shareholders:

From

net

investment

income

and/or

net

realized

capital

gains

........................................................................

(1,583)

(4,591)

(276)

(491)

Change

in

net

assets

resulting

from

distributions

.................................................

(1,583)

(4,591)

(276)

(491)

Capital

Transactions:

Proceeds

from

shares

issued

...................................................................

$

48

$

416

$

—

$

2,601

Proceeds

from

reinvestment

of

dividends

......................................................

117

1,997

276

491

Cost

of

shares

redeemed

.......................................................................

(89)

(1,044)

(1,051)

(2,288)

Change

in

net

assets

from

shares

of

beneficial

interest

........................................

$

76

$

1,369

$

(775)

$

804

Change

in

net

assets

...............................................................................

9,591

28,464

1,557

6,235

Net

Assets:

Beginning

of

period

............................................................................

192,581

164,117

35,291

29,056

End

of

period

...................................................................................

$

202,172

$

192,581

$

36,848

$

35,291

Share

Transactions:

Issued

...........................................................................................

3

31

—

221

Reinvested

......................................................................................

7

141

21

42

Redeemed

......................................................................................

(5)

(73)

(78)

(203)

Change

in

Shares

...............................................................................

5

99

(57)

60

207

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,

2024

(Unaudited)

For

the

Year

Ended

June

30,

2024

Six

Months

Ended

December

31,

2024

(Unaudited)

For

the

Year

Ended

June

30,

2024

Six

Months

Ended

December

31,

2024

(Unaudited)

For

the

Year

Ended

June

30,

2024

Operations:

Net

investment

income

........................................

$

4,948

$

15,198

$

10,948

$

24,088

$

8,009

$

19,124

Net

realized

gains/(losses)

from

investments

.................

(1)

4,118

14,520

9,027

28,652

(14,046)

Change

in

unrealized

appreciation/(depreciation)

from

investments

.................................................

(16,262)

41,557

(37,227)

54,512

(35,176)

75,357

Change

in

net

assets

resulting

from

operations

..................

(11,315)

60,873

(11,759)

87,627

1,485

80,435

Distributions

to

Shareholders:

From

net

investment

income

and/or

net

realized

capital

gains

.......................................

(6,807)

(16,534)

(31,247)

(22,250)

(21,926)

(27,920)

Change

in

net

assets

resulting

from

distributions

................

(6,807)

(16,534)

(31,247)

(22,250)

(21,926)

(27,920)

Capital

Transactions:

Proceeds

from

shares

issued

..................................

$

5,657

$

8,101

$

32,180

$

203,718

$

13,724

$

32,579

Proceeds

from

reinvestment

of

dividends

.....................

4,514

11,023

28,100

19,455

18,208

21,864

Cost

of

shares

redeemed

......................................

(17,185)

(41,230)

(90,299)

(125,906)

(65,058)

(98,965)

Change

in

net

assets

from

shares

of

beneficial

interest

.......

$

(7,014)

$

(22,106)

$

(30,019)

$

97,267

$

(33,126)

$

(44,522)

Change

in

net

assets

..............................................

(25,136)

22,233

(73,025)

162,644

(53,567)

7,993

Net

Assets:

Beginning

of

period

...........................................

567,390

545,157

942,022

779,378

710,861

702,868

End

of

period

..................................................

$

542,254

$

567,390

$

868,997

$

942,022

$

657,294

$

710,861

Share

Transactions:

Issued

..........................................................

435

672

2,965

19,704

702

1,863

Reinvested

.....................................................

365

879

2,790

1,834

1,010

1,287

Redeemed

.....................................................

(1,330)

(3,396)

(8,359)

(12,369)

(3,435)

(5,653)

Change

in

Shares

..............................................

(530)

(1,845)

(2,604)

9,169

(1,723)

(2,503)

208

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,

2024

(Unaudited)

For

the

Year

Ended

June

30,

2024

Six

Months

Ended

December

31,

2024

(Unaudited)

For

the

Year

Ended

June

30,

2024

Six

Months

Ended

December

31,

2024

(Unaudited)

For

the

Year

Ended

June

30,

2024

Operations:

Net

investment

income

........................................

$

1,704

$

2,550

$

4,778

$

12,166

$

19,858

$

33,373

Net

realized

gains/(losses)

from

investments

.................

(306)

(1,623)

3,069

10,733

(1,531)

(31,966)

Change

in

unrealized

appreciation/(depreciation)

from

investments

.................................................

(99)

1,133

(2,949)

1,308

(5,396)

24,621

Change

in

net

assets

resulting

from

operations

..................

1,299

2,060

4,898

24,207

12,931

26,028

Distributions

to

Shareholders:

From

net

investment

income

and/or

net

realized

capital

gains

.......................................

(1,756)

(2,526)

(3,172)

(12,942)

(20,352)

(33,050)

Change

in

net

assets

resulting

from

distributions

................

(1,756)

(2,526)

(3,172)

(12,942)

(20,352)

(33,050)

Capital

Transactions:

Proceeds

from

shares

issued

..................................

$

9,734

$

15,999

$

11,577

$

28,621

$

52,902

$

155,914

Proceeds

from

reinvestment

of

dividends

.....................

1,706

2,479

3,134

12,690

15,267

23,802

Cost

of

shares

redeemed

......................................

(3,147)

(7,096)

(16,357)

(67,606)

(77,768)

(110,403)

Change

in

net

assets

from

shares

of

beneficial

interest

.......

$

8,293

$

11,382

$

(1,646)

$

(26,295)

$

(9,599)

$

69,313

Change

in

net

assets

..............................................

7,836

10,916

80

(15,030)

(17,020)

62,291

Net

Assets:

Beginning

of

period

...........................................

82,435

71,519

207,192

222,222

982,163

919,872

End

of

period

..................................................

$

90,271

$

82,435

$

207,272

$

207,192

$

965,143

$

982,163

Share

Transactions:

Issued

..........................................................

1,130

1,901

1,569

4,070

6,159

18,485

Reinvested

.....................................................

199

295

427

1,808

1,786

2,829

Redeemed

.....................................................

(367)

(844)

(2,236)

(9,701)

(9,093)

(13,072)

Change

in

Shares

..............................................

962

1,352

(240)

(3,823)

(1,148)

8,242

209

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,

2024

(Unaudited)

For

the

Year

Ended

June

30,

2024

Six

Months

Ended

December

31,

2024

(Unaudited)

For

the

Year

Ended

June

30,

2024

Six

Months

Ended

December

31,

2024

(Unaudited)

For

the

Year

Ended

June

30,

2024

Operations:

Net

investment

income

........................................

$

6,359

$

11,451

$

3,795

$

7,160

$

888

$

1,443

Net

realized

gains/(losses)

from

investments

.................

1,049

(10,779)

(206)

(526)

(29)

(503)

Change

in

unrealized

appreciation/(depreciation)

from

investments

.................................................

66

11,516

1,547

(1,585)

159

550

Change

in

net

assets

resulting

from

operations

..................

7,474

12,188

5,136

5,049

1,018

1,490

Distributions

to

Shareholders:

From

net

investment

income

and/or

net

realized

capital

gains

.......................................

(6,675)

(11,293)

(4,021)

(7,066)

(931)

(1,418)

Change

in

net

assets

resulting

from

distributions

................

(6,675)

(11,293)

(4,021)

(7,066)

(931)

(1,418)

Capital

Transactions:

Proceeds

from

shares

issued

..................................

$

10,152

$

38,045

$

10,311

$

31,922

$

6,398

$

11,070

Proceeds

from

reinvestment

of

dividends

.....................

5,277

8,490

3,145

5,299

845

1,284

Cost

of

shares

redeemed

......................................

(27,786)

(35,125)

(22,200)

(29,035)

(3,604)

(16,200)

Change

in

net

assets

from

shares

of

beneficial

interest

.......

$

(12,357)

$

11,410

$

(8,744)

$

8,186

$

3,639

$

(3,846)

Change

in

net

assets

..............................................

(11,558)

12,305

(7,629)

6,169

3,726

(3,774)

Net

Assets:

Beginning

of

period

...........................................

278,368

266,063

223,863

217,694

65,634

69,408

End

of

period

..................................................

$

266,810

$

278,368

$

216,234

$

223,863

$

69,360

$

65,634

Share

Transactions:

Issued

..........................................................

1,151

4,376

1,244

3,920

662

1,155

Reinvested

.....................................................

594

983

377

653

88

134

Redeemed

.....................................................

(3,120)

(4,066)

(2,650)

(3,568)

(374)

(1,691)

Change

in

Shares

..............................................

(1,375)

1,293

(1,029)

1,005

376

(402)

210

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,

2024

(Unaudited)

For

the

Year

Ended

June

30,

2024

Operations:

Net

investment

income

...........................................................................................................

$

7,316

$

11,986

Net

realized

gains/(losses)

from

investments

....................................................................................

59

(4,696)

Change

in

unrealized

appreciation/(depreciation)

from

investments

............................................................

(1,241)

7,535

Change

in

net

assets

resulting

from

operations

.....................................................................................

6,134

14,825

Distributions

to

Shareholders:

From

net

investment

income

and/or

net

realized

capital

gains

..........................................................................................................

(7,813)

(11,749)

Change

in

net

assets

resulting

from

distributions

...................................................................................

(7,813)

(11,749)

Capital

Transactions:

Proceeds

from

shares

issued

.....................................................................................................

$

29,525

$

63,119

Proceeds

from

reinvestment

of

dividends

........................................................................................

