UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number:                                    811-08918

HC Capital Trust

(Exact name of registrant as specified in charter)

 Five Tower Bridge, 300 Barr Harbor Drive, 5th Floor, West Conshohocken, PA 19428

(Address of principal executive offices)                         (Zip code)

 Citi Fund Services Ohio, Inc., 4400 Easton Commons, Suite 200, Columbus, OH 43219

(Name and address of agent for service)

Registrant’s telephone number, including area code: 800-242-9596

Date of fiscal year end: June 30

Date of reporting period: June 30, 2025

Item 1. Reports to Stockholders.

(a)    

The U.S. Equity Portfolio

HCEGX 

Annual Shareholder Report — June 30, 2025

Fund Overview

This annual shareholder report contains important information about The U.S. Equity Portfolio for the period of July 1, 2024 to June 30, 2025. 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 last year? 

(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	$18	0.17%

How did the Fund perform last year?

The U.S. Equity Portfolio (the “Portfolio”) managed by Parametric Portfolio Associates, LLC (“Parametric”) returned 13.95% for the fiscal year compared to 15.78% for the MSCI USA Index.

The fiscal year ending June 30, 2025, was marked by strong equity market performance and renewed optimism across financial markets. A combination of moderating inflation, steady economic growth, and ongoing excitement about the long-term potential of artificial intelligence helped fuel broad-based gains.

Equity markets were led by large-cap growth companies, particularly in the technology and AI sectors, where enthusiasm around productivity gains drove valuations higher. While performance was notably concentrated among a handful of mega-cap names, broader indices also benefited from improving sentiment and stable monetary policy.

The Portfolio underperformed its benchmark over the period. The tax-managed strategy run by Parametric focuses on minimizing taxable gains subject to a tracking error constraint relative to the broad US market (i.e., both value and growth stocks). The tax management stock implementation underperformed during the period.

Fund performance based on $10,000 initial investment

	The U.S. Equity Portfolio	MSCI USA Index
Jun 25	38,209	35,750
Jun 24	33,531	30,878
Jun 23	26,540	24,771
Jun 22	21,909	20,716
Jun 21	26,176	23,756
Jun 20	18,774	16,670
Jun 19	16,888	15,375
Jun 18	15,048	13,947
Jun 17	12,633	12,178
Jun 16	10,588	10,318
Jun 15	10,000	10,000

Average Annual Total Returns

	1 Year	5 Years	10 Years
The U.S. Equity Portfolio	13.95%	15.27%	14.34%
MSCI USA Index	15.78%	16.48%	13.59%

Fund Statistics

Net Assets	$1,861,977,954
Number of Portfolio Holdings	936
Net Investment Advisory Fees	$1,414,927
Portfolio Turnover Rate	5%

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.

What did the Fund invest in?

(As of June 30, 2025)

Portfolio Composition*

Investments	Percent of Net Assets
Information Technology	32.5%
Financials	13.6%
Consumer Discretionary	10.5%
Communication Services	9.7%
Health Care	9.5%
Industrials	9.0%
Consumer Staples	5.4%
Energy	3.2%
Utilities	2.6%
Real Estate	1.9%
Materials	1.8%
Other Investments	0.3%

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 June 11, 2025. 

Changes In Or Disagreements With Accountants

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

* Excludes other assets and liabilities on the balance sheet.

The U.S. Equity Portfolio

HCEGX 

Annual Shareholder Report — June 30, 2025

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 

Annual Shareholder Report — June 30, 2025

Fund Overview

This annual shareholder report contains important information about The Institutional U.S. Equity Portfolio for the period of July 1, 2024 to June 30, 2025. 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 last year? 

(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	$22	0.20%

How did the Fund perform last year?

The Institutional U.S. Equity Portfolio (the “Portfolio”) managed by Mellon Investments Corporation (“Mellon”), Monashee Investment Management, LLC (“Monashee”), Parametric Portfolio Associates, LLC, RhumbLine Advisers (“RhumbLine”), and Wellington Management Company, LLP (“Wellington”) returned 16.51% for the fiscal year compared to 15.78% for the MSCI USA Index.

The fiscal year ending June 30, 2025, was marked by strong equity market performance and renewed optimism across financial markets. A combination of moderating inflation, steady economic growth, and ongoing excitement about the long-term potential of artificial intelligence helped fuel broad-based gains.

Equity markets were led by large-cap growth companies, particularly in the technology and AI sectors, where enthusiasm around productivity gains drove valuations higher. While performance was notably concentrated among a handful of mega-cap names, broader indices also benefited from improving sentiment and stable monetary policy.

The Portfolio outperformed the benchmark primarily due to Parametric's modest bias toward developed markets outside the U.S. Mellon outperformed due to its modest bias towards low-volatility stocks. During the fiscal year, RhumbLine’s performance of 15.54% was slightly behind its Russell 1000 Index benchmark which returned 15.65%. The Russell 1000 Index modestly underperformed the MSCI USA Index due to its exposure to a more diversified set of U.S. securities that resulted in a bias towards securities with smaller market capitalization than the benchmark. Wellington implements a public real estate strategy which, while in line with the real estate market, underperformed broad equity markets as higher rates caused REITs to lag. Monashee was terminated during the period.

Fund performance based on $10,000 initial investment

	The Institutional U.S. Equity Portfolio	MSCI USA Index
Jun 25	38,140	35,750
Jun 24	32,734	30,878
Jun 23	26,744	24,771
Jun 22	22,740	20,716
Jun 21	26,848	23,756
Jun 20	18,921	16,670
Jun 19	16,788	15,375
Jun 18	15,061	13,947
Jun 17	12,660	12,178
Jun 16	10,636	10,318
Jun 15	10,000	10,000

Average Annual Total Returns

	1 Year	5 Years	10 Years
The Institutional U.S. Equity Portfolio	16.51%	15.05%	14.32%
MSCI USA Index	15.78%	16.48%	13.59%

Fund Statistics

Net Assets	$2,732,958,135
Number of Portfolio Holdings	1,074
Net Investment Advisory Fees	$3,097,477
Portfolio Turnover Rate	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.

What did the Fund invest in?

(As of June 30, 2025)

Portfolio Composition*

Investments	Percent of Net Assets
Investment Companies - Domestic Equity	14.8%
Information Technology	14.6%
Investment Companies - International Equity	10.2%
Health Care	8.8%
Financials	8.5%
Consumer Discretionary	7.5%
Investment Companies - Money Market Funds	7.4%
Industrials	6.5%
Communication Services	5.3%
Consumer Staples	4.5%
Real Estate	4.0%
Utilities	3.0%
Materials	1.7%
Other Investments	1.2%

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 June 11, 2025. 

Changes In Or Disagreements With Accountants

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

* Excludes other assets and liabilities on the balance sheet.

The Institutional U.S. Equity Portfolio

HCIGX 

Annual Shareholder Report — June 30, 2025

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 

Annual Shareholder Report — June 30, 2025

Fund Overview

This annual shareholder report contains important information about The ESG Growth Portfolio for the period of July 1, 2024 to June 30, 2025. 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 last year? 

(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	$26	0.24%

How did the Fund perform last year?

The ESG Growth Portfolio (the “Portfolio”) managed by Mellon Investments Corporation (“Mellon”) and Parametric Portfolio Associates, LLC (“Parametric”) returned 15.95% for the fiscal year compared to 16.26% for the MSCI World Index.

The Portfolio’s underperformance can be attributed to the Global ESG screening strategy, which was run by Mellon and underperformed.

The Portfolio requires that the underlying managers integrate ESG criteria in their investment selection. Mellon uses third party ESG data to better understand the environmental, social and governance risks and opportunities when making investment decisions. Parametric replicates the benchmark index using futures. This allows the Portfolio to have cash on hand to meet redemptions and invest opportunistically.

Fund performance based on $10,000 initial investment

	The ESG Growth Portfolio	MSCI World Index
Jun 25	26,172	28,320
Jun 24	22,572	24,360
Jun 23	18,903	20,267
Jun 22	16,308	17,102
Jun 21	19,141	19,964
Jun 20	13,768	14,358
Jun 19	13,176	13,961
Jun 18	12,910	13,130
Jun 17	11,719	11,820
Jun 16	10,000	10,000

Average Annual Total Returns

	1 Year	5 Years	Since Inception
The ESG Growth Portfolio	15.95%	13.71%	9.67%
MSCI World Index	16.26%	14.55%	10.48%

Fund Statistics

Net Assets	$112,902,224
Number of Portfolio Holdings	1,310
Net Investment Advisory Fees	$183,826
Portfolio Turnover Rate	4%

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.

What did the Fund invest in?

(As of June 30, 2025)

Portfolio Composition*

Investments	Percent of Net Assets
Information Technology	26.4%
Financials	17.0%
Industrials	11.5%
Consumer Discretionary	10.2%
Health Care	9.7%
Communication Services	6.3%
Consumer Staples	5.4%
Energy	3.5%
Materials	3.3%
Utilities	2.7%
Real Estate	2.1%
Other Investments	1.5%

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.

* Excludes other assets and liabilities on the balance sheet.

The ESG Growth Portfolio

HCESX 

Annual Shareholder Report — June 30, 2025

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 

Annual Shareholder Report — June 30, 2025

Fund Overview

This annual shareholder report contains important information about The Catholic SRI Growth Portfolio for the period of July 1, 2024 to June 30, 2025. 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 last year? 

(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	$34	0.31%

How did the Fund perform last year?

The Catholic SRI Growth Portfolio (the “Portfolio”) managed by Mellon Investments Corporation (“Mellon”) returned 17.91% for the fiscal year compared to 16.26% for the MSCI World Index.

The Portfolio’s outperformance can be attributed primarily to the screening that is required to adhere to Catholic values, which is managed by Mellon. The screening resulted in an underweight to the health care sector relative to the benchmark, and this positioning was the largest driver of excess returns.

The Portfolio is diversified across securities to ensure proper portfolio diversification, with the goal of providing competitive long-term returns in as consistent a manner as possible. As a result, it is expected that some styles will be leading at times, while others are lagging and vice versa. The Portfolio expects to participate in this cyclicality of styles by maintaining market exposure comparable to MSCI World Index.

The Portfolio requires that the underlying managers integrate Catholic values in their investment selections, which includes negative screens. Mellon uses third party data to implement the negative screens in the Portfolio.

Fund performance based on $10,000 initial investment

	The Catholic SRI Growth Portfolio	MSCI World Index
Jun 25	27,826	28,320
Jun 24	23,598	24,360
Jun 23	19,552	20,267
Jun 22	16,283	17,102
Jun 21	19,425	19,964
Jun 20	13,776	14,358
Jun 19	13,412	13,961
Jun 18	13,128	13,130
Jun 17	11,802	11,820
Jun 16	10,000	10,000

Average Annual Total Returns

	1 Year	5 Years	Since Inception
The Catholic SRI Growth Portfolio	17.91%	15.10%	12.42%
MSCI World Index	16.26%	14.55%	12.44%

Fund Statistics

Net Assets	$65,851,438
Number of Portfolio Holdings	1,190
Net Investment Advisory Fees	$0
Portfolio Turnover Rate	17%

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.

What did the Fund invest in?

(As of June 30, 2025)

Portfolio Composition*

Investments	Percent of Net Assets
Information Technology	29.7%
Financials	19.2%
Consumer Discretionary	11.0%
Communication Services	9.6%
Industrials	9.5%
Consumer Staples	5.2%
Energy	3.9%
Materials	3.5%
Health Care	3.0%
Utilities	3.0%
Real Estate	2.2%
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.

* Excludes other assets and liabilities on the balance sheet.

The Catholic SRI Growth Portfolio

HCSRX 

Annual Shareholder Report — June 30, 2025

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 

Annual Shareholder Report — June 30, 2025

Fund Overview

This annual shareholder report contains important information about The International Equity Portfolio for the period of July 1, 2024 to June 30, 2025. 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 last year? 

(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	$25	0.23%

How did the Fund perform last year?

The International Equity Portfolio (the “Portfolio”) managed by Parametric Portfolio Associates, LLC (“Parametric”) and Monashee Investment Management, LLC (“Monashee”) returned 16.88% for the fiscal year compared to 17.73% for the MSCI EAFE Index.

The fiscal year ending June 30, 2025, was marked by strong equity market performance and renewed optimism across financial markets. Both International Developed and Emerging Market Equities posted positive returns, supported by favorable currency dynamics, improving global demand, and attractive valuations relative to U.S. equities.

The Portfolio underperformed the benchmark. The tax-managed strategy run by Parametric focuses on minimizing taxable gains subject to a tracking error constraint. The tracking error generated by tax minimization detracted from before-tax performance during the period. While Monashee generated positive returns during the period, it underperformed the benchmark. Monashee was terminated during the reporting period.

Fund performance based on $10,000 initial investment

	The International Equity Portfolio	MSCI EAFE Index
Jun 25	18,926	18,788
Jun 24	16,193	15,959
Jun 23	14,499	14,308
Jun 22	12,183	12,047
Jun 21	14,478	14,650
Jun 20	10,955	11,069
Jun 19	11,390	11,668
Jun 18	11,362	11,544
Jun 17	10,760	10,804
Jun 16	8,985	8,984
Jun 15	10,000	10,000

Average Annual Total Returns

	1 Year	5 Years	10 Years
The International Equity Portfolio	16.88%	11.55%	6.59%
MSCI EAFE Index	17.73%	11.16%	6.51%

Fund Statistics

Net Assets	$626,128,106
Number of Portfolio Holdings	358
Net Investment Advisory Fees	$628,199
Portfolio Turnover Rate	11%

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.

What did the Fund invest in?

(As of June 30, 2025)

Portfolio Composition*

Investments	Percent of Net Assets
Financials	23.5%
Industrials	15.9%
Information Technology	8.8%
Investment Companies - International Equity	8.6%
Health Care	8.4%
Consumer Discretionary	8.1%
Consumer Staples	6.5%
Materials	5.7%
Energy	4.6%
Communication Services	3.7%
Utilities	2.8%
Investment Companies - Money Market Funds	0.7%
Other Investments	1.7%

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 June 11, 2025. 

Changes In Or Disagreements With Accountants

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

* Excludes other assets and liabilities on the balance sheet.

The International Equity Portfolio

HCIEX 

Annual Shareholder Report — June 30, 2025

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 

Annual Shareholder Report — June 30, 2025

Fund Overview

This annual shareholder report contains important information about The Institutional International Equity Portfolio for the period of July 1, 2024 to June 30, 2025. 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 last year? 

(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	$34	0.31%

How did the Fund perform last year?

The Institutional International Equity Portfolio (the “Institutional Portfolio”) managed by City of London Investment Management Company, Limited (“City of London”), Mellon Investments Corporation (“Mellon”), Monashee, and Parametric returned 19.40% for the fiscal year compared to 17.73% for the MSCI EAFE Index.

The fiscal year ending June 30, 2025, was marked by strong equity market performance and renewed optimism across financial markets. Both International Developed and Emerging Market Equities posted positive returns, supported by favorable currency dynamics, improving global demand, and attractive valuations relative to U.S. equities.

The Institutional Portfolio outperformed its benchmark. The majority of the assets are managed by Mellon and Parametric with a core mandate to provide passive exposure to the benchmark index (MSCI EAFE Index). Parametric replicates the benchmark index using futures. This allows the Portfolio to have cash on hand to meet redemptions and invest opportunistically. Mellon outperformed due to its bias towards low-volatility stocks. City of London outperformed due to a favorable environment for its closed-end fund strategy that seeks portfolio appreciation derived from a top-down macro process, bottom-up stock picking, and a narrowing of the closed-end fund discount to net asset value. While Monashee generated positive returns during the period, it underperformed the benchmark. Monashee was terminated during the reporting period.

The Portfolios are diversified across multiple managers and strategies to ensure proper portfolio diversification, with the goal of providing superior long-term returns in as stable and consistent a manner as possible. As a result, some managers and styles will periodically lead or lag, and the Portfolio expects performance to reflect this style cyclicality.

Fund performance based on $10,000 initial investment

	The Institutional International Equity Portfolio	MSCI EAFE Index
Jun 25	18,328	18,788
Jun 24	15,350	15,959
Jun 23	13,827	14,308
Jun 22	11,742	12,047
Jun 21	14,347	14,650
Jun 20	10,741	11,069
Jun 19	11,528	11,668
Jun 18	11,518	11,544
Jun 17	10,889	10,804
Jun 16	9,046	8,984
Jun 15	10,000	10,000

Average Annual Total Returns

	1 Year	5 Years	10 Years
The Institutional International Equity Portfolio	19.40%	11.28%	6.25%
MSCI EAFE Index	17.73%	11.16%	6.51%

Fund Statistics

Net Assets	$1,030,441,037
Number of Portfolio Holdings	832
Net Investment Advisory Fees	$1,866,613
Portfolio Turnover Rate	45%

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.

What did the Fund invest in?

(As of June 30, 2025)

Portfolio Composition*

Investments	Percent of Net Assets
Investment Companies - International Equity	45.6%
Financials	9.6%
Industrials	8.8%
Investment Companies - Money Market Funds	6.3%
Health Care	6.3%
Consumer Discretionary	5.0%
Information Technology	4.3%
Consumer Staples	3.8%
Communication Services	2.7%
Materials	2.3%
Utilities	1.6%
Energy	1.5%
Other Investments	0.0%

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 June 11, 2025. 

Changes In Or Disagreements With Accountants

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

* Excludes other assets and liabilities on the balance sheet.

The Institutional International Equity Portfolio

HCINX 

Annual Shareholder Report — June 30, 2025

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 

Annual Shareholder Report — June 30, 2025

Fund Overview

This annual shareholder report contains important information about The Emerging Markets Portfolio for the period of July 1, 2024 to June 30, 2025. 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 last year? 

(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	$48	0.45%

How did the Fund perform last year?

The Emerging Markets Portfolio (the “Portfolio”) managed by City of London Investment Management Company, Limited (“City of London”), Mellon Investments Corporation (“Mellon”), Monashee Investment Management, LLC (“Monashee”), and Parametric Portfolio Associates, LLC (“Parametric”) returned 15.45% for the fiscal year compared to 15.29% for the MSCI Emerging Markets Index.

The fiscal year ending June 30, 2025, was marked by strong equity market performance and renewed optimism across financial markets. Emerging Market Equities posted positive returns, supported by favorable currency dynamics, improving global demand, and attractive valuations relative to U.S. equities.

In fiscal year 2025, the Portfolio modestly outperformed the benchmark. The new allocation to City of London contributed positively, aided by favorable conditions for its closed-end fund strategy. Parametric underperformed due to its exposure to onshore China equities. Monashee, while generating positive returns, trailed the benchmark and was terminated during the period.

The Portfolio provides broad access to international emerging markets equity. Managed with multiple managers to provide diversification of manager style as well as diversification of firm specific risks. Mellon’s strategy provides passive exposure to the MSCI Emerging Markets Index. The Portfolio diversifies amongst a large number of names and across geographies and sectors. Parametric replicates benchmark index (MSCI Emerging Markets Index) using futures. This allows the Portfolio to have cash on hand to meet redemptions and invest opportunistically.

Fund performance based on $10,000 initial investment

	The Emerging Markets Portfolio	MSCI Emerging Markets Index
Jun 25	15,080	16,003
Jun 24	13,061	13,881
Jun 23	11,643	12,334
Jun 22	11,456	12,121
Jun 21	15,048	16,224
Jun 20	10,935	11,514
Jun 19	11,325	11,918
Jun 18	10,877	11,775
Jun 17	10,734	10,883
Jun 16	8,834	8,795
Jun 15	10,000	10,000

Average Annual Total Returns

	1 Year	5 Years	10 Years
The Emerging Markets Portfolio	15.45%	6.64%	4.19%
MSCI Emerging Markets Index	15.29%	6.81%	4.81%

Fund Statistics

Net Assets	$754,687,191
Number of Portfolio Holdings	775
Net Investment Advisory Fees	$1,598,510
Portfolio Turnover Rate	49%

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.

What did the Fund invest in?

(As of June 30, 2025)

Portfolio Composition*

Investments	Percent of Net Assets
Investment Companies - International Equity	35.9%
Financials	14.6%
Information Technology	14.3%
Consumer Discretionary	7.7%
Communication Services	7.4%
Industrials	4.5%
Materials	3.7%
Consumer Staples	2.7%
Energy	2.4%
Investment Companies - Money Market Funds	2.2%
Health Care	1.9%
Utilities	1.4%
Investment Companies - International Fixed Income	0.3%
Other Investments	1.0%

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 and June 11, 2025. 

Changes In Or Disagreements With Accountants

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

* Excludes other assets and liabilities on the balance sheet.

The Emerging Markets Portfolio

HCEMX 

Annual Shareholder Report — June 30, 2025

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 

Annual Shareholder Report — June 30, 2025

Fund Overview

This annual shareholder report contains important information about The Core Fixed Income Portfolio for the period of July 1, 2024 to June 30, 2025. 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 last year? 

(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	$31	0.30%

How did the Fund perform last year?

The Core Fixed Income Portfolio (the “Portfolio”) managed by Agincourt Capital Management, LLC (“Agincourt”) and Mellon Investments Corporation returned 6.17% for the fiscal year compared to 6.08% for the Bloomberg U.S. Aggregate Bond Index (“BarCap”).

Bond markets experienced heightened volatility during the year, driven by shifting expectations around inflation and the timing of potential rate cuts. After spiking in the fall, yields moderated in the second half of the year as inflation data began to soften and the Federal Reserve signaled a more dovish tone. While interest rates remained elevated by historical standards, core fixed income provided modest gains, and longer-duration assets regained ground as the yield curve began to stabilize.

The Portfolio modestly outperformed the benchmark. An underweight to investment-grade credit detracted from performance, as did a reduced allocation to spread sectors, including corporate and securitized credit. However, these effects were offset by the portfolio’s duration positioning—specifically, an overweight in the belly of the curve relative to an underweight at the long end—as the yield curve steepened. Additionally, a modest underweight to overall duration contributed positively as yields moved higher.

The Portfolio is allocated across the three major BarCap Index sectors: governments, credit, and asset-backed securities. Government and asset-backed sectors are passively managed to track their benchmarks, with slight variances due to cash flows and representative holdings. The credit portfolio characteristics-such as duration, yield, and credit quality-remain aligned with the benchmark.

Fund performance based on $10,000 initial investment

	The Core Fixed Income Portfolio	Bloomberg U.S. Aggregate Bond Index
Jun 25	11,866	11,904
Jun 24	11,176	11,222
Jun 23	10,884	10,934
Jun 22	10,941	11,038
Jun 21	12,374	12,304
Jun 20	12,362	12,345
Jun 19	11,357	11,353
Jun 18	10,505	10,525
Jun 17	10,595	10,567
Jun 16	10,587	10,600
Jun 15	10,000	10,000

Average Annual Total Returns

	1 Year	5 Years	10 Years
The Core Fixed Income Portfolio	6.17%	-0.82%	1.73%
Bloomberg U.S. Aggregate Bond Index	6.08%	-0.73%	1.76%

Fund Statistics

Net Assets	$98,702,638
Number of Portfolio Holdings	1,291
Net Investment Advisory Fees	$79,098
Portfolio Turnover Rate	44%

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.

What did the Fund invest in?

(As of June 30, 2025)

Portfolio Composition*

Investments	Percent of Net Assets
Investment Companies - Domestic Fixed Income	36.1%
U.S. Treasury Obligations	23.0%
Investment Companies - Money Market Funds	14.6%
U.S. Government Agency Mortgages	10.1%
Financials	4.7%
Energy	1.3%
Utilities	1.2%
Communication Services	1.2%
Information Technology	1.2%
Industrials	1.0%
Health Care	0.9%
Consumer Staples	0.7%
Other Investments	2.6%

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.

* Excludes other assets and liabilities on the balance sheet.

The Core Fixed Income Portfolio

HCIIX 

Annual Shareholder Report — June 30, 2025

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 

Annual Shareholder Report — June 30, 2025

Fund Overview

This annual shareholder report contains important information about The Corporate Opportunities Portfolio for the period of July 1, 2024 to June 30, 2025. 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 last year? 

(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	$27	0.26%

How did the Fund perform last year?

The Corporate Opportunities Portfolio (the “Portfolio”) managed by City of London Investment Management Company, Limited (“City of London”) and Parametric Portfolio Associates, LLC (“Parametric”) returned 5.67% for the fiscal year compared to 9.14% for the Bloomberg U.S. High Yield Ba/B 2% Issuer Capped Index and 6.08% for the U.S. Aggregate Bond Index.

The Portfolio underperformed the benchmark due to the Parametric strategy which seeks to both replicate the risk profile of the benchmark while providing protection from widening credit spreads. Parametric manages a portfolio of futures contracts that reflects the underlying risks of the asset class as well as credit default swap index contracts. During the fiscal year, high yield credit spreads remained compressed, creating a challenging environment for holders of high yield credit protection and serving as the principal driver of underperformance. Parametric uses a mix of equity and fixed income futures that replicate the risk profile of the benchmark. A component of the equity mix at Parametric was replaced with City of London equity strategy which underperformed the MSCI USA Index due to security selection and a widening of the discounts among the closed end funds it held. City of London attempts to deliver excess returns through its top-down macro process, bottom-up stock picking, and a narrowing of the closed-end fund discount to net asset value.

Fund performance based on $10,000 initial investment

	The Corporate Opportunities Portfolio	Bloomberg Barclays U.S. High Yield Ba/B 2% Issuer Capped Index	Bloomberg U.S. Aggregate Bond Index
Jun 25	17,420	16,571	11,904
Jun 24	16,485	15,184	11,222
Jun 23	14,645	13,802	10,934
Jun 22	13,667	12,678	11,038
Jun 21	14,860	14,479	12,304
Jun 20	13,131	12,772	12,345
Jun 19	12,496	12,514	11,353
Jun 18	11,488	11,505	10,525
Jun 17	11,040	11,302	10,567
Jun 16	9,939	10,189	10,600
Jun 15	10,000	10,000	10,000

Average Annual Total Returns

	1 Year	5 Years	10 Years
The Corporate Opportunities Portfolio	5.67%	5.82%	5.71%
Bloomberg Barclays U.S. High Yield Ba/B 2% Issuer Capped Index	9.14%	5.35%	5.18%
Bloomberg U.S. Aggregate Bond Index	6.08%	-0.73%	1.76%

Fund Statistics

Net Assets	$201,655,717
Number of Portfolio Holdings	22
Net Investment Advisory Fees	$290,226
Portfolio Turnover Rate	145%

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.

What did the Fund invest in?

(As of June 30, 2025)

Portfolio Composition*

Investments	Percent of Net Assets
Investment Companies - Money Market Funds	58.0%
Investment Companies - International Equity	24.7%
Investment Companies - Domestic Equity	14.6%
Futures	1.0%
Financials	0.6%
Financial Services	0.0%
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 and June 11, 2025.  

Changes In Or Disagreements With Accountants

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

* Excludes other assets and liabilities on the balance sheet.

The Corporate Opportunities Portfolio

HCHYX 

Annual Shareholder Report — June 30, 2025

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 

Annual Shareholder Report — June 30, 2025

Fund Overview

This annual shareholder report contains important information about The U.S. Government Fixed Income Securities Portfolio for the period of July 1, 2024 to June 30, 2025. 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 last year? 

(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	$12	0.12%

How did the Fund perform last year?

The U.S. Government Fixed Income Securities Portfolio (the “Portfolio”) managed by Mellon Investments Corporation and Parametric Portfolio Associates, LLC returned 6.04% for the fiscal year compared to 5.31% for the Bloomberg U.S. Government Bond Index and 6.08% for the U.S. Aggregate Bond Index.

Bond markets experienced heightened volatility during the year, driven by shifting expectations around inflation and the timing of potential rate cuts. After spiking in the fall, yields moderated in the second half of the year as inflation data began to soften and the Federal Reserve signaled a more dovish tone. While interest rates remained elevated by historical standards, core fixed income provided modest gains, and longer-duration assets regained ground as the yield curve began to stabilize.

The portfolio outperformed its benchmark, primarily driven by its overall overweight to duration, concentrated in the belly of the curve. A tactical underweight to the long end also added value, as the yield curve steepened over the period.

Fund performance based on $10,000 initial investment

	The U.S. Government Fixed Income Securities Portfolio	Bloomberg U.S. Government Index	Bloomberg U.S. Aggregate Bond Index
Jun 25	11,410	11,288	11,904
Jun 24	10,760	10,719	11,222
Jun 23	10,478	10,549	10,934
Jun 22	10,558	10,773	11,038
Jun 21	11,654	11,815	12,304
Jun 20	12,051	12,194	12,345
Jun 19	10,935	11,051	11,353
Jun 18	10,231	10,308	10,525
Jun 17	10,313	10,373	10,567
Jun 16	10,526	10,604	10,600
Jun 15	10,000	10,000	10,000

Average Annual Total Returns

	1 Year	5 Years	10 Years
The U.S. Government Fixed Income Securities Portfolio	6.04%	-1.09%	1.33%
Bloomberg U.S. Government Index	5.31%	-1.53%	1.22%
Bloomberg U.S. Aggregate Bond Index	6.08%	-0.73%	1.76%

Fund Statistics

Net Assets	$1,076,365,363
Number of Portfolio Holdings	323
Net Investment Advisory Fees	$336,186
Portfolio Turnover Rate	63%

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.

What did the Fund invest in?

(As of June 30, 2025)

Portfolio Composition*

Investments	Percent of Net Assets
U.S. Treasury Obligations	48.4%
Investment Companies - Domestic Fixed Income	41.3%
Investment Companies - Money Market Funds	9.1%
U.S. Government Agency Securities	0.7%
Futures	0.5%
Purchased Options	0.0%
Written Options	-0.0%

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.

* Excludes other assets and liabilities on the balance sheet.

The U.S. Government Fixed Income Securities Portfolio

HCUSX 

Annual Shareholder Report — June 30, 2025

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 

Annual Shareholder Report — June 30, 2025

Fund Overview

This annual shareholder report contains important information about The U.S. Corporate Fixed Income Securities Portfolio for the period of July 1, 2024 to June 30, 2025. 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 last year? 

(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	$19	0.18%

How did the Fund perform last year?

The U.S. Corporate Fixed Income Securities Portfolio (the “Portfolio”) managed by Agincourt Capital Management, LLC (“Agincourt”) and Parametric Portfolio Associates, LLC returned 7.48% for the fiscal year compared to 6.91% for the Bloomberg U.S. Corporate Bond Index and 6.08% for the Bloomberg U.S. Aggregate Bond Index.

Bond markets experienced heightened volatility during the year, driven by shifting expectations around inflation and the timing of potential rate cuts. After spiking in the fall, yields moderated in the second half of the year as inflation data began to soften and the Federal Reserve signaled a more dovish tone. While interest rates remained elevated by historical standards, core fixed income provided modest gains, and longer-duration assets regained ground as the yield curve began to stabilize.

The portfolio outperformed its benchmark, primarily due to a tactical underweight to corporate bonds relative to government securities. In addition, an underweight to duration—focused on the long end of the curve relative to the belly—further contributed to outperformance.

Fund performance based on $10,000 initial investment

	The U.S. Corporate Fixed Income Securities Portfolio	Bloomberg U.S. Corporate Bond Index	Bloomberg U.S. Aggregate Bond Index
Jun 25	13,820	13,367	11,904
Jun 24	12,859	12,503	11,222
Jun 23	12,282	11,949	10,934
Jun 22	12,018	11,767	11,038
Jun 21	13,676	13,713	12,304
Jun 20	13,250	13,274	12,345
Jun 19	12,034	12,122	11,353
Jun 18	10,835	10,949	10,525
Jun 17	10,967	11,040	10,567
Jun 16	10,792	10,794	10,600
Jun 15	10,000	10,000	10,000

Average Annual Total Returns

	1 Year	5 Years	10 Years
The U.S. Corporate Fixed Income Securities Portfolio	7.48%	0.85%	3.29%
Bloomberg U.S. Corporate Bond Index	6.91%	0.14%	2.94%
Bloomberg U.S. Aggregate Bond Index	6.08%	-0.73%	1.76%

Fund Statistics

Net Assets	$286,102,006
Number of Portfolio Holdings	203
Net Investment Advisory Fees	$215,392
Portfolio Turnover Rate	70%

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.

What did the Fund invest in?

(As of June 30, 2025)

Portfolio Composition*

Investments	Percent of Net Assets
Investment Companies - Domestic Fixed Income	25.6%
Financials	25.5%
Energy	6.7%
Communication Services	6.6%
Information Technology	6.6%
Utilities	6.3%
Health Care	4.9%
Industrials	4.7%
Consumer Staples	3.9%
Real Estate	2.8%
Consumer Discretionary	2.6%
Other Investments	3.5%

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.

* Excludes other assets and liabilities on the balance sheet.

The U.S. Corporate Fixed Income Securities Portfolio

HCXSX 

Annual Shareholder Report — June 30, 2025

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 

Annual Shareholder Report — June 30, 2025

Fund Overview

This 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 June 30, 2025. 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 last year? 

(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	$23	0.22%

How did the Fund perform last year?

The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio (the “Portfolio”) managed by Mellon Investments Corporation returned 6.44% for the fiscal year compared to 6.58% for the Bloomberg U.S. Securitized Index and 6.08% for the Bloomberg U.S. Aggregate Bod Index.

Bond markets experienced heightened volatility during the year, driven by shifting expectations around inflation and the timing of potential rate cuts. After spiking in the fall, yields moderated in the second half of the year as inflation data began to soften and the Federal Reserve signaled a more dovish tone. While interest rates remained elevated by historical standards, core fixed income provided modest gains, and longer-duration assets regained ground as the yield curve began to stabilize.

The portfolio modestly underperformed the benchmark. While value was added through tactical steepener positions and an underweight to spread risk, these gains were not sufficient to offset the fund’s expense ratio. A modest underweight to duration also contributed positively to performance, The Portfolio is structured to simulate the performance of the benchmark. As such the Portfolio maintains aggregate characteristics – duration, weighted average yield-to-maturity, and average credit quality in line with the benchmark.

Fund performance based on $10,000 initial investment

	The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio	Bloomberg U.S. Securitized Index	Bloomberg U.S. Aggregate Bond Index
Jun 25	11,241	11,475	11,904
Jun 24	10,561	10,766	11,222
Jun 23	10,303	10,516	10,934
Jun 22	10,425	10,675	11,038
Jun 21	11,394	11,728	12,304
Jun 20	11,453	11,751	12,345
Jun 19	10,896	11,114	11,353
Jun 18	10,308	10,449	10,525
Jun 17	10,328	10,435	10,567
Jun 16	10,367	10,442	10,600
Jun 15	10,000	10,000	10,000

Average Annual Total Returns

	1 Year	5 Years	10 Years
The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio	6.44%	-0.37%	1.18%
Bloomberg U.S. Securitized Index	6.58%	-0.48%	1.39%
Bloomberg U.S. Aggregate Bond Index	6.08%	-0.73%	1.76%

Fund Statistics

Net Assets	$232,146,378
Number of Portfolio Holdings	1,679
Net Investment Advisory Fees	$170,974
Portfolio Turnover Rate	16%

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.

What did the Fund invest in?

(As of June 30, 2025)

Portfolio Composition*

Investments	Percent of Net Assets
U.S. Government Agency Mortgages	79.1%
Investment Companies - Domestic Fixed Income	13.6%
Investment Companies - Money Market Funds	8.1%
Collateralized Mortgage-Backed Securities	4.9%
Asset Backed Securities	1.2%
Utilities	0.1%
TBA Sale Commitments	-0.0%

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.

* Excludes other assets and liabilities on the balance sheet.

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

HCASX 

Annual Shareholder Report — June 30, 2025

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 

Annual Shareholder Report — June 30, 2025

Fund Overview

This annual shareholder report contains important information about The Short-Term Municipal Bond Portfolio for the period of July 1, 2024 to June 30, 2025. 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 last year? 

(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	$27	0.27%

How did the Fund perform last year?

The Short-Term Municipal Bond Portfolio (the “Portfolio”) managed by Breckinridge Capital Advisors, Inc. returned 3.27% for the fiscal year compared to 3.82% for the Bloomberg 1-3 Year Municipal Bond Index and 1.11% for the Bloomberg Municipal Bond Index.

Bond markets experienced heightened volatility during the year, driven by shifting expectations around inflation and the timing of potential rate cuts. After spiking in the fall, yields moderated in the second half of the year as inflation data began to soften and the Federal Reserve signaled a more dovish tone. While interest rates remained elevated by historical standards, core fixed income provided modest gains, and longer-duration assets regained ground as the yield curve began to stabilize.

The portfolio underperformed its benchmark, largely due to a longer duration position in an inverted yield curve environment, which resulted in negative carry. This positioning was not offset by sufficient yield compression during the fiscal year. Additionally, fees and expenses further detracted from relative performance.

Fund performance based on $10,000 initial investment

	The Short-Term Municipal Bond Portfolio	Bloomberg 1-3 Year Municipal Bond Index	Bloomberg Municipal Bond Index
Jun 25	11,175	11,564	12,437
Jun 24	10,820	11,139	12,300
Jun 23	10,584	10,816	11,917
Jun 22	10,459	10,702	11,549
Jun 21	10,812	10,927	12,632
Jun 20	10,757	10,820	12,126
Jun 19	10,476	10,557	11,610
Jun 18	10,184	10,280	10,880
Jun 17	10,149	10,195	10,713
Jun 16	10,137	10,144	10,765
Jun 15	10,000	10,000	10,000

Average Annual Total Returns

	1 Year	5 Years	10 Years
The Short-Term Municipal Bond Portfolio	3.27%	0.76%	1.12%
Bloomberg 1-3 Year Municipal Bond Index	3.82%	1.34%	1.46%
Bloomberg Municipal Bond Index	1.11%	0.51%	2.20%

Fund Statistics

Net Assets	$70,185,073
Number of Portfolio Holdings	47
Net Investment Advisory Fees	$85,746
Portfolio Turnover Rate	19%

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.

What did the Fund invest in?

(As of June 30, 2025)

Portfolio Composition*

Investments	Percent of Net Assets
General Obligation	55.1%
Revenue Bonds	42.3%
Investment Companies - Money Market Funds	1.2%

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.

* Excludes other assets and liabilities on the balance sheet.

The Short-Term Municipal Bond Portfolio

HCSBX 

Annual Shareholder Report — June 30, 2025

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 

Annual Shareholder Report — June 30, 2025

Fund Overview

This annual shareholder report contains important information about The Intermediate Term Municipal Bond Portfolio for the period of July 1, 2024 to June 30, 2025. 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 last year? 

(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	$27	0.27%

How did the Fund perform last year?

The Intermediate Term Municipal Bond Portfolio managed by Insight North America LLC (“Insight”) returned 2.39% for the fiscal year compared to 3.45% for the Bloomberg 3-10 Year Blend (2-12) Total Return Index Unhedged and 1.11% for the Bloomberg Municipal Bond Index.

Bond markets experienced heightened volatility during the year, driven by shifting expectations around inflation and the timing of potential rate cuts. After spiking in the fall, yields moderated in the second half of the year as inflation data began to soften and the Federal Reserve signaled a more dovish tone. While interest rates remained elevated by historical standards, core fixed income provided modest gains, and longer-duration assets regained ground as the yield curve began to stabilize.

The portfolio underperformed its benchmark during the twelve-month reporting period. An overweight duration position detracted from performance, as municipal yields remained elevated and traded richer relative to Treasuries. A tactical overweight to broad municipals also detracted, and security selection within general obligation munis further weighed on results.

Fund performance based on $10,000 initial investment

	The Intermediate Term Municipal Bond Portfolio	Bloomberg 3-10 Year Blend (2-12) Total Return Index Unhedged	Bloomberg Municipal Bond Index
Jun 25	11,834	12,225	12,437
Jun 24	11,558	11,817	12,300
Jun 23	11,221	11,564	11,917
Jun 22	10,980	11,295	11,549
Jun 21	11,679	12,010	12,632
Jun 20	11,371	11,698	12,126
Jun 19	11,018	11,241	11,610
Jun 18	10,448	10,613	10,880
Jun 17	10,434	10,555	10,713
Jun 16	10,405	10,545	10,765
Jun 15	10,000	10,000	10,000

Average Annual Total Returns

	1 Year	5 Years	10 Years
The Intermediate Term Municipal Bond Portfolio	2.39%	0.80%	1.70%
Bloomberg 3-10 Year Blend (2-12) Total Return Index Unhedged	3.45%	0.89%	2.03%
Bloomberg Municipal Bond Index	1.11%	0.51%	2.20%

Fund Statistics

Net Assets	$550,096,111
Number of Portfolio Holdings	268
Net Investment Advisory Fees	$937,800
Portfolio Turnover Rate	29%

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.

What did the Fund invest in?

(As of June 30, 2025)

Portfolio Composition*

Investments	Percent of Net Assets
Revenue Bonds	61.4%
General Obligation	19.1%
Investment Companies - Domestic Fixed Income	11.5%
Investment Companies - Money Market Funds	3.4%
Certificates of Participation	3.3%
Special Tax	0.4%
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.

* Excludes other assets and liabilities on the balance sheet.

The Intermediate Term Municipal Bond Portfolio

HCIMX 

Annual Shareholder Report — June 30, 2025

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.

As of the end of the period covered by this report, the Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party (the “Code of Ethics”). During the period covered by this report, there were no amendments, nor did the Registrant grant any waivers, including any implicit waivers, from any provision of the Code of Ethics. The Code of Ethics is attached hereto as Exhibit 19(a)(1) of this Form.

Item 3. Audit Committee Financial Expert.

3(a)(1) The Registrant’s Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its audit committee.

3(a)(2) The audit committee financial expert is John M. Dyer, who is “independent” for purposes of this Item 3 of Form N-CSR. Mr. Dyer was appointed to the Board of Trustees effective June 17, 2019 and was determined to be an audit committee financial expert on June 16, 2020.

Item 4. Principal Accountant Fees and Services.

(a) Audit Fees

2024             $404,000

2025             $443,730

For the fiscal years ended June 30, 2024 and June 30, 2025, the aggregate fees billed by Grant Thornton LLP for professional services rendered for the audits of the financial statements or services that are normally provided in connection with statutory and regulatory filings or engagements for those fiscal years for the Registrant are shown in the table above.

(b) Audit-Related Fees

2024             $0

2025             $0

(c) Tax Fees

2024             $114,250

2025             $106,950

Tax fees include the aggregate fees billed in each of the last two fiscal years for professional services related to tax compliance, tax advice, and tax planning. Such tax services included the review of income and excise tax returns for the Registrant as shown in the table above for the fiscal years ended June 30, 2024 and June 30, 2025.

(d) All Other Fees

2024             $0

2025             $0

(e)(1) - Except as permitted by Rule 2-01 (c)(7)(i)(c) of Regulation S-X, the HC Capital Trust Audit Committee must pre-approve all audit and non-audit services provided by the independent accountants relating to the operations or financial reporting of the Portfolios. Prior to the commencement of any audit or non-audit services to a Fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.

(e)(2) – The following percentages of the services summarized in (b)-(d) above were approved by the Audit Committee pursuant to Rule 2-01 (c)(7)(i)(c) of Regulation S-X.

2024             0%

2025             0%

(f)  - Not applicable.

(g) - For the fiscal years ended June 30, 2024 and June 30, 2025, the aggregate non-audit fees billed by Grant Thornton LLP for

services rendered to the Registrant and to the Registrant’s investment advisers (the “Advisers”) and any entity controlling, controlled by, or under common control with the Advisers that provided ongoing services to the Registrant were $0 and $0, respectively.

(h) - Not applicable.

(i) - Not applicable.

(j) - Not applicable.

Item 5.    Audit Committee of Listed Registrants.

Not applicable. 

Item 6.   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)  

Annual

Financial

Statements

and

Other

Information

June

30,

2025

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

Annual

Financial

Statements

and

Other

Information

HC

CAPITAL

TRUST

June

30,

2025

Portfolio

of

Investments

1

Statements

of

Assets

and

Liabilities

189

Statements

of

Operations

194

Statements

of

Change

in

Net

Assets

199

Financial

Highlights

205

Notes

to

Financial

Statements

211

Report

of

Independent

Registered

Public

Accounting

Firm

240

Additional

Information

242

HC

CAPITAL

TRUST

The

U.S.

Equity

Portfolio

Portfolio

of

Investments

—

June

30,

2025

1

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

—

99.68%

Aerospace

&

Defense

—

1.71%

327

AeroVironment

,

Inc.(a)

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

$

93

700

Curtiss-Wright

Corp.

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

342

1,094

Ducommun,

Inc.(a)

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

90

5,461

General

Dynamics

Corp.

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

1,593

3,456

HEICO

Corp.

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

1,134

728

HEICO

Corp.,

Class

-

A

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

188

9,052

Kratos

Defense

&

Security

Solutions,

Inc.(a)

420

5,883

L3Harris

Technologies,

Inc.

..........

1,476

9,411

Lockheed

Martin

Corp.

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

4,359

64

Moog,

Inc.,

Class

-

A

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

12

2,258

Northrop

Grumman

Corp.

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

1,129

4,289

Rocket

Lab

Corp.(a)

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

153

67,703

RTX

Corp.

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

9,885

15,972

The

Boeing

Co.(a)

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

3,347

4,895

TransDigm

Group,

Inc.

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

7,444

4,770

Triumph

Group,

Inc.(a)

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

123

31,788

Air

Freight

&

Logistics

—

0.19%

5,251

Expeditors

International

of

Washington,

Inc.

600

4,786

FedEx

Corp.

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

1,088

3,544

GXO

Logistics,

Inc.(a)

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

173

1,172

Hub

Group,

Inc.,

Class

-

A

...........

39

16,845

United

Parcel

Service,

Inc.,

Class

-

B

....

1,700

3,600

Automobile

Components

—

0.11%

12,225

Dana,

Inc.

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

210

554

Dorman

Products,

Inc.(a)

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

68

585

Gentex

Corp.

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

13

12,500

Lear

Corp.

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

1,187

1,395

Patrick

Industries,

Inc.

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

129

39,645

The

Goodyear

Tire

&

Rubber

Co.(a)

....

411

872

Visteon

Corp.(a)

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

81

2,099

Automobiles

—

1.51%

71,725

Ford

Motor

Co.

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

778

86,193

Tesla,

Inc.(a)

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

27,380

28,158

Banks

—

3.36%

1,715

Ameris

Bancorp

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

111

1,712

Axos

Financial,

Inc.(a)

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

130

3,234

Banc

of

California,

Inc.

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

45

1,048

BancFirst

Corp.

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

130

236,345

Bank

of

America

Corp.

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

11,185

29,893

Bank

OZK

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

1,407

6,251

BankUnited

,

Inc.

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

222

1,471

Bankwell

Financial

Group,

Inc.

........

53

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Banks

(continued)

4,171

Berkshire

Hills

Bancorp,

Inc.

.........

$

104

418

Byline

Bancorp,

Inc.

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

11

2,951

Cathay

General

Bancorp

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

134

7,844

Citigroup,

Inc.

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

668

22,580

Citizens

Financial

Group,

Inc.

.........

1,010

9,351

Columbia

Banking

System,

Inc.

.......

219

56,548

Comerica,

Inc.

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

3,374

722

Commerce

Bancshares,

Inc.

..........

45

1,092

Community

Financial

System,

Inc.

.....

62

1,095

Community

Trust

Bancorp,

Inc.

........

58

2,630

ConnectOne

Bancorp,

Inc.

...........

61

3,479

Cullen/Frost

Bankers,

Inc.

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

447

9,064

CVB

Financial

Corp.

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

179

32,941

East

West

Bancorp,

Inc.

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

3,326

688

Enterprise

Financial

Services

Corp.

.....

38

6,060

FB

Financial

Corp.

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

275

13,076

Fifth

Third

Bancorp

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

538

2,460

First

Bancorp

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

108

24,739

First

Bancorp

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

515

2,341

First

Bank

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

36

3,516

First

Busey

Corp.

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

80

591

First

Citizens

BancShares

,

Inc.,

Class

-

A

.

1,156

3,478

First

Financial

Bancorp

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

84

6,815

First

Hawaiian,

Inc.

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

170

91,124

First

Horizon

Corp.

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

1,932

3,590

First

Merchants

Corp.

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

137

6,458

Fulton

Financial

Corp.

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

117

1,287

German

American

Bancorp,

Inc.

.......

50

561

Glacier

Bancorp,

Inc.

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

24

3,205

Hancock

Whitney

Corp.

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

184

868

Hilltop

Holdings,

Inc.

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

26

18,862

HomeStreet

,

Inc.(a)

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

247

78,113

Huntington

Bancshares,

Inc.

..........

1,309

3,570

Independent

Bank

Corp.

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

224

129

International

Bancshares

Corp.

........

9

70,115

JPMorgan

Chase

&

Co.

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

20,328

1,193

Lakeland

Financial

Corp.

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

73

3,497

M&T

Bank

Corp.

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

678

695

NBT

Bancorp,

Inc.

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

29

663

Nicolet

Bankshares

,

Inc.

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

82

6,060

OceanFirst

Financial

Corp.

...........

107

3,649

OFG

Bancorp

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

156

2,194

Old

Second

Bancorp,

Inc.

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

39

1,149

Orrstown

Financial

Services,

Inc.

......

37

1,889

Pinnacle

Financial

Partners,

Inc.

.......

209

3,750

Provident

Bancorp,

Inc.(a)

...........

47

1,157

QCR

Holdings,

Inc.

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

79

106,556

Regions

Financial

Corp.

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

2,506

990

ServisFirst

Bancshares,

Inc.

..........

77

3,954

Simmons

First

National

Corp.,

Class

-

A

.

75

997

SouthState

Corp.

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

92

2

HC

CAPITAL

TRUST

The

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Banks

(continued)

3,405

Sterling

Bancorp,

Inc.(a)

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

$

–

1,311

Stock

Yards

Bancorp,

Inc.

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

104

34,305

Synovus

Financial

Corp.

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

1,775

510

Texas

Capital

Bancshares,

Inc.(a)

......

40

2,444

The

Bank

of

N.T.

Butterfield

&

Son

Ltd.

.

108

8,270

The

PNC

Financial

Services

Group,

Inc.

.

1,542

3,235

Towne

Bank

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

111

240

Triumph

Financial,

Inc.(a)

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

13

2,275

United

Bankshares

,

Inc.

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

83

3,391

United

Community

Banks,

Inc.

........

101

2,044

Univest

Financial

Corp.

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

61

2,879

Veritex

Holdings,

Inc.

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

75

18,695

Wells

Fargo

&

Co.

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

1,498

7,014

WesBanco

,

Inc.

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

222

16,779

Western

Alliance

Bancorp

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

1,308

623

Western

New

England

Bancorp,

Inc.

....

6

963

Wintrust

Financial

Corp.

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

119

1,135

WSFS

Financial

Corp.

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

62

10,848

Zions

Bancorp

NA

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

563

62,645

Beverages

—

1.23%

9,103

Brown-Forman

Corp.,

Class

-

B

.......

245

1,320

Celsius

Holdings,

Inc.(a)

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

61

2,846

Constellation

Brands,

Inc.,

Class

-

A

....

463

6,891

Keurig

Dr

Pepper,

Inc.

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

228

26,922

Monster

Beverage

Corp.(a)

...........

1,686

57,885

PepsiCo,

Inc.

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

7,643

6,267

Primo

Brands

Corp.

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

186

173,786

The

Coca-Cola

Co.

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

12,296

341

The

Vita

Coco

Co.,

Inc.(a)

...........

12

22,820

Biotechnology

—

1.62%

34,760

AbbVie,

Inc.

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

6,452

892

Agios

Pharmaceuticals,

Inc.(a)

........

30

665

Alkermes

PLC(a)

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

19

11,330

Alnylam

Pharmaceuticals,

Inc.(a)

......

3,695

25,106

Amgen,

Inc.

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

7,009

1,323

Anavex

Life

Sciences

Corp.^(a)

.......

12

1,111

Blueprint

Medicines

Corp.(a)

.........

142

1,190

Catalyst

Pharmaceuticals,

Inc.(a)

.......

26

1,049

Cytokinetics,

Inc.(a)

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

35

24,003

Design

Therapeutics,

Inc.(a)

..........

81

3,633

Dynavax

Technologies

Corp.(a)

........

36

4,978

Halozyme

Therapeutics,

Inc.(a)

........

259

1,019

Insmed

,

Inc.(a)

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

103

9,060

Kodiak

Sciences,

Inc.(a)

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

34

388

Krystal

Biotech,

Inc.(a)

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

53

3,976

MannKind

Corp.(a)

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

15

19,253

Moderna

,

Inc.(a)

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

531

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Biotechnology

(continued)

14,064

Natera

,

Inc.(a)

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

$

2,376

800

Neurocrine

Biosciences,

Inc.(a)

........

101

612

Nuvalent

,

Inc.,

Class

-

A(a)

...........

47

6,995

Olema

Pharmaceuticals,

Inc.(a)

........

30

2,087

PDL

BioPharma

,

Inc.(a)

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

3

1,755

PTC

Therapeutics,

Inc.(a)

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

86

2,019

Regeneron

Pharmaceuticals,

Inc.

.......

1,060

3,305

Revolution

Medicines,

Inc.(a)

.........

122

745

Rhythm

Pharmaceuticals,

Inc.(a)

.......

47

1,372

SpringWorks

Therapeutics,

Inc.(a)

......

64

2,137

Syndax

Pharmaceuticals,

Inc.(a)

.......

20

574

Twist

Bioscience

Corp.(a)

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

21

5,355

United

Therapeutics

Corp.(a)

.........

1,539

8,199

Vanda

Pharmaceuticals,

Inc.(a)

........

39

1,163

Veracyte

,

Inc.(a)

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

31

1,839

Vericel

Corp.(a)

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

78

12,418

Vertex

Pharmaceuticals,

Inc.(a)

........

5,528

13,314

Viking

Therapeutics,

Inc.(a)

..........

353

1,004

XOMA

Royalty

Corp.(a)

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

25

14,136

Y-

mAbs

Therapeutics,

Inc.(a)

.........

64

30,166

Broadline

Retail

—

4.16%

330,362

Amazon.com,

Inc.(a)

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

72,479

15,760

eBay,

Inc.

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

1,173

331

Etsy,

Inc.(a)

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

17

8,527

Macy's,

Inc.

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

99

1,143

MercadoLibre

,

Inc.(a)

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

2,987

5,126

Ollie's

Bargain

Outlet

Holdings,

Inc.(a)

..

676

77,431

Building

Products

—

0.53%

10,045

A.O.

Smith

Corp.

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

659

1,948

Apogee

Enterprises,

Inc.

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

79

404

Armstrong

World

Industries,

Inc.

.......

66

2,770

AZZ,

Inc.

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

262

38,763

Carrier

Global

Corp.

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

2,837

443

Insteel

Industries,

Inc.

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

16

13,273

Johnson

Controls

International

PLC

.....

1,402

6,549

Masco

Corp.

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

421

9,049

Trane

Technologies

PLC

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

3,958

2,342

Zurn

Elkay

Water

Solutions

Corp.(b)

....

86

9,786

Capital

Markets

—

3.10%

4,496

Affiliated

Managers

Group,

Inc.

.......

885

2,506

Ameriprise

Financial,

Inc.

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

1,338

2,656

Ares

Management

Corp.,

Class

-

A

.....

460

1,338

Artisan

Partners

Asset

Management,

Inc.,

Class

-

A

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

59

13,347

BGC

Group,

Inc.,

Class

-

A

...........

137

3

HC

CAPITAL

TRUST

The

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Capital

Markets

(continued)

4,582

Blackrock,

Inc.

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

$

4,808

2,335

Cboe

Global

Markets,

Inc.

...........

545

7,911

CME

Group,

Inc.

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

2,180

979

Cohen

&

Steers,

Inc.

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

74

4,421

Coinbase

Global,

Inc.,

Class

-

A(a)

.....

1,550

4,052

Evercore

,

Inc.

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

1,094

1,203

FactSet

Research

Systems,

Inc.

........

538

3,056

Federated

Hermes,

Inc.

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

135

184

Hamilton

Lane,

Inc.,

Class

-

A

.........

26

75

Houlihan

Lokey

,

Inc.

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

13

9,172

Interactive

Brokers

Group,

Inc.

........

508

5,643

Intercontinental

Exchange,

Inc.

........

1,035

140,122

Invesco

Ltd.

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

2,210

18,395

Janus

Henderson

Group

PLC

.........

714

17,093

Jefferies

Financial

Group,

Inc.

.........

935

9,493

KKR

&

Co.,

Inc.

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

1,263

1,384

LPL

Financial

Holdings,

Inc.

..........

519

349

MarketAxess

Holdings,

Inc.

..........

78

3,523

Millrose

Properties,

Inc.

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

100

128

Moelis

&

Co.,

Class

-

A

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

8

3,981

Moody's

Corp.

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

1,997

51,857

Morgan

Stanley

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

7,305

1,076

Morningstar,

Inc.

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

338

838

MSCI,

Inc.

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

483

1,887

Nasdaq,

Inc.

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

169

242

Piper

Sandler

Cos.

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

67

437

PJT

Partners,

Inc.,

Class

-

A

..........

72

36,398

Robinhood

Markets,

Inc.,

Class

-

A(a)

...

3,408

9,447

S&P

Global,

Inc.

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

4,981

7,695

State

Street

Corp.

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

818

1,512

Stifel

Financial

Corp.

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

157

924

StoneX

Group,

Inc.(a)

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

84

9,812

T.

Rowe

Price

Group,

Inc.

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

947

41,953

The

Charles

Schwab

Corp.

...........

3,828

16,318

The

Goldman

Sachs

Group,

Inc.

.......

11,550

2,045

Victory

Capital

Holdings,

Inc.,

Class

-

A

.

130

157

Virtus

Investment

Partners,

Inc.

........

28

9,720

WisdomTree

,

Inc.

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

112

57,686

Chemicals

—

1.38%

10,894

Air

Products

and

Chemicals,

Inc.

.......

3,073

828

Avient

Corp.

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

27

4,923

Axalta

Coating

Systems

Ltd.(a)

........

146

695

Balchem

Corp.

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

111

48

Cabot

Corp.

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

4

43,514

CF

Industries

Holdings,

Inc.

..........

4,002

9,311

Corteva

,

Inc.

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

694

9,217

Dow,

Inc.

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

244

13,063

DuPont

de

Nemours,

Inc.

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

896

30,407

Ecolab,

Inc.

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

8,192

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Chemicals

(continued)

4,020

FMC

Corp.

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

$

168

497

Hawkins,

Inc.

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

71

158

Huntsman

Corp.

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

2

1,018

Innospec

,

Inc.

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

86

7,628

Linde

PLC

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

3,579

35,802

LyondellBasell

Industries

N.V.,

Class

-

A

.

2,072

1,019

Minerals

Technologies,

Inc.

...........

56

129

NewMarket

Corp.

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

89

24,876

Olin

Corp.

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

500

1,544

Orion

SA

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

16

898

Sensient

Technologies

Corp.

..........

88

4,752

The

Sherwin-Williams

Co.

...........

1,632

25,748

Commercial

Services

&

Supplies

—

0.59%

2,075

ABM

Industries,

Inc.

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

98

2,183

Brady

Corp.,

Class

-

A

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

148

1,307

Casella

Waste

Systems,

Inc.(a)

........

151

7,893

Clean

Harbors,

Inc.(a)

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

1,825

105,381

Copart

,

Inc.(a)

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

5,172

5,910

CoreCivic

,

Inc.(a)

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

125

3,253

HNI

Corp.

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

160

5,037

Quad/Graphics,

Inc.

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

28

1,577

RB

Global,

Inc.

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

167

1,270

Republic

Services,

Inc.

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

313

741

The

Brink's

Co.

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

66

1,472

The

GEO

Group,

Inc.(a)

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

35

5,073

Veralto

Corp.

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

512

9,682

Waste

Management,

Inc.

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

2,215

11,015

Communications

Equipment

—

1.09%

19,104

Arista

Networks,

Inc.(a)

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

1,955

223,585

Cisco

Systems,

Inc.

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

15,512

673

Clearfield,

Inc.(a)

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

29

825

F5,

Inc.(a)

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

243

6,088

Motorola

Solutions,

Inc.

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

2,560

20,299

Construction

&

Engineering

—

0.06%

5,983

AECOM

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

675

291

Comfort

Systems

USA,

Inc.

..........

156

2,153

Fluor

Corp.(a)

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

110

218

MYR

Group,

Inc.(a)

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

40

2,938

WillScot

Holdings

Corp.

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

81

1,062

Construction

Materials

—

0.08%

1,351

Martin

Marietta

Materials,

Inc.

........

742

4

HC

CAPITAL

TRUST

The

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Construction

Materials

(continued)

2,578

Vulcan

Materials

Co.

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

$

672

1,414

Consumer

Finance

—

0.96%

20,855

American

Express

Co.

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

6,653

26,557

Capital

One

Financial

Corp.

..........

5,651

2,878

Consumer

Portfolio

Services,

Inc.(a)

....

28

95

Credit

Acceptance

Corp.(a)

...........

48

3,434

LendingClub

Corp.(a)

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

41

875

Navient

Corp.

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

12

351

Nelnet,

Inc.,

Class

-

A

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

43

14,450

OneMain

Holdings,

Inc.

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

824

141,214

SLM

Corp.

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

4,630

17,930

Consumer

Staples

Distribution

&

Retail

—

2.04%

16,536

Costco

Wholesale

Corp.

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

16,371

5,123

Dollar

Tree,

Inc.(a)

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

507

828

Performance

Food

Group

Co.(a)

.......

72

202

PriceSmart

,

Inc.

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

21

1,063

SpartanNash

Co.

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

28

18,118

Sysco

Corp.

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

1,372

17,745

Target

Corp.

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

1,751

1,208

The

Andersons,

Inc.

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

44

9,040

The

Kroger

Co.

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

648

175,950

Walmart,

Inc.

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

17,205

714

Weis

Markets,

Inc.

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

52

38,071

Containers

&

Packaging

—

0.21%

2,235

AptarGroup,

Inc.

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

350

774

Avery

Dennison

Corp.

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

136

22,939

Ball

Corp.

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

1,286

2,133

Graphic

Packaging

Holding

Co.

.......

45

10,608

International

Paper

Co.

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

497

2,891

Packaging

Corp.

of

America

..........

545

17,292

Silgan

Holdings,

Inc.

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

936

2,452

Sonoco

Products

Co.

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

107

3,902

Distributors

—

0.05%

6,793

Genuine

Parts

Co.

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

824

381

Pool

Corp.

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

111

935

Diversified

Consumer

Services

—

0.05%

131

Duolingo

,

Inc.(a)

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

54

7,498

H&R

Block,

Inc.

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

411

4,824

Service

Corp.

International

...........

393

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Diversified

Consumer

Services

(continued)

312

Stride,

Inc.(a)

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

$

45

903

Diversified

REITs

—

0.02%

4,168

Alexander

&

Baldwin,

Inc.

...........

74

7,907

Broadstone

Net

Lease,

Inc.

...........

128

1,323

Essential

Properties

Realty

Trust,

Inc.

...

42

3,709

Gladstone

Commercial

Corp.

.........

53

711

One

Liberty

Properties,

Inc.

..........

17

314

Diversified

Telecommunication

Services

—

0.75%

383,861

AT&T,

Inc.

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

11,108

2,728

EchoStar

Corp.,

Class

-

A(a)

..........

76

19,117

Frontier

Communications

Parent,

Inc.(a)

.

696

8,770

GCI

Liberty,

Inc.(a)(c)

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

–

256

Iridium

Communications,

Inc.

.........

8

48,780

Verizon

Communications,

Inc.

.........

2,111

13,999

Electric

Utilities

—

1.35%

1,915

ALLETE,

Inc.

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

123

1,604

Alliant

Energy

Corp.

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

97

30,034

American

Electric

Power

Co.,

Inc.

......

3,116

3,035

Constellation

Energy

Corp.

...........

980

7,685

Duke

Energy

Corp.

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

907

17,710

Edison

International

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

914

47,734

Evergy

,

Inc.

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

3,291

9,106

Exelon

Corp.

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

395

60,365

FirstEnergy

Corp.

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

2,430

3,048

Genie

Energy

Ltd.,

Class

-

B

..........

82

242

MGE

Energy,

Inc.

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

21

39,736

NextEra

Energy,

Inc.

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

2,758

36,550

NRG

Energy,

Inc.

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

5,870

12,422

OGE

Energy

Corp.

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

551

846

Otter

Tail

Corp.

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

65

464

Portland

General

Electric

Co.

.........

19

32,159

The

Southern

Co.

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

2,953

9,169

Xcel

Energy,

Inc.

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

624

25,196

Electrical

Equipment

—

0.77%

8,507

AMETEK,

Inc.

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

1,539

4,130

Bloom

Energy

Corp.,

Class

-

A(a)

......

99

12,355

Eaton

Corp.

PLC

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

4,412

29,952

Emerson

Electric

Co.

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

3,994

2,360

EnerSys

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

202

4,901

GE

Vernova

,

Inc.

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

2,593

1,210

Hubbell,

Inc.

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

494

4,506

Regal

Rexnord

Corp.

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

653

5

HC

CAPITAL

TRUST

The

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Electrical

Equipment

(continued)

931

Rockwell

Automation,

Inc.

...........

$

309

14,295

Electronic

Equipment,

Instruments

&

Components

—

0.30%

809

Advanced

Energy

Industries,

Inc.

......

107

24,420

Amphenol

Corp.,

Class

-

A

...........

2,411

1,155

Arlo

Technologies,

Inc.(a)

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

20

521

Badger

Meter,

Inc.

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

128

544

Belden,

Inc.

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

63

824

ePlus

,

Inc.(a)

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

59

7,503

Flex

Ltd.(a)

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

375

1,005

Insight

Enterprises,

Inc.(a)

...........

139

548

IPG

Photonics

Corp.(a)

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

38

1,575

Jabil,

Inc.

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

344

8,929

Keysight

Technologies,

Inc.(a)

........

1,463

368

Littelfuse

,

Inc.

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

83

111

Novanta

,

Inc.(a)

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

14

1,841

PC

Connection,

Inc.

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

121

51

Plexus

Corp.(a)

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

7

86

Sanmina

Corp.(a)

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

8

34

TD

SYNNEX

Corp.

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

5

1,116

TTM

Technologies,

Inc.(a)

...........

46

2,343

Vontier

Corp.

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

86

376

Zebra

Technologies

Corp.(a)

..........

116

5,633

Energy

Equipment

&

Services

—

0.20%

7,609

Archrock

,

Inc.

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

189

460

Cactus,

Inc.,

Class

-

A

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

20

4,798

ChampionX

Corp.

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

119

26,930

Halliburton

Co.

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

549

747

Kodiak

Gas

Services,

Inc.

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

26

5,195

Liberty

Energy,

Inc.

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

60

1,775

Oceaneering

International,

Inc.(a)

......

37

40,389

Patterson-UTI

Energy,

Inc.

...........

240

42,009

Schlumberger

N.V.

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

1,419

11,270

Solaris

Energy

Infrastructure,

Inc.

......

319

21,429

TechnipFMC

PLC

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

737

3,715

Entertainment

—

1.45%

1,640

Atlanta

Braves

Holdings,

Inc.(a)

.......

81

2,997

Atlanta

Braves

Holdings,

Inc.(a)

.......

140

682

Cinemark

Holdings,

Inc.

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

21

14,871

Liberty

Media

Corp.-Liberty

Formula

One(a)

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

1,554

14,803

Netflix,

Inc.(a)

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

19,822

18,260

ROBLOX

Corp.,

Class

-

A(a)

.........

1,921

28,569

The

Walt

Disney

Co.

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

3,543

27,082

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Financial

Services

—

3.75%

8,213

Apollo

Global

Management,

Inc.

.......

$

1,165

23,967

AvidXchange

Holdings,

Inc.(a)

........

235

861

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class

-

E

..........

35

42,603

Berkshire

Hathaway,

Inc.,

Class

-

B(a)

...

20,695

49,585

Equitable

Holdings,

Inc.

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

2,782

2,141

EVERTEC,

Inc.

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

77

143

Federal

Agricultural

Mortgage

Corp.,

Class

-

C

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

28

4,072

Fiserv,

Inc.(a)

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

702

9,518

Global

Payments,

Inc.

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

762

708

I3

Verticals,

Inc.,

Class

-

A(a)

.........

19

1,852

Jack

Henry

&

Associates,

Inc.

.........

334

28,125

Mastercard

,

Inc.,

Class

-

A

...........

15,805

228

MGIC

Investment

Corp.

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

6

1,030

Mr

Cooper

Group,

Inc.(a)

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

154

2,840

Payoneer

Global,

Inc.(a)

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

19

34,688

PayPal

Holdings,

Inc.(a)

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

2,578

871

PennyMac

Financial

Services,

Inc.

.....

87

62,050

Visa,

Inc.,

Class

-

A

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

22,031

31,527

Voya

Financial,

Inc.

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

2,238

1,294

Walker

&

Dunlop,

Inc.

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

91

198

WEX,

Inc.(a)

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

29

69,872

Food

Products

—

0.57%

13,782

Archer-Daniels-Midland

Co.

..........

727

283

Cal-Maine

Foods,

Inc.

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

28

87,270

Conagra

Brands,

Inc.

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

1,787

1,587

Darling

Ingredients,

Inc.(a)

...........

60

5,689

Flowers

Foods,

Inc.

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

91

365

Freshpet

,

Inc.(a)

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

25

12,760

General

Mills,

Inc.

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

661

7,674

Hormel

Foods

Corp.

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

232

682

J

&

J

Snack

Foods

Corp.

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

77

10,284

Kellanova

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

818

413

Lamb

Weston

Holdings,

Inc.

..........

21

5,092

McCormick

&

Co.,

Inc.

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

386

65,720

Mondelez

International,

Inc.,

Class

-

A

...