7,036

10,536

Cost

of

shares

redeemed

.........................................................................................................

(21,992)

(59,113)

Change

in

net

assets

from

shares

of

beneficial

interest

..........................................................................

$

14,569

$

14,542

Change

in

net

assets

.................................................................................................................

12,890

17,618

Net

Assets:

Beginning

of

period

..............................................................................................................

495,000

477,382

End

of

period

.....................................................................................................................

$

507,890

$

495,000

Share

Transactions:

Issued

.............................................................................................................................

3,002

6,511

Reinvested

........................................................................................................................

719

1,093

Redeemed

........................................................................................................................

(2,238)

(6,090)

Change

in

Shares

.................................................................................................................

1,483

1,514

HC

CAPITAL

TRUST

Financial

Highlights

Selected

data

for

a

share

outstanding

throughout

the

periods

indicated.

211

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.

Equity

Portfolio

Six

Months

Ended

December

31,

2024

(unaudited)

..........

$36.03

$0.24

$2.80

$3.04

$(0.25)

$(0.17)

$(0.42)

$38.65

8.46%

0.16%

0.16%

1.23%

$1,859,060

2%

Year

Ended

June

30,

2024

...............

29.18

0.31

7.28

7.59

(0.31)

(0.43)

(0.74)

36.03

26.35%

0.24%

0.23%

1.54%

1,781,553

13%

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%

1.13%

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%

The

Institutional

U.S.

Equity

Portfolio

Six

Months

Ended

December

31,

2024

(unaudited)

..........

$17.87

$0.14

$1.21

$1.35

$(0.12)

$(3.38)

$(3.50)

$15.72

7.65%

0.21%

0.21%

1.47%

$2,572,544

25%

Year

Ended

June

30,

2024

...............

16.46

0.25

3.17

3.42

(0.23)

(1.78)

(2.01)

17.87

22.40%

0.25%

0.23%

1.49%

2,532,408

78%

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%

*

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.

212

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

Six

Months

Ended

December

31,

2024

(unaudited)

..........

$15.71

$0.11

$0.80

$0.91

$(0.13)

$—(d)

$(0.13)

$16.49

5.80%

0.22%

0.22%

1.29%

$202,172

1%

Year

Ended

June

30,

2024

...............

13.50

0.23

2.36

2.59

(0.23)

(0.15)

(0.38)

15.71

19.41%

0.28%

0.27%

1.61%

192,581

5%

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%

The

Catholic

SRI

Growth

Portfolio

Six

Months

Ended

December

31,

2024

(unaudited)

..........

$12.66

$0.08

$0.85

$0.93

$(0.10)

$—

$(0.10)

$13.49

7.37%

0.40%

0.31%

1.15%

$36,848

3%

Year

Ended

June

30,

2024

...............

10.65

0.17

2.02

2.19

(0.18)

—

(0.18)

12.66

20.69%

0.48%

0.31%

1.53%

35,291

11%

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%

*

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.

213

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

Six

Months

Ended

December

31,

2024

(unaudited)

...

$12.84

$0.11

$(0.37)

$(0.26)

$(0.16)

$—

$—

$(0.16)

$12.42

(2.05)%

0.24%

0.24%

1.71%

$542,254

8%

Year

Ended

June

30,

2024

........

11.84

0.34

1.03

1.37

(0.37)

—

—

(0.37)

12.84

11.69%

0.26%

0.25%

2.76%

567,390

20%

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%

The

Institutional

International

Equity

Portfolio

Six

Months

Ended

December

31,

2024

(unaudited)

...

$10.64

$0.13

$(0.29)

$(0.16)

$(0.34)

$(0.03)

$—

$(0.37)

$10.11

(1.44)%

0.29%

0.29%

2.31%

$868,997

18%

Year

Ended

June

30,

2024

........

9.82

0.30

0.78

1.08

(0.26)

—

—

(0.26)

10.64

11.02%

0.33%

0.32%

2.93%

942,022

21%

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%

The

Emerging

Markets

Portfolio

Six

Months

Ended

December

31,

2024

(unaudited)

...

$18.51

$0.22

$(0.20)

$0.02

$(0.61)

$—

$—

$(0.61)

$17.92

0.09%

0.46%

0.46%

2.26%

$657,294

37%

Year

Ended

June

30,

2024

........

17.18

0.48

1.55

2.03

(0.70)

—

—

(0.70)

18.51

12.19%

0.43%

0.41%

2.77%

710,861

25%

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%

*

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.

214

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

Six

Months

Ended

December

31,

2024

(unaudited)

..........

$8.43

$0.17

$(0.02)

$0.15

$(0.17)

$—

$(0.17)

$8.41

1.76%

0.27%

0.27%

3.85%

$90,271

6%(d)

Year

Ended

June

30,

2024

...............

8.49

0.28

(0.06)

0.22

(0.28)

—

(0.28)

8.43

2.68%

0.34%

0.32%

3.41%

82,435

45%(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)

The

Corporate

Opportunities

Portfolio

Six

Months

Ended

December

31,

2024

(unaudited)

..........

$7.23

$0.17

$—(e)

$0.17

$(0.11)

$—

$(0.11)

$7.29

2.37%

0.23%

0.23%

4.52%

$207,272

59%

Year

Ended

June

30,

2024

...............

6.84

0.41

0.43

0.84

(0.45)

—

(0.45)

7.23

12.56%

0.29%

0.28%

5.92%

207,192

48%

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(f)

0.20

0.16

0.36

(0.23)

—

(0.23)

7.14

5.23%

0.32%

0.32%

2.81%

436,857

40%

The

U.S.

Government

Fixed

Income

Securities

Portfolio

Six

Months

Ended

December

31,

2024

(unaudited)

..........

$8.42

$0.17

$(0.05)

$0.12

$(0.18)

$—

$(0.18)

$8.36

1.37%

0.11%

0.11%

4.00%

$965,143

18%

Year

Ended

June

30,

2024

...............

8.49

0.30

(0.08)

0.22

(0.29)

—

(0.29)

8.42

2.69%

0.13%

0.12%

3.52%

982,163

74%

Year

Ended

June

30,

2023

...............

8.86

0.30

(0.37)

(0.07)

(0.30)

—(e)

(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)

—(e)

(0.21)

10.83

10.21%

0.19%

0.19%

1.99%

305,689

58%

*

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)

Amount

rounds

to

less

than

$0.005

per

share.

(f)

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.

215

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

Six

Months

Ended

December

31,

2024

(unaudited)

..........

$8.70

$0.21

$0.03

$0.24

$(0.22)

$—

$(0.22)

$8.72

2.73%

0.17%

0.17%

4.63%

$266,810

41%

Year

Ended

June

30,

2024

...............

8.67

0.37

0.03

0.40

(0.37)

—

(0.37)

8.70

4.70%

0.21%

0.19%

4.32%

278,368

37%

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%

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Six

Months

Ended

December

31,

2024

(unaudited)

..........

$8.17

$0.14

$0.04

$0.18

$(0.15)

$—

$(0.15)

$8.20

2.23%

0.21%

0.21%

3.43%

$216,234

5%(d)

Year

Ended

June

30,

2024

...............

8.24

0.27

(0.07)

0.20

(0.27)

—

(0.27)

8.17

2.51%

0.22%

0.20%

3.38%

223,863

11%(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)

The

Short-Term

Municipal

Bond

Portfolio

Six

Months

Ended

December

31,

2024

(unaudited)

..........

$9.56

$0.13

$0.02

$0.15

$(0.13)

$—

$(0.13)

$9.58

1.58%

0.25%

0.25%

2.58%

$69,360

12%

Year

Ended

June

30,

2024

...............

9.55

0.20

0.01

0.21

(0.20)

—

(0.20)

9.56

2.24%

0.32%

0.30%

2.13%

65,634

34%

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%

*

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)

Amount

rounds

to

less

than

$0.005

per

share.

216

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

Six

Months

Ended

December

31,

2024

(unaudited)

..........

$9.71

$0.14

$(0.01)

$0.13

$(0.15)

$—

$(0.15)

$9.69

1.35%

0.27%

0.27%

2.87%

$507,890

12%

Year

Ended

June

30,

2024

...............

9.66

0.24

0.05

0.29

(0.24)

—

(0.24)

9.71

3.01%

0.30%

0.29%

2.49%

495,000

33%

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%

*

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,

2024

(Unaudited)

217

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,

2024,

the

Trust

offered

fourteen

separate

investment

portfolios:

The

U.S.

Equity

Portfolio

(“U.S.

Equity

Portfolio”),

The

Institutional

U.S.

Equity

Portfolio

(“Institutional

U.S.

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.

The

Trust’s

investment

adviser

is

HC

Capital

Solutions

(the

“Adviser”),

an

operating

division

of

Hirtle

Callaghan

&

Co.,

LLC.

As

of

December

31,

2024

,

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

218

HC

CAPITAL

TRUST

Notes

to

Financial

Statements

(continued)

—December

31,

2024

(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

for

which

market

quotations

are

not

readily

available

shall

be

valued

in

accordance

with

procedures

adopted

by

the

Board,

utilizing

unobservable

inputs

which

may

include

applying

a

discount

to

a

range

of

limited

transaction

data

are

typically

categorized

as

Level

3

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

219

HC

CAPITAL

TRUST

Notes

to

Financial

Statements

(continued)

—December

31,

2024

(Unaudited)

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.

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,

2024

(amounts

in

thousands).

The

breakdown

of

investment

categorization

is

disclosed

in

the

Schedule

of

Portfolio

Investments

for

each

Portfolio.