4,433

1,277

Post

Holdings,

Inc.(a)

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

139

3,009

The

Hershey

Co.

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

499

2,332

The

J.M.

Smucker

Co.

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

229

13,887

The

Kraft

Heinz

Co.

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

359

1,116

The

Simply

Good

Foods

Co.(a)

........

35

1,675

Tootsie

Roll

Industries,

Inc.

...........

56

2,571

WK

Kellogg

Co.

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

41

10,704

Gas

Utilities

—

0.19%

808

Atmos

Energy

Corp.

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

125

1,491

Brookfield

Infrastructure

Corp.

........

62

480

Chesapeake

Utilities

Corp.

...........

58

6

HC

CAPITAL

TRUST

The

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Gas

Utilities

(continued)

33,223

National

Fuel

Gas

Co.

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

$

2,813

329

New

Jersey

Resources

Corp.

..........

15

3,451

ONE

Gas,

Inc.

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

248

1,094

Southwest

Gas

Holdings,

Inc.

.........

81

2,134

UGI

Corp.

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

78

3,480

Ground

Transportation

—

1.22%

128,274

CSX

Corp.

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

4,186

1,274

Landstar

System,

Inc.

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

177

5,345

Norfolk

Southern

Corp.

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

1,368

3,682

Old

Dominion

Freight

Line,

Inc.

.......

598

62,802

Uber

Technologies,

Inc.(a)

...........

5,859

1,243

U-Haul

Holding

Co.(a)

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

75

11,187

U-Haul

Holding

Co.

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

608

42,704

Union

Pacific

Corp.

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

9,826

22,697

Health

Care

Equipment

&

Supplies

—

2.05%

82,859

Abbott

Laboratories

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

11,269

10,657

Baxter

International,

Inc.

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

323

4,799

Becton

Dickinson

&

Co.

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

827

10,892

Boston

Scientific

Corp.(a)

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

1,170

4,886

Dexcom

,

Inc.(a)

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

426

15,552

Edwards

Lifesciences

Corp.(a)

........

1,216

960

Embecta

Corp.

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

9

6,535

GE

HealthCare

Technologies,

Inc.

......

484

698

Glaukos

Corp.(a)

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

72

434

Haemonetics

Corp.(a)

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

32

9,518

ICU

Medical,

Inc.(a)

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

1,258

4,343

IDEXX

Laboratories,

Inc.(a)

..........

2,329

883

Inspire

Medical

Systems,

Inc.(a)

.......

115

479

Integer

Holdings

Corp.(a)

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

59

19,494

Intuitive

Surgical,

Inc.(a)

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

10,592

933

iRhythm

Technologies,

Inc.(a)

.........

144

511

Lantheus

Holdings,

Inc.(a)

...........

42

271

LeMaitre

Vascular,

Inc.

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

23

74

Medtronic

PLC

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

6

4,151

Merit

Medical

Systems,

Inc.(a)

........

388

26,890

Novocure

Ltd.(a)

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

479

1,347

Omnicell

,

Inc.(a)

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

40

1,434

Penumbra,

Inc.(a)

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

368

4,072

ResMed

,

Inc.

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

1,051

1,498

STERIS

PLC

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

360

9,642

Stryker

Corp.

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

3,815

19,385

Tactile

Systems

Technology,

Inc.(a)

.....

197

23,899

Tandem

Diabetes

Care,

Inc.(a)

.........

445

2,516

The

Cooper

Cos.,

Inc.(a)

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

179

693

TransMedics

Group,

Inc.(a)

...........

93

3,346

Zimmer

Biomet

Holdings,

Inc.

........

305

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Health

Care

Equipment

&

Supplies

(continued)

7,594

Zimvie

,

Inc.(a)

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

$

71

38,187

Health

Care

Providers

&

Services

—

1.78%

158

Addus

HomeCare

Corp.(a)

...........

18

3,127

Cencora

,

Inc.

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

938

25,667

Centene

Corp.(a)

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

1,393

13

Chemed

Corp.

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

6

1,113

Concentra

Group

Holdings

Parent,

Inc.

..

23

459

CorVel

Corp.(a)

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

47

22,394

CVS

Health

Corp.

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

1,545

9,467

Elevance

Health,

Inc.

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

3,682

47

Encompass

Health

Corp.

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

6

4,756

HCA

Healthcare,

Inc.

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

1,822

3,283

Henry

Schein,

Inc.(a)

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

240

4,083

Labcorp

Holdings,

Inc.

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

1,072

8,667

McKesson

Corp.

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

6,351

992

Molina

Healthcare,

Inc.(a)

...........

296

717

National

HealthCare

Corp.

...........

77

1,478

Owens

&

Minor,

Inc.(a)

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

13

10,773

Quest

Diagnostics,

Inc.

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

1,935

1,380

Select

Medical

Holdings

Corp.

........

21

3,135

Solventum

Corp.(a)

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

238

1,068

Surgery

Partners,

Inc.(a)

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

24

2,414

Tenet

Healthcare

Corp.(a)

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

425

11,241

The

Cigna

Group

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

3,716

195

The

Ensign

Group,

Inc.

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

30

29,483

UnitedHealth

Group,

Inc.

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

9,197

33,115

Health

Care

REITs

—

0.43%

8,558

CareTrust

REIT,

Inc.

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

262

174,195

Healthcare

Realty

Trust,

Inc.

..........

2,763

686

National

Health

Investors,

Inc.

........

48

36,358

Omega

Healthcare

Investors,

Inc.

......

1,333

6,550

Sabra

Health

Care

REIT,

Inc.

.........

121

40,605

Ventas,

Inc.

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

2,564

5,701

Welltower

,

Inc.

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

876

7,967

Health

Care

Technology

—

0.24%

1,615

Phreesia

,

Inc.(a)

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

46

9,828

Schrodinger,

Inc.(a)

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

198

14,457

Veeva

Systems,

Inc.,

Class

-

A(a)

.......

4,163

4,407

Hotel

&

Resort

REITs

—

0.01%

9,262

DiamondRock

Hospitality

Co.

.........

71

1,766

Ryman

Hospitality

Properties,

Inc.

......

174

245

7

HC

CAPITAL

TRUST

The

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Hotels,

Restaurants

&

Leisure

—

1.88%

5,277

Airbnb,

Inc.,

Class

-

A(a)

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

$

698

162

BJ's

Restaurants,

Inc.(a)

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

7

1,179

Booking

Holdings,

Inc.

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

6,826

3,538

Boyd

Gaming

Corp.

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

277

31,802

Carnival

Corp.(a)

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

894

28,900

Chipotle

Mexican

Grill,

Inc.(a)

........

1,623

1,046

Choice

Hotels

International,

Inc.^

......

133

2,249

Darden

Restaurants,

Inc.

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

490

1,221

Dave

&

Buster's

Entertainment,

Inc.(a)

..

37

23,594

DraftKings

,

Inc.(a)

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

1,012

1,218

Hilton

Grand

Vacations,

Inc.(a)

........

51

148

Hilton

Worldwide

Holdings,

Inc.

.......

39

3,826

Hyatt

Hotels

Corp.,

Class

-

A

.........

534

999

Light

&

Wonder,

Inc.(a)

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

96

3,896

Lindblad

Expeditions

Holdings,

Inc.(a)

..

45

13,101

Marriott

International,

Inc.,

Class

-

A

....

3,579

20,166

McDonald's

Corp.

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

5,892

217

Monarch

Casino

&

Resort,

Inc.

........

19

50,929

Norwegian

Cruise

Line

Holdings

Ltd.(a)

.

1,033

3,005

Planet

Fitness,

Inc.,

Class

-

A(a)

.......

328

3,075

PlayAGS

,

Inc.(a)

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

38

16,947

Royal

Caribbean

Cruises

Ltd.

.........

5,307

64,141

Starbucks

Corp.

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

5,877

5,395

Super

Group

SGHC

Ltd.

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

59

581

Texas

Roadhouse,

Inc.

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

109

35,003

Household

Durables

—

0.31%

201

Cavco

Industries,

Inc.(a)

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

87

1,030

Champion

Homes,

Inc.(a)

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

64

3,443

D.R.

Horton,

Inc.

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

444

4,095

Dream

Finders

Homes,

Inc.,

Class

-

A(a)

.

103

5,591

Garmin

Ltd.

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

1,167

891

Hamilton

Beach

Brands

Holding

Co.,

Class

-

A

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

16

705

Legacy

Housing

Corp.(a)

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

16

6,964

Lennar

Corp.,

Class

-

A

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

770

83

Lennar

Corp.,

Class

-

B

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

9

2,390

M/I

Homes,

Inc.(a)

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

268

2,222

Meritage

Homes

Corp.

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

149

4,132

PulteGroup,

Inc.

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

436

17,676

Toll

Brothers,

Inc.

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

2,017

2,166

Tri

Pointe

Homes,

Inc.(a)

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

69

1,868

Worthington

Enterprises,

Inc.

.........

119

5,734

Household

Products

—

1.09%

2,670

BJ's

Wholesale

Club

Holdings,

Inc.(a)

...

288

1,892

Central

Garden

&

Pet

Co.(a)

..........

67

1,710

Central

Garden

&

Pet

Co.,

Class

-

A(a)

..

54

6,339

Church

&

Dwight

Co.,

Inc.

...........

609

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Household

Products

(continued)

9,514

Colgate-Palmolive

Co.

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

$

865

23,369

Kimberly-Clark

Corp.

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

3,012

3,754

The

Clorox

Co.

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

451

93,521

The

Procter

&

Gamble

Co.

...........

14,899

20,245

Independent

Power

and

Renewable

Electricity

Producers

—

0.37%

1,499

Clearway

Energy,

Inc.,

Class

-

C

.......

48

35,390

Vistra

Corp.

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

6,859

6,907

Industrial

Conglomerates

—

0.73%

12,543

3M

Co.

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

1,910

1,120

Brookfield

Business

Corp.,

Class

-

A

....

35

19,608

General

Electric

Co.

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

5,047

28,328

Honeywell

International,

Inc.

.........

6,596

13,588

Industrial

REITs

—

0.14%

1,133

EastGroup

Properties,

Inc.

...........

189

875

Innovative

Industrial

Properties,

Inc.

....

48

20,968

Prologis,

Inc.

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

2,205

2,707

STAG

Industrial,

Inc.

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

98

2,540

Insurance

—

2.33%

33,180

Aflac,

Inc.

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

3,499

8,552

Aon

PLC,

Class

-

A

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

3,051

1,831

Arthur

J.

Gallagher

&

Co.

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

586

1,195

Assurant,

Inc.

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

236

36,463

Axis

Capital

Holdings

Ltd.

...........

3,787

1,709

Brown

&

Brown,

Inc.

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

189

11,297

Chubb

Ltd.

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

3,273

3,252

Cincinnati

Financial

Corp.

...........

484

3,379

CNO

Financial

Group,

Inc.

...........

130

658

Enstar

Group

Ltd.(a)

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

221

35

Everest

Group

Ltd.

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

12

52,976

Fidelity

National

Financial,

Inc.

.......

2,970

3,462

Goosehead

Insurance,

Inc.,

Class

-

A

....

365

3,604

Horace

Mann

Educators

Corp.

.........

155

562

Kinsale

Capital

Group,

Inc.

...........

272

43,476

Lincoln

National

Corp.

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

1,504

14,422

Marsh

&

McLennan

Cos.,

Inc.

........

3,153

26,353

MetLife,

Inc.

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

2,119

7,077

Old

Republic

International

Corp.

.......

272

22,534

Principal

Financial

Group,

Inc.

........

1,790

11,007

Prudential

Financial,

Inc.

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

1,183

7,591

Reinsurance

Group

of

America,

Inc.

....

1,506

3,014

RenaissanceRe

Holdings

Ltd.

.........

732

372

Selective

Insurance

Group,

Inc.

........

32

8

HC

CAPITAL

TRUST

The

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Insurance

(continued)

3,408

Stewart

Information

Services

Corp.

.....

$

222

26,534

The

Allstate

Corp.

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

5,343

8,510

The

Progressive

Corp.

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

2,271

6,974

The

Travelers

Cos.,

Inc.

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

1,866

621

Trupanion

,

Inc.(a)

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

34

17,476

Unum

Group

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

1,411

9,301

W.R.

Berkley

Corp.

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

683

43,351

Interactive

Media

&

Services

—

6.60%

182,337

Alphabet,

Inc.,

Class

-

A

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

32,133

190,025

Alphabet,

Inc.,

Class

-

C

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

33,709

1,296

Cargurus

,

Inc.(a)

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

43

1,412

Match

Group,

Inc.

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

44

76,855

Meta

Platforms,

Inc.,

Class

-

A

........

56,725

6,760

Yelp,

Inc.(a)

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

232

122,886

IT

Services

—

0.98%

15,185

Accenture

PLC,

Class

-

A

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

4,539

3,168

Akamai

Technologies,

Inc.(a)

.........

253

4,094

Cognizant

Technology

Solutions

Corp.,

Class

-

A

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

319

1,369

DigitalOcean

Holdings,

Inc.(a)

........

39

8,471

EPAM

Systems,

Inc.(a)

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

1,498

13,957

GoDaddy

,

Inc.,

Class

-

A(a)

...........

2,513

1,737

Grid

Dynamics

Holdings,

Inc.(a)

.......

20

15,429

International

Business

Machines

Corp.

...

4,548

32,062

Okta

,

Inc.(a)

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

3,205

135

The

Hackett

Group,

Inc.

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

3

4,247

VeriSign,

Inc.

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

1,227

18,164

Leisure

Products

—

0.02%

324

American

Outdoor

Brands,

Inc.(a)

......

3

356

MasterCraft

Boat

Holdings,

Inc.(a)

.....

7

14,953

Mattel,

Inc.(a)

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

295

1,298

Smith

&

Wesson

Brands,

Inc.

.........

11

1,461

YETI

Holdings,

Inc.(a)

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

46

362

Life

Sciences

Tools

&

Services

—

0.80%

4,371

Agilent

Technologies,

Inc.

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

516

4,564

Bio-

Techne

Corp.

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

235

1,836

Bruker

Corp.

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

76

15,219

Danaher

Corp.

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

3,006

710

IQVIA

Holdings,

Inc.(a)

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

112

599

Medpace

Holdings,

Inc.(a)

...........

188

3,554

Mettler

-Toledo

International,

Inc.(a)

....

4,175

2,205

QIAGEN

N.V.

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

106

493

Repligen

Corp.(a)

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

61

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Life

Sciences

Tools

&

Services

(continued)

724

Revvity

,

Inc.

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

$

70

13,024

Thermo

Fisher

Scientific,

Inc.

.........

5,281

3,017

Waters

Corp.(a)

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

1,053

14,879

Machinery

—

1.75%

11,054

AGCO

Corp.

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

1,140

68

Albany

International

Corp.

...........

5

21,751

Caterpillar,

Inc.

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

8,443

5,428

Cummins,

Inc.

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

1,778

4,840

Deere

&

Co.

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

2,460

53

Donaldson

Co.,

Inc.

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

4

8,121

Dover

Corp.

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

1,488

220

Enpro

,

Inc.

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

42

1,648

Esab

Corp.

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

199

1,328

ESCO

Technologies,

Inc.

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

255

1,773

Federal

Signal

Corp.

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

189

5,857

Fortive

Corp.

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

305

141

Franklin

Electric

Co.,

Inc.

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

13

1,569

Graco

,

Inc.

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

135

2,539

IDEX

Corp.

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

446

8,257

Illinois

Tool

Works,

Inc.

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

2,041

13,883

Ingersoll

Rand,

Inc.

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

1,155

2,518

ITT,

Inc.

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

395

819

JBT

Marel

Corp.

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

98

226

Kadant

,

Inc.

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

72

771

Lincoln

Electric

Holdings,

Inc.

........

160

236

Mueller

Industries,

Inc.

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

19

16,478

Mueller

Water

Products,

Inc.,

Class

-

A

..

396

1,750

Nordson

Corp.

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

375

17,109

Oshkosh

Corp.

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

1,943

16,233

Otis

Worldwide

Corp.

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

1,607

1,693

Parker-Hannifin

Corp.

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

1,183

21

RBC

Bearings,

Inc.(a)

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

8

2,067

Terex

Corp.

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

97

2,085

The

Greenbrier

Cos.,

Inc.

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

96

11,372

The

Middleby

Corp.(a)

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

1,638

2,490

The

Timken

Co.

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

181

927

The

Toro

Co.

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

66

16,476

Westinghouse

Air

Brake

Technologies

Corp.

3,448

4,923

Xylem,

Inc.

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

637

32,517

Marine

Transportation

—

0.02%

2,101

Kirby

Corp.(a)

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

238

1,166

Matson,

Inc.

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

130

368

Media

—

0.32%

84,982

Comcast

Corp.,

Class

-

A

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

3,033

4,889

Fox

Corp.,

Class

-

A

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

274

9

HC

CAPITAL

TRUST

The

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Media

(continued)

3,824

Magnite

,

Inc.(a)

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

$

92

8,724

Omnicom

Group,

Inc.

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

628

1,952

Ralliant

Corp.(a)

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

95

2,249

TEGNA,

Inc.

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

38

31,882

The

Interpublic

Group

of

Cos.,

Inc.

.....

780

13,683

The

Trade

Desk,

Inc.,

Class

-

A(a)

......

985

5,925

Metals

&

Mining

—

0.17%

6,655

ATI,

Inc.(a)

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

575

5,219

Coeur

Mining,

Inc.(a)

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

46

9,750

Hecla

Mining

Co.

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

58

18,550

Newmont

Corp.

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

1,081

8,225

Nucor

Corp.

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

1,065

2,916

Ryerson

Holding

Corp.

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

63

1,912

Steel

Dynamics,

Inc.

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

245

137

Warrior

Met

Coal,

Inc.

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

6

1,868

Worthington

Steel,

Inc.

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

56

3,195

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.14%

1,691

Dynex

Capital,

Inc.

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

21

198,350

Rithm

Capital

Corp.

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

2,239

20,515

Starwood

Property

Trust,

Inc.

.........

412

2,672

Multi-Utilities

—

0.63%

2,674

Ameren

Corp.

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

257

5,156

Black

Hills

Corp.

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

289

84,210

CenterPoint

Energy,

Inc.

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

3,093

1,937

CMS

Energy

Corp.

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

134

1,642

Consolidated

Edison,

Inc.

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

165

1,144

Dominion

Energy,

Inc.

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

65

16,840

DTE

Energy

Co.

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

2,231

72,854

NiSource,

Inc.

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

2,939

5,865

Public

Service

Enterprise

Group,

Inc.

....

494

1,902

Sempra

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

144

847

Unitil

Corp.

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

44

17,371

WEC

Energy

Group,

Inc.

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

1,810

11,665

Office

REITs

—

0.01%

2,446

COPT

Defense

Properties

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

67

5,145

Douglas

Emmett,

Inc.

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

78

7,836

Piedmont

Realty

Trust,

Inc.(a)

.........

57

378

SL

Green

Realty

Corp.

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

23

225

Oil,

Gas

&

Consumable

Fuels

—

2.98%

74,539

Antero

Midstream

Corp.

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

1,413

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Oil,

Gas

&

Consumable

Fuels

(continued)

3,497

Antero

Resources

Corp.(a)

...........

$

141

7,263

Cheniere

Energy,

Inc.

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

1,769

19,851

Chevron

Corp.

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

2,842

8,222

CNX

Resources

Corp.(a)

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

277

23,646

Comstock

Resources,

Inc.(a)

..........

654

58,661

ConocoPhillips

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

5,264

1,055

Core

Natural

Resources,

Inc.

..........

74

63,641

Coterra

Energy,

Inc.

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

1,615

110,190

Devon

Energy

Corp.

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

3,505

8,419

DT

Midstream,

Inc.

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

925

3,995

EOG

Resources,

Inc.

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

478

30,723

EQT

Corp.

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

1,792

3,921

Excelerate

Energy,

Inc.,

Class

-

A

......

115

2,366

Expand

Energy

Corp.

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

277

84,146

Exxon

Mobil

Corp.

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

9,071

2,312

Golar

LNG

Ltd.

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

95

16,993

Hess

Corp.

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

2,354

161,493

Kinder

Morgan,

Inc.

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

4,748

4,980

Kinetik

Holdings,

Inc.

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

219

11,538

Marathon

Petroleum

Corp.

...........

1,917

268

Matador

Resources

Co.

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

13

13,648

Navigator

Holdings

Ltd.

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

193

26,124

Occidental

Petroleum

Corp.

..........

1,097

20,345

ONEOK,

Inc.

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

1,661

3,747

Ovintiv

,

Inc.

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

143

14,968

Permian

Resources

Corp.

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

204

156

REX

American

Resources

Corp.(a)

.....

8

419

SM

Energy

Co.

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

10

29,205

Targa

Resources

Corp.

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

5,084

114,739

The

Williams

Cos.,

Inc.

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

7,207

2,242

Valero

Energy

Corp.

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

301

2,011

Vitesse

Energy,

Inc.^

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

44

55,510

Paper

&

Forest

Products

—

0.00%

1,680

Sylvamo

Corp.

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

84

Passenger

Airlines

—

0.09%

10,129

Alaska

Air

Group,

Inc.(a)

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

501

8,991

Blade

Air

Mobility,

Inc.(a)

...........

36

2,097

Copa

Holdings

SA,

Class

-

A

..........

231

18,665

Delta

Air

Lines,

Inc.

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

918

1,686

Personal

Care

Products

—

0.05%

692

BellRing

Brands,

Inc.(a)

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

40

3,023

e.l.f

.

Beauty,

Inc.(a)

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

376

853

Interparfums

,

Inc.

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

112

4,797

The

Estee

Lauder

Cos.,

Inc.

..........

388

916

10

HC

CAPITAL

TRUST

The

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Pharmaceuticals

—

2.97%

286

ANI

Pharmaceuticals,

Inc.(a)

.........

$

19

876

Axsome

Therapeutics,

Inc.(a)

.........

91

1,709

Collegium

Pharmaceutical,

Inc.(a)

......

51

551

Corcept

Therapeutics,

Inc.(a)

.........

40

31,511

Eli

Lilly

&

Co.

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

24,564

1,228

Harrow,

Inc.(a)

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

38

109,630

Johnson

&

Johnson

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

16,746

114,005

Merck

&

Co.,

Inc.

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

9,025

34,096

Novo

Nordisk

A/S,

ADR

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

2,353

64,849

Pfizer,

Inc.

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

1,572

1,583

Prestige

Consumer

Healthcare,

Inc.(a)

...

126

803

Supernus

Pharmaceuticals,

Inc.(a)

......

25

4,740

Zoetis,

Inc.

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

739

55,389

Professional

Services

—

1.00%

760

Amentum

Holdings,

Inc.(a)

...........

18

917

ASGN,

Inc.(a)

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

46

3,150

Asure

Software,

Inc.(a)

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

31

31,829

Automatic

Data

Processing,

Inc.

.......

9,815

2,812

Barrett

Business

Services,

Inc.

........

117

62

Booz

Allen

Hamilton

Holding

Corp.

....

6

1,815

CBIZ,

Inc.(a)

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

130

34

Concentrix

Corp.

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

2

3,434

Equifax,

Inc.

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

891

2,570

ExlService

Holdings,

Inc.(a)

..........

113

217

Huron

Consulting

Group,

Inc.(a)

.......

30

717

Jacobs

Solutions,

Inc.

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

94

3,378

KBR,

Inc.

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

162

1,998

Korn

Ferry

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

147

1,829

Leidos

Holdings,

Inc.

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

289

979

Maximus,

Inc.

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

69

6,910

Paychex,

Inc.

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

1,005

8,321

Paycom

Software,

Inc.

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

1,925

1,018

Science

Applications

International

Corp.

.

115

1,391

SS&C

Technologies

Holdings,

Inc.

.....

115

1,649

Upwork

,

Inc.(a)

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

22

10,910

Verisk

Analytics,

Inc.

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

3,398

18,540

Real

Estate

Management

&

Development

—

0.20%

2,963

CBRE

Group,

Inc.,

Class

-

A(a)

........

415

30,060

CoStar

Group,

Inc.(a)

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

2,416

4,563

Howard

Hughes

Holdings,

Inc.(a)

......

308

2,009

Jones

Lang

LaSalle,

Inc.(a)

...........

514

3,583

Newmark

Group,

Inc.,

Class

-

A

.......

44

3,697

Residential

REITs

—

0.15%

3,688

American

Homes

4

Rent,

Class

-

A

.....

133

2,230

Apartment

Investment

and

Management

Co.

19

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Residential

REITs

(continued)

7,024

Camden

Property

Trust

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

$

792

1,553

Elme

Communities

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

25

3,730

Equity

LifeStyle

Properties,

Inc.

.......

230

507

Essex

Property

Trust,

Inc.

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

144

4,659

Independence

Realty

Trust,

Inc.

........

82

10,627

Invitation

Homes,

Inc.

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

349

2,029

Mid-America

Apartment

Communities,

Inc.

300

5,677

NexPoint

Residential

Trust,

Inc.

.......

189

1,913

Sun

Communities,

Inc.

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

242

4,609

UDR,

Inc.

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

188

3,691

UMH

Properties,

Inc.

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

62

3,365

Veris

Residential,

Inc.

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

50

2,805

Retail

REITs

—

0.17%

27,975

Brixmor

Property

Group,

Inc.

.........

728

1,385

Federal

Realty

Investment

Trust

.......

132

533

Getty

Realty

Corp.

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

15

4,895

InvenTrust

Properties

Corp.

..........

134

3,897

Kite

Realty

Group

Trust

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

88

17,542

Realty

Income

Corp.

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

1,012

11,883

Tanger

,

Inc.

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

363

43,161

The

Macerich

Co.

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

698

3,762

Urban

Edge

Properties

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

70

3,240

Semiconductors

&

Semiconductor

Equipment

—

12.31%

73,066

Advanced

Micro

Devices,

Inc.(a)

.......

10,368

485

Alpha

&

Omega

Semiconductor

Ltd.(a)

..

12

3,622

Amkor

Technology,

Inc.

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

76

15,994

Analog

Devices,

Inc.

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

3,807

27,360

Applied

Materials,

Inc.

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

5,009

152,741

Broadcom,

Inc.

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

42,102

55

Cirrus

Logic,

Inc.(a)

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

6

1,496

Credo

Technology

Group

Holding

Ltd.(a)

139

4,234

First

Solar,

Inc.(a)

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

701

3,557

FormFactor

,

Inc.(a)

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

122

188

Impinj

,

Inc.(a)

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

21

305,708

Intel

Corp.

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

6,848

1,378

KLA

Corp.

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

1,234

16,590

Lam

Research

Corp.

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

1,615

684

Lattice

Semiconductor

Corp.(a)

........

34

3,126

MACOM

Technology

Solutions

Holdings,

Inc.(a)

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

448

34,215

Marvell

Technology,

Inc.

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

2,648

3,708

Microchip

Technology,

Inc.

...........

261

21,430

Micron

Technology,

Inc.

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

2,641

624

MKS,

Inc.

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

62

851,240

NVIDIA

Corp.

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

134,486

3,257

ON

Semiconductor

Corp.(a)

..........

171

631

Onto

Innovation,

Inc.(a)

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

64

11

HC

CAPITAL

TRUST

The

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Semiconductors

&

Semiconductor

Equipment

(continued)

2,203

Power

Integrations,

Inc.

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

$

123

2,201

Qorvo

,

Inc.(a)

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

187

60,860

QUALCOMM,

Inc.

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

9,693

1,083

Silicon

Laboratories,

Inc.(a)

..........

160

799

Synaptics

,

Inc.(a)

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

52

23,905

Texas

Instruments,

Inc.

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

4,963

8,143

Universal

Display

Corp.

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

1,258

661

Veeco

Instruments,

Inc.(a)

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

13

229,324

Software

—

11.97%

1,931

ACI

Worldwide,

Inc.(a)

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

89

21,800

Adobe,

Inc.(a)

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

8,434

416

Alarm.com

Holdings,

Inc.(a)

..........

24

1,591

Alkami

Technology,

Inc.(a)

...........

48

1,974

ANSYS,

Inc.(a)

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

693

289

Appfolio

,

Inc.,

Class

-

A(a)

...........

67

908

Atlassian

Corp.,

Class

-

A(a)

..........

184

10,190

Autodesk,

Inc.(a)

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

3,155

6,689

AvePoint

,

Inc.(a)

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

129

1,089

Box,

Inc.,

Class

-

A(a)

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

37

8,330

Cadence

Design

Systems,

Inc.(a)

.......

2,567

2,611

Clear

Secure,

Inc.,

Class

-

A

..........

72

574

Commvault

Systems,

Inc.(a)

..........

100

1,270

Corpay

,

Inc.(a)

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

421

9,116

Crowdstrike

Holdings,

Inc.,

Class

-

A(a)

.

4,643

546

Dolby

Laboratories,

Inc.,

Class

-

A

.....

41

3,738

EverCommerce

,

Inc.(a)

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

39

6,515

Fortinet,

Inc.(a)

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

689

846

Guidewire

Software,

Inc.(a)

..........

199

1,928

HubSpot

,

Inc.(a)

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

1,073

3,676

InterDigital

,

Inc.

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

824

5,562

Intuit,

Inc.

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

4,381

1,284

LiveRamp

Holdings,

Inc.(a)

..........

42

21,041

Manhattan

Associates,

Inc.(a)

.........

4,155

3,930

MARA

Holdings,

Inc.(a)

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

62

2,965

Meridianlink

,

Inc.(a)

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

48

257,364

Microsoft

Corp.

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

128,014

20,938

MicroStrategy

,

Inc.(a)

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

8,464

55,831

NextNav

,

Inc.(a)

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

849

68,303

Oracle

Corp.

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

14,933

60,123

Palantir

Technologies,

Inc.,

Class

-

A(a)

..

8,196

6,284

Palo

Alto

Networks,

Inc.(a)

...........

1,286

939

Progress

Software

Corp.

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

60

868

PTC,

Inc.(a)

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

150

680

Qualys

,

Inc.(a)

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

97

11,757

Riot

Platforms,

Inc.(a)

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

133

2,517

Roper

Technologies,

Inc.

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

1,427

47,405

Salesforce,

Inc.

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

12,927

3,998

Sapiens

International

Corp.

N.V.

.......

117

12,434

ServiceNow

,

Inc.(a)

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

12,783

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Software

(continued)

831

SPS

Commerce,

Inc.(a)

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

$

113

819

Synopsys,

Inc.(a)

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

420

908

Tenable

Holdings,

Inc.(a)

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

31

408

Varonis

Systems,

Inc.(a)

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

21

566

Workday,

Inc.,

Class

-

A(a)

...........

136

1,438

Workiva

,

Inc.(a)

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

98

21,286

Zeta

Global

Holdings

Corp.,

Class

-

A(a)

.

330

222,801

Specialized

REITs

—

0.80%

10,099

American

Tower

Corp.

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

2,232

2,473

Crown

Castle,

Inc.

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

254

5,913

CubeSmart

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

251

9,861

Digital

Realty

Trust,

Inc.

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

1,719

9,416

Equinix

,

Inc.

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

7,491

5,142

Extra

Space

Storage,

Inc.

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

758

7,180

Four

Corners

Property

Trust,

Inc.

.......

193

5,259

Iron

Mountain,

Inc.

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

539

846

Lamar

Advertising

Co.,

Class

-

A

.......

103

1,574

National

Storage

Affiliates

Trust

.......

50

6,868

Outfront

Media,

Inc.

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

112

1,185

PotlatchDeltic

Corp.

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

45

2,688

Public

Storage

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

789

8,362

VICI

Properties,

Inc.

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

273

14,809

Specialty

Retail

—

2.04%

619

AutoZone,

Inc.(a)

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

2,298

6,524

Bath

&

Body

Works,

Inc.

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

195

13,588

Best

Buy

Co.,

Inc.

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

912

3,328

Boot

Barn

Holdings,

Inc.(a)

..........

506

376

Burlington

Stores,

Inc.(a)

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

87

9,726

Floor

&

Decor

Holdings,

Inc.,

Class

-

A(a)

739

35,806

Lowe's

Cos.,

Inc.

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

7,944

53,790

O'Reilly

Automotive,

Inc.(a)

..........

4,848

3,973

Revolve

Group,

Inc.(a)

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

80

9,045

Ross

Stores,

Inc.

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

1,154

158

Signet

Jewelers

Ltd.

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

13

26,193

The

Home

Depot,

Inc.

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

9,603

64,982

The

TJX

Cos.,

Inc.

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

8,025

16,575

Tractor

Supply

Co.

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

875

1,253

Ulta

Beauty,

Inc.(a)

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

586

2,174

Victoria's

Secret

&

Co.(a)

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

40

37,905

Technology

Hardware,

Storage

&

Peripherals

—

5.88%

517,608

Apple,

Inc.

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

106,197

120,805

HP,

Inc.

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

2,955

2,448

NetApp,

Inc.

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

261

12

HC

CAPITAL

TRUST

The

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Technology

Hardware,

Storage

&

Peripherals

(continued)

10,627

Turtle

Beach

Corp.(a)

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

$

147

109,560

Textiles,

Apparel

&

Luxury

Goods

—

0.37%

47

Columbia

Sportswear

Co.

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

3

8,532

Lululemon

Athletica

,

Inc.(a)

..........

2,027

12,105

LVMH

Moet

Hennessy

Louis

Vuitton

SE,

ADR

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

1,272

35,227

NIKE,

Inc.,

Class

-

B

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

2,503

1,533

Ralph

Lauren

Corp.

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

420

7,801

Tapestry,

Inc.

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

685

6,910

Tobacco

—

0.43%

36,600

Altria

Group,

Inc.

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

2,146

32,618

Philip

Morris

International,

Inc.

........

5,941

8,087

Trading

Companies

&

Distributors

—

0.33%

23,095

Air

Lease

Corp.

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

1,351

157

Applied

Industrial

Technologies,

Inc.

....

36

200

DXP

Enterprises,

Inc.(a)

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

18

55,752

Fastenal

Co.

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

2,342

749

McGrath

RentCorp

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

87

22,107

MRC

Global,

Inc.(a)

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

303

2,367

Rush

Enterprises,

Inc.,

Class

-

A

.......

122

548

SiteOne

Landscape

Supply,

Inc.(a)

......

66

1,221

W.W.

Grainger,

Inc.

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

1,270

1,130

Watsco

,

Inc.

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

499

6,094

Water

Utilities

—

0.01%

1,178

American

Water

Works

Co.,

Inc.

.......

164

Wireless

Telecommunication

Services

—

0.53%

6,927

Telephone

and

Data

Systems,

Inc.

......

246

40,535

T-Mobile

US,

Inc.

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

9,658

9,904

Total

Common

Stocks

(cost

$542,758)

..

1,856,017

Shares

Security

Description

Value

(000)

Contingent

Rights

—

0.00%

Health

Care

Equipment

&

Supplies

—

0.00%

56

ABIOMED,

Inc.

CVR,

01/02/26(a)

.....

$

–

Health

Care

Providers

&

Services

—

0.00%

15,971

Paratek

Pharmaceuticals,

Inc.

CVR,

01/01/26(a)

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

1

Metals

&

Mining

—

0.00%

108,208

Pan

American

Silver

Corp.

CVR,

(a)

....

27

Total

Contingent

Rights

(cost

$–)

.....

28

Investment

Companies

—

0.29%

Money

Market

Funds

—

0.29%

191,748

Federated

Hermes

Treasury

Obligations

Fund,

Institutional

Shares,

4.17%^^(d)

192

5,117,296

State

Street

Institutional

Treasury

Plus

Money

Market

Fund,

Trust

Class,

4.19%(d)

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

5,117

Total

Investment

Companies

(cost

$5,309)

5,309

Total

Investments

(cost

$548,067)

—

99.97%

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

1,861,354

Other

assets

in

excess

of

liabilities

—

0.03%

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

624

Net

Assets

-

100.00%

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

$

1,861,978

Amounts

designated

as

"—"

are

$0

or

have

been

rounded

to

$0.

^

All

or

part

of

this

security

was

on

loan

as

of

June

30,

2025.

^^

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

June

30,

2025.

(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

June

30,

2025.

(d)

Annualized

7-day

yield

as

of

period-end.

ADR—American

Depositary

Receipt

REIT—Real

Estate

Investment

Trust

13

See

accompanying

notes

to

financial

statements.

HC

CAPITAL

TRUST

The

U.S.

Equity

Portfolio

Portfolio

of

Investments

(concluded)

—

June

30,

2025

The

following

table

reflects

the

percentage

of

total

net

assets

of

the

Portfolio

attributable

to

each

Specialist

Manager

as

of

June

30,

2025.

The

U.S.

Equity

Portfolio

HC

Capital

Solutions

Parametric

Portfolio

Associates,

LLC

Total

Common

Stocks

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

—

99.68

%

99.68

%

Contingent

Rights

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

—

—

—

%

Investment

Companies

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

—

0.29

%

0.29

%

Other

Assets

(Liabilities)

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

—

0.03

%

0.03

%

Total

Net

Assets

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

—

%

100.00

%

100.00

%

HC

CAPITAL

TRUST

The

Institutional

U.S.

Equity

Portfolio

Portfolio

of

Investments

—

June

30,

2025

14

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

—

66.00%

Aerospace

&

Defense

—

1.18%

1,307

Axon

Enterprise,

Inc.(a)

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

$

1,083

692

BWX

Technologies,

Inc.

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

100

290

Curtiss-Wright

Corp.

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

142

6,947

General

Dynamics

Corp.

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

2,026

1,666

HEICO

Corp.

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

547

2,307

HEICO

Corp.,

Class

-

A

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

597

636

Hexcel

Corp.

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

36

6,892

Howmet

Aerospace,

Inc.

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

1,282

299

Huntington

Ingalls

Industries,

Inc.

......

72

205

Karman

Holdings,

Inc.(a)

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

10

7,347

L3Harris

Technologies,

Inc.

..........

1,843

585

Leonardo

DRS,

Inc.

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

27

327

Loar

Holdings,

Inc.(a)

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

28

6,242

Lockheed

Martin

Corp.

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

2,891

5,021

Northrop

Grumman

Corp.

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

2,510

3,030

Rocket

Lab

Corp.(a)

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

108

29,030

RTX

Corp.

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

4,239

885

Spirit

AeroSystems

Holdings,

Inc.,

Class

-

A(a)

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

34

1,047

StandardAero

,

Inc.(a)

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

33

3,216

Textron,

Inc.

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

258

13,033

The

Boeing

Co.(a)

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

2,730

7,623

TransDigm

Group,

Inc.

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

11,593

460

Woodward,

Inc.

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

113

32,302

Air

Freight

&

Logistics

—

0.14%

7,356

CH

Robinson

Worldwide,

Inc.

.........

706

5,026

Expeditors

International

of

Washington,

Inc.

574

3,909

FedEx

Corp.

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

889

884

GXO

Logistics,

Inc.(a)

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

43

14,788

United

Parcel

Service,

Inc.,

Class

-

B

....

1,492

3,704

Automobile

Components

—

0.02%

4,081

Aptiv

PLC(a)

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

280

1,770

BorgWarner,

Inc.

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

59

1,782

Gentex

Corp.

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

39

446

Lear

Corp.

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

42

3,190

QuantumScape

Corp.(a)

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

21

441

Automobiles

—

0.97%

68,142

Ford

Motor

Co.

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

740

17,062

General

Motors

Co.

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

840

1,020

Harley-Davidson,

Inc.

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

24

9,616

Lucid

Group,

Inc.(a)

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

20

13,316

Rivian

Automotive,

Inc.,

Class

-

A(a)

....

183

77,563

Tesla,

Inc.(a)

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

24,638

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Automobiles

(continued)

392

Thor

Industries,

Inc.

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

$

35

26,480

Banks

—

1.29%

124,369

Bank

of

America

Corp.

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

5,884

848

Bank

OZK

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

40

172

BOK

Financial

Corp.

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

17

33,000

Citigroup,

Inc.

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

2,809

7,734

Citizens

Financial

Group,

Inc.

.........

346

1,570

Columbia

Banking

System,

Inc.

.......

37

991

Comerica,

Inc.

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

59

950

Commerce

Bancshares,

Inc.

..........

59

442

Cullen/Frost

Bankers,

Inc.

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

57

1,073

East

West

Bancorp,

Inc.

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

108

11,759

Fifth

Third

Bancorp

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

484

175

First

Citizens

BancShares

,

Inc.,

Class

-

A

.

343

969

First

Hawaiian,

Inc.

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

24

3,891

First

Horizon

Corp.

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

82

2,714

FNB

Corp.

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

40

25,322

Huntington

Bancshares,

Inc.

..........

424

49,098

JPMorgan

Chase

&

Co.

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

14,232

16,477

KeyCorp

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

287

2,898

M&T

Bank

Corp.

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

562

24,715

NU

Holdings

Ltd.,

Class

-

A(a)

........

339

568

Pinnacle

Financial

Partners,

Inc.

.......

63

534

Popular,

Inc.

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

59

664

Prosperity

Bancshares,

Inc.

...........

47

16,004

Regions

Financial

Corp.

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

377

776

SouthState

Corp.

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

71

1,092

Synovus

Financial

Corp.

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

57

380

TFS

Financial

Corp.

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

5

6,947

The

PNC

Financial

Services

Group,

Inc.

.

1,295

23,185

Truist

Financial

Corp.

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

997

27,271

U.S.

Bancorp

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

1,234

1,311

Webster

Financial

Corp.

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

72

57,385

Wells

Fargo

&

Co.

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

4,598

802

Western

Alliance

Bancorp

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

63

499

Wintrust

Financial

Corp.

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

62

1,117

Zions

Bancorp

NA

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

58

35,291

Beverages

—

0.93%

345

Brown-Forman

Corp.,

Class

-

A

........

9

24,032

Brown-Forman

Corp.,

Class

-

B

.......

646

1,272

Celsius

Holdings,

Inc.(a)

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

59

400

Coca-Cola

Consolidated,

Inc.

.........

45

6,806

Constellation

Brands,

Inc.,

Class

-

A

....

1,106

56,466

Keurig

Dr

Pepper,

Inc.

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

1,866

19,907

Molson

Coors

Beverage

Co.,

Class

-

B

...

957

26,128

Monster

Beverage

Corp.(a)

...........

1,636

33,141

PepsiCo,

Inc.

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

4,377

15

HC

CAPITAL

TRUST

The

Institutional

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Beverages

(continued)

292,630

Primo

Brands

Corp.

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

$

8,669

72

The

Boston

Beer

Co.,

Inc.,

Class

-

A(a)

..

14

86,621

The

Coca-Cola

Co.

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

6,130

25,514

Biotechnology

—

0.91%

37,237

AbbVie,

Inc.

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

6,912

2,267

Alnylam

Pharmaceuticals,

Inc.(a)

......

739

12,998

Amgen,

Inc.

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

3,630

753

Apellis

Pharmaceuticals,

Inc.(a)

.......

13

6,149

Biogen,

Inc.(a)

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

772

12,709

BioMarin

Pharmaceutical,

Inc.(a)

......

699

1,441

Exact

Sciences

Corp.(a)

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

77

2,171

Exelixis

,

Inc.(a)

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

96

31,989

Gilead

Sciences,

Inc.

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

3,546

948

Halozyme

Therapeutics,

Inc.(a)

........

49

16,736

Incyte

Corp.(a)

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

1,140

1,381

Insmed

,

Inc.(a)

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

139

1,205

Ionis

Pharmaceuticals,

Inc.(a)

.........

48

2,745

Moderna

,

Inc.(a)

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

76

2,232

Natera

,

Inc.(a)

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

377

7,252

Neurocrine

Biosciences,

Inc.(a)

........

912

14

Oncternal

Therapeutics,

Inc.(a)(b)

......

–

3,029

Regeneron

Pharmaceuticals,

Inc.

.......

1,590

1,341

Revolution

Medicines,

Inc.(a)

.........

49

2,932

Roivant

Sciences

Ltd.(a)

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

33

676

Sarepta

Therapeutics,

Inc.(a)

..........

12

904

Summit

Therapeutics,

Inc.(a)

.........

19

694

Ultragenyx

Pharmaceutical,

Inc.(a)

.....

25

3,957

United

Therapeutics

Corp.(a)

.........

1,137

6,398

Vertex

Pharmaceuticals,

Inc.(a)

........

2,848

807

Viking

Therapeutics,

Inc.(a)

..........

21

24,959

Broadline

Retail

—

2.42%

75,445

Alibaba

Group

Holding

Ltd.,

ADR

.....

8,556

214,039

Amazon.com,

Inc.(a)

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

46,958

9,610

Coupang

,

Inc.(a)

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

288

24

Dillard's,

Inc.,

Class

-

A

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

10

8,328

eBay,

Inc.

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

620

799

Etsy,

Inc.(a)

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

40

2,044

Macy's,

Inc.

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

24

451

MercadoLibre

,

Inc.(a)

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

1,179

473

Ollie's

Bargain

Outlet

Holdings,

Inc.(a)

..

62

79,147

PDD

Holdings,

Inc.,

ADR(a)

..........

8,284

66,021

Building

Products

—

0.23%

4,211

A.O.

Smith

Corp.

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

276

524

AAON,

Inc.

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

39

546

Advanced

Drainage

Systems,

Inc.

......

63

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Building

Products

(continued)

1,514

Allegion

PLC

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

$

218

344

Armstrong

World

Industries,

Inc.

.......

56

2,023

Builders

FirstSource

,

Inc.(a)

..........

236

783

Carlisle

Cos.,

Inc.

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

292

13,914

Carrier

Global

Corp.

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

1,018

969

Fortune

Brands

Innovations,

Inc.

.......

50

1,536

Hayward

Holdings,

Inc.(a)

...........

21

11,605

Johnson

Controls

International

PLC

.....

1,226

561

Lennox

International,

Inc.

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

321

3,760

Masco

Corp.

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

242

1,526

Owens

Corning

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

210

325

Simpson

Manufacturing

Co.,

Inc.

......

50

1,101

The

AZEK

Co.,

Inc.(a)

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

60

3,963

Trane

Technologies

PLC

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

1,735

835

Trex

Co.,

Inc.(a)

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

45

6,158

Capital

Markets

—

2.50%

227

Affiliated

Managers

Group,

Inc.

.......

45

1,697

Ameriprise

Financial,

Inc.

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

906

3,498

Ares

Management

Corp.,

Class

-

A

.....

606

2,625

Blackrock,

Inc.

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

2,754

12,805

Blackstone,

Inc.

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

1,916

4,722

Blue

Owl

Capital,

Inc.

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

91

2,959

Brookfield

Asset

Management

Ltd.,

Class

-

A

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

164

7,722

Cboe

Global

Markets,

Inc.

...........

1,801

11,004

CME

Group,

Inc.

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

3,033

3,553

Coinbase

Global,

Inc.,

Class

-

A(a)

.....

1,246

277

Evercore

,

Inc.

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

75

1,576

FactSet

Research

Systems,

Inc.

........

705

2,297

Franklin

Resources,

Inc.

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

55

136

Freedom

Holding

Corp./N.V.(a)

........

20

309

Hamilton

Lane,

Inc.,

Class

-

A

.........

44

405

Houlihan

Lokey

,

Inc.

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

73

7,508

Interactive

Brokers

Group,

Inc.

........

416

66,908

Intercontinental

Exchange,

Inc.

........

12,275

2,832

Invesco

Ltd.

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

45

1,031

Janus

Henderson

Group

PLC

.........

40

1,185

Jefferies

Financial

Group,

Inc.

.........

65

11,430

KKR

&

Co.,

Inc.

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

1,520

826

Lazard,

Inc.

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

40

25,894

LPL

Financial

Holdings,

Inc.

..........

9,709

282

MarketAxess

Holdings,

Inc.

..........

63

966

Millrose

Properties,

Inc.

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

28

2,801

Moody's

Corp.

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

1,405

20,896

Morgan

Stanley

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

2,944

182

Morningstar,

Inc.

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

57

1,349

MSCI,

Inc.

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

778

9,373

Nasdaq,

Inc.

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

839

3,462

Northern

Trust

Corp.

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

439

16

HC

CAPITAL

TRUST

The

Institutional

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Capital

Markets

(continued)

3,322

Raymond

James

Financial,

Inc.

........

$

509

12,959

Robinhood

Markets,

Inc.,

Class

-

A(a)

...

1,213

23,436

S&P

Global,

Inc.

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

12,356

780

SEI

Investments

Co.

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

70

5,095

State

Street

Corp.

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

542

775

Stifel

Financial

Corp.

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

80

3,865

T.

Rowe

Price

Group,

Inc.

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

373

12,695

The

Bank

of

New

York

Mellon

Corp.

....

1,157

4,304

The

Carlyle

Group,

Inc.

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

221

30,158

The

Charles

Schwab

Corp.

...........

2,751

5,434

The

Goldman

Sachs

Group,

Inc.

.......

3,845

1,002

TPG,

Inc.

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

53

6,355

Tradeweb

Markets,

Inc.,

Class

-

A

......

930

624

Virtu

Financial,

Inc.,

Class

-

A

.........

28

3,143

XP,

Inc.,

Class

-

A

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

63

68,388

Chemicals

—

0.52%

5,595

Air

Products

and

Chemicals,

Inc.

.......

1,579

888

Albemarle

Corp.

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

56

384

Ashland,

Inc.

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

19

1,675

Axalta

Coating

Systems

Ltd.(a)

........

50

855

Celanese

Corp.

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

47

11,998

CF

Industries

Holdings,

Inc.

..........

1,104

20,539

Corteva

,

Inc.

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

1,531

12,265

Dow,

Inc.

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

325

7,280

DuPont

de

Nemours,

Inc.

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

499

907

Eastman

Chemical

Co.

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

68

5,278

Ecolab,

Inc.

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

1,423

1,710

Element

Solutions,

Inc.

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

39

955

FMC

Corp.

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

40

1,319

Huntsman

Corp.

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

14

6,518

International

Flavors

&

Fragrances,

Inc.

..

479

9,398

Linde

PLC

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

4,407

4,519

LyondellBasell

Industries

N.V.,

Class

-

A

.

262

48

NewMarket

Corp.

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

33

975

Olin

Corp.

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

20

4,031

PPG

Industries,

Inc.

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

458

2,224

RPM

International,

Inc.

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

244

2,501

The

Mosaic

Co.

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

91

306

The

Scotts

Miracle-

Gro

Co.

..........

20

4,193

The

Sherwin-Williams

Co.

...........

1,440

250

Westlake

Corp.

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

19

14,267

Commercial

Services

&

Supplies

—

0.39%

7,129

Cintas

Corp.

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

1,589

387

Clean

Harbors,

Inc.(a)

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

89

15,886

Copart

,

Inc.(a)

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

780

280

MSA

Safety,

Inc.

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

47

1,417

RB

Global,

Inc.

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

150

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Commercial

Services

&

Supplies

(continued)

7,770

Republic

Services,

Inc.

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

$

1,917

21,447

Rollins,

Inc.

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

1,210

1,995

Tetra

Tech,

Inc.

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

72

9,170

Veralto

Corp.

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

925

7,171

Waste

Connections,

Inc.

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

1,339

11,464

Waste

Management,

Inc.

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

2,623

10,741

Communications

Equipment

—

0.35%

18,545

Arista

Networks,

Inc.(a)

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

1,897

1,117

Ciena

Corp.(a)

....................

91

74,532

Cisco

Systems,

Inc.

................

5,171

1,020

F5,

Inc.(a)

.......................

300

5,768

Juniper

Networks,

Inc.

..............

230

517

Lumentum

Holdings,

Inc.(a)

..........

49

4,162

Motorola

Solutions,

Inc.

.............

1,750

1,469

Sirius

XM

Holdings,

Inc.

............

34

31

Ubiquiti,

Inc.

.....................

13

9,535

Construction

&

Engineering

—

0.08%

3,392

AECOM

........................

383

1,901

API

Group

Corp.(a)

................

97

270

Comfort

Systems

USA,

Inc.

..........

145

798

EMCOR

Group,

Inc.

...............

426

383

Everus

Construction

Group,

Inc.(a)

.....

24

481

MasTec

,

Inc.(a)

...................

82

1,532

MDU

Resources

Group,

Inc.

..........

26

2,575

Quanta

Services,

Inc.

...............

974

159

Valmont

Industries,

Inc.

.............

52

1,486

WillScot

Holdings

Corp.

.............

41

2,250

Construction

Materials

—

0.41%

107,265

CRH

PLC

.......................

9,846

271

Eagle

Materials,

Inc.

................

55

1,059

Martin

Marietta

Materials,

Inc.

........

582

2,302

Vulcan

Materials

Co.

...............

600

11,083

Consumer

Finance

—

0.60%

2,135

Ally

Financial,

Inc.

.................

83

9,792

American

Express

Co.

..............

3,124

58,517

Capital

One

Financial

Corp.

..........

12,451

50

Credit

Acceptance

Corp.(a)

...........

25

870

OneMain

Holdings,

Inc.

.............

50

1,629

SLM

Corp.

......................

53

8,182

SoFi

Technologies,

Inc.(a)

............

149

6,795

Synchrony

Financial

................

453

16,388

17

HC

CAPITAL

TRUST

The

Institutional

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Consumer

Staples

Distribution

&

Retail

—

1.28%

59,113

Albertsons

Cos.,

Inc.,

Class

-

A

........

$

1,272

287

Casey's

General

Stores,

Inc.

..........

146

8,152

Costco

Wholesale

Corp.

.............

8,070

16,512

Dollar

General

Corp.

...............

1,888

9,497

Dollar

Tree,

Inc.(a)

.................

941

1,321

Maplebear

,

Inc.(a)

.................

60

1,153

Performance

Food

Group

Co.(a)

.......

101

758

Sprouts

Farmers

Market,

Inc.(a)

.......

125

19,799

Sysco

Corp.

......................

1,499

8,005

Target

Corp.

.....................

790

29,378

The

Kroger

Co.

...................

2,107

125,071

U.S.

Foods

Holding

Corp.(a)

..........

9,633

5,443

Walgreens

Boots

Alliance,

Inc.

........

62

85,958

Walmart,

Inc.

.....................

8,404

35,098

Containers

&

Packaging

—

0.14%

8,807

Amcor

PLC

......................

81

88,020

Amcor

PLC

......................

808

497

AptarGroup,

Inc.

..................

78

2,138

Avery

Dennison

Corp.

..............

375

8,804

Ball

Corp.

.......................

494

4,556

Crown

Holdings,

Inc.

...............

469

2,319

Graphic

Packaging

Holding

Co.

.......

49

11,352

International

Paper

Co.

..............

531

2,954

Packaging

Corp.

of

America

..........

557

1,105

Sealed

Air

Corp.

..................

34

638

Silgan

Holdings,

Inc.

...............

35

9,046

Smurfit

WestRock

PLC

..............

391

738

Sonoco

Products

Co.

...............

32

3,934

Distributors

—

0.06%

6,951

Genuine

Parts

Co.

.................

844

14,399

LKQ

Corp.

......................

533

661

Pool

Corp.

.......................

192

1,569

Diversified

Consumer

Services

—

0.01%

2,868

ADT,

Inc.

.......................

24

436

Bright

Horizons

Family

Solutions,

Inc.(a)

54

292

Duolingo

,

Inc.(a)

..................

119

232

Grand

Canyon

Education,

Inc.(a)

.......

44

1,053

H&R

Block,

Inc.

..................

58

1,078

Service

Corp.

International

...........

88

387

Diversified

REITs

—

0.13%

73,223

Essential

Properties

Realty

Trust,

Inc.

...

2,336

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Diversified

REITs

(continued)

18,861

WP

Carey,

Inc.

....................

$

1,177

3,513

Diversified

Telecommunication

Services

—

0.34%

1,334

AST

SpaceMobile

,

Inc.(a)

............

62

166,797

AT&T,

Inc.

......................

4,826

1,857

Frontier

Communications

Parent,

Inc.(a)

.

68

734

Iridium

Communications,

Inc.

.........

22

1,274

Liberty

Global

Ltd.,

Class

-

A(a)

.......

13

1,321

Liberty

Global

Ltd.,

Class

-

C(a)

.......

14

102,074

Verizon

Communications,

Inc.

.........

4,417

9,422

Electric

Utilities

—

1.40%

20,369

Alliant

Energy

Corp.

...............

1,232

20,492

American

Electric

Power

Co.,

Inc.

......

2,126

38,360

Constellation

Energy

Corp.

...........

12,380

24,103

Duke

Energy

Corp.

.................

2,845

17,600

Edison

International

................

908

18,365

Entergy

Corp.

....................

1,526

20,036

Evergy

,

Inc.

......................

1,381

21,139

Eversource

Energy

.................

1,345

43,056

Exelon

Corp.

.....................

1,870

34,905

FirstEnergy

Corp.

..................

1,406

417

IDACORP,

Inc.

...................

48

46,077

NextEra

Energy,

Inc.

...............

3,199

3,545

NRG

Energy,

Inc.

..................

569

1,514

OGE

Energy

Corp.

.................

67

75,869

PG&E

Corp.

.....................

1,057

922

Pinnacle

West

Capital

Corp.

..........

82

40,957

PPL

Corp.

.......................

1,389

32,687

The

Southern

Co.

..................

3,002

25,199

Xcel

Energy,

Inc.

..................

1,716

38,148

Electrical

Equipment

—

0.77%

243

Acuity,

Inc.

......................

72

4,964

AMETEK,

Inc.

...................

898

6,881

Eaton

Corp.

PLC

..................

2,456

9,941

Emerson

Electric

Co.

...............

1,326

26,691

GE

Vernova

,

Inc.

..................

14,123

459

Generac

Holdings,

Inc.(a)

............

66

938

Hubbell,

Inc.

.....................

383

1,253

nVent

Electric

PLC

.................

92

494

Regal

Rexnord

Corp.

...............

72

1,988

Rockwell

Automation,

Inc.

...........

660

1,147

Sensata

Technologies

Holding

PLC

.....

35

6,556

Vertiv

Holdings

Co.,

Class

-

A

.........

842

21,025

18

HC

CAPITAL

TRUST

The

Institutional

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Electronic

Equipment,

Instruments

&

Components

—

0.60%

21,331

Amphenol

Corp.,

Class

-

A

...........

$

2,106

399

Arrow

Electronics,

Inc.(a)

............

51

690

Avnet,

Inc.

.......................

37

2,341

CDW

Corp.

......................

419

1,318

Cognex

Corp.

....................

42

1,187

Coherent

Corp.(a)

.................

106

14,269

Corning,

Inc.

.....................

751

357

Crane

NXT

Co.

...................

19

2,950

Flex

Ltd.(a)

......................

147

158

Ingram

Micro

Holding

Corp.

..........

3

226

IPG

Photonics

Corp.(a)

..............

16

1,923

Jabil,

Inc.

.......................

419

3,034

Keysight

Technologies,

Inc.(a)

........

497

183

Littelfuse

,

Inc.

....................

41

609

TD

SYNNEX

Corp.

................

83

2,950

TE

Connectivity

PLC

...............

498

1,049

Teledyne

Technologies,

Inc.(a)

........

537

135,360

Trimble,

Inc.(a)

...................

10,284

1,197

Vontier

Corp.

.....................

44

894

Zebra

Technologies

Corp.(a)

..........

276

16,376

Energy

Equipment

&

Services

—

0.07%

17,333

Baker

Hughes

Co.

.................

665

15,235

Halliburton

Co.

...................

310

2,968

NOV,

Inc.

.......................

37

23,905

Schlumberger

N.V.

.................

808

3,316

TechnipFMC

PLC

.................

114

554

Weatherford

International

PLC

........

28

1,962

Entertainment

—

1.56%

10,118

Electronic

Arts,

Inc.

................

1,616

9,886

Liberty

Media

Corp.-Liberty

Formula

One(a)

.....................

1,034

159

Liberty

Media

Corp.-Liberty

Formula

One(a)

.....................

15

148

Liberty

Media

Corp.-Liberty

Live(a)

....

12

355

Liberty

Media

Corp.-Liberty

Live(a)

....

29

2,794

Live

Nation

Entertainment,

Inc.(a)

......

423

141

Madison

Square

Garden

Sports

Corp.(a)

..

29

15,414

Netflix,

Inc.(a)

....................

20,640

9,671

ROBLOX

Corp.,

Class

-

A(a)

.........

1,018

977

Roku,

Inc.(a)

.....................

86

15,787

Spotify

Technology

SA(a)

............

12,113

4,050

Take-Two

Interactive

Software,

Inc.(a)

...

984

31,846

The

Walt

Disney

Co.

...............

3,949

532

TKO

Group

Holdings,

Inc.

...........

97

39,953

Warner

Bros.

Discovery,

Inc.(a)

........

458

42,503

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Financial

Services

—

2.85%

2,076

Affirm

Holdings,

Inc.(a)

.............

$

144

72,222

Apollo

Global

Management,

Inc.

.......

10,247

28,591

Berkshire

Hathaway,

Inc.,

Class

-

B(a)

...

13,889

9,624

Block,

Inc.(a)

.....................

653

4,455

Corebridge

Financial,

Inc.

............

158

5,453

Equitable

Holdings,

Inc.

.............

306

313

Euronet

Worldwide,

Inc.(a)

...........

32

10,986

Fidelity

National

Information

Services,

Inc.

895

11,362

Fiserv,

Inc.(a)

.....................

1,958

116,765

Global

Payments,

Inc.

...............

9,345

5,473

Jack

Henry

&

Associates,

Inc.

.........

986

30,590

Mastercard

,

Inc.,

Class

-

A

...........

17,190

1,805

MGIC

Investment

Corp.

.............

50

486

Mr

Cooper

Group,

Inc.(a)

............

73

16,792

PayPal

Holdings,

Inc.(a)

.............

1,248

860

Rocket

Cos.,

Inc.,

Class

-

A

...........

12

513

Shift4

Payments,

Inc.,

Class

-

A(a)

......

51

2,823

The

Western

Union

Co.

..............

24

8,040

Toast,

Inc.,

Class

-

A(a)

..............

356

703

UWM

Holdings

Corp.

..............

3

56,989

Visa,

Inc.,

Class

-

A

................

20,234

738

Voya

Financial,

Inc.

................

52

262

WEX,

Inc.(a)

.....................

38

77,944

Food

Products

—

0.68%

25,210

Archer-Daniels-Midland

Co.

..........

1,331

13,035

Bunge

Global

SA

..................

1,046

63,589

Conagra

Brands,

Inc.

...............

1,301

1,213

Darling

Ingredients,

Inc.(a)

...........

46

1,421

Flowers

Foods,

Inc.

................

23

345

Freshpet

,

Inc.(a)

...................

23

33,525

General

Mills,

Inc.

.................

1,737

47,186

Hormel

Foods

Corp.

................

1,427

497

Ingredion,

Inc.

....................

67

4,837

Kellanova

.......................

385

1,093

Lamb

Weston

Holdings,

Inc.

..........

57

17,900

McCormick

&

Co.,

Inc.

.............

1,357

39,782

Mondelez

International,

Inc.,

Class

-

A

...

2,683

353

Pilgrim's

Pride

Corp.

...............

16

409

Post

Holdings,

Inc.(a)

...............

45

2

Seaboard

Corp.

...................

6

197

Smithfield

Foods,

Inc.

...............

5

40,002

The

Campbell's

Company

............

1,226

10,373

The

Hershey

Co.

..................

1,720

12,919

The

J.M.

Smucker

Co.

..............

1,269

59,745

The

Kraft

Heinz

Co.

................

1,543

23,602

Tyson

Foods,

Inc.,

Class

-

A

..........

1,321

18,634

19

HC

CAPITAL

TRUST

The

Institutional

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Gas

Utilities

—

0.06%

9,190

Atmos

Energy

Corp.

................

$

1,416

665

National

Fuel

Gas

Co.

..............

56

1,588

UGI

Corp.

.......................

58

1,530

Ground

Transportation

—

0.36%

131

Avis

Budget

Group,

Inc.(a)

...........

22

43,489

CSX

Corp.

.......................

1,419

1,432

JB

Hunt

Transport

Services,

Inc.

.......

206

1,183

Knight-Swift

Transportation

Holdings,

Inc.

52

271

Landstar

System,

Inc.

...............

38

3,080

Lyft,

Inc.,

Class

-

A(a)

..............

49

4,572

Norfolk

Southern

Corp.

.............

1,170

3,322

Old

Dominion

Freight

Line,

Inc.

.......

539

311

Ryder

System,

Inc.

.................

49

201

Saia,

Inc.(a)

......................

55

410

Schneider

National,

Inc.,

Class

-

B

......

10

34,088

Uber

Technologies,

Inc.(a)

...........

3,182

1,736

U-Haul

Holding

Co.

................

94

68

U-Haul

Holding

Co.(a)

..............

4

12,671

Union

Pacific

Corp.

................

2,915

887

XPO,

Inc.(a)

.....................

112

9,916

Health

Care

Equipment

&

Supplies

—

1.39%

36,948

Abbott

Laboratories

................

5,025

1,221

Align

Technology,

Inc.(a)

............

231

26,761

Baxter

International,

Inc.

............

810

9,796

Becton

Dickinson

&

Co.

.............

1,688

120,514

Boston

Scientific

Corp.(a)

............

12,945

1,625

DENTSPLY

SIRONA,

Inc.

...........

26

6,920

Dexcom

,

Inc.(a)

...................

604

15,178

Edwards

Lifesciences

Corp.(a)

........

1,187

1,234

Envista

Holdings

Corp.(a)

............

24

7,969

GE

HealthCare

Technologies,

Inc.

......

591

897

Globus

Medical,

Inc.(a)

.............

53

20,003

Hologic

,

Inc.(a)

...................

1,303

1,434

IDEXX

Laboratories,

Inc.(a)

..........

769

217

Inspire

Medical

Systems,

Inc.(a)

.......

28

1,224

Insulet

Corp.(a)

...................

385

6,299

Intuitive

Surgical,

Inc.(a)

............

3,422

360

Masimo

Corp.(a)

..................

61

32,237

Medtronic

PLC

...................

2,810

285

Penumbra,

Inc.(a)

..................

73

3,933

ResMed

,

Inc.

.....................

1,015

3,763

STERIS

PLC

.....................

904

6,803

Stryker

Corp.

.....................

2,691

356

Teleflex,

Inc.

.....................

42

4,690

The

Cooper

Cos.,

Inc.(a)

.............

334

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Health

Care

Equipment

&

Supplies

(continued)

11,149

Zimmer

Biomet

Holdings,

Inc.

........

$

1,017

38,038

Health

Care

Providers

&

Services

—

2.31%

675

Acadia

Healthcare

Co.,

Inc.(a)

.........

15

243

Amedisys

,

Inc.(a)

..................

24

204,007

Brookdale

Senior

Living,

Inc.(a)

.......

1,420

11,247

Cardinal

Health,

Inc.

...............

1,890

3,217

Cencora

,

Inc.

.....................

964

27,077

Centene

Corp.(a)

..................

1,470

111

Chemed

Corp.

....................

54

191,726

CVS

Health

Corp.

.................

13,225

7,282

DaVita,

Inc.(a)

....................

1,037

30,730

Elevance

Health,

Inc.

...............

11,952

771

Encompass

Health

Corp.

.............

95

4,647

HCA

Healthcare,

Inc.

...............

1,780

847

Henry

Schein,

Inc.(a)

...............

62

7,074

Humana,

Inc.

.....................

1,730

3,756

Labcorp

Holdings,

Inc.

..............

986

3,995

McKesson

Corp.

..................

2,927

4,558

Molina

Healthcare,

Inc.(a)

...........

1,358

7,727

Quest

Diagnostics,

Inc.

..............

1,388

5,130

Solventum

Corp.(a)

................

390

709

Tenet

Healthcare

Corp.(a)

............

125

8,475

The

Cigna

Group

..................

2,802

54,295

UnitedHealth

Group,

Inc.

............

16,938

2,565

Universal

Health

Services,

Inc.,

Class

-

B

.

464

63,096

Health

Care

REITs

—

0.65%

84,333

American

Healthcare

REIT,

Inc.

.......

3,098

37,893

CareTrust

REIT,

Inc.

...............

1,160

2,539

Healthcare

Realty

Trust,

Inc.

..........

40

37,152

Healthpeak

Properties,

Inc.

...........

650

4,504

Medical

Properties

Trust,

Inc.

.........

19

2,222

Omega

Healthcare

Investors,

Inc.

......

81

48,142

Ventas,

Inc.

......................

3,040

62,485

Welltower

,

Inc.

....................

9,608

17,696

Health

Care

Technology

—

0.03%

881

Certara

,

Inc.(a)

....................

10

1,010

Doximity

,

Inc.,

Class

-

A(a)

...........

62

2,635

Veeva

Systems,

Inc.,

Class

-

A(a)

.......

759

831

Hotel

&

Resort

REITs

—

0.02%

5,369

Host

Hotels

&

Resorts,

Inc.

...........

82

1,690

Park

Hotels

&

Resorts,

Inc.

...........

17

20

HC

CAPITAL

TRUST

The

Institutional

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Hotel

&

Resort

REITs

(continued)

30,565

Xenia

Hotels

&

Resorts,

Inc.

..........

$

385

484

Hotels,

Restaurants

&

Leisure

—

1.75%

7,594

Airbnb,

Inc.,

Class

-

A(a)

............

1,005

1,994

Aramark

........................

83

575

Booking

Holdings,

Inc.

..............

3,327

449

Boyd

Gaming

Corp.

................

35

1,556

Caesars

Entertainment,

Inc.(a)

.........

44

18,484

Carnival

Corp.(a)

..................

520

772

Cava

Group,

Inc.(a)

................

65

23,721

Chipotle

Mexican

Grill,

Inc.(a)

........

1,332

229

Choice

Hotels

International,

Inc.

.......

29

541

Churchill

Downs,

Inc.

...............

55

4,359

Darden

Restaurants,

Inc.

.............

951

1,703

Domino's

Pizza,

Inc.

................