Portfolio

LEVEL

1

-

Quoted

Prices

LEVEL

2

-

Other

Significant

Observable

Inputs

LEVEL

3

-

Significant

Unobservable

Inputs

Total

U.S.

Equity

Portfolio

Common

Stocks

.............

$

1,847,399

$

—

$

—

1

$

1,847,399

Contingent

Rights

............

42

—

—

1

42

Investment

Companies

........

9,551

—

—

9,551

Total

Investment

Securities

...

$

1,856,992

$

—

$

—

$

1,856,992

TOTAL

a

—

a

—

a

—

a

—

—

a

—

—

—

Institutional

U.S.

Portfolio

Common

Stocks

.............

$

1,733,484

$

—

$

—

1

$

1,733,484

Contingent

Right

.............

—

—

—

1

—

Investment

Companies

........

811,218

—

—

811,218

Purchased

Options

...........

175

—

—

175

Total

Investment

Securities

...

$

2,544,877

$

—

$

—

$

2,544,877

TOTAL

a

—

a

—

a

—

a

—

Other

Financial

Instruments

2

Futures

...................

$

(3,069)

$

—

$

—

$

(3,069)

Credit

Default

Swap

........

—

(23,088)

—

(23,088)

Written

Options

............

(1,444)

—

—

(1,444)

Total

Investments

..........

$

2,540,364

$

(23,088)

$

—

$

2,517,276

a

—

a

—

a

—

a

—

ESG

Growth

Portfolio

Common

Stocks

.............

$

201,156

—

$

—

1

$

201,156

Warrant

....................

—

—

—

1

—

Investment

Company

.........

574

—

—

574

Total

Investment

Securities

...

$

201,730

$

—

$

—

$

201,730

TOTAL

a

—

a

—

a

—

a

—

Other

Financial

Instruments

2

Future

....................

$

(4)

$

—

$

—

$

(4)

Total

Investments

..........

$

201,726

$

—

$

—

$

201,726

a

—

a

—

a

—

a

—

220

HC

CAPITAL

TRUST

Notes

to

Financial

Statements

(continued)

—December

31,

2024

(Unaudited)

Portfolio

LEVEL

1

-

Quoted

Prices

LEVEL

2

-

Other

Significant

Observable

Inputs

LEVEL

3

-

Significant

Unobservable

Inputs

Total

Catholic

SRI

Growth

Portfolio

Common

Stocks

.............

$

36,767

$

—

$

—

1

$

36,767

Warrant

....................

—

—

—

1

—

Investment

Company

.........

22

—

—

22

Total

Investment

Securities

...

$

36,789

$

—

$

—

$

36,789

TOTAL

a

—

a

—

a

—

a

—

—

a

—

—

—

International

Portfolio

Common

Stocks

.............

$

479,204

$

—

$

—

1

$

479,204

Warrant

....................

—

—

—

1

—

Investment

Companies

........

58,084

—

—

58,084

Purchased

Options

...........

29

—

—

29

Total

Investment

Securities

...

$

537,317

$

—

$

—

$

537,317

TOTAL

a

—

a

—

a

—

a

—

Other

Financial

Instruments

2

Futures

...................

$

(91)

$

—

$

—

$

(91)

Written

Options

............

(175)

—

—

(175)

Total

Investments

..........

$

537,051

$

—

$

—

$

537,051

a

—

a

—

a

—

a

—

Institutional

International

Portfolio

Common

Stocks

.............

$

421,166

$

154

$

—

1

$

421,320

Investment

Companies

........

357,674

81,537

—

439,211

Purchased

Options

...........

44

—

—

44

Total

Investment

Securities

...

$

778,884

$

81,691

$

—

$

860,575

TOTAL

—

a

—

—

—

Other

Financial

Instruments

2

Futures

...................

$

(700)

$

—

$

—

$

(700)

Written

Options

............

(297)

—

—

(297)

Total

Investments

..........

$

777,887

$

81,691

$

—

$

859,578

a

—

a

—

a

—

a

—

Emerging

Markets

Portfolio

Common

Stocks

.............

$

387,773

1,211

$

11,206

$

400,190

Investment

Companies

........

256,643

—

—

256,643

Purchased

Options

...........

43

—

—

43

Total

Investment

Securities

...

$

644,459

$

1,211

$

11,206

$

656,876

TOTAL

a

—

a

—

a

—

a

—

Other

Financial

Instruments

2

Futures

...................

$

(867)

$

—

$

—

$

(867)

Written

Options

............

(248)

—

—

(248)

Total

Investments

..........

$

643,344

$

1,211

$

11,206

$

655,761

a

—

a

—

a

—

a

—

221

HC

CAPITAL

TRUST

Notes

to

Financial

Statements

(continued)

—December

31,

2024

(Unaudited)

Portfolio

LEVEL

1

-

Quoted

Prices

LEVEL

2

-

Other

Significant

Observable

Inputs

LEVEL

3

-

Significant

Unobservable

Inputs

Total

Core

Fixed

Income

Portfolio

Asset

Backed

Securities

.......

$

—

$

184

$

—

$

184

Collateralized

Mortgage-Backed

Securities

...................

—

551

—

551

U.S.

Government

Agency

Mortgages

..................

—

9,559

—

9,559

U.S.

Government

Agency

Securities

...................

—

369

—

369

Corporate

Bonds

.............

—

11,824

—

11,824

U.S.

Treasury

Obligations

......

—

21,807

—

21,807

Yankee

Dollars

..............

—

955

—

955

Investment

Companies

........

45,288

—

—

45,288

Total

Investment

Securities

...

$

45,288

$

45,249

$

—

$

90,537

TOTAL

a

—

a

—

a

—

a

—

Other

Financial

Instruments

2

Future

....................

$

(75)

$

—

$

—

$

(75)

Total

Investments

..........

$

45,213

$

45,249

$

—

$

90,462

a

—

a

—

a

—

a

—

Corporate

Opportunities

Portfolio

Common

Stocks

.............

$

1,383

$

1,332

$

—

$

2,715

Investment

Companies

........

181,201

17,533

—

198,734

Total

Investment

Securities

...

$

182,584

$

18,865

$

—

$

201,449

TOTAL

—

a

—

—

—

Other

Financial

Instruments

2

Futures

...................

$

(1,176)

$

—

$

—

$

(1,176)

Credit

Default

Swap

........

—

(5,849)

—

(5,849)

Total

Investments

..........

$

181,408

$

13,016

$

—

$

194,424

a

—

a

—

a

—

a

—

U.S.

Government

Fixed

Income

Portfolio

U.S.

Government

Agency

Securities

...................

$

—

$

6,794

$

—

$

6,794

U.S.

Treasury

Obligations

......

—

433,658

—

433,658

Investment

Companies

........

514,935

—

—

514,935

Total

Investment

Securities

...

$

514,935

$

440,452

$

—

$

955,387

TOTAL

—

a

—

—

—

Other

Financial

Instruments

2

Futures

...................

$

(2,365)

$

—

$

—

$

(2,365)

Written

Options

............

(331)

—

—

(331)

Total

Investments

..........

$

512,239

$

440,452

$

—

$

952,691

a

—

a

—

a

—

a

—

U.S.

Corporate

Fixed

Income

Portfolio

Corporate

Bonds

.............

$

—

$

184,084

$

—

$

184,084

Yankee

Dollars

..............

—

15,551

—

15,551

Investment

Companies

........

64,395

—

—

64,395

222

HC

CAPITAL

TRUST

Notes

to

Financial

Statements

(continued)

—December

31,

2024

(Unaudited)

Amounts

designated

as

“—”

are

$0

or

have

been

rounded

to

$0.

Portfolio

LEVEL

1

-

Quoted

Prices

LEVEL

2

-

Other

Significant

Observable

Inputs

LEVEL

3

-

Significant

Unobservable

Inputs

Total

U.S.

Corporate

Fixed

Income

Portfolio

(continued)

Total

Investment

Securities

...

$

64,395

$

199,635

$

—

$

264,030

TOTAL

a

—

a

—

a

—

a

—

—

a

—

—

—

U.S.

Mortgage/Asset

Backed

Fixed

Income

Portfolio

Asset

Backed

Securities

.......

$

—

$

2,913

$

—

$

2,913

Collateralized

Mortgage-Backed

Securities

...................

—

10,364

—

10,364

U.S.

Government

Agency

Mortgages

..................

—

174,426

—

174,426

Corporate

Bonds

.............

—

307

—

307

Investment

Companies

........

44,247

—

—

44,247

Total

Investment

Securities

...

$

44,247

$

188,010

$

—

$

232,257

TOTAL

a

—

a

—

a

—

a

—

Other

Financial

Instruments

2

TBA

Sale

Commitments

.....

$

—

$

(535)

$

—

$

(535)

Total

Investments

..........

$

44,247

$

187,475

$

—

$

231,722

a

—

a

—

a

—

a

—

Short-Term

Municipal

Portfolio

Municipal

Bonds

.............

$

—

$

67,695

$

—

$

67,695

Investment

Company

.........

699

—

—

699

Total

Investment

Securities

...

$

699

$

67,695

$

—

$

68,394

TOTAL

—

a

—

—

—

—

a

—

—

—

Intermediate

Municipal

Portfolio

Municipal

Bonds

.............

$

—

$

424,945

$

—

$

424,945

Investment

Companies

........

77,137

—

—

77,137

Total

Investment

Securities

...

$

77,137

$

424,945

$

—

$

502,082

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,

2024

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

and

swap

agreements,

which

are

valued

at

fair

value.

223

HC

CAPITAL

TRUST

Notes

to

Financial

Statements

(continued)

—December

31,

2024

(Unaudited)

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):

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.

Other

expenses

are

allocated

proportionately

among

the

Portfolios

in

relation

to

the

net

assets

of

each

Portfolio

or

by

another

appropriate

method.

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

U.S.

Equity

Portfolio,

Institutional

U.S.

Portfolio,

ESG

Growth

Portfolio,

Catholic

SRI

Growth

Portfolio

Portfolio

Asset

Group

Balance

as

of

June

30,

2024

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,

2024

Emerging

Markets

Portfolio

............

Common

Stock

$

11,507

$

—

$

(301)

$

—

$

—

$

—

$

—

$

—

$

11,206

Portfolio

Asset

Group

Value

as

of

December

31,

2024

Valuation

Technique

Unobservable

Input

Description

1

Unobservable

Input

Emerging

Markets

Portfolio

...........

Common

Stock

$

11,206

Market

Approach

Illiquidity

Discount

30

%

1

In

determining

certain

of

these

inputs,

management

evaluates

a

variety

of

factors

including

economic

condition,

industry

and

market

developments,

market

valuations

of

comparable

companies

and

company

specific

developments.

Significant

increases

(decreases)

in

any

of

those

inputs

in

isolation

would

have

resulted

in

a

significantly

lower

(higher)

fair

value

measurement.

An

increase

to

the

input

used

for

the

illiquidity

discount

would

result

in

a

decrease

to

fair

value

and

a

decrease

would

have

the

opposite

effect.

224

HC

CAPITAL

TRUST

Notes

to

Financial

Statements

(continued)

—December

31,

2024

(Unaudited)

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

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,

2024

,

the

commission

recapture

was

less

than

$1,000

for

The

Institutional

U.S.

Portfolio.

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.

225

HC

CAPITAL

TRUST

Notes

to

Financial

Statements

(continued)

—December

31,

2024

(Unaudited)

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.

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,

2024

(amounts

in

thousands).

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,

2024

(amounts

in

thousands):

Assets

Portfolio

Unrealized

appreciation

on

futures

contracts*

Investments,

at

value

for

purchased

options

Equity

Risk

Exposure:

Institutional

U.S.

Portfolio

..................................................

$

5

$

175

International

Portfolio

......................................................

2

29

Institutional

International

Portfolio

...........................................

7

44

Emerging

Markets

Portfolio

.................................................

5

43

Liabilities

Portfolio

Unrealized

depreciation

on

futures

contracts*

Written

options,

at

fair

value

Swap

agreements

at

value

Credit

Risk

Exposure:

Institutional

U.S.

Portfolio

....................................

$

–

$

–

$

23,088

Corporate

Opportunities

Portfolio

..............................

–

–

5,849

Equity

Risk

Exposure:

Institutional

U.S.

Portfolio

....................................

3,074

1,444

–

ESG

Growth

Portfolio

.......................................

4

–

–

International

Portfolio

........................................

93

175

–

Institutional

International

Portfolio

.............................

707

297

–

Emerging

Markets

Portfolio

...................................

872

248

–

Corporate

Opportunities

Portfolio

..............................

378

–

–

Interest

Rate

Exposure:

Core

Fixed

Income

Portfolio

..................................

75

–

–

Corporate

Opportunities

Portfolio

..............................

798

–

–

U.S.

Government

Fixed

Income

Portfolio

........................

2,365

331

–

*

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.

226

HC

CAPITAL

TRUST

Notes

to

Financial

Statements

(continued)

—December

31,

2024

(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

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

Credit

Risk

Exposure:

$

–

$

–

$

–

$

–

Institutional

U.S.

Portfolio

.....................

$

–

$

–

$

–

$

(7,425)

Corporate

Opportunities

Portfolio

...............

–

–

–

(2,623)

Equity

Risk

Exposure:

Institutional

U.S.

Portfolio

.....................

6,471

9,452

(3,602)

–

ESG

Growth

Portfolio

........................

41

–

–

–

International

Portfolio

.........................

(1,466)

1,554

(564)

–

Institutional

International

Portfolio

..............

(3,058)

2,635

(893)

–

Emerging

Markets

Portfolio

....................

(4,489)

2,282

(849)

–

Corporate

Opportunities

Portfolio

...............

4,892

–

–

–

Interest

Rate

Risk

Exposure:

–

–

–

–

Core

Fixed

Income

Portfolio

...................

(151)

–

–

–

Corporate

Opportunities

Portfolio

...............

376

–

–

–

U.S.

Government

Fixed

Income

Portfolio

.........

(358)

973

(13)

–

U.S.

Corporate

Fixed

Income

Portfolio

...........

1,349

–

–

–

U.S.

Mortgage/Asset

Backed

Fixed

Income

Portfolio

578

–

–

–

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

Credit

Risk

Exposure:

Institutional

U.S.

Portfolio

.....................

$

–

$

–

$

–

$

(1

,

035)

Corporate

Opportunities

Portfolio

...............

–

–

–

(552)

Equity

Risk

Exposure:

Institutional

U.S.

Portfolio

.....................

 (3,451)

 (2,189)

 86

–

International

Portfolio

.........................

(117)

(496)

(10)

–

Institutional

International

Portfolio

..............

(340)

(689)

(11)

–

Emerging

Markets

Portfolio

....................

(919)

(614)

(14)

–

Corporate

Opportunities

Portfolio

...............

(656)

–

–

–

Interest

Rate

Risk

Exposure:

Core

Fixed

Income

Portfolio

...................

(75)

–

–

–

Corporate

Opportunities

Portfolio

...............

 (1,347)

–

–

–

U.S.

Government

Fixed

Income

Portfolio

.........

(3,134)

(148)

–

–

U.S.

Corporate

Fixed

Income

Portfolio

...........

(118)

–

–

–

U.S.

Mortgage/Asset

Backed

Fixed

Income

Portfolio

(50)

–

–

–

*

Options

purchased

activity

is

included

within

the

investment

in

securities

line

items

on

the

Statement

of

Operations.

227

HC

CAPITAL

TRUST

Notes

to

Financial

Statements

(continued)

—December

31,

2024

(Unaudited)

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,

2024

,

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

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,

2024

,

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.

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,

2024

,

and

the

month-end

average

notional

amount

for

the

period

ended

December

31,

2024

are

detailed

in

the

table

below:

Outstanding

Notional

Amount

(000)

Monthly

Average

Notional

Amount

(000)

Futures

Contracts:

Long

Short

Long

Short

Institutional

U.S.

Portfolio

.....................

$

100,733

$

26,414

$

139,111

$

11,767

ESG

Growth

Portfolio

........................

113

—

1,327

—

International

Portfolio

.........................

4,648

5,045

5,240

4,653

Institutional

International

Portfolio

..............

22,675

9,794

426,600

8,584

Emerging

Markets

Portfolio

....................

23,087

7,716

41,225

7,811

Core

Fixed

Income

Portfolio

...................

7,286

—

2,507

—

Corporate

Opportunities

Portfolio

...............

121,414

—

192,299

—

228

HC

CAPITAL

TRUST

Notes

to

Financial

Statements

(continued)

—December

31,

2024

(Unaudited)

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

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,

2024

and

the

month-end

average

notional

amount

for

the

period

ended

December

31,

2024

are

detailed

in

the

table

below:

Outstanding

Notional

Amount

(000)

Monthly

Average

Notional

Amount

(000)

Futures

Contracts:

Long

Short

Long

Short

U.S.

Government

Fixed

Income

Portfolio

.........

$

163,685

$

—

$

145,418

$

—

U.S.

Corporate

Fixed

Income

Portfolio

...........

—

—

24,087

—

U.S.

Mortgage/Asset

Backed

Fixed

Income

Portfolio

—

—

10,323

—

Purchased

Option

Contracts:

Outstanding

Notional

Amount

(000)

Monthly

Average

Notional

Amount

(000)

Institutional

U.S.

Portfolio

..................................................

$

142,858

$

209,415

International

Portfolio

......................................................

22,623

33,523

Institutional

International

Portfolio

...........................................

36,805

55,813

Emerging

Markets

Portfolio

.................................................

34,745

51,737

Written

Option

Contracts:

Outstanding

Notional

Amount

(000)

Monthly

Average

Notional

Amount

(000)

Institutional

U.S.

Portfolio

..................................................

$

210,609

$

376,735

International

Portfolio

......................................................

28,451

58,484

Institutional

International

Portfolio

...........................................

48,804

99,488

229

HC

CAPITAL

TRUST

Notes

to

Financial

Statements

(continued)

—December

31,

2024

(Unaudited)

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

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.

Credit

Default

Swaps:

Certain

of

the

Portfolios

may

enter

into

credit

default

swap

agreements.

 The

credit

default

swap

agreement

may

have

as

reference

obligations

one

or

more

securities

that

are

not

currently

held

by

the

Portfolio.

The

protection

“buyer”

in

a

credit

default

contract

is

generally

obligated

to

pay

the

protection

“seller”

an

upfront

or

a

periodic

stream

of

payments

over

the

term

of

the

contract

provided

that

no

credit

event,

such

as

a

default,

on

a

reference

obligation

has

occurred.

If

a

credit

event

occurs,

the

seller

generally

must

pay

the

buyer

the

“par

value”

(full

notional

value)

of

the

swap

in

exchange

for

an

equal

face

amount

of

deliverable

obligations

of

the

reference

entity

described

in

the

swap,

or

the

seller

may

be

required

to

deliver

the

related

net

cash

amount,

if

the

swap

is

cash

settled.