768

6,326

DoorDash

,

Inc.,

Class

-

A(a)

..........

1,560

7,977

DraftKings

,

Inc.(a)

.................

343

895

Dutch

Bros,

Inc.,

Class

-

A(a)

.........

61

2,151

Expedia

Group,

Inc.

................

363

41,297

Flutter

Entertainment

PLC,

Class

-

DI(a)

.

11,799

41,162

Hilton

Worldwide

Holdings,

Inc.

.......

10,963

8,324

Hyatt

Hotels

Corp.,

Class

-

A

.........

1,162

6,065

Las

Vegas

Sands

Corp.

..............

264

640

Light

&

Wonder,

Inc.(a)

.............

62

9,765

Marriott

International,

Inc.,

Class

-

A

....

2,667

16,035

McDonald's

Corp.

.................

4,683

1,585

MGM

Resorts

International(a)

.........

55

3,394

Norwegian

Cruise

Line

Holdings

Ltd.(a)

.

69

1,172

Penn

Entertainment,

Inc.(a)

...........

21

633

Planet

Fitness,

Inc.,

Class

-

A(a)

.......

69

2,504

Restaurant

Brands

International,

Inc.

....

166

4,521

Royal

Caribbean

Cruises

Ltd.

.........

1,416

20,018

Starbucks

Corp.

...................

1,835

505

Texas

Roadhouse,

Inc.

..............

95

1,293

The

Wendy's

Co.

..................

15

560

Travel

+

Leisure

Co.

................

29

277

Vail

Resorts,

Inc.

..................

44

1,573

Viking

Holdings

Ltd.(a)

.............

84

215

Wingstop

,

Inc.

....................

72

635

Wyndham

Hotels

&

Resorts,

Inc.

.......

52

646

Wynn

Resorts

Ltd.

.................

61

10,661

Yum!

Brands,

Inc.

.................

1,580

47,804

Household

Durables

—

0.80%

4,849

D.R.

Horton,

Inc.

..................

625

2,760

Garmin

Ltd.

......................

576

4,104

Lennar

Corp.,

Class

-

A

..............

454

73

Lennar

Corp.,

Class

-

B

.............

8

399

Mohawk

Industries,

Inc.(a)

...........

42

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Household

Durables

(continued)

2,863

Newell

Brands,

Inc.

................

$

15

77

NVR,

Inc.(a)

.....................

569

3,568

PulteGroup,

Inc.

...................

376

93,381

SharkNinja

,

Inc.(a)

.................

9,244

143,264

Somnigroup

International,

Inc.

........

9,749

778

Toll

Brothers,

Inc.

.................

89

226

TopBuild

Corp.(a)

.................

73

404

Whirlpool

Corp.

...................

41

21,861

Household

Products

—

0.55%

1,016

BJ's

Wholesale

Club

Holdings,

Inc.(a)

...

110

17,239

Church

&

Dwight

Co.,

Inc.

...........

1,656

27,454

Colgate-Palmolive

Co.

..............

2,496

14,592

Kimberly-Clark

Corp.

...............

1,881

412

Reynolds

Consumer

Products,

Inc.

.....

9

10,133

The

Clorox

Co.

...................

1,216

48,393

The

Procter

&

Gamble

Co.

...........

7,711

15,079

Independent

Power

and

Renewable

Electricity

Producers

—

0.89%

968

Brookfield

Renewable

Corp.

..........

32

261

Clearway

Energy,

Inc.,

Class

-

A

.......

8

618

Clearway

Energy,

Inc.,

Class

-

C

.......

20

38,516

Talen

Energy

Corp.(a)

..............

11,199

5,463

The

AES

Corp.

...................

57

67,405

Vistra

Corp.

......................

13,064

24,380

Industrial

Conglomerates

—

0.72%

9,522

3M

Co.

.........................

1,450

59,297

General

Electric

Co.

................

15,263

13,194

Honeywell

International,

Inc.

.........

3,072

19,785

Industrial

REITs

—

0.40%

2,173

Americold

Realty

Trust,

Inc.

..........

36

17,175

EastGroup

Properties,

Inc.

...........

2,870

999

First

Industrial

Realty

Trust,

Inc.

.......

48

546

Lineage,

Inc.

.....................

24

67,035

Prologis,

Inc.

.....................

7,048

1,834

Rexford

Industrial

Realty,

Inc.

.........

65

1,444

STAG

Industrial,

Inc.

...............

52

12,367

Terreno

Realty

Corp.

...............

693

10,836

Insurance

—

1.29%

15,670

Aflac,

Inc.

.......................

1,653

6,695

American

Financial

Group,

Inc.

........

845

13,866

American

International

Group,

Inc.

.....

1,188

21

HC

CAPITAL

TRUST

The

Institutional

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Insurance

(continued)

5,688

Aon

PLC,

Class

-

A

................

$

2,030

15,068

Arch

Capital

Group

Ltd.

.............

1,372

6,783

Arthur

J.

Gallagher

&

Co.

............

2,171

3,703

Assurant,

Inc.

....................

732

375

Assured

Guaranty

Ltd.

..............

33

590

Axis

Capital

Holdings

Ltd.

...........

61

514

Brighthouse

Financial,

Inc.(a)

.........

28

10,703

Brown

&

Brown,

Inc.

...............

1,186

9,998

Chubb

Ltd.

......................

2,897

5,951

Cincinnati

Financial

Corp.

...........

887

207

CNA

Financial

Corp.

...............

10

2,703

Erie

Indemnity

Co.,

Class

-

A

.........

937

3,173

Everest

Group

Ltd.

.................

1,078

10,110

Fidelity

National

Financial,

Inc.

.......

566

765

First

American

Financial

Corp.

........

47

641

Globe

Life,

Inc.

...................

80

482

Kemper

Corp.

....................

31

165

Kinsale

Capital

Group,

Inc.

...........

80

1,287

Lincoln

National

Corp.

..............

45

9,948

Loews

Corp.

.....................

912

595

Markel

Group,

Inc.(a)

...............

1,189

11,755

Marsh

&

McLennan

Cos.,

Inc.

........

2,570

10,153

MetLife,

Inc.

.....................

816

1,829

Old

Republic

International

Corp.

.......

70

257

Primerica,

Inc.

....................

70

4,012

Principal

Financial

Group,

Inc.

........

318

6,253

Prudential

Financial,

Inc.

............

672

507

Reinsurance

Group

of

America,

Inc.

....

101

370

RenaissanceRe

Holdings

Ltd.

.........

90

608

RLI

Corp.

.......................

44

812

Ryan

Specialty

Holdings,

Inc.

.........

55

8,496

The

Allstate

Corp.

.................

1,710

268

The

Hanover

Insurance

Group,

Inc.

.....

46

9,764

The

Hartford

Insurance

Group,

Inc.

.....

1,239

14,002

The

Progressive

Corp.

..............

3,734

7,276

The

Travelers

Cos.,

Inc.

.............

1,946

1,339

Unum

Group

.....................

108

5,317

W.R.

Berkley

Corp.

................

391

19

White

Mountains

Insurance

Group

Ltd.

..

34

4,294

Willis

Towers

Watson

PLC

...........

1,316

35,388

Interactive

Media

&

Services

—

3.04%

159,416

Alphabet,

Inc.,

Class

-

A

.............

28,094

85,417

Alphabet,

Inc.,

Class

-

C

.............

15,152

583

IAC,

Inc.(a)

......................

22

1,933

Match

Group,

Inc.

.................

60

53,019

Meta

Platforms,

Inc.,

Class

-

A

........

39,131

10,533

Pinterest,

Inc.,

Class

-

A(a)

...........

378

1,552

Reddit

,

Inc.,

Class

-

A(a)

.............

234

10,787

Snap,

Inc.,

Class

-

A(a)

..............

94

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Interactive

Media

&

Services

(continued)

802

Trump

Media

&

Technology

Group

Corp.(a)

$

14

2,357

ZoomInfo

Technologies,

Inc.(a)

........

24

83,203

IT

Services

—

0.55%

11,022

Accenture

PLC,

Class

-

A

............

3,294

2,588

Akamai

Technologies,

Inc.(a)

.........

207

854

Amdocs

Ltd.

.....................

78

5,448

Cloudflare

,

Inc.,

Class

-

A(a)

..........

1,067

8,669

Cognizant

Technology

Solutions

Corp.,

Class

-

A

....................

677

1,383

DXC

Technology

Co.(a)

.............

21

427

EPAM

Systems,

Inc.(a)

..............

76

1,333

Gartner,

Inc.(a)

...................

539

309

Globant

SA(a)

....................

28

2,437

GoDaddy

,

Inc.,

Class

-

A(a)

...........

439

18,731

International

Business

Machines

Corp.

...

5,520

1,741

Kyndryl

Holdings,

Inc.(a)

............

73

1,427

MongoDB,

Inc.(a)

.................

300

2,837

Okta

,

Inc.(a)

.....................

283

5,556

Snowflake,

Inc.(a)

.................

1,243

2,581

Twilio

,

Inc.,

Class

-

A(a)

.............

321

3,046

VeriSign,

Inc.

.....................

880

15,046

Leisure

Products

—

0.01%

548

Brunswick

Corp.

..................

30

1,071

Hasbro,

Inc.

......................

79

2,666

Mattel,

Inc.(a)

....................

53

654

YETI

Holdings,

Inc.(a)

..............

21

183

Life

Sciences

Tools

&

Services

—

0.30%

5,030

Agilent

Technologies,

Inc.

............

593

11,717

Avantor

,

Inc.(a)

...................

158

162

Bio-Rad

Laboratories,

Inc.,

Class

-

A(a)

..

39

1,180

Bio-

Techne

Corp.

..................

61

813

Bruker

Corp.

.....................

33

382

Charles

River

Laboratories

International,

Inc.(a)

......................

58

11,284

Danaher

Corp.

....................

2,229

2,766

Illumina,

Inc.(a)

...................

264

3,132

IQVIA

Holdings,

Inc.(a)

.............

494

177

Medpace

Holdings,

Inc.(a)

...........

56

369

Mettler

-Toledo

International,

Inc.(a)

....

433

1,621

QIAGEN

N.V.

....................

78

419

Repligen

Corp.(a)

..................

52

2,158

Revvity

,

Inc.

.....................

209

1,160

Sotera

Health

Co.(a)

................

13

637

Tempus

AI,

Inc.(a)

.................

40

6,959

Thermo

Fisher

Scientific,

Inc.

.........

2,822

1,039

Waters

Corp.(a)

...................

363

22

HC

CAPITAL

TRUST

The

Institutional

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Life

Sciences

Tools

&

Services

(continued)

1,275

West

Pharmaceutical

Services,

Inc.

.....

$

278

8,273

Machinery

—

0.63%

471

AGCO

Corp.

.....................

49

657

Allison

Transmission

Holdings,

Inc.

....

62

8,309

Caterpillar,

Inc.

...................

3,227

15,489

CNH

Industrial

N.V.

................

201

381

Crane

Co.

.......................

72

2,393

Cummins,

Inc.

....................

783

4,966

Deere

&

Co.

.....................

2,525

921

Donaldson

Co.,

Inc.

................

64

2,403

Dover

Corp.

......................

441

430

Esab

Corp.

.......................

52

987

Flowserve

Corp.

...................

52

6,041

Fortive

Corp.

.....................

315

1,831

Gates

Industrial

Corp.

PLC(a)

.........

42

2,920

Graco

,

Inc.

......................

251

2,262

IDEX

Corp.

......................

397

5,575

Illinois

Tool

Works,

Inc.

.............

1,378

7,042

Ingersoll

Rand,

Inc.

................

586

633

ITT,

Inc.

........................

99

425

Lincoln

Electric

Holdings,

Inc.

........

88

839

Mueller

Industries,

Inc.

..............

67

965

Nordson

Corp.

....................

207

498

Oshkosh

Corp.

....................

57

12,367

Otis

Worldwide

Corp.

...............

1,225

11,629

PACCAR,

Inc.

....................

1,105

2,276

Parker-Hannifin

Corp.

..............

1,589

2,862

Pentair

PLC

......................

294

240

RBC

Bearings,

Inc.(a)

..............

92

1,877

Snap-on,

Inc.

.....................

584

1,157

Stanley

Black

&

Decker,

Inc.

.........

78

406

The

Middleby

Corp.(a)

..............

58

464

The

Timken

Co.

...................

34

791

The

Toro

Co.

.....................

56

3,026

Westinghouse

Air

Brake

Technologies

Corp.

633

4,352

Xylem,

Inc.

......................

563

17,326

Marine

Transportation

—

0.00%

453

Kirby

Corp.(a)

....................

51

Media

—

0.23%

1,646

Charter

Communications,

Inc.,

Class

-

A(a)

673

77,856

Comcast

Corp.,

Class

-

A

............

2,777

12,611

Fox

Corp.,

Class

-

A

................

706

11,387

Fox

Corp.,

Class

-

B

................

589

132

Liberty

Broadband

Corp.,

Class

-

A(a)

...

13

880

Liberty

Broadband

Corp.,

Class

-

C(a)

...

87

6,586

News

Corp.,

Class

-

A

...............

196

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Media

(continued)

897

News

Corp.,

Class

-

B

..............

$

31

227

Nexstar

Media

Group,

Inc.

...........

39

6,997

Omnicom

Group,

Inc.

...............

503

70

Paramount

Global,

Class

-

A

..........

2

4,374

Paramount

Global,

Class

-

B

..........

56

887

Ralliant

Corp.(a)

..................

44

2,943

The

Interpublic

Group

of

Cos.,

Inc.

.....

72

1,232

The

New

York

Times

Co.,

Class

-

A

.....

69

7,829

The

Trade

Desk,

Inc.,

Class

-

A(a)

......

564

6,421

Metals

&

Mining

—

0.59%

1,930

Alcoa

Corp.

......................

57

3,898

Anglogold

Ashanti

PLC

.............

178

1,082

ATI,

Inc.(a)

......................

93

40,920

Carpenter

Technology

Corp.

..........

11,309

3,876

Cleveland-Cliffs,

Inc.(a)

.............

29

25,066

Freeport-McMoRan,

Inc.

............

1,087

1,013

MP

Materials

Corp.(a)

..............

34

33,510

Newmont

Corp.

...................

1,952

4,091

Nucor

Corp.

......................

530

1,422

Reliance,

Inc.

.....................

447

497

Royal

Gold,

Inc.

...................

88

671

Southern

Copper

Corp.

..............

68

2,518

Steel

Dynamics,

Inc.

................

322

16,194

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.01%

7,334

AGNC

Investment

Corp.

............

67

10,542

Annaly

Capital

Management,

Inc.

......

199

4,012

Rithm

Capital

Corp.

................

45

2,421

Starwood

Property

Trust,

Inc.

.........

49

360

Multi-Utilities

—

0.57%

15,550

Ameren

Corp.

....................

1,494

36,968

CenterPoint

Energy,

Inc.

.............

1,357

21,139

CMS

Energy

Corp.

.................

1,465

18,765

Consolidated

Edison,

Inc.

............

1,884

33,190

Dominion

Energy,

Inc.

..............

1,875

11,265

DTE

Energy

Co.

..................

1,492

30,831

NiSource,

Inc.

....................

1,244

17,979

Public

Service

Enterprise

Group,

Inc.

....

1,513

20,275

Sempra

.........................

1,536

16,416

WEC

Energy

Group,

Inc.

............

1,711

15,571

Office

REITs

—

0.19%

2,865

Alexandria

Real

Estate

Equities,

Inc.

....

208

2,652

BXP,

Inc.

........................

179

23

HC

CAPITAL

TRUST

The

Institutional

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Office

REITs

(continued)

41,271

Cousins

Properties,

Inc.

.............

$

1,240

788

Highwoods

Properties,

Inc.

...........

24

290,219

Hudson

Pacific

Properties,

Inc.(a)

......

795

881

Kilroy

Realty

Corp.

................

30

41,892

SL

Green

Realty

Corp.

..............

2,594

1,338

Vornado

Realty

Trust

...............

51

5,121

Oil,

Gas

&

Consumable

Fuels

—

1.57%

2,550

Antero

Midstream

Corp.

.............

48

2,242

Antero

Resources

Corp.(a)

...........

90

2,799

APA

Corp.

.......................

51

46,133

Cheniere

Energy,

Inc.

...............

11,235

33,272

Chevron

Corp.

....................

4,764

474

Chord

Energy

Corp.

................

46

767

Civitas

Resources,

Inc.

..............

21

26,596

ConocoPhillips

...................

2,387

29,339

Coterra

Energy,

Inc.

................

744

11,008

Devon

Energy

Corp.

................

350

3,314

Diamondback

Energy,

Inc.

...........

456

778

DT

Midstream,

Inc.

................

86

13,172

EOG

Resources,

Inc.

...............

1,575

10,118

EQT

Corp.

.......................

590

7,077

Expand

Energy

Corp.

...............

828

83,364

Exxon

Mobil

Corp.

................

8,987

5,069

Hess

Corp.

.......................

702

1,226

HF

Sinclair

Corp.

..................

50

54,777

Kinder

Morgan,

Inc.

................

1,610

7,265

Marathon

Petroleum

Corp.

...........

1,207

902

Matador

Resources

Co.

..............

43

15,841

Occidental

Petroleum

Corp.

..........

665

10,884

ONEOK,

Inc.

.....................

889

1,948

Ovintiv

,

Inc.

.....................

74

4,823

Permian

Resources

Corp.

............

66

9,396

Phillips

66

.......................

1,121

1,786

Range

Resources

Corp.

..............

73

3,813

Targa

Resources

Corp.

..............

663

339

Texas

Pacific

Land

Corp.

............

358

30,759

The

Williams

Cos.,

Inc.

.............

1,932

8,121

Valero

Energy

Corp.

................

1,092

984

Viper

Energy,

Inc.

.................

38

42,841

Paper

&

Forest

Products

—

0.00%

485

Louisiana-Pacific

Corp.

.............

42

Passenger

Airlines

—

0.03%

949

Alaska

Air

Group,

Inc.(a)

............

47

4,899

American

Airlines

Group,

Inc.(a)

.......

55

6,622

Delta

Air

Lines,

Inc.

................

325

3,957

Southwest

Airlines

Co.

..............

128

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Passenger

Airlines

(continued)

3,318

United

Airlines

Holdings,

Inc.(a)

.......

$

265

820

Personal

Care

Products

—

0.38%

1,000

BellRing

Brands,

Inc.(a)

.............

58

2,894

Coty,

Inc.,

Class

-

A(a)

..............

13

406

e.l.f

.

Beauty,

Inc.(a)

................

51

476,690

Kenvue

,

Inc.

.....................

9,977

4,084

The

Estee

Lauder

Cos.,

Inc.

..........

330

10,429

Pharmaceuticals

—

3.83%

61,687

Bristol-Myers

Squibb

Co.

............

2,855

727

Corcept

Therapeutics,

Inc.(a)

.........

53

3,702

Elanco

Animal

Health,

Inc.(a)

.........

53

15,126

Eli

Lilly

&

Co.

....................

11,792

467

Jazz

Pharmaceuticals

PLC(a)

.........

50

50,894

Johnson

&

Johnson

................

7,774

185,149

Merck

&

Co.,

Inc.

.................

14,656

876,832

Novo

Nordisk

A/S,

ADR

.............

60,518

1,927

Organon

&

Co.

...................

19

1,019

Perrigo

Co.

PLC

..................

27

141,168

Pfizer,

Inc.

.......................

3,421

37,842

Royalty

Pharma

PLC,

Class

-

A

........

1,364

53,567

Viatris

,

Inc.

......................

479

9,498

Zoetis,

Inc.

......................

1,481

104,542

Professional

Services

—

1.06%

1,622,030

Alight,

Inc.,

Class

-

A

...............

9,180

1,311

Amentum

Holdings,

Inc.(a)

...........

31

8,506

Automatic

Data

Processing,

Inc.

.......

2,623

9,462

Booz

Allen

Hamilton

Holding

Corp.

....

985

3,404

Broadridge

Financial

Solutions,

Inc.

....

827

171

CACI

International,

Inc.,

Class

-

A(a)

...

82

3,580

Clarivate

PLC(a)

..................

15

322

Concentrix

Corp.

..................

17

1,165

Dayforce

,

Inc.(a)

..................

65

2,329

Dun

&

Bradstreet

Holdings,

Inc.

.......

21

2,156

Equifax,

Inc.

.....................

560

1,224

ExlService

Holdings,

Inc.(a)

..........

54

256

FTI

Consulting,

Inc.(a)

..............

41

1,245

Genpact

Ltd.

.....................

55

3,535

Jacobs

Solutions,

Inc.

...............

465

1,034

KBR,

Inc.

.......................

50

7,401

Leidos

Holdings,

Inc.

...............

1,168

381

ManpowerGroup

,

Inc.

..............

15

408

Parsons

Corp.(a)

..................

29

8,100

Paychex,

Inc.

.....................

1,178

893

Paycom

Software,

Inc.

..............

207

349

Paylocity

Holding

Corp.(a)

...........

63

24

HC

CAPITAL

TRUST

The

Institutional

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Professional

Services

(continued)

802

Robert

Half,

Inc.

..................

$

33

363

Science

Applications

International

Corp.

.

41

3,794

SS&C

Technologies

Holdings,

Inc.

.....

314

106,052

TransUnion

......................

9,332

4,739

Verisk

Analytics,

Inc.

...............

1,476

28,927

Real

Estate

Management

&

Development

—

0.10%

12,204

CBRE

Group,

Inc.,

Class

-

A(a)

........

1,710

7,420

CoStar

Group,

Inc.(a)

...............

597

254

Howard

Hughes

Holdings,

Inc.(a)

......

17

362

Jones

Lang

LaSalle,

Inc.(a)

...........

93

427

Zillow

Group,

Inc.,

Class

-

A(a)

........

29

2,786

Zillow

Group,

Inc.,

Class

-

C(a)

........

195

2,641

Residential

REITs

—

0.76%

81,105

American

Homes

4

Rent,

Class

-

A

.....

2,925

17,473

AvalonBay

Communities,

Inc.

.........

3,555

6,190

Camden

Property

Trust

..............

698

17,208

Equity

LifeStyle

Properties,

Inc.

.......

1,062

12,725

Equity

Residential

.................

858

14,951

Essex

Property

Trust,

Inc.

............

4,237

124,645

Independence

Realty

Trust,

Inc.

........

2,205

23,886

Invitation

Homes,

Inc.

..............

783

16,991

Mid-America

Apartment

Communities,

Inc.

2,515

10,590

Sun

Communities,

Inc.

..............

1,340

15,119

UDR,

Inc.

.......................

618

20,796

Retail

REITs

—

0.52%

23,552

Agree

Realty

Corp.

................

1,720

2,262

Brixmor

Property

Group,

Inc.

.........

59

42,796

Curbline

Properties

Corp.

............

977

653

Federal

Realty

Investment

Trust

.......

62

16,134

Kimco

Realty

Corp.

................

339

1,447

NNN

REIT,

Inc.

...................

62

44,526

Phillips

Edison

&

Co.,

Inc.

...........

1,560

34,119

Realty

Income

Corp.

...............

1,966

43,244

Regency

Centers

Corp.

..............

3,081

18,058

Simon

Property

Group,

Inc.

..........

2,903

44,021

Tanger

,

Inc.

......................

1,346

14,075

Semiconductors

&

Semiconductor

Equipment

—

5.49%

28,543

Advanced

Micro

Devices,

Inc.(a)

.......

4,050

946

Allegro

MicroSystems

,

Inc.(a)

.........

32

865

Amkor

Technology,

Inc.

.............

18

8,745

Analog

Devices,

Inc.

...............

2,081

14,343

Applied

Materials,

Inc.

..............

2,626

1,108

Astera

Labs,

Inc.(a)

................

100

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Semiconductors

&

Semiconductor

Equipment

(continued)

119,908

Broadcom,

Inc.

...................

$

33,053

416

Cirrus

Logic,

Inc.(a)

................

43

1,006

Enphase

Energy,

Inc.(a)

.............

40

2,619

Entegris

,

Inc.

.....................

212

1,797

First

Solar,

Inc.(a)

.................

297

757

GLOBALFOUNDRIES,

Inc.(a)

.......

29

76,910

Intel

Corp.

.......................

1,723

2,351

KLA

Corp.

......................

2,106

22,521

Lam

Research

Corp.

................

2,192

1,029

Lattice

Semiconductor

Corp.(a)

........

50

481

MACOM

Technology

Solutions

Holdings,

Inc.(a)

......................

69

15,351

Marvell

Technology,

Inc.

............

1,188

9,342

Microchip

Technology,

Inc.

...........

658

19,730

Micron

Technology,

Inc.

.............

2,432

501

MKS,

Inc.

.......................

50

837

Monolithic

Power

Systems,

Inc.

.......

612

491,166

NVIDIA

Corp.

....................

77,599

2,483

NXP

Semiconductors

N.V.

...........

543

7,482

ON

Semiconductor

Corp.(a)

..........

392

376

Onto

Innovation,

Inc.(a)

.............

38

756

Qorvo

,

Inc.(a)

....................

64

19,482

QUALCOMM,

Inc.

................

3,102

1,205

Skyworks

Solutions,

Inc.

............

90

48,112

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR

...................

10,897

2,834

Teradyne,

Inc.

....................

255

16,028

Texas

Instruments,

Inc.

..............

3,327

353

Universal

Display

Corp.

.............

55

150,023

Software

—

5.18%

30,542

Adobe,

Inc.(a)

....................

11,816

1,527

ANSYS,

Inc.(a)

...................

536

169

Appfolio

,

Inc.,

Class

-

A(a)

...........

39

29,628

AppLovin

Corp.,

Class

-

A(a)

.........

10,372

2,885

Atlassian

Corp.,

Class

-

A(a)

..........

585

7,624

Aurora

Innovation,

Inc.(a)

............

40

3,744

Autodesk,

Inc.(a)

..................

1,159

2,792

Bentley

Systems,

Inc.,

Class

-

B

.......

151

775

BILL

Holdings,

Inc.(a)

..............

36

4,832

Cadence

Design

Systems,

Inc.(a)

.......

1,489

4,007

CCC

Intelligent

Solutions

Holdings,

Inc.(a)

38

2,142

Confluent,

Inc.,

Class

-

A(a)

..........

53

1,164

Corpay

,

Inc.(a)

....................

386

4,340

Crowdstrike

Holdings,

Inc.,

Class

-

A(a)

.

2,210

5,259

Datadog

,

Inc.,

Class

-

A(a)

...........

707

3,529

Docusign

,

Inc.(a)

..................

275

449

Dolby

Laboratories,

Inc.,

Class

-

A

.....

33

1,050

DoubleVerify

Holdings,

Inc.(a)

........

16

1,566

Dropbox,

Inc.,

Class

-

A(a)

...........

45

5,177

Dynatrace

,

Inc.(a)

.................

285

25

HC

CAPITAL

TRUST

The

Institutional

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Software

(continued)

673

Elastic

N.V.(a)

....................

$

57

423

Fair

Isaac

Corp.(a)

.................

773

11,404

Fortinet,

Inc.(a)

...................

1,206

17,811

Gen

Digital,

Inc.

..................

524

1,017

Gitlab

,

Inc.,

Class

-

A(a)

.............

46

648

Guidewire

Software,

Inc.(a)

..........

153

869

HubSpot

,

Inc.(a)

..................

483

811

Informatica

,

Inc.,

Class

-

A(a)

.........

20

4,869

Intuit,

Inc.

.......................

3,835

471

Manhattan

Associates,

Inc.(a)

.........

93

147,705

Microsoft

Corp.

...................

73,470

4,376

MicroStrategy

,

Inc.(a)

...............

1,769

825

nCino

,

Inc.(a)

....................

23

4,389

Nutanix

,

Inc.,

Class

-

A(a)

............

336

29,394

Oracle

Corp.

.....................

6,426

38,139

Palantir

Technologies,

Inc.,

Class

-

A(a)

..

5,199

11,603

Palo

Alto

Networks,

Inc.(a)

...........

2,375

628

Pegasystems

,

Inc.

..................

34

886

Procore

Technologies,

Inc.(a)

.........

61

2,083

PTC,

Inc.(a)

......................

359

4,606

QXO,

Inc.(a)

.....................

99

646

RingCentral,

Inc.,

Class

-

A(a)

.........

18

2,531

Roper

Technologies,

Inc.

.............

1,434

751

Rubrik

,

Inc.,

Class

-

A(a)

............

67

465

SailPoint

,

Inc.(a)

..................

11

16,708

Salesforce,

Inc.

...................

4,556

4,971

Samsara,

Inc.,

Class

-

A(a)

...........

198

2,117

SentinelOne

,

Inc.,

Class

-

A(a)

........

39

3,641

ServiceNow

,

Inc.(a)

................

3,743

2,722

Synopsys,

Inc.(a)

..................

1,395

776

Teradata

Corp.(a)

..................

17

744

Tyler

Technologies,

Inc.(a)

...........

441

3,420

UiPath

,

Inc.,

Class

-

A(a)

............

44

2,337

Unity

Software,

Inc.(a)

..............

57

3,806

Workday,

Inc.,

Class

-

A(a)

...........

914

4,458

Zoom

Communications,

Inc.(a)

........

347

1,737

Zscaler

,

Inc.(a)

....................

545

141,438

Specialized

REITs

—

1.19%

24,027

American

Tower

Corp.

..............

5,309

15,610

Crown

Castle,

Inc.

.................

1,604

1,695

CubeSmart

......................

72

19,465

Digital

Realty

Trust,

Inc.

.............

3,393

42,316

EPR

Properties

...................

2,466

7,841

Equinix

,

Inc.

.....................

6,237

5,932

Extra

Space

Storage,

Inc.

............

874

21,080

Gaming

and

Leisure

Properties,

Inc.

....

984

26,497

Iron

Mountain,

Inc.

................

2,718

656

Lamar

Advertising

Co.,

Class

-

A

.......

80

603

National

Storage

Affiliates

Trust

.......

19

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Specialized

REITs

(continued)

17,264

Public

Storage

....................

$

5,065

1,161

Rayonier,

Inc.

....................

26

1,871

SBA

Communications

Corp.

..........

440

41,780

Smartstop

Self

Storage

REIT,

Inc.

......

1,514

41,900

VICI

Properties,

Inc.

...............

1,366

12,717

Weyerhaeuser

Co.

.................

327

32,494

Specialty

Retail

—

0.77%

213

AutoNation,

Inc.(a)

................

42

556

AutoZone,

Inc.(a)

..................

2,064

1,735

Bath

&

Body

Works,

Inc.

............

52

3,484

Best

Buy

Co.,

Inc.

.................

233

1,113

Burlington

Stores,

Inc.(a)

............

259

1,198

CarMax,

Inc.(a)

...................

81

2,189

Carvana

Co.(a)

....................

738

1,618

Chewy,

Inc.,

Class

-

A(a)

............

69

983

Dick's

Sporting

Goods,

Inc.

...........

195

414

Five

Below,

Inc.(a)

.................

54

823

Floor

&

Decor

Holdings,

Inc.,

Class

-

A(a)

63

3,171

GameStop

Corp.,

Class

-

A(a)

.........

77

206

Lithia

Motors,

Inc.

.................

70

9,864

Lowe's

Cos.,

Inc.

..................

2,189

139

Murphy

USA,

Inc.

.................

57

25,707

O'Reilly

Automotive,

Inc.(a)

..........

2,318

152

Penske

Automotive

Group,

Inc.

........

26

123

RH(a)

..........................

23

7,177

Ross

Stores,

Inc.

..................

916

1,780

The

Gap,

Inc.

.....................

39

18,027

The

Home

Depot,

Inc.

..............

6,607

24,704

The

TJX

Cos.,

Inc.

.................

3,050

16,113

Tractor

Supply

Co.

.................

850

1,355

Ulta

Beauty,

Inc.(a)

................

634

995

Valvoline,

Inc.(a)

..................

38

737

Wayfair,

Inc.,

Class

-

A(a)

............

38

2,148

Williams-Sonoma,

Inc.

..............

351

21,133

Technology

Hardware,

Storage

&

Peripherals

—

2.43%

306,473

Apple,

Inc.

......................

62,878

5,604

Dell

Technologies,

Inc.,

Class

-

C

......

687

22,798

Hewlett

Packard

Enterprise

Co.

........

467

16,630

HP,

Inc.

.........................

407

3,568

NetApp,

Inc.

.....................

380

5,398

Pure

Storage,

Inc.,

Class

-

A(a)

........

311

1,043

Sandisk

Corp.(a)

..................

47

2,051

Seagate

Technology

Holdings

PLC

.....

296

9,107

Super

Micro

Computer,

Inc.(a)

........

447

6,041

Western

Digital

Corp.

...............

386

66,306

26

HC

CAPITAL

TRUST

The

Institutional

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Textiles,

Apparel

&

Luxury

Goods

—

0.68%

1,154

Amer

Sports,

Inc.(a)

................

$

45

404

Birkenstock

Holding

PLC(a)

..........

20

201

Columbia

Sportswear

Co.

............

12

459

Crocs,

Inc.(a)

.....................

46

2,659

Deckers

Outdoor

Corp.(a)

............

274

1,904

Lululemon

Athletica

,

Inc.(a)

..........

453

150,900

LVMH

Moet

Hennessy

Louis

Vuitton

SE,

ADR

.......................

15,855

20,552

NIKE,

Inc.,

Class

-

B

...............

1,460

1,705

On

Holding

AG,

Class

-

A(a)

..........

89

429

PVH

Corp.

......................

29

307

Ralph

Lauren

Corp.

................

84

1,015

Skechers

USA,

Inc.,

Class

-

A(a)

.......

64

1,600

Tapestry,

Inc.

.....................

140

1,429

Under

Armour

,

Inc.,

Class

-

A(a)

.......

10

1,440

Under

Armour

,

Inc.,

Class

-

C(a)

.......

9

2,652

VF

Corp.

........................

31

18,621

Tobacco

—

0.70%

50,421

Altria

Group,

Inc.

..................

2,956

89,044

Philip

Morris

International,

Inc.

........

16,218

19,174

Trading

Companies

&

Distributors

—

0.93%

81,314

AerCap

Holdings

N.V.

..............

9,514

794

AerCap

Holdings

N.V.

..............

93

788

Air

Lease

Corp.

...................

46

295

Applied

Industrial

Technologies,

Inc.

....

69

1,478

Core

&

Main,

Inc.,

Class

-

A(a)

........

89

26,266

Fastenal

Co.

......................

1,103

54,871

Ferguson

Enterprises,

Inc.

............

11,947

788

FTAI

Aviation

Ltd.(c)

...............

91

350

MSC

Industrial

Direct

Co.,

Inc.

........

30

337

SiteOne

Landscape

Supply,

Inc.(a)

......

41

1,151

United

Rentals,

Inc.

................

867

1,147

W.W.

Grainger,

Inc.

................

1,193

607

Watsco

,

Inc.

......................

268

371

WESCO

International,

Inc.

...........

69

25,420

Water

Utilities

—

0.10%

10,555

American

Water

Works

Co.,

Inc.

.......

1,468

31,730

Essential

Utilities,

Inc.

..............

1,179

2,647

Wireless

Telecommunication

Services

—

0.11%

795

Millicom

International

Cellular

SA

.....

30

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Wireless

Telecommunication

Services

(continued)

12,074

T-Mobile

US,

Inc.

.................

$

2,877

2,907

Total

Common

Stocks

(cost

$1,131,44

9

)

1,803,786

Contingent

Right

—

0.00%

Diversified

Telecommunication

Services

—

0.00%

338

Mirati

Therapeutics

CVR,

01/01/26(a)(b)

.

–

Total

Contingent

Right

(cost

$–)

......

–

Investment

Companies

—

32.30%

Domestic

Equity

Funds

—

14.76%

274,210

iShares

Core

S&P

500

ETF

...........

170,257

211,260

iShares

Core

S&P

Total

U.S.

Stock

Market

ETF

.......................

28,529

11,144

iShares

Russell

1000

ETF

............

3,784

303,010

Vanguard

S&P

500

ETF

.............

172,119

93,660

Vanguard

Total

Stock

Market

ETF

......

28,466

403,155

International

Equity

Funds

—

10.16%

2,063,400

Vanguard

FTSE

Developed

Markets

ETF

.

117,634

2,066,500

Vanguard

FTSE

Europe

ETF

..........

160,154

277,788

Money

Market

Funds

—

7.38%

201,713,797

State

Street

Institutional

Treasury

Plus

Money

Market

Fund,

Trust

Class,

4.19%(d)

....................

201,714

201,714

Total

Investment

Companies

(cost

$730,487)

.......................

882,657

Purchased

Options

on

Futures

—

0.01%

Total

Purchased

Options

on

Futures

(cost

$529)

..........................

295

Total

Investments

(cost

$1,862,46

5

)

—

98.31%

.....................

2,686,738

Other

assets

in

excess

of

liabilities

—

1.69%

......................

46,220

Net

Assets

-

100.00%

..............

$

2,732,958

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

June

30,

2025.

27

HC

CAPITAL

TRUST

The

Institutional

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

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

June

30,

2025

.

(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.

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

Total

Common

Stocks

......................................................................................................

44.18

%

2.80

%

2.80

%

16.22

%

66.00

%

Contingent

Right

.....................................................................................................

—

—

—

—

—

%

Investment

Companies

............................................................................................

0.02

%

32.05

%

0.07

%

0.16

%

32.30

%

Options

on

Futures

..................................................................................................

—

0.01

%

—

—

0.01

%

Other

Assets

(Liabilities)

........................................................................................

0.05

%

1.64

%

-0.01

%

0.01

%

1.69

%

Total

Net

Assets

.................................................................................................

44.25

%

36.50

%

2.86

%

16.39

%

100.00

%

The

following

table

reflects

the

open

derivative

positions

held

by

the

Portfolio

as

of

June

30,

2025

.

Futures

Contracts

Purchased

*

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value

and

Unrealized

Appreciation/

(Depreciation)

(000)

E-Mini

Russell

2000

Index

Future

.................

50

9/19/25

$

5,479

$

183

E-Mini

S&P

500

Future

.........................

909

9/19/25

284,233

10,051

Japanese

Yen

Currency

Future

....................

100

9/15/25

8,743

2

$

298,455

$

10,236

Total

Unrealized

Appreciation

.....................

$

10,236

Total

Unrealized

Depreciation

.....................

—

Total

Net

Unrealized

Appreciation/(Depreciation)

.......

$

10,236

*

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

June

30,

2025

were

as

follows:

Description

Put/Call

Number

of

Contracts

Notional

Amount

(000)

Exercise

Price

Expiration

Date

Value

(000)

Japanese

Yen

Future

Option

...............

Put

100

$

8,438

$

67.50

7/3/25

$

(1)

Japanese

Yen

Future

Option

...............

Put

100

8,500

68.00

7/3/25

(1)

Japanese

Yen

Future

Option

...............

Put

300

25,125

67.00

8/8/25

(34)

28

See

accompanying

notes

to

financial

statements.

HC

CAPITAL

TRUST

The

Institutional

U.S.

Equity

Portfolio

Portfolio

of

Investments

(concluded)

—

June

30,

2025

Options

on

Futures

Contracts

(continued)

Description

Put/Call

Number

of

Contracts

Notional

Amount

(000)

Exercise

Price

Expiration

Date

Value

(000)

Japanese

Yen

Future

Option

...............

Put

100

$

8,250

$

66.00

8/8/25

$

(5)

Japanese

Yen

Future

Option

...............

Put

100

8,438

67.50

8/8/25

(19)

Japanese

Yen

Future

Option

...............

Put

200

16,625

66.50

9/5/25

(42)

Japanese

Yen

Future

Option

...............

Put

300

25,125

67.00

9/5/25

(86)

Japanese

Yen

Future

Option

...............

Put

100

8,438

67.50

9/5/25

(41)

$

(229)

Exchanged-traded

options

on

futures

contacts

purchased

as

of

June

30,

2025

were

as

follows:

Description

Put/Call

Number

of

Contracts

Notional

Amount

(000)

Exercise

Price

Expiration

Date

Value

(000)

Japanese

Yen

Future

Option

...............

Call

100

$

9,125

$

73.00

7/3/25

$

1

Japanese

Yen

Future

Option

...............

Call

100

9,188

73.50

7/3/25

1

Japanese

Yen

Future

Option

...............

Call

100

9,000

72.00

8/8/25

44

Japanese

Yen

Future

Option

...............

Call

400

37,250

74.50

8/8/25

50

Japanese

Yen

Future

Option

...............

Call

200

18,750

75.00

9/5/25

47

Japanese

Yen

Future

Option

...............

Call

200

18,375

73.50

9/5/25

82

Japanese

Yen

Future

Option

...............

Call

200

18,500

74.00

9/5/25

70

$

295

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

June

30,

2025

(%)(b)

Notional

Amount

(000)(c)

Value

(000)

Premiums

Paid/

(Received)

(000)

Unrealized

Appreciation/

(Depreciation)

(000)

CDX

High

Yield

Index

Swap

Agreement,

Series

44

Daily

5.00

6/20/2030

3.19

$

300,000

$

(22,494)

$

(15,459)

$

(7,035)

$

(22,494)

$

(15,459)

$

(7,035)

(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

—

June

30,

2025

29

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

—

98.02%

Australia

—

1.75%

4,544

ANZ

Group

Holdings

Ltd.

(Banks)

.....

$

87

1,892

APA

Group

(Gas

Utilities)

...........

10

853

Aristocrat

Leisure

Ltd.

(Hotels,

Restaurants

&

Leisure)

...................

37

288

ASX

Ltd.

(Capital

Markets)

..........

13

245

Atlassian

Corp.,

Class

-

A

(Software)(a)

..

50

7,722

BHP

Group

Ltd.

(Metals

&

Mining)

.....

187

665

BlueScope

Steel

Ltd.

(Metals

&

Mining)

.

10

2,095

Brambles

Ltd.

(Commercial

Services

&

Supplies)

....................

32

562

CAR

Group

Ltd.

(Interactive

Media

&

Services)

....................

14

99

Cochlear

Ltd.

(Health

Care

Equipment

&

Supplies)

....................

20

2,003

Coles

Group

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

27

2,533

Commonwealth

Bank

of

Australia

(Banks)

308

801

Computershare

Ltd.

(Professional

Services)

21

708

CSL

Ltd.

(Biotechnology)

............

112

3,225

Evolution

Mining

Ltd.

(Metals

&

Mining)

17

2,563

Fortescue

Ltd.

(Metals

&

Mining)

......

26

3,072

Goodman

Group

(Industrial

REITs)

.....

69

3,583

Insurance

Australia

Group

Ltd.

(Insurance)

21

548

Macquarie

Group

Ltd.

(Capital

Markets)

.

82

4,104

Medibank

Pvt

Ltd.

(Insurance)

........

14

4,626

National

Australia

Bank

Ltd.

(Banks)

....

120

2,132

Northern

Star

Resources

Ltd.

(Metals

&

Mining)

.....................

26

2,606

Origin

Energy

Ltd.

(Electric

Utilities)

...

19

87

Pro

Medicus

Ltd.

(Health

Care

Technology)

16

1,080

Qantas

Airways

Ltd.

(Passenger

Airlines)

.

8

2,284

QBE

Insurance

Group

Ltd.

(Insurance)

..

35

78

REA

Group

Ltd.

(Interactive

Media

&

Services)

....................

12

687

Reece

Ltd.

(Trading

Companies

&

Distributors)

.................

6

570

Rio

Tinto

Ltd.

(Metals

&

Mining)

......

40

4,937

Santos

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

(b)

........................

25

7,433

Scentre

Group

(Retail

REITs)

.........

17

309

SGH

Ltd.

(Trading

Companies

&

Distributors)

.................

11

7,415

Sigma

Healthcare

Ltd.

(Health

Care

Providers

&

Services)(a)

.........

15

693

Sonic

Healthcare

Ltd.

(Health

Care

Providers

&

Services)

...........

12

6,826

South32

Ltd.

(Metals

&

Mining)

.......

13

3,420

Stockland

(Diversified

REITs)

.........

12

1,619

Suncorp

Group

Ltd.

(Insurance)

.......

23

5,964

Telstra

Group

Ltd.

(Diversified

Telecommunication

Services)

.....

19

3,206

The

Lottery

Corp.

Ltd.

(Hotels,

Restaurants

&

Leisure)

...................

11

4,665

Transurban

Group

(Transportation

Infrastructure)

................

43

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Australia

(continued)

4,117

Vicinity

Ltd.

(Retail

REITs)(b)

........

$

7

337

Washington

H

Soul

Pattinson

&

Co.

Ltd.

(Financial

Services)

............

9

1,718

Wesfarmers

Ltd.

(Broadline

Retail)

.....

96

5,225

Westpac

Banking

Corp.

(Banks)

.......

116

278

WiseTech

Global

Ltd.

(Software)

.......

20

2,884

Woodside

Energy

Group

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

.............

45

1,844

Woolworths

Group

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

38

1,971

Austria

—

0.05%

467

Erste

Group

Bank

AG

(Banks)(b)

......

39

218

OMV

AG

(Oil,

Gas

&

Consumable

Fuels)

12

101

Verbund

AG

(Electric

Utilities)

........

8

59

Belgium

—

0.21%

210

Ageas

SA/N.V.

(Insurance)(b)

.........

14

1,496

Anheuser-Busch

InBev

SA/N.V.

(Beverages)

..................

103

19

D'ieteren

Group

(Distributors)

.........

4

77

Elia

Group

SA/N.V.

(Electric

Utilities)(b)

9

123

Groupe

Bruxelles

Lambert

N.V.

(Financial

Services)

....................

10

347

KBC

Group

N.V.

(Banks)

............

36

1

Lotus

Bakeries

N.V.

(Food

Products)(b)

..

10

31

Sofina

SA

(Financial

Services)

........

10

108

Syensqo

SA

(Chemicals)

.............

8

191

UCB

SA

(Pharmaceuticals)

...........

38

242

Bermuda

—

0.07%

572

Arch

Capital

Group

Ltd.

(Insurance)

....

52

65

Everest

Group

Ltd.

(Insurance)

........

22

74

Canada

—

3.26%

765

Agnico

Eagle

Mines

Ltd.

(Metals

&

Mining)

91

768

Alamos

Gold,

Inc.

(Metals

&

Mining)

...

20

1,153

Alimentation

Couche-Tard,

Inc.

(Consumer

Staples

Distribution

&

Retail)

.....

57

461

AltaGas

Ltd.

(Gas

Utilities)

...........

13

894

ARC

Resources

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

.............

19

1,073

Bank

of

Montreal

(Banks)

............

119

2,481

Barrick

Mining

Corp.

(Metals

&

Mining)

.

52

200

BCE,

Inc.

(Diversified

Telecommunication

Services)

....................

4

2,077

Brookfield

Corp.

(Capital

Markets)

.....

129

483

CAE,

Inc.

(Aerospace

&

Defense)(a)

....

14

30

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Canada

(continued)

659

Cameco

Corp.

(Oil,

Gas

&

Consumable

Fuels)

......................

$

49

1,434

Canadian

Imperial

Bank

of

Commerce

(Banks)

.....................

102

807

Canadian

National

Railway

Co.

(Ground

Transportation)

...............

84

3,200

Canadian

Natural

Resources

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

...........

101

1,417

Canadian

Pacific

Kansas

City

Ltd.

(Ground

Transportation)

...............

113

75

Canadian

Tire

Corp.

Ltd.,

Class

-

A

(Broadline

Retail)

.............

10

300

Canadian

Utilities

Ltd.,

Class

-

A

(Multi-

Utilities)

....................

8

218

CCL

Industries,

Inc.,

Class

-

B

(Containers

&

Packaging)(b)

..............

13

176

Celestica,

Inc.

(Electronic

Equipment,

Instruments

&

Components)(a)

....

28

2,070

Cenovus

Energy,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

28

307

CGI,

Inc.

(IT

Services)

..............

32

31

Constellation

Software,

Inc.

(Software)

..

114

413

Dollarama,

Inc.

(Broadline

Retail)

......

58

599

Element

Fleet

Management

Corp.

(Commercial

Services

&

Supplies)(b)

15

449

Emera,

Inc.

(Electric

Utilities)

.........

21

193

Empire

Co.

Ltd.,

Class

-

A

(Consumer

Staples

Distribution

&

Retail)

.....

8

3,243

Enbridge,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

......................

147

31

Fairfax

Financial

Holdings

Ltd.

(Insurance)

56

1,070

First

Quantum

Minerals

Ltd.

(Metals

&

Mining)(a)

...................

19

60

FirstService

Corp.

(Real

Estate

Management

&

Development)

..............

10

759

Fortis,

Inc.

(Electric

Utilities)

.........

36

294

Franco-Nevada

Corp.

(Metals

&

Mining)

.

48

87

George

Weston

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

17

348

GFL

Environmental,

Inc.

(Commercial

Services

&

Supplies)

...........

18

207

Gildan

Activewear,

Inc.

(Textiles,

Apparel

&

Luxury

Goods)

...............

10

429

Great-West

Lifeco,

Inc.

(Insurance)

.....

16

499

Hydro

One

Ltd.

(Electric

Utilities)(b)

....

18

142

iA

Financial

Corp.,

Inc.

(Insurance)

.....

16

200

IGM

Financial,

Inc.

(Capital

Markets)

...

6

271

Imperial

Oil

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

......................

22

272

Intact

Financial

Corp.

(Insurance)(b)

....

63

1,114

Ivanhoe

Mines

Ltd.

(Metals

&

Mining)(a)

8

348

Keyera

Corp.

(Oil,

Gas

&

Consumable

Fuels)

......................

11

1,858

Kinross

Gold

Corp.

(Metals

&

Mining)

..

29

227

Loblaw

Cos.

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

38

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Canada

(continued)

168

Lululemon

Athletica,

Inc.

(Textiles,

Apparel

&

Luxury

Goods)(a)

............

$

40

145

Lundin

Gold,

Inc.

(Metals

&

Mining)(b)

.

8

1,119

Lundin

Mining

Corp.

(Metals

&

Mining)(b)

12

402

Magna

International,

Inc.

(Automobile

Components)

.................

16

2,453

Manulife

Financial

Corp.

(Insurance)

....

78

314

Metro,

Inc.

(Consumer

Staples

Distribution

&

Retail)

....................

25

597

National

Bank

of

Canada

(Banks)

......

62

746

Nutrien

Ltd.

(Chemicals)

............

43

393

Open

Text

Corp.

(Software)(b)

........

11

551

Pan

American

Silver

Corp.

(Metals

&

Mining)

.....................

16

879

Pembina

Pipeline

Corp.

(Oil,

Gas

&

Consumable

Fuels)

.............

33

852

Power

Corp.

of

Canada

(Insurance)

.....

33

464

Restaurant

Brands

International,

Inc.

(Hotels,

Restaurants

&

Leisure)

....

31

532

Rogers

Communications,

Inc.,

Class

-

B

(Wireless

Telecommunication

Services)

....................

16

2,117

Royal

Bank

of

Canada

(Banks)

........

279

366

Saputo,

Inc.

(Food

Products)(b)

........

7

1,837

Shopify,

Inc.,

Class

-

A

(IT

Services)(a)

..

212

173

Stantec,

Inc.

(Construction

&

Engineering)

19

872

Sun

Life

Financial,

Inc.

(Insurance)

.....

58

1,908

Suncor

Energy,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

71

1,582

TC

Energy

Corp.

(Oil,

Gas

&

Consumable

Fuels)

......................

77

713

Teck

Resources

Ltd.,

Class

-

B

(Metals

&

Mining)

.....................

29

737

TELUS

Corp.

(Diversified

Telecommunication

Services)

.....

12

122

TFI

International,

Inc.

(Ground

Transportation)

...............

11

1,893

The

Bank

of

Nova

Scotia

(Banks)

......

105

128

The

Descartes

Systems

Group,

Inc.

(Software)(a)

.................

13

2,631

The

Toronto-Dominion

Bank

(Banks)

...

194

241

Thomson

Reuters

Corp.

(Professional

Services)

....................

48

420

TMX

Group

Ltd.

(Capital

Markets)

.....

18

124

Toromont

Industries

Ltd.

(Trading

Companies

&

Distributors)

.......

11

536

Tourmaline

Oil

Corp.

(Oil,

Gas

&

Consumable

Fuels)

.............

26

391

Waste

Connections,

Inc.

(Commercial

Services

&

Supplies)

...........

73

50

West

Fraser

Timber

Co.

Ltd.

(Paper

&

Forest

Products)

...............

4

693

Wheaton

Precious

Metals

Corp.

(Metals

&

Mining)

.....................

62

31

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Canada

(continued)

199

WSP

Global,

Inc.

(Construction

&

Engineering)

.................

$

41

3,684

Chile

—

0.01%

594

Antofagasta

PLC

(Metals

&

Mining)

....

15

Denmark

—

0.59%

7

A.P.

Moller

-

Maersk

A/S,

Class

-

A

(Marine

Transportation)

...............

13

6

A.P.

Moller

-

Maersk

A/S,

Class

-

B

(Marine

Transportation)

...............

11

143

Carlsberg

A/S,

Class

-

B

(Beverages)

....

20

191

Coloplast

A/S,

Class

-

B

(Health

Care

Equipment

&

Supplies)

.........

18

1,137

Danske

Bank

A/S

(Banks)

............

46

131

Demant

A/S

(Health

Care

Equipment

&

Supplies)(a)

..................

5

310

DSV

A/S

(Air

Freight

&

Logistics)

.....

75

94

Genmab

A/S

(Biotechnology)(a)(b)

.....

20

4,851

Novo

Nordisk

A/S,

Class

-

B

(Pharmaceuticals)

.............

337

530

Novonesis

Novozymes

B,

Class

B

(Chemicals)

..................

38

253

Orsted

A/S

(Electric

Utilities)(a)(b)

.....

11

124

Pandora

A/S

(Textiles,

Apparel

&

Luxury

Goods)

.....................

22

180

ROCKWOOL

A/S,

Class

-

B

(Building

Products)

....................

8

669

Tryg

A/S

(Insurance)(b)

.............

17

1,529

Vestas

Wind

Systems

A/S

(Electrical

Equipment)

..................

23

664

Finland

—

0.27%

201

Elisa

Oyj

(Diversified

Telecommunication

Services)

....................

11

635

Fortum

Oyj

(Electric

Utilities)

.........

12

386

Kesko

Oyj,

Class

-

B

(Consumer

Staples

Distribution

&

Retail)

...........

10

508

Kone

Oyj,

Class

-

B

(Machinery)

.......

33

920

Metso

Oyj

(Machinery)(b)

...........

12

633

Neste

Oyj

(Oil,

Gas

&

Consumable

Fuels)

9

8,275

Nokia

Oyj

(Communications

Equipment)

.

42

4,802

Nordea

Bank

Abp

(Banks)

...........

70

128

Orion

Oyj,

Class

-

B

(Pharmaceuticals)

..

10

3,597

Sampo

Oyj,

A

Shares

(Insurance)

......

39

1,248

Stora

Enso

Oyj,

R

Shares

(Paper

&

Forest

Products)

....................

14

770

UPM-Kymmene

Oyj

(Paper

&

Forest

Products)

....................

21

747

Wartsila

Oyj

Abp

(Machinery)

.........

18

301

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

France

—

2.72%

283

Accor

SA

(Hotels,

Restaurants

&

Leisure)

$

15

42

Aeroports

de

Paris

SA

(Transportation

Infrastructure)

................

5

892

Air

Liquide

SA

(Chemicals)

..........

184

894

Airbus

SE

(Aerospace

&

Defense)

......

187

522

Alstom

SA

(Machinery)(a)

...........

12

47

Amundi

SA

(Capital

Markets)(b)

.......

4

77

Arkema

SA

(Chemicals)

.............

6

2,688

AXA

SA

(Insurance)

...............

132

60

BioMerieux

(Health

Care

Equipment

&

Supplies)

....................

8

1,584

BNP

Paribas

SA

(Banks)

.............

142

1,613

Bollore

SE

(Entertainment)

...........

10

281

Bouygues

SA

(Construction

&

Engineering)

13

466

Bureau

Veritas

SA

(Professional

Services)

16

258

Capgemini

SE

(IT

Services)

..........

44

796

Carrefour

SA

(Consumer

Staples

Distribution

&

Retail)(b)

........

11

648

Cie

de

Saint-Gobain

SA

(Building

Products)

76

1,006

Cie

Generale

des

Etablissements

Michelin

SCA

(Automobile

Components)

...

37

134

Covivio

SA

(Office

REITs)

...........

8

1,608

Credit

Agricole

SA

(Banks)

...........

30

969

Danone

SA

(Food

Products)

..........

79

1,005

Dassault

Systemes

SE

(Software)

......

36

354

Edenred

SE

(Financial

Services)

.......

11

100

Eiffage

SA

(Construction

&

Engineering)(b)

14

2,752

Engie

SA

(Multi-Utilities)

............

65

444

EssilorLuxottica

SA

(Health

Care

Equipment

&

Supplies)

.........

122

57

Eurazeo

SE

(Financial

Services)

.......

4

256

FDJ

UNITED

(Hotels,

Restaurants

&

Leisure)

....................

10

61

Gecina

SA

(Office

REITs)(b)

..........

7

390

Getlink

SE

(Transportation

Infrastructure)

8

48

Hermes

International

SCA

(Textiles,

Apparel

&

Luxury

Goods)

..............

130

54

Ipsen

SA

(Pharmaceuticals)

...........

6

112

Kering

SA

(Textiles,

Apparel

&

Luxury

Goods)

.....................

24

304

Klepierre

SA

(Retail

REITs)

..........

12

397

Legrand

SA

(Electrical

Equipment)

.....

53

358

L'Oreal

SA

(Personal

Care

Products)

....

153

416

LVMH

Moet

Hennessy

Louis

Vuitton

SE

(Textiles,

Apparel

&

Luxury

Goods)

219

2,784

Orange

SA

(Diversified

Telecommunication

Services)(b)

..................

42

301

Pernod

Ricard

SA

(Beverages)

........

30

339

Publicis

Groupe

SA

(Media)

..........

38

290

Renault

SA

(Automobiles)

...........

13

332

Rexel

SA

(Trading

Companies

&

Distributors)

.................

10

538

Safran

SA

(Aerospace

&

Defense)

......

175

1,695

Sanofi

SA

(Pharmaceuticals)

..........

164

32

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

France

(continued)

44

Sartorius

Stedim

Biotech

(Life

Sciences

Tools

&

Services)

..............

$

11

818

Schneider

Electric

SE

(Electrical

Equipment)(b)

................

218

1,093

Societe

Generale

SA

(Banks)

.........

63

131

Sodexo

SA

(Hotels,

Restaurants

&

Leisure)

8

122

Teleperformance

SE

(Professional

Services)

12

140

Thales

SA

(Aerospace

&

Defense)

......

41

3,137

TotalEnergies

SE

(Oil,

Gas

&

Consumable

Fuels)

......................

192

180

Unibail-Rodamco-Westfield

(Retail

REITs)

17

1,046

Veolia

Environnement

SA

(Multi-Utilities)

37

750

Vinci

SA

(Construction

&

Engineering)

..

111

3,075

Germany

—

2.58%

259

adidas

AG

(Textiles,

Apparel

&

Luxury

Goods)

.....................

60

581

Allianz

SE,

Registered

Shares

(Insurance)

236

1,262

BASF

SE

(Chemicals)

..............

62

1,480

Bayer

AG,

Registered

Shares

(Pharmaceuticals)

.............

45

500

Bayerische

Motoren

Werke

AG

(Automobiles)

................

44

15

Bayerische

Motoren

Werke

AG,

NVS,

Preference

Shares

(Automobiles)

...

1

145

Beiersdorf

AG

(Personal

Care

Products)

..

18

183

Brenntag

SE

(Trading

Companies

&

Distributors)

.................

12

1,438

Commerzbank

AG

(Banks)

...........

45

165

Continental

AG

(Automobile

Components)

14

310

Covestro

AG

(Chemicals)(a)

..........

22

93

CTS

Eventim

AG

&

Co.

KGaA

(Entertainment)(b)

.............

12

723

Daimler

Truck

Holding

AG

(Machinery)

.

34

284

Delivery

Hero

SE

(Hotels,

Restaurants

&

Leisure)(a)(b)

................

8

2,795

Deutsche

Bank

AG,

Registered

Shares

(Capital

Markets)

..............

83

283

Deutsche

Boerse

AG

(Capital

Markets)

..

92

848

Deutsche

Lufthansa

AG,

Registered

Shares

(Passenger

Airlines)(b)

..........

7

1,448

Deutsche

Post

AG

(Air

Freight

&

Logistics)

67

5,409

Deutsche

Telekom

AG

(Diversified

Telecommunication

Services)(b)

...

197

168

Dr.

Ing.

h.c.

F.

Porsche

AG,

NVS,

Preference

Shares

(Automobiles)(b)

8

3,392

E.ON

SE

(Multi-Utilities)

............

62

515

Evonik

Industries

AG

(Chemicals)

......

11

311

Fresenius

Medical

Care

AG

(Health

Care

Providers

&

Services)

...........

18

638

Fresenius

SE

&

Co.

KGaA

(Health

Care

Providers

&

Services)

...........

32

231

GEA

Group

AG

(Machinery)

.........

16

91

Hannover

Rueck

SE

(Insurance)

.......

29

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Germany

(continued)

207

Heidelberg

Materials

AG

(Construction

Materials)(b)

.................

$

49

159

Henkel

AG

&

Co.

KGaA

(Household

Products)

....................

12

245

Henkel

AG

&

Co.

KGaA,

Preference

Shares

(Household

Products)

...........

19

1,995

Infineon

Technologies

AG

(Semiconductors

&

Semiconductor

Equipment)(b)

...

85

107

Knorr-Bremse

AG

(Machinery)

........

10

107

LEG

Immobilien

SE

(Real

Estate

Management

&

Development)

.....

9

1,099

Mercedes-Benz

Group

AG

(Automobiles)

64

195

Merck

KGaA

(Pharmaceuticals)

.......

25

81

MTU

Aero

Engines

AG

(Aerospace

&

Defense)

....................

36

204

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen,

Class

-

R

(Insurance)

................

132

86

Nemetschek

SE

(Software)

...........

12

8

Rational

AG

(Machinery)

............

7

69

Rheinmetall

AG

(Aerospace

&

Defense)

.

146

952

RWE

AG

(Independent

Power

and

Renewable

Electricity

Producers)

..

40

1,575

SAP

SE

(Software)

.................

480

39

Sartorius

AG,

NVS,

Preference

Shares

(Life

Sciences

Tools

&

Services)(b)

.....

10

108

Scout24

SE

(Interactive

Media

&

Services)

(b)

........................

15

1,142

Siemens

AG,

Registered

Shares

(Industrial

Conglomerates)

...............

294

1,071

Siemens

Energy

AG

(Electrical

Equipment)

(a)(b)

......................

124

521

Siemens

Healthineers

AG

(Health

Care

Equipment

&

Supplies)(b)

.......

29

200

Symrise

AG

(Chemicals)(b)

..........

21

96

Talanx

AG

(Insurance)

..............

12

1,109

Vonovia

SE

(Real

Estate

Management

&

Development)

................

39

338

Zalando

SE

(Specialty

Retail)(a)(b)

.....

11

2,916

Hong

Kong

—

0.55%

16,600

AIA

Group

Ltd.

(Insurance)

..........

150

5,500

BOC

Hong

Kong

Holdings

Ltd.

(Banks)

.

24

2,000

CK

Asset

Holdings

Ltd.

(Real

Estate

Management

&

Development)

.....

9

4,000

CK

Hutchison

Holdings

Ltd.

(Industrial

Conglomerates)

...............

25

1,500

CK

Infrastructure

Holdings

Ltd.

(Electric

Utilities)

....................

10

2,500

CLP

Holdings

Ltd.

(Electric

Utilities)

...

21

84

Futu

Holdings

Ltd.,

ADR

(Capital

Markets)

(b)

........................

10

4,000

Galaxy

Entertainment

Group

Ltd.

(Hotels,

Restaurants

&

Leisure)

..........

18

1,100

Hang

Seng

Bank

Ltd.

(Banks)

.........

16

33

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Hong

Kong

(continued)

2,000

Henderson

Land

Development

Co.

Ltd.

(Real

Estate

Management

&

Development)

................

$

7

5,000

HKT

Trust

&

HKT

Ltd.,

Class

-

SS

(Diversified

Telecommunication

Services)(b)

..................

7

16,665

Hong

Kong

&

China

Gas

Co.

Ltd.

(Gas

Utilities)

....................

14

1,849

Hong

Kong

Exchanges

&

Clearing

Ltd.

(Capital

Markets)

..............

99

1,600

Hongkong

Land

Holdings

Ltd.

(Real

Estate

Management

&

Development)

.....

9

300

Jardine

Matheson

Holdings

Ltd.

(Industrial

Conglomerates)

...............

14

3,811

Link

REIT

(Retail

REITs)

............

20

2,000

MTR

Corp.

Ltd.

(Ground

Transportation)

.

7

2,000

Power

Assets

Holdings

Ltd.

(Electric

Utilities)

....................

13

3,973

Prudential

PLC

(Insurance)

...........

50

8,518

Sino

Land

Co.

Ltd.

(Real

Estate

Management

&

Development)

.....

9

3,000

SITC

International

Holdings

Co.

Ltd.

(Marine

Transportation)

.........

10

2,000

Sun

Hung

Kai

Properties

Ltd.

(Real

Estate

Management

&

Development)

.....

23

500

Swire

Pacific

Ltd.,

Class

-

A

(Real

Estate

Management

&

Development)

.....

4

2,000

Techtronic

Industries

Co.

Ltd.

(Machinery)

22

3,000

The

Wharf

Holdings

Ltd.

(Real

Estate

Management

&

Development)

.....

9

11,950

WH

Group

Ltd.

(Food

Products)(b)

.....

11

2,000

Wharf

Real

Estate

Investment

Co.

Ltd.

(Real

Estate

Management

&

Development)

6

617

Ireland

(Republic

of)

—

1.09%

944

Accenture

PLC,

Class

-

A

(IT

Services)

..

282

44

AerCap

Holdings

N.V.

(Trading

Companies

&

Distributors)

...............

5

248

AerCap

Holdings

N.V.

(Trading

Companies

&

Distributors)

...............

29

3,181

AIB

Group

PLC

(Banks)(b)

..........

26

133

Allegion

PLC

(Building

Products)

......

19

356

Aptiv

PLC

(Automobile

Components)(a)

.

24

1,530

Bank

of

Ireland

Group

PLC

(Banks)

....

22

151

DCC

PLC

(Industrial

Conglomerates)(b)

.

10

588

Eaton

Corp.

PLC

(Electrical

Equipment)

.

210

1,393

Experian

PLC

(Professional

Services)

...

72

652

James

Hardie

Industries

PLC

(Construction

Materials)(a)

.................

18

276

Kerry

Group

PLC,

Class

-

A

(Food

Products)(b)

.................

30

232

Kingspan

Group

PLC

(Building

Products)

20

1,988

Medtronic

PLC

(Health

Care

Equipment

&

Supplies)

....................

173

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Ireland

(Republic

of)

(continued)

1,263

Ryanair

Holdings

PLC

(Passenger

Airlines)

(b)

........................

$

36

789

Smurfit

WestRock

PLC

(Containers

&

Packaging)

..................

34

458

TE

Connectivity

PLC

(Electronic

Equipment,

Instruments

&

Components)

.................

77

335

Trane

Technologies

PLC

(Building

Products)

....................

147

1,234

Israel

—

0.25%

101

Azrieli

Group

Ltd.

(Real

Estate

Management

&

Development)

..............

9

1,868

Bank

Hapoalim

BM

(Banks)

..........

36

2,197

Bank

Leumi

Le-Israel

BM,

Class

-

IS

(Banks)

.....................

41

133

Check

Point

Software

Technologies

Ltd.

(Software)(a)

.................

29

71

CyberArk

Software

Ltd.

(Software)(a)

...

29

40

Elbit

Systems

Ltd.

(Aerospace

&

Defense)

18

1,131

ICL

Group

Ltd.

(Chemicals)

..........

8

1

Isracard

Ltd.

(Consumer

Finance)

......

—

1,824

Israel

Discount

Bank

Ltd.,

Class

-

A

(Banks)

18

229

Mizrahi

Tefahot

Bank

Ltd.

(Banks)

.....

15

57

Monday.com

Ltd.

(Software)(a)

........

18

94

Nice

Ltd.

(Software)(a)

..............

16

1,698

Teva

Pharmaceutical

Industries

Ltd.,

ADR

(Pharmaceuticals)(a)

...........

28

80

Wix.com

Ltd.

(IT

Services)(a)

.........

13

278

Italy

—

0.77%

241

Banca

Mediolanum

SpA

(Financial

Services)

....................

4

1,955

Banco

BPM

SpA

(Banks)

............

23

1,504

BPER

Banca

SPA

(Banks)

...........

14

1,427

Davide

Campari-Milano

N.V.,

Class

-

M

(Beverages)(b)

................

10

54

DiaSorin

SpA

(Health

Care

Equipment

&

Supplies)

....................

6

12,370

Enel

SpA

(Electric

Utilities)(b)

........

116

3,247

Eni

SpA

(Oil,

Gas

&

Consumable

Fuels)

.

53

192

Ferrari

N.V.

(Automobiles)

...........

94

925

FinecoBank

Banca

Fineco

SpA

(Banks)

..

21

1,425

Generali

(Insurance)

................

51

461

Infrastrutture

Wireless

Italiane

SpA

(Diversified

Telecommunication

Services)(b)

..................

6

23,021

Intesa

Sanpaolo

SpA

(Banks)(b)

.......

132

615

Leonardo

SpA

(Aerospace

&

Defense)

...

35

764

Mediobanca

Banca

di

Credito

Finanziario

SpA

(Banks)

.................

18

351

Moncler

SpA

(Textiles,

Apparel

&

Luxury

Goods)

.....................