The

Portfolio

may

be

either

the

buyer

or

seller

in

the

transaction.

If

the

Portfolio

is

a

buyer

and

no

credit

event

occurs,

the

Portfolio

may

recover

nothing

if

the

swap

is

held

through

its

termination

date.

However,

if

a

credit

event

occurs,

the

buyer

generally

may

elect

to

receive

the

full

notional

value

of

the

swap

in

exchange

for

an

equal

face

amount

of

deliverable

obligations

of

the

reference

entity

whose

value

may

have

significantly

decreased.

As

a

seller,

the

Portfolio

generally

receives

an

upfront

payment

or

a

fixed

rate

of

income

throughout

the

term

of

the

swap

provided

that

there

is

no

credit

event.

As

the

seller,

the

Portfolio

would

effectively

add

leverage

to

its

portfolio

because,

in

addition

to

its

total

net

assets,

a

Portfolio

would

be

subject

to

investment

exposure

on

the

notional

amount

of

the

swap.

Written

Option

Contracts:

Outstanding

Notional

Amount

(000)

Monthly

Average

Notional

Amount

(000)

Emerging

Markets

Portfolio

.................................................

$

38,854

$

85,585

U.S.

Government

Fixed

Income

Portfolio

......................................

43,725

81,796

230

HC

CAPITAL

TRUST

Notes

to

Financial

Statements

(continued)

—December

31,

2024

(Unaudited)

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.

The

notional

value

of

the

swap

agreements

outstanding

at

December

31,

2024

and

the

month-end

average

notional

amount

for

the

period

end

December

31,

2024

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,

2024

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.

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,

2024

(amounts

in

thousands):

Amounts

designated

as

“—”

are

$0

or

have

been

round

to

$0

Credit

Default

Swaps

Agreements:

Outstanding

Notional

Amount

(000)

Monthly

Average

Notional

Amount

(000)

Institutional

U.S.

Portfolio

..................................................

$

300,000

$

233,333

Corporate

Opportunities

Portfolio

............................................

76,000

63,500

Portfolio

Value

of

Securities

on

Loan

Value

of

Collateral

Received*

Net

Amount

U.S.

Equity

Portfolio

.......................................

$

25

3

$

25

3

$

—

Institutional

International

Portfolio

............................

2,0

41

485

1,5

56

Emerging

Markets

Portfolio

..................................

549

13

536

U.S.

Corporate

Fixed

Income

Portfolio

.........................

239

239

—

231

HC

CAPITAL

TRUST

Notes

to

Financial

Statements

(continued)

—December

31,

2024

(Unaudited)

Securities

lending

transactions

as

of

December

31,

2024

(amounts

in

thousands):

M.

Recent

Accounting

Pronouncement.

In

November

2023,

the

FASB

issued

ASU

2023-07,

“Segment

Reporting

(Topic

280):

Improvements

to

Reportable

Segment

Disclosures

(“ASU

2023-07“),

which

enhances

disclosure

requirements

about

significant

segment

expenses

that

are

regularly

provided

to

the

chief

operating

decision

maker

(the

“CODM”).

ASU

2023-

07,

among

other

things,

(i)

requires

a

single

segment

public

entity

to

provide

all

of

the

disclosures

as

required

by

Topic

280,

(ii)

requires

a

public

entity

to

disclose

the

title

and

position

of

the

CODM

and

an

explanation

of

how

the

CODM

uses

the

reported

measure(s)

of

segment

profit

or

loss

in

assessing

segment

performance

and

deciding

how

to

allocate

resources

and

(iii)

provides

the

ability

for

a

public

entity

to

elect

more

than

one

performance

measure.

ASU

2023-07

is

effective

for

fiscal

years

beginning

after

December

15,

2023,

and

interim

periods

within

fiscal

years

beginning

after

December

15,

2024.

The

Portfolios

are

currently

assessing

the

impact

of

this

guidance,

however,

the

Portfolios

do

not

expect

a

material

impact

on

their

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

earns

a

fee,

accrued

daily

and

paid

either

monthly

or

quarterly,

based

on

average

daily

net

assets

of

that

portion

of

the

Portfolio

managed.

*

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)

for

the

,

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

U.S.

Equity

Portfolio

......................................................

$

257

$

257

Institutional

International

Portfolio

...........................................

485

485

Emerging

Markets

Portfolio

.................................................

13

13

Corporate

Opportunities

Portfolio

............................................

1,177

**

1,177

U.S.

Corporate

Fixed

Income

Portfolio

........................................

250

250

**

Represents

collateral

received

from

prior

securities

lending

activity.

232

HC

CAPITAL

TRUST

Notes

to

Financial

Statements

(continued)

—December

31,

2024

(Unaudited)

For

the

period

ended

December

31,

2024

,

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.

U.S.

Equity

Portfolio:

Specialist

Manager

Amount

Earned

(000)

Fee

Mellon

Investments

Corporation

(Index

Strategy)

$

─

0.04%

(a)(b)

Mellon

Investments

Corporation

(Factor

Strategy)

─

0.065%

(a)(b)

Monashee

Investment

Management

LLC

─

0.45%

(a)(c)

Parametric

Portfolio

Associates,

LLC

(Liquidity

Strategy)

2

3.29%

(d)

Parametric

Portfolio

Associates,

LLC

(Targeted

Strategy)

─

0.05%

(a)(e)

Parametric

Portfolio

Associates,

LLC

(Tax-Managed

Custom

Strategy)

720

0.08%

(f)

Parametric

Portfolio

Associates,

LLC

(Options

Overlay

Strategy)

─

N/A

(a)(g)

Total

$

722

0.08%

Institutional

U.S.

Portfolio:

Specialist

Manager

Amount

Earned

(000)

Fee

Mellon

Investments

Corporation

(Index

Strategy)

$

149

0.04%

(b)

Mellon

Investments

Corporation

(Factor

Strategy)

192

0.065%

(b)

Monashee

Investment

Management

LLC

867

0.45%

(c)

Parametric

Portfolio

Associates,

LLC

(Liquidity

Strategy)

27

0.09%

(d)

Parametric

Portfolio

Associates,

LLC

(Targeted

Strategy)

87

0.05%

(e)

Parametric

Portfolio

Associates,

LLC

(Options

Overlay

Strategy)

55

0.53%

(g)

Rhumbline

Advisors

LP

82

0.04%

Wellington

Management

Company,

LLP

289

0.71%

(h)

Total

$

1,748

0.13%

ESG

Growth

Portfolio:

Specialist

Manager

Amount

Earned

(000)

Fee

Agincourt

Capital

Management,

LLC

$

─

0.12%

(a)

Mellon

Investments

Corporation

100

0.10%

Parametric

Portfolio

Associates,

LLC

(Liquidity

Strategy)

6

0.73%

(d)

Parametric

Portfolio

Associates,

LLC

(Targeted

Strategy)

─

0.05%

(a)(e)

Total

$

106

0.11%

233

HC

CAPITAL

TRUST

Notes

to

Financial

Statements

(continued)

—December

31,

2024

(Unaudited)

Catholic

SRI

Growth

Portfolio:

Specialist

Manager

Amount

Earned

(000)

Fee

Agincourt

Capital

Management,

LLC

$

─

0.12%

(a)

Mellon

Investments

Corporation

18

0.10%

Parametric

Portfolio

Associates,

LLC

(Liquidity

Strategy)

─

N/A

(a)(d)

Parametric

Portfolio

Associates,

LLC

(Targeted

Strategy)

─

0.05%

(a)(e)

Total

$

18

0.10%

International

Portfolio:

Specialist

Manager

Amount

Earned

(000)

Fee

City

of

London

Investment

Management

Company,

Limited

$

─

0.50%

(a)(i)

Mellon

Investments

Corporation

(Developed

Markets

Strategy)

─

0.05%

(a)(j)

Mellon

Investments

Corporation

(Developed

Factor

Strategy)

─

0.075%

(a)(j)

Mellon

Investments

Corporation

(Emerging

Markets

Strategy)

─

0.13%

(a)(j)

Monashee

Investment

Management

LLC

136

0.45%

(c)

Parametric

Portfolio

Associates,

LLC

(Liquidity

Strategy)

5

0.46%

(d)

Parametric

Portfolio

Associates,

LLC

(Targeted

Strategy)

─

0.05%

(a)(e)

Parametric

Portfolio

Associates,

LLC

(Tax-Managed

Custom

Strategy)

200

0.08%

(f)

Parametric

Portfolio

Associates,

LLC

(Options

Overlay

Strategy)

─

3.12%

(a)(g)

Total

$

341

0.12%

Institutional

International

Portfolio:

Specialist

Manager

Amount

Earned

(000)

Fee

City

of

London

Investment

Management

Company,

Limited

$

504

0.50%

(i)

City

of

London

Investment

Management

Company,

Limited

-

PE

10

0.63%

(i)

Mellon

Investments

Corporation

(Developed

Markets

Strategy)

86

0.05%

(j)

Mellon

Investments

Corporation

(Developed

Factor

Strategy)

56

0.075%

(j)

Mellon

Investments

Corporation

(Emerging

Markets

Strategy)

─

0.13%

(a)(j)

Monashee

Investment

Management

LLC

232

0.45%

(c)

Parametric

Portfolio

Associates,

LLC

(Liquidity

Strategy)

17

0.10%

(d)

Parametric

Portfolio

Associates,

LLC

(Targeted

Strategy)

34

0.05%

(e)