20

34

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Italy

(continued)

694

Nexi

SpA

(Financial

Services)(b)

......

$

4

688

Poste

Italiane

SpA

(Insurance)(b)

......

15

425

Prysmian

SpA

(Electrical

Equipment)

...

30

170

Recordati

Industria

Chimica

e

Farmaceutica

SpA

(Pharmaceuticals)

..........

11

3,098

Snam

SpA

(Gas

Utilities)

............

19

25,056

Telecom

Italia

SpA/Milano

(Diversified

Telecommunication

Services)(a)

...

12

2,118

Terna

-

Rete

Elettrica

Nazionale

(Electric

Utilities)

....................

22

2,123

UniCredit

SpA

(Banks)

..............

141

547

Unipol

Assicurazioni

SpA

(Insurance)

...

11

868

Japan

—

5.46%

1,200

Advantest

Corp.

(Semiconductors

&

Semiconductor

Equipment)(b)

.....

89

1,000

Aeon

Co.

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

31

300

AGC,

Inc.

(Building

Products)

........

9

1,000

Aisin

Corp.

(Automobile

Components)

..

13

1,400

Ajinomoto

Co.,

Inc.

(Food

Products)

....

38

300

ANA

Holdings,

Inc.

(Passenger

Airlines)(b)

6

2,200

Asahi

Group

Holdings

Ltd.

(Beverages)(b)

29

1,900

Asahi

Kasei

Corp.

(Chemicals)

........

14

1,000

Asics

Corp.

(Textiles,

Apparel

&

Luxury

Goods)

.....................

26

2,700

Astellas

Pharma,

Inc.

(Pharmaceuticals)

..

27

900

Bandai

Namco

Holdings,

Inc.

(Leisure

Products)

....................

32

900

Bridgestone

Corp.

(Automobile

Components)

.................

37

1,400

Canon,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)

................

41

500

Capcom

Co.

Ltd.

(Entertainment)

......

17

1,100

Central

Japan

Railway

Co.

(Ground

Transportation)

...............

25

1,000

Chubu

Electric

Power

Co.,

Inc.

(Electric

Utilities)

....................

12

1,100

Chugai

Pharmaceutical

Co.

Ltd.

(Pharmaceuticals)

.............

57

1,600

Concordia

Financial

Group

Ltd.

(Banks)

.

10

600

Dai

Nippon

Printing

Co.

Ltd.

(Commercial

Services

&

Supplies)

...........

9

500

Daifuku

Co.

Ltd.

(Machinery)

.........

13

5,600

Dai-ichi

Life

Holdings,

Inc.

(Insurance)

..

43

2,700

Daiichi

Sankyo

Co.

Ltd.

(Pharmaceuticals)

(b)

........................

63

400

Daikin

Industries

Ltd.

(Building

Products)

47

100

Daito

Trust

Construction

Co.

Ltd.

(Real

Estate

Management

&

Development)

11

800

Daiwa

House

Industry

Co.

Ltd.

(Real

Estate

Management

&

Development)

.....

28

1,900

Daiwa

Securities

Group,

Inc.

(Capital

Markets)

....................

14

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Japan

(continued)

2,900

Denso

Corp.

(Automobile

Components)

..

$

39

300

Dentsu

Group,

Inc.

(Media)

..........

7

100

Disco

Corp.

(Semiconductors

&

Semiconductor

Equipment)

.......

30

1,400

East

Japan

Railway

Co.

(Ground

Transportation)

...............

30

400

Eisai

Co.

Ltd.

(Pharmaceuticals)

.......

12

4,100

ENEOS

Holdings,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

20

1,400

FANUC

Corp.

(Machinery)

...........

38

300

Fast

Retailing

Co.

Ltd.

(Specialty

Retail)

.

103

200

Fuji

Electric

Co.

Ltd.

(Electrical

Equipment)

9

1,700

FUJIFILM

Holdings

Corp.

(Technology

Hardware,

Storage

&

Peripherals)

..

37

400

Fujikura

Ltd.

(Electrical

Equipment)

....

21

2,700

Fujitsu

Ltd.

(IT

Services)(b)

..........

66

300

Hankyu

Hanshin

Holdings,

Inc.

(Ground

Transportation)

...............

8

6,900

Hitachi

Ltd.

(Industrial

Conglomerates)

..

202

6,300

Honda

Motor

Co.

Ltd.

(Automobiles)

...

61

200

Hoshizaki

Corp.

(Machinery)

.........

7

500

Hoya

Corp.

(Health

Care

Equipment

&

Supplies)

....................

60

800

Hulic

Co.

Ltd.

(Real

Estate

Management

&

Development)

................

8

1,400

Idemitsu

Kosan

Co.

Ltd.

(Oil,

Gas

&

Consumable

Fuels)(b)

..........

9

200

IHI

Corp.

(Machinery)

..............

22

1,300

Inpex

Corp.

(Oil,

Gas

&

Consumable

Fuels)

18

800

Isuzu

Motors

Ltd.

(Automobiles)

.......

10

1,800

ITOCHU

Corp.

(Trading

Companies

&

Distributors)

.................

94

400

Japan

Airlines

Co.

Ltd.

(Passenger

Airlines)

(b)

........................

8

1,500

Japan

Exchange

Group,

Inc.

(Capital

Markets)

....................

15

2,700

Japan

Post

Bank

Co.

Ltd.

(Banks)(b)

....

29

2,900

Japan

Post

Holdings

Co.

Ltd.

(Insurance)(b)

27

300

Japan

Post

Insurance

Co.

Ltd.

(Insurance)(b)

7

800

JFE

Holdings,

Inc.

(Metals

&

Mining)(b)

.

9

600

Kajima

Corp.

(Construction

&

Engineering)

16

700

Kao

Corp.

(Personal

Care

Products)

.....

31

500

Kawasaki

Kisen

Kaisha

Ltd.

(Marine

Transportation)

...............

7

4,600

KDDI

Corp.

(Wireless

Telecommunication

Services)

....................

79

300

Keyence

Corp.

(Electronic

Equipment,

Instruments

&

Components)

......

121

1,000

Kikkoman

Corp.

(Food

Products)

......

9

1,100

Kirin

Holdings

Co.

Ltd.

(Beverages)

....

15

300

Kobe

Bussan

Co.

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

9

1,300

Komatsu

Ltd.

(Machinery)

...........

43

100

Konami

Group

Corp.

(Entertainment)

...

16

1,500

Kubota

Corp.

(Machinery)

...........

17

35

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Japan

(continued)

1,900

Kyocera

Corp.

(Electronic

Equipment,

Instruments

&

Components)

......

$

23

300

Kyowa

Kirin

Co.

Ltd.

(Pharmaceuticals)

.

5

100

Lasertec

Corp.

(Semiconductors

&

Semiconductor

Equipment)

.......

13

4,300

LY

Corp.

(Interactive

Media

&

Services)

.

16

700

M3,

Inc.

(Health

Care

Technology)

.....

10

300

Makita

Corp.

(Machinery)

...........

9

2,100

Marubeni

Corp.

(Trading

Companies

&

Distributors)

.................

42

500

MatsukiyoCocokara

&

Co.

(Consumer

Staples

Distribution

&

Retail)

.....

10

300

MEIJI

Holdings

Co.

Ltd.

(Food

Products)

7

500

MINEBEA

MITSUMI,

Inc.

(Machinery)

.

7

2,000

Mitsubishi

Chemical

Group

Corp.

(Chemicals)

..................

11

5,200

Mitsubishi

Corp.

(Trading

Companies

&

Distributors)

.................

104

2,900

Mitsubishi

Electric

Corp.

(Electrical

Equipment)

..................

63

1,600

Mitsubishi

Estate

Co.

Ltd.

(Real

Estate

Management

&

Development)

.....

30

1,100

Mitsubishi

HC

Capital,

Inc.

(Financial

Services)

....................

8

4,900

Mitsubishi

Heavy

Industries

Ltd.

(Machinery)

.................

123

17,300

Mitsubishi

UFJ

Financial

Group,

Inc.

(Banks)

.....................

238

3,800

Mitsui

&

Co.

Ltd.

(Trading

Companies

&

Distributors)

.................

78

4,000

Mitsui

Fudosan

Co.

Ltd.

(Real

Estate

Management

&

Development)

.....

39

500

Mitsui

OSK

Lines

Ltd.

(Marine

Transportation)

...............

17

3,640

Mizuho

Financial

Group,

Inc.

(Banks)

...

101

400

MonotaRO

Co.

Ltd.

(Trading

Companies

&

Distributors)

.................

8

1,900

MS&AD

Insurance

Group

Holdings,

Inc.

(Insurance)

..................

43

2,500

Murata

Manufacturing

Co.

Ltd.

(Electronic

Equipment,

Instruments

&

Components)

.................

37

1,800

NEC

Corp.

(IT

Services)

.............

53

500

Nexon

Co.

Ltd.

(Entertainment)

.......

10

1,300

NIDEC

Corp.

(Electrical

Equipment)

....

25

1,700

Nintendo

Co.

Ltd.

(Entertainment)

......

164

10

Nippon

Building

Fund,

Inc.

(Office

REITs)

9

1,400

Nippon

Paint

Holdings

Co.

Ltd.

(Chemicals)

(b)

........................

11

300

Nippon

Sanso

Holdings

Corp.

(Chemicals)

11

1,500

Nippon

Steel

Corp.

(Metals

&

Mining)(b)

28

700

Nippon

Yusen

KK

(Marine

Transportation)

25

3,400

Nissan

Motor

Co.

Ltd.

(Automobiles)(a)

.

8

300

Nissin

Foods

Holdings

Co.

Ltd.

(Food

Products)(b)

.................

6

100

Nitori

Holdings

Co.

Ltd.

(Specialty

Retail)

10

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Japan

(continued)

1,100

Nitto

Denko

Corp.

(Chemicals)

........

$

21

4,500

Nomura

Holdings,

Inc.

(Capital

Markets)

.

30

600

Nomura

Research

Institute

Ltd.

(IT

Services)

....................

24

400

NTT

Data

Group

Corp.

(IT

Services)

....

11

45,100

NTT,

Inc.

(Diversified

Telecommunication

Services)

....................

48

1,000

Obayashi

Corp.

(Construction

&

Engineering)

.................

15

500

Obic

Co.

Ltd.

(IT

Services)

...........

19

1,700

Olympus

Corp.

(Health

Care

Equipment

&

Supplies)

....................

20

300

Omron

Corp.

(Electronic

Equipment,

Instruments

&

Components)

......

8

500

Ono

Pharmaceutical

Co.

Ltd.

(Pharmaceuticals)

.............

5

1,600

Oriental

Land

Co.

Ltd.

(Hotels,

Restaurants

&

Leisure)

...................

37

1,700

ORIX

Corp.

(Financial

Services)

.......

38

600

Osaka

Gas

Co.

Ltd.

(Gas

Utilities)

......

15

300

Otsuka

Corp.

(IT

Services)

...........

6

700

Otsuka

Holdings

Co.

Ltd.

(Pharmaceuticals)

35

600

Pan

Pacific

International

Holdings

Corp.

(Broadline

Retail)

.............

21

3,500

Panasonic

Holdings

Corp.

(Household

Durables)

...................

38

2,300

Rakuten

Group,

Inc.

(Broadline

Retail)(a)(b)

13

2,200

Recruit

Holdings

Co.

Ltd.

(Professional

Services)

....................

130

2,600

Renesas

Electronics

Corp.

(Semiconductors

&

Semiconductor

Equipment)(b)

...

32

3,200

Resona

Holdings,

Inc.

(Banks)

........

30

800

Ricoh

Co.

Ltd.

(Technology

Hardware,

Storage

&

Peripherals)

..........

8

300

Sanrio

Co.

Ltd.

(Specialty

Retail)(b)

....

15

400

SBI

Holdings,

Inc.

(Capital

Markets)

....

14

100

SCREEN

Holdings

Co.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

..................

8

300

SCSK

Corp.

(IT

Services)

............

9

600

Secom

Co.

Ltd.

(Commercial

Services

&

Supplies)

....................

22

600

Sekisui

Chemical

Co.

Ltd.

(Household

Durables)

...................

11

900

Sekisui

House

Ltd.

(Household

Durables)

20

3,400

Seven

&

i

Holdings

Co.

Ltd.

(Consumer

Staples

Distribution

&

Retail)

.....

55

800

SG

Holdings

Co.

Ltd.

(Air

Freight

&

Logistics)

...................

9

300

Shimadzu

Corp.

(Electronic

Equipment,

Instruments

&

Components)

......

7

100

Shimano,

Inc.

(Leisure

Products)

.......

15

2,700

Shin-Etsu

Chemical

Co.

Ltd.

(Chemicals)

89

1,100

Shionogi

&

Co.

Ltd.

(Pharmaceuticals)

..

20

600

Shiseido

Co.

Ltd.

(Personal

Care

Products)

11

100

SMC

Corp.

(Machinery)

.............

36

36

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Japan

(continued)

43,500

SoftBank

Corp.

(Wireless

Telecommunication

Services)

.....

$

67

1,500

SoftBank

Group

Corp.

(Wireless

Telecommunication

Services)

.....

110

1,300

Sompo

Holdings,

Inc.

(Insurance)

......

39

9,400

Sony

Group

Corp.

(Household

Durables)

.

243

900

Subaru

Corp.

(Automobiles)

..........

16

1,600

Sumitomo

Corp.

(Trading

Companies

&

Distributors)

.................

41

1,100

Sumitomo

Electric

Industries

Ltd.

(Automobile

Components)

.......

24

400

Sumitomo

Metal

Mining

Co.

Ltd.

(Metals

&

Mining)

.....................

10

5,700

Sumitomo

Mitsui

Financial

Group,

Inc.

(Banks)

.....................

144

1,000

Sumitomo

Mitsui

Trust

Group,

Inc.

(Banks)

27

500

Sumitomo

Realty

&

Development

Co.

Ltd.

(Real

Estate

Management

&

Development)

................

19

300

Suntory

Beverage

&

Food

Ltd.

(Beverages)

10

2,400

Suzuki

Motor

Corp.

(Automobiles)

.....

29

800

Sysmex

Corp.

(Health

Care

Equipment

&

Supplies)

....................

14

700

T&D

Holdings,

Inc.

(Insurance)

.......

15

200

Taisei

Corp.

(Construction

&

Engineering)

12

2,400

Takeda

Pharmaceutical

Co.

Ltd.

(Pharmaceuticals)

.............

74

2,900

TDK

Corp.

(Electronic

Equipment,

Instruments

&

Components)

......

34

2,000

Terumo

Corp.

(Health

Care

Equipment

&

Supplies)(b)

..................

37

1,200

The

Chiba

Bank

Ltd.

(Banks)

.........

11

1,400

The

Kansai

Electric

Power

Co.,

Inc.

(Electric

Utilities)

.............

17

300

TIS,

Inc.

(IT

Services)

..............

10

200

Toho

Co.

Ltd.

(Entertainment)

.........

12

2,800

Tokio

Marine

Holdings,

Inc.

(Insurance)

.

119

700

Tokyo

Electron

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

.......

135

600

Tokyo

Gas

Co.

Ltd.

(Gas

Utilities)

......

20

600

Tokyo

Metro

Co.

Ltd.

(Ground

Transportation)

...............

7

800

Tokyu

Corp.

(Ground

Transportation)

...

10

400

TOPPAN

Holdings,

Inc.

(Commercial

Services

&

Supplies)

...........

11

2,100

Toray

Industries,

Inc.

(Chemicals)

......

14

200

Toyota

Industries

Corp.

(Machinery)

....

23

14,300

Toyota

Motor

Corp.

(Automobiles)

.....

247

1,000

Toyota

Tsusho

Corp.

(Trading

Companies

&

Distributors)

.................

23

200

Trend

Micro,

Inc.

(Software)

..........

14

1,700

Unicharm

Corp.

(Household

Products)

...

12

600

West

Japan

Railway

Co.

(Ground

Transportation)(b)

.............

14

400

Yakult

Honsha

Co.

Ltd.

(Food

Products)

.

8

1,400

Yamaha

Motor

Co.

Ltd.

(Automobiles)

..

10

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Japan

(continued)

300

Yokogawa

Electric

Corp.

(Electronic

Equipment,

Instruments

&

Components)

.................

$

8

200

Zensho

Holdings

Co.

Ltd.

(Hotels,

Restaurants

&

Leisure)

..........

12

900

ZOZO,

Inc.

(Specialty

Retail)(b)

.......

10

6,169

Luxembourg

—

0.04%

706

ArcelorMittal

SA

(Metals

&

Mining)

....

23

302

CVC

Capital

Partners

PLC

(Capital

Markets)(b)

..................

6

202

Eurofins

Scientific

SE

(Life

Sciences

Tools

&

Services)

..................

14

43

Macau

—

0.01%

3,600

Sands

China

Ltd.

(Hotels,

Restaurants

&

Leisure)

....................

7

Netherlands

—

1.29%

690

ABN

AMRO

Bank

N.V.,

Class

-

CV

(Banks)

(b)

........................

19

39

Adyen

N.V.

(Financial

Services)(a)(b)

...

72

1,921

Aegon

Ltd.

(Insurance)

..............

14

254

Akzo

Nobel

N.V.

(Chemicals)

.........

18

92

Argenx

SE

(Biotechnology)(a)

........

51

72

ASM

International

N.V.

(Semiconductors

&

Semiconductor

Equipment)

.......

46

594

ASML

Holding

N.V.

(Semiconductors

&

Semiconductor

Equipment)(b)

.....

473

238

ASR

Nederland

N.V.

(Insurance)

.......

16

124

BE

Semiconductor

Industries

N.V.

(Semiconductors

&

Semiconductor

Equipment)

..................

19

113

Euronext

N.V.

(Capital

Markets)(b)

.....

19

144

EXOR

N.V.

(Financial

Services)

.......

15

764

Ferrovial

SE

(Construction

&

Engineering)

41

193

Heineken

Holding

N.V.

(Beverages)

....

14

435

Heineken

N.V.

(Beverages)

...........

38

90

IMCD

N.V.

(Trading

Companies

&

Distributors)(b)

...............

12

4,775

ING

Groep

N.V.

(Banks)

.............

104

229

JDE

Peet's

N.V.

(Food

Products)

.......

7

1,341

Koninklijke

Ahold

Delhaize

N.V.

(Consumer

Staples

Distribution

&

Retail)

.....

56

5,842

Koninklijke

KPN

N.V.

(Diversified

Telecommunication

Services)

.....

28

404

NN

Group

N.V.

(Insurance)

...........

27

389

NXP

Semiconductors

N.V.

(Semiconductors

&

Semiconductor

Equipment)

.....

85

1,946

Prosus

N.V.,

Class

N

(Broadline

Retail)(a)

(b)

........................

108

326

QIAGEN

N.V.

(Life

Sciences

Tools

&

Services)

....................

16

37

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Netherlands

(continued)

127

Randstad

N.V.

(Professional

Services)

...

$

6

3,076

Stellantis

N.V.

(Automobiles)

.........

31

1,690

Universal

Music

Group

N.V.

(Entertainment)

...............

55

387

Wolters

Kluwer

N.V.

(Professional

Services)

65

1,455

New

Zealand

—

0.08%

2,407

Auckland

International

Airport

Ltd.

(Transportation

Infrastructure)

.....

11

1,214

Contact

Energy

Ltd.

(Electric

Utilities)

..

7

890

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

(Health

Care

Equipment

&

Supplies)

20

1,918

Infratil

Ltd.

(Industrial

Conglomerates)

..

12

2,860

Meridian

Energy

Ltd.

(Independent

Power

and

Renewable

Electricity

Producers)

10

219

Xero

Ltd.

(Software)(a)

.............

26

86

Norway

—

0.16%

460

Aker

BP

ASA

(Oil,

Gas

&

Consumable

Fuels)

......................

12

1,337

DNB

Bank

ASA

(Banks)

............

36

1,266

Equinor

ASA

(Oil,

Gas

&

Consumable

Fuels)

......................

32

485

Gjensidige

Forsikring

ASA

(Insurance)

..

12

665

Kongsberg

Gruppen

ASA

(Aerospace

&

Defense)

....................

26

673

Mowi

ASA

(Food

Products)(b)

........

13

2,084

Norsk

Hydro

ASA

(Metals

&

Mining)

...

12

987

Orkla

ASA

(Food

Products)

..........

11

93

Salmar

ASA

(Food

Products)

.........

4

896

Telenor

ASA

(Diversified

Telecommunication

Services)

.....

14

235

Yara

International

ASA

(Chemicals)

....

9

181

Poland

—

0.00%

335

InPost

SA

(Air

Freight

&

Logistics)(a)

...

6

Portugal

—

0.04%

4,621

EDP

SA

(Electric

Utilities)

...........

19

631

Galp

Energia

SGPS

SA,

Class

B

(Oil,

Gas

&

Consumable

Fuels)(b)

..........

12

429

Jeronimo

Martins

SGPS

SA

(Consumer

Staples

Distribution

&

Retail)(b)

...

11

42

Singapore

—

0.35%

5,741

CapitaLand

Ascendas

REIT

(Industrial

REITs)(b)

...................

12

9,352

CapitaLand

Integrated

Commercial

Trust

(Retail

REITs)(b)

..............

16

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Singapore

(continued)

3,400

CapitaLand

Investment

Ltd.

(Real

Estate

Management

&

Development)

.....

$

7

3,107

DBS

Group

Holdings

Ltd.

(Banks)

.....

109

15,700

Genting

Singapore

Ltd.

(Hotels,

Restaurants

&

Leisure)

...................

9

3,470

Grab

Holdings

Ltd.

(Ground

Transportation)

(a)

........................

17

2,200

Keppel

Ltd.

(Industrial

Conglomerates)

..

13

5,190

Oversea-Chinese

Banking

Corp.

Ltd.

(Banks)

.....................

66

1,400

Sembcorp

Industries

Ltd.

(Multi-Utilities)

8

2,100

Singapore

Airlines

Ltd.

(Passenger

Airlines)

(b)

........................

12

1,300

Singapore

Exchange

Ltd.

(Capital

Markets)

15

2,400

Singapore

Technologies

Engineering

Ltd.

(Aerospace

&

Defense)

.........

15

11,400

Singapore

Telecommunications

Ltd.

(Diversified

Telecommunication

Services)

....................

34

1,900

United

Overseas

Bank

Ltd.

(Banks)

.....

54

3,000

Wilmar

International

Ltd.

(Food

Products)

7

394

Spain

—

0.79%

54

Acciona

SA

(Electric

Utilities)

........

10

268

ACS

Actividades

de

Construccion

y

Servicios

SA

(Construction

&

Engineering)

.................

19

1,110

Aena

SME

SA

(Transportation

Infrastructure)(b)

..............

30

644

Amadeus

IT

Group

SA

(Hotels,

Restaurants

&

Leisure)

...................

54

8,767

Banco

Bilbao

Vizcaya

Argentaria

SA

(Banks)

.....................

135

8,221

Banco

de

Sabadell

SA

(Banks)

........

26

22,706

Banco

Santander

SA

(Banks)(b)

.......

187

893

Bankinter

SA

(Banks)

...............

12

5,977

CaixaBank

SA

(Banks)

..............

52

793

Cellnex

Telecom

SA

(Diversified

Telecommunication

Services)(b)

...

31

444

EDP

Renovaveis

SA

(Independent

Power

and

Renewable

Electricity

Producers)

5

467

Endesa

SA

(Electric

Utilities)

.........

15

512

Grifols

SA,

Class

A

(Biotechnology)(a)

..

6

8,548

Iberdrola

SA

(Electric

Utilities)

........

163

1,640

Industria

de

Diseno

Textil

SA

(Specialty

Retail)

......................

85

591

Redeia

Corp.

SA

(Electric

Utilities)

.....

13

1,748

Repsol

SA

(Oil,

Gas

&

Consumable

Fuels)

26

4,642

Telefonica

SA

(Diversified

Telecommunication

Services)

.....

24

893

38

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Sweden

—

0.94%

393

AddTech

AB,

B

Shares

(Trading

Companies

&

Distributors)

...............

$

13

431

Alfa

Laval

AB

(Machinery)

..........

18

1,645

Assa

Abloy

AB,

Class

-

B

(Building

Products)

....................

51

4,258

Atlas

Copco

AB,

Class

-

A

(Machinery)

..

69

2,366

Atlas

Copco

AB,

Class

-

B

(Machinery)

..

34

574

Beijer

Ref

AB

(Trading

Companies

&

Distributors)(b)

...............

9

410

Boliden

AB

(Metals

&

Mining)(a)

......

13

990

Epiroc

AB,

Class

-

A

(Machinery)

......

22

596

Epiroc

AB,

Class

-

B

(Machinery)

......

11

559

EQT

AB

(Capital

Markets)

...........

19

1,046

Essity

AB,

Class

-

B

(Household

Products)

29

234

Evolution

AB

(Hotels,

Restaurants

&

Leisure)(b)

..................

19

1,608

Fastighets

AB

Balder,

B

shares

(Real

Estate

Management

&

Development)(a)

...

12

833

H

&

M

Hennes

&

Mauritz

AB,

Class

-

B

(Specialty

Retail)

..............

12

3,150

Hexagon

AB,

Class

-

B

(Electronic

Equipment,

Instruments

&

Components)

.................

32

172

Holmen

AB,

B

shares

(Paper

&

Forest

Products)

....................

7

282

Industrivarden

AB,

Class

-

A

(Financial

Services)(b)

..................

10

106

Industrivarden

AB,

Class

-

C

(Financial

Services)

....................

4

411

Indutrade

AB

(Machinery)

...........

11

321

Investment

AB

Latour,

Class

-

B

(Industrial

Conglomerates)

...............

8

2,598

Investor

AB,

Class

-

B

(Financial

Services)

76

169

L

E

Lundbergforetagen

AB,

Class

-

B

(Financial

Services)

............

8

347

Lifco

AB,

Class

-

B

(Industrial

Conglomerates)

...............

14

2,221

Nibe

Industrier

AB,

Class

-

B

(Building

Products)

....................

9

485

Saab

AB,

Class

-

B

(Aerospace

&

Defense)

27

300

Sagax

AB,

Class

-

B

(Real

Estate

Management

&

Development)

.....

7

1,605

Sandvik

AB

(Machinery)

............

37

729

Securitas

AB,

Class

-

B

(Commercial

Services

&

Supplies)

...........

11

2,406

Skandinaviska

Enskilda

Banken

AB,

Class

-

A

(Banks)

...................

42

513

Skanska

AB,

Class

-

B

(Construction

&

Engineering)

.................

12

503

SKF

AB,

B

shares

(Machinery)

........

12

231

Spotify

Technology

SA

(Entertainment)(a)

176

815

Svenska

Cellulosa

AB

SCA,

Class

-

B

(Paper

&

Forest

Products)

........

11

2,012

Svenska

Handelsbanken

AB,

Class

-

A

(Banks)

.....................

27

1,286

Swedbank

AB,

Class

-

A

(Banks)

.......

34

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Sweden

(continued)

291

Swedish

Orphan

Biovitrum

AB

(Biotechnology)(a)

.............

$

9

805

Tele2

AB,

B

shares

(Wireless

Telecommunication

Services)

.....

12

4,230

Telefonaktiebolaget

LM

Ericsson,

Class

-

B

(Communications

Equipment)

.....

36

3,489

Telia

Co.

AB

(Diversified

Telecommunication

Services)(b)

...

13

317

Trelleborg

AB,

Class

-

B

(Machinery)

...

12

2,419

Volvo

AB,

Class

-

B

(Machinery)

......

68

1,056

Switzerland

—

2.72%

2,412

ABB

Ltd.,

Registered

Shares

(Electrical

Equipment)

..................

144

762

Alcon

AG

(Health

Care

Equipment

&

Supplies)

....................

67

1,191

Amcor

PLC

(Containers

&

Packaging)

...

11

2,370

Amcor

PLC

(Containers

&

Packaging)

...

22

98

Avolta

AG

(Specialty

Retail)

..........

5

62

Baloise

Holding

AG,

Registered

Shares

(Insurance)

..................

15

45

Banque

Cantonale

Vaudoise,

Registered

Shares

(Banks)

................

5

5

Barry

Callebaut

AG,

Registered

Shares

(Food

Products)(b)

.............

5

31

BKW

AG

(Electric

Utilities)

..........

7

3

Chocoladefabriken

Lindt

&

Spruengli

AG,

Class

-

PC

(Food

Products)

.......

50

586

Chubb

Ltd.

(Insurance)

..............

170

810

Cie

Financiere

Richemont

SA,

Registered

Shares

(Textiles,

Apparel

&

Luxury

Goods)

.....................

153

326

Coca-Cola

HBC

AG,

Class

DI

(Beverages)

17

282

DSM-Firmenich

AG

(Chemicals)

......

30

10

EMS-Chemie

Holding

AG

(Chemicals)

..

8

204

Galderma

Group

AG

(Pharmaceuticals)

..

30

233

Garmin

Ltd.

(Household

Durables)

.....

49

50

Geberit

AG,

Registered

Shares

(Building

Products)

....................

39

14

Givaudan

SA,

Registered

Shares

(Chemicals)

..................

68

15,750

Glencore

PLC

(Metals

&

Mining)(b)

....

61

54

Helvetia

Holding

AG,

Registered

Shares

(Insurance)

..................

13

798

Holcim

AG

(Construction

Materials)(b)

..

59

311

Julius

Baer

Group

Ltd.

(Capital

Markets)

.

21

73

Kuehne

+

Nagel

International

AG,

Class

-

R

(Marine

Transportation)

.........

16

230

Logitech

International

SA,

Class

-

R

(Technology

Hardware,

Storage

&

Peripherals)

..................

21

110

Lonza

Group

AG,

Registered

Shares

(Life

Sciences

Tools

&

Services)(b)

.....

78

3,945

Nestle

SA,

Registered

Shares

(Food

Products)

....................

392

39

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Switzerland

(continued)

2,857

Novartis

AG,

Registered

Shares

(Pharmaceuticals)

.............

$

346

34

Partners

Group

Holding

AG

(Capital

Markets)

....................

44

1,053

Roche

Holding

AG

(Pharmaceuticals)

...

343

52

Roche

Holding

AG,

Class

-

BR

(Pharmaceuticals)

.............

18

635

Sandoz

Group

AG

(Pharmaceuticals)

....

35

65

Schindler

Holding

AG,

Class

-

PC

(Machinery)

.................

24

32

Schindler

Holding

AG,

Registered

Shares

(Machinery)

.................

12

240

SGS

SA,

Registered

Shares

(Professional

Services)

....................

24

448

SIG

Group

AG

(Containers

&

Packaging)(b)

8

232

Sika

AG,

Registered

Shares

(Chemicals)(b)

63

77

Sonova

Holding

AG

(Health

Care

Equipment

&

Supplies)(b)

.......

23

1,034

STMicroelectronics

N.V.

(Semiconductors

&

Semiconductor

Equipment)

.....

32

169

Straumann

Holding

AG,

R

Shares

(Health

Care

Equipment

&

Supplies)

......

22

44

Swiss

Life

Holding

AG,

Registered

(Insurance)

..................

45

113

Swiss

Prime

Site

AG,

Registered

Shares

(Real

Estate

Management

&

Development)

................

17

459

Swiss

Re

AG

(Insurance)

............

79

39

Swisscom

AG,

Registered

Shares

(Diversified

Telecommunication

Services)

....................

28

85

Temenos

AG,

Registered

Shares

(Software)

6

43

The

Swatch

Group

AG,

Class

-

BR

(Textiles,

Apparel

&

Luxury

Goods)

.......

7

4,934

UBS

Group

AG

(Capital

Markets)

......

167

41

VAT

Group

AG

(Machinery)(b)

........

17

229

Zurich

Insurance

Group

AG

(Insurance)

..

160

3,076

United

Arab

Emirates

—

0.00%

339

NMC

Health

PLC

(Health

Care

Providers

&

Services)(a)(c)

................

—

United

Kingdom

—

3.54%

1,474

3i

Group

PLC

(Capital

Markets)

.......

83

393

Admiral

Group

PLC

(Insurance)

.......

18

1,699

Anglo

American

PLC

(Metals

&

Mining)

.

50

297

Aon

PLC,

Class

-

A

(Insurance)

........

106

662

Ashtead

Group

PLC

(Trading

Companies

&

Distributors)

.................

42

482

Associated

British

Foods

PLC

(Food

Products)

....................

14

2,332

AstraZeneca

PLC

(Pharmaceuticals)(b)

..

325

1,276

Auto

Trader

Group

PLC

(Interactive

Media

&

Services)(b)

................

14

4,042

Aviva

PLC

(Insurance)

..............

34

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

United

Kingdom

(continued)

4,583

BAE

Systems

PLC

(Aerospace

&

Defense)

$

119

20,923

Barclays

PLC

(Banks)(b)

............

97

2,043

Barratt

Redrow

PLC

(Household

Durables)

(b)

........................

13

23,960

BP

PLC

(Oil,

Gas

&

Consumable

Fuels)

.

120

9,759

BT

Group

PLC

(Diversified

Telecommunication

Services)

.....

26

501

Bunzl

PLC

(Trading

Companies

&

Distributors)

.................

16

7,699

Centrica

PLC

(Multi-Utilities)(b)

.......

17

1,321

CNH

Industrial

N.V.

(Machinery)

......

17

312

Coca-Cola

Europacific

Partners

PLC

(Beverages)

..................

29

2,566

Compass

Group

PLC

(Hotels,

Restaurants

&

Leisure)

....................

87

192

Croda

International

PLC

(Chemicals)(b)

.

8

3,380

Diageo

PLC

(Beverages)

............

85

899

Entain

PLC

(Hotels,

Restaurants

&

Leisure)

(b)

........................

11

6,120

GSK

PLC

(Pharmaceuticals)

..........

117

13,900

Haleon

PLC

(Personal

Care

Products)

...

71

578

Halma

PLC

(Electronic

Equipment,

Instruments

&

Components)

......

25

245

Hikma

Pharmaceuticals

PLC

(Pharmaceuticals)(b)

...........

7

27,031

HSBC

Holdings

PLC

(Banks)

.........

328

1,946

Informa

PLC

(Media)

...............

22

239

InterContinental

Hotels

Group

PLC

(Hotels,

Restaurants

&

Leisure)

..........

27

1,985

International

Consolidated

Airlines

Group

SA

(Passenger

Airlines)

.........

9

240

Intertek

Group

PLC

(Professional

Services)

16

2,592

J

Sainsbury

PLC

(Consumer

Staples

Distribution

&

Retail)

...........

10

6,250

JD

Sports

Fashion

PLC

(Specialty

Retail)

8

2,682

Kingfisher

PLC

(Specialty

Retail)

......

11

573

Land

Securities

Group

PLC

(Diversified

REITs)

.....................

5

8,801

Legal

&

General

Group

PLC

(Insurance)

.

31

92,249

Lloyds

Banking

Group

PLC

(Banks)

....

97

724

London

Stock

Exchange

Group

PLC

(Capital

Markets)(b)

............

106

3,247

M&G

PLC

(Financial

Services)

........

11

3,067

Marks

&

Spencer

Group

PLC

(Consumer

Staples

Distribution

&

Retail)

.....

15

1,931

Melrose

Industries

PLC

(Aerospace

&

Defense)

....................

14

635

Mondi

PLC

(Paper

&

Forest

Products)

...

10

7,431

National

Grid

PLC

(Multi-Utilities)

.....

108

12,298

NatWest

Group

PLC

(Banks)(b)

.......

86

174

Next

PLC

(Broadline

Retail)

..........

30

886

Pearson

PLC

(Diversified

Consumer

Services)

....................

13

251

Pentair

PLC

(Machinery)

............

26

1,030

Phoenix

Group

Holdings

PLC

(Insurance)

9

40

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

United

Kingdom

(continued)

1,040

Reckitt

Benckiser

Group

PLC

(Household

Products)

....................

$

71

2,745

RELX

PLC

(Professional

Services)

.....

148

3,819

Rentokil

Initial

PLC

(Commercial

Services

&

Supplies)

..................

18

1,776

Rio

Tinto

PLC

(Metals

&

Mining)

......

103

12,731

Rolls-Royce

Holdings

PLC

(Aerospace

&

Defense)

....................

169

1,911

Schroders

PLC

(Capital

Markets)

......

9

1,886

Segro

PLC

(Industrial

REITs)

.........

18

405

Severn

Trent

PLC

(Water

Utilities)(b)

...

15

9,020

Shell

PLC

(Oil,

Gas

&

Consumable

Fuels)

316

1,268

Smith

&

Nephew

PLC

(Health

Care

Equipment

&

Supplies)

.........

19

518

Smiths

Group

PLC

(Industrial

Conglomerates)

...............

16

111

Spirax

Group

PLC

(Machinery)

........

9

1,665

SSE

PLC

(Electric

Utilities)

..........

42

3,116

Standard

Chartered

PLC

(Banks)

.......

52

10,171

Tesco

PLC

(Consumer

Staples

Distribution

&

Retail)

....................

56

1,519

The

Sage

Group

PLC

(Software)

.......

26

3,838

Unilever

PLC

(Personal

Care

Products)

..

233

1,027

United

Utilities

Group

PLC

(Water

Utilities)

16

30,729

Vodafone

Group

PLC

(Wireless

Telecommunication

Services)

.....

33

258

Whitbread

PLC

(Hotels,

Restaurants

&

Leisure)

....................

10

154

Willis

Towers

Watson

PLC

(Insurance)

..

47

1,007

Wise

PLC,

Class

-

A

(Financial

Services)(a)

14

1,597

WPP

PLC

(Media)

.................

11

3,994

United

States

—

68.27%

810

3M

Co.

(Industrial

Conglomerates)

.....

123

2,624

Abbott

Laboratories

(Health

Care

Equipment

&

Supplies)

.........

357

2,678

AbbVie,

Inc.

(Biotechnology)

.........

497

643

Adobe,

Inc.

(Software)(a)

............

249

2,450

Advanced

Micro

Devices,

Inc.

(Semiconductors

&

Semiconductor

Equipment)(a)

................

348

202

AECOM

(Construction

&

Engineering)

..

23

769

Aflac,

Inc.

(Insurance)

..............

81

433

Agilent

Technologies,

Inc.

(Life

Sciences

Tools

&

Services)

..............

51

333

Air

Products

and

Chemicals,

Inc.

(Chemicals)

..................

94

657

Airbnb,

Inc.,

Class

-

A

(Hotels,

Restaurants

&

Leisure)(a)

.................

87

226

Akamai

Technologies,

Inc.

(IT

Services)(a)

18

573

Albertsons

Cos.,

Inc.,

Class

-

A

(Consumer

Staples

Distribution

&

Retail)

.....

12

235

Alexandria

Real

Estate

Equities,

Inc.

(Office

REITs)

.....................

17

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

United

States

(continued)

108

Align

Technology,

Inc.

(Health

Care

Equipment

&

Supplies)(a)

.......

$

20

393

Alliant

Energy

Corp.

(Electric

Utilities)

..

24

196

Alnylam

Pharmaceuticals,

Inc.

(Biotechnology)(a)

.............

64

8,821

Alphabet,

Inc.,

Class

-

A

(Interactive

Media

&

Services)

..................

1,556

7,528

Alphabet,

Inc.,

Class

-

C

(Interactive

Media

&

Services)

..................

1,335

14,482

Amazon.com,

Inc.

(Broadline

Retail)(a)

..

3,178

407

Ameren

Corp.

(Multi-Utilities)

........

39

813

American

Electric

Power

Co.,

Inc.

(Electric

Utilities)

....................

84

832

American

Express

Co.

(Consumer

Finance)

265

103

American

Financial

Group,

Inc.

(Insurance)

13

501

American

Homes

4

Rent,

Class

-

A

(Residential

REITs)

............

18

822

American

International

Group,

Inc.

(Insurance)

..................

70

724

American

Tower

Corp.

(Specialized

REITs)

160

296

American

Water

Works

Co.,

Inc.

(Water

Utilities)

....................

41

147

Ameriprise

Financial,

Inc.

(Capital

Markets)

78

352

AMETEK,

Inc.

(Electrical

Equipment)

...

64

829

Amgen,

Inc.

(Biotechnology)

.........

231

1,822

Amphenol

Corp.,

Class

-

A

(Electronic

Equipment,

Instruments

&

Components)

.................

180

798

Amrize

Ltd.

(Biotechnology)(a)

.......

40

744

Analog

Devices,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.......

177

860

Annaly

Capital

Management,

Inc.

(Mortgage

Real

Estate

Investment

Trusts

(REITs))

...............

16

133

ANSYS,

Inc.

(Software)(a)

...........

47

601

Apollo

Global

Management,

Inc.

(Financial

Services)

....................

85

22,786

Apple,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)

................

4,676

1,240

Applied

Materials,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.......

227

359

AppLovin

Corp.,

Class

-

A

(Software)(a)

.

126

725

Archer-Daniels-Midland

Co.

(Food

Products)

....................

38

312

Ares

Management

Corp.,

Class

-

A

(Capital

Markets)

....................

54

1,614

Arista

Networks,

Inc.

(Communications

Equipment)(a)

................

165

389

Arthur

J.

Gallagher

&

Co.

(Insurance)

...

125

10,773

AT&T,

Inc.

(Diversified

Telecommunication

Services)

....................

312

238

Atmos

Energy

Corp.

(Gas

Utilities)

.....

37

327

Autodesk,

Inc.

(Software)(a)

..........

101

608

Automatic

Data

Processing,

Inc.

(Professional

Services)

..........

188

26

AutoZone,

Inc.

(Specialty

Retail)(a)

.....

97

41

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

United

States

(continued)

196

AvalonBay

Communities,

Inc.

(Residential

REITs)

.....................

$

40

1,033

Avantor,

Inc.

(Life

Sciences

Tools

&

Services)(a)

..................

14

117

Avery

Dennison

Corp.

(Containers

&

Packaging)

..................

21

110

Axon

Enterprise,

Inc.

(Aerospace

&

Defense)(a)

..................

91

1,507

Baker

Hughes

Co.

(Energy

Equipment

&

Services)

....................

58

447

Ball

Corp.

(Containers

&

Packaging)

....

25

10,979

Bank

of

America

Corp.

(Banks)

........

520

778

Baxter

International,

Inc.

(Health

Care

Equipment

&

Supplies)

.........

24

429

Becton

Dickinson

&

Co.

(Health

Care

Equipment

&

Supplies)

.........

74

239

Bentley

Systems,

Inc.,

Class

-

B

(Software)

13

2,030

Berkshire

Hathaway,

Inc.,

Class

-

B

(Financial

Services)(a)

..........

986

307

Best

Buy

Co.,

Inc.

(Specialty

Retail)

....

21

220

Biogen,

Inc.

(Biotechnology)(a)

.......

28

288

BioMarin

Pharmaceutical,

Inc.

(Biotechnology)(a)

.............

16

220

Blackrock,

Inc.

(Capital

Markets)

......

231

1,125

Blackstone,

Inc.

(Capital

Markets)

......

168

843

Block,

Inc.

(Financial

Services)(a)

......

57

50

Booking

Holdings,

Inc.

(Hotels,

Restaurants

&

Leisure)

...................

289

194

Booz

Allen

Hamilton

Holding

Corp.

(Professional

Services)

..........

20

2,279

Boston

Scientific

Corp.

(Health

Care

Equipment

&

Supplies)(a)

.......

245

3,133

Bristol-Myers

Squibb

Co.

(Pharmaceuticals)

145

6,773

Broadcom,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.......

1,868

178

Broadridge

Financial

Solutions,

Inc.

(Professional

Services)

..........

43

665

Brookfield

Asset

Management

Ltd.,

Class

-

A

(Capital

Markets)

............

37

300

Brookfield

Renewable

Corp.

(Independent

Power

and

Renewable

Electricity

Producers)

...................

10

371

Brown

&

Brown,

Inc.

(Insurance)

......

41

271

Brown-Forman

Corp.,

Class

-

B

(Beverages)

7

174

Builders

FirstSource,

Inc.

(Building

Products)(a)

..................

20

210

Bunge

Global

SA

(Food

Products)

......

17

96

Burlington

Stores,

Inc.

(Specialty

Retail)(a)

22

225

BXP,

Inc.

(Office

REITs)

............

15

412

Cadence

Design

Systems,

Inc.

(Software)(a)

127

161

Camden

Property

Trust

(Residential

REITs)

18

988

Capital

One

Financial

Corp.

(Consumer

Finance)

....................

210

368

Cardinal

Health,

Inc.

(Health

Care

Providers

&

Services)

..................

62

68

Carlisle

Cos.,

Inc.

(Building

Products)

...

25

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

United

States

(continued)

1,578

Carnival

Corp.

(Hotels,

Restaurants

&

Leisure)(a)

..................

$

44

1,224

Carrier

Global

Corp.

(Building

Products)

.

90

192

Carvana

Co.

(Specialty

Retail)(a)

......

65

719

Caterpillar,

Inc.

(Machinery)

..........

279

161

Cboe

Global

Markets,

Inc.

(Capital

Markets)

38

463

CBRE

Group,

Inc.,

Class

-

A

(Real

Estate

Management

&

Development)(a)

...

65

203

CDW

Corp.

(Electronic

Equipment,

Instruments

&

Components)

......

36

286

Cencora,

Inc.

(Health

Care

Providers

&

Services)

....................

86

769

Centene

Corp.

(Health

Care

Providers

&

Services)(a)

..................

42

994

CenterPoint

Energy,

Inc.

(Multi-Utilities)

.

37

263

CF

Industries

Holdings,

Inc.

(Chemicals)

.

24

180

CH

Robinson

Worldwide,

Inc.

(Air

Freight

&

Logistics)

.................

17

141

Charter

Communications,

Inc.,

Class

-

A

(Media)(a)

...................

58

342

Cheniere

Energy,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

83

2,512

Chevron

Corp.

(Oil,

Gas

&

Consumable

Fuels)

......................

360

2,019

Chipotle

Mexican

Grill,

Inc.

(Hotels,

Restaurants

&

Leisure)(a)

........

113

371

Church

&

Dwight

Co.,

Inc.

(Household

Products)

....................

36

239

Cincinnati

Financial

Corp.

(Insurance)

...

36

552

Cintas

Corp.

(Commercial

Services

&

Supplies)

....................

123

6,040

Cisco

Systems,

Inc.

(Communications

Equipment)

..................

419

2,829

Citigroup,

Inc.

(Banks)

..............

241

668

Citizens

Financial

Group,

Inc.

(Banks)

...

30

465

Cloudflare,

Inc.,

Class

-

A

(IT

Services)(a)

91

560

CME

Group,

Inc.

(Capital

Markets)

.....

154

458

CMS

Energy

Corp.

(Multi-Utilities)

.....

32

790

Cognizant

Technology

Solutions

Corp.,

Class

-

A

(IT

Services)

..........

62

296

Coinbase

Global,

Inc.,

Class

-

A

(Capital

Markets)(a)

..................

104

1,211

Colgate-Palmolive

Co.

(Household

Products)

....................

110

5,647

Comcast

Corp.,

Class

-

A

(Media)

......

202

720

Conagra

Brands,

Inc.

(Food

Products)

...

15

1,909

ConocoPhillips

(Oil,

Gas

&

Consumable

Fuels)

......................

171

531

Consolidated

Edison,

Inc.

(Multi-Utilities)

53

246

Constellation

Brands,

Inc.,

Class

-

A

(Beverages)

..................

40

474

Constellation

Energy

Corp.

(Electric

Utilities)

....................

153

1,391

Copart,

Inc.

(Commercial

Services

&

Supplies)(a)

..................

68

42

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

United

States

(continued)

357

Corebridge

Financial,

Inc.

(Financial

Services)

....................

$

13

1,242

Corning,

Inc.

(Electronic

Equipment,

Instruments

&

Components)

......

65

100

Corpay,

Inc.

(Software)(a)

............

33

1,044

Corteva,

Inc.

(Chemicals)

............

78

672

CoStar

Group,

Inc.

(Real

Estate

Management

&

Development)(a)

...

54

671

Costco

Wholesale

Corp.

(Consumer

Staples

Distribution

&

Retail)

...........

664

1,130

Coterra

Energy,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

29

1,016

CRH

PLC

(Construction

Materials)

.....

93

372

Crowdstrike

Holdings,

Inc.,

Class

-

A

(Software)(a)

.................

189

698

Crown

Castle,

Inc.

(Specialized

REITs)

..

72

179

Crown

Holdings,

Inc.

(Containers

&

Packaging)

..................

18

2,795

CSX

Corp.

(Ground

Transportation)

....

91

217

Cummins,

Inc.

(Machinery)

..........

71

1,962

CVS

Health

Corp.

(Health

Care

Providers

&

Services)

....................

135

438

D.R.

Horton,

Inc.

(Household

Durables)

..

56

971

Danaher

Corp.

(Life

Sciences

Tools

&

Services)

....................

192

177

Darden

Restaurants,

Inc.

(Hotels,

Restaurants

&

Leisure)

..........

39

428

Datadog,

Inc.,

Class

-

A

(Software)(a)

...

57

69

DaVita,

Inc.

(Health

Care

Providers

&

Services)(a)

..................

10

230

Deckers

Outdoor

Corp.

(Textiles,

Apparel

&

Luxury

Goods)(a)

.............

24

389

Deere

&

Co.

(Machinery)

............

198

491

Dell

Technologies,

Inc.,

Class

-

C

(Technology

Hardware,

Storage

&

Peripherals)

..................

60

243

Delta

Air

Lines,

Inc.

(Passenger

Airlines)

.

12

950

Devon

Energy

Corp.

(Oil,

Gas

&

Consumable

Fuels)

.............

30

594

Dexcom,

Inc.

(Health

Care

Equipment

&

Supplies)(a)

..................

52

290

Diamondback

Energy,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

40

87

Dick's

Sporting

Goods,

Inc.

(Specialty

Retail)

......................

17

502

Digital

Realty

Trust,

Inc.

(Specialized

REITs)

.....................

88

307

Docusign,

Inc.

(Software)(a)

..........

24

333

Dollar

General

Corp.

(Consumer

Staples

Distribution

&

Retail)

...........

38

308

Dollar

Tree,

Inc.

(Consumer

Staples

Distribution

&

Retail)(a)

.........

31

1,281

Dominion

Energy,

Inc.

(Multi-Utilities)

..

72

52

Domino's

Pizza,

Inc.

(Hotels,

Restaurants

&

Leisure)

....................

23

561

DoorDash,

Inc.,

Class

-

A

(Hotels,

Restaurants

&

Leisure)(a)

........

138

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

United

States

(continued)

209

Dover

Corp.

(Machinery)

............

$

38

1,061

Dow,

Inc.

(Chemicals)

..............

28

665

DraftKings,

Inc.

(Hotels,

Restaurants

&

Leisure)(a)

..................

29

317

DTE

Energy

Co.

(Multi-Utilities)

......

42

1,208

Duke

Energy

Corp.

(Electric

Utilities)

...

143

634

DuPont

de

Nemours,

Inc.

(Chemicals)

...

43

451

Dynatrace,

Inc.

(Software)(a)

.........

25

729

eBay,

Inc.

(Broadline

Retail)

..........

54

389

Ecolab,

Inc.

(Chemicals)

.............

105

589

Edison

International

(Electric

Utilities)

..

30

878

Edwards

Lifesciences

Corp.

(Health

Care

Equipment

&

Supplies)(a)

.......

69

377

Electronic

Arts,

Inc.

(Entertainment)

....

60

338

Elevance

Health,

Inc.

(Health

Care

Providers

&

Services)

...........

131

1,221

Eli

Lilly

&

Co.

(Pharmaceuticals)

......

952

70

EMCOR

Group,

Inc.

(Construction

&

Engineering)

.................

37

866

Emerson

Electric

Co.

(Electrical

Equipment)

115

233

Entegris,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.......

19

654

Entergy

Corp.

(Electric

Utilities)

.......

54

834

EOG

Resources,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

100

861

EQT

Corp.

(Oil,

Gas

&

Consumable

Fuels)

50

188

Equifax,

Inc.

(Professional

Services)

....

49

146

Equinix,

Inc.

(Specialized

REITs)

......

116

472

Equitable

Holdings,

Inc.

(Financial

Services)

....................

26

273

Equity

LifeStyle

Properties,

Inc.

(Residential

REITs)

............

17

519

Equity

Residential

(Residential

REITs)

..

35

395

Essential

Utilities,

Inc.

(Water

Utilities)

..

15

98

Essex

Property

Trust,

Inc.

(Residential

REITs)

.....................

28

354

Evergy,

Inc.

(Electric

Utilities)

........

24

558

Eversource

Energy

(Electric

Utilities)

...

35

1,490

Exelon

Corp.

(Electric

Utilities)

.......

65

318

Expand

Energy

Corp.

(Oil,

Gas

&

Consumable

Fuels)

.............

37

186

Expedia

Group,

Inc.

(Hotels,

Restaurants

&

Leisure)

....................

31

210

Expeditors

International

of

Washington,

Inc.

(Air

Freight

&

Logistics)

........

24

322

Extra

Space

Storage,

Inc.

(Specialized

REITs)

.....................

47

6,556

Exxon

Mobil

Corp.

(Oil,

Gas

&

Consumable

Fuels)

......................

707

90

F5,

Inc.

(Communications

Equipment)(a)

.

26

57

FactSet

Research

Systems,

Inc.

(Capital

Markets)

....................

25

37

Fair

Isaac

Corp.

(Software)(a)

.........

68

1,742

Fastenal

Co.

(Trading

Companies

&

Distributors)

.................

73

43

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

United

States

(continued)

340

FedEx

Corp.

(Air

Freight

&

Logistics)

...

$

77

304

Ferguson

Enterprises,

Inc.

(Trading

Companies

&

Distributors)

.......

66

392

Fidelity

National

Financial,

Inc.

(Insurance)

22

807

Fidelity

National

Information

Services,

Inc.

(Financial

Services)

............

66

1,018

Fifth

Third

Bancorp

(Banks)

..........

42

15

First

Citizens

BancShares,

Inc.,

Class

-

A

(Banks)

.....................

29

155

First

Solar,

Inc.

(Semiconductors

&

Semiconductor

Equipment)(a)

.....

26

841

FirstEnergy

Corp.

(Electric

Utilities)

....

34

843

Fiserv,

Inc.

(Financial

Services)(a)

......

145

270

Flutter

Entertainment

PLC,

Class

-

DI

(Hotels,

Restaurants

&

Leisure)(a)

..

77

5,945

Ford

Motor

Co.

(Automobiles)

........

65

1,033

Fortinet,

Inc.

(Software)(a)

...........

109

527

Fortive

Corp.

(Machinery)

...........

27

312

Fox

Corp.,

Class

-

A

(Media)

..........

17

244

Fox

Corp.,

Class

-

B

(Media)

.........

13

2,073

Freeport-McMoRan,

Inc.

(Metals

&

Mining)

90

404

Gaming

and

Leisure

Properties,

Inc.

(Specialized

REITs)

............

19

117

Gartner,

Inc.

(IT

Services)(a)

..........

47

696

GE

HealthCare

Technologies,

Inc.

(Health

Care

Equipment

&

Supplies)

......

52

412

GE

Vernova,

Inc.

(Electrical

Equipment)

.

218

841

Gen

Digital,

Inc.

(Software)

..........

25

337

General

Dynamics

Corp.

(Aerospace

&

Defense)

....................

98

1,612

General

Electric

Co.

(Industrial

Conglomerates)

...............

415

836

General

Mills,

Inc.

(Food

Products)

.....

43

1,498

General

Motors

Co.

(Automobiles)

.....

74

208

Genuine

Parts

Co.

(Distributors)

.......

25

1,922

Gilead

Sciences,

Inc.

(Biotechnology)

...

213

362

Global

Payments,

Inc.

(Financial

Services)

29

213

GoDaddy,

Inc.,

Class

-

A

(IT

Services)(a)

.

38

253

Graco,

Inc.

(Machinery)

.............

22

1,329

Halliburton

Co.

(Energy

Equipment

&

Services)

....................

27

290

HCA

Healthcare,

Inc.

(Health

Care

Providers

&

Services)

...........

111

1,057

Healthpeak

Properties,

Inc.

(Health

Care

REITs)

.....................

19

53

HEICO

Corp.

(Aerospace

&

Defense)

...

17

135

HEICO

Corp.,

Class

-

A

(Aerospace

&

Defense)

....................

35

421

Hess

Corp.

(Oil,

Gas

&

Consumable

Fuels)

58

2,000

Hewlett

Packard

Enterprise

Co.

(Technology

Hardware,

Storage

&

Peripherals)

..

41

349

Hilton

Worldwide

Holdings,

Inc.

(Hotels,

Restaurants

&

Leisure)

..........

93

345

Hologic,

Inc.

(Health

Care

Equipment

&

Supplies)(a)

..................

22

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

United

States

(continued)

976

Honeywell

International,

Inc.

(Industrial

Conglomerates)

...............

$

227

452

Hormel

Foods

Corp.

(Food

Products)

....

14

587

Howmet

Aerospace,

Inc.

(Aerospace

&

Defense)

....................

109

1,431

HP,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)

..................

35

81

Hubbell,

Inc.

(Electrical

Equipment)

....

33

74

HubSpot,

Inc.

(Software)(a)

..........

41

183

Humana,

Inc.

(Health

Care

Providers

&

Services)

....................

45

2,208

Huntington

Bancshares,

Inc.

(Banks)

....

37

62

Hyatt

Hotels

Corp.,

Class

-

A

(Hotels,

Restaurants

&

Leisure)

..........

9

115

IDEX

Corp.

(Machinery)

............

20

125

IDEXX

Laboratories,

Inc.

(Health

Care

Equipment

&

Supplies)(a)

.......

67

397

Illinois

Tool

Works,

Inc.

(Machinery)

....

98

241

Illumina,

Inc.

(Life

Sciences

Tools

&

Services)(a)

..................

23

247

Incyte

Corp.

(Biotechnology)(a)

.......

17

611

Ingersoll

Rand,

Inc.

(Machinery)

.......

51

107

Insulet

Corp.

(Health

Care

Equipment

&

Supplies)(a)

..................

34

6,715

Intel

Corp.

(Semiconductors

&

Semiconductor

Equipment)

.......

150

656

Interactive

Brokers

Group,

Inc.

(Capital

Markets)

....................

36

863

Intercontinental

Exchange,

Inc.

(Capital

Markets)

....................

158

1,421

International

Business

Machines

Corp.

(IT

Services)

....................

419

389

International

Flavors

&

Fragrances,

Inc.

(Chemicals)

..................

29

755

International

Paper

Co.

(Containers

&

Packaging)

..................

35

423

Intuit,

Inc.

(Software)

...............

333

550

Intuitive

Surgical,

Inc.

(Health

Care

Equipment

&

Supplies)(a)

.......

299

882

Invitation

Homes,

Inc.

(Residential

REITs)

29

275

IQVIA

Holdings,

Inc.

(Life

Sciences

Tools

&

Services)(a)

................

43

446

Iron

Mountain,

Inc.

(Specialized

REITs)

.

46

170

Jabil,

Inc.

(Electronic

Equipment,

Instruments

&

Components)

......

37

110

Jack

Henry

&

Associates,

Inc.

(Financial

Services)

....................

20

187

Jacobs

Solutions,

Inc.

(Professional

Services)

....................

25

121

JB

Hunt

Transport

Services,

Inc.

(Ground

Transportation)

...............

17

3,646

Johnson

&

Johnson

(Pharmaceuticals)

...

557

987

Johnson

Controls

International

PLC

(Building

Products)

............

104

4,239

JPMorgan

Chase

&

Co.

(Banks)

.......

1,229

511

Juniper

Networks,

Inc.

(Communications

Equipment)

..................

20

44

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

United

States

(continued)

419

Kellanova

(Food

Products)

...........

$

33

2,914

Kenvue,

Inc.

(Personal

Care

Products)

...

61

2,009

Keurig

Dr

Pepper,

Inc.

(Beverages)

.....

66

1,401

KeyCorp

(Banks)

..................

24

263

Keysight

Technologies,

Inc.

(Electronic

Equipment,

Instruments

&

Components)(a)

...............

43

528

Kimberly-Clark

Corp.

(Household

Products)

68

1,014

Kimco

Realty

Corp.

(Retail

REITs)

.....

21

3,001

Kinder

Morgan,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

88

945

KKR

&

Co.,

Inc.

(Capital

Markets)

.....

126

204

KLA

Corp.

(Semiconductors

&

Semiconductor

Equipment)

.......

183

289

L3Harris

Technologies,

Inc.

(Aerospace

&

Defense)

....................

72

129

Labcorp

Holdings,

Inc.

(Health

Care

Providers

&

Services)

...........

34

1,962

Lam

Research

Corp.

(Semiconductors

&

Semiconductor

Equipment)

.......

191

548

Las

Vegas

Sands

Corp.

(Hotels,

Restaurants

&

Leisure)

...................

24

192

Leidos

Holdings,

Inc.

(Professional

Services)

....................

30

361

Lennar

Corp.,

Class

-

A

(Household

Durables)

...................

40

49

Lennox

International,

Inc.

(Building

Products)

....................

28

320

Liberty

Media

Corp.-Liberty

Formula

One

(Entertainment)(a)

.............

33

712

Linde

PLC

(Chemicals)

.............

334

243

Live

Nation

Entertainment,

Inc.

(Entertainment)(a)

.............

37

386

LKQ

Corp.

(Distributors)

............

14

318

Lockheed

Martin

Corp.

(Aerospace

&

Defense)

....................

147

161

Loews

Corp.

(Insurance)

.............

15

842

Lowe's

Cos.,

Inc.

(Specialty

Retail)

.....

187

127

LPL

Financial

Holdings,

Inc.

(Capital

Markets)

....................

48

394

LyondellBasell

Industries

N.V.,

Class

-

A

(Chemicals)

..................

23

252

M&T

Bank

Corp.

(Banks)

............

49

489

Marathon

Petroleum

Corp.

(Oil,

Gas

&

Consumable

Fuels)

.............

81

20

Markel

Group,

Inc.

(Insurance)(a)

......

40

342

Marriott

International,

Inc.,

Class

-

A

(Hotels,

Restaurants

&

Leisure)

....

93

764

Marsh

&

McLennan

Cos.,

Inc.

(Insurance)

167

93

Martin

Marietta

Materials,

Inc.

(Construction

Materials)

.........

51

1,317

Marvell

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.....

102

327

Masco

Corp.

(Building

Products)

.......

21

1,230

Mastercard,

Inc.,

Class

-

A

(Financial

Services)

....................

691

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

United

States

(continued)

382

McCormick

&

Co.,

Inc.

(Food

Products)

.

$

29

1,083

McDonald's

Corp.

(Hotels,

Restaurants

&

Leisure)

....................

316

189

McKesson

Corp.

(Health

Care

Providers

&

Services)

....................

138

3,809

Merck

&

Co.,

Inc.

(Pharmaceuticals)

....

302

896

MetLife,

Inc.

(Insurance)

............

72

32

Mettler-Toledo

International,

Inc.

(Life

Sciences

Tools

&

Services)(a)

.....

38

821

Microchip

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

..................

58

1,688

Micron

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.......

208

10,712

Microsoft

Corp.

(Software)

...........

5,329

383

MicroStrategy,

Inc.

(Software)(a)

......

155

177

Mid-America

Apartment

Communities,

Inc.

(Residential

REITs)

............

26

87

Molina

Healthcare,

Inc.

(Health

Care

Providers

&

Services)(a)

.........

26

274

Molson

Coors

Beverage

Co.,

Class

-

B

(Beverages)

..................

13

1,942

Mondelez

International,

Inc.,

Class

-

A

(Food

Products)

...............

131

138

MongoDB,

Inc.

(IT

Services)(a)

.......

29

74

Monolithic

Power

Systems,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

..................

54

1,161

Monster

Beverage

Corp.

(Beverages)(a)

..

73

241

Moody's

Corp.

(Capital

Markets)

.......

121

1,815

Morgan

Stanley

(Capital

Markets)

......

256

256

Motorola

Solutions,

Inc.

(Communications

Equipment)

..................

108

655

Nasdaq,

Inc.

(Capital

Markets)

........

59

190

Natera,

Inc.

(Biotechnology)(a)

........

32

309

NetApp,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)

..........

33

648

Netflix,

Inc.

(Entertainment)(a)

........

868

154

Neurocrine

Biosciences,

Inc.

(Biotechnology)(a)

.............

19

1,676

Newmont

Corp.

(Metals

&

Mining)

.....

98

561

News

Corp.,

Class

-

A

(Media)

........

17

3,103

NextEra

Energy,

Inc.

(Electric

Utilities)

..

215

1,780

NIKE,

Inc.,

Class

-

B

(Textiles,

Apparel

&

Luxury

Goods)

...............

126

715

NiSource,

Inc.

(Multi-Utilities)

........

29

82

Nordson

Corp.

(Machinery)

..........

18

344

Norfolk

Southern

Corp.

(Ground

Transportation)

...............

88

301

Northern

Trust

Corp.

(Capital

Markets)

..

38

211

Northrop

Grumman

Corp.

(Aerospace

&

Defense)

....................

105

307

NRG

Energy,

Inc.

(Electric

Utilities)

....

49

357

Nucor

Corp.

(Metals

&

Mining)

.......

46

387

Nutanix,

Inc.,

Class

-

A

(Software)(a)

....

30

45

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

United

States

(continued)

37,003

NVIDIA

Corp.

(Semiconductors

&

Semiconductor

Equipment)

.......

$

5,847

4

NVR,

Inc.

(Household

Durables)(a)

.....

30

1,072

Occidental

Petroleum

Corp.

(Oil,

Gas

&

Consumable

Fuels)

.............

45

249

Okta,

Inc.

(IT

Services)(a)

............

25

292

Old

Dominion

Freight

Line,

Inc.

(Ground

Transportation)

...............

47

294

Omnicom

Group,

Inc.

(Media)

........

21

650

ON

Semiconductor

Corp.

(Semiconductors

&

Semiconductor

Equipment)(a)

...

34

945

ONEOK,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

......................

77

2,547

Oracle

Corp.

(Software)

.............

557

1,320

O'Reilly

Automotive,

Inc.

(Specialty

Retail)

(a)

........................

119

609

Otis

Worldwide

Corp.

(Machinery)

.....

60

130

Owens

Corning

(Building

Products)

....

18

799

PACCAR,

Inc.

(Machinery)

..........

76

135

Packaging

Corp.

of

America

(Containers

&

Packaging)

..................

25

3,244

Palantir

Technologies,

Inc.,

Class

-

A

(Software)(a)

.................

442

1,014

Palo

Alto

Networks,

Inc.

(Software)(a)

...

208

190

Parker-Hannifin

Corp.

(Machinery)

.....

133

492

Paychex,

Inc.

(Professional

Services)

....

72

78

Paycom

Software,

Inc.

(Professional

Services)

....................

18

1,448

PayPal

Holdings,

Inc.

(Financial

Services)

(a)

........................

108

2,110

PepsiCo,

Inc.

(Beverages)

............

279

8,745

Pfizer,

Inc.

(Pharmaceuticals)

.........

212

3,337

PG&E

Corp.

(Electric

Utilities)

........

47

609

Phillips

66

(Oil,

Gas

&

Consumable

Fuels)

73

899

Pinterest,

Inc.,

Class

-

A

(Interactive

Media

&

Services)(a)

................

32

57

Pool

Corp.

(Distributors)

............

17

352

PPG

Industries,

Inc.

(Chemicals)

.......

40

1,129

PPL

Corp.

(Electric

Utilities)

..........

38

344

Principal

Financial

Group,

Inc.

(Insurance)

27

1,438

Prologis,

Inc.

(Industrial

REITs)

.......

151

518

Prudential

Financial,

Inc.

(Insurance)

....

56

182

PTC,

Inc.

(Software)(a)

.............

31

758

Public

Service

Enterprise

Group,

Inc.

(Multi-Utilities)

...............

64

239

Public

Storage

(Specialized

REITs)

.....

70

309

PulteGroup,

Inc.

(Household

Durables)

..

33

471

Pure

Storage,

Inc.,

Class

-

A

(Technology

Hardware,

Storage

&

Peripherals)(a)

27

1,693

QUALCOMM,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.......

270

225

Quanta

Services,

Inc.

(Construction

&

Engineering)

.................

85

171

Quest

Diagnostics,

Inc.

(Health

Care

Providers

&

Services)

...........

31

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

United

States

(continued)

6

Ralliant

Corp.

(Media)(a)

............

$

—

294

Raymond

James

Financial,

Inc.

(Capital

Markets)

....................

45

280

RB

Global,

Inc.

(Commercial

Services

&

Supplies)

....................

30

1,406

Realty

Income

Corp.

(Retail

REITs)

.....

81

100

Reddit,

Inc.,

Class

-

A

(Interactive

Media

&

Services)(a)

..................

15

261

Regency

Centers

Corp.

(Retail

REITs)

...

19

164

Regeneron

Pharmaceuticals,

Inc.

(Biotechnology)

...............

86

1,381

Regions

Financial

Corp.

(Banks)

.......

32

82

Reliance,

Inc.

(Metals

&

Mining)

......

26

334

Republic

Services,

Inc.

(Commercial

Services

&

Supplies)

...........

82

223

ResMed,

Inc.

(Health

Care

Equipment

&

Supplies)

....................

58

183

Revvity,

Inc.

(Life

Sciences

Tools

&

Services)

....................

18

1,151

Rivian

Automotive,

Inc.,

Class

-

A

(Automobiles)(a)

..............

16

1,139

Robinhood

Markets,

Inc.,

Class

-

A

(Capital

Markets)(a)

..................

107

839

ROBLOX

Corp.,

Class

-

A

(Entertainment)

(a)

........................

88

172

Rockwell

Automation,

Inc.

(Electrical

Equipment)

..................

57

434

Rollins,

Inc.

(Commercial

Services

&

Supplies)

....................

24

157

Roper

Technologies,

Inc.

(Software)

....

89

497

Ross

Stores,

Inc.

(Specialty

Retail)

.....

63

388

Royal

Caribbean

Cruises

Ltd.

(Hotels,

Restaurants

&

Leisure)

..........

121

573

Royalty

Pharma

PLC,

Class

-

A

(Pharmaceuticals)

.............

21

196

RPM

International,

Inc.

(Chemicals)

....

22

2,010

RTX

Corp.

(Aerospace

&

Defense)

.....

294

471

S&P

Global,

Inc.

(Capital

Markets)

.....

248

1,472

Salesforce,

Inc.

(Software)

...........

401

394

Samsara,

Inc.,

Class

-

A

(Software)(a)

...

16

163

SBA

Communications

Corp.

(Specialized

REITs)

.....................

38

2,142

Schlumberger

N.V.

(Energy

Equipment

&

Services)

....................

72

322

Seagate

Technology

Holdings

PLC

(Technology

Hardware,

Storage

&

Peripherals)

..................

46

991

Sempra

(Multi-Utilities)

.............

75

318

ServiceNow,

Inc.

(Software)(a)

........

327

476

Simon

Property

Group,

Inc.

(Retail

REITs)

77

1,618

Snap,

Inc.,

Class

-

A

(Interactive

Media

&

Services)(a)

..................

14

80

Snap-on,

Inc.

(Machinery)

...........

25

476

Snowflake,

Inc.

(IT

Services)(a)

.......

107

224

Solventum

Corp.

(Health

Care

Providers

&

Services)(a)

..................

17

46

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

United

States

(continued)

1,754

Starbucks

Corp.

(Hotels,

Restaurants

&

Leisure)

....................

$

161

443

State

Street

Corp.

(Capital

Markets)

.....

47

220

Steel

Dynamics,

Inc.

(Metals

&

Mining)

.

28

151

STERIS

PLC

(Health

Care

Equipment

&

Supplies)

....................

36

513

Stryker

Corp.

(Health

Care

Equipment

&

Supplies)

....................

203

193

Sun

Communities,

Inc.

(Residential

REITs)

24

591

Synchrony

Financial

(Consumer

Finance)

39

235

Synopsys,

Inc.

(Software)(a)

..........

120

785

Sysco

Corp.

(Consumer

Staples

Distribution

&

Retail)

....................

59

335

T.

Rowe

Price

Group,

Inc.

(Capital

Markets)

32

267

Take-Two

Interactive

Software,

Inc.

(Entertainment)(a)

.............

65

315

Targa

Resources

Corp.

(Oil,

Gas

&

Consumable

Fuels)

.............

55

683

Target

Corp.

(Consumer

Staples

Distribution

&

Retail)

....................

67

71

Teledyne

Technologies,

Inc.

(Electronic

Equipment,

Instruments

&

Components)(a)

...............

36

249

Teradyne,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.......

22

4,389

Tesla,

Inc.

(Automobiles)(a)

..........

1,394

1,392

Texas

Instruments,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.......

289

30

Texas

Pacific

Land

Corp.

(Oil,

Gas

&

Consumable

Fuels)

.............

32

281

Textron,

Inc.

(Aerospace

&

Defense)

....

23

391

The

Allstate

Corp.

(Insurance)

.........

79

1,037

The

Bank

of

New

York

Mellon

Corp.

(Capital

Markets)

..............

94

1,159

The

Boeing

Co.

(Aerospace

&

Defense)(a)

243

292

The

Campbell's

Company

(Food

Products)

9

351

The

Carlyle

Group,

Inc.

(Capital

Markets)

18

2,599

The

Charles

Schwab

Corp.

(Capital

Markets)

....................

237

412

The

Cigna

Group

(Health

Care

Providers

&

Services)

....................

136

188

The

Clorox

Co.

(Household

Products)

...

23

6,183

The

Coca-Cola

Co.

(Beverages)

.......

437

305

The

Cooper

Cos.,

Inc.

(Health

Care

Equipment

&

Supplies)(a)

.......

22

354

The

Estee

Lauder

Cos.,

Inc.

(Personal

Care

Products)

....................

29

467

The

Goldman

Sachs

Group,

Inc.

(Capital

Markets)

....................

331

440

The

Hartford

Insurance

Group,

Inc.

(Insurance)

..................

56

224

The

Hershey

Co.

(Food

Products)

......

37

1,503

The

Home

Depot,

Inc.

(Specialty

Retail)

.

551

160

The

J.M.

Smucker

Co.

(Food

Products)

..

16

1,376

The

Kraft

Heinz

Co.

(Food

Products)

....

36

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

United

States

(continued)

928

The

Kroger

Co.

(Consumer

Staples

Distribution

&

Retail)

...........

$

67

596

The

PNC

Financial

Services

Group,

Inc.

(Banks)

.....................

111

3,549

The

Procter

&

Gamble

Co.

(Household

Products)

....................

565

903

The

Progressive

Corp.

(Insurance)

......

241

355

The

Sherwin-Williams

Co.

(Chemicals)

..

122

1,628

The

Southern

Co.

(Electric

Utilities)

....

149

1,677

The

TJX

Cos.,

Inc.

(Specialty

Retail)

....

207

677

The

Trade

Desk,

Inc.,

Class

-

A

(Media)(a)

49

347

The

Travelers

Cos.,

Inc.

(Insurance)

.....

93

2,735

The

Walt

Disney

Co.

(Entertainment)

....

339

1,915

The

Williams

Cos.,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

120

569

Thermo

Fisher

Scientific,

Inc.

(Life

Sciences

Tools

&

Services)

..............

231

700

T-Mobile

US,

Inc.

(Wireless

Telecommunication

Services)

.....

167

717

Toast,

Inc.,

Class

-

A

(Financial

Services)(a)

32

806

Tractor

Supply

Co.

(Specialty

Retail)

....

43

176

Tradeweb

Markets,

Inc.,

Class

-

A

(Capital

Markets)

....................

26

86

TransDigm

Group,

Inc.

(Aerospace

&

Defense)

....................

131

295

TransUnion

(Professional

Services)

.....

26

373

Trimble,

Inc.

(Electronic

Equipment,

Instruments

&

Components)(a)

....

28

1,899

Truist

Financial

Corp.

(Banks)

.........

82

221

Twilio,

Inc.,

Class

-

A

(IT

Services)(a)

...

27

65

Tyler

Technologies,

Inc.

(Software)(a)

...

39

434

Tyson

Foods,

Inc.,

Class

-

A

(Food

Products)

24

2,313

U.S.

Bancorp

(Banks)

...............

105

2,844

Uber

Technologies,

Inc.

(Ground

Transportation)(a)

.............

265

145

U-Haul

Holding

Co.

(Ground

Transportation)

...............

8

70

Ulta

Beauty,

Inc.

(Specialty

Retail)(a)

...

33

901

Union

Pacific

Corp.

(Ground

Transportation)

...............

207

124

United

Airlines

Holdings,

Inc.

(Passenger

Airlines)(a)

..................

10

1,136

United

Parcel

Service,

Inc.,

Class

-

B

(Air

Freight

&

Logistics)

............

115

100

United

Rentals,

Inc.

(Trading

Companies

&

Distributors)

.................

75

64

United

Therapeutics

Corp.

(Biotechnology)

(a)

........................

18

1,386

UnitedHealth

Group,

Inc.

(Health

Care

Providers

&

Services)

...........

432

482

Valero

Energy

Corp.

(Oil,

Gas

&

Consumable

Fuels)

.............

65

234

Veeva

Systems,

Inc.,

Class

-

A

(Health

Care

Technology)(a)

...............

67

636

Ventas,

Inc.

(Health

Care

REITs)

.......

40

47

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

United

States

(continued)

374

Veralto

Corp.

(Commercial

Services

&

Supplies)

....................

$

38

131

VeriSign,

Inc.

(IT

Services)

...........

38

214

Verisk

Analytics,

Inc.

(Professional

Services)

....................

67

6,477

Verizon

Communications,

Inc.

(Diversified

Telecommunication

Services)

.....

280

398

Vertex

Pharmaceuticals,

Inc.

(Biotechnology)(a)

.............

177

542

Vertiv

Holdings

Co.,

Class

-

A

(Electrical

Equipment)

..................

70

1,594

VICI

Properties,

Inc.

(Specialized

REITs)

52

2,608

Visa,

Inc.,

Class

-

A

(Financial

Services)

.

926

512

Vistra

Corp.

(Independent

Power

and

Renewable

Electricity

Producers)

..

99

201

Vulcan

Materials

Co.

(Construction

Materials)

...................

52

467

W.R.

Berkley

Corp.

(Insurance)

........

34

67

W.W.

Grainger,

Inc.

(Trading

Companies

&

Distributors)

.................

70

6,675

Walmart,

Inc.

(Consumer

Staples

Distribution

&

Retail)

...........

653

3,540

Warner

Bros.

Discovery,

Inc.

(Entertainment)(a)

.............

41

603

Waste

Management,

Inc.

(Commercial

Services

&

Supplies)

...........

138

90

Waters

Corp.

(Life

Sciences

Tools

&

Services)(a)

..................

31

53

Watsco,

Inc.

(Trading

Companies

&

Distributors)

.................

23

483

WEC

Energy

Group,

Inc.

(Multi-Utilities)

50

4,930

Wells

Fargo

&

Co.

(Banks)

...........

395

993

Welltower,

Inc.

(Health

Care

REITs)

....

153

110

West

Pharmaceutical

Services,

Inc.

(Life

Sciences

Tools

&

Services)

.......

24

524

Western

Digital

Corp.

(Technology

Hardware,

Storage

&

Peripherals)

..

34

235

Westinghouse

Air

Brake

Technologies

Corp.

(Machinery)

.................

49

1,100

Weyerhaeuser

Co.

(Specialized

REITs)

..

28

187

Williams-Sonoma,

Inc.

(Specialty

Retail)

.

31

325

Workday,

Inc.,

Class

-

A

(Software)(a)

...

78

330

WP

Carey,

Inc.

(Diversified

REITs)

.....

21

875

Xcel

Energy,

Inc.

(Electric

Utilities)

.....

60

370

Xylem,

Inc.

(Machinery)

.............

48

424

Yum!

Brands,

Inc.

(Hotels,

Restaurants

&

Leisure)

....................

63

79

Zebra

Technologies

Corp.

(Electronic

Equipment,

Instruments

&

Components)(a)

...............

24

242

Zillow

Group,

Inc.,

Class

-

C

(Real

Estate

Management

&

Development)(a)

...

17

304

Zimmer

Biomet

Holdings,

Inc.

(Health

Care

Equipment

&

Supplies)

.........

28

677

Zoetis,

Inc.

(Pharmaceuticals)

.........

106

376

Zoom

Communications,

Inc.

(Software)(a)

29

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

United

States

(continued)

151

Zscaler,

Inc.

(Software)(a)

............

$

47

77,081

Uruguay

—

0.16%

71

MercadoLibre,

Inc.

(Broadline

Retail)(a)

.

186

Total

Common

Stocks

(cost

$54,182

)

...

110,667

Warrant

—

0.00%

Canada

—

0.00%

60

Constellation

Software,

Inc.,

3/31/40

(Software)(a)(c)

...............

—

Total

Warrant

(cost

$—

)

............

—

Investment

Company

—

1.56%

Money

Market

Funds

—

1.56%

1,756,265

State

Street

Institutional

Treasury

Plus

Money

Market

Fund,

Trust

Class

,

4.19%(d)

....................

1,756

Total

Investment

Company

(cost

$1,756

)

1,756

Total

Investments

(cost

$55,938

)

—

99.58%

.....................

112,423

Other

assets

in

excess

of

liabilities

—

0.42%

......................

479

Net

Assets

-

100.00%

..............

$

112,902

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

June

30,

2025.

(d)

Annualized

7-day

yield

as

of

period-end.

ADR—American

Depositary

Receipt

REIT—Real

Estate

Investment

Trust

48

See

accompanying

notes

to

financial

statements.

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(concluded)

—

June

30,

2025

The

following

table

reflects

the

percentage

of

total

net

assets

of

the

Portfolio

attributable

to

each

Specialist

Manager

as

of

June

30,

2025.

The

ESG

Growth

Portfolio

Mellon

Investments

Corporation

Parametric

Portfolio

Associates,

LLC

Total

Common

Stocks

......................................................................................................................................................

98.02

%

—

98.02

%

Warrant

.....................................................................................................................................................................

—

—

—

%

Investment

Companies

.............................................................................................................................................

0.06

%

1.50

%

1.56

%

Other

Assets

(Liabilities)

.........................................................................................................................................

0.28

%

0.14

%

0.42

%

Total

Net

Assets

..................................................................................................................................................

98.36

%

1.64

%

100.00

%

The

following

table

reflects

the

open

derivative

positions

held

by

the

Portfolio

as

of

June

30,

2025

.

Futures

Contracts

Purchased

*

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value

and

Unrealized

Appreciation/

(Depreciation)

(000)

E-Mini

S&P

500

Future

.........................

3

9/19/25

$

938

$

32

Mini

MSCI

EAFE

Index

Future

...................

5

9/19/25

670

18

$

1,608

$

50

Total

Unrealized

Appreciation

.....................

$

50

Total

Unrealized

Depreciation

.....................

—

Total

Net

Unrealized

Appreciation/(Depreciation)

.......

$

50

*

Cash

has

been

pledged

as

collateral

for

futures

contracts

held

by

the

Portfolio.

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

—

June

30,

2025

49

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

—

99.80%

Australia

—

1.80%

2,970

ANZ

Group

Holdings

Ltd.

(Banks)

.....

$

57

1,194

APA

Group

(Gas

Util

ities)

...........

6

207

ASX

Ltd.

(Capital

Markets)

..........

10

162

Atlassian

Corp.,

Class

-

A

(Software)(a)

..

33

4,965

BHP

Group

Ltd.

(Metals

&

Mining)

.....

121

499

BlueScope

Steel

Ltd.

(Metals

&

Mining)

.

8

1,386

Brambles

Ltd.

(Commercial

Services

&

Supplies)

....................

21

417

CAR

Group

Ltd.

(Interactive

Media

&

Services)

....................

10

55

Cochlear

Ltd.

(Health

Care

Equipment

&

Supplies)

....................

11

1,391

Coles

Group

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

19

1,649

Commonwealth

Bank

of

Australia

(Banks)

201

529

Computershare

Ltd.

(Professional

Services)

14

2,020

Evolution

Mining

Ltd.

(Metals

&

Mining)

10

1,729

Fortescue

Ltd.

(Metals

&

Mining)

......

17

1,965

Goodman

Group

(Industrial

REITs)

.....

44

2,440

Insurance

Australia

Group

Ltd.

(Insurance)

14

353

Macquarie

Group

Ltd.

(Capital

Markets)

.

53

2,809

Medibank

Pvt

Ltd.

(Insurance)

........

9

3,050

National

Australia

Bank

Ltd.

(Banks)

....

80

1,353

Northern

Star

Resources

Ltd.

(Metals

&

Mining)

.....................

17

1,848

Origin

Energy

Ltd.

(Electric

Utilities)

...

13

60

Pro

Medicus

Ltd.

(Health

Care

Technology)

11

880

Qantas

Airways

Ltd.

(Passenger

Airlines)

.

6

1,542

QBE

Insurance

Group

Ltd.

(Insurance)

..

24

57

REA

Group

Ltd.

(Interactive

Media

&

Services)

....................

9

369

Reece

Ltd.

(Trading

Companies

&

Distributors)

.................

3

361

Rio

Tinto

Ltd.

(Metals

&

Mining)

......

25

3,241

Santos

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

(b)

........................

16

4,225

Scentre

Group

(Retail

REITs)

.........

10

147

SGH

Ltd.

(Trading

Companies

&

Distributors)

.................

5

4,568

Sigma

Healthcare

Ltd.

(Health

Care

Providers

&

Services)(a)

.........

9

384

Sonic

Healthcare

Ltd.

(Health

Care

Providers

&

Services)

...........

7

4,698

South32

Ltd.

(Metals

&

Mining)

.......

9

2,016

Stockland

(Diversified

REITs)

.........

7

1,121

Suncorp

Group

Ltd.

(Insurance)

.......

16

4,171

Telstra

Group

Ltd.

(Diversified

Telecommunication

Services)

.....

13

2,984

Transurban

Group

(Transportation

Infrastructure)

................

27

3,837

Vicinity

Ltd.

(Retail

REITs)(b)

........

6

289

Washington

H

Soul

Pattinson

&

Co.

Ltd.

(Financial

Services)

............

8

1,130

Wesfarmers

Ltd.

(Broadline

Retail)

.....

63

3,402

Westpac

Banking

Corp.

(Banks)

.......

77

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Australia

(continued)

191

WiseTech

Global

Ltd.

(Software)

.......

$

14

1,800

Woodside

Energy

Group

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

.............

28

1,129

Woolworths

Group

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

23

1,184

Austria

—

0.06%

315

Erste

Group

Bank

AG

(Banks)(b)

......

27

154

OMV

AG

(Oil,

Gas

&

Consumable

Fuels)

8

72

Verbund

AG

(Electric

Utilities)

........

6

41

Belgium

—

0.23%

127

Ageas

SA/N.V.

(Insurance)(b)

.........

9

977

Anheuser-Busch

InBev

SA/N.V.

(Beverages)

..................

66

20

D'ieteren

Group

(Distributors)

.........

4

50

Elia

Group

SA/N.V.

(Electric

Utilities)(b)

6

66

Groupe

Bruxelles

Lambert

N.V.

(Financial

Services)

....................

6

237

KBC

Group

N.V.

(Banks)

............

24

18

Sofina

SA

(Financial

Services)

........

6

62

Syensqo

SA

(Chemicals)

.............

5

115

UCB

SA

(Pharmaceuticals)

...........

23

149

Bermuda

—

0.07%

370

Arch

Capital

Group

Ltd.

(Insurance)

....

34

44

Everest

Group

Ltd.

(Insurance)

........

15

49

Canada

—

3.66%

497

Agnico

Eagle

Mines

Ltd.

(Metals

&

Mining)

59

429

Alamos

Gold,

Inc.

(Metals

&

Mining)

...

11

758

Alimentation

Couche-Tard,

Inc.

(Consumer

Staples

Distribution

&

Retail)

.....

38

328

AltaGas

Ltd.

(Gas

Utilities)

...........

10

517

ARC

Resources

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

.............

11

721

Bank

of

Montreal

(Banks)

............

80

1,736

Barrick

Mining

Corp.

(Metals

&

Mining)

.

36

31

BCE,

Inc.

(Diversified

Telecommunication

Services)

....................

1

1,372

Brookfield

Corp.

(Capital

Markets)

.....

85

440

Cameco

Corp.

(Oil,

Gas

&

Consumable

Fuels)

......................

33

928

Canadian

Imperial

Bank

of

Commerce

(Banks)

.....................

66

524

Canadian

National

Railway

Co.

(Ground

Transportation)

...............

55

2,128

Canadian

Natural

Resources

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

...........

67

50

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Canada

(continued)

933

Canadian

Pacific

Kansas

City

Ltd.

(Ground

Transportation)

...............

$

74

37

Canadian

Tire

Corp.

Ltd.,

Class

-

A

(Broadline

Retail)

.............

5

110

Canadian

Utilities

Ltd.,

Class

-

A

(Multi-

Utilities)

....................

3

134

CCL

Industries,

Inc.,

Class

-

B

(Containers

&

Packaging)(b)

..............

8

109

Celestica,

Inc.

(Electronic

Equipment,

Instruments

&

Components)(a)

....

17

1,439

Cenovus

Energy,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

20

185

CGI,

Inc.

(IT

Services)

..............

19

20

Constellation

Software,

Inc.

(Software)

..

73

275

Dollarama,

Inc.

(Broadline

Retail)

......

39

428

Element

Fleet

Management

Corp.

(Commercial

Services

&

Supplies)(b)

11

327

Emera,

Inc.

(Electric

Utilities)

.........

15

151

Empire

Co.

Ltd.,

Class

-

A

(Consumer

Staples

Distribution

&

Retail)

.....

6

2,161

Enbridge,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

......................

98

20

Fairfax

Financial

Holdings

Ltd.

(Insurance)

36

592

First

Quantum

Minerals

Ltd.

(Metals

&

Mining)(a)

...................

11

45

FirstService

Corp.

(Real

Estate

Management

&

Development)

..............

8

470

Fortis,

Inc.

(Electric

Utilities)

.........

22

191

Franco-Nevada

Corp.

(Metals

&

Mining)

.

31

54

George

Weston

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

11

179

GFL

Environmental,

Inc.

(Commercial

Services

&

Supplies)

...........

9

148

Gildan

Activewear,

Inc.

(Textiles,

Apparel

&

Luxury

Goods)

...............

7

293

Great-West

Lifeco,

Inc.

(Insurance)

.....

11

293

Hydro

One

Ltd.

(Electric

Utilities)(b)

....

11

100

iA

Financial

Corp.,

Inc.

(Insurance)

.....

11

50

IGM

Financial,

Inc.

(Capital

Markets)

...

2

183

Imperial

Oil

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

......................

15

176

Intact

Financial

Corp.

(Insurance)(b)

....

41

589

Ivanhoe

Mines

Ltd.

(Metals

&

Mining)(a)

4

192

Keyera

Corp.

(Oil,

Gas

&

Consumable

Fuels)

......................

6

1,245

Kinross

Gold

Corp.

(Metals

&

Mining)

..

19

154

Loblaw

Cos.

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

25

102

Lululemon

Athletica,

Inc.

(Textiles,

Apparel

&

Luxury

Goods)(a)

............

24

107

Lundin

Gold,

Inc.

(Metals

&

Mining)(b)

.

6

770

Lundin

Mining

Corp.

(Metals

&

Mining)(b)

8

208

Magna

International,

Inc.

(Automobile

Components)

.................

8

1,732

Manulife

Financial

Corp.

(Insurance)

....

55

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Canada

(continued)

205

Metro,

Inc.

(Consumer

Staples

Distribution

&

Retail)

....................

$

16

387

National

Bank

of

Canada

(Banks)

......

40

493

Nutrien

Ltd.

(Chemicals)

............

29

273

Open

Text

Corp.

(Software)(b)

........

8

291

Pan

American

Silver

Corp.

(Metals

&

Mining)

.....................

8

597

Pembina

Pipeline

Corp.

(Oil,

Gas

&

Consumable

Fuels)

.............

22

565

Power

Corp.

of

Canada

(Insurance)

.....

22

169

Quebecor,

Inc.,

Class

-

B

(Diversified

Telecommunication

Services)

.....

5

312

Restaurant

Brands

International,

Inc.

(Hotels,

Restaurants

&

Leisure)

....

21

386

Rogers

Communications,

Inc.,

Class

-

B

(Wireless

Telecommunication

Services)

....................

11

1,386

Royal

Bank

of

Canada

(Banks)

........

184

241

Saputo,

Inc.

(Food

Products)(b)

........

5

1,225

Shopify,

Inc.,

Class

-

A

(IT

Services)(a)

..

142

119

Stantec,

Inc.

(Construction

&

Engineering)

13

577

Sun

Life

Financial,

Inc.

(Insurance)

.....

38

1,213

Suncor

Energy,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

45

1,032

TC

Energy

Corp.

(Oil,

Gas

&

Consumable

Fuels)

......................

50

472

Teck

Resources

Ltd.,

Class

-

B

(Metals

&

Mining)

.....................

19

521

TELUS

Corp.

(Diversified

Telecommunication

Services)

.....

8

92

TFI

International,

Inc.

(Ground

Transportation)

...............

8

1,231

The

Bank

of

Nova

Scotia

(Banks)

......

68

82

The

Descartes

Systems

Group,

Inc.

(Software)(a)

.................

8

1,718

The

Toronto-Dominion

Bank

(Banks)

...

127

152

Thomson

Reuters

Corp.

(Professional

Services)

....................

31

287

TMX

Group

Ltd.

(Capital

Markets)

.....

12

92

Toromont

Industries

Ltd.

(Trading

Companies

&

Distributors)

.......

8

333

Tourmaline

Oil

Corp.

(Oil,

Gas

&

Consumable

Fuels)

.............

16

257

Waste

Connections,

Inc.

(Commercial

Services

&

Supplies)

...........

48

71

West

Fraser

Timber

Co.

Ltd.

(Paper

&

Forest

Products)

...............

5

458

Wheaton

Precious

Metals

Corp.

(Metals

&

Mining)

.....................

41

1,299

Whitecap

Resources,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

9

122

WSP

Global,

Inc.

(Construction

&

Engineering)

.................

25

2,413

51

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Chile

—

0.01%

295

Antofagasta

PLC

(Metals

&

Mining)

....

$

7

China

—

0.01%

3,000

Yangzijiang

Shipbuilding

Holdings

Ltd.

(Machinery)

.................

5

Denmark

—

0.25%

1

A.P.

Moller

-

Maersk

A/S,

Class

-

A

(Marine

Transportation)

...............

2

6

A.P.

Moller

-

Maersk

A/S,

Class

-

B

(Marine

Transportation)

...............

11

80

Carlsberg

A/S,

Class

-

B

(Beverages)

....

11

139

Coloplast

A/S,

Class

-

B

(Health

Care

Equipment

&

Supplies)

.........

13

746

Danske

Bank

A/S

(Banks)

............

30

90

Demant

A/S

(Health

Care

Equipment

&

Supplies)(a)

..................

4

207

DSV

A/S

(Air

Freight

&

Logistics)

.....

50

114

Orsted

A/S

(Electric

Utilities)(a)(b)

.....

5

88

Pandora

A/S

(Textiles,

Apparel

&

Luxury

Goods)

.....................

15

50

ROCKWOOL

A/S,

Class

-

B

(Building

Products)

....................

2

292

Tryg

A/S

(Insurance)(b)

.............

8

1,047

Vestas

Wind

Systems

A/S

(Electrical

Equipment)

..................

16

167

Finland

—

0.27%

122

Elisa

Oyj

(Diversified

Telecommunication

Services)

....................

7

448

Fortum

Oyj

(Electric

Utilities)

.........

8

296

Kesko

Oyj,

Class

-

B

(Consumer

Staples

Distribution

&

Retail)

...........

7

345

Kone

Oyj,

Class

-

B

(Machinery)

.......

23

709

Metso

Oyj

(Machinery)(b)

...........

9

489

Neste

Oyj

(Oil,

Gas

&

Consumable

Fuels)

7

5,173

Nokia

Oyj

(Communications

Equipment)

.

27

3,136

Nordea

Bank

Abp

(Banks)

...........

46

2,463

Sampo

Oyj,

A

Shares

(Insurance)

......

26

600

Stora

Enso

Oyj,

R

Shares

(Paper

&

Forest

Products)

....................

7

503

UPM-Kymmene

Oyj

(Paper

&

Forest

Products)

....................

14

181

France

—

2.48%

175

Accor

SA

(Hotels,

Restaurants

&

Leisure)

9

43

Aeroports

de

Paris

SA

(Transportation

Infrastructure)

................

5

569

Air

Liquide

SA

(Chemicals)

..........

117

300

Alstom

SA

(Machinery)(a)

...........

7

69

Amundi

SA

(Capital

Markets)(b)

.......

6

67

Arkema

SA

(Chemicals)

.............

5

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

France

(continued)

1,731

AXA

SA

(Insurance)

...............

$

85

41

BioMerieux

(Health

Care

Equipment

&

Supplies)

....................

6

1,010

BNP

Paribas

SA

(Banks)

.............

91

874

Bollore

SE

(Entertainment)

...........

5

208

Bouygues

SA

(Construction

&

Engineering)

9

278

Bureau

Veritas

SA

(Professional

Services)

9

160

Capgemini

SE

(IT

Services)

..........

27

605

Carrefour

SA

(Consumer

Staples

Distribution

&

Retail)(b)

........

9

429

Cie

de

Saint-Gobain

SA

(Building

Products)

50

685

Cie

Generale

des

Etablissements

Michelin

SCA

(Automobile

Components)

...

25

29

Covivio

SA

(Office

REITs)

...........

2

1,059

Credit

Agricole

SA

(Banks)

...........

20

654

Danone

SA

(Food

Products)

..........

53

624

Dassault

Systemes

SE

(Software)

......

23

242

Edenred

SE

(Financial

Services)

.......

7

53

Eiffage

SA

(Construction

&

Engineering)(b)

7

1,848

Engie

SA

(Multi-Utilities)

............

43

298

EssilorLuxottica

SA

(Health

Care

Equipment

&

Supplies)

.........

82

37

Eurazeo

SE

(Financial

Services)

.......

3

46

Gecina

SA

(Office

REITs)(b)

..........

5

218

Getlink

SE

(Transportation

Infrastructure)

4

31

Hermes

International

SCA

(Textiles,

Apparel

&

Luxury

Goods)

..............

84

44

Ipsen

SA

(Pharmaceuticals)

...........

5

78

Kering

SA

(Textiles,

Apparel

&

Luxury

Goods)

.....................

17

180

Klepierre

SA

(Retail

REITs)

..........

7

261

Legrand

SA

(Electrical

Equipment)

.....

35

240

L'Oreal

SA

(Personal

Care

Products)

....

103

269

LVMH

Moet

Hennessy

Louis

Vuitton

SE

(Textiles,

Apparel

&

Luxury

Goods)

141

1,746

Orange

SA

(Diversified

Telecommunication

Services)(b)

..................

27

220

Pernod

Ricard

SA

(Beverages)

........

22

220

Publicis

Groupe

SA

(Media)

..........

25

220

Renault

SA

(Automobiles)

...........

10

216

Rexel

SA

(Trading

Companies

&

Distributors)

.................

7

551

Schneider

Electric

SE

(Electrical

Equipment)(b)

................

148

715

Societe

Generale

SA

(Banks)

.........

41

101

Sodexo

SA

(Hotels,

Restaurants

&

Leisure)

6

37

Teleperformance

SE

(Professional

Services)

4

2,045

TotalEnergies

SE

(Oil,

Gas

&

Consumable

Fuels)

......................

125

115

Unibail-Rodamco-Westfield

(Retail

REITs)

11

643

Veolia

Environnement

SA

(Multi-Utilities)

23

508

Vinci

SA

(Construction

&

Engineering)

..

75

1,630

52

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Germany

—

2.33%

173

adidas

AG

(Textiles,

Apparel

&

Luxury

Goods)

.....................

$

40

382

Allianz

SE,

Registered

Shares

(Insurance)

155

918

BASF

SE

(Chemicals)

..............

45

310

Bayerische

Motoren

Werke

AG

(Automobiles)

................

28

32

Bayerische

Motoren

Werke

AG,

NVS,

Preference

Shares

(Automobiles)

...

3

141

Brenntag

SE

(Trading

Companies

&

Distributors)

.................

9

856

Commerzbank

AG

(Banks)

...........

27

125

Continental

AG

(Automobile

Components)

11

168

Covestro

AG

(Chemicals)(a)

..........

12

74

CTS

Eventim

AG

&

Co.

KGaA

(Entertainment)(b)

.............

9

480

Daimler

Truck

Holding

AG

(Machinery)

.

23

218

Delivery

Hero

SE

(Hotels,

Restaurants

&

Leisure)(a)(b)

................

6

1,855

Deutsche

Bank

AG,

Registered

Shares

(Capital

Markets)

..............

55

185

Deutsche

Boerse

AG

(Capital

Markets)

..

60

638

Deutsche

Lufthansa

AG,

Registered

Shares

(Passenger

Airlines)(b)

..........

5

925

Deutsche

Post

AG

(Air

Freight

&

Logistics)

43

3,428

Deutsche

Telekom

AG

(Diversified

Telecommunication

Services)(b)

...

125

127

Dr.

Ing.

h.c.

F.

Porsche

AG,

NVS,

Preference

Shares

(Automobiles)(b)

6

2,228

E.ON

SE

(Multi-Utilities)

............

41

209

Fresenius

Medical

Care

AG

(Health

Care

Providers

&

Services)

...........

12

96

GEA

Group

AG

(Machinery)

.........

7

61

Hannover

Rueck

SE

(Insurance)

.......

19

136

Heidelberg

Materials

AG

(Construction

Materials)(b)

.................

32

91

Henkel

AG

&

Co.

KGaA

(Household

Products)

....................

7

158

Henkel

AG

&

Co.

KGaA,

Preference

Shares

(Household

Products)

...........

12

1,275

Infineon

Technologies

AG

(Semiconductors

&

Semiconductor

Equipment)(b)

...

54

76

Knorr-Bremse

AG

(Machinery)

........

7

67

LEG

Immobilien

SE

(Real

Estate

Management

&

Development)

.....

6

722

Mercedes-Benz

Group

AG

(Automobiles)

42

55

MTU

Aero

Engines

AG

(Aerospace

&

Defense)

....................

24

132

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen,

Class

-

R

(Insurance)

................

86

63

Nemetschek

SE

(Software)

...........

9

140

Porsche

Automobil

Holding

SE,

NVS,

Preference

Shares

(Automobiles)

...

6

3

Rational

AG

(Machinery)

............

3

644

RWE

AG

(Independent

Power

and

Renewable

Electricity

Producers)

..

27

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Germany

(continued)

1,032

SAP

SE

(Software)

.................

$

314

63

Scout24

SE

(Interactive

Media

&

Services)

(b)

........................

9

677

Siemens

Energy

AG

(Electrical

Equipment)

(a)(b)

......................

78

134

Symrise

AG

(Chemicals)(b)

..........

14

52

Talanx

AG

(Insurance)

..............

7

208

Volkswagen

AG,

Preference

Shares

(Automobiles)

................

22

765

Vonovia

SE

(Real

Estate

Management

&

Development)

................

27

187

Zalando

SE

(Specialty

Retail)(a)(b)

.....

6

1,533

Hong

Kong

—

0.59%

10,492

AIA

Group

Ltd.

(Insurance)

..........

95

3,500

BOC

Hong

Kong

Holdings

Ltd.

(Banks)

.

15

2,500

CK

Asset

Holdings

Ltd.

(Real

Estate

Management

&

Development)

.....

11

2,500

CK

Hutchison

Holdings

Ltd.

(Industrial

Conglomerates)

...............

15

500

CK

Infrastructure

Holdings

Ltd.

(Electric

Utilities)

....................

3

1,500

CLP

Holdings

Ltd.

(Electric

Utilities)

...

13

63

Futu

Holdings

Ltd.,

ADR

(Capital

Markets)

(b)

........................

8

600

Hang

Seng

Bank

Ltd.

(Banks)

.........

9

1,000

Henderson

Land

Development

Co.

Ltd.

(Real

Estate

Management

&

Development)

................

3

4,000

HKT

Trust

&

HKT

Ltd.,

Class

-

SS

(Diversified

Telecommunication

Services)(b)

..................

6

10,985

Hong

Kong

&

China

Gas

Co.

Ltd.

(Gas

Utilities)

....................

9

1,223

Hong

Kong

Exchanges

&

Clearing

Ltd.

(Capital

Markets)

..............

65

1,300

Hongkong

Land

Holdings

Ltd.

(Real

Estate

Management

&

Development)

.....

8

100

Jardine

Matheson

Holdings

Ltd.

(Industrial

Conglomerates)

...............

5

2,566

Link

REIT

(Retail

REITs)

............

14

2,500

MTR

Corp.

Ltd.

(Ground

Transportation)

.

9

1,279

Power

Assets

Holdings

Ltd.

(Electric

Utilities)

....................

8

2,686

Prudential

PLC

(Insurance)

...........

34

2,129

Sino

Land

Co.

Ltd.

(Real

Estate

Management

&

Development)

.....

2

2,000

SITC

International

Holdings

Co.

Ltd.

(Marine

Transportation)

.........

6

1,500

Sun

Hung

Kai

Properties

Ltd.

(Real

Estate

Management

&

Development)

.....

17

139

Swire

Pacific

Ltd.,

Class

-

A

(Real

Estate

Management

&

Development)

.....

1

1,757

Techtronic

Industries

Co.

Ltd.

(Machinery)

19

53

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Hong

Kong

(continued)

1,000

The

Wharf

Holdings

Ltd.

(Real

Estate

Management

&

Development)

.....

$

3

7,228

WH

Group

Ltd.

(Food

Products)(b)

.....

7

1,000

Wharf

Real

Estate

Investment

Co.

Ltd.

(Real

Estate

Management

&

Development)

3

388

Ireland

(Republic

of)

—

1.18%

618

Accenture

PLC,

Class

-

A

(IT

Services)

..

184

85

AerCap

Holdings

N.V.

(Trading

Companies

&

Distributors)

...............

10

92

AerCap

Holdings

N.V.

(Trading

Companies

&

Distributors)

...............

11

2,136

AIB

Group

PLC

(Banks)(b)

..........

18

90

Allegion

PLC

(Building

Products)

......

13

235

Aptiv

PLC

(Automobile

Components)(a)

.

16

993

Bank

of

Ireland

Group

PLC

(Banks)

....

14

389

Eaton

Corp.

PLC

(Electrical

Equipment)

.

139

921

Experian

PLC

(Professional

Services)

...

47

462

James

Hardie

Industries

PLC

(Construction

Materials)(a)

.................

13

160

Kingspan

Group

PLC

(Building

Products)

14

1,251

Medtronic

PLC

(Health

Care

Equipment

&

Supplies)

....................

109

818

Ryanair

Holdings

PLC

(Passenger

Airlines)

(b)

........................

23

481

Smurfit

WestRock

PLC

(Containers

&

Packaging)

..................

21

304

TE

Connectivity

PLC

(Electronic

Equipment,

Instruments

&

Components)

.................

51

222

Trane

Technologies

PLC

(Building

Products)

....................

97

780

Israel

—

0.23%

22

Azrieli

Group

Ltd.

(Real

Estate

Management

&

Development)

..............

2

1,277

Bank

Hapoalim

BM

(Banks)

..........

25

1,511

Bank

Leumi

Le-Israel

BM,

Class

-

IS

(Banks)

.....................

28

87

Check

Point

Software

Technologies

Ltd.

(Software)(a)

.................

19

41

CyberArk

Software

Ltd.

(Software)(a)

...

17

934

ICL

Group

Ltd.

(Chemicals)

..........

6

—

Isracard

Ltd.

(Consumer

Finance)

......

—

1,301

Israel

Discount

Bank

Ltd.,

Class

-

A

(Banks)

13

165

Mizrahi

Tefahot

Bank

Ltd.

(Banks)

.....

11

41

Monday.com

Ltd.

(Software)(a)

........

13

55

Nice

Ltd.

(Software)(a)

..............

9

32

Wix.com

Ltd.

(IT

Services)(a)

.........

5

7

Wix.com

Ltd.

(IT

Services)(a)

.........

1

149

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Italy

—

0.80%

162

Banca

Mediolanum

SpA

(Financial

Services)

....................

$

3

1,071

Banco

BPM

SpA

(Banks)

............

13

793

BPER

Banca

SPA

(Banks)

...........

7

406

Davide

Campari-Milano

N.V.,

Class

-

M

(Beverages)(b)

................

3

13

DiaSorin

SpA

(Health

Care

Equipment

&

Supplies)

....................

1

8,038

Enel

SpA

(Electric

Utilities)(b)

........

76

2,245

Eni

SpA

(Oil,

Gas

&

Consumable

Fuels)

.

36

129

Ferrari

N.V.

(Automobiles)

...........

63

600

FinecoBank

Banca

Fineco

SpA

(Banks)

..

13

902

Generali

(Insurance)

................

32

208

Infrastrutture

Wireless

Italiane

SpA

(Diversified

Telecommunication

Services)(b)

..................

3

15,213

Intesa

Sanpaolo

SpA

(Banks)(b)

.......

88

500

Mediobanca

Banca

di

Credito

Finanziario

SpA

(Banks)

.................

12

242

Moncler

SpA

(Textiles,

Apparel

&

Luxury

Goods)

.....................

14

360

Nexi

SpA

(Financial

Services)(b)

......

2

467

Poste

Italiane

SpA

(Insurance)(b)

......

10

247

Prysmian

SpA

(Electrical

Equipment)

...

17

102

Recordati

Industria

Chimica

e

Farmaceutica

SpA

(Pharmaceuticals)

..........

6

1,988

Snam

SpA

(Gas

Utilities)

............

12

9,342

Telecom

Italia

SpA/Milano

(Diversified

Telecommunication

Services)(a)

...

5

1,480

Terna

-

Rete

Elettrica

Nazionale

(Electric

Utilities)

....................

15

1,375

UniCredit

SpA

(Banks)

..............

93

524

Japan

—

5.02%

800

Advantest

Corp.

(Semiconductors

&

Semiconductor

Equipment)(b)

.....

59

600

Aeon

Co.

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

18

200

AGC,

Inc.

(Building

Products)

........

6

300

Aisin

Corp.

(Automobile

Components)

..

4

200

ANA

Holdings,

Inc.

(Passenger

Airlines)(b)

4

1,500

Asahi

Kasei

Corp.

(Chemicals)

........

11

700

Asics

Corp.

(Textiles,

Apparel

&

Luxury

Goods)

.....................

18

600

Bandai

Namco

Holdings,

Inc.

(Leisure

Products)

....................

22

533

Bridgestone

Corp.

(Automobile

Components)

.................

22

1,000

Canon,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)

................

29

400

Capcom

Co.

Ltd.

(Entertainment)

......

14

700

Central

Japan

Railway

Co.

(Ground

Transportation)

...............

16

500

Chubu

Electric

Power

Co.,

Inc.

(Electric

Utilities)

....................

6

54

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Japan

(continued)

1,300

Concordia

Financial

Group

Ltd.

(Banks)

.

$

8

500

Dai

Nippon

Printing

Co.

Ltd.

(Commercial

Services

&

Supplies)

...........

8

290

Daifuku

Co.

Ltd.

(Machinery)

.........

7

3,644

Dai-ichi

Life

Holdings,

Inc.

(Insurance)

..

28

220

Daikin

Industries

Ltd.

(Building

Products)

26

500

Daiwa

House

Industry

Co.

Ltd.

(Real

Estate

Management

&

Development)

.....

17

1,500

Daiwa

Securities

Group,

Inc.

(Capital

Markets)

....................

11

2,024

Denso

Corp.

(Automobile

Components)

..

27

300

Dentsu

Group,

Inc.

(Media)

..........

7

105

Disco

Corp.

(Semiconductors

&

Semiconductor

Equipment)

.......

31

2,900

ENEOS

Holdings,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

14

845

FANUC

Corp.

(Machinery)

...........

23

200

Fast

Retailing

Co.

Ltd.

(Specialty

Retail)

.

69

100

Fuji

Electric

Co.

Ltd.

(Electrical

Equipment)

5

1,100

FUJIFILM

Holdings

Corp.

(Technology

Hardware,

Storage

&

Peripherals)

..

24

200

Fujikura

Ltd.

(Electrical

Equipment)

....

11

1,720

Fujitsu

Ltd.

(IT

Services)(b)

..........

42

200

Hankyu

Hanshin

Holdings,

Inc.

(Ground

Transportation)

...............

5

27

Hikari

Tsushin,

Inc.

(Industrial

Conglomerates)

...............

8

4,200

Honda

Motor

Co.

Ltd.

(Automobiles)

...

41

100

Hoshizaki

Corp.

(Machinery)

.........

3

400

Hoya

Corp.

(Health

Care

Equipment

&

Supplies)

....................

48

700

Hulic

Co.

Ltd.

(Real

Estate

Management

&

Development)

................

7

1,060

Idemitsu

Kosan

Co.

Ltd.

(Oil,

Gas

&

Consumable

Fuels)(b)

..........

6

100

IHI

Corp.

(Machinery)

..............

11

900

Inpex

Corp.

(Oil,

Gas

&

Consumable

Fuels)

13

600

Isuzu

Motors

Ltd.

(Automobiles)

.......

8

1,200

ITOCHU

Corp.

(Trading

Companies

&

Distributors)

.................

63

148

Japan

Airlines

Co.

Ltd.

(Passenger

Airlines)

(b)

........................

3

800

Japan

Exchange

Group,

Inc.

(Capital

Markets)

....................

8

300

Japan

Post

Insurance

Co.

Ltd.

(Insurance)(b)

7

200

JFE

Holdings,

Inc.

(Metals

&

Mining)(b)

.

2

500

Kajima

Corp.

(Construction

&

Engineering)

13

427

Kao

Corp.

(Personal

Care

Products)

.....

19

300

Kawasaki

Kisen

Kaisha

Ltd.

(Marine

Transportation)

...............

4

3,048

KDDI

Corp.

(Wireless

Telecommunication

Services)

....................

52

234

Keyence

Corp.

(Electronic

Equipment,

Instruments

&

Components)

......

94

200

Kobe

Bussan

Co.

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

6

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Japan

(continued)

800

Komatsu

Ltd.

(Machinery)

...........

$

26

100

Konami

Group

Corp.

(Entertainment)

...

16

800

Kubota

Corp.

(Machinery)

...........

9

1,300

Kyocera

Corp.

(Electronic

Equipment,

Instruments

&

Components)

......

16

200

Kyowa

Kirin

Co.

Ltd.

(Pharmaceuticals)

.

3

3,000

LY

Corp.

(Interactive

Media

&

Services)

.

11

300

M3,

Inc.

(Health

Care

Technology)

.....

4

300

Makita

Corp.

(Machinery)

...........

9

1,200

Marubeni

Corp.

(Trading

Companies

&

Distributors)

.................

24

400

MatsukiyoCocokara

&

Co.

(Consumer

Staples

Distribution

&

Retail)

.....

8

400

MINEBEA

MITSUMI,

Inc.

(Machinery)

.

6

3,400

Mitsubishi

Corp.

(Trading

Companies

&

Distributors)

.................

68

1,900

Mitsubishi

Electric

Corp.

(Electrical

Equipment)

..................

41

1,200

Mitsubishi

Estate

Co.

Ltd.

(Real

Estate

Management

&

Development)

.....

23

700

Mitsubishi

HC

Capital,

Inc.

(Financial

Services)

....................

5

3,200

Mitsubishi

Heavy

Industries

Ltd.

(Machinery)

.................

80

11,579

Mitsubishi

UFJ

Financial

Group,

Inc.

(Banks)

.....................

159

2,800

Mitsui

Fudosan

Co.

Ltd.

(Real

Estate

Management

&

Development)

.....

27

400

Mitsui

OSK

Lines

Ltd.

(Marine

Transportation)

...............

13

2,410

Mizuho

Financial

Group,

Inc.

(Banks)

...

67

400

MonotaRO

Co.

Ltd.

(Trading

Companies

&

Distributors)

.................

8

1,290

MS&AD

Insurance

Group

Holdings,

Inc.

(Insurance)

..................

29

1,511

Murata

Manufacturing

Co.

Ltd.

(Electronic

Equipment,

Instruments

&

Components)

.................

23

1,150

NEC

Corp.

(IT

Services)

.............

34

400

Nexon

Co.

Ltd.

(Entertainment)

.......

8

900

NIDEC

Corp.

(Electrical

Equipment)

....

18

1,050

Nintendo

Co.

Ltd.

(Entertainment)

......

101

8

Nippon

Building

Fund,

Inc.

(Office

REITs)

7

700

Nippon

Paint

Holdings

Co.

Ltd.

(Chemicals)

(b)

........................

6

1,000

Nippon

Steel

Corp.

(Metals

&

Mining)(b)

19

400

Nippon

Yusen

KK

(Marine

Transportation)

14

1,700

Nissan

Motor

Co.

Ltd.

(Automobiles)(a)

.

4

300

Nissin

Foods

Holdings

Co.

Ltd.

(Food

Products)(b)

.................

6

100

Nitori

Holdings

Co.

Ltd.

(Specialty

Retail)

10

800

Nitto

Denko

Corp.

(Chemicals)

........

16

2,600

Nomura

Holdings,

Inc.

(Capital

Markets)

.

17

435

Nomura

Research

Institute

Ltd.

(IT

Services)

....................

17

300

NTT

Data

Group

Corp.

(IT

Services)

....

8

55

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Japan

(continued)

30,850

NTT,

Inc.

(Diversified

Telecommunication

Services)

....................

$

33

500

Obayashi

Corp.

(Construction

&

Engineering)

.................

8

300

Obic

Co.

Ltd.

(IT

Services)

...........

12

900

Olympus

Corp.

(Health

Care

Equipment

&

Supplies)

....................

11

147

Omron

Corp.

(Electronic

Equipment,

Instruments

&

Components)

......

4

49

Oracle

Corp.

Japan

(Software)

.........

6

1,100

Oriental

Land

Co.

Ltd.

(Hotels,

Restaurants

&

Leisure)

...................

25

1,000

ORIX

Corp.

(Financial

Services)

.......

23

200

Osaka

Gas

Co.

Ltd.

(Gas

Utilities)

......

5

168

Otsuka

Corp.

(IT

Services)

...........

3

368

Pan

Pacific

International

Holdings

Corp.

(Broadline

Retail)

.............

13

2,100

Panasonic

Holdings

Corp.

(Household

Durables)

...................

23

1,600

Rakuten

Group,

Inc.

(Broadline

Retail)(a)(b)

9

1,400

Recruit

Holdings

Co.

Ltd.

(Professional

Services)

....................

83

1,400

Renesas

Electronics

Corp.

(Semiconductors

&

Semiconductor

Equipment)(b)

...

17

2,100

Resona

Holdings,

Inc.

(Banks)

........

19

400

Ricoh

Co.

Ltd.

(Technology

Hardware,

Storage

&

Peripherals)

..........

4

200

Sanrio

Co.

Ltd.

(Specialty

Retail)(b)

....

10

300

SBI

Holdings,

Inc.

(Capital

Markets)

....

10

200

SCSK

Corp.

(IT

Services)

............

6

500

Sekisui

Chemical

Co.

Ltd.

(Household

Durables)

...................

9

500

Sekisui

House

Ltd.

(Household

Durables)

11

2,201

Seven

&

i

Holdings

Co.

Ltd.

(Consumer

Staples

Distribution

&

Retail)

.....

36

200

SG

Holdings

Co.

Ltd.

(Air

Freight

&

Logistics)

...................

2

1,700

Shin-Etsu

Chemical

Co.

Ltd.

(Chemicals)

56

500

Shiseido

Co.

Ltd.

(Personal

Care

Products)

9

100

SMC

Corp.

(Machinery)

.............

36

29,600

SoftBank

Corp.

(Wireless

Telecommunication

Services)

.....

46

918

SoftBank

Group

Corp.

(Wireless

Telecommunication

Services)

.....

67

900

Sompo

Holdings,

Inc.

(Insurance)

......

27

6,100

Sony

Group

Corp.

(Household

Durables)

.

158

500

Subaru

Corp.

(Automobiles)

..........

9

1,000

Sumitomo

Corp.

(Trading

Companies

&

Distributors)

.................

26

700

Sumitomo

Electric

Industries

Ltd.

(Automobile

Components)

.......

15

400

Sumitomo

Metal

Mining

Co.

Ltd.

(Metals

&

Mining)

.....................

10

3,700

Sumitomo

Mitsui

Financial

Group,

Inc.

(Banks)

.....................

93

646

Sumitomo

Mitsui

Trust

Group,

Inc.

(Banks)

17

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Japan

(continued)

300

Sumitomo

Realty

&

Development

Co.

Ltd.

(Real

Estate

Management

&

Development)

................

$

12

100

Suntory

Beverage

&

Food

Ltd.

(Beverages)

3

1,300

Suzuki

Motor

Corp.

(Automobiles)

.....

16

500

T&D

Holdings,

Inc.

(Insurance)

.......

11

200

Taisei

Corp.

(Construction

&

Engineering)

12

2,000

TDK

Corp.

(Electronic

Equipment,

Instruments

&

Components)

......

24

1,400

Terumo

Corp.

(Health

Care

Equipment

&

Supplies)(b)

..................

26

400

The

Chiba

Bank

Ltd.

(Banks)

.........

4

1,000

The

Kansai

Electric

Power

Co.,

Inc.

(Electric

Utilities)

.............

12

200

TIS,

Inc.

(IT

Services)

..............

7

145

Toho

Co.

Ltd.

(Entertainment)

.........

9

1,893

Tokio

Marine

Holdings,

Inc.

(Insurance)

.

80

400

Tokyo

Electron

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

.......

77

300

Tokyo

Gas

Co.

Ltd.

(Gas

Utilities)

......

10

200

Tokyo

Metro

Co.

Ltd.

(Ground

Transportation)

...............

2

200

TOPPAN

Holdings,

Inc.

(Commercial

Services

&

Supplies)

...........

5

1,500

Toray

Industries,

Inc.

(Chemicals)

......

10

200

Toyota

Industries

Corp.

(Machinery)

....

23

100

Trend

Micro,

Inc.

(Software)

..........

7

900

Unicharm

Corp.

(Household

Products)

...

7

200

Yakult

Honsha

Co.

Ltd.

(Food

Products)

.

4

1,200

Yamaha

Motor

Co.

Ltd.

(Automobiles)

..

9

200

Yokogawa

Electric

Corp.

(Electronic

Equipment,

Instruments

&

Components)

.................

5

100

Zensho

Holdings

Co.

Ltd.

(Hotels,

Restaurants

&

Leisure)

..........

6

600

ZOZO,

Inc.

(Specialty

Retail)(b)

.......

6

3,306

Luxembourg

—

0.04%

496

ArcelorMittal

SA

(Metals

&

Mining)

....

17

168

CVC

Capital

Partners

PLC

(Capital

Markets)(b)

..................

3

447

Tenaris

SA

(Energy

Equipment

&

Services)

8

28

Netherlands

—

1.46%

490

ABN

AMRO

Bank

N.V.,

Class

-

CV

(Banks)

(b)

........................

13

25

Adyen

N.V.

(Financial

Services)(a)(b)

...

46

1,544

Aegon

Ltd.

(Insurance)

..............

11

176

Akzo

Nobel

N.V.

(Chemicals)

.........

12

61

Argenx

SE

(Biotechnology)(a)

........

34

43

ASM

International

N.V.

(Semiconductors

&

Semiconductor

Equipment)

.......

28

56

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Netherlands

(continued)

393

ASML

Holding

N.V.

(Semiconductors

&

Semiconductor

Equipment)(b)

.....

$

315

136

ASR

Nederland

N.V.

(Insurance)

.......

9

82

BE

Semiconductor

Industries

N.V.

(Semiconductors

&

Semiconductor

Equipment)

..................

12

76

Euronext

N.V.

(Capital

Markets)(b)

.....

13

522

Ferrovial

SE

(Construction

&

Engineering)

28

124

Heineken

Holding

N.V.

(Beverages)

....

9

303

Heineken

N.V.

(Beverages)

...........

26

69

IMCD

N.V.

(Trading

Companies

&

Distributors)(b)

...............

9

3,132

ING

Groep

N.V.

(Banks)

.............

69

156

JDE

Peet's

N.V.

(Food

Products)

.......

4

870

Koninklijke

Ahold

Delhaize

N.V.

(Consumer

Staples

Distribution

&

Retail)

.....

36

4,036

Koninklijke

KPN

N.V.

(Diversified

Telecommunication

Services)

.....

20

876

Koninklijke

Philips

N.V.

(Health

Care

Equipment

&

Supplies)

.........

21

245

NN

Group

N.V.

(Insurance)

...........

16

249

NXP

Semiconductors

N.V.

(Semiconductors

&

Semiconductor

Equipment)

.....

54

1,306

Prosus

N.V.,

Class

N

(Broadline

Retail)(a)

(b)

........................

74

126

Randstad

N.V.

(Professional

Services)

...

6

2,125

Stellantis

N.V.

(Automobiles)

.........

21

1,083

Universal

Music

Group

N.V.

(Entertainment)

...............

35

238

Wolters

Kluwer

N.V.

(Professional

Services)

40

961

New

Zealand

—

0.08%

1,518

Auckland

International

Airport

Ltd.

(Transportation

Infrastructure)

.....

7

608

Contact

Energy

Ltd.

(Electric

Utilities)

..

3

545

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

(Health

Care

Equipment

&

Supplies)

12

837

Infratil

Ltd.

(Industrial

Conglomerates)

..

5

1,622

Meridian

Energy

Ltd.

(Independent

Power

and

Renewable

Electricity

Producers)

6

162

Xero

Ltd.

(Software)(a)

.............

20

53

Norway

—

0.15%

348

Aker

BP

ASA

(Oil,

Gas

&

Consumable

Fuels)

......................

9

886

DNB

Bank

ASA

(Banks)

............

24

815

Equinor

ASA

(Oil,

Gas

&

Consumable

Fuels)

......................

21

121

Gjensidige

Forsikring

ASA

(Insurance)

..

3

382

Mowi

ASA

(Food

Products)(b)

........

7

1,334

Norsk

Hydro

ASA

(Metals

&

Mining)

...

8

859

Orkla

ASA

(Food

Products)

..........

9

82

Salmar

ASA

(Food

Products)

.........

4

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Norway

(continued)

661

Telenor

ASA

(Diversified

Telecommunication

Services)

.....

$

10

179

Yara

International

ASA

(Chemicals)

....

7

102

Poland

—

0.00%

185

InPost

SA

(Air

Freight

&

Logistics)(a)

...

3

Portugal

—

0.04%

3,186

EDP

SA

(Electric

Utilities)

...........

13

481

Galp

Energia

SGPS

SA,

Class

B

(Oil,

Gas

&

Consumable

Fuels)(b)

..........

9

257

Jeronimo

Martins

SGPS

SA

(Consumer

Staples

Distribution

&

Retail)(b)

...

7

29

Singapore

—

0.46%

2,350

CapitaLand

Ascendas

REIT

(Industrial

REITs)(b)

...................

5

4,839

CapitaLand

Integrated

Commercial

Trust

(Retail

REITs)(b)

..............

8

2,800

CapitaLand

Investment

Ltd.

(Real

Estate

Management

&

Development)

.....

6

2,136

DBS

Group

Holdings

Ltd.

(Banks)

.....

76

2,378

Grab

Holdings

Ltd.

(Ground

Transportation)

(a)

........................

12

1,200

Keppel

Ltd.

(Industrial

Conglomerates)

..

7

3,635

Oversea-Chinese

Banking

Corp.

Ltd.

(Banks)

.....................

47

381

Sea

Ltd.,

ADR

(Entertainment)(a)

......

61

1,000

Sembcorp

Industries

Ltd.

(Multi-Utilities)

5

1,700

Singapore

Airlines

Ltd.

(Passenger

Airlines)

(b)

........................

9

900

Singapore

Exchange

Ltd.

(Capital

Markets)

11

6,800

Singapore

Telecommunications

Ltd.

(Diversified

Telecommunication

Services)

....................

20

1,200

United

Overseas

Bank

Ltd.

(Banks)

.....

34

1,400

Wilmar

International

Ltd.

(Food

Products)

3

304

Spain

—

0.90%

30

Acciona

SA

(Electric

Utilities)

........

5

145

ACS

Actividades

de

Construccion

y

Servicios

SA

(Construction

&

Engineering)

.................

10

780

Aena

SME

SA

(Transportation

Infrastructure)(b)

..............

21

459

Amadeus

IT

Group

SA

(Hotels,

Restaurants

&

Leisure)

...................

39

5,682

Banco

Bilbao

Vizcaya

Argentaria

SA

(Banks)

.....................

87

5,497

Banco

de

Sabadell

SA

(Banks)

........

18

14,936

Banco

Santander

SA

(Banks)(b)

.......

124

639

Bankinter

SA

(Banks)

...............

8

57

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Spain

(continued)

3,829

CaixaBank

SA

(Banks)

..............

$

33

479

Cellnex

Telecom

SA

(Diversified

Telecommunication

Services)(b)

...

19

226

EDP

Renovaveis

SA

(Independent

Power

and

Renewable

Electricity

Producers)

3

324

Endesa

SA

(Electric

Utilities)

.........

10

5,851

Iberdrola

SA

(Electric

Utilities)

........

112

1,090

Industria

de

Diseno

Textil

SA

(Specialty

Retail)

......................

57

440

Redeia

Corp.

SA

(Electric

Utilities)

.....

9

1,089

Repsol

SA

(Oil,

Gas

&

Consumable

Fuels)

16

3,602

Telefonica

SA

(Diversified

Telecommunication

Services)

.....

19

590

Sweden

—

0.98%

277

AddTech

AB,

B

Shares

(Trading

Companies

&

Distributors)

...............

9

272

Alfa

Laval

AB

(Machinery)

..........

11

979

Assa

Abloy

AB,

Class

-

B

(Building

Products)

....................

31

2,663

Atlas

Copco

AB,

Class

-

A

(Machinery)

..

43

1,461

Atlas

Copco

AB,

Class

-

B

(Machinery)

..

21

394

Beijer

Ref

AB

(Trading

Companies

&

Distributors)(b)

...............

6

308

Boliden

AB

(Metals

&

Mining)(a)

......

10

610

Epiroc

AB,

Class

-

A

(Machinery)

......

13

417

Epiroc

AB,

Class

-

B

(Machinery)

......

8

333

EQT

AB

(Capital

Markets)

...........

11

567

Essity

AB,

Class

-

B

(Household

Products)

16

670

Fastighets

AB

Balder,

B

shares

(Real

Estate

Management

&

Development)(a)

...

5

625

H

&

M

Hennes

&

Mauritz

AB,

Class

-

B

(Specialty

Retail)

..............

9

2,105

Hexagon

AB,

Class

-

B

(Electronic

Equipment,

Instruments

&

Components)

.................

21

106

Holmen

AB,

B

shares

(Paper

&

Forest

Products)

....................

4

203

Industrivarden

AB,

Class

-

A

(Financial

Services)(b)

..................

7

104

Industrivarden

AB,

Class

-

C

(Financial

Services)

....................

4

239

Indutrade

AB

(Machinery)

...........

7

81

Investment

AB

Latour,

Class

-

B

(Industrial

Conglomerates)

...............

2

1,649

Investor

AB,

Class

-

B

(Financial

Services)

49

99

L

E

Lundbergforetagen

AB,

Class

-

B

(Financial

Services)

............

5

246

Lifco

AB,

Class

-

B

(Industrial

Conglomerates)

...............

10

1,759

Nibe

Industrier

AB,

Class

-

B

(Building

Products)

....................

8

270

Sagax

AB,

Class

-

B

(Real

Estate

Management

&

Development)

.....

6

1,023

Sandvik

AB

(Machinery)

............

23

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Sweden

(continued)

547

Securitas

AB,

Class

-

B

(Commercial

Services

&

Supplies)

...........

$

8

1,623

Skandinaviska

Enskilda

Banken

AB,

Class

-

A

(Banks)

...................

28

338

Skanska

AB,

Class

-

B

(Construction

&

Engineering)

.................

8

301

SKF

AB,

B

shares

(Machinery)

........

7

152

Spotify

Technology

SA

(Entertainment)(a)

116

735

Svenska

Cellulosa

AB

SCA,

Class

-

B

(Paper

&

Forest

Products)

........

10

1,410

Svenska

Handelsbanken

AB,

Class

-

A

(Banks)

.....................

19

864

Swedbank

AB,

Class

-

A

(Banks)

.......

23

530

Tele2

AB,

B

shares

(Wireless

Telecommunication

Services)

.....

8

2,787

Telefonaktiebolaget

LM

Ericsson,

Class

-

B

(Communications

Equipment)

.....

24

2,255

Telia

Co.

AB

(Diversified

Telecommunication

Services)(b)

...

8

170

Trelleborg

AB,

Class

-

B

(Machinery)

...

6

1,525

Volvo

AB,

Class

-

B

(Machinery)

......

43

647

Switzerland

—

2.18%

1,564

ABB

Ltd.,

Registered

Shares

(Electrical

Equipment)

..................

93

497

Alcon

AG

(Health

Care

Equipment

&

Supplies)

....................

44

1,495

Amcor

PLC

(Containers

&

Packaging)

...

14

915

Amcor

PLC

(Containers

&

Packaging)

...

8

66

Avolta

AG

(Specialty

Retail)

..........

4

36

Baloise

Holding

AG,

Registered

Shares

(Insurance)

..................

8

26

Banque

Cantonale

Vaudoise,

Registered

Shares

(Banks)

................

3

5

Barry

Callebaut

AG,

Registered

Shares

(Food

Products)(b)

.............

5

14

BKW

AG

(Electric

Utilities)

..........

3

2

Chocoladefabriken

Lindt

&

Spruengli

AG,

Class

-

PC

(Food

Products)

.......

34

373

Chubb

Ltd.

(Insurance)

..............

108

534

Cie

Financiere

Richemont

SA,

Registered

Shares

(Textiles,

Apparel

&

Luxury

Goods)

.....................

101

216

Coca-Cola

HBC

AG,

Class

DI

(Beverages)

11

193

DSM-Firmenich

AG

(Chemicals)

......

21

8

EMS-Chemie

Holding

AG

(Chemicals)

..

6

101

Galderma

Group

AG

(Pharmaceuticals)

..

15

152

Garmin

Ltd.

(Household

Durables)

.....

32

34

Geberit

AG,

Registered

Shares

(Building

Products)

....................

27

10,153

Glencore

PLC

(Metals

&

Mining)(b)

....

40

40

Helvetia

Holding

AG,

Registered

Shares

(Insurance)

..................

9

519

Holcim

AG

(Construction

Materials)(b)

..

39

217

Julius

Baer

Group

Ltd.

(Capital

Markets)

.

15

58

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Switzerland

(continued)

49

Kuehne

+

Nagel

International

AG,

Class

-

R

(Marine

Transportation)

.........

$

11

159

Logitech

International

SA,

Class

-

R

(Technology

Hardware,

Storage

&

Peripherals)

..................

14

2,595

Nestle

SA,

Registered

Shares

(Food

Products)

....................

257

23

Partners

Group

Holding

AG

(Capital

Markets)

....................

30

45

Schindler

Holding

AG,

Class

-

PC

(Machinery)

.................

17

19

Schindler

Holding

AG,

Registered

Shares

(Machinery)

.................

7

158

SGS

SA,

Registered

Shares

(Professional

Services)

....................

16

331

SIG

Group

AG

(Containers

&

Packaging)(b)

6

159

Sika

AG,

Registered

Shares

(Chemicals)(b)

43

51

Sonova

Holding

AG

(Health

Care

Equipment

&

Supplies)(b)

.......

15

694

STMicroelectronics

N.V.

(Semiconductors

&

Semiconductor

Equipment)

.....

21

116

Straumann

Holding

AG,

R

Shares

(Health

Care

Equipment

&

Supplies)

......

15

29

Swiss

Life

Holding

AG,

Registered

(Insurance)

..................

29

85

Swiss

Prime

Site

AG,

Registered

Shares

(Real

Estate

Management

&

Development)

................

13

300

Swiss

Re

AG

(Insurance)

............

52

26

Swisscom

AG,

Registered

Shares

(Diversified

Telecommunication

Services)

....................

18

43

Temenos

AG,

Registered

Shares

(Software)

3

30

The

Swatch

Group

AG,

Class

-

BR

(Textiles,

Apparel

&

Luxury

Goods)

.......

5

3,272

UBS

Group

AG

(Capital

Markets)

......

110

28

VAT

Group

AG

(Machinery)(b)

........

12

144

Zurich

Insurance

Group

AG

(Insurance)

..

101

1,435

United

Arab

Emirates

—

0.00%

118

NMC

Health

PLC

(Health

Care

Providers

&

Services)(a)(c)

................

—

United

Kingdom

—

3.15%

956

3i

Group

PLC

(Capital

Markets)

.......

54

277

Admiral

Group

PLC

(Insurance)

.......

12

1,148

Anglo

American

PLC

(Metals

&

Mining)

.

34

191

Aon

PLC,

Class

-

A

(Insurance)

........

68

400

Ashtead

Group

PLC

(Trading

Companies

&

Distributors)

.................

26

324

Associated

British

Foods

PLC

(Food

Products)

....................

9

998

Auto

Trader

Group

PLC

(Interactive

Media

&

Services)(b)

................

11

2,748

Aviva

PLC

(Insurance)

..............

23

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

United

Kingdom

(continued)

14,308

Barclays

PLC

(Banks)(b)

............

$

66

1,101

Barratt

Redrow

PLC

(Household

Durables)

(b)

........................

7

15,645

BP

PLC

(Oil,

Gas

&

Consumable

Fuels)

.

79

6,314

BT

Group

PLC

(Diversified

Telecommunication

Services)

.....

17

360

Bunzl

PLC

(Trading

Companies

&

Distributors)

.................

11

5,198

Centrica

PLC

(Multi-Utilities)(b)

.......

12

884

CNH

Industrial

N.V.

(Machinery)

......

11

245

Coca-Cola

Europacific

Partners

PLC

(Beverages)

..................

23

1,710

Compass

Group

PLC

(Hotels,

Restaurants

&

Leisure)

....................

58

147

Croda

International

PLC

(Chemicals)(b)

.

6

2,228

Diageo

PLC

(Beverages)

............

56

8,926

Haleon

PLC

(Personal

Care

Products)

...

46

438

Halma

PLC

(Electronic

Equipment,

Instruments

&

Components)

......

19

17,638

HSBC

Holdings

PLC

(Banks)

.........

214

1,308

Informa

PLC

(Media)

...............

14

140

InterContinental

Hotels

Group

PLC

(Hotels,

Restaurants

&

Leisure)

..........

16

1,172

International

Consolidated

Airlines

Group

SA

(Passenger

Airlines)

.........

6

139

Intertek

Group

PLC

(Professional

Services)

9

1,913

J

Sainsbury

PLC

(Consumer

Staples

Distribution

&

Retail)

...........

8

1,475

JD

Sports

Fashion

PLC

(Specialty

Retail)

2

1,298

Kingfisher

PLC

(Specialty

Retail)

......

5

676

Land

Securities

Group

PLC

(Diversified

REITs)

.....................

6

5,461

Legal

&

General

Group

PLC

(Insurance)

.

19

59,678

Lloyds

Banking

Group

PLC

(Banks)

....