Parametric

Portfolio

Associates,

LLC

(Options

Overlay

Strategy)

─

N/A

(a)(g)

Rhumbline

Advisors

LP

─

0.05%

(a)

Total

$

939

0.20%

234

HC

CAPITAL

TRUST

Notes

to

Financial

Statements

(continued)

—December

31,

2024

(Unaudited)

Emerging

Markets

Portfolio:

Specialist

Manager

Amount

Earned

(000)

Fee

City

of

London

Investment

Management

Company,

Limited

$

248

1.00%

(k)

Mellon

Investments

Corporation

324

0.13%

(j)

Monashee

Investment

Management

LLC

215

0.45%

(c)

Parametric

Portfolio

Associates,

LLC

(Liquidity

Strategy)

23

0.09%

(d)

Parametric

Portfolio

Associates,

LLC

(Targeted

Strategy)

4

0.05%

(e)

Parametric

Portfolio

Associates,

LLC

(Tax-Managed

Custom

Strategy)

─

0.08%

(a)(f)

Parametric

Portfolio

Associates,

LLC

(Options

Overlay

Strategy)

─

N/A

(a)(g)

Total

$

814

0.23%

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)

10

0.06%

Mellon

Investments

Corporation

(Corporate

Strategy)

─

0.15%

(a)

Parametric

Portfolio

Associates,

LLC

(Options

Overlay

Strategy)

22

0.11%

(g)

Total

$

37

0.08%

Corporate

Opportunities

Portfolio:

Specialist

Manager

Amount

Earned

(000)

Fee

City

of

London

Investment

Management

Company,

Limited

$

33

0.45%

Mellon

Investments

Corporation

─

0.25%

(a)

Monashee

Investment

Management

LLC

─

0.45%

(a)(c)

Parametric

Portfolio

Associates,

LLC

(Liquidity

Strategy)

78

0.08%

(d)

Parametric

Portfolio

Associates,

LLC

(Targeted

Strategy)

─

0.05%

(a)(e)

Parametric

Portfolio

Associates,

LLC

(Options

Overlay

Strategy)

33

1.15%

(g)

Total

$

144

0.14%

U.S.

Government

Fixed

Income

Portfolio:

Specialist

Manager

Amount

Earned

(000)

Fee

Mellon

Investments

Corporation

$

138

0.06%

Parametric

Portfolio

Associates,

LLC

(Options

Overlay

Strategy)

21

0.01%

(l)

Total

$

159

0.03%

235

HC

CAPITAL

TRUST

Notes

to

Financial

Statements

(continued)

—December

31,

2024

(Unaudited)

Amounts

designated

as

“—”

are

$0

or

have

been

rounded

to

$0.

U.S.

Corporate

Fixed

Income

Portfolio:

Specialist

Manager

Amount

Earned

(000)

Fee

Agincourt

Capital

management,

LLC

$

85

0.08%

Mellon

Investments

Corporation

─

0.15%

(a)

Parametric

Portfolio

Associates,

LLC

(Options

Overlay

Strategy)

20

0.09%

(l)

Total

$

105

0.08%

U.S.

Mortgage/Asset

Backed

Fixed

Income

Portfolio:

Specialist

Manager

Amount

Earned

(000)

Fee

Mellon

Investments

Corporation

$

59

0.06%

Parametric

Portfolio

Associates,

LLC

(Options

Overlay

Strategy)

27

0.03%

(l)

Total

$

86

0.08%

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.

$

27

0.125%

City

of

London

Investment

Management

Company,

Limited

145

0.45%

Insight

North

America,

LLC

294

0.15%

(m)

Parametric

Portfolio

Associates,

LLC

(Options

Overlay

Strategy)

─

N/A

(a)(l)

Total

$

466

0.18%

236

HC

CAPITAL

TRUST

Notes

to

Financial

Statements

(continued)

—December

31,

2024

(Unaudited)

(a)

Specialist

Manager

approved

by

the

Board

but

a

strategy

to

which

no

assets

were

allocated

during

the

period

ended

December

31,

2024

.

(b)

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

U.S.

Equity

Portfolio,

Institutional

U.S.

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.

(c)

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.

(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.

(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)

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.

(i)

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

237

HC

CAPITAL

TRUST

Notes

to

Financial

Statements

(continued)

—December

31,

2024

(Unaudited)

adviser.

(j)

For

its

services

to

the

International

Portfolio,

the

Institutional

International

Portfolio,

and

the

Emerging

Markets

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.

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

U.S.

Equity

Portfolio,

Institutional

U.S.

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.

(k)

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.

(l)

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.

(m)

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.

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

period

s.

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.

238

HC

CAPITAL

TRUST

Notes

to

Financial

Statements

(continued)

—December

31,

2024

(Unaudited)

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,

2024

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,

2024

were

as

follows

(amounts

in

thousands).

Any

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,

2024

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

Excluding

U.S.

Government

Securities

and

In-Kind

Transactions

Associated

with

In-Kind

Transactions

Portfolio

Purchases

Sales

Purchases

Sales

U.S.

Equity

Portfolio

........................

$

31,537

$

38,775

$

–

$

67,183

Institutional

U.S.

Portfolio

....................

619,272

722,028

–

–

ESG

Growth

Portfolio

.......................

3,480

2,048

–

–

Catholic

SRI

Growth

Portfolio

.................

978

1,835

–

–

International

Portfolio

........................

44,512

51,629

–

–

Institutional

International

Portfolio

.............

162,222

167,613

–

–

Emerging

Markets

Portfolio

...................

246,415

281,408

–

–

Core

Fixed

Income

Portfolio

..................

2,672

1,520

–

–

Corporate

Opportunities

Portfolio

..............

87,343

16,979

–

–

U.S.

Government

Fixed

Income

Portfolio

........

69,380

104,431

–

–

U.S.

Corporate

Fixed

Income

Portfolio

..........

108,516

115,690

–

–

U.S.

Mortgage/Asset

Backed

Fixed

Income

Portfolio

..................................

1,637

1,880

–

–

Short-Term

Municipal

Portfolio

................

11,939

7,868

–

–

Intermediate

Municipal

Portfolio

...............

99,061

59,803

–

–

Portfolio

Purchases

Sales

Core

Fixed

Income

Portfolio

................................................

$

3,936

$

3,436

U.S.

Government

Fixed

Income

Securities

Portfolio

.............................

100,915

124,639

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

....................

7,686

16,999

239

HC

CAPITAL

TRUST

Notes

to

Financial

Statements

(continued)

—December

31,

2024

(Unaudited)

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

2022

to

2024

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.

A.

As

of

the

latest

tax

year

ended

June

30,

2024,

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):

Amounts

designated

as

“—”

are

$0

or

have

been

rounded

to

$0.

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

The

tax

characteristics

of

distributions

paid

during

the

fiscal

year

ended

June

30

,

2024

,

was

as

follows

(amounts

in

thousands):

Portfolio

Tax

Cost

of

Investments

Tax

Unrealized

Appreciation

Tax

Unrealized

(Depreciation)

Unrealized

Appreciation/

(Depreciation)

U.S.

Equity

Portfolio

.........................

$

569

,899

$

1,220,679

$

(2,954)

$

1,217,7

25

Institutional

U.S.

Portfolio

.....................

1,741,836

813,906

(50,156)

763,750

ESG

Growth

Portfolio

........................

122,809

77,402

(8,249)

69,153

Catholic

SRI

Growth

Portfolio

..................

20,650

10,508

4,097

14,605

International

Portfolio

.........................

315,546

256,226

(12,653)

243,573

Institutional

International

Portfolio

..............

821,520

183,971

(81,943)

102,028

Emerging

Markets

Portfolio

....................

579,724

211,226

(117,692)

93,534

Core

Fixed

Income

Portfolio

...................

90,751

117

(3,954)

(3,837)

Corporate

Opportunities

Portfolio

...............

202,463

62

(62)

—

U.S.

Government

Fixed

Income

Portfolio

.........

1,008,561

966

(35,112)

(34,146)

U.S.

Corporate

Fixed

Income

Portfolio

...........

289,201

2,674

(16,148)

(13,47

4

)

U.S.

Mortgage/Asset

Backed

Fixed

Income

Portfolio

265,000

173

(25,279)

(25,106)

Short-Term

Municipal

Portfolio

.................

65,300

56

(651)

(595)

Intermediate

Municipal

Portfolio

................

498,466

3,150

(11,154)

(8,004)

240

HC

CAPITAL

TRUST

Notes

to

Financial

Statements

(continued)

—December

31,

2024

(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

,

2024

,

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.

(a)

Includes

$55,000,

$325,513,

and

$32,406

of

straddle

losses

which

were

deferred

for

the

U.S.

Equity

Portfolio,

Institutional

U.S.

Portfolio

and

International

Portfolio,

respectively

(amounts

in

thousands).

Distributions

Paid

From:

Year

Ended

June

30,

2024

Ordinary

Income

Net

Long

Term

Gains

Total

Taxable

Distributions

Tax-Exempt

Distributions

Return

of

Capital

Total

Distributions

Paid*

U.S.

Equity

Portfolio

...................

$

8,167

$

11,355

$

19,522

$

—

$

—

$

19,522

Institutional

U.S.

Portfolio

...............

71,984

218,619

290,603

—

—

290,603

ESG

Growth

Portfolio

..................

3,056

1,535

4,591

—

—

4,591

Catholic

SRI

Growth

Portfolio

............

491

—

491

—

—

491

International

Portfolio

..................

16,534

—

16,534

—

—

16,534

Institutional

International

Portfolio

.........