63

473

London

Stock

Exchange

Group

PLC

(Capital

Markets)(b)

............

69

2,172

M&G

PLC

(Financial

Services)

........

8

1,735

Marks

&

Spencer

Group

PLC

(Consumer

Staples

Distribution

&

Retail)

.....

8

458

Mondi

PLC

(Paper

&

Forest

Products)

...

7

4,878

National

Grid

PLC

(Multi-Utilities)

.....

71

8,013

NatWest

Group

PLC

(Banks)(b)

.......

56

117

Next

PLC

(Broadline

Retail)

..........

20

621

Pearson

PLC

(Diversified

Consumer

Services)

....................

9

166

Pentair

PLC

(Machinery)

............

17

784

Phoenix

Group

Holdings

PLC

(Insurance)

7

1,839

RELX

PLC

(Professional

Services)

.....

99

2,488

Rentokil

Initial

PLC

(Commercial

Services

&

Supplies)

..................

12

1,153

Rio

Tinto

PLC

(Metals

&

Mining)

......

67

400

Schroders

PLC

(Capital

Markets)

......

2

1,320

Segro

PLC

(Industrial

REITs)

.........

12

294

Severn

Trent

PLC

(Water

Utilities)(b)

...

11

5,963

Shell

PLC

(Oil,

Gas

&

Consumable

Fuels)

210

59

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

United

Kingdom

(continued)

838

Smith

&

Nephew

PLC

(Health

Care

Equipment

&

Supplies)

.........

$

13

372

Smiths

Group

PLC

(Industrial

Conglomerates)

...............

11

51

Spirax

Group

PLC

(Machinery)

........

4

1,149

SSE

PLC

(Electric

Utilities)

..........

29

1,886

Standard

Chartered

PLC

(Banks)

.......

31

6,733

Tesco

PLC

(Consumer

Staples

Distribution

&

Retail)

....................

37

1,013

The

Sage

Group

PLC

(Software)

.......

17

2,487

Unilever

PLC

(Personal

Care

Products)

..

152

557

United

Utilities

Group

PLC

(Water

Utilities)

9

19,217

Vodafone

Group

PLC

(Wireless

Telecommunication

Services)

.....

21

124

Whitbread

PLC

(Hotels,

Restaurants

&

Leisure)

....................

5

99

Willis

Towers

Watson

PLC

(Insurance)

..

30

716

Wise

PLC,

Class

-

A

(Financial

Services)(a)

10

1,137

WPP

PLC

(Media)

.................

8

2,072

United

States

—

71.19%

424

Adobe,

Inc.

(Software)(a)

............

164

1,625

Advanced

Micro

Devices,

Inc.

(Semiconductors

&

Semiconductor

Equipment)(a)

................

231

143

AECOM

(Construction

&

Engineering)

..

16

514

Aflac,

Inc.

(Insurance)

..............

54

220

Air

Products

and

Chemicals,

Inc.

(Chemicals)

..................

62

431

Airbnb,

Inc.,

Class

-

A

(Hotels,

Restaurants

&

Leisure)(a)

.................

57

159

Akamai

Technologies,

Inc.

(IT

Services)(a)

13

322

Albertsons

Cos.,

Inc.,

Class

-

A

(Consumer

Staples

Distribution

&

Retail)

.....

7

177

Alexandria

Real

Estate

Equities,

Inc.

(Office

REITs)

.....................

13

73

Align

Technology,

Inc.

(Health

Care

Equipment

&

Supplies)(a)

.......

14

251

Alliant

Energy

Corp.

(Electric

Utilities)

..

15

5,785

Alphabet,

Inc.,

Class

-

A

(Interactive

Media

&

Services)

..................

1,019

4,899

Alphabet,

Inc.,

Class

-

C

(Interactive

Media

&

Services)

..................

869

9,461

Amazon.com,

Inc.

(Broadline

Retail)(a)

..

2,076

268

Ameren

Corp.

(Multi-Utilities)

........

26

522

American

Electric

Power

Co.,

Inc.

(Electric

Utilities)

....................

54

564

American

Express

Co.

(Consumer

Finance)

180

58

American

Financial

Group,

Inc.

(Insurance)

7

345

American

Homes

4

Rent,

Class

-

A

(Residential

REITs)

............

12

589

American

International

Group,

Inc.

(Insurance)

..................

50

460

American

Tower

Corp.

(Specialized

REITs)

102

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

United

States

(continued)

196

American

Water

Works

Co.,

Inc.

(Water

Utilities)

....................

$

27

96

Ameriprise

Financial,

Inc.

(Capital

Markets)

51

239

AMETEK,

Inc.

(Electrical

Equipment)

...

43

1,182

Amphenol

Corp.,

Class

-

A

(Electronic

Equipment,

Instruments

&

Components)

.................

117

519

Amrize

Ltd.

(Biotechnology)(a)

.......

26

498

Analog

Devices,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.......

119

631

Annaly

Capital

Management,

Inc.

(Mortgage

Real

Estate

Investment

Trusts

(REITs))

...............

12

88

ANSYS,

Inc.

(Software)(a)

...........

31

394

Apollo

Global

Management,

Inc.

(Financial

Services)

....................

56

14,894

Apple,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)

................

3,056

816

Applied

Materials,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.......

149

230

AppLovin

Corp.,

Class

-

A

(Software)(a)

.

81

491

Archer-Daniels-Midland

Co.

(Food

Products)

....................

26

204

Ares

Management

Corp.,

Class

-

A

(Capital

Markets)

....................

35

1,057

Arista

Networks,

Inc.

(Communications

Equipment)(a)

................

108

253

Arthur

J.

Gallagher

&

Co.

(Insurance)

...

81

7,169

AT&T,

Inc.

(Diversified

Telecommunication

Services)

....................

207

153

Atmos

Energy

Corp.

(Gas

Utilities)

.....

24

213

Autodesk,

Inc.

(Software)(a)

..........

66

402

Automatic

Data

Processing,

Inc.

(Professional

Services)

..........

124

16

AutoZone,

Inc.

(Specialty

Retail)(a)

.....

59

135

AvalonBay

Communities,

Inc.

(Residential

REITs)

.....................

27

710

Avantor,

Inc.

(Life

Sciences

Tools

&

Services)(a)

..................

10

74

Avery

Dennison

Corp.

(Containers

&

Packaging)

..................

13

72

Axon

Enterprise,

Inc.

(Aerospace

&

Defense)(a)

..................

60

984

Baker

Hughes

Co.

(Energy

Equipment

&

Services)

....................

38

266

Ball

Corp.

(Containers

&

Packaging)

....

15

7,141

Bank

of

America

Corp.

(Banks)

........

338

515

Baxter

International,

Inc.

(Health

Care

Equipment

&

Supplies)

.........

16

126

Bentley

Systems,

Inc.,

Class

-

B

(Software)

7

1,328

Berkshire

Hathaway,

Inc.,

Class

-

B

(Financial

Services)(a)

..........

645

208

Best

Buy

Co.,

Inc.

(Specialty

Retail)

....

14

145

Blackrock,

Inc.

(Capital

Markets)

......

152

711

Blackstone,

Inc.

(Capital

Markets)

......

106

561

Block,

Inc.

(Financial

Services)(a)

......

38

60

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

United

States

(continued)

32

Booking

Holdings,

Inc.

(Hotels,

Restaurants

&

Leisure)

...................

$

185

128

Booz

Allen

Hamilton

Holding

Corp.

(Professional

Services)

..........

13

1,459

Boston

Scientific

Corp.

(Health

Care

Equipment

&

Supplies)(a)

.......

157

4,431

Broadcom,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.......

1,221

114

Broadridge

Financial

Solutions,

Inc.

(Professional

Services)

..........

28

411

Brookfield

Asset

Management

Ltd.,

Class

-

A

(Capital

Markets)

............

23

63

Brookfield

Renewable

Corp.

(Independent

Power

and

Renewable

Electricity

Producers)

...................

2

238

Brown

&

Brown,

Inc.

(Insurance)

......

26

201

Brown-Forman

Corp.,

Class

-

B

(Beverages)

5

117

Builders

FirstSource,

Inc.

(Building

Products)(a)

..................

14

113

Bunge

Global

SA

(Food

Products)

......

9

64

Burlington

Stores,

Inc.

(Specialty

Retail)(a)

15

143

BXP,

Inc.

(Office

REITs)

............

10

271

Cadence

Design

Systems,

Inc.

(Software)(a)

84

97

Camden

Property

Trust

(Residential

REITs)

11

632

Capital

One

Financial

Corp.

(Consumer

Finance)

....................

134

241

Cardinal

Health,

Inc.

(Health

Care

Providers

&

Services)

..................

40

46

Carlisle

Cos.,

Inc.

(Building

Products)

...

17

1,046

Carnival

Corp.

(Hotels,

Restaurants

&

Leisure)(a)

..................

29

764

Carrier

Global

Corp.

(Building

Products)

.

56

123

Carvana

Co.

(Specialty

Retail)(a)

......

41

476

Caterpillar,

Inc.

(Machinery)

..........

185

102

Cboe

Global

Markets,

Inc.

(Capital

Markets)

24

293

CBRE

Group,

Inc.,

Class

-

A

(Real

Estate

Management

&

Development)(a)

...

41

118

CDW

Corp.

(Electronic

Equipment,

Instruments

&

Components)

......

21

185

Cencora,

Inc.

(Health

Care

Providers

&

Services)

....................

55

503

Centene

Corp.

(Health

Care

Providers

&

Services)(a)

..................

27

644

CenterPoint

Energy,

Inc.

(Multi-Utilities)

.

24

174

CF

Industries

Holdings,

Inc.

(Chemicals)

.

16

127

CH

Robinson

Worldwide,

Inc.

(Air

Freight

&

Logistics)

.................

12

91

Charter

Communications,

Inc.,

Class

-

A

(Media)(a)

...................

37

220

Cheniere

Energy,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

54

1,634

Chevron

Corp.

(Oil,

Gas

&

Consumable

Fuels)

......................

234

1,361

Chipotle

Mexican

Grill,

Inc.

(Hotels,

Restaurants

&

Leisure)(a)

........

76

157

Cincinnati

Financial

Corp.

(Insurance)

...

23

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

United

States

(continued)

356

Cintas

Corp.

(Commercial

Services

&

Supplies)

....................

$

79

3,912

Cisco

Systems,

Inc.

(Communications

Equipment)

..................

271

1,870

Citigroup,

Inc.

(Banks)

..............

159

389

Citizens

Financial

Group,

Inc.

(Banks)

...

17

304

Cloudflare,

Inc.,

Class

-

A

(IT

Services)(a)

60

363

CME

Group,

Inc.

(Capital

Markets)

.....

100

295

CMS

Energy

Corp.

(Multi-Utilities)

.....

20

489

Cognizant

Technology

Solutions

Corp.,

Class

-

A

(IT

Services)

..........

38

193

Coinbase

Global,

Inc.,

Class

-

A

(Capital

Markets)(a)

..................

68

767

Colgate-Palmolive

Co.

(Household

Products)

....................

70

3,712

Comcast

Corp.,

Class

-

A

(Media)

......

132

532

Conagra

Brands,

Inc.

(Food

Products)

...

11

1,246

ConocoPhillips

(Oil,

Gas

&

Consumable

Fuels)

......................

112

366

Consolidated

Edison,

Inc.

(Multi-Utilities)

37

166

Constellation

Brands,

Inc.,

Class

-

A

(Beverages)

..................

27

306

Constellation

Energy

Corp.

(Electric

Utilities)

....................

99

916

Copart,

Inc.

(Commercial

Services

&

Supplies)(a)

..................

45

284

Corebridge

Financial,

Inc.

(Financial

Services)

....................

10

69

Corpay,

Inc.

(Software)(a)

............

23

679

Corteva,

Inc.

(Chemicals)

............

51

426

CoStar

Group,

Inc.

(Real

Estate

Management

&

Development)(a)

...

34

438

Costco

Wholesale

Corp.

(Consumer

Staples

Distribution

&

Retail)

...........

434

738

Coterra

Energy,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

19

671

CRH

PLC

(Construction

Materials)

.....

62

244

Crowdstrike

Holdings,

Inc.,

Class

-

A

(Software)(a)

.................

124

438

Crown

Castle,

Inc.

(Specialized

REITs)

..

45

98

Crown

Holdings,

Inc.

(Containers

&

Packaging)

..................

10

1,875

CSX

Corp.

(Ground

Transportation)

....

61

135

Cummins,

Inc.

(Machinery)

..........

44

1,245

CVS

Health

Corp.

(Health

Care

Providers

&

Services)

....................

86

285

D.R.

Horton,

Inc.

(Household

Durables)

..

37

118

Darden

Restaurants,

Inc.

(Hotels,

Restaurants

&

Leisure)

..........

26

284

Datadog,

Inc.,

Class

-

A

(Software)(a)

...

38

39

DaVita,

Inc.

(Health

Care

Providers

&

Services)(a)

..................

6

153

Deckers

Outdoor

Corp.

(Textiles,

Apparel

&

Luxury

Goods)(a)

.............

16

254

Deere

&

Co.

(Machinery)

............

129

61

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

United

States

(continued)

321

Dell

Technologies,

Inc.,

Class

-

C

(Technology

Hardware,

Storage

&

Peripherals)

..................

$

39

165

Delta

Air

Lines,

Inc.

(Passenger

Airlines)

.

8

645

Devon

Energy

Corp.

(Oil,

Gas

&

Consumable

Fuels)

.............

21

389

Dexcom,

Inc.

(Health

Care

Equipment

&

Supplies)(a)

..................

34

193

Diamondback

Energy,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

27

45

Dick's

Sporting

Goods,

Inc.

(Specialty

Retail)

......................

9

346

Digital

Realty

Trust,

Inc.

(Specialized

REITs)

.....................

60

204

Docusign,

Inc.

(Software)(a)

..........

16

220

Dollar

General

Corp.

(Consumer

Staples

Distribution

&

Retail)

...........

25

207

Dollar

Tree,

Inc.

(Consumer

Staples

Distribution

&

Retail)(a)

.........

21

845

Dominion

Energy,

Inc.

(Multi-Utilities)

..

48

35

Domino's

Pizza,

Inc.

(Hotels,

Restaurants

&

Leisure)

....................

16

348

DoorDash,

Inc.,

Class

-

A

(Hotels,

Restaurants

&

Leisure)(a)

........

86

123

Dover

Corp.

(Machinery)

............

23

792

Dow,

Inc.

(Chemicals)

..............

21

202

DTE

Energy

Co.

(Multi-Utilities)

......

27

788

Duke

Energy

Corp.

(Electric

Utilities)

...

93

416

DuPont

de

Nemours,

Inc.

(Chemicals)

...

29

307

Dynatrace,

Inc.

(Software)(a)

.........

17

470

eBay,

Inc.

(Broadline

Retail)

..........

35

247

Ecolab,

Inc.

(Chemicals)

.............

67

389

Edison

International

(Electric

Utilities)

..

20

582

Edwards

Lifesciences

Corp.

(Health

Care

Equipment

&

Supplies)(a)

.......

46

247

Electronic

Arts,

Inc.

(Entertainment)

....

39

223

Elevance

Health,

Inc.

(Health

Care

Providers

&

Services)

...........

87

41

EMCOR

Group,

Inc.

(Construction

&

Engineering)

.................

22

561

Emerson

Electric

Co.

(Electrical

Equipment)

75

160

Entegris,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.......

13

428

Entergy

Corp.

(Electric

Utilities)

.......

36

551

EOG

Resources,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

66

563

EQT

Corp.

(Oil,

Gas

&

Consumable

Fuels)

33

123

Equifax,

Inc.

(Professional

Services)

....

32

96

Equinix,

Inc.

(Specialized

REITs)

......

76

275

Equitable

Holdings,

Inc.

(Financial

Services)

....................

15

172

Equity

LifeStyle

Properties,

Inc.

(Residential

REITs)

............

11

333

Equity

Residential

(Residential

REITs)

..

22

21

Erie

Indemnity

Co.,

Class

-

A

(Insurance)

.

7

205

Essential

Utilities,

Inc.

(Water

Utilities)

..

8

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

United

States

(continued)

60

Essex

Property

Trust,

Inc.

(Residential

REITs)

.....................

$

17

238

Evergy,

Inc.

(Electric

Utilities)

........

16

370

Eversource

Energy

(Electric

Utilities)

...

24

996

Exelon

Corp.

(Electric

Utilities)

.......

43

198

Expand

Energy

Corp.

(Oil,

Gas

&

Consumable

Fuels)

.............

23

123

Expedia

Group,

Inc.

(Hotels,

Restaurants

&

Leisure)

....................

21

148

Expeditors

International

of

Washington,

Inc.

(Air

Freight

&

Logistics)

........

17

219

Extra

Space

Storage,

Inc.

(Specialized

REITs)

.....................

32

4,303

Exxon

Mobil

Corp.

(Oil,

Gas

&

Consumable

Fuels)

......................

464

57

F5,

Inc.

(Communications

Equipment)(a)

.

17

38

FactSet

Research

Systems,

Inc.

(Capital

Markets)

....................

17

24

Fair

Isaac

Corp.

(Software)(a)

.........

44

1,126

Fastenal

Co.

(Trading

Companies

&

Distributors)

.................

47

229

FedEx

Corp.

(Air

Freight

&

Logistics)

...

52

200

Ferguson

Enterprises,

Inc.

(Trading

Companies

&

Distributors)

.......

44

261

Fidelity

National

Financial,

Inc.

(Insurance)

15

538

Fidelity

National

Information

Services,

Inc.

(Financial

Services)

............

44

613

Fifth

Third

Bancorp

(Banks)

..........

25

9

First

Citizens

BancShares,

Inc.,

Class

-

A

(Banks)

.....................

18

100

First

Solar,

Inc.

(Semiconductors

&

Semiconductor

Equipment)(a)

.....

17

543

FirstEnergy

Corp.

(Electric

Utilities)

....

22

563

Fiserv,

Inc.

(Financial

Services)(a)

......

97

3,855

Ford

Motor

Co.

(Automobiles)

........

42

668

Fortinet,

Inc.

(Software)(a)

...........

71

315

Fortive

Corp.

(Machinery)

...........

16

211

Fox

Corp.,

Class

-

A

(Media)

..........

12

143

Fox

Corp.,

Class

-

B

(Media)

.........

7

1,400

Freeport-McMoRan,

Inc.

(Metals

&

Mining)

61

77

Gartner,

Inc.

(IT

Services)(a)

..........

31

268

GE

Vernova,

Inc.

(Electrical

Equipment)

.

142

467

Gen

Digital,

Inc.

(Software)

..........

14

565

General

Mills,

Inc.

(Food

Products)

.....

29

972

General

Motors

Co.

(Automobiles)

.....

48

145

Genuine

Parts

Co.

(Distributors)

.......

18

228

Global

Payments,

Inc.

(Financial

Services)

18

136

GoDaddy,

Inc.,

Class

-

A

(IT

Services)(a)

.

24

163

Graco,

Inc.

(Machinery)

.............

14

830

Halliburton

Co.

(Energy

Equipment

&

Services)

....................

17

770

Healthpeak

Properties,

Inc.

(Health

Care

REITs)

.....................

13

38

HEICO

Corp.

(Aerospace

&

Defense)

...

12

62

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

United

States

(continued)

85

HEICO

Corp.,

Class

-

A

(Aerospace

&

Defense)

....................

$

22

295

Hess

Corp.

(Oil,

Gas

&

Consumable

Fuels)

41

1,311

Hewlett

Packard

Enterprise

Co.

(Technology

Hardware,

Storage

&

Peripherals)

..

27

232

Hilton

Worldwide

Holdings,

Inc.

(Hotels,

Restaurants

&

Leisure)

..........

62

228

Hologic,

Inc.

(Health

Care

Equipment

&

Supplies)(a)

..................

15

250

Hormel

Foods

Corp.

(Food

Products)

....

8

379

Howmet

Aerospace,

Inc.

(Aerospace

&

Defense)

....................

71

940

HP,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)

..................

23

53

Hubbell,

Inc.

(Electrical

Equipment)

....

22

49

HubSpot,

Inc.

(Software)(a)

..........

27

120

Humana,

Inc.

(Health

Care

Providers

&

Services)

....................

29

1,474

Huntington

Bancshares,

Inc.

(Banks)

....

25

44

Hyatt

Hotels

Corp.,

Class

-

A

(Hotels,

Restaurants

&

Leisure)

..........

6

80

IDEX

Corp.

(Machinery)

............

14

81

IDEXX

Laboratories,

Inc.

(Health

Care

Equipment

&

Supplies)(a)

.......

43

272

Illinois

Tool

Works,

Inc.

(Machinery)

....

67

174

Incyte

Corp.

(Biotechnology)(a)

.......

12

410

Ingersoll

Rand,

Inc.

(Machinery)

.......

34

69

Insulet

Corp.

(Health

Care

Equipment

&

Supplies)(a)

..................

22

4,390

Intel

Corp.

(Semiconductors

&

Semiconductor

Equipment)

.......

98

432

Interactive

Brokers

Group,

Inc.

(Capital

Markets)

....................

24

563

Intercontinental

Exchange,

Inc.

(Capital

Markets)

....................

103

924

International

Business

Machines

Corp.

(IT

Services)

....................

272

229

International

Flavors

&

Fragrances,

Inc.

(Chemicals)

..................

17

506

International

Paper

Co.

(Containers

&

Packaging)

..................

24

277

Intuit,

Inc.

(Software)

...............

218

356

Intuitive

Surgical,

Inc.

(Health

Care

Equipment

&

Supplies)(a)

.......

193

612

Invitation

Homes,

Inc.

(Residential

REITs)

20

167

IQVIA

Holdings,

Inc.

(Life

Sciences

Tools

&

Services)(a)

................

26

296

Iron

Mountain,

Inc.

(Specialized

REITs)

.

30

109

Jabil,

Inc.

(Electronic

Equipment,

Instruments

&

Components)

......

24

64

Jack

Henry

&

Associates,

Inc.

(Financial

Services)

....................

12

129

Jacobs

Solutions,

Inc.

(Professional

Services)

....................

17

89

JB

Hunt

Transport

Services,

Inc.

(Ground

Transportation)

...............

13

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

United

States

(continued)

655

Johnson

Controls

International

PLC

(Building

Products)

............

$

69

2,775

JPMorgan

Chase

&

Co.

(Banks)

.......

805

345

Juniper

Networks,

Inc.

(Communications

Equipment)

..................

14

272

Kellanova

(Food

Products)

...........

22

1,909

Kenvue,

Inc.

(Personal

Care

Products)

...

40

1,289

Keurig

Dr

Pepper,

Inc.

(Beverages)

.....

43

1,012

KeyCorp

(Banks)

..................

18

174

Keysight

Technologies,

Inc.

(Electronic

Equipment,

Instruments

&

Components)(a)

...............

29

331

Kimberly-Clark

Corp.

(Household

Products)

43

717

Kimco

Realty

Corp.

(Retail

REITs)

.....

15

1,940

Kinder

Morgan,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

57

617

KKR

&

Co.,

Inc.

(Capital

Markets)

.....

82

131

KLA

Corp.

(Semiconductors

&

Semiconductor

Equipment)

.......

117

83

Labcorp

Holdings,

Inc.

(Health

Care

Providers

&

Services)

...........

22

1,295

Lam

Research

Corp.

(Semiconductors

&

Semiconductor

Equipment)

.......

126

239

Lennar

Corp.,

Class

-

A

(Household

Durables)

...................

26

32

Lennox

International,

Inc.

(Building

Products)

....................

18

218

Liberty

Media

Corp.-Liberty

Formula

One

(Entertainment)(a)

.............

23

471

Linde

PLC

(Chemicals)

.............

221

146

Live

Nation

Entertainment,

Inc.

(Entertainment)(a)

.............

22

271

LKQ

Corp.

(Distributors)

............

10

175

Loews

Corp.

(Insurance)

.............

16

556

Lowe's

Cos.,

Inc.

(Specialty

Retail)

.....

123

79

LPL

Financial

Holdings,

Inc.

(Capital

Markets)

....................

30

251

LyondellBasell

Industries

N.V.,

Class

-

A

(Chemicals)

..................

15

165

M&T

Bank

Corp.

(Banks)

............

32

303

Marathon

Petroleum

Corp.

(Oil,

Gas

&

Consumable

Fuels)

.............

50

13

Markel

Group,

Inc.

(Insurance)(a)

......

26

223

Marriott

International,

Inc.,

Class

-

A

(Hotels,

Restaurants

&

Leisure)

....

61

488

Marsh

&

McLennan

Cos.,

Inc.

(Insurance)

107

60

Martin

Marietta

Materials,

Inc.

(Construction

Materials)

.........

33

857

Marvell

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.....

66

218

Masco

Corp.

(Building

Products)

.......

14

807

Mastercard,

Inc.,

Class

-

A

(Financial

Services)

....................

453

258

McCormick

&

Co.,

Inc.

(Food

Products)

.

20

706

McDonald's

Corp.

(Hotels,

Restaurants

&

Leisure)

....................

206

63

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

United

States

(continued)

2,170

Meta

Platforms,

Inc.,

Class

-

A

(Interactive

Media

&

Services)

.............

$

1,602

584

MetLife,

Inc.

(Insurance)

............

47

21

Mettler-Toledo

International,

Inc.

(Life

Sciences

Tools

&

Services)(a)

.....

25

536

Microchip

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

..................

38

1,100

Micron

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.......

136

7,026

Microsoft

Corp.

(Software)

...........

3,496

246

MicroStrategy,

Inc.

(Software)(a)

......

99

122

Mid-America

Apartment

Communities,

Inc.

(Residential

REITs)

............

18

49

Molina

Healthcare,

Inc.

(Health

Care

Providers

&

Services)(a)

.........

15

198

Molson

Coors

Beverage

Co.,

Class

-

B

(Beverages)

..................

10

1,289

Mondelez

International,

Inc.,

Class

-

A

(Food

Products)

...............

87

76

MongoDB,

Inc.

(IT

Services)(a)

.......

16

48

Monolithic

Power

Systems,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

..................

35

724

Monster

Beverage

Corp.

(Beverages)(a)

..

45

160

Moody's

Corp.

(Capital

Markets)

.......

80

1,188

Morgan

Stanley

(Capital

Markets)

......

167

163

Motorola

Solutions,

Inc.

(Communications

Equipment)

..................

69

77

MSCI,

Inc.

(Capital

Markets)

.........

44

422

Nasdaq,

Inc.

(Capital

Markets)

........

38

127

Natera,

Inc.

(Biotechnology)(a)

........

21

204

NetApp,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)

..........

22

422

Netflix,

Inc.

(Entertainment)(a)

........

565

102

Neurocrine

Biosciences,

Inc.

(Biotechnology)(a)

.............

13

1,123

Newmont

Corp.

(Metals

&

Mining)

.....

65

371

News

Corp.,

Class

-

A

(Media)

........

11

2,032

NextEra

Energy,

Inc.

(Electric

Utilities)

..

141

1,176

NIKE,

Inc.,

Class

-

B

(Textiles,

Apparel

&

Luxury

Goods)

...............

84

468

NiSource,

Inc.

(Multi-Utilities)

........

19

57

Nordson

Corp.

(Machinery)

..........

12

227

Norfolk

Southern

Corp.

(Ground

Transportation)

...............

58

199

Northern

Trust

Corp.

(Capital

Markets)

..

25

200

NRG

Energy,

Inc.

(Electric

Utilities)

....

32

237

Nucor

Corp.

(Metals

&

Mining)

.......

31

255

Nutanix,

Inc.,

Class

-

A

(Software)(a)

....

19

24,195

NVIDIA

Corp.

(Semiconductors

&

Semiconductor

Equipment)

.......

3,824

3

NVR,

Inc.

(Household

Durables)(a)

.....

22

672

Occidental

Petroleum

Corp.

(Oil,

Gas

&

Consumable

Fuels)

.............

28

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

United

States

(continued)

164

Okta,

Inc.

(IT

Services)(a)

............

$

16

179

Old

Dominion

Freight

Line,

Inc.

(Ground

Transportation)

...............

29

186

Omnicom

Group,

Inc.

(Media)

........

13

428

ON

Semiconductor

Corp.

(Semiconductors

&

Semiconductor

Equipment)(a)

...

22

618

ONEOK,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

......................

50

1,674

Oracle

Corp.

(Software)

.............

366

855

O'Reilly

Automotive,

Inc.

(Specialty

Retail)

(a)

........................

77

388

Otis

Worldwide

Corp.

(Machinery)

.....

38

89

Owens

Corning

(Building

Products)

....

12

520

PACCAR,

Inc.

(Machinery)

..........

49

83

Packaging

Corp.

of

America

(Containers

&

Packaging)

..................

16

2,130

Palantir

Technologies,

Inc.,

Class

-

A

(Software)(a)

.................

290

661

Palo

Alto

Networks,

Inc.

(Software)(a)

...

135

131

Parker-Hannifin

Corp.

(Machinery)

.....

91

328

Paychex,

Inc.

(Professional

Services)

....

48

54

Paycom

Software,

Inc.

(Professional

Services)

....................

12

907

PayPal

Holdings,

Inc.

(Financial

Services)

(a)

........................

67

1,360

PepsiCo,

Inc.

(Beverages)

............

180

2,174

PG&E

Corp.

(Electric

Utilities)

........

30

389

Phillips

66

(Oil,

Gas

&

Consumable

Fuels)

46

596

Pinterest,

Inc.,

Class

-

A

(Interactive

Media

&

Services)(a)

................

21

33

Pool

Corp.

(Distributors)

............

10

217

PPG

Industries,

Inc.

(Chemicals)

.......

25

738

PPL

Corp.

(Electric

Utilities)

..........

25

232

Principal

Financial

Group,

Inc.

(Insurance)

18

925

Prologis,

Inc.

(Industrial

REITs)

.......

97

362

Prudential

Financial,

Inc.

(Insurance)

....

39

124

PTC,

Inc.

(Software)(a)

.............

21

497

Public

Service

Enterprise

Group,

Inc.

(Multi-Utilities)

...............

42

159

Public

Storage

(Specialized

REITs)

.....

47

202

PulteGroup,

Inc.

(Household

Durables)

..

21

312

Pure

Storage,

Inc.,

Class

-

A

(Technology

Hardware,

Storage

&

Peripherals)(a)

18

1,092

QUALCOMM,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.......

174

146

Quanta

Services,

Inc.

(Construction

&

Engineering)

.................

55

109

Quest

Diagnostics,

Inc.

(Health

Care

Providers

&

Services)

...........

20

6

Ralliant

Corp.

(Media)(a)

............

—

195

Raymond

James

Financial,

Inc.

(Capital

Markets)

....................

30

187

RB

Global,

Inc.

(Commercial

Services

&

Supplies)

....................

20

878

Realty

Income

Corp.

(Retail

REITs)

.....

51

64

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

United

States

(continued)

79

Reddit,

Inc.,

Class

-

A

(Interactive

Media

&

Services)(a)

..................

$

12

186

Regency

Centers

Corp.

(Retail

REITs)

...

13

821

Regions

Financial

Corp.

(Banks)

.......

19

52

Reliance,

Inc.

(Metals

&

Mining)

......

16

214

Republic

Services,

Inc.

(Commercial

Services

&

Supplies)

...........

53

144

ResMed,

Inc.

(Health

Care

Equipment

&

Supplies)

....................

37

814

Rivian

Automotive,

Inc.,

Class

-

A

(Automobiles)(a)

..............

11

723

Robinhood

Markets,

Inc.,

Class

-

A

(Capital

Markets)(a)

..................

68

533

ROBLOX

Corp.,

Class

-

A

(Entertainment)

(a)

........................

56

111

Rockwell

Automation,

Inc.

(Electrical

Equipment)

..................

37

292

Rollins,

Inc.

(Commercial

Services

&

Supplies)

....................

16

106

Roper

Technologies,

Inc.

(Software)

....

60

328

Ross

Stores,

Inc.

(Specialty

Retail)

.....

42

255

Royal

Caribbean

Cruises

Ltd.

(Hotels,

Restaurants

&

Leisure)

..........

80

386

Royalty

Pharma

PLC,

Class

-

A

(Pharmaceuticals)

.............

14

131

RPM

International,

Inc.

(Chemicals)

....

14

312

S&P

Global,

Inc.

(Capital

Markets)

.....

165

945

Salesforce,

Inc.

(Software)

...........

258

267

Samsara,

Inc.,

Class

-

A

(Software)(a)

...

11

108

SBA

Communications

Corp.

(Specialized

REITs)

.....................

25

1,360

Schlumberger

N.V.

(Energy

Equipment

&

Services)

....................

46

209

Seagate

Technology

Holdings

PLC

(Technology

Hardware,

Storage

&

Peripherals)

..................

30

635

Sempra

(Multi-Utilities)

.............

48

206

ServiceNow,

Inc.

(Software)(a)

........

212

316

Simon

Property

Group,

Inc.

(Retail

REITs)

51

917

Snap,

Inc.,

Class

-

A

(Interactive

Media

&

Services)(a)

..................

8

52

Snap-on,

Inc.

(Machinery)

...........

16

316

Snowflake,

Inc.

(IT

Services)(a)

.......

71

158

Solventum

Corp.

(Health

Care

Providers

&

Services)(a)

..................

12

226

SS&C

Technologies

Holdings,

Inc.

(Professional

Services)

..........

19

1,123

Starbucks

Corp.

(Hotels,

Restaurants

&

Leisure)

....................

103

272

State

Street

Corp.

(Capital

Markets)

.....

29

142

Steel

Dynamics,

Inc.

(Metals

&

Mining)

.

18

96

STERIS

PLC

(Health

Care

Equipment

&

Supplies)

....................

23

334

Stryker

Corp.

(Health

Care

Equipment

&

Supplies)

....................

132

119

Sun

Communities,

Inc.

(Residential

REITs)

15

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

United

States

(continued)

525

Super

Micro

Computer,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)(a)

$

26

388

Synchrony

Financial

(Consumer

Finance)

26

154

Synopsys,

Inc.

(Software)(a)

..........

79

497

Sysco

Corp.

(Consumer

Staples

Distribution

&

Retail)

....................

38

238

T.

Rowe

Price

Group,

Inc.

(Capital

Markets)

23

175

Take-Two

Interactive

Software,

Inc.

(Entertainment)(a)

.............

42

221

Targa

Resources

Corp.

(Oil,

Gas

&

Consumable

Fuels)

.............

38

460

Target

Corp.

(Consumer

Staples

Distribution

&

Retail)

....................

45

163

Teradyne,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.......

15

2,880

Tesla,

Inc.

(Automobiles)(a)

..........

915

910

Texas

Instruments,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.......

189

19

Texas

Pacific

Land

Corp.

(Oil,

Gas

&

Consumable

Fuels)

.............

20

260

The

Allstate

Corp.

(Insurance)

.........

52

726

The

Bank

of

New

York

Mellon

Corp.

(Capital

Markets)

..............

66

202

The

Campbell's

Company

(Food

Products)

6

240

The

Carlyle

Group,

Inc.

(Capital

Markets)

12

1,695

The

Charles

Schwab

Corp.

(Capital

Markets)

....................

155

129

The

Clorox

Co.

(Household

Products)

...

15

4,041

The

Coca-Cola

Co.

(Beverages)

.......

286

241

The

Estee

Lauder

Cos.,

Inc.

(Personal

Care

Products)

....................

19

309

The

Goldman

Sachs

Group,

Inc.

(Capital

Markets)

....................

219

277

The

Hartford

Insurance

Group,

Inc.

(Insurance)

..................

35

149

The

Hershey

Co.

(Food

Products)

......

25

985

The

Home

Depot,

Inc.

(Specialty

Retail)

.

361

112

The

J.M.

Smucker

Co.

(Food

Products)

..

11

936

The

Kraft

Heinz

Co.

(Food

Products)

....

24

630

The

Kroger

Co.

(Consumer

Staples

Distribution

&

Retail)

...........

45

386

The

PNC

Financial

Services

Group,

Inc.

(Banks)

.....................

72

586

The

Progressive

Corp.

(Insurance)

......

156

234

The

Sherwin-Williams

Co.

(Chemicals)

..

80

1,108

The

Southern

Co.

(Electric

Utilities)

....

102

1,106

The

TJX

Cos.,

Inc.

(Specialty

Retail)

....

137

448

The

Trade

Desk,

Inc.,

Class

-

A

(Media)(a)

32

230

The

Travelers

Cos.,

Inc.

(Insurance)

.....

62

1,791

The

Walt

Disney

Co.

(Entertainment)

....

222

1,196

The

Williams

Cos.,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

75

454

T-Mobile

US,

Inc.

(Wireless

Telecommunication

Services)

.....

108

463

Toast,

Inc.,

Class

-

A

(Financial

Services)(a)

21

65

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

United

States

(continued)

539

Tractor

Supply

Co.

(Specialty

Retail)

....

$

28

115

Tradeweb

Markets,

Inc.,

Class

-

A

(Capital

Markets)

....................

17

56

TransDigm

Group,

Inc.

(Aerospace

&

Defense)

....................

85

199

TransUnion

(Professional

Services)

.....

18

237

Trimble,

Inc.

(Electronic

Equipment,

Instruments

&

Components)(a)

....

18

1,273

Truist

Financial

Corp.

(Banks)

.........

55

147

Twilio,

Inc.,

Class

-

A

(IT

Services)(a)

...

18

43

Tyler

Technologies,

Inc.

(Software)(a)

...

25

294

Tyson

Foods,

Inc.,

Class

-

A

(Food

Products)

16

1,529

U.S.

Bancorp

(Banks)

...............

69

1,871

Uber

Technologies,

Inc.

(Ground

Transportation)(a)

.............

175

328

UDR,

Inc.

(Residential

REITs)

........

13

116

U-Haul

Holding

Co.

(Ground

Transportation)

...............

6

47

Ulta

Beauty,

Inc.

(Specialty

Retail)(a)

...

22

587

Union

Pacific

Corp.

(Ground

Transportation)

...............

135

68

United

Airlines

Holdings,

Inc.

(Passenger

Airlines)(a)

..................

5

735

United

Parcel

Service,

Inc.,

Class

-

B

(Air

Freight

&

Logistics)

............

74

65

United

Rentals,

Inc.

(Trading

Companies

&

Distributors)

.................

49

317

Valero

Energy

Corp.

(Oil,

Gas

&

Consumable

Fuels)

.............

43

154

Veeva

Systems,

Inc.,

Class

-

A

(Health

Care

Technology)(a)

...............

44

421

Ventas,

Inc.

(Health

Care

REITs)

.......

27

247

Veralto

Corp.

(Commercial

Services

&

Supplies)

....................

25

77

VeriSign,

Inc.

(IT

Services)

...........

22

137

Verisk

Analytics,

Inc.

(Professional

Services)

....................

43

4,145

Verizon

Communications,

Inc.

(Diversified

Telecommunication

Services)

.....

179

354

Vertiv

Holdings

Co.,

Class

-

A

(Electrical

Equipment)

..................

45

1,704

Visa,

Inc.,

Class

-

A

(Financial

Services)

.

605

334

Vistra

Corp.

(Independent

Power

and

Renewable

Electricity

Producers)

..

65

130

Vulcan

Materials

Co.

(Construction

Materials)

...................

34

291

W.R.

Berkley

Corp.

(Insurance)

........

21

46

W.W.

Grainger,

Inc.

(Trading

Companies

&

Distributors)

.................

48

4,383

Walmart,

Inc.

(Consumer

Staples

Distribution

&

Retail)

...........

429

2,374

Warner

Bros.

Discovery,

Inc.

(Entertainment)(a)

.............

27

403

Waste

Management,

Inc.

(Commercial

Services

&

Supplies)

...........

92

59

Waters

Corp.

(Life

Sciences

Tools

&

Services)(a)

..................

21

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

United

States

(continued)

35

Watsco,

Inc.

(Trading

Companies

&

Distributors)

.................

$

15

315

WEC

Energy

Group,

Inc.

(Multi-Utilities)

33

3,240

Wells

Fargo

&

Co.

(Banks)

...........

260

645

Welltower,

Inc.

(Health

Care

REITs)

....

99

73

West

Pharmaceutical

Services,

Inc.

(Life

Sciences

Tools

&

Services)

.......

16

350

Western

Digital

Corp.

(Technology

Hardware,

Storage

&

Peripherals)

..

22

169

Westinghouse

Air

Brake

Technologies

Corp.

(Machinery)

.................

35

671

Weyerhaeuser

Co.

(Specialized

REITs)

..

17

123

Williams-Sonoma,

Inc.

(Specialty

Retail)

.

20

210

Workday,

Inc.,

Class

-

A

(Software)(a)

...

50

241

WP

Carey,

Inc.

(Diversified

REITs)

.....

15

568

Xcel

Energy,

Inc.

(Electric

Utilities)

.....

39

242

Xylem,

Inc.

(Machinery)

.............

31

276

Yum!

Brands,

Inc.

(Hotels,

Restaurants

&

Leisure)

....................

41

52

Zebra

Technologies

Corp.

(Electronic

Equipment,

Instruments

&

Components)(a)

...............

16

178

Zillow

Group,

Inc.,

Class

-

C

(Real

Estate

Management

&

Development)(a)

...

12

198

Zimmer

Biomet

Holdings,

Inc.

(Health

Care

Equipment

&

Supplies)

.........

18

448

Zoetis,

Inc.

(Pharmaceuticals)

.........

70

256

Zoom

Communications,

Inc.

(Software)(a)

20

101

Zscaler,

Inc.

(Software)(a)

............

32

46,870

Uruguay

—

0.18%

45

MercadoLibre,

Inc.

(Broadline

Retail)(a)

.

118

Total

Common

Stocks

(cost

$43,552

)

...

65,718

Warrant

—

0.00%

Canada

—

0.00%

12

Constellation

Software,

Inc.,

3/31/40

(Software)(a)(c)

...............

—

Total

Warrant

(cost

$—

)

............

—

Investment

Company

—

0.10%

Money

Market

Funds

—

0.10%

62,912

State

Street

Institutional

Treasury

Plus

Money

Market

Fund,

Trust

Class

,

4.19%(d)

....................

63

Total

Investment

Company

(cost

$63

)

..

63

66

See

accompanying

notes

to

financial

statements.

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

(concluded)

—

June

30,

2025

As

of

June

30,

2025,

100%

of

the

Portfolio’s

net

assets

were

managed

by

Mellon

Investments

Corporation.

Security

Description

Value

(000)

Total

Investments

(cost

$43,615

)

—

99.90%

.....................

$

65,781

Other

assets

in

excess

of

liabilities

—

0.10%

......................

70

Net

Assets

-

100.00%

..............

$

65,851

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

June

30,

2025.

(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

—

June

30,

2025

67

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

—

89.58%

Australia

—

5.12%

153,655

ANZ

Group

Holdings

Ltd.

(Banks)

.....

$

2,948

21,823

Aristocrat

Leisure

Ltd.

(Hotels,

Restaurants

&

Leisure)

...................

936

82,839

Bendigo

&

Adelaide

Bank

Ltd.

(Banks)

..

689

85,014

BHP

Group

Ltd.

(Metals

&

Mining)

.....

2,038

31,893

BHP

Group

Ltd.

(Metals

&

Mining)

.....

771

43,919

Commonwealth

Bank

of

Australia

(Banks)

5,339

4,458

CSL

Ltd.

(Biotechnology)

............

702

68,557

Goodman

Group

(Industrial

REITs)

.....

1,545

7,899

Macquarie

Group

Ltd.

(Capital

Markets)

.

1,189

174,147

National

Australia

Bank

Ltd.

(Banks)

....

4,510

20,349

Northern

Star

Resources

Ltd.

(Metals

&

Mining)

.....................

248

41,245

Qantas

Airways

Ltd.

(Passenger

Airlines)

.

291

55,092

QBE

Insurance

Group

Ltd.

(Insurance)

..

848

15,339

Rio

Tinto

Ltd.

(Metals

&

Mining)

......

1,081

150,128

Santos

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

(a)

........................

757

198,921

Scentre

Group

(Retail

REITs)

.........

466

15,683

Suncorp

Group

Ltd.

(Insurance)

.......

223

63,839

Wesfarmers

Ltd.

(Broadline

Retail)

.....

3,560

148,167

Westpac

Banking

Corp.

(Banks)

.......

3,301

20,060

Woodside

Energy

Group

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

.............

312

35,740

Worley

Ltd.

(Construction

&

Engineering)

308

32,062

Austria

—

0.37%

23,927

Erste

Group

Bank

AG

(Banks)(a)

......

2,037

4,792

OMV

AG

(Oil,

Gas

&

Consumable

Fuels)

261

2,298

Belgium

—

0.54%

40,660

Anheuser-Busch

InBev

SA/N.V.

(Beverages)

..................

2,789

2,974

UCB

SA

(Pharmaceuticals)

...........

585

3,374

Canada

—

9.99%

3,586

Agnico

Eagle

Mines

Ltd.

(Metals

&

Mining)

427

50,883

Alimentation

Couche-Tard,

Inc.

(Consumer

Staples

Distribution

&

Retail)

.....

2,530

8,987

AltaGas

Ltd.

(Gas

Utilities)

...........

261

45,514

Bank

of

Montreal

(Banks)

............

5,044

31,854

Cameco

Corp.

(Oil,

Gas

&

Consumable

Fuels)

......................

2,366

4,255

Canadian

Imperial

Bank

of

Commerce

(Banks)

.....................

302

2,386

Canadian

National

Railway

Co.

(Ground

Transportation)

...............

249

111,414

Canadian

Natural

Resources

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

...........

3,502

7,745

Canadian

Pacific

Kansas

City

Ltd.

(Ground

Transportation)

...............

615

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Canada

(continued)

8,782

Canadian

Tire

Corp.

Ltd.,

Class

-

A

(Broadline

Retail)

.............

$

1,196

3,259

CCL

Industries,

Inc.,

Class

-

B

(Containers

&

Packaging)(a)

...............

190

125,033

Cenovus

Energy,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

1,702

835

Constellation

Software,

Inc.

(Software)

..

3,062

11,192

Dollarama,

Inc.

(Broadline

Retail)

......

1,577

21,506

Emera,

Inc.

(Electric

Utilities)

.........

985

7,123

Enbridge,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

......................

323

1,023

Fairfax

Financial

Holdings

Ltd.

(Insurance)

1,847

17,917

First

Quantum

Minerals

Ltd.

(Metals

&

Mining)(b)

..................

318

5,741

Fortis,

Inc.

(Electric

Utilities)

.........

274

7,691

Franco-Nevada

Corp.

(Metals

&

Mining)

.

1,263

24,142

GFL

Environmental,

Inc.

(Commercial

Services

&

Supplies)

...........

1,218

64,358

Great-West

Lifeco,

Inc.

(Insurance)

.....

2,448

12,464

Hydro

One

Ltd.

(Electric

Utilities)(a)

....

449

5,430

Intact

Financial

Corp.

(Insurance)(a)

....

1,263

56,358

Keyera

Corp.

(Oil,

Gas

&

Consumable

Fuels)

......................

1,844

2,505

Lumine

Group,

Inc.

(Software)(b)

......

88

5,270

Lundin

Gold,

Inc.

(Metals

&

Mining)(a)

..

278

8,370

Manulife

Financial

Corp.

(Insurance)

....

268

15,818

Methanex

Corp.

(Chemicals)

..........

524

18,402

National

Bank

of

Canada

(Banks)

......

1,899

3,339

Nutrien

Ltd.

(Chemicals)

............

195

1,796

Onex

Corp.

(Capital

Markets)

.........

148

7,732

Pembina

Pipeline

Corp.

(Oil,

Gas

&

Consumable

Fuels)

.............

290

66,482

Power

Corp.

of

Canada

(Insurance)

.....

2,597

6,978

Primaris

Real

Estate

Investment

Trust

(Retail

REITs)

................

75

1,726

Restaurant

Brands

International,

Inc.

(Hotels,

Restaurants

&

Leisure)

....

115

31,754

RioCan

Real

Estate

Investment

Trust

(Retail

REITs)(a)

...................

413

13,991

Royal

Bank

of

Canada

(Banks)

........

1,844

52,851

Shopify,

Inc.,

Class

-

A

(IT

Services)(b)

..

6,097

52,951

Sun

Life

Financial,

Inc.

(Insurance)

.....

3,524

5,745

Suncor

Energy,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

215

18,439

Teck

Resources

Ltd.,

Class

-

B

(Metals

&

Mining)

.....................

746

12,498

The

Toronto-Dominion

Bank

(Banks)

...

919

22,457

Thomson

Reuters

Corp.

(Professional

Services)

....................

4,516

28,308

Wheaton

Precious

Metals

Corp.

(Metals

&

Mining)

.....................

2,546

62,552

Denmark

—

1.75%

2,246

DSV

A/S

(Air

Freight

&

Logistics)

.....

540

68

HC

CAPITAL

TRUST

The

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Denmark

(continued)

7,462

Genmab

A/S

(Biotechnology)(a)(b)

.....

$

1,549

127,453

Novo

Nordisk

A/S,

Class

-

B

(Pharmaceuticals)

.............

8,848

10,937

Finland

—

0.68%

4,385

Mandatum

Oyj

(Insurance)

...........

29

145,888

Nokia

Oyj

(Communications

Equipment)

.

757

178,699

Nordea

Bank

Abp

(Banks)

...........

2,660

3,545

Orion

Oyj,

Class

-

B

(Pharmaceuticals)

..

267

21,925

Sampo

Oyj,

A

Shares

(Insurance)

......

236

10,204

UPM-Kymmene

Oyj

(Paper

&

Forest

Products)

....................

278

4,227

France

—

9.00%

24,146

Air

Liquide

SA

(Chemicals)

..........

4,981

23,149

Airbus

SE

(Aerospace

&

Defense)

......

4,833

47,723

AXA

SA

(Insurance)

...............

2,342

45,167

BNP

Paribas

SA

(Banks)

.............

4,060

3,697

Cie

de

Saint-Gobain

SA

(Building

Products)

434

99,973

Credit

Agricole

SA

(Banks)

...........

1,892

1,749

Eiffage

SA

(Construction

&

Engineering)(a)

246

25,532

Engie

SA

(Multi-Utilities)

............

599

16,219

EssilorLuxottica

SA

(Health

Care

Equipment

&

Supplies)

.........

4,449

2,454

Hermes

International

SCA

(Textiles,

Apparel

&

Luxury

Goods)

..............

6,645

2,901

L'Oreal

SA

(Personal

Care

Products)

....

1,241

4,989

LVMH

Moet

Hennessy

Louis

Vuitton

SE

(Textiles,

Apparel

&

Luxury

Goods)

2,612

8,075

Publicis

Groupe

SA

(Media)

..........

910

7,261

Renault

SA

(Automobiles)

...........

335

20,356

Sanofi

SA

(Pharmaceuticals)

..........

1,971

34,976

Schneider

Electric

SE

(Electrical

Equipment)(a)

................

9,301

98,039

Societe

Generale

SA

(Banks)

.........

5,606

4,176

Thales

SA

(Aerospace

&

Defense)

......

1,228

23,129

TotalEnergies

SE

(Oil,

Gas

&

Consumable

Fuels)

......................

1,419

7,086

Unibail-Rodamco-Westfield

(Retail

REITs)

677

15,933

Veolia

Environnement

SA

(Multi-Utilities)

568

56,349

Germany

—

8.40%

13,053

adidas

AG

(Textiles,

Apparel

&

Luxury

Goods)

.....................

3,043

10,077

Allianz

SE,

Registered

Shares

(Insurance)

4,084

1,793

Bayerische

Motoren

Werke

AG

(Automobiles)

................

159

1,065

Beiersdorf

AG

(Personal

Care

Products)

..

134

33,975

Commerzbank

AG

(Banks)

...........

1,072

2,692

Covestro

AG

(Chemicals)(b)

..........

192

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Germany

(continued)

113,622

Deutsche

Bank

AG,

Registered

Shares

(Capital

Markets)

..............

$

3,368

21,575

Deutsche

Boerse

AG

(Capital

Markets)

..

7,036

60,277

Deutsche

Post

AG

(Air

Freight

&

Logistics)

2,784

128,506

Deutsche

Telekom

AG

(Diversified

Telecommunication

Services)(a)

...

4,687

4,918

Fraport

AG

Frankfurt

Airport

Services

Worldwide

(Transportation

Infrastructure)(b)

..............

370

6,983

GEA

Group

AG

(Machinery)

.........

489

1,115

Hannover

Rueck

SE

(Insurance)

.......

351

82,230

Infineon

Technologies

AG

(Semiconductors

&

Semiconductor

Equipment)(a)

...

3,498

2,540

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen,

Class

-

R

(Insurance)

................

1,647

565

Rheinmetall

AG

(Aerospace

&

Defense)

.

1,196

36,196

SAP

SE

(Software)

.................

11,006

28,228

Siemens

AG,

Registered

Shares

(Industrial

Conglomerates)

...............

7,236

2,498

Symrise

AG

(Chemicals)(a)

..........

262

52,614

Hong

Kong

—

1.36%

483,480

AIA

Group

Ltd.

(Insurance)

..........

4,337

75,055

BOC

Hong

Kong

Holdings

Ltd.

(Banks)

.

326

334,000

China

Common

Rich

Renewable

Energy

Investment

Ltd.

(Independent

Power

and

Renewable

Electricity

Producers)

(b)(c)

......................

—

106,000

CK

Asset

Holdings

Ltd.

(Real

Estate

Management

&

Development)

.....

467

414,317

Link

REIT

(Retail

REITs)

............

2,212

14,472

Pacific

Century

Premium

Developments

Ltd.

(Real

Estate

Management

&

Development)(b)

..............

—

121,391

PCCW

Ltd.

(Diversified

Telecommunication

Services)(a)

..................

82

87,000

Power

Assets

Holdings

Ltd.

(Electric

Utilities)

....................

559

100,000

SITC

International

Holdings

Co.

Ltd.

(Marine

Transportation)

.........

320

24,000

Swire

Pacific

Ltd.,

Class

-

A

(Real

Estate

Management

&

Development)

.....

206

8,509

Ireland

(Republic

of)

—

1.29%

8,728

AerCap

Holdings

N.V.

(Trading

Companies

&

Distributors)

...............

1,021

315,967

Bank

of

Ireland

Group

PLC

(Banks)

....

4,498

25,494

Experian

PLC

(Professional

Services)

...

1,313

45,491

James

Hardie

Industries

PLC

(Construction

Materials)(b)

.................

1,248

8,080

69

HC

CAPITAL

TRUST

The

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Israel

—

0.56%

862

CyberArk

Software

Ltd.

(Software)(b)

...

$

351

3,544

Elbit

Systems

Ltd.

(Aerospace

&

Defense)

1,578

5,708

Nice

Ltd.

(Software)(b)

.............

969

3,472

Nice

Ltd.,

ADR

(Software)(b)

.........

586

3,484

Italy

—

1.97%

47,935

Enel

SpA

(Electric

Utilities)(a)

........

455

1,561

Ferrari

N.V.

(Automobiles)

...........

765

69,888

Generali

(Insurance)

................

2,487

157,139

Intesa

Sanpaolo

SpA

(Banks)(a)

.......

905

7,820

Iveco

Group

N.V.

(Machinery)

........

154

168,665

Mediobanca

Banca

di

Credito

Finanziario

SpA

(Banks)

.................

3,920

7,356

Moncler

SpA

(Textiles,

Apparel

&

Luxury

Goods)

.....................

419

9,459

Poste

Italiane

SpA

(Insurance)(a)

.......

203

90,548

Snam

SpA

(Gas

Utilities)

............

548

180,455

Terna

-

Rete

Elettrica

Nazionale

(Electric

Utilities)

....................

1,855

9,486

UniCredit

SpA

(Banks)

..............

636

12,347

Japan

—

17.28%

8,800

Advantest

Corp.

(Semiconductors

&

Semiconductor

Equipment)(a)

.....

651

6,845

AGC,

Inc.

(Building

Products)

........

201

23,400

Aisin

Corp.

(Automobile

Components)

..

300

54,600

Ajinomoto

Co.,

Inc.

(Food

Products)

....

1,482

15,300

Amada

Co.

Ltd.

(Machinery)

.........

167

15,200

Bridgestone

Corp.

(Automobile

Components)

.................

623

38,300

Canon,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)

................

1,114

8,600

Capcom

Co.

Ltd.

(Entertainment)

......

295

293,700

Concordia

Financial

Group

Ltd.

(Banks)

.

1,912

178,200

CyberAgent,

Inc.

(Media)

............

2,042

26,776

Dai

Nippon

Printing

Co.

Ltd.

(Commercial

Services

&

Supplies)

...........

407

163,600

Dai-ichi

Life

Holdings,

Inc.

(Insurance)

..

1,245

81,600

Daiichi

Sankyo

Co.

Ltd.

(Pharmaceuticals)

(a)

........................

1,907

1,279

Daito

Trust

Construction

Co.

Ltd.

(Real

Estate

Management

&

Development)

139

15,550

Daiwa

House

Industry

Co.

Ltd.

(Real

Estate

Management

&

Development)

.....

535

16,700

Denso

Corp.

(Automobile

Components)

..

226

800

Fast

Retailing

Co.

Ltd.

(Specialty

Retail)

.

275

3,900

Fuji

Electric

Co.

Ltd.

(Electrical

Equipment)

180

25,200

FUJIFILM

Holdings

Corp.

(Technology

Hardware,

Storage

&

Peripherals)

..

550

109,000

Fujitsu

Ltd.

(IT

Services)(a)

..........

2,661

185,500

Hitachi

Ltd.

(Industrial

Conglomerates)

..

5,418

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Japan

(continued)

20,700

Hoya

Corp.

(Health

Care

Equipment

&

Supplies)

....................

$

2,466

36,500

Iida

Group

Holdings

Co.

Ltd.

(Household

Durables)

...................

515

39,100

Inpex

Corp.

(Oil,

Gas

&

Consumable

Fuels)

550

22,100

Isetan

Mitsukoshi

Holdings

Ltd.

(Broadline

Retail)

......................

338

21,000

Isuzu

Motors

Ltd.

(Automobiles)

.......

267

92,317

ITOCHU

Corp.

(Trading

Companies

&

Distributors)

.................

4,844

141,200

Japan

Exchange

Group,

Inc.

(Capital

Markets)

....................

1,432

8,300

Japan

Post

Insurance

Co.

Ltd.

(Insurance)(a)

188

9,200

Kawasaki

Heavy

Industries

Ltd.

(Machinery)

.................

696

202,400

KDDI

Corp.

(Wireless

Telecommunication

Services)

....................

3,486

6,100

Keyence

Corp.

(Electronic

Equipment,

Instruments

&

Components)

......

2,450

57,900

Kobe

Bussan

Co.

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

1,801

6,345

Komatsu

Ltd.

(Machinery)

...........

209

11,600

Kyoto

Financial

Group,

Inc.

(Banks)

....

208

27,600

M3,

Inc.

(Health

Care

Technology)

.....

381

63,300

Marubeni

Corp.

(Trading

Companies

&

Distributors)

.................

1,281

63,500

MEIJI

Holdings

Co.

Ltd.

(Food

Products)

1,405

171,435

Mitsubishi

Corp.

(Trading

Companies

&

Distributors)

.................

3,438

34,200

Mitsubishi

Estate

Co.

Ltd.

(Real

Estate

Management

&

Development)

.....

642

97,000

Mitsubishi

Heavy

Industries

Ltd.

(Machinery)

.................

2,432

432,200

Mitsubishi

UFJ

Financial

Group,

Inc.

(Banks)

.....................

5,953

263,576

Mitsui

&

Co.

Ltd.

(Trading

Companies

&

Distributors)

.................

5,395

108,300

Mitsui

Fudosan

Co.

Ltd.

(Real

Estate

Management

&

Development)

.....

1,049

30,600

Mitsui

OSK

Lines

Ltd.

(Marine

Transportation)

...............

1,024

87,200

Murata

Manufacturing

Co.

Ltd.

(Electronic

Equipment,

Instruments

&

Components)

.................

1,304

73,500

NEC

Corp.

(IT

Services)

.............

2,154

19,200

Nikon

Corp.

(Household

Durables)

.....

197

4,700

Nintendo

Co.

Ltd.

(Entertainment)

......

453

6,300

Nippon

Sanso

Holdings

Corp.

(Chemicals)

239

30,800

Nippon

Steel

Corp.

(Metals

&

Mining)(a)

585

33,000

Nippon

Yusen

KK

(Marine

Transportation)

1,189

17,800

Nomura

Research

Institute

Ltd.

(IT

Services)

....................

715

910,000

NTT,

Inc.

(Diversified

Telecommunication

Services)

....................

973

9,000

Obic

Co.

Ltd.

(IT

Services)

...........

351

115,600

Ono

Pharmaceutical

Co.

Ltd.

(Pharmaceuticals)

.............

1,252

70

HC

CAPITAL

TRUST

The

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Japan

(continued)

10,800

ORIX

Corp.

(Financial

Services)

.......

$

245

12,700

Pan

Pacific

International

Holdings

Corp.

(Broadline

Retail)

.............

437

243,800

Rakuten

Group,

Inc.

(Broadline

Retail)(a)(b)

1,348

12,600

Recruit

Holdings

Co.

Ltd.

(Professional

Services)

....................

747

15,300

SBI

Holdings,

Inc.

(Capital

Markets)

....

534

4,800

SCREEN

Holdings

Co.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

..................

392

35,552

Sekisui

House

Ltd.

(Household

Durables)

786

21,700

Seven

&

i

Holdings

Co.

Ltd.

(Consumer

Staples

Distribution

&

Retail)

.....

350

17,000

Shin-Etsu

Chemical

Co.

Ltd.

(Chemicals)

563

31,100

Shiseido

Co.

Ltd.

(Personal

Care

Products)

556

38,400

Sompo

Holdings,

Inc.

(Insurance)

......

1,159

64,200

Sony

Group

Corp.

(Household

Durables)

.

1,663

15,200

Subaru

Corp.

(Automobiles)

..........

266

35,700

Sumitomo

Electric

Industries

Ltd.

(Automobile

Components)

.......

767

42,444

Sumitomo

Mitsui

Financial

Group,

Inc.

(Banks)

.....................

1,071

4,800

Sumitomo

Realty

&

Development

Co.

Ltd.

(Real

Estate

Management

&

Development)

................

186

22,400

The

Chiba

Bank

Ltd.

(Banks)

.........

208

29,700

Tokio

Marine

Holdings,

Inc.

(Insurance)

.

1,260

26,400

Tokyo

Electron

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

.......

5,075

53,100

Tokyo

Gas

Co.

Ltd.

(Gas

Utilities)

......

1,767

25,700

Tokyu

Fudosan

Holdings

Corp.

(Real

Estate

Management

&

Development)(a)

...

184

17,900

Toyota

Industries

Corp.

(Machinery)

....

2,026

485,000

Toyota

Motor

Corp.

(Automobiles)

.....

8,398

20,310

Toyota

Tsusho

Corp.

(Trading

Companies

&

Distributors)

.................

461

17,027

Trend

Micro,

Inc.

(Software)

..........

1,180

69,800

Yakult

Honsha

Co.

Ltd.

(Food

Products)

.

1,315

15,200

Zensho

Holdings

Co.

Ltd.

(Hotels,

Restaurants

&

Leisure)

..........

922

17,100

ZOZO,

Inc.

(Specialty

Retail)(a)

.......

185

108,243

Luxembourg

—

0.43%

27,423

ArcelorMittal

SA

(Metals

&

Mining)

....

868

96,377

Tenaris

SA

(Energy

Equipment

&

Services)

1,813

2,681

Netherlands

—

3.18%

57,506

ABN

AMRO

Bank

N.V.,

Class

-

CV

(Banks)

(a)

........................

1,574

73,595

Aegon

Ltd.

(Insurance)

..............

533

22,207

Akzo

Nobel

N.V.

(Chemicals)

.........

1,554

728

Argenx

SE

(Biotechnology)(b)

........

403

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Netherlands

(continued)

10,915

ASML

Holding

N.V.

(Semiconductors

&

Semiconductor

Equipment)(a)

.....

$

8,711

4,144

EXOR

N.V.

(Financial

Services)

.......

418

14,622

ING

Groep

N.V.

(Banks)

.............

321

52,086

Koninklijke

Ahold

Delhaize

N.V.

(Consumer

Staples

Distribution

&

Retail)

.....

2,178

24,262

Prosus

N.V.,

Class

N

(Broadline

Retail)(a)

(b)

........................

1,356

75,569

Stellantis

N.V.

(Automobiles)

.........

757

1,552

Topicus.com,

Inc.

(Software)(b)

.......

194

11,488

Wolters

Kluwer

N.V.

(Professional

Services)

1,921

19,920

New

Zealand

—

0.04%

55,967

Auckland

International

Airport

Ltd.

(Transportation

Infrastructure)

.....

264

Norway

—

0.47%

11,596

DNB

Bank

ASA

(Banks)

............

321

104,675

Equinor

ASA

(Oil,

Gas

&

Consumable

Fuels)

......................

2,650

2,971

Singapore

—

1.16%

532,772

CapitaLand

Ascendas

REIT

(Industrial

REITs)(a)

...................

1,123

180,028

CapitaLand

Integrated

Commercial

Trust

(Retail

REITs)(a)

..............

307

130,600

CapitaLand

Investment

Ltd.

(Real

Estate

Management

&

Development)

.....

272

63,580

DBS

Group

Holdings

Ltd.

(Banks)

.....

2,246

63,222

Grab

Holdings

Ltd.

(Ground

Transportation)

(b)

........................

318

14,500

Oversea-Chinese

Banking

Corp.

Ltd.

(Banks)

.....................

186

6,124

Sea

Ltd.,

ADR

(Entertainment)(b)

......

979

153,800

Sembcorp

Industries

Ltd.

(Multi-Utilities)

829

58,700

Singapore

Airlines

Ltd.

(Passenger

Airlines)

(a)

........................

322

18,700

Singapore

Exchange

Ltd.

(Capital

Markets)

219

6,600

United

Overseas

Bank

Ltd.

(Banks)

.....

187

127,800

Wilmar

International

Ltd.

(Food

Products)

289

7,277

South

Africa

—

0.02%

4,663

Thungela

Resources

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

.............

22

2,524

Valterra

Platinum

Ltd.

(Metals

&

Mining)(b)

111

133

Spain

—

2.81%

2,090

Acciona

SA

(Electric

Utilities)

........

376

71

HC

CAPITAL

TRUST

The

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Spain

(continued)

4,632

ACS

Actividades

de

Construccion

y

Servicios

SA

(Construction

&

Engineering)

.................

$

322

14,510

Aena

SME

SA

(Transportation

Infrastructure)(a)

..............

387

10,177

Amadeus

IT

Group

SA

(Hotels,

Restaurants

&

Leisure)

...................

857

620,640

Banco

Bilbao

Vizcaya

Argentaria

SA

(Banks)

.....................

9,543

28,433

Bankinter

SA

(Banks)

...............

371

62,673

CaixaBank

SA

(Banks)

..............

543

257,659

Iberdrola

SA

(Electric

Utilities)

........

4,944

17,963

Repsol

SA

(Oil,

Gas

&

Consumable

Fuels)

263

17,606

Sweden

—

2.68%

1,283

Alleima

AB

(Metals

&

Mining)

........

10

10,590

Assa

Abloy

AB,

Class

-

B

(Building

Products)

....................

331

90,968

Atlas

Copco

AB,

Class

-

A

(Machinery)

..

1,470

59,272

Atlas

Copco

AB,

Class

-

B

(Machinery)

..

843

56,832

Essity

AB,

Class

-

B

(Household

Products)

1,574

16,551

Holmen

AB,

B

shares

(Paper

&

Forest

Products)

....................

657

11,977

Securitas

AB,

Class

-

B

(Commercial

Services

&

Supplies)

...........

179

51,934

Skandinaviska

Enskilda

Banken

AB,

Class

-

A

(Banks)

...................

907

1,541

Spotify

Technology

SA

(Entertainment)(b)

1,182

111,736

Svenska

Cellulosa

AB

SCA,

Class

-

B

(Paper

&

Forest

Products)

........

1,453

32,522

Swedbank

AB,

Class

-

A

(Banks)

.......

861

152,471

Tele2

AB,

B

shares

(Wireless

Telecommunication

Services)

.....

2,229

492,259

Telia

Co.

AB

(Diversified

Telecommunication

Services)(a)

...

1,768

117,701

Volvo

AB,

Class

-

B

(Machinery)

......

3,304

16,768

Switzerland

—

8.62%

135,931

ABB

Ltd.,

Registered

Shares

(Electrical

Equipment)

..................

8,109

6,796

Accelleron

Industries

AG

(Electrical

Equipment)

..................

478

8,475

Alcon

AG

(Health

Care

Equipment

&

Supplies)

....................

750

1,838

Baloise

Holding

AG,

Registered

Shares

(Insurance)

..................

434

1,044

Barry

Callebaut

AG,

Registered

Shares

(Food

Products)(a)

.............

1,137

44

Chocoladefabriken

Lindt

&

Spruengli

AG,

Class

-

PC

(Food

Products)

.......

741

19,821

Cie

Financiere

Richemont

SA,

Registered

Shares

(Textiles,

Apparel

&

Luxury

Goods)

.....................

3,735

13,970

Coca-Cola

HBC

AG,

Class

DI

(Beverages)

729

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Switzerland

(continued)

16,029

DSM-Firmenich

AG

(Chemicals)

......

$

1,704

387,007

Glencore

PLC

(Metals

&

Mining)(a)

....

1,506

5,080

Kuehne

+

Nagel

International

AG,

Class

-

R

(Marine

Transportation)

.........

1,099

4,844

Logitech

International

SA,

Class

-

R

(Technology

Hardware,

Storage

&

Peripherals)

..................

436

4,467

Lonza

Group

AG,

Registered

Shares

(Life

Sciences

Tools

&

Services)(a)

.....

3,182

8,432

Medacta

Group

SA

(Health

Care

Equipment

&

Supplies)(a)

................

1,427

54,797

Nestle

SA,

Registered

Shares

(Food

Products)

....................

5,447

67,717

Novartis

AG,

Registered

Shares

(Pharmaceuticals)

.............

8,211

441

Partners

Group

Holding

AG

(Capital

Markets)

....................

576

12,159

Roche

Holding

AG

(Pharmaceuticals)

...

3,962

13,543

Sandoz

Group

AG

(Pharmaceuticals)

....

741

1,212

Swisscom

AG,

Registered

Shares

(Diversified

Telecommunication

Services)

....................

860

191,523

UBS

Group

AG

(Capital

Markets)

......

6,484

3,139

Zurich

Insurance

Group

AG

(Insurance)

..

2,195

53,943

United

Kingdom

—

11.02%

38,163

3i

Group

PLC

(Capital

Markets)

.......

2,158

5,633

Admiral

Group

PLC

(Insurance)

.......

253

21,731

Anglo

American

PLC

(Metals

&

Mining)

.

641

17,119

Ashtead

Group

PLC

(Trading

Companies

&

Distributors)

.................

1,097

53,176

AstraZeneca

PLC

(Pharmaceuticals)(a)

..

7,385

31,506

Auto

Trader

Group

PLC

(Interactive

Media

&

Services)(a)

................

356

153,808

Aviva

PLC

(Insurance)

..............

1,307

121,738

BAE

Systems

PLC

(Aerospace

&

Defense)

3,152

54,861

BP

PLC

(Oil,

Gas

&

Consumable

Fuels)

.

275

51,346

British

American

Tobacco

PLC

(Tobacco)

2,440

12,788

Bunzl

PLC

(Trading

Companies

&

Distributors)

.................

407

10,781

Coca-Cola

Europacific

Partners

PLC

(Beverages)

..................

1,000

68,973

Compass

Group

PLC

(Hotels,

Restaurants

&

Leisure)

....................

2,335

12,592

Diageo

PLC

(Beverages)

............

316

39,990

GSK

PLC

(Pharmaceuticals)

..........

763

282,694

Haleon

PLC

(Personal

Care

Products)

...

1,453

223,327

HSBC

Holdings

PLC

(Banks)

.........

2,703

90,451

Imperial

Brands

PLC

(Tobacco)

.......

3,571

242,896

Informa

PLC

(Media)

...............

2,686

6,566

InterContinental

Hotels

Group

PLC

(Hotels,

Restaurants

&

Leisure)

..........

748

480,645

J

Sainsbury

PLC

(Consumer

Staples

Distribution

&

Retail)

...........

1,912

72

HC

CAPITAL

TRUST

The

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

United

Kingdom

(continued)

114,719

Kingfisher

PLC

(Specialty

Retail)

......

$

458

134,325

Legal

&

General

Group

PLC

(Insurance)

.

469

3,123

London

Stock

Exchange

Group

PLC

(Capital

Markets)(a)

............

456

114,631

National

Grid

PLC

(Multi-Utilities)

.....

1,670

4,989

Next

PLC

(Broadline

Retail)

..........

852

16,942

Pearson

PLC

(Diversified

Consumer

Services)

....................

249

9,818

Reckitt

Benckiser

Group

PLC

(Household

Products)

....................

668

56,944

RELX

PLC

(Professional

Services)

.....

3,077

66,751

Rio

Tinto

PLC

(Metals

&

Mining)

......

3,889

48,358

Rolls-Royce

Holdings

PLC

(Aerospace

&

Defense)

....................

642

7,432

Severn

Trent

PLC

(Water

Utilities)(a)

...

279

290,341

Shell

PLC

(Oil,

Gas

&

Consumable

Fuels)

10,175

100,164

Smith

&

Nephew

PLC

(Health

Care

Equipment

&

Supplies)

.........

1,530

12,142

Smiths

Group

PLC

(Industrial

Conglomerates)

...............

374

44,660

SSE

PLC

(Electric

Utilities)

..........

1,122

85,307

St.

James's

Place

PLC

(Capital

Markets)

.

1,386

33,934

The

Sage

Group

PLC

(Software)

.......

582

18,373

The

Weir

Group

PLC

(Machinery)(a)

....

628

55,598

Unilever

PLC

(Personal

Care

Products)

..

3,376

10,568

United

Utilities

Group

PLC

(Water

Utilities)

166

69,006

United

States

—

0.84%

2,921

CRH

PLC

(Construction

Materials)

.....

269

2,189

Flutter

Entertainment

PLC,

Class

-

DI

(Hotels,

Restaurants

&

Leisure)(a)(b)

620

8,324

Linde

PLC

(Chemicals)

.............

3,902

4,162

RB

Global,

Inc.

(Commercial

Services

&

Supplies)

....................

442

5,233

Total

Common

Stocks

(cost

$243,444

)

..

560,878

Warrant

—

0.00%

Canada

—

0.00%

835

Constellation

Software,

Inc.,

3/31/40

(Software)(b)(c)

...............

—

Total

Warrant

(cost

$—

)

............

—

Investment

Companies

—

9.30%

International

Equity

Funds

—

8.63%

328,315

iShares

Core

MSCI

EAFE

ETF

........

27,408

467,154

Vanguard

FTSE

Developed

Markets

ETF

.

26,632

54,040

Shares

Security

Description

Value

(000)

Investment

Companies

(continued)

Money

Market

Funds

—

0.67%

4,191,364

State

Street

Institutional

Treasury

Plus

Money

Market

Fund,

Trust

Class

,

4.19%(d)

....................

$

4,191

Total

Investment

Companies

(cost

$45,886

)

........................

58,231

Total

Investments

(cost

$289,330

)

—

98.88%

.....................

619,109

Other

assets

in

excess

of

liabilities

—

1.12%

......................

7,019

Net

Assets

-

100.00%

..............

$

626,128

Amounts

designated

as

"—"

are

$0

or

have

been

rounded

to

$0.

(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

June

30,

2025.

(d)

Annualized

7-day

yield

as

of

period-end.

ADR—American

Depositary

Receipt

ETF—Exchange-Traded

Fund

REIT—Real

Estate

Investment

Trust

73

See

accompanying

notes

to

financial

statements.

HC

CAPITAL

TRUST

The

International

Equity

Portfolio

Portfolio

of

Investments

(concluded)

—

June

30,

2025

As

of

June

30,

2025

,

100%

of

the

Portfolio’s

net

assets

were

managed

by

Parametric

Portfolio

Associates,

LLC.

The

following

table

reflects

the

open

derivative

positions

held

by

the

Portfolio

as

of

June

30,

2025

.

Futures

Contracts

Purchased

*

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value

and

Unrealized

Appreciation/

(Depreciation)

(000)

Mini

MSCI

EAFE

Index

Future

..............................

33

9/19/25

$

4,425

$

64

$

4,425

$

64

Total

Unrealized

Appreciation

.....................

$

64

Total

Unrealized

Depreciation

.....................

—

Total

Net

Unrealized

Appreciation/(Depreciation)

.......

$

64

*

Cash

has

been

pledged

as

collateral

for

futures

contracts

held

by

the

Portfolio.

HC

CAPITAL

TRUST

The

Institutional

International

Equity

Portfolio

Portfolio

of

Investments

—

June

30,

2025

74

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

—

45.90%

Australia

—

2.01%

43,315

ANZ

Group

Holdings

Ltd.

(Banks)

.....

$

831

47,375

APA

Group

(Gas

Utilities)

...........

255

8,339

Aristocrat

Leisure

Ltd.

(Hotels,

Restaurants

&

Leisure)

...................

358

5,450

ASX

Ltd.

(Capital

Markets)

..........

250

74,396

BHP

Group

Ltd.

(Metals

&

Mining)

.....

1,800

6,333

BlueScope

Steel

Ltd.

(Metals

&

Mining)

.

96

26,756

Brambles

Ltd.

(Commercial

Services

&

Supplies)

....................

412

6,494

CAR

Group

Ltd.

(Interactive

Media

&

Services)

....................

160

1,170

Cochlear

Ltd.

(Health

Care

Equipment

&

Supplies)

....................

231

31,179

Coles

Group

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

427

24,476

Commonwealth

Bank

of

Australia

(Banks)

2,976

10,696

Computershare

Ltd.

(Professional

Services)

281

7,651

CSL

Ltd.

(Biotechnology)

............

1,205

29,410

Evolution

Mining

Ltd.

(Metals

&

Mining)

151

24,416

Fortescue

Ltd.

(Metals

&

Mining)

......

245

29,682

Goodman

Group

(Industrial

REITs)

.....

669

52,921

Insurance

Australia

Group

Ltd.

(Insurance)

314

5,285

Macquarie

Group

Ltd.

(Capital

Markets)

.

795

86,925

Medibank

Pvt

Ltd.

(Insurance)

........

289

44,656

National

Australia

Bank

Ltd.

(Banks)

....

1,158

25,641

Northern

Star

Resources

Ltd.

(Metals

&

Mining)

.....................

313

41,640

Origin

Energy

Ltd.

(Electric

Utilities)

...

296

826

Pro

Medicus

Ltd.

(Health

Care

Technology)

155

10,656

Qantas

Airways

Ltd.

(Passenger

Airlines)

.

75

24,656

QBE

Insurance

Group

Ltd.

(Insurance)

..

380

760

REA

Group

Ltd.

(Interactive

Media

&

Services)

....................

120

3,556

Reece

Ltd.

(Trading

Companies

&

Distributors)

.................

34

5,461

Rio

Tinto

Ltd.

(Metals

&

Mining)

......

385

48,310

Santos

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

(a)

........................

243

75,260

Scentre

Group

(Retail

REITs)

.........

176

2,931

SGH

Ltd.

(Trading

Companies

&

Distributors)

.................

104

67,461

Sigma

Healthcare

Ltd.

(Health

Care

Providers

&

Services)(b)

........

133

11,350

Sonic

Healthcare

Ltd.

(Health

Care

Providers

&

Services)

...........

200

64,914

South32

Ltd.

(Metals

&

Mining)

.......

124

34,460

Stockland

(Diversified

REITs)

.........

122

19,057

Suncorp

Group

Ltd.

(Insurance)

.......

271

115,244

Telstra

Group

Ltd.

(Diversified

Telecommunication

Services)

.....

367

74,328

The

Lottery

Corp.

Ltd.

(Hotels,

Restaurants

&

Leisure)

...................

261

58,063

Transurban

Group

(Transportation

Infrastructure)

................

534

9,976

Treasury

Wine

Estates

Ltd.

(Beverages)

..

51

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Australia

(continued)

78,277

Vicinity

Ltd.

(Retail

REITs)(a)

........

$

127

5,834

Washington

H

Soul

Pattinson

&

Co.

Ltd.

(Financial

Services)

............

161

16,497

Wesfarmers

Ltd.

(

Broadline

Retail)

.....

920

50,193

Westpac

Banking

Corp.

(Banks)

.......

1,118

2,940

WiseTech

Global

Ltd.

(Software)

.......

211

27,939

Woodside

Energy

Group

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

.............

434

24,226

Woolworths

Group

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

496

20,714

Austria

—

0.06%

4,445

Erste

Group

Bank

AG

(Banks)(a)

......

378

2,180

OMV

AG

(Oil,

Gas

&

Consumable

Fuels)

119

972

Verbund

AG

(Electric

Utilities)

........

75

572

Belgium

—

0.25%

3,506

Ageas

SA/N.V.

(Insurance)(a)

.........

237

14,420

Anheuser-Busch

InBev

SA/N.V.

(Beverages)

..................

989

294

D'ieteren

Group

(Distributors)

.........

63

717

Elia

Group

SA/N.V.

(Electric

Utilities)(a)

.

83

1,877

Groupe

Bruxelles

Lambert

N.V.

(Financial

Services)

....................

160

3,703

KBC

Group

N.V.

(Banks)

............

382

16

Lotus

Bakeries

N.V.

(Food

Products)(a)

..

154

221

Sofina

SA

(Financial

Services)

........

73

1,060

Syensqo

SA

(Chemicals)

.............

82

1,868

UCB

SA

(Pharmaceuticals)

...........

367

2,590

Canada

—

1.14%

1,751

Alimentation

Couche-Tard,

Inc.

(Consumer

Staples

Distribution

&

Retail)

.....

87

2,577

AltaGas

Ltd.

(Gas

Utilities)

...........

75

8,559

BCE,

Inc.

(Diversified

Telecommunication

Services)

....................

190

31,572

Brookfield

Corp.

(Capital

Markets)

.....

1,954

23,371

Canadian

Pacific

Kansas

City

Ltd.

(Ground

Transportation)

...............

1,857

654

Canadian

Tire

Corp.

Ltd.,

Class

-

A

(

Broadline

Retail)

.............

89

5,385

Canadian

Utilities

Ltd.,

Class

-

A

(Multi-

Utilities)

....................

149

1,152

CCL

Industries,

Inc.,

Class

-

B

(Containers

&

Packaging)(a)

...............

67

679

CGI,

Inc.

(IT

Services)

..............

71

971

Dollarama

,

Inc.

(

Broadline

Retail)

......

137

2,000

Element

Fleet

Management

Corp.

(Commercial

Services

&

Supplies)(a)

50

3,513

Emera

,

Inc.

(Electric

Utilities)

.........

161

75

HC

CAPITAL

TRUST

The

Institutional

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Canada

(continued)

4,833

Empire

Co.

Ltd.,

Class

-

A

(Consumer

Staples

Distribution

&

Retail)

.....

$

201

1,336

Enbridge,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

......................

61

51

Fairfax

Financial

Holdings

Ltd.

(Insurance)

92

3,500

Fortis,

Inc.

(Electric

Utilities)

.........

167

320

Franco-Nevada

Corp.

(Metals

&

Mining)

.

53

717

George

Weston

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

144

496

GFL

Environmental,

Inc.

(Commercial

Services

&

Supplies)

...........

25

2,962

Great-West

Lifeco

,

Inc.

(Insurance)

.....

113

4,377

Hydro

One

Ltd.

(Electric

Utilities)(a)

....

158

467

Intact

Financial

Corp.

(Insurance)(a)

....

109

1,084

Keyera

Corp.

(Oil,

Gas

&

Consumable

Fuels)

......................

35

1,074

Loblaw

Cos.

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

178

2,126

Metro,

Inc.

(Consumer

Staples

Distribution

&

Retail)

....................

167

2,541

Power

Corp.

of

Canada

(Insurance)

.....

99

6,611

Quebecor,

Inc.,

Class

-

B

(Diversified

Telecommunication

Services)

.....

201

1,479

Restaurant

Brands

International,

Inc.

(Hotels,

Restaurants

&

Leisure)

....

98

5,065

Rogers

Communications,

Inc.,

Class

-

B

(Wireless

Telecommunication

Services)

....................

150

6,553

Saputo,

Inc.

(Food

Products)(a)

........

134

17,111

Shopify,

Inc.,

Class

-

A

(IT

Services)(b)

..

1,974

1,110

TC

Energy

Corp.

(Oil,

Gas

&

Consumable

Fuels)

......................

54

53,168

Teck

Resources

Ltd.,

Class

-

B

(Metals

&

Mining)

.....................

2,146

9,314

TELUS

Corp.

(Diversified

Telecommunication

Services)

.....

150

385

The

Bank

of

Nova

Scotia

(Banks)

......

21

374

The

Descartes

Systems

Group,

Inc.

(Software)(b)

.................

38

586

The

Toronto-Dominion

Bank

(Banks)

...

43

684

Thomson

Reuters

Corp.

(Professional

Services)

....................

138

2,982

TMX

Group

Ltd.

(Capital

Markets)

.....

126

339

Toromont

Industries

Ltd.

(Trading

Companies

&

Distributors)

.......

30

11,792

Chile

—

0.01%

5,920

Antofagasta

PLC

(Metals

&

Mining)

....

147

China

—

0.02%

99,200

Yangzijiang

Shipbuilding

Holdings

Ltd.

(Machinery)

.................

173

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Denmark

—

1.96%

44

A.P.

Moller

-

Maersk

A/S,

Class

-

A

(Marine

Transportation)

...............

$

81

69

A.P.

Moller

-

Maersk

A/S,

Class

-

B

(Marine

Transportation)

...............

128

2,433

Carlsberg

A/S,

Class

-

B

(Beverages)

....

345

2,919

Coloplast

A/S,

Class

-

B

(Health

Care

Equipment

&

Supplies)

.........

277

11,725

Danske

Bank

A/S

(Banks)

............

478

2,010

Demant

A/S

(Health

Care

Equipment

&

Supplies)(b)

..................

84

11,078

DSV

A/S

(Air

Freight

&

Logistics)

.....

2,662

982

Genmab

A/S

(Biotechnology)(a)(b)

.....

204

76,695

Novo

Nordisk

A/S,

Class

-

B

(Pharmaceuticals)

.............

5,325

131,750

Novo

Nordisk

A/S,

ADR

(Pharmaceuticals)

9,094

6,164

Novonesis

Novozymes

B,

Class

B

(Chemicals)

..................

442

5,797

Orsted

A/S

(Electric

Utilities)(a)(b)

.....

249

1,180

Pandora

A/S

(Textiles,

Apparel

&

Luxury

Goods)

.....................

207

1,480

ROCKWOOL

A/S,

Class

-

B

(Building

Products)

....................

69

11,791

Tryg

A/S

(Insurance)(a)

.............

305

14,550

Vestas

Wind

Systems

A/S

(Electrical

Equipment)

..................

218

20,168

Finland

—

0.50%

3,771

Elisa

Oyj

(Diversified

Telecommunication

Services)

....................

209

8,637

Fortum

Oyj

(Electric

Utilities)

.........

162

5,861

Kesko

Oyj

,

Class

-

B

(Consumer

Staples

Distribution

&

Retail)

...........

145

5,024

Kone

Oyj

,

Class

-

B

(Machinery)

.......

331

8,946

Metso

Oyj

(Machinery)(a)

...........

116

5,887

Neste

Oyj

(Oil,

Gas

&

Consumable

Fuels)

80

77,892

Nokia

Oyj

(Communications

Equipment)

.

404

46,045

Nordea

Bank

Abp

(Banks)

...........

683

2,717

Orion

Oyj

,

Class

-

B

(Pharmaceuticals)

..

205

220,342

Sampo

Oyj

,

A

Shares

(Insurance)

......

2,369

8,380

Stora

Enso

Oyj

,

R

Shares

(Paper

&

Forest

Products)

....................

91

7,666

UPM-

Kymmene

Oyj

(Paper

&

Forest

Products)

....................

209

7,628

Wartsila

Oyj

Abp

(Machinery)

.........

180

5,184

France

—

5.07%

2,804

Accor

SA

(Hotels,

Restaurants

&

Leisure)

146

1,129

Aeroports

de

Paris

SA

(Transportation

Infrastructure)

................

142

8,445

Air

Liquide

SA

(Chemicals)

..........

1,742

8,696

Airbus

SE

(Aerospace

&

Defense)

......

1,816

4,987

Alstom

SA

(Machinery)(b)

...........

116

870

Amundi

SA

(Capital

Markets)(a)

.......

70

76

HC

CAPITAL

TRUST

The

Institutional

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

France

(continued)

818

Arkema

SA

(Chemicals)

.............

$

60

25,912

AXA

SA

(Insurance)

...............

1,272

1,594

BioMerieux

(Health

Care

Equipment

&

Supplies)

....................

221

14,857

BNP

Paribas

SA

(Banks)

.............

1,335

35,113

Bollore

SE

(Entertainment)

...........

221

5,242

Bouygues

SA

(Construction

&

Engineering)

237

7,821

Bureau

Veritas

SA

(Professional

Services)

266

2,377

Capgemini

SE

(IT

Services)

..........

406

20,925

Carrefour

SA

(Consumer

Staples

Distribution

&

Retail)(a)

.........

295

23,293

Cie

de

Saint-Gobain

SA

(Building

Products)

2,734

10,337

Cie

Generale

des

Etablissements

Michelin

SCA

(Automobile

Components)

...

384

878

Covivio

SA

(Office

REITs)

...........

55

18,334

Credit

Agricole

SA

(Banks)

...........

347

12,145

Danone

SA

(Food

Products)

..........

992

673

Dassault

Aviation

SA

(Aerospace

&

Defense)(a)

..................

238

59,704

Dassault

Systemes

SE

(Software)

......

2,161

7,441

Edenred

SE

(Financial

Services)

.......

231

1,189

Eiffage

SA

(Construction

&

Engineering)(a)

167

37,199

Engie

SA

(Multi-Utilities)

............

873

11,049

EssilorLuxottica

SA

(Health

Care

Equipment

&

Supplies)

.........

3,030

658

Eurazeo

SE

(Financial

Services)

.......

47

5,355

FDJ

UNITED

(Hotels,

Restaurants

&

Leisure)

....................

210

1,098

Gecina

SA

(Office

REITs)(a)

..........

121

13,750

Getlink

SE

(Transportation

Infrastructure)

266

462

Hermes

International

SCA

(Textiles,

Apparel

&

Luxury

Goods)

..............

1,251

2,006

Ipsen

SA

(Pharmaceuticals)

...........

239

1,071

Kering

SA

(Textiles,

Apparel

&

Luxury

Goods)

.....................

233

5,679

Klepierre

SA

(Retail

REITs)

..........

223

19,556

Legrand

SA

(Electrical

Equipment)

.....

2,614

8,069

L'Oreal

SA

(Personal

Care

Products)

....

3,450

7,400

LVMH

Moet

Hennessy

Louis

Vuitton

SE

(Textiles,

Apparel

&

Luxury

Goods)

3,876

43,462

Orange

SA

(Diversified

Telecommunication

Services)(a)

..................

661

3,560

Pernod

Ricard

SA

(Beverages)

........

355

21,179

Publicis

Groupe

SA

(Media)

..........

2,387

2,770

Renault

SA

(Automobiles)

...........

128

3,501

Rexel

SA

(Trading

Companies

&

Distributors)

.................

108

5,267

Safran

SA

(Aerospace

&

Defense)

......

1,712

36,671

Sanofi

SA

(Pharmaceuticals)

..........

3,550

422

Sartorius

Stedim

Biotech

(Life

Sciences

Tools

&

Services)

..............

101

15,748

Schneider

Electric

SE

(Electrical

Equipment)(a)

................

4,189

10,535

Societe

Generale

SA

(Banks)

.........

602

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

France

(continued)

4,397

Sodexo

SA

(Hotels,

Restaurants

&

Leisure)

$

270

1,340

Teleperformance

SE

(Professional

Services)

129

1,989

Thales

SA

(Aerospace

&

Defense)

......

584

63,226

TotalEnergies

SE

(Oil,

Gas

&

Consumable

Fuels)

......................

3,880

1,753

Unibail

-

Rodamco

-Westfield

(Retail

REITs)

168

9,216

Veolia

Environnement

SA

(Multi-Utilities)

328

7,236

Vinci

SA

(Construction

&

Engineering)

..

1,066

52,305

Germany

—

4.44%

10,248

adidas

AG

(Textiles,

Apparel

&

Luxury

Goods)

.....................

2,390

5,842

Allianz

SE,

Registered

Shares

(Insurance)

2,367

13,028

BASF

SE

(Chemicals)

..............

642

14,326

Bayer

AG,

Registered

Shares

(Pharmaceuticals)

.............

431

4,279

Bayerische

Motoren

Werke

AG

(Automobiles)

................

380

858

Bayerische

Motoren

Werke

AG,

NVS,

Preference

Shares

(Automobiles)

...

71

3,268

Beiersdorf

AG

(Personal

Care

Products)

..

410

1,761

Brenntag

SE

(Trading

Companies

&

Distributors)

.................

117

13,205

Commerzbank

AG

(Banks)

...........

417

1,579

Continental

AG

(Automobile

Components)

138

2,676

Covestro

AG

(Chemicals)(b)

..........

190

1,044

CTS

Eventim

AG

&

Co.

KGaA

(Entertainment)(a)

.............

130

6,846

Daimler

Truck

Holding

AG

(Machinery)

.

324

2,936

Delivery

Hero

SE

(Hotels,

Restaurants

&

Leisure)(a)(b)

................

79

26,975

Deutsche

Bank

AG,

Registered

Shares

(Capital

Markets)

..............

800

9,361

Deutsche

Boerse

AG

(Capital

Markets)

..

3,054

8,390

Deutsche

Lufthansa

AG,

Registered

Shares

(Passenger

Airlines)(a)

..........

71

14,030

Deutsche

Post

AG

(Air

Freight

&

Logistics)

648

108,635

Deutsche

Telekom

AG

(Diversified

Telecommunication

Services)(a)

...

3,963

2,741

Dr.

Ing

.

h.c

.

F.

Porsche

AG,

NVS,

Preference

Shares

(Automobiles)(a)

.

136

44,353

E.ON

SE

(Multi-Utilities)

............

816

3,686

Evonik

Industries

AG

(Chemicals)

......

76

5,884

Fresenius

Medical

Care

AG

(Health

Care

Providers

&

Services)

...........

337

8,719

Fresenius

SE

&

Co.

KGaA

(Health

Care

Providers

&

Services)

...........

438

2,890

GEA

Group

AG

(Machinery)

.........

202

1,410

Hannover

Rueck

SE

(Insurance)

.......

444

1,952

Heidelberg

Materials

AG

(Construction

Materials)(a)

.................

459

1,569

Henkel

AG

&

Co.

KGaA

(Household

Products)

....................

114

77

HC

CAPITAL

TRUST

The

Institutional

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Germany

(continued)

5,238

Henkel

AG

&

Co.

KGaA

,

Preference

Shares

(Household

Products)

...........

$

412

69,969

Infineon

Technologies

AG

(Semiconductors

&

Semiconductor

Equipment)(a)

...

2,976

1,039

Knorr-

Bremse

AG

(Machinery)

........

100

2,318

LEG

Immobilien

SE

(Real

Estate

Management

&

Development)

.....

206

10,540

Mercedes-Benz

Group

AG

(Automobiles)

617

2,996

Merck

KGaA

(Pharmaceuticals)

.......

388

774

MTU

Aero

Engines

AG

(Aerospace

&

Defense)

....................

344

2,170

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

,

Class

-

R

(Insurance)

................

1,407

824

Nemetschek

SE

(Software)

...........

119

2,186

Porsche

Automobil

Holding

SE,

NVS,

Preference

Shares

(Automobiles)

...

87

124

Rational

AG

(Machinery)

............

104

687

Rheinmetall

AG

(Aerospace

&

Defense)

.

1,454

14,007

RWE

AG

(Independent

Power

and

Renewable

Electricity

Producers)

..

585

21,660

SAP

SE

(Software)

.................

6,585

378

Sartorius

AG,

NVS,

Preference

Shares

(Life

Sciences

Tools

&

Services)(a)

.....

96

2,018

Scout24

SE

(Interactive

Media

&

Services)

(a)

........................

278

18,839

Siemens

AG,

Registered

Shares

(Industrial

Conglomerates)

...............

4,829

32,450

Siemens

Energy

AG

(Electrical

Equipment)

(a)(b)

......................

3,747

6,531

Siemens

Healthineers

AG

(Health

Care

Equipment

&

Supplies)(a)

.......

362

3,552

Symrise

AG

(Chemicals)(a)

..........

372

1,808

Talanx

AG

(Insurance)

..............

234

3,048

Volkswagen

AG,

Preference

Shares

(Automobiles)

................

322

11,803

Vonovia

SE

(Real

Estate

Management

&

Development)

................

416

3,228

Zalando

SE

(Specialty

Retail)(a)(b)

.....

106

45,790

Hong

Kong

—

1.02%

380,718

AIA

Group

Ltd.

(Insurance)

..........

3,413

59,195

BOC

Hong

Kong

Holdings

Ltd.

(Banks)

.

258

588,000

China

Common

Rich

Renewable

Energy

Investment

Ltd.

(Independent

Power

and

Renewable

Electricity

Producers)

(b)(c)

......................

—

29,200

CK

Asset

Holdings

Ltd.

(Real

Estate

Management

&

Development)

.....

129

39,910

CK

Hutchison

Holdings

Ltd.

(Industrial

Conglomerates)

...............

246

21,000

CK

Infrastructure

Holdings

Ltd.

(Electric

Utilities)

....................

139

30,719

CLP

Holdings

Ltd.

(Electric

Utilities)

...

259

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Hong

Kong

(continued)

952

Futu

Holdings

Ltd.,

ADR

(Capital

Markets)

(a)

........................

$

118

33,000

Galaxy

Entertainment

Group

Ltd.

(Hotels,

Restaurants

&

Leisure)

..........

147

10,639

Hang

Seng

Bank

Ltd.

(Banks)

.........

159

22,845

Henderson

Land

Development

Co.

Ltd.

(Real

Estate

Management

&

Development)

................

80

118,550

HKT

Trust

&

HKT

Ltd.,

Class

-

SS

(Diversified

Telecommunication

Services)(a)

..................

177

204,247

Hong

Kong

&

China

Gas

Co.

Ltd.

(Gas

Utilities)

....................

172

17,500

Hong

Kong

Exchanges

&

Clearing

Ltd.

(Capital

Markets)

..............

934

25,640

Hongkong

Land

Holdings

Ltd.

(Real

Estate

Management

&

Development)

.....

148

3,800

Jardine

Matheson

Holdings

Ltd.

(Industrial

Conglomerates)

...............

182

37,306

Link

REIT

(Retail

REITs)

............

199

29,500

MTR

Corp.

Ltd.

(Ground

Transportation)

.

106

31,868

Power

Assets

Holdings

Ltd.

(Electric

Utilities)

....................

205

202,756

Prudential

PLC

(Insurance)

...........

2,539

99,328

Sino

Land

Co.

Ltd.

(Real

Estate

Management

&

Development)

.....

106

21,000

SITC

International

Holdings

Co.

Ltd.

(Marine

Transportation)

.........

67

20,860

Sun

Hung

Kai

Properties

Ltd.

(Real

Estate

Management

&

Development)

.....

239

8,930

Swire

Pacific

Ltd.,

Class

-

A

(Real

Estate

Management

&

Development)

.....

76

21,000

Techtronic

Industries

Co.

Ltd.

(Machinery)

231

16,000

The

Wharf

Holdings

Ltd.

(Real

Estate

Management

&

Development)

.....

49

118,856

WH

Group

Ltd.

(Food

Products)(a)

.....

114

23,000

Wharf

Real

Estate

Investment

Co.

Ltd.

(Real

Estate

Management

&

Development)

65

10,557

Ireland

(Republic

of)

—

0.84%

2,805

AerCap

Holdings

N.V.

(Trading

Companies

&

Distributors)

...............

328

16,656

AerCap

Holdings

N.V.

(Trading

Companies

&

Distributors)

...............

1,949

31,336

AIB

Group

PLC

(Banks)(a)

..........

258

14,516

Bank

of

Ireland

Group

PLC

(Banks)

....

207

1,539

DCC

PLC

(Industrial

Conglomerates)(a)

.

100

49,861

Experian

PLC

(Professional

Services)

...

2,568

7,933

James

Hardie

Industries

PLC

(Construction

Materials)(b)

.................

218

2,403

Kerry

Group

PLC,

Class

-

A

(Food

Products)(a)

..................

265

2,228

Kingspan

Group

PLC

(Building

Products)

189

12,329

Ryanair

Holdings

PLC

(Passenger

Airlines)

(a)

........................

349

78

HC

CAPITAL

TRUST

The

Institutional

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Ireland

(Republic

of)

(continued)

37,901

Ryanair

Holdings

PLC,

ADR

(Passenger

Airlines)

....................

$

2,185

8,616

Israel

—

0.48%

838

Azrieli

Group

Ltd.

(Real

Estate

Management

&

Development)

..............

77

18,640

Bank

Hapoalim

BM

(Banks)

..........

358

21,642

Bank

Leumi

Le-Israel

BM,

Class

-

IS

(Banks)

.....................

403

1,554

Check

Point

Software

Technologies

Ltd.

(Software)(b)

.................

344

684

CyberArk

Software

Ltd.

(Software)(b)

...

278

595

Elbit

Systems

Ltd.

(Aerospace

&

Defense)

265

18,735

ICL

Group

Ltd.

(Chemicals)

..........

128

1

Isracard

Ltd.

(Consumer

Finance)

......

—

17,704

Israel

Discount

Bank

Ltd.,

Class

-

A

(Banks)

177

2,228

Mizrahi

Tefahot

Bank

Ltd.

(Banks)

.....

145

591

Monday.com

Ltd.

(Software)(b)

.......

186

1,153

Nice

Ltd.

(Software)(b)

.............

195

217

Nova

Ltd.

(Semiconductors

&

Semiconductor

Equipment)(b)

.....

61

111,474

Teva

Pharmaceutical

Industries

Ltd.

(Pharmaceuticals)(b)

...........

1,889

17,068

Teva

Pharmaceutical

Industries

Ltd.,

ADR

(Pharmaceuticals)(b)

...........

286

761

Wix.com

Ltd.

(IT

Services)(b)

.........

121

4,913

Italy

—

1.88%

3,338

Amplifon

SpA

(Health

Care

Providers

&

Services)

....................

78

3,207

Banca

Mediolanum

SpA

(Financial

Services)

....................

55

16,607

Banco

BPM

SpA

(Banks)

............

194

14,361

BPER

Banca

SPA

(Banks)

...........

131

23,168

Davide

Campari-Milano

N.V.,

Class

-

M

(Beverages)(a)

................

156

1,331

DiaSorin

SpA

(Health

Care

Equipment

&

Supplies)

....................

143

337,105

Enel

SpA

(Electric

Utilities)(a)

........

3,198

35,234

Eni

SpA

(Oil,

Gas

&

Consumable

Fuels)

.

571

3,804

Ferrari

N.V.,

ADR

(Automobiles)

......

1,867

1,902

Ferrari

N.V.

(Automobiles)

...........

932

9,204

FinecoBank

Banca

Fineco

SpA

(Banks)

..

204

12,659

Generali

(Insurance)

................

450

14,925

Infrastrutture

Wireless

Italiane

SpA

(Diversified

Telecommunication

Services)(a)

..................

182

575,546

Intesa

Sanpaolo

SpA

(Banks)(a)

.......

3,316

6,979

Leonardo

SpA

(Aerospace

&

Defense)

...

393

7,267

Mediobanca

Banca

di

Credito

Finanziario

SpA

(Banks)^

................

169

3,491

Moncler

SpA

(Textiles,

Apparel

&

Luxury

Goods)

.....................

199

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Italy

(continued)

6,690

Nexi

SpA

(Financial

Services)(a)

.......

$

40

6,699

Poste

Italiane

SpA

(Insurance)(a)

.......

144

35,179

Prysmian

SpA

(Electrical

Equipment)

...

2,488

3,145

Recordati

Industria

Chimica

e

Farmaceutica

SpA

(Pharmaceuticals)

..........

198

52,128

Snam

SpA

(Gas

Utilities)

............

316

150,525

Telecom

Italia

SpA

/Milano

(Diversified

Telecommunication

Services)(b)

...

74

35,706

Terna

-

Rete

Elettrica

Nazionale

(Electric

Utilities)

....................

367

50,651

UniCredit

SpA

(Banks)

..............

3,395

5,202

Unipol

Assicurazioni

SpA

(Insurance)

...

103

19,363

Japan

—

8.29%

11,200

Advantest

Corp.

(Semiconductors

&

Semiconductor

Equipment)(a)

.....

829

14,900

Aeon

Co.

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

458

3,965

AGC,

Inc.

(Building

Products)^

........

116

7,600

Aisin

Corp.

(Automobile

Components)

..

97

16,700

Ajinomoto

Co.,

Inc.

(Food

Products)

....

454

7,900

ANA

Holdings,

Inc.

(Passenger

Airlines)(a)

155

27,300

Asahi

Group

Holdings

Ltd.

(Beverages)(a)

365

25,810

Asahi

Kasei

Corp.

(Chemicals)

........

184

9,700

Asics

Corp.

(Textiles,

Apparel

&

Luxury

Goods)

.....................

248

35,690

Astellas

Pharma,

Inc.

(Pharmaceuticals)

..

351

9,900

Bandai

Namco

Holdings,

Inc.

(Leisure

Products)

....................

356

8,860

Bridgestone

Corp.

(Automobile

Components)^

................

363

46,500

Broadmedia

Corp.

(Diversified

Telecommunication

Services)

.....

612

13,447

Canon,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)

................

391

5,200

Capcom

Co.

Ltd.

(Entertainment)

......

178

15,300

Central

Japan

Railway

Co.

(Ground

Transportation)

...............

343

16,200

Chubu

Electric

Power

Co.,

Inc.

(Electric

Utilities)

....................

200

10,900

Chugai

Pharmaceutical

Co.

Ltd.

(Pharmaceuticals)

.............

569

13,700

Concordia

Financial

Group

Ltd.

(Banks)

.

89

8,478

Dai

Nippon

Printing

Co.

Ltd.

(Commercial

Services

&

Supplies)

...........

129

4,600

Daifuku

Co.

Ltd.

(Machinery)

.........

119

52,000

Dai-ichi

Life

Holdings,

Inc.

(Insurance)

..

396

25,100

Daiichi

Sankyo

Co.

Ltd.

(Pharmaceuticals)

(a)

........................

587

3,900

Daikin

Industries

Ltd.

(Building

Products)

461

2,147

Daito

Trust

Construction

Co.

Ltd.

(Real

Estate

Management

&

Development)

234

9,830

Daiwa

House

Industry

Co.

Ltd.

(Real

Estate

Management

&

Development)

.....

338

79

HC

CAPITAL

TRUST

The

Institutional

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Japan

(continued)

19,100

Daiwa

Securities

Group,

Inc.

(Capital

Markets)

....................

$

136

27,200

Denso

Corp.

(Automobile

Components)

..

368

4,470

Dentsu

Group,

Inc.

(Media)^

..........

99

1,400

Disco

Corp.

(Semiconductors

&

Semiconductor

Equipment)

.......

414

18,600

East

Japan

Railway

Co.

(Ground

Transportation)

...............

401

67,600

Ebara

Corp.

(Machinery)

............

1,304

70,800

Eiken

Chemical

Co.

Ltd.

(Health

Care

Equipment

&

Supplies)

.........

1,048

6,500

Eisai

Co.

Ltd.

(Pharmaceuticals)

.......

188

41,078

ENEOS

Holdings,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

204

13,600

FANUC

Corp.

(Machinery)

...........

372

2,800

Fast

Retailing

Co.

Ltd.

(Specialty

Retail)

.

963

2,100

Fuji

Electric

Co.

Ltd.

(Electrical

Equipment)

97

51,600

Fuji

Media

Holdings,

Inc.

(Media)

......

1,193

16,130

FUJIFILM

Holdings

Corp.

(Technology

Hardware,

Storage

&

Peripherals)

..

352

3,600

Fujikura

Ltd.

(Electrical

Equipment)

....

189

26,900

Fujitec

Co.

Ltd.

(Machinery)

..........

1,158

25,700

Fujitsu

Ltd.

(IT

Services)(a)

..........

627

7,000

Hankyu

Hanshin

Holdings,

Inc.

(Ground

Transportation)

...............

190

168,200

Helios

Techno

Holding

Co.

Ltd.

(Electrical

Equipment)

..................

1,045

400

Hikari

Tsushin,

Inc.

(Industrial

Conglomerates)

...............

119

139,300

Hitachi

Ltd.

(Industrial

Conglomerates)

..

4,068

61,462

Honda

Motor

Co.

Ltd.

(Automobiles)

...

595

3,500

Hoshizaki

Corp.

(Machinery)

.........

121

5,000

Hoya

Corp.

(Health

Care

Equipment

&

Supplies)

....................

596

14,400

Hulic

Co.

Ltd.

(Real

Estate

Management

&

Development)

................

146

11,595

Idemitsu

Kosan

Co.

Ltd.

(Oil,

Gas

&

Consumable

Fuels)(a)

...........

70

2,100

IHI

Corp.

(Machinery)

..............

228

13,200

Inpex

Corp.

(Oil,

Gas

&

Consumable

Fuels)^

.....................

186

8,070

Isuzu

Motors

Ltd.

(Automobiles)

.......

103

17,358

ITOCHU

Corp.

(Trading

Companies

&

Distributors)

.................

911

6,300

Japan

Airlines

Co.

Ltd.

(Passenger

Airlines)

(a)

........................

129

14,200

Japan

Exchange

Group,

Inc.

(Capital

Markets)

....................

144

28,000

Japan

Post

Bank

Co.

Ltd.

(Banks)(a)

....

303

25,960

Japan

Post

Holdings

Co.

Ltd.

(Insurance)(a)

241

3,000

Japan

Post

Insurance

Co.

Ltd.

(Insurance)(a)

68

19,427

Japan

Tobacco,

Inc.

(Tobacco)^

........

573

11,300

JFE

Holdings,

Inc.

(Metals

&

Mining)(a)

.

132

6,100

Kajima

Corp.

(Construction

&

Engineering)

159

9,400

Kao

Corp.

(Personal

Care

Products)^

....

421

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Japan

(continued)

5,300

Kawasaki

Kisen

Kaisha

Ltd.

(Marine

Transportation)

...............

$

75

51,200

KDDI

Corp.

(Wireless

Telecommunication

Services)

....................

881

2,900

Keyence

Corp.

(Electronic

Equipment,

Instruments

&

Components)

......

1,165

9,600

Kikkoman

Corp.

(Food

Products)

......

89

19,610

Kirin

Holdings

Co.

Ltd.

(Beverages)

....

275

6,800

Kobe

Bussan

Co.

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

211

12,990

Komatsu

Ltd.

(Machinery)

...........

427

1,600

Konami

Group

Corp.

(Entertainment)

...

254

341,000

Konica

Minolta,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)

..

1,111

14,000

Kubota

Corp.

(Machinery)^

..........

158

19,080

Kyocera

Corp.

(Electronic

Equipment,

Instruments

&

Components)

......

230

10,100

Kyowa

Kirin

Co.

Ltd.

(Pharmaceuticals)

.

173

1,200

Lasertec

Corp.

(Semiconductors

&

Semiconductor

Equipment)^

......

162

67,300

LIFENET

INSURANCE

Co.

(Insurance)(b)

1,066

59,000

LY

Corp.

(Interactive

Media

&

Services)

.

218

6,900

M3,

Inc.

(Health

Care

Technology)^

....

95

3,400

Makita

Corp.

(Machinery)

...........

105

20,771

Marubeni

Corp.

(Trading

Companies

&

Distributors)

.................

420

9,300

MatsukiyoCocokara

&

Co.

(Consumer

Staples

Distribution

&

Retail)

.....

192

10,000

MEIJI

Holdings

Co.

Ltd.

(Food

Products)

221

5,100

MINEBEA

MITSUMI,

Inc.

(Machinery)

.

75

19,410

Mitsubishi

Chemical

Group

Corp.

(Chemicals)

..................

102

50,120

Mitsubishi

Corp.

(Trading

Companies

&

Distributors)

.................

1,005

27,790

Mitsubishi

Electric

Corp.

(Electrical

Equipment)

..................

600

15,200

Mitsubishi

Estate

Co.

Ltd.

(Real

Estate

Management

&

Development)

.....

285

19,100

Mitsubishi

HC

Capital,

Inc.

(Financial

Services)

....................

141

47,070

Mitsubishi

Heavy

Industries

Ltd.

(Machinery)

.................

1,180

167,182

Mitsubishi

UFJ

Financial

Group,

Inc.

(Banks)

.....................

2,302

35,932

Mitsui

&

Co.

Ltd.

(Trading

Companies

&

Distributors)

.................

735

38,900

Mitsui

Fudosan

Co.

Ltd.

(Real

Estate

Management

&

Development)

.....

377

5,800

Mitsui

OSK

Lines

Ltd.

(Marine

Transportation)

...............

194

34,752

Mizuho

Financial

Group,

Inc.

(Banks)

...

964

8,100

MonotaRO

Co.

Ltd.

(Trading

Companies

&

Distributors)

.................

160

18,600

MS&AD

Insurance

Group

Holdings,

Inc.

(Insurance)

..................

417

80

HC

CAPITAL

TRUST

The

Institutional

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Japan

(continued)

24,000

Murata

Manufacturing

Co.

Ltd.

(Electronic

Equipment,

Instruments

&

Components)

.................

$

359

17,750

NEC

Corp.

(IT

Services)

.............

520

5,300

Nexon

Co.

Ltd.

(Entertainment)

.......

107

12,500

NIDEC

Corp.

(Electrical

Equipment)

....

244

16,100

Nintendo

Co.

Ltd.

(Entertainment)

......

1,552

259

Nippon

Building

Fund,

Inc.

(Office

REITs)^

239

20,500

Nippon

Paint

Holdings

Co.

Ltd.

(Chemicals)

(a)

........................

166

2,500

Nippon

Sanso

Holdings

Corp.

(Chemicals)

95

16,500

Nippon

Steel

Corp.

(Metals

&

Mining)(a)

313

7,600

Nippon

Yusen

KK

(Marine

Transportation)

274

35,400

Nissan

Motor

Co.

Ltd.

(Automobiles)(b)

.

86

81,600

Nissan

Shatai

Co.

Ltd.

(Automobiles)

...

613

9,200

Nissin

Foods

Holdings

Co.

Ltd.

(Food

Products)(a)

..................

192

2,500

Nitori

Holdings

Co.

Ltd.

(Specialty

Retail)

242

10,600

Nitto

Denko

Corp.

(Chemicals)

........

205

44,700

Nomura

Holdings,

Inc.

(Capital

Markets)

.

296

6,720

Nomura

Research

Institute

Ltd.

(IT

Services)

....................

270

4,100

NTT

Data

Group

Corp.

(IT

Services)

....

114

547,600

NTT,

Inc.

(Diversified

Telecommunication

Services)

....................

585

10,600

Obayashi

Corp.

(Construction

&

Engineering)

.................

161

8,200

Obic

Co.

Ltd.

(IT

Services)

...........

319

16,100

Olympus

Corp.

(Health

Care

Equipment

&

Supplies)

....................

192

2,700

Omron

Corp.

(Electronic

Equipment,

Instruments

&

Components)

......

73

18,700

Ono

Pharmaceutical

Co.

Ltd.

(Pharmaceuticals)

.............

203

1,600

Oracle

Corp.

Japan

(Software)

.........

191

19,200

Oriental

Land

Co.

Ltd.

(Hotels,

Restaurants

&

Leisure)

...................

443

16,900

ORIX

Corp.

(Financial

Services)

.......

383

8,745

Osaka

Gas

Co.

Ltd.

(Gas

Utilities)

......

225

56,600

Osaka

Steel

Co.

Ltd.

(Metals

&

Mining)

.

1,109

8,400

Otsuka

Corp.

(IT

Services)^

..........

171

8,100

Otsuka

Holdings

Co.

Ltd.

(Pharmaceuticals)

402

6,900

Pan

Pacific

International

Holdings

Corp.

(

Broadline

Retail)

.............

237

34,300

Panasonic

Holdings

Corp.

(Household

Durables)

...................

371

23,100

Rakuten

Group,

Inc.

(

Broadline

Retail)(a)(b)

128

20,400

Recruit

Holdings

Co.

Ltd.

(Professional

Services)

....................

1,209

24,700

Renesas

Electronics

Corp.

(Semiconductors

&

Semiconductor

Equipment)(a)

...

307

30,185

Resona

Holdings,

Inc.

(Banks)

........

279

7,600

Ricoh

Co.

Ltd.

(Technology

Hardware,

Storage

&

Peripherals)

..........

72

42,000

Rinnai

Corp.

(Household

Durables)

.....

1,044

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Japan

(continued)

2,600

Sanrio

Co.

Ltd.

(Specialty

Retail)(a)

....

$

126

30,800

Sanwa

Holdings

Corp.

(Building

Products)

1,024

4,200

SBI

Holdings,

Inc.

(Capital

Markets)

....

147

1,300

SCREEN

Holdings

Co.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

..................

106

3,700

SCSK

Corp.

(IT

Services)

............

111

9,000

Secom

Co.

Ltd.

(Commercial

Services

&

Supplies)

....................

324

8,900

Sekisui

Chemical

Co.

Ltd.

(Household

Durables)

...................

161

10,125

Sekisui

House

Ltd.

(Household

Durables)

224

36,690

Seven

&

i

Holdings

Co.

Ltd.

(Consumer

Staples

Distribution

&

Retail)

.....

592

17,400

SG

Holdings

Co.

Ltd.

(Air

Freight

&

Logistics)

...................

194

5,700

Shimadzu

Corp.

(Electronic

Equipment,

Instruments

&

Components)

......

141

1,600

Shimano,

Inc.

(Leisure

Products)

.......

233

26,325

Shin-Etsu

Chemical

Co.

Ltd.

(Chemicals)

872

16,500

Shionogi

&

Co.

Ltd.

(Pharmaceuticals)

..

297

9,800

Shiseido

Co.

Ltd.

(Personal

Care

Products)^

175

900

SMC

Corp.

(Machinery)

.............

325

504,640

SoftBank

Corp.

(Wireless

Telecommunication

Services)

.....

782

14,000

SoftBank

Group

Corp.

(Wireless

Telecommunication

Services)

.....

1,022

12,880

Sompo

Holdings,

Inc.

(Insurance)

......

389

166,900

Sony

Group

Corp.

(Household

Durables)

.

4,324

17,100

Square

Enix

Holdings

Co.

Ltd.

(Entertainment)

...............

1,282

8,454

Subaru

Corp.

(Automobiles)

..........

148

15,640

Sumitomo

Corp.

(Trading

Companies

&

Distributors)

.................

405

10,320

Sumitomo

Electric

Industries

Ltd.

(Automobile

Components)

.......

222

3,900

Sumitomo

Metal

Mining

Co.

Ltd.

(Metals

&

Mining)

.....................

96

53,809

Sumitomo

Mitsui

Financial

Group,

Inc.

(Banks)

.....................

1,358

9,700

Sumitomo

Mitsui

Trust

Group,

Inc.

(Banks)

259

4,400

Sumitomo

Realty

&

Development

Co.

Ltd.

(Real

Estate

Management

&

Development)

................

170

5,100

Suntory

Beverage

&

Food

Ltd.

(Beverages)

163

23,300

Suzuki

Motor

Corp.

(Automobiles)

.....

282

8,600

Sysmex

Corp.

(Health

Care

Equipment

&

Supplies)

....................

150

7,000

T&D

Holdings,

Inc.

(Insurance)

.......

154

2,250

Taisei

Corp.

(Construction

&

Engineering)

131

27,045

Takeda

Pharmaceutical

Co.

Ltd.

(Pharmaceuticals)

.............

831

28,800

TDK

Corp.

(Electronic

Equipment,

Instruments

&

Components)

......

339

19,600

Terumo

Corp.

(Health

Care

Equipment

&

Supplies)(a)

..................

361

81

HC

CAPITAL

TRUST

The

Institutional

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Japan

(continued)

9,000

The

Chiba

Bank

Ltd.

(Banks)

.........

$

83

17,210

The

Kansai

Electric

Power

Co.,

Inc.

(Electric

Utilities)

.............

205

5,300

TIS,

Inc.

(IT

Services)

..............

178

3,500

Toho

Co.

Ltd.

(Entertainment)

.........

207

26,720

Tokio

Marine

Holdings,

Inc.

(Insurance)

.

1,134

6,580

Tokyo

Electron

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

.......

1,265

7,800

Tokyo

Gas

Co.

Ltd.

(Gas

Utilities)

......

260

4,100

Tokyo

Metro

Co.

Ltd.

(Ground

Transportation)

...............

48

16,600

Tokyu

Corp.

(Ground

Transportation)

...

197

3,500

TOPPAN

Holdings,

Inc.

(Commercial

Services

&

Supplies)

...........

95

21,100

Toray

Industries,

Inc.

(Chemicals)

......

145

2,400

Toyota

Industries

Corp.

(Machinery)

....

272

138,600

Toyota

Motor

Corp.

(Automobiles)

.....

2,401

9,500

Toyota

Tsusho

Corp.

(Trading

Companies

&

Distributors)

.................

216

2,800

Trend

Micro,

Inc.

(Software)

..........

194

32,200

Unicharm

Corp.

(Household

Products)

...

233

240,200

Wacom

Co.

Ltd.

(Technology

Hardware,

Storage

&

Peripherals)

..........

1,144

10,800

West

Japan

Railway

Co.

(Ground

Transportation)(a)

.............

248

10,300

Yakult

Honsha

Co.

Ltd.

(Food

Products)

.

194

14,300

Yamaha

Motor

Co.

Ltd.

(Automobiles)^

..

107

3,500

Yokogawa

Electric

Corp.

(Electronic

Equipment,

Instruments

&

Components)

.................

94

2,600

Zensho

Holdings

Co.

Ltd.

(Hotels,

Restaurants

&

Leisure)

..........

158

15,500

ZOZO,

Inc.

(Specialty

Retail)(a)

.......

167

85,504

Luxembourg

—

0.05%

6,766

ArcelorMittal

SA

(Metals

&

Mining)

....

213

3,020

CVC

Capital

Partners

PLC

(Capital

Markets)(a)

..................

62

2,319

Eurofins

Scientific

SE

(Life

Sciences

Tools

&

Services)

..................

166

5,957

Tenaris

SA

(Energy

Equipment

&

Services)

112

553

Macau

—

0.01%

39,060

Sands

China

Ltd.

(Hotels,

Restaurants

&

Leisure)

....................

81

Netherlands

—

2.25%

6,621

ABN

AMRO

Bank

N.V.,

Class

-

CV

(Banks)

(a)

........................

181

368

Adyen

N.V.

(Financial

Services)(a)(b)

...

675

20,130

Aegon

Ltd.

(Insurance)

..............

146

2,566

Akzo

Nobel

N.V.

(Chemicals)

.........

180

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Netherlands

(continued)

4,263

Argenx

SE

(Biotechnology)(b)

........

$

2,359

4,178

ASM

International

N.V.

(Semiconductors

&

Semiconductor

Equipment)

.......

2,674

8,304

ASML

Holding

N.V.

(Semiconductors

&

Semiconductor

Equipment)(a)

.....

6,627

3,325

ASR

Nederland

N.V.

(Insurance)

.......

221

1,169

BE

Semiconductor

Industries

N.V.

(Semiconductors

&

Semiconductor

Equipment)

..................

175

2,038

Euronext

N.V.

(Capital

Markets)(a)

.....

348

1,786

EXOR

N.V.

(Financial

Services)

.......

180

8,556

Ferrovial

SE

(Construction

&

Engineering)

456

3,724

Heineken

Holding

N.V.

(Beverages)

....

278

27,555

Heineken

N.V.

(Beverages)

...........

2,402

850

IMCD

N.V.

(Trading

Companies

&

Distributors)(a)

...............

114

47,558

ING

Groep

N.V.

(Banks)

.............

1,044

9,094

JDE

Peet's

N.V.

(Food

Products)

.......

260

17,731

Koninklijke

Ahold

Delhaize

N.V.

(Consumer

Staples

Distribution

&

Retail)

.....

741

101,625

Koninklijke

KPN

N.V.

(Diversified

Telecommunication

Services)

.....

495

12,163

Koninklijke

Philips

N.V.

(Health

Care

Equipment

&

Supplies)

.........

292

5,056

NN

Group

N.V.

(Insurance)

...........

336

19,090

Prosus

N.V.,

Class

N

(

Broadline

Retail)(a)

(b)

........................

1,067

8,259

QIAGEN

N.V.

(Life

Sciences

Tools

&

Services)

....................

398

1,494

Randstad

N.V.

(Professional

Services)

...

69

29,206

Stellantis

N.V.

(Automobiles)

.........

293

16,102

Universal

Music

Group

N.V.

(Entertainment)

...............

521

4,080

Wolters

Kluwer

N.V.

(Professional

Services)

682

23,214

New

Zealand

—

0.08%

23,940

Auckland

International

Airport

Ltd.

(Transportation

Infrastructure)

.....

113

12,680

Contact

Energy

Ltd.

(Electric

Utilities)

..

70

8,462

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

(Health

Care

Equipment

&

Supplies)

186

14,441

Infratil

Ltd.

(Industrial

Conglomerates)

..

93

17,810

Meridian

Energy

Ltd.

(Independent

Power

and

Renewable

Electricity

Producers)

64

2,152

Xero

Ltd.

(Software)(b)

.............

254

780

Norway

—

0.19%

4,528

Aker

BP

ASA

(Oil,

Gas

&

Consumable

Fuels)

......................

116

13,199

DNB

Bank

ASA

(Banks)

............

365

12,055

Equinor

ASA

(Oil,

Gas

&

Consumable

Fuels)

......................

305

4,215

Gjensidige

Forsikring

ASA

(Insurance)

..

107

82

HC

CAPITAL

TRUST

The

Institutional

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Norway

(continued)

6,425

Kongsberg

Gruppen

ASA

(Aerospace

&

Defense)

....................

$

249

7,935

Mowi

ASA

(Food

Products)(a)

........

153

21,550

Norsk

Hydro

ASA

(Metals

&

Mining)

...

123

16,232

Orkla

ASA

(Food

Products)

..........

177

1,110

Salmar

ASA

(Food

Products)

.........

48

11,982

Telenor

ASA

(Diversified

Telecommunication

Services)

.....

186

2,540

Yara

International

ASA

(Chemicals)

....

94

1,923

Poland

—

0.01%

3,542

InPost

SA

(Air

Freight

&

Logistics)(b)

...

59

Portugal

—

0.04%

45,503

EDP

SA

(Electric

Utilities)

...........

197

6,012

Galp

Energia

SGPS

SA,

Class

B

(Oil,

Gas

&

Consumable

Fuels)(a)

...........

110

4,095

Jeronimo

Martins

SGPS

SA

(Consumer

Staples

Distribution

&

Retail)(a)

...

104

411

Singapore

—

0.68%

74,938

CapitaLand

Ascendas

REIT

(Industrial

REITs)(a)

...................

158

131,264

CapitaLand

Integrated

Commercial

Trust

(Retail

REITs)(a)

..............

224

36,800

CapitaLand

Investment

Ltd.

(Real

Estate

Management

&

Development)

.....

77

31,004

DBS

Group

Holdings

Ltd.

(Banks)

.....

1,095

297,400

Genting

Singapore

Ltd.

(Hotels,

Restaurants

&

Leisure)

...................

167

34,713

Grab

Holdings

Ltd.

(Ground

Transportation)

(b)

........................

175

20,700

Keppel

Ltd.

(Industrial

Conglomerates)

..

121

49,937

Oversea-Chinese

Banking

Corp.

Ltd.

(Banks)

.....................

641

17,358

Sea

Ltd.,

ADR

(Entertainment)(b)

......

2,776

14,200

Sembcorp

Industries

Ltd.

(Multi-Utilities)

77

21,200

Singapore

Airlines

Ltd.

(Passenger

Airlines)

(a)

........................

116

17,700

Singapore

Exchange

Ltd.

(Capital

Markets)

207

22,400

Singapore

Technologies

Engineering

Ltd.

(Aerospace

&

Defense)

.........

137

116,440

Singapore

Telecommunications

Ltd.

(Diversified

Telecommunication

Services)

....................

350

18,500

United

Overseas

Bank

Ltd.

(Banks)

.....

524

65,300

Wilmar

International

Ltd.

(Food

Products)

147

6,992

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

South

Korea

—

0.20%

1,871

Samsung

Electronics

Co.

Ltd.,

GDR

(Technology

Hardware,

Storage

&

Peripherals)(a)(b)

..............

$

2,060

Spain

—

1.12%

388

Acciona

SA

(Electric

Utilities)

........

70

2,958

ACS

Actividades

de

Construccion

y

Servicios

SA

(Construction

&

Engineering)

.................

206

13,830

Aena

SME

SA

(Transportation

Infrastructure)(a)

..............

369

6,570

Amadeus

IT

Group

SA

(Hotels,

Restaurants

&

Leisure)

...................

553

84,458

Banco

Bilbao

Vizcaya

Argentaria

SA

(Banks)

.....................

1,299

78,415

Banco

de

Sabadell

SA

(Banks)

........

250

221,385

Banco

Santander

SA

(Banks)(a)

.......

1,831

9,696

Bankinter

SA

(Banks)

...............

127

57,821

CaixaBank

SA

(Banks)

..............

501

7,224

Cellnex

Telecom

SA

(Diversified

Telecommunication

Services)(a)

...

280

4,960

EDP

Renovaveis

SA

(Independent

Power

and

Renewable

Electricity

Producers)

55

9,315

Endesa

SA

(Electric

Utilities)

.........

295

4,075

Grifols

SA,

Class

A

(Biotechnology)(b)

..

50

93,579

Iberdrola

SA

(Electric

Utilities)

........

1,796

50,611

Industria

de

Diseno

Textil

SA

(Specialty

Retail)

......................

2,633

16,543

Redeia

Corp.

SA

(Electric

Utilities)

.....

354

24,925

Repsol

SA

(Oil,

Gas

&

Consumable

Fuels)^

365

91,359

Telefonica

SA

(Diversified

Telecommunication

Services)

.....

479

11,513

Sweden

—

1.09%

3,742

AddTech

AB,

B

Shares

(Trading

Companies

&

Distributors)

...............

127

4,343

Alfa

Laval

AB

(Machinery)

..........

183

14,640

Assa

Abloy

AB,

Class

-

B

(Building

Products)

....................

457

39,076

Atlas

Copco

AB,

Class

-

A

(Machinery)

..

632

23,205

Atlas

Copco

AB,

Class

-

B

(Machinery)

..

330

5,528

Beijer

Ref

AB

(Trading

Companies

&

Distributors)(a)

...............

87

4,169

Boliden

AB

(Metals

&

Mining)(b)

......

130

9,503

Epiroc

AB,

Class

-

A

(Machinery)

......

206

5,618

Epiroc

AB,

Class

-

B

(Machinery)

......

108

5,357

EQT

AB

(Capital

Markets)

...........

179

12,784

Essity

AB,

Class

-

B

(Household

Products)

354

2,667

Evolution

AB

(Hotels,

Restaurants

&

Leisure)(a)

..................

212

10,408

Fastighets

AB

Balder,

B

shares

(Real

Estate

Management

&

Development)(b)

..

77

8,094

H

&

M

Hennes

&

Mauritz

AB,

Class

-

B

(Specialty

Retail)^

.............

114

83

HC

CAPITAL

TRUST

The

Institutional

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Sweden

(continued)

29,914

Hexagon

AB,

Class

-

B

(Electronic

Equipment,

Instruments

&

Components)

.................

$

301

3,162

Holmen

AB,

B

shares

(Paper

&

Forest

Products)

....................

126

1,693

Industrivarden

AB,

Class

-

A

(Financial

Services)(a)

..................

61

2,230

Industrivarden

AB,

Class

-

C

(Financial

Services)

....................

81

3,932

Indutrade

AB

(Machinery)

...........

107

2,027

Investment

AB

Latour

,

Class

-

B

(Industrial

Conglomerates)

...............

53

26,213

Investor

AB,

Class

-

B

(Financial

Services)

776

1,709

L

E

Lundbergforetagen

AB,

Class

-

B

(Financial

Services)

............

86

3,537

Lifco

AB,

Class

-

B

(Industrial

Conglomerates)

...............

143

21,729

Nibe

Industrier

AB,

Class

-

B

(Building

Products)

....................

93

6,718

Saab

AB,

Class

-

B

(Aerospace

&

Defense)

374

3,179

Sagax

AB,

Class

-

B

(Real

Estate

Management

&

Development)

.....

73

15,741

Sandvik

AB

(Machinery)

............

361

10,610

Securitas

AB,

Class

-

B

(Commercial

Services

&

Supplies)

...........

158

26,338

Skandinaviska

Enskilda

Banken

AB,

Class

-

A

(Banks)

...................

460

4,864

Skanska

AB,

Class

-

B

(Construction

&

Engineering)

.................

113

4,943

SKF

AB,

B

shares

(Machinery)

........

113

2,331

Spotify

Technology

SA

(Entertainment)(b)

1,788

14,516

Svenska

Cellulosa

AB

SCA,

Class

-

B

(Paper

&

Forest

Products)

........

189

27,218

Svenska

Handelsbanken

AB,

Class

-

A

(Banks)

.....................

364

14,892

Swedbank

AB,

Class

-

A

(Banks)

.......

394

5,712

Swedish

Orphan

Biovitrum

AB

(Biotechnology)(b)

.............

174

14,929

Tele2

AB,

B

shares

(Wireless

Telecommunication

Services)

.....

219

45,523

Telefonaktiebolaget

LM

Ericsson,

Class

-

B

(Communications

Equipment)

.....

390

65,442

Telia

Co.

AB

(Diversified

Telecommunication

Services)(a)

...

235

3,061

Trelleborg

AB,

Class

-

B

(Machinery)

...

114

23,190

Volvo

AB,

Class

-

B

(Machinery)

......

651

11,193

Switzerland

—

4.29%

23,139

ABB

Ltd.,

Registered

Shares

(Electrical

Equipment)

..................

1,380

28,549

Alcon

AG

(Health

Care

Equipment

&

Supplies)

....................

2,527

1,228

Avolta

AG

(Specialty

Retail)

..........

67

1,481

Baloise

Holding

AG,

Registered

Shares

(Insurance)

..................

349

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Switzerland

(continued)

2,581

Banque

Cantonale

Vaudoise

,

Registered

Shares

(Banks)

................

$

298

360

Barry

Callebaut

AG,

Registered

Shares

(Food

Products)(a)

.............

392

1,423

BKW

AG

(Electric

Utilities)

..........

311

10

Chocoladefabriken

Lindt

&

Spruengli

AG,

Class

-

PC

(Food

Products)

.......

168

4

Chocoladefabriken

Lindt

&

Spruengli

AG,

Registered

(Food

Products)

.......

666

17,450

Cie

Financiere

Richemont

SA,

Registered

Shares

(Textiles,

Apparel

&

Luxury

Goods)

.....................

3,288

6,126

Coca-Cola

HBC

AG,

Class

DI

(Beverages)

320

3,519

DSM-

Firmenich

AG

(Chemicals)

......

374

97

EMS-

Chemie

Holding

AG

(Chemicals)

..

73

1,735

Galderma

Group

AG

(Pharmaceuticals)

..

252

490

Geberit

AG,

Registered

Shares

(Building

Products)

....................

386

154

Givaudan

SA,

Registered

Shares

(Chemicals)

..................

746

151,281

Glencore

PLC

(Metals

&

Mining)(a)

....

589

1,234

Helvetia

Holding

AG,

Registered

Shares

(Insurance)

..................

289

7,626

Holcim

AG

(Construction

Materials)(a)

..

566

3,084

Julius

Baer

Group

Ltd.

(Capital

Markets)

.

209

693

Kuehne

+

Nagel

International

AG,

Class

-

R

(Marine

Transportation)

.........

150

2,269

Logitech

International

SA,

Class

-

R

(Technology

Hardware,

Storage

&

Peripherals)

..................

204

3,850

Lonza

Group

AG,

Registered

Shares

(Life

Sciences

Tools

&

Services)(a)

.....

2,743

39,944

Nestle

SA,

Registered

Shares

(Food

Products)

....................

3,969

46,323

Novartis

AG,

Registered

Shares

(Pharmaceuticals)

.............

5,618

31,489

On

Holding

AG,

Class

-

A

(Textiles,

Apparel

&

Luxury

Goods)(b)

...........

1,639

333

Partners

Group

Holding

AG

(Capital

Markets)

....................

435

10,475

Roche

Holding

AG

(Pharmaceuticals)

...

3,413

6,280

Roche

Holding

AG,

Class

-

BR

(Pharmaceuticals)

.............

2,178

6,167

Sandoz

Group

AG

(Pharmaceuticals)

....

338

877

Schindler

Holding

AG,

Class

-

PC

(Machinery)

.................

326

355

Schindler

Holding

AG,

Registered

Shares

(Machinery)

.................

129

4,108

SGS

SA,

Registered

Shares

(Professional

Services)

....................

417

8,158

SIG

Group

AG

(Containers

&

Packaging)(a)

151

2,223

Sika

AG,

Registered

Shares

(Chemicals)(a)

604

731

Sonova

Holding

AG

(Health

Care

Equipment

&

Supplies)(a)

.......

218

10,092

STMicroelectronics

N.V.

(Semiconductors

&

Semiconductor

Equipment)

.....

308

84

HC

CAPITAL

TRUST

The

Institutional

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Switzerland

(continued)

1,670

Straumann

Holding

AG,

R

Shares

(Health

Care

Equipment

&

Supplies)

......

$

218

450

Swiss

Life

Holding

AG,

Registered

(Insurance)

..................

455

3,037

Swiss

Prime

Site

AG,

Registered

Shares

(Real

Estate

Management

&

Development)

................

455

4,433

Swiss

Re

AG

(Insurance)

............

767

821

Swisscom

AG,

Registered

Shares

(Diversified

Telecommunication

Services)

....................

582

779

Temenos

AG,

Registered

Shares

(Software)

56

674

The

Swatch

Group

AG,

Class

-

BR

(Textiles,

Apparel

&

Luxury

Goods)^

.......

109

107,103

UBS

Group

AG

(Capital

Markets)

......

3,626

387

VAT

Group

AG

(Machinery)(a)

........

163

2,343

Zurich

Insurance

Group

AG

(Insurance)

..

1,639

44,160

Taiwan

—

0.21%

9,757

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR

(Semiconductors

&

Semiconductor

Equipment)

.......

2,210

United

Kingdom

—

7.00%

14,317

3i

Group

PLC

(Capital

Markets)

.......

810

6,006

Admiral

Group

PLC

(Insurance)

.......

270

16,357

Anglo

American

PLC

(Metals

&

Mining)

.

483

6,315

Ashtead

Group

PLC

(Trading

Companies

&

Distributors)

.................

405

6,601

Associated

British

Foods

PLC

(Food

Products)

....................

187

36,671

AstraZeneca

PLC

(Pharmaceuticals)(a)

..

5,093

16,778

Auto

Trader

Group

PLC

(Interactive

Media

&

Services)(a)

................

190

39,656

Aviva

PLC

(Insurance)

..............

337

52,027

BAE

Systems

PLC

(Aerospace

&

Defense)

1,347

646,841

Barclays

PLC

(Banks)(a)

............

2,994

19,917

Barratt

Redrow

PLC

(Household

Durables)

(a)

........................

125

616,843

BP

PLC

(Oil,

Gas

&

Consumable

Fuels)

.

3,096

32,952

British

American

Tobacco

PLC

(Tobacco)

1,566

120,132

BT

Group

PLC

(Diversified

Telecommunication

Services)

.....

320

9,343

Bunzl

PLC

(Trading

Companies

&

Distributors)

.................

297

113,680

Centrica

PLC

(Multi-Utilities)(a)

.......

252

4,737

Coca-Cola

Europacific

Partners

PLC

(Beverages)

..................

439

82,883

Compass

Group

PLC

(Hotels,

Restaurants

&

Leisure)

....................

2,806

1,907

Croda

International

PLC

(Chemicals)(a)

..

77

36,420

Diageo

PLC

(Beverages)

............

914

8,744

Entain

PLC

(Hotels,

Restaurants

&

Leisure)

(a)

........................

108

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

United

Kingdom

(continued)

67,317

GSK

PLC

(Pharmaceuticals)

..........

$

1,284

177,853

Haleon

PLC

(Personal

Care

Products)

...

914

5,482

Halma

PLC

(Electronic

Equipment,

Instruments

&

Components)

......

241

5,470

Hikma

Pharmaceuticals

PLC

(Pharmaceuticals)(a)

...........

149

420,477

HSBC

Holdings

PLC

(Banks)

.........

5,087

17,717

Imperial

Brands

PLC

(Tobacco)

.......

699

19,029

Informa

PLC

(Media)

...............

210

18,305

InterContinental

Hotels

Group

PLC

(Hotels,

Restaurants

&

Leisure)

..........

2,086

18,128

International

Consolidated

Airlines

Group

SA

(Passenger

Airlines)

.........

85

2,820

Intertek

Group

PLC

(Professional

Services)

184

68,482

J

Sainsbury

PLC

(Consumer

Staples

Distribution

&

Retail)

...........

272

33,630

JD

Sports

Fashion

PLC

(Specialty

Retail)

41

25,962

Kingfisher

PLC

(Specialty

Retail)

......

104

10,089

Land

Securities

Group

PLC

(Diversified

REITs)

.....................

87

84,969

Legal

&

General

Group

PLC

(Insurance)

.

297

2,786,885

Lloyds

Banking

Group

PLC

(Banks)

....

2,934

20,683

London

Stock

Exchange

Group

PLC

(Capital

Markets)(a)

............

3,019

32,774

M&G

PLC

(Financial

Services)

........

116

43,650

Marks

&

Spencer

Group

PLC

(Consumer

Staples

Distribution

&

Retail)

.....

212

18,497

Melrose

Industries

PLC

(Aerospace

&

Defense)

....................

135

6,343

Mondi

PLC

(Paper

&

Forest

Products)

...

104

84,370

National

Grid

PLC

(Multi-Utilities)

.....

1,229

401,409

NatWest

Group

PLC

(Banks)(a)

.......

2,817

1,727

Next

PLC

(

Broadline

Retail)

..........

295

22,427

Pearson

PLC

(Diversified

Consumer

Services)

....................

329

50,000

Petershill

Partners

PLC

(Capital

Markets)(a)

153

10,164

Phoenix

Group

Holdings

PLC

(Insurance)

92

13,296

Reckitt

Benckiser

Group

PLC

(Household

Products)

....................

904

63,840

RELX

PLC

(Professional

Services)

.....

3,449

446,307

Rentokil

Initial

PLC

(Commercial

Services

&

Supplies)

..................

2,157

47,005

Rio

Tinto

PLC

(Metals

&

Mining)

......

2,739

124,273

Rolls-Royce

Holdings

PLC

(Aerospace

&

Defense)

....................

1,650

12,364

Schroders

PLC

(Capital

Markets)

......

61

18,593

Segro

PLC

(Industrial

REITs)

.........

173

9,362

Severn

Trent

PLC

(Water

Utilities)(a)

...

351

144,971

Shell

PLC

(Oil,

Gas

&

Consumable

Fuels)

5,079

16,663

Smith

&

Nephew

PLC

(Health

Care

Equipment

&

Supplies)

.........

254

4,925

Smiths

Group

PLC

(Industrial

Conglomerates)

...............

152

1,061

Spirax

Group

PLC

(Machinery)

........

87

21,153

SSE

PLC

(Electric

Utilities)

..........

532

85

HC

CAPITAL

TRUST

The

Institutional

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

United

Kingdom

(continued)

29,379

Standard

Chartered

PLC

(Banks)

.......

$

487

533,947

Tesco

PLC

(Consumer

Staples

Distribution

&

Retail)

....................

2,941

22,642

The

Sage

Group

PLC

(Software)

.......

389

71,236

Unilever

PLC

(Personal

Care

Products)

..

4,325

23,732

United

Utilities

Group

PLC

(Water

Utilities)

372

395,388

Vodafone

Group

PLC

(Wireless

Telecommunication

Services)

.....

422

3,246

Whitbread

PLC

(Hotels,

Restaurants

&

Leisure)

....................

126

10,128

Wise

PLC,

Class

-

A

(Financial

Services)(b)

145

15,529

WPP

PLC

(Media)

.................

109

72,195

United

States

—

0.71%

7,626

Amrize

Ltd.

(Biotechnology)(b)

.......

381

1,507

Blackstone,

Inc.

(Capital

Markets)

......

225

70,268

Coupang

,

Inc.

(

Broadline

Retail)(b)

.....

2,105

19,064

CRH

PLC

(Construction

Materials)

.....

1,750

7,618

Flutter

Entertainment

PLC,

Class

-

DI

(Hotels,

Restaurants

&

Leisure)(b)

..

2,177

1,891

KKR

&

Co.,

Inc.

(Capital

Markets)

.....

252

882

RB

Global,

Inc.

(Commercial

Services

&

Supplies)

....................

94

5,592

The

Carlyle

Group,

Inc.

(Capital

Markets)

287

7,271

Total

Common

Stocks

(cost

$330,620

)

..

473,003

Investment

Companies

—

51.84%

International

Equity

Funds

—

45.58

%

256,338

Aberforth

Smaller

Companies

Trust

PLC

.

5,411

646,982

Abrdn

UK

Smaller

Companies

Growth

Trust

PLC

.......................

4,697

2,001,160

Apax

Global

Alpha

Ltd.(a)

...........

3,411

945,814

Argo

Investments

Ltd.

..............

5,694

393,251

Augmentum

Fintech

PLC

Fund

........

548

1,038,318

Australian

Foundation

Investment

Co.

Ltd.

Fund^

......................

5,022

1,338,149

AVI

Japan

Opportunity

Trust

PLC

Fund

..

3,205

4,743,931

Baillie

Gifford

European

Growth

Trust

PLC

6,673

2,958,403

Baillie

Gifford

Shin

Nippon

PLC

.......

5,051

1,764,917

Baillie

Gifford

UK

Growth

Trust

PLC

...

4,808

1,392,200

Baillie

Gifford

US

Growth

Trust

PLC

...

4,729

611,706

BlackRock

Enhanced

International

Dividend

Trust

.......................

3,542

577,962

BlackRock

Greater

Europe

Investment

Trust

PLC

.......................

4,704

159,598

BlackRock

Resources

&

Commodities

Strategy

Trust

................

1,508

166,174

BlackRock

Smaller

Companies

Trust

PLC

3,010

4,181,571

European

Assets

Trust

PLC

Fund

.......

5,337

240,926

European

Opportunities

Trust

PLC^

.....

3,072

Shares

Security

Description

Value

(000)

Investment

Companies

(continued)

International

Equity

Funds

(continued)

271,955

Fidelity

Emerging

Markets

Ltd.

........

$

2,922

1,275,165

Fidelity

European

Trust

PLC

..........

7,088

2,571,329

Fidelity

Japan

Trust

PLC

............

6,811

873,662

Fidelity

Special

Values

PLC

..........

4,430

310,831

HarbourVest

Global

Private

Equity

Ltd.

..

10,665

3,023,284

Henderson

European

Focus

Trust

PLC

...

8,402

303,048

ICG

Enterprise

Trust

PLC

............

5,756

500,920

INVESCO

Asia

Dragon

Trust

PLC

.....

2,372

377,365

iShares

Core

MSCI

EAFE

ETF

........

31,501

833,326

Japan

Smaller

Capitalization

Fund,

Inc.

..

8,033

11,796

JPMorgan

BetaBuilders

Japan

ETF

.....

729

1,911,770

JPMorgan

Emerging

Markets

Investment

Trust

PLC

...................

3,038

1,161,410

JPMorgan

European

Discovery

Trust

PLC

9,022

6,477,162

JPMorgan

European

Growth

&

Income

PLC

10,845

2,015,823

JPMorgan

Japanese

Investment

Trust

PLC

18,092

550,000

JPMorgan

UK

Small

Capital

Growth

Income

PLC

.................

2,551

105,253

Kayne

Anderson

Energy

Infrastructure

Fund

1,339

1,885,873

Mercantile

Investment

Trust

PLC

......

6,626

299,516

NB

Private

Equity

Partners

Ltd.

Fund

...

5,853

341,226

Neuberger

Berman

Energy

Infrastructure

and

Income

Fund,

Inc.

..........

3,071

518,129

Oakley

Capital

Investments

Ltd.

.......

3,627

318,264

Partners

Group

Private

Equity

Ltd.

.....

3,644

2,631,279

Polar

Capital

Global

Financials

Trust

PLC

7,475

531,000

Polar

Capital

Global

Healthcare

Trust

PLC

2,427

2,514,755

Schroder

Japan

Trust

PLC

............

8,904

10,089,219

Schroders

Capital

Global

Innovation

Trust

2,119

85,000

Scottish

Mortgage

Investment

Trust

PLC

.

1,206

219,097

Smithson

Investment

Trust

PLC

.......

4,504

694,864

Strategic

Equity

Capital

PLC

.........

3,462

605,882

Temple

Bar

Investment

Trust

PLC

......

2,653

1,941,780

Templeton

Emerging

Markets

Investment

Trust

PLC

...................

4,989

551,908

The

Baillie

Gifford

Japan

Trust

PLC

....

6,120

506,980

The

Edinburgh

Investment

Trust

PLC

...

5,559

514,350

The

European

Smaller

Companies

......

1,493

254,440

The

Monks

Investment

Trust

PLC

......

4,519

296,051

The

New

Germany

Fund,

Inc.

.........

3,535

2,478,126

The

Pantheon

International

PLC

Fund

...

10,696

1,143,050

TR

Property

Investment

Trust

PLC

-

Ordinary

Shares

...............

5,255

662,196

Vanguard

FTSE

Developed

Markets

ETF

.

37,752

1,586,830

Vanguard

FTSE

Europe

ETF

..........

122,978

1,743,001

Worldwide

Healthcare

Trust

PLC/Fund

..

7,176

469,661

Money

Market

Funds

—

6.2

6

%

2,877,639

Federated

Hermes

Treasury

Obligations

Fund,

Institutional

Shares

,

4.17%^^(d)

2,878

86

HC

CAPITAL

TRUST

The

Institutional

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

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

June

30,

2025

.

Shares

Security

Description

Value

(000)

Investment

Companies

(continued)

Money

Market

Funds

(continued)

61,638,123

State

Street

Institutional

Treasury

Plus

Money

Market

Fund,

Trust

Class

,

4.19%(d)

....................

$

61,638

64,516

Total

Investment

Companies

(cost

$440,124

)

.......................

534,177

Total

Investments

(cost

$770,744

)

—

97.74%

.....................

1,007,180

Other

assets

in

excess

of

liabilities

—

2.26%

......................

23,261

Net

Assets

-

100.00%

..............

$

1,030,441

Amounts

designated

as

"—"

are

$0

or

have

been

rounded

to

$0.

^

All

or

part

of

this

security

was

on

loan

as

of

June

30,

2025.

^^

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

June

30,

2025.

(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

June

30,

2025.

(d)

Annualized

7-day

yield

as

of

period-end.

ADR—American

Depositary

Receipt

ETF—Exchange-Traded

Fund

GDR—Global

Depositary

Receipt

REIT—Real

Estate

Investment

Trust

The

Institutional

International

Equity

Portfolio

City

of

London

Investment

Management

Company,

Limited

Mellon

Investments

Corporation

Parametric

Portfolio

Associates,

LLC

HC

Capital

Solutions

Total

Common

Stocks

......................................................................................................

0.09

%

43.50

%

2.31

%

—

45.90

%

Investment

Companies

............................................................................................

27.33

%

0.08

%

24.42

%

0.01

%

51.84

%

Other

Assets

(Liabilities)

........................................................................................

0.31

%

0.47

%

1.48

%

—

2.26

%

Total

Net

Assets

.................................................................................................

27.73

%

44.05

%

28.21

%

0.01

%

100.00

%

The

following

table

reflects

the

open

derivative

positions

held

by

the

Portfolio

as

of

June

30,

2025

.

Futures

Contracts

Purchased

*

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value

and

Unrealized

Appreciation/

(Depreciation)

(000)

Mini

MSCI

EAFE

Index

Future

..............................

599

9/19/25

$

80,317

$

1,158

$

80,317

$

1,158

Total

Unrealized

Appreciation

.....................

$

1,158

Total

Unrealized

Depreciation

.....................

—

Total

Net

Unrealized

Appreciation/(Depreciation)

.......

$

1,158

*

Cash

has

been

pledged

as

collateral

for

futures

contracts

held

by

the

Portfolio.

87

See

accompanying

notes

to

financial

statements.

HC

CAPITAL

TRUST

The

Institutional

International

Equity

Portfolio

Portfolio

of

Investments

(concluded)

—

June

30,

2025

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

June

30,

2025

(%)(b)

Notional

Amount

(000)(c)

Value

(000)

Premiums

Paid/

(Received)

(000)

Unrealized

Appreciation/

(Depreciation)

(000)

CDX

High

Yield

Index

Swap

Agreement,

Series

44

Daily

5.00

6/20/2030

3.19

$

100,000

$

(7,498)

$

(5,153)

$

(2,345)

$

(7,498)

$

(5,153)

$

(2,345)

(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

Emerging

Markets

Portfolio

Portfolio

of

Investments

—

June

30,

2025

88

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

—

61.34%

Bermuda

—

0.07%

25,285

Ocean

Wilsons

Holdings

Ltd.

(Transportation

Infrastructure)

.....

$

521

Brazil

—

2.61%

287,178

Ambev

SA

(Beverages)

.............

704

317,672

B3

SA

-

Brasil

Bolsa

Balcao

(Capital

Markets)

....................

853

111,545

Banco

Bradesco

SA

(Banks)

..........

298

267,278

Banco

Bradesco

SA,

Preference

Shares

(Banks)(a)

...................

828

35,932

Banco

BTG

Pactual

SA

(Capital

Markets)(a)

279

117,329

Banco

do

Brasil

SA

(Banks)

..........

477

83,275

BB

Seguridade

Participacoes

SA

(Insurance)

549

30,287

BRF

SA

(Food

Products)

............

112

48,968

Caixa

Seguridade

Participacoes

SA

(Insurance)

..................

132

91,542

Centrais

Eletricas

Brasileiras

SA

(Electric

Utilities)

....................

678

16,201

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

SABESP

(Water

Utilities)

...

355

225,600

Cia

Energetica

de

Minas

Gerais,

Preference

Shares

(Electric

Utilities)

........

448

36,292

Embraer

SA

(Aerospace

&

Defense)

....

514

25,699

Equatorial

Energia

SA

(Electric

Utilities)

.

170

30,744

Gerdau

SA,

Preference

Shares

(Metals

&

Mining)

.....................

91

299,831

Itau

Unibanco

Holding

SA,

Preference

Shares

(Banks)

................

2,040

67,915

Itausa

SA,

Preference

Shares

(Banks)

....

137

23,686

JBS

N.V.

(Food

Products)(b)

..........

341

66,262

Klabin

SA

(Containers

&

Packaging)

....

225

60,615

Localiza

Rent

a

Car

SA

(Ground

Transportation)

...............

452

80,534

Motiva

Infraestrutura

de

Mobilidade

SA

(Transportation

Infrastructure)

.....

204

73,569

Natura

&

Co.

Holding

SA

(Personal

Care

Products)(a)(b)

...............

150

161,624

NU

Holdings

Ltd.,

Class

-

A

(Banks)(b)

..

2,218

220,918

Petroleo

Brasileiro

SA

-

Petrobras

(Oil,

Gas

&

Consumable

Fuels)

...........

1,387

184,422

Petroleo

Brasileiro

SA

-

Petrobras,

Preference

Shares

(Oil,

Gas

&

Consumable

Fuels)

.............

1,065

54,907

PRIO

SA

(Oil,

Gas

&

Consumable

Fuels)(a)

(b)

........................

429

96,812

Raia

Drogasil

SA

(Consumer

Staples

Distribution

&

Retail)

...........

269

45,616

Rede

D'Or

Sao

Luiz

SA

(Health

Care

Providers

&

Services)(a)

.........

297

108,800

Rumo

SA

(Ground

Transportation)(a)

...

371

29,429

Suzano

SA

(Paper

&

Forest

Products)

...

277

56,012

TIM

SA

(Wireless

Telecommunication

Services)

....................

227

19,480

TOTVS

SA

(Software)(a)

............

151

180,779

Vale

SA

(Metals

&

Mining)

...........

1,753

49,658

Vibra

Energia

SA

(Specialty

Retail)(a)

...

198

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Brazil

(continued)

91,327

WEG

SA

(Electrical

Equipment)

.......

$

719

15,406

XP,

Inc.,

Class

-

A

(Capital

Markets)

....

311

19,709

Chile

—

0.29%

15,002

Banco

de

Credito

e

Inversiones

SA

(Banks)

633

36,717

Empresas

CMPC

SA

(Paper

&

Forest

Products)

....................

56

3,279,274

Enel

Americas

SA

(Electric

Utilities)

....

320

6,563,275

Enel

Chile

SA

(Electric

Utilities)

.......

486

47,236

Falabella

SA

(Broadline

Retail)

........

251

10,449,761

Latam

Airlines

Group

SA

(Passenger

Airlines)

....................

212

7,088

Sociedad

Quimica

y

Minera

de

Chile

SA,

Class

-

B

(Electrical

Equipment)(b)

.

253

2,211

China

—

15.42%

53,365

360

Security

Technology,

Inc.,

Class

-

A

(Software)

...................

76

41,000

AAC

Technologies

Holdings,

Inc.

(Electronic

Equipment,

Instruments

&

Components)

.................

213

1,788,000

Agricultural

Bank

of

China

Ltd.,

H

Shares

(Banks)

.....................

1,276

75,400

Air

China

Ltd.,

Class

-

A

(Passenger

Airlines)(b)

..................

83

35,000

Akeso,

Inc.

(Biotechnology)(a)(b)

......

410

850,818

Alibaba

Group

Holding

Ltd.,

Class

-

W

(Broadline

Retail)

.............

11,900

155,700

Aluminum

Corp.

of

China

Ltd.,

Class

-

A

(Metals

&

Mining)

.............

153

170,000

Aluminum

Corp.

of

China

Ltd.,

H

Shares

(Metals

&

Mining)

.............

114

70,200

ANTA

Sports

Products

Ltd.

(Textiles,

Apparel

&

Luxury

Goods)

.......

845

4,672

Autohome,

Inc.,

ADR

(Interactive

Media

&

Services)

....................

120

113,226

Baidu,

Inc.,

Class

-

SW

(Interactive

Media

&

Services)(b)

................

1,204

4,671,100

Bank

of

China

Ltd.,

Class-

H

(Banks)

...

2,713

1,072,000

Bank

of

Communications

Co.

Ltd.,

Class-

H

(Banks)

.....................

997

157,600

Bank

of

Hangzhou

Co.

Ltd.,

Class

-

A

(Banks)

.....................

370

41,700

Bank

of

Ningbo

Co.

Ltd.,

Class

-

A

(Banks)

159

310,100

Baoshan

Iron

&

Steel

Co.

Ltd.,

Class

-

A

(Metals

&

Mining)

.............

285

794

Beijing

Kingsoft

Office

Software,

Inc.,

Class

-

A

(Software)

................

31

52,100

Beijing-Shanghai

High

Speed

Railway

Co.

Ltd.,

Class

-

A

(Ground

Transportation)

...............

42

2,620

Bilibili,

Inc.,

Class

-

Z

(Entertainment)(b)

56

9,449

Bilibili,

Inc.,

ADR

(Entertainment)(b)

...

203

148,500

BYD

Co.

Ltd.

(Automobiles)(a)

.......

2,317

89

HC

CAPITAL

TRUST

The

Emerging

Markets

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

China

(continued)

18,853

BYD

Co.

Ltd.,

Class

-

A

(Automobiles)

..

$

873

47,000

BYD

Electronic

International

Co.

Ltd.

(Communications

Equipment)

.....

190

1,212

Cambricon

Technologies

Corp.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)(b)

................

102

904,000

CGN

Power

Co.

Ltd.,

H

Shares

(Independent

Power

and

Renewable

Electricity

Producers)(a)

.........

307

134,900

China

Communications

Services

Corp.

Ltd.,

H

Shares

(Construction

&

Engineering)

.................

73

5,326,350

China

Construction

Bank

Corp.,

H

Shares

(Banks)

.....................

5,373

30,800

China

CSSC

Holdings

Ltd.,

Class

-

A

(Machinery)

.................

140

800,000

China

Everbright

Bank

Co.

Ltd.,

H

Shares

(Banks)

.....................

400

110,000

China

Feihe

Ltd.

(Food

Products)(a)

....

80

69,200

China

Galaxy

Securities

Co.

Ltd.,

Class

-

A

(Capital

Markets)

..............

166

174,000

China

Galaxy

Securities

Co.

Ltd.,

H

Shares

(Capital

Markets)

..............

196

167,000

China

Hongqiao

Group

Ltd.

(Metals

&

Mining)

.....................

383

53,600

China

International

Capital

Corp.

Ltd.,

Class

-

A

(Capital

Markets)

...........

265

50,800

China

International

Capital

Corp.

Ltd.,

H

Shares

(Capital

Markets)(a)

......

115

449,000

China

Life

Insurance

Co.

Ltd.,

H

Shares

(Insurance)

..................

1,078

36,600

China

Literature

Ltd.

(Media)(a)(b)

.....

139

258,000

China

Longyuan

Power

Group

Corp.

Ltd.,

H

Shares

(Independent

Power

and

Renewable

Electricity

Producers)

..

232

126,000

China

Mengniu

Dairy

Co.

Ltd.

(Food

Products)(a)

..................

258

77,800

China

Merchants

Bank

Co.

Ltd.,

Class

-

A

(Banks)

.....................

499

187,000

China

Merchants

Bank

Co.

Ltd.,

H

Shares

(Banks)

.....................

1,307

420,000

China

National

Building

Material

Co.

Ltd.,

H

Shares

(Construction

Materials)(a)

201

43,750

China

Northern

Rare

Earth

Group

High-

Tech

Co.

Ltd.,

Class

-

A

(Metals

&

Mining)

.....................

152

58,500

China

Pacific

Insurance

Group

Co.

Ltd.,

Class

-

A

(Insurance)

...........

306

110,200

China

Pacific

Insurance

Group

Co.

Ltd.,

H

Shares

(Insurance)

.............

377

219,400

China

Petroleum

&

Chemical

Corp.,

Class

-

A

(Oil,

Gas

&

Consumable

Fuels)

..

173

1,223,400

China

Petroleum

&

Chemical

Corp.,

H

Shares

(Oil,

Gas

&

Consumable

Fuels)

641

156,700

China

Railway

Group

Ltd.,

Class

-

A

(Construction

&

Engineering)

.....

123

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

China

(continued)

26,600

China

Resources

Mixc

Lifestyle

Services

Ltd.

(Real

Estate

Management

&

Development)(a)

..............

$

129

232,000

China

Shenhua

Energy

Co.

Ltd.,

H

Shares

(Oil,

Gas

&

Consumable

Fuels)

....

900

9,400

China

Tourism

Group

Duty

Free

Corp.

Ltd.,

Class

-

A

(Specialty

Retail)

.......

80

279,800

China

Tower

Corp.

Ltd.,

H

Shares

(Diversified

Telecommunication

Services)(a)

..................

400

132,800

China

Vanke

Co.

Ltd.,

H

Shares

(Real

Estate

Management

&

Development)^(a)(b)

83

97,800

China

Yangtze

Power

Co.

Ltd.,

Class

-

A

(Independent

Power

and

Renewable

Electricity

Producers)

...........

411

12,400

Chongqing

Brewery

Co.

Ltd.,

Class

-

A

(Beverages)

..................

95

51,000

Chongqing

Changan

Automobile

Co.

Ltd.,

Class

-

A

(Automobiles)(b)

.......

91

16,650

Chongqing

Zhifei

Biological

Products

Co.

Ltd.,

Class

-

A

(Biotechnology)

....

46

524,000

CITIC

Ltd.

(Industrial

Conglomerates)

...

720

110,165

CITIC

Securities

Co.

Ltd.,

Class

-

A

(Capital

Markets)

....................

425

26,500

CITIC

Securities

Co.

Ltd.,

H

Shares

(Capital

Markets)

....................

80

285,000

CMOC

Group

Ltd.,

H

Shares

(Metals

&

Mining)

.....................

290

16,640

Contemporary

Amperex

Technology

Co.

Ltd.,

Class

-

A

(Electrical

Equipment)

586

40,000

COSCO

SHIPPING

Energy

Transportation

Co.

Ltd.,

Class

-

A

(Oil,

Gas

&

Consumable

Fuels)

.............

58

114,430

COSCO

SHIPPING

Holdings

Co.

Ltd.,

Class

-

A

(Marine

Transportation)

..

240

66,300

COSCO

SHIPPING

Holdings

Co.

Ltd.,

H

Shares

(Marine

Transportation)

....

115

288,300

CRRC

Corp.

Ltd.,

Class

-

A

(Machinery)

.

283

68,200

CSC

Financial

Co.

Ltd.,

Class

-

A

(Capital

Markets)

....................

229

6,400

CSPC

Innovation

Pharmaceutical

Co.

Ltd.,

Class

-

A

(Pharmaceuticals)

.......

46

514,000

CSPC

Pharmaceutical

Group

Ltd.

(Pharmaceuticals)(a)

...........

504

73,400

Dongfang

Electric

Corp.

Ltd.,

Class

-

A

(Electrical

Equipment)

..........

171

58,490

East

Money

Information

Co.

Ltd.,

Class

-

A

(Capital

Markets)

..............

189

1,100

Eastroc

Beverage

Group

Co.

Ltd.

(Beverages)

..................

48

57,700

ENN

Energy

Holdings

Ltd.

(Gas

Utilities)

461

18,823

Eve

Energy

Co.

Ltd.,

Class

-

A

(Electrical

Equipment)

..................

120

23,300

Flat

Glass

Group

Co.

Ltd.,

Class

-

A

(Semiconductors

&

Semiconductor

Equipment)(b)

................

49

209,700

Focus

Media

Information

Technology

Co.

Ltd.,

Class

-

A

(Media)

..........

214

90

HC

CAPITAL

TRUST

The

Emerging

Markets

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

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)

........

$

319

67,000

Fosun

International

Ltd.

(Industrial

Conglomerates)

...............

40

45,200

Foxconn

Industrial

Internet

Co.

Ltd.,

Class

-

A

(Electronic

Equipment,

Instruments

&

Components)

...............

135

17,400

Fuyao

Glass

Industry

Group

Co.

Ltd.,

Class

-

A

(Automobile

Components)

.....

138

74,000

Genscript

Biotech

Corp.

(Life

Sciences

Tools

&

Services)(a)(b)

.........

140

112,200

GF

Securities

Co.

Ltd.,

Class

-

A

(Capital

Markets)

....................

263

28,600

Giant

Biogene

Holding

Co.

Ltd.

(Personal

Care

Products)(a)

..............

210

2,100

GigaDevice

Semiconductor,

Inc.,

Class

-

A

(Semiconductors

&

Semiconductor

Equipment)

..................

37

51,700

Goldwind

Science

&

Technology

Co.

Ltd.,

Class

-

A

(Electrical

Equipment)

...

74

145,000

Great

Wall

Motor

Co.

Ltd.

(Automobiles)(b)

223

29,200

Gree

Electric

Appliances,

Inc.

of

Zhuhai,

Class

-

A

(Household

Durables)

....

183

157,000

Guanghui

Energy

Co.

Ltd.,

Class

-

A

(Oil,

Gas

&

Consumable

Fuels)

.......

132

62

Guotai

Haitong

Securities

Co.

Ltd.,

Class

-

A

(Capital

Markets)

............

—

111,008

Guotai

Haitong

Securities

Co.

Ltd.,

Class

-

H

(Capital

Markets)(a)

..........

178

12,766

H

World

Group

Ltd.,

ADR

(Hotels,

Restaurants

&

Leisure)

..........

433

119,000

Haidilao

International

Holding

Ltd.

(Hotels,

Restaurants

&

Leisure)(a)

........

226

60,800

Haier

Smart

Home

Co.

Ltd.,

Class

-

A

(Household

Durables)

...........

210

110,800

Haier

Smart

Home

Co.

Ltd.,

H

Shares

(Household

Durables)

...........

317

34,000

Hansoh

Pharmaceutical

Group

Co.

Ltd.

(Pharmaceuticals)(a)

...........

129

136,500

Hengan

International

Group

Co.

Ltd.

(Personal

Care

Products)

........

392

45,000

Hengli

Petrochemical

Co.

Ltd.,

Class

-

A

(Chemicals)

..................

90

3,100

Hithink

RoyalFlush

Information

Network

Co.

Ltd.,

Class

-

A

(Capital

Markets)

118

45,000

Hua

Hong

Semiconductor

Ltd.

(Semiconductors

&

Semiconductor

Equipment)^(a)(b)

.............

199

25,200

Huadong

Medicine

Co.

Ltd.,

Class

-

A

(Health

Care

Providers

&

Services)

.

142

352,000

Huaneng

Power

International,

Inc.,

H

Shares

(Independent

Power

and

Renewable

Electricity

Producers)(a)

.........

227

100

Huatai

Securities

Co.

Ltd.,

Class

-

A

(Capital

Markets)

....................

—

59,000

Huatai

Securities

Co.

Ltd.,

H

Shares

(Capital

Markets)(a)

..................

120

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

China

(continued)

10,781

Hygon

Information

Technology

Co.

Ltd.,

Class

-

A

(Semiconductors

&

Semiconductor

Equipment)

.......

$

213

7,184

IEIT

Systems

Co.

Ltd.,

Class

-

A

(Technology

Hardware,

Storage

&

Peripherals)

..................

51

23,600

Iflytek

Co.

Ltd.,

Class

-

A

(Software)

....

158

4,084,440

Industrial

&

Commercial

Bank

of

China

Ltd.,

H

Shares

(Banks)

..........

3,235

757,900

Inner

Mongolia

BaoTou

Steel

Union

Co.

Ltd.,

Class

-

A

(Metals

&

Mining)

..

189

67,000

Innovent

Biologics,

Inc.

(Biotechnology)(a)

(b)

........................

669

50,000

J&T

Global

Express

Ltd.

(Air

Freight

&

Logistics)(b)

.................

43

84,050

JD

Health

International,

Inc.

(Consumer

Staples

Distribution

&

Retail)(a)(b)

.

460

69,600

JD

Logistics,

Inc.

(Air

Freight

&

Logistics)

(a)(b)

......................

117

127,707

JD.com,

Inc.,

Class

-

SW

(Broadline

Retail)

2,081

244,000

Jiangsu

Expressway

Co.

Ltd.,

H

Shares

(Transportation

Infrastructure)

.....

344

31

Jiangsu

Hengrui

Pharmaceuticals

Co.

Ltd.,

Class

-

A

(Pharmaceuticals)

.......

—

75,900

Juneyao

Airlines

Co.

Ltd.,

Class

-

A

(Passenger

Airlines)

............

143

13,660

Kanzhun

Ltd.,

ADR

(Interactive

Media

&

Services)(a)(b)

................

244

93,000

KE

Holdings,

Inc.,

Class

-

A

(Real

Estate

Management

&

Development)

.....

562

184,000

Kingdee

International

Software

Group

Co.

Ltd.

(Software)(b)

.............

362

62,000

Kingsoft

Corp.

Ltd.

(Entertainment)(a)

...

323

122,200

Kuaishou

Technology,

Class

-

W

(Interactive

Media

&

Services)(a)(b)

.........

985

4,700

Kweichow

Moutai

Co.

Ltd.,

Class

-

A

(Beverages)

..................

925

370,000

Lenovo

Group

Ltd.

(Technology

Hardware,

Storage

&

Peripherals)

..........

444

46,500

Lens

Technology

Co.

Ltd.,

Class

-

A

(Electronic

Equipment,

Instruments

&

Components)

.................

145

64,414

Li

Auto,

Inc.,

Class

-

A

(Automobiles)(b)

.

878

132,000

Li

Ning

Co.

Ltd.

(Textiles,

Apparel

&

Luxury

Goods)

...............

285

132,500

Longfor

Group

Holdings

Ltd.

(Real

Estate

Management

&

Development)(a)

...

156

32,219

Luxshare

Precision

Industry

Co.

Ltd.,

Class

-

A

(Electronic

Equipment,

Instruments

&

Components)

...............

156

252,928

Meituan,

Class

-

W

(Hotels,

Restaurants

&

Leisure)(a)(b)

................

4,036

20,000

Midea

Group

Co.

Ltd.,

Class

-

H

(Household

Durables)

...........

190

30,000

MINISO

Group

Holding

Ltd.,

Class

-

A

(Broadline

Retail)^

.............

136

7,280

Muyuan

Foods

Co.

Ltd.,

Class

-

A

(Food

Products)

....................

43

91

HC

CAPITAL

TRUST

The

Emerging

Markets

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

China

(continued)

800

NAURA

Technology

Group

Co

Ltd.,

Class

-

A

(Semiconductors

&

Semiconductor

Equipment)

..................

$

49

92,100

NetEase,

Inc.

(Entertainment)

.........

2,476

20,200

New

China

Life

Insurance

Co.

Ltd.,

Class

-

A

(Insurance)

.................

165

52,000

New

China

Life

Insurance

Co.

Ltd.,

H

Shares

(Insurance)

.............

283

76,900

New

Oriental

Education

&

Technology

Group,

Inc.

(Diversified

Consumer

Services)

....................

413

87,440

NIO,

Inc.,

Class

-

A

(Automobiles)(b)

...

305

116,400

Nongfu

Spring

Co.

Ltd.,

H

Shares

(Beverages)(a)

................

595

4,400

OmniVision

Integrated

Circuits

Group,

Inc.,

Class

-

A

(Semiconductors

&

Semiconductor

Equipment)

.......

78

151,600

PetroChina

Co.

Ltd.,

Class

-

A

(Oil,

Gas

&

Consumable

Fuels)

.............

181

988,000

PetroChina

Co.

Ltd.,

H

Shares

(Oil,

Gas

&

Consumable

Fuels)

.............

850

330,000

PICC

Property

&

Casualty

Co.

Ltd.,

H

Shares

(Insurance)

.............

639

378,517

Ping

An

Insurance

Group

Co.

of

China

Ltd.

(Insurance)

..................

2,404

29,000

Pop

Mart

International

Group

Ltd.

(Specialty

Retail)(a)

............

985

3,394

Qifu

Technology,

Inc.,

ADR

(Consumer

Finance)

....................

147

11,100

Range

Intelligent

Computing

Technology

Group

Co.

Ltd.

(Machinery)

......

77

154,100

Rongsheng

Petrochemical

Co.

Ltd.,

Class

-

A

(Chemicals)

................

178

45,700

SAIC

Motor

Corp.

Ltd.,

Class

-

A

(Automobiles)

................

102

5,100

Seres

Group

Co.

Ltd.,

Class

-

A

(Automobiles)

................

96

12,000

Shaanxi

Coal

Industry

Co.

Ltd.,

Class

-

A

(Oil,

Gas

&

Consumable

Fuels)

....

32

35,200

Shandong

Gold

Mining

Co.

Ltd.,

Class

-

A

(Metals

&

Mining)

.............

157

55,400

Shanghai

Electric

Group

Co.

Ltd.,

Class

-

A

(Electrical

Equipment)(b)

........

57

6,090

Shanghai

Putailai

New

Energy

Technology

Co.

Ltd.,

Class

-

A

(Chemicals)

....

16

160,200

Shanghai

Rural

Commercial

Bank

Co.

Ltd.,

Class

-

A

(Banks)

..............

217

32,640

Shanjin

International

Gold

Co.

Ltd.,

Class

-

A

(Metals

&

Mining)

...........

86

48,200

Shenzhou

International

Group

Holdings

Ltd.

(Textiles,

Apparel

&

Luxury

Goods)(a)

343

26,100

Sichuan

Kelun

Pharmaceutical

Co.

Ltd.,

Class

-

A

(Pharmaceuticals)

.......

131

19,000

Silergy

Corp.

(Semiconductors

&

Semiconductor

Equipment)

.......

231

106,800

Sinopharm

Group

Co.

Ltd.,

H

Shares

(Health

Care

Providers

&

Services)

.

250

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

China

(continued)

114,000

Smoore

International

Holdings

Ltd.

(Tobacco)^(a)

................

$

265

18,500

Spring

Airlines

Co.

Ltd.,

Class

-

A

(Passenger

Airlines)

............

144

11,640

Sungrow

Power

Supply

Co.

Ltd.,

Class

-

A

(Electrical

Equipment)

..........

110

38,427

Sunny

Optical

Technology

Group

Co.

Ltd.

(Electronic

Equipment,

Instruments

&

Components)

.................

339

15,600

Suzhou

Dongshan

Precision

Manufacturing

Co.

Ltd.,

Class

-

A

(Electronic

Equipment,

Instruments

&

Components)

.................

82

23,590

TAL

Education

Group,

ADR

(Diversified

Consumer

Services)(b)

..........

241

329,886

Tencent

Holdings

Ltd.

(Interactive

Media

&

Services)(a)

..................

21,138

40,459

Tencent

Music

Entertainment

Group,

ADR

(Entertainment)

...............

789

43,700

The

People's

Insurance

Co.

Group

of

China

Ltd.,

Class

-

A

(Insurance)

.......

53

32,000

Tingyi

Cayman

Islands

Holding

Corp.

(Food

Products)

....................

47

78,400

Tongcheng

Travel

Holdings

Ltd.

(Hotels,

Restaurants

&

Leisure)(a)

........

196

14,000

Tsingtao

Brewery

Co.

Ltd.,

Class

-

H

(Beverages)

..................

91

30,940

Unisplendour

Corp.

Ltd.,

Class

-

A

(Electronic

Equipment,

Instruments

&

Components)

.................

104

24,174

Vipshop

Holdings

Ltd.,

ADR

(Broadline

Retail)

......................

364

50,500

Weichai

Power

Co.

Ltd.,

Class

-

A

(Machinery)

.................

108

54,000

Weichai

Power

Co.

Ltd.,

H

Shares

(Machinery)

.................

110

44,260

Wens

Foodstuff

Group

Co.

Ltd.,

Class

-

A

(Food

Products)

...............

106

134,279

Wuhan

Guide

Infrared

Co.

Ltd.,

Class

-

A

(Electronic

Equipment,

Instruments

&

Components)(b)

...............

192

19,900

Wuliangye

Yibin

Co.

Ltd.,

Class

-

A

(Beverages)

..................

330

22,060

WUS

Printed

Circuit

Kunshan

Co.

Ltd.,

Class

-

A

(Electronic

Equipment,

Instruments

&

Components)

......

131

27,200

WuXi

AppTec

Co.

Ltd.,

Class

-

A

(Life

Sciences

Tools

&

Services)

.......

264

11,640

WuXi

AppTec

Co.

Ltd.,

H

Shares

(Life

Sciences

Tools

&

Services)(a)

.....

117

173,000

Wuxi

Biologics

Cayman,

Inc.

(Life

Sciences

Tools

&

Services)(a)(b)

.........

565

852,600

Xiaomi

Corp.,

Class

-

W

(Technology

Hardware,

Storage

&

Peripherals)(a)

(b)

........................

6,511

276,481

Xinyi

Solar

Holdings

Ltd.

(Semiconductors

&

Semiconductor

Equipment)(b)

...

88

64,064

XPeng,

Inc.,

A

Shares

(Automobiles)(b)

..

576

92

HC

CAPITAL

TRUST

The

Emerging

Markets

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

China

(continued)

100,000

Yadea

Group

Holdings

Ltd.

(Automobiles)

(a)

........................

$

160

40,170

Yankuang

Energy

Group

Co.

Ltd.,

Class

-

A

(Oil,

Gas

&

Consumable

Fuels)

....

68

238,700

Yankuang

Energy

Group

Co.

Ltd.,

H

Shares

(Oil,

Gas

&

Consumable

Fuels)^

...

237

17,070

Yealink

Network

Technology

Corp.

Ltd.,

Class

-

A

(Communications

Equipment)

..................

83

40,176

Yonyou

Network

Technology

Co.

Ltd.,

Class

-

A

(Software)(b)

..........

75

21,431

Yum

China

Holdings,

Inc.

(Hotels,

Restaurants

&

Leisure)

..........

958

10,800

Yunnan

Energy

New

Material

Co.

Ltd.,

Class

-

A

(Chemicals)(b)

.........

44

12,100

Zhangzhou

Pientzehuang

Pharmaceutical

Co.

Ltd.,

Class

-

A

(Pharmaceuticals)

338

90,000

Zhaojin

Mining

Industry

Co.

Ltd.,

H

Shares

(Metals

&

Mining)

.............

234

415,720

Zhejiang

Expressway

Co.

Ltd.,

H

Shares

(Transportation

Infrastructure)

.....

382

34,900

Zhejiang

Leapmotor

Technology

Co.

Ltd.

(Automobiles)(a)(b)

............

243

8,200

Zhejiang

Supor

Co.

Ltd.,

Class

-

A

(Household

Durables)

...........

60

75,900

Zheshang

Securities

Co.

Ltd.,

Class

-

A

(Capital

Markets)

..............

116

4,720

Zhongji

Innolight

Co.

Ltd.,

Class

-

A

(Communications

Equipment)

.....

96

46,000

Zhongsheng

Group

Holdings

Ltd.

(Specialty

Retail)

......................

71

119,300

Zijin

Mining

Group

Co.

Ltd.,

Class

-

A

(Metals

&

Mining)

.............

325

218,000

Zijin

Mining

Group

Co.

Ltd.,

H

Shares

(Metals

&

Mining)

.............

557

167,800

Zoomlion

Heavy

Industry

Science

and

Technology

Co.

Ltd.,

Class

-

A

(Machinery)

.................

169

57,400

ZTE

Corp.,

Class

-

A

(Communications

Equipment)

..................

260

12,400

ZTO

Express

Cayman,

Inc.

(Air

Freight

&

Logistics)

...................

219

116,326

Colombia

—

0.08%

37,756

Grupo

Cibest

SA

(Banks)

............

427

17,141

Grupo

Cibest

SA

(Banks)

............

214

641

Cyprus

—

0.00%

7,712

TCS

Group

Holding

PLC,

GDR

(Banks)(b)

(c)

........................

—

Czech

Republic

—

0.09%

1,084

CEZ

A/S

(Electric

Utilities)

..........

64

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Czech

Republic

(continued)

94,203

Moneta

Money

Bank

A/S

(Banks)(a)

....

$

650

714

Egypt

—

0.04%

174,531

Commercial

International

Bank

-

Egypt

(CIB)

(Banks)

................

297

Greece

—

0.35%

143,060

Alpha

Bank

SA

(Banks)

.............

504

151,431

Eurobank

Ergasias

Services

and

Holdings

SA

(Banks)

..................

520

13,686

Hellenic

Telecommunications

Organization

SA

(Diversified

Telecommunication

Services)

....................

260

3,542

Metlen

Energy

&

Metals

SA

(Industrial

Conglomerates)

...............

192

41,073

National

Bank

of

Greece

SA

(Banks)(a)

..

525

66,610

Piraeus

Financial

Holdings

SA

(Banks)

..

461

10,619

Public

Power

Corp.

SA

(Electric

Utilities)(a)

173

2,635

Hong

Kong

—

0.61%

348,000

Alibaba

Health

Information

Technology

Ltd.

(Consumer

Staples

Distribution

&

Retail)(a)(b)

.................

210

853,733

Beijing

Enterprises

Water

Group

Ltd.

(Water

Utilities)(a)

..................

258

252,000

China

Overseas

Land

&

Investment

Ltd.

(Real

Estate

Management

&

Development)

................

437

102,000

China

Resources

Beer

Holdings

Co.

Ltd.

(Beverages)

..................

325

15,400

China

Resources

Gas

Group

Ltd.

(Gas

Utilities)(a)

..................

39

193,261

China

Resources

Land

Ltd.

(Real

Estate

Management

&

Development)

.....

655

176,143

China

Resources

Power

Holdings

Co.

Ltd.

(Independent

Power

and

Renewable

Electricity

Producers)

...........

425

384,000

China

Ruyi

Holdings

Ltd.

(Entertainment)^(b)

............

124

112,000

China

State

Construction

International

Holdings

Ltd.

(Construction

&

Engineering)

.................

169

79,400

China

Taiping

Insurance

Holdings

Co.

Ltd.

(Insurance)(a)

................

155

30,800

Chow

Tai

Fook

Jewellery

Group

Ltd.

(Specialty

Retail)

..............

53

397,000

Far

East

Horizon

Ltd.

(Financial

Services)

345

1,248,000

GCL

Technology

Holdings

Ltd.

(Semiconductors

&

Semiconductor

Equipment)(b)

................

159

335,000

Geely

Automobile

Holdings

Ltd.

(Automobiles)

................

680

74,000

Guangdong

Investment

Ltd.

(Water

Utilities)

....................

62

93

HC

CAPITAL

TRUST

The

Emerging

Markets

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Hong

Kong

(continued)

735,000

Sino

Biopharmaceutical

Ltd.

(Pharmaceuticals)(a)

...........

$

493

4,589

Hungary

—

0.20%

33,728

MOL

Hungarian

Oil

&

Gas

PLC

(Oil,

Gas

&

Consumable

Fuels)

...........

294

10,618

OTP

Bank

Nyrt

(Banks)

.............

849

13,037

Richter

Gedeon

Nyrt

(Pharmaceuticals)

..

385

1,528

India

—

12.25%

1,582

ABB

India

Ltd.

(Electrical

Equipment)

..

112

11,071

Adani

Enterprises

Ltd.

(Trading

Companies

&

Distributors)(a)

.............

338

42,865

Adani

Ports

&

Special

Economic

Zone

Ltd.

(Transportation

Infrastructure)

.....

725

58,519

Adani

Power

Ltd.

(Independent

Power

and

Renewable

Electricity

Producers)(b)

400

62,569

Ambuja

Cements

Ltd.

(Construction

Materials)

...................

421

15,738

APL

Apollo

Tubes

Ltd.

(Metals

&

Mining)

(b)

........................

319

8,752

Apollo

Hospitals

Enterprise

Ltd.

(Health

Care

Providers

&

Services)

.......

739

15,155

Ashok

Leyland

Ltd.

(Machinery)

.......

44

25,951

Asian

Paints

Ltd.

(Chemicals)

.........

708

5,202

AU

Small

Finance

Bank

Ltd.

(Banks)(a)

.

50

28,215

Aurobindo

Pharma

Ltd.

(Pharmaceuticals)

(a)(b)

......................

373

13,653

Avenue

Supermarts

Ltd.

(Consumer

Staples

Distribution

&

Retail)(a)(b)

......

696

142,645

Axis

Bank

Ltd.

(Banks)

.............

1,995

5,199

Bajaj

Auto

Ltd.

(Automobiles)

........

508

159,290

Bajaj

Finance

Ltd.

(Consumer

Finance)(a)

1,740

33,823

Bajaj

Finserv

Ltd.

(Financial

Services)(a)

.

811

260

Bajaj

Holdings

&

Investment

Ltd.

(Financial

Services)

....................

44

212,131

Bharat

Electronics

Ltd.

(Aerospace

&

Defense)(a)

..................

1,043

96,973

Bharat

Heavy

Electricals

Ltd.

(Electrical

Equipment)(b)

................

301

126,212

Bharat

Petroleum

Corp.

Ltd.

(Oil,

Gas

&

Consumable

Fuels)(a)

...........

489

138,003

Bharti

Airtel

Ltd.

(Wireless

Telecommunication

Services)(a)

...

3,234

739

Britannia

Industries

Ltd.

(Food

Products)

.

50

9,630

BSE

Ltd.

(Capital

Markets)

...........

311

55,610

CG

Power

&

Industrial

Solutions

Ltd.

(Electrical

Equipment)(a)

........

442

8,842,285

Chennai

Super

Kings

Cricket

Ltd.

(Entertainment)(b)(c)

...........

11,187

33,053

Cholamandalam

Investment

and

Finance

Co.

Ltd.

(Consumer

Finance)

.....

627

6,793

Cipla

Ltd.

(Pharmaceuticals)(a)

........

119

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

India

(continued)

151,367

Coal

India

Ltd.

(Oil,

Gas

&

Consumable

Fuels)(a)

....................

$

692

12,833

Cummins

India

Ltd.

(Machinery)

.......

509

973

Divi's

Laboratories

Ltd.

(Life

Sciences

Tools

&

Services)

..................

77

1,427

Dixon

Technologies

India

Ltd.

(Household

Durables)

...................

249

89,577

DLF

Ltd.

(Real

Estate

Management

&

Development)(a)

..............

875

55,157

Dr.

Reddy's

Laboratories

Ltd.,

ADR

(Pharmaceuticals)

.............

829

12,469

Eicher

Motors

Ltd.

(Automobiles)(a)

....

822

299,988

Eternal

Ltd.

(Hotels,

Restaurants

&

Leisure)

(a)(b)

......................

924

289,126

GAIL

India

Ltd.

(Gas

Utilities)

........

643

2,830

Godrej

Consumer

Products

Ltd.

(Personal

Care

Products)

................

39

65,886

HCL

Technologies

Ltd.

(IT

Services)

....

1,328

268,620

HDFC

Bank

Ltd.

(Banks)

............

6,269

18,156

HDFC

Life

Insurance

Co.

Ltd.

(Insurance)

(a)

........................

172

3,798

Hero

MotoCorp

Ltd.

(Automobiles)(a)

...

188

37,725

Hindalco

Industries

Ltd.

(Metals

&

Mining)

(a)

........................

305

14,132

Hindustan

Aeronautics

Ltd.

(Aerospace

&

Defense)

....................

803

11,096

Hindustan

Petroleum

Corp.

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

.............

57

46,133

Hindustan

Unilever

Ltd.

(Personal

Care

Products)(a)

..................

1,234

291,051

ICICI

Bank

Ltd.

(Banks)(a)

...........

4,907

208,399

Indian

Oil

Corp.

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

.............

357

33,112

Indus

Towers

Ltd.

(Diversified

Telecommunication

Services)(a)(b)

.

163

21,414

IndusInd

Bank

Ltd.

(Banks)(a)(b)

......

218

26,540

Info

Edge

India

Ltd.

(Interactive

Media

&

Services)

....................

461

185,601

Infosys

Ltd.

(IT

Services)

............

3,467

15,712

InterGlobe

Aviation

Ltd.

(Passenger

Airlines)(a)(b)

................

1,095

212,172

ITC

Ltd.

(Tobacco)

.................

1,030

197,990

Jio

Financial

Services

Ltd.

(Financial

Services)(b)

..................

754

9,716

JSW

Energy

Ltd.

(Independent

Power

and

Renewable

Electricity

Producers)(a)

59

17,767

Kalyan

Jewellers

India

Ltd.

(Textiles,

Apparel

&

Luxury

Goods)(a)(b)

...

115

60,146

Kotak

Mahindra

Bank

Ltd.

(Banks)(a)

...

1,517

42,083

Larsen

&

Toubro

Ltd.

(Construction

&

Engineering)(a)

...............

1,801

25,962

Lodha

Developers

Ltd.

(Real

Estate

Management

&

Development)(a)

...

419

52,370

Mahindra

&

Mahindra

Ltd.

(Automobiles)

(a)

........................

1,944

6,779

Maruti

Suzuki

India

Ltd.

(Automobiles)

..

980

94

HC

CAPITAL

TRUST

The

Emerging

Markets

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

India

(continued)

41,140

Max

Healthcare

Institute

Ltd.

(Health

Care

Providers

&

Services)(a)

.........

$

612

5,377

Nestle

India

Ltd.

(Food

Products)

......

155

468,093

NMDC

Ltd.

(Metals

&

Mining)

........

382

308,209

NTPC

Ltd.

(Independent

Power

and

Renewable

Electricity

Producers)(a)

1,204

216,855

Oil

&

Natural

Gas

Corp.

Ltd.

(Oil,

Gas

&

Consumable

Fuels)(a)

...........

618

14,993

Oil

India

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

......................

76

607

Oracle

Financial

Services

Software

Ltd.

(Software)

...................

64

13,568

PB

Fintech

Ltd.

(Insurance)(a)(b)

......

289

2,264

Persistent

Systems

Ltd.

(IT

Services)

....

160

28,216

Pidilite

Industries

Ltd.

(Chemicals)

.....

1,005

1,602

Polycab

India

Ltd.

(Electrical

Equipment)(a)

122

105,295

Power

Finance

Corp.

Ltd.

(Financial

Services)

....................

525

302,288

Power

Grid

Corp.

of

India

Ltd.

(Electric

Utilities)

....................

1,057

2,527

Prestige

Estates

Projects

Ltd.

(Real

Estate

Management

&

Development)

.....

49

29,002

Rail

Vikas

Nigam

Ltd.

(Construction

&

Engineering)(b)

...............

135

84,438

REC

Ltd.

(Financial

Services)

.........

396

332,412

Reliance

Industries

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

.............

5,817

87,230

Samvardhana

Motherson

International

Ltd.

(Automobile

Components)(a)

.....

157

30,301

SBI

Life

Insurance

Co.

Ltd.

(Insurance)(a)

650

1,376

Shree

Cement

Ltd.

(Construction

Materials)

(a)

........................

498

50,695

Shriram

Finance

Ltd.

(Consumer

Finance)

(a)

........................

418

2,450

Siemens

Ltd.

(Industrial

Conglomerates)

.

93

793

Solar

Industries

India

Ltd.

(Chemicals)

..

163

6,671

Sona

Blw

Precision

Forgings

Ltd.

(Automobile

Components)(a)

.....

37

1,907

SRF

Ltd.

(Chemicals)

...............

72

117,871

State

Bank

of

India

(Banks)(a)

........

1,128

71,547

Sun

Pharmaceutical

Industries

Ltd.

(Pharmaceuticals)

.............

1,398

1,450

Sundaram

Finance

Ltd.

(Consumer

Finance)

87

1,146

Supreme

Industries

Ltd.

(Chemicals)

....

59

570,140

Suzlon

Energy

Ltd.

(Electrical

Equipment)

(a)(b)

......................

450

55,668

Tata

Consultancy

Services

Ltd.

(IT

Services)

(a)

........................

2,247

15,228

Tata

Consumer

Products

Ltd.

(Food

Products)

....................

195

115,265

Tata

Motors

Ltd.

(Automobiles)(a)

.....

925

500,376

Tata

Steel

Ltd.

(Metals

&

Mining)

......

932

7,612

Tech

Mahindra

Ltd.

(IT

Services)

......

150

16,859

The

Indian

Hotels

Co.

Ltd.

(Hotels,

Restaurants

&

Leisure)(a)

........

149

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

India

(continued)

3,560

The

Phoenix

Mills

Ltd.

(Real

Estate

Management

&

Development)(a)(b)

$

65

34,381

The

Tata

Power

Co.

Ltd.

(Electric

Utilities)

163

25,294

Titan

Co.

Ltd.

(Textiles,

Apparel

&

Luxury

Goods)

.....................

1,088

7,846

Torrent

Power

Ltd.

(Electric

Utilities)

...

134

11,512

Trent

Ltd.

(Specialty

Retail)

..........

835

8,326

Tube

Investments

of

India

Ltd.

(Automobile

Components)

.................

302

5,502

TVS

Motor

Co.

Ltd.

(Automobiles)

.....

187

9,621

UltraTech

Cement

Ltd.

(Construction

Materials)

...................

1,357

50,549

United

Spirits

Ltd.

(Beverages)

........

842

5,501

UPL

Ltd.

(Chemicals)

...............

42

51,325

Varun

Beverages

Ltd.

(Beverages)(a)

....

274

98,222

Vedanta

Ltd.

(Metals

&

Mining)

.......

528

611,114

Vodafone

Idea

Ltd.

(Wireless

Telecommunication

Services)(a)(b)

.

53

4,646

Voltas

Ltd.

(Construction

&

Engineering)

.

71

192,669

Wipro

Ltd.

(IT

Services)(a)

...........

598

1,074,947

Yes

Bank

Ltd.

(Banks)(b)

............

255

92,396

Indonesia

—

0.75%

304,200

PT

Alamtri

Resources

Indonesia

Tbk

(Oil,

Gas

&

Consumable

Fuels)

.......

34

347,700

PT

Amman

Mineral

Internasional

(Metals

&

Mining)(b)

..................

181

1,536,300

PT

Astra

International

Tbk

(Industrial

Conglomerates)

...............

426

3,595,585

PT

Bank

Central

Asia

Tbk

(Banks)

.....

1,922

801,100

PT

Bank

Mandiri

Persero

Tbk

(Banks)

...

241

4,081,400

PT

Bank

Rakyat

Indonesia

Persero

Tbk

(Banks)

.....................

941

834,404

PT

Barito

Pacific

Tbk

(Chemicals)(b)

....

85

375,000

PT

Chandra

Asri

Pacific

Tbk

(Chemicals)

.

228

1,080,300

PT

Charoen

Pokphand

Indonesia

Tbk

(Food

Products)

....................

313

32,225,600

PT

GoTo

Gojek

Tokopedia

Tbk

(Broadline

Retail)(b)

...................

115

818,700

PT

Indofood

Sukses

Makmur

Tbk

(Food

Products)

....................

410

2,149,735

PT

Kalbe

Farma

Tbk

(Pharmaceuticals)

..

202

347,400

PT

Sumber

Alfaria

Trijaya

Tbk

(Consumer

Staples

Distribution

&

Retail)

.....

51

2,673,450

PT

Telkom

Indonesia

Persero

Tbk

(Diversified

Telecommunication

Services)(a)

..................

458

63,800

PT

United

Tractors

Tbk

(Oil,

Gas

&

Consumable

Fuels)

.............

84

5,691

95

HC

CAPITAL

TRUST

The

Emerging

Markets

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Ireland

(Republic

of)

—

0.49%

35,464

PDD

Holdings,

Inc.,

ADR

(Broadline

Retail)

(b)

........................

$

3,712

Korea,

Republic

of

—

0.43%

2,173

Alteogen,

Inc.

(Biotechnology)(b)

......

599

1,911

Hanjin

Kal

Corp.

(Passenger

Airlines)

...

167

2,645

Hanmi

Semiconductor

Co.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

..................

200

2,047

Hanwha

Systems

Co.

Ltd.

(Aerospace

&

Defense)

....................

88

1,410

HD

Hyundai

Electric

Co.

Ltd.

(Electrical

Equipment)

..................

530

1,025

HD

Hyundai

Heavy

Industries

Co.

Ltd.

(Machinery)

.................

326

893

HYBE

Co.

Ltd.

(Entertainment)

.......

205

3,677

Hyundai

Rotem

Co.

Ltd.

(Machinery)

...

535

3,445

Meritz

Financial

Group,

Inc.

(Financial

Services)

....................

287

180

Samyang

Foods

Co.

Ltd.

(Food

Products)

186

764

SK

Biopharmaceuticals

Co.

Ltd.

(Pharmaceuticals)(a)(b)

.........

52

1,238

SKC

Co.

Ltd.

(Chemicals)(b)

.........

101

3,276

Kuwait

—

0.39%

374,747

Boubyan

Bank

KSCP

(Banks)

.........

884

559,444

Kuwait

Finance

House

KSCP

(Banks)

...

1,470

180,352

National

Bank

of

Kuwait

SAKP

(Banks)

.

590

2,944

Malaysia

—

0.77%

241,900

AMMB

Holdings

Berhad

(Banks)

......

293

60,200

CELCOMDIGI

Berhad

(Wireless

Telecommunication

Services)

.....

56

35,900

CIMB

Group

Holdings

Berhad

(Banks)(a)

58

49,100

Gamuda

Berhad

(Construction

&

Engineering)

.................

56

288,600

IHH

Healthcare

Berhad

(Health

Care

Providers

&

Services)

...........

468

616,100

IOI

Corp.

Berhad

(Food

Products)

......

548

378,796

Malayan

Banking

Berhad

(Banks)

......

873

221,100

Maxis

Berhad

(Wireless

Telecommunication

Services)(a)

..................

190

15,300

Petronas

Gas

Berhad

(Gas

Utilities)

.....

64

396,800

Press

Metal

Aluminium

Holdings

Berhad

(Metals

&

Mining)(a)

...........

488

983,500

Public

Bank

Berhad

(Banks)

..........

1,006

792,700

QL

Resources

Berhad

(Food

Products)

...

867

395,000

SD

Guthrie

Berhad

(Food

Products)

.....

436

558,900

Sime

Darby

Berhad

(Industrial

Conglomerates)

...............

219

133,500

YTL

Corp.

Berhad

(Multi-Utilities)

.....

74

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Malaysia

(continued)

92,280

YTL

Power

International

Berhad

(Multi-

Utilities)

....................

$

87

5,783

Mexico

—

1.24%

102,503

Alfa

SAB

de

CV,

Class

-

A

(Industrial

Conglomerates)

...............

76

968,501

America

Movil

SAB

de

CV,

Class

-

B

(Wireless

Telecommunication

Services)

....................

866

880,943

Cemex

SAB

de

CV

(Construction

Materials)

608

56,133

Coca-Cola

Femsa

SAB

de

CV

(Beverages)

544

156,300

Fibra

Uno

Administracion

SA

de

CV

(Diversified

REITs)(a)

..........

216

120,119

Fomento

Economico

Mexicano

SAB

de

CV

(Beverages)

..................

1,237

3,542

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV

(Transportation

Infrastructure)

47

19,755

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV,

Class

-

B

(Transportation

Infrastructure)

................

454

15,545

Grupo

Aeroportuario

del

Sureste

SAB

de

CV,

Class

-

B

(Transportation

Infrastructure)

................

496

131,217

Grupo

Bimbo

SAB

de

CV,

Class

-

A

(Food

Products)

....................

366

8,482

Grupo

Carso

SAB

de

CV,

Series

A1,

Class

-

A1

(Industrial

Conglomerates)

....

60

152,000

Grupo

Financiero

Banorte

SAB

de

CV,

Class

-

O

(Banks)

..............

1,391

259,552

Grupo

Mexico

SAB

de

CV,

Class

-

B

(Metals

&

Mining)

.............

1,572

13,071

Industrias

Penoles

SAB

de

CV

(Metals

&

Mining)(b)

..................

363

298,041

Kimberly-Clark

de

Mexico

SAB

de

CV,

Class

-

A

(Household

Products)

....

545

56,466

Prologis

Property

Mexico

SA

de

CV

(Industrial

REITs)(a)

...........

213

94,863

Wal-Mart

de

Mexico

SAB

de

CV

(Consumer

Staples

Distribution

&

Retail)

......................

314

9,368

Netherlands

—

0.25%

42,217

NEPI

Rockcastle

N.V.

(Real

Estate

Management

&

Development)(a)

...

322

28,474

Prosus

N.V.,

Class

N

(Broadline

Retail)(a)

(b)

........................

1,592

1,914

Peru

—

0.16%

11,279

Cia

de

Minas

Buenaventura

SAA,

ADR

(Metals

&

Mining)

.............

185

4,457

Credicorp

Ltd.

(Banks)

..............

996

1,181

96

HC

CAPITAL

TRUST

The

Emerging

Markets

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Philippines

—

0.27%

535,100

Ayala

Land,

Inc.

(Real

Estate

Management

&

Development)(a)

............

$

257

31,750

International

Container

Terminal

Services,

Inc.

(Transportation

Infrastructure)(a)

232

22,670

Jollibee

Foods

Corp.

(Hotels,

Restaurants

&

Leisure)

....................

87

503,283

Metropolitan

Bank

&

Trust

Co.

(Banks)

..

647

13,195

PLDT,

Inc.

(Wireless

Telecommunication

Services)

....................

285

35,763

SM

Investments

Corp.

(Industrial

Conglomerates)

...............

554

2,062

Poland

—

0.62%

31,442

Allegro.eu

SA

(Broadline

Retail)(a)(b)

...

302

14,812

Bank

Polska

Kasa

Opieki

SA

(Banks)(a)

.

761

2,125

CCC

SA

(Textiles,

Apparel

&

Luxury

Goods)(b)

...................

121

3,287

CD

Projekt

SA

(Entertainment)

........

256

2,480

Dino

Polska

SA

(Consumer

Staples

Distribution

&

Retail)(a)(b)

......

362

3,670

KGHM

Polska

Miedz

SA

(Metals

&

Mining)(b)

..................

131

50

LPP

SA

(Textiles,

Apparel

&

Luxury

Goods)

204

28,478

ORLEN

SA

(Oil,

Gas

&

Consumable

Fuels)

649

9,118

PGE

Polska

Grupa

Energetyczna

SA

(Electric

Utilities)(b)

...........

29

54,744

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

(Banks)

.............

1,142

42,138

Powszechny

Zaklad

Ubezpieczen

SA

(Insurance)(a)

................

737

4,694

Qatar

—

0.49%

548,684

Al

Rayan

Bank

(Banks)

.............

351

46,759

Industries

Qatar

QSC

(Industrial

Conglomerates)

...............

159

185,247

Mesaieed

Petrochemical

Holding

Co.

(Chemicals)

..................

68

121,012

Qatar

Fuel

QSC

(Oil,

Gas

&

Consumable

Fuels)

......................

498

55,762

Qatar

International

Islamic

Bank

QSC

(Banks)

.....................

167

140,239

Qatar

Islamic

Bank

QPSC

(Banks)

.....

853

255,270

Qatar

National

Bank

QPSC

(Banks)

.....

1,217

328,171

The

Commercial

Bank

PSQC

(Banks)

...

410

3,723

Russia

—

0.00%

877,850

Gazprom

PJSC

(Oil,

Gas

&

Consumable

Fuels)(b)(c)

..................

—

280,855

Gazprom

PJSC,

ADR

(Oil,

Gas

&

Consumable

Fuels)(b)(c)

........

—

23,471

LUKOIL

PJSC

(Oil,

Gas

&

Consumable

Fuels)(b)(c)

..................

—

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Russia

(continued)

32,986

LUKOIL

PJSC

(Oil,

Gas

&

Consumable

Fuels)(b)(c)

..................

$

—

766,486

Moscow

Exchange

MICEX-RTS

PJSC

(Capital

Markets)(b)(c)

..........

—

102,050

Novatek

PJSC

(Oil,

Gas

&

Consumable

Fuels)(c)

....................

—

37,340

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)

........

—

—

Saudi

Arabia

—

2.07%

7,910

ACWA

Power

Co.

(Independent

Power

and

Renewable

Electricity

Producers)(b)

540

7,737

Ades

Holding

Co.

(Energy

Equipment

&

Services)

....................

28

104,959

Al

Rajhi

Bank

(Banks)

..............

2,648

1,557

Al

Rajhi

Co.

for

Co-operative

Insurance

(Insurance)(b)

................

53

60,828

Alinma

Bank

(Banks)

...............

435

21,681

Almarai

Co.

JSC

(Food

Products)

......

293

39,306

Bank

AlBilad

(Banks)

...............

276

109,341

Banque

Saudi

Fransi

(Banks)

.........

521

6,816

Bupa

Arabia

for

Cooperative

Insurance

Co.

(Insurance)

..................

324

63,734

Dar

Al

Arkan

Real

Estate

Development

Co.

(Real

Estate

Management

&

Development)(b)

..............

326

4,588

Dr.

Sulaiman

Al

Habib

Medical

Services

Group

Co.

(Health

Care

Providers

&

Services)

....................

332

1,587

Elm

Co.

(IT

Services)

...............

424

19,270

Jabal

Omar

Development

Co.

(Hotels,

Restaurants

&

Leisure)(b)

........

103

2,884

Makkah

Construction

&

Development

Co.

(Real

Estate

Management

&

Development)

................

71

90,244

Riyad

Bank

(Banks)

................

692

19,058

SABIC

Agri-Nutrients

Co.

(Chemicals)

..

545

46,591

Sahara

International

Petrochemical

Co.

(Chemicals)

..................

246

2,682

SAL

Saudi

Logistics

Services

(Air

Freight

&

Logistics)

.................

134

73,592

Saudi

Arabian

Mining

Co.

(Metals

&

Mining)(b)

..................

1,052

223,723

Saudi

Arabian

Oil

Co.

(Oil,

Gas

&

Consumable

Fuels)(a)

...........

1,451

67,673

Saudi

Awwal

Bank

(Banks)(a)

.........

608

49,889

Saudi

Basic

Industries

Corp.

(Chemicals)

.

727

97

HC

CAPITAL

TRUST

The

Emerging

Markets

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Saudi

Arabia

(continued)

64,950

Saudi

Industrial

Investment

Group

(Chemicals)

..................

$

290

100,810

Saudi

Kayan

Petrochemical

Co