22,250

—

22,250

—

—

22,250

Emerging

Markets

Portfolio

..............

27,920

—

27,920

—

—

27,920

Core

Fixed

Income

Portfolio

..............

2,526

—

2,526

—

—

2,526

Corporate

Opportunities

Portfolio

..........

12,942

—

12,942

—

—

12,942

U.S.

Government

Fixed

Income

Portfolio

.....

33,338

—

33,338

—

—

33,338

U.S.

Corporate

Fixed

Income

Portfolio

......

11,541

—

11,541

—

—

11,541

U.S.

Mortgage/Asset

Backed

Fixed

Income

Portfolio

............................

7,239

—

7,239

—

—

7,239

Short-Term

Municipal

Portfolio

............

54

—

54

1,374

—

1,428

Intermediate

Municipal

Portfolio

...........

3

—

3

11,80

6

—

11,809

Portfolio

Undistributed

Ordinary

Income/

Tax

Exempt

Income

Undistributed

Long

Term

Capital

Gains

Accumulated

Earnings

Accumulated

Capital

and

Other

Losses(a)

Unrealized

Appreciation/

(Depreciation)

Total

Accumulated

Earnings/

(Deficit)

*

(a)

U.S.

Equity

Portfolio

...................

$

495

$

8,

337

$

8,

832

$

—

$

1,21

7,7

25

$

1,2

26,557

Institutional

U.S.

Portfolio

...............

12

6

,

249

23

5,685

361,9

34

(

11,214)

763,750

1,114,470

ESG

Growth

Portfolio

..................

—

16

16

—

69,153

69,

169

Catholic

SRI

Growth

Portfolio

............

56

—

56

(182)

14,605

14,

479

International

Portfolio

..................

3,174

—

3,174

(49,759)

243,573

196,988

Institutional

International

Portfolio

.........

21,047

—

21,047

—

102,028

123,0

75

Emerging

Markets

Portfolio

..............

7,811

—

7,811

(102,444)

93,534

(1,099)

Core

Fixed

Income

Portfolio

..............

51

—

51

(5,074)

(3,837)

(8,860

)

Corporate

Opportunities

Portfolio

..........

28

—

28

(13,221)

—

(13,193)

U.S.

Government

Fixed

Income

Portfolio

.....

494

—

494

(41,362)

(34,146)

(75,014

)

U.S.

Corporate

Fixed

Income

Portfolio

......

288

—

288

(18,443)

(13,474

)

(31,629

)

U.S.

Mortgage/Asset

Backed

Fixed

Income

Portfolio

............................

195

—

195

(17,545)

(25,106)

(42,456

)

Short-Term

Municipal

Portfolio

............

43

—

43

(4,568)

(595)

(5,120

)

Intermediate

Municipal

Portfolio

...........

33

1

—

33

1

(12,323

)

(8,004)

(19,

996

)

241

HC

CAPITAL

TRUST

Notes

to

Financial

Statements

(continued)

—December

31,

2024

(Unaudited)

D.

Capital

Loss

Carryforwards

As

of

their

tax

year

ended

June

30,

2024

,

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.

As

of

their

tax

year

ended

June

30,

2024

,

the

Portfolios

had

no

such

deferred

losses.

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.

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):

Amounts

designated

as

“—”

are

$0

or

have

been

rounded

to

$0.

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

Portfolio

Short-Term

Amount

Long-Term

Amount

Total

Institutional

U.S.

Portfolio

....................................

$

3,

483

$

7,731

$

11,214

(a

)

Catholic

SRI

Growth

Portfolio

.................................

4

179

183

International

Portfolio

........................................

49,759

—

49,759

Emerging

Markets

Portfolio

...................................

60,620

41,823

102,443

Core

Fixed

Income

Portfolio

..................................

1,950

3,124

5,074

Corporate

Opportunities

Portfolio

..............................

5,215

8,006

13,221

U.S.

Government

Fixed

Income

Portfolio

........................

13,634

27,728

41,362

U.S.

Corporate

Fixed

Income

Portfolio

..........................

2,243

16,200

18,443

U.S.

Mortgage/Asset

Backed

Fixed

Income

Portfolio

...............

6,618

10,927

17,545

Short-Term

Municipal

Portfolio

................................

1,399

3,169

4,568

Intermediate

Municipal

Portfolio

...............................

1,679

10,643

12,322

(a)

Portfolio

Paid

in

Capital

Distributable

Earnings/

(Loss)

U.S.

Equity

Portfolio

......................................................

$

87,064

$

(

87,064

)

Institutional

U.S.

Portfolio

..................................................

37

(

37

)

Catholic

SRI

Growth

Portfolio

...............................................

—

—

International

Portfolio

......................................................

—

—

Institutional

International

Portfolio

...........................................

186

(

186

)

242

HC

CAPITAL

TRUST

Notes

to

Financial

Statements

(continued)

—December

31,

2024

(Unaudited)

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,

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).

243

HC

CAPITAL

TRUST

Notes

to

Financial

Statements

(continued)

—December

31,

2024

(Unaudited)

As

of

December

31,

2024

,

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,

2024

,

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,

2024

,

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

14,

2024,

the

U.S.

Equity

Portfolio

(“Acquiring

Portfolio”)

acquired

all

of

the

assets

and

liabilities

of

the

Value

Equity

Portfolio

and

the

Small

Cap-Mid

Cap

Portfolio

(“Targeted

Portfolios”),

each

a

series

of

the

Trust,

an

open-end

registered

management

investment

company,

pursuant

to

a

Board-approved

plan

of

reorganization

dated

May

31,

2024

(the

“Plan”).

The

acquisition

was

accomplished

by

a

tax-free

exchange

of

23,869,646

Shares

of

the

U.S.

Equity

Portfolio,

valued

at

$854,367,023

for

24,050,702

Shares

of

the

Targeted

Portfolios

outstanding

as

of

close

of

business

June

14,

2024.

Pursuant

to

the

Plan,

all

of

the

assets

and

liabilities

of

the

Targeted

Portfolios

were

transferred

to

the

U.S.

Equity

Portfolio.

At

the

close

of

business

June

14,

2024,

the

Targeted

Portfolios

investments

in

securities

had

a

fair

value

of

$851,181,421

and

identified

cost

of

$319,245,328,

representing

unrealized

appreciation

of

$531,936,093.

For

financial

reporting

purposes,

assets

received

and

shares

issued

by

the

U.S.

Equity

were

recorded

at

fair

value;

however,

the

cost

basis

of

the

investments

received

from

the

Targeted

Portfolios

was

carried

forward

to

align

ongoing

reporting

of

the

U.S.

Equity

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

Targeted

Portfolios

and

the

U.S.

Equity

Portfolio,

based

upon

relative

net

assets,

as

provided

by

the

Plan.

The

acquisition

did

not

result

in

a

material

change

to

the

Targeted

Portfolios’

investment

portfolio

due

to

the

investment

restrictions

of

the

U.S.

Equity

Portfolio.

Additionally,

there

are

no

material

differences

in

accounting

policies

of

the

Targeted

Portfolios

as

compared

to

those

of

the

U.S.

Equity

Portfolio.

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

—

ESG

Growth

Portfolio

........................................................

—

1

Catholic

SRI

Growth

Portfolio

..........................................

1

1

U.S.

Corporate

Fixed

Income

Portfolio

.............................

1

—

U.S.

Government

Fixed

Income

Portfolio

.........................

1

—

U.S.

Mortgage/Asset

Backed

Fixed

Income

Portfolio

.......

1

—

244

HC

CAPITAL

TRUST

Notes

to

Financial

Statements

(concluded)

—December

31,

2024

(Unaudited)

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,

2024

.

HC

CAPITAL

TRUST

Additional

Information

—

December

31,

2024

245

1.

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

(the

“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”).

The

Trust

offers

fourteen

Portfolios,

thirteen

of

which

are

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.

At

its

meetings

(the

“Meetings”)

held

on

September

16,

2024

and

December

12,

2024,

the

Trust’s

Board

of

Trustees

(the

“Board”)

approved

the

continuation

of

certain

Portfolio

Management

Agreements,

as

set

forth

below,

as

well

as

a

new

Portfolio

Management

Agreement

(the

“New

Agreement”)

with

RhumbLine

Advisers

Limited

Partnership

(“RhumbLine”)

with

respect

to

The

Emerging

Markets

Portfolio

(the

“EM

Portfolio”).

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

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

Amendments.

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.

Specialist

Manager

Portfolios

Mellon

Investments

Corporation

(“Mellon”)

The

U.S.

Equity

Portfolio

The

Institutional

U.S.

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

246

HC

CAPITAL

TRUST

Additional

Information

(continued)

—

December

31,

2024

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.

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

firm

generally

uses

passive

investment

strategies

intended

to

mirror

the

returns

of

the

applicable

benchmark

index.

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

index,

matched

the

performance

of

that

index.

The

Board

was

also

informed

that,

for

the

strategies

employed

for

fixed

income

Portfolios,

since

the

respective

inceptions

of

such

accounts,

one

strategy

had

outperformed

its

benchmark

index

Monashee

Investment

Management,

LLC

(“Monashee”)

The

U.S.

Equity

Portfolio

The

Institutional

U.S.

Equity

Portfolio

The

International

Equity

Portfolio

The

Institutional

International

Equity

Portfolio

The

Emerging

Markets

Portfolio

The

Corporate

Opportunities

Portfolio

RhumbLine

Advisers

Limited

Partnership

(“RhumbLine”)

The

Institutional

U.S.

Equity

Portfolio

The

Institutional

International

Equity

Portfolio

Wellington

Management

Company,

LLP

(“Wellington”)

The

Institutional

U.S.

Equity

Portfolio

247

HC

CAPITAL

TRUST

Additional

Information

(continued)

—

December

31,

2024

while

the

other

three

had

underperformed

their

respective

indices

by

between

0.03%

and

0.12%.

The

Board

was

also

informed

that,

as

Mellon

is

a

passive

investment

manager,

the

Adviser

primarily

assesses

the

firm

based

on

the

service

it

provides

rather

than

on

its

performance.

With

respect

to

Monashee,

the

Board

was

informed

that

the

firm

employs

an

options

strategy

that

sells

put

and

call

options

in

an

attempt

to

profit

form

the

premiums

on

such

sales.

The

Board

received

data

that

showed

that,

overall,

the

strategy

produced

returns

of

4.67%

greater

than

the

S&P

500

in

2023

and

0.05%

greater

than

the

S&P

500

in

the

first

half

of

2024.

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.

The

Board

was

further

informed

that

RhumbLine

had

managed

assets

of

The

Institutional

U.S.

Equity

Portfolio

for

just

over

one

year

and

had

slightly

underperformed

its

benchmark

index

for

the

most

recent

one

year

period.

The

Board

was

also

informed

that,

as

with

Mellon,

RhumbLine

is

a

passive

investment

manager

and

the

Adviser

primarily

assesses

the

firm

based

on

the

service

it

provides

rather

than

on

its

performance.

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,

2024.

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

at

the

time.

The

Board

also

concluded

that

the

fee

rates

at

which

each

of

the

Specialist

Managers

is

compensated

under

the

Continuing

Agreements

are

reasonable.

In

reaching

this

conclusion,

the

Board

had

before

it

information

about

the

impact

of

breakpoints,

financial

information

about

the

Specialist

Managers

relating

to

factors

such

as

comparable

fees

charged

to

other

institutional

clients

and/or

to

peer

funds

for

similar

services

and

costs

incurred

by

the

Specialist

Managers

in

providing

services

to

the

respective

Portfolios.

The

Board

was

also

informed

with

respect

to

advisory

fees

paid

by

other,

unaffiliated,

funds

with

similar

objectives

and

strategies.

In

considering

this

information,

the

Board

gave

substantial

weight

to

information

demonstrating

that

the

rate

at

which

these

Specialist

Managers

are

compensated

was

determined

as

a

result

of

arms-length

negotiations

conducted

by

the

officers

of

the

Trust

and

the

Adviser,

including

in

several

cases,

scheduled

breakpoints

designed

to

recognize

economies

of

scale

where

appropriate.

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.

The

Board

was

informed

that

each

of

these

fee

structures,

except

for

The

Emerging

Markets

Portfolio,

was

equal

to

or

lower

than

the

comparable

industry

average

fees.

With

respect

to

Monashee,

the

Board

was

informed

that

the

firm

is

entitled

to

a

maximum

fee

of

0.45%,

which

can

be

reduced

based

on

the

total

assets

managed

by

Monashee

using

the

strategies

employed

for

the

Trust.

The

Board

noted

that

the

effective

fee

paid

to

Monashee

of

0.45%

was

lower

than

the

respective

industry

average

fees

for

funds

with

similar

asset

classes,

but

was

informed

that

there

were

no

available

industry

average

fees

for

the

particular

strategy

employed

by

Monashee.

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

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%,

but

the

Board

was

also

informed

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

fees

for

real

estate

focused

funds

was

more

in

line

with

the

fee

paid

by

the

Portfolio

to

Wellington.

248

HC

CAPITAL

TRUST

Additional

Information

(concluded)

—

December

31,

2024

Approval

of

New

Agreement

with

RhumbLine.

In

approving

the

New

Agreement,

the

Board

concluded

that

approval

of

the

New

Agreement

was

in

the

best

interests

of

the

EM

Portfolio

and

consistent

with

the

expectations

of

shareholders

of

the

EM

Portfolio.

Based

upon

the

Adviser’s

recommendation,

it

was

determined

by

the

Board

that

the

potential

for

the

Adviser

to

be

able

to

allocate

assets

of

the

EM

Portfolio

to

indexing

strategies

employed

by

RhumbLine

would

be

appropriate.

Accordingly,

the

Board

approved

the

New

Agreement.

In

connection

with

its

deliberations,

the

Board

noted

that

the

terms

of

the

New

Agreement

were

substantially

similar,

with

the

exception

of

the

applicable

fees,

to

the

terms

of

Portfolio

Management

Agreements

already

in

effect

between

the

Trust

and

RhumbLine

with

respect

to

two

other

Portfolios

of

the

Trust.

The

Board

reviewed

and

considered

information

provided

by

RhumbLine

in

response

to

a

request

for

information

submitted

on

behalf

of

the

Independent

Trustees

in

connection

with

their

consideration

of

the

New

Agreement.

The

Board

also

was

informed

by

the

information

it

reviewed

and

considered

at

its

previous

meeting,

three

months

earlier,

related

to

the

annual

renewal

of

RhumbLine’s

existing

Portfolio

Management

Agreements

with

the

Trust,

about

RhumbLine’s

business

operations,

financial

position,

costs

and/or

profitability,

other

accounts

and

related

information.

The

Board

also

reviewed

and

considered

information

provided

to

it

by

the

Adviser

with

respect

to

the

strategy

the

Adviser

proposed

RhumbLine

implement

for

the

EM

Portfolio.

The

information

received

from

the

Adviser

included

the

Adviser’s

overall

evaluation

of

RhumbLine,

the

investment

style

that

the

Adviser

expects

RhumbLine

to

bring

use

in

providing

portfolio

management

services

to

the

EM

Portfolio,

the

Adviser’s

overall

expectations

for

the

long-term

strategy

of

the

EM

Portfolio

and

the

types

of

circumstances

that

may

lead

the

Adviser

to

allocate

assets

to

RhumbLine.

In

concluding

that

the

services

expected

to

be

provided

by

RhumbLine

were

reasonably

likely

to

benefit

the

EM

Portfolio,

the

Board

did

not

rely

upon

any

single

factor,

but

gave

substantial

weight

to

the

Adviser’s

assessment

of

the

structure

of

the

EM

Portfolio,

the

role

of

the

various

Specialist

Managers

currently

serving

the

EM

Portfolio,

and

the

potential

benefits

of

engaging

RhumbLine

to

manage

a

portion

of

the

EM

Portfolio’s

assets.

The

Board

also

determined

that

the

terms

of

the

New

Agreement

were

fair

and

reasonable

and

that

the

rate

at

which

RhumbLine

would

be

compensated

for

its

services

under

the

New

Agreement

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

EM

Portfolio

managed

by

other

investment

advisers

(the

“peer

group”).

While

the

Board

found

the

information

presented

useful

as

an

indication

of

the

range

of

fees

and

services

in

the

peer

groups,

the

Board

did

not

specifically

rely

upon

such

comparisons,

but

based

its

findings

primarily

on

the

specific

facts

and

circumstances

of

the

EM

Portfolio

and

of

the

Trust

as

a

whole

and

the

fact

that

the

rate

at

which

RhumbLine

is

to

be

compensated

was

determined

as

a

result

of

arms-length

negotiations

conducted

by

the

officers

of

the

Trust

and

the

Adviser.

The

Board

was

aware

of

the

fact

that

implementing

the

New

Agreement

could

result

in

an

increase

in

the

overall

advisory

fees

paid

by

the

EM

Portfolio,

depending

on

the

allocation

of

assets

among

Specialist

Managers

within

the

EM

Portfolio,

but

balanced

such

potential

increases

against

the

advantage

to

the

EM

Portfolio

expected

to

be

achieved

by

virtue

of

access

to

RhumbLine’s

services.

Based

on

the

above,

the

Board

further

determined

that

the

profitability

to

RhumbLine

from

its

relationship

with

the

EM

Portfolio

was

not

a

material

factor

in

its

deliberations

with

respect

to

consideration

of

the

approval

of

the

New

Agreement.

The

Board

recognized

that

RhumbLine

would

not

participate

in

the

administration

of

the

EM

Portfolio

or

in

the

distribution

of

shares

of

the

EM

Portfolio

and

thus

would

receive

limited,

if

any,

benefit

from

its

association

with

the

Trust

other

than

the

fee

paid

to

it

by

the

EM

Portfolio

for

investment

management

services.

HC

CAPITAL

TRUST

2/25

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.

(b) The Financial Highlights are included as part of the Financial Statements filed under Item 7(a) of this Form.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Changes in and disagreements with accountants, if any, are included as part of the Financial Statements filed under Item 7(a) of this Form.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Proxy disclosures, if any, are included as part of the Financial Statements filed under Item 7(a) of this Form.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Remuneration paid to Trustees, Officers, and others are part of the Financial Statements filed under Item 7(a) of this Form.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Approval of Investment Advisory Contract is part of the Financial Statements filed under Item 7(a) of this Form.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 16. 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 17. Disclosures of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19. Exhibits.

(a)(1) Not applicable.

(a)(2) Not applicable.

(a)(3) The certifications required by Rule 30a-2(a) of the Investment Company Act of 1940 are attached hereto.

(b) The certifications required by Rule 30a-2(b) of the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

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: 3/5/2025    

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: 3/5/2025    

By (Signature and Title) /s/ Geoffrey Trzepacz           

                                                                Geoffrey Trzepacz, Principal Executive Officer   

Date: 3/5/2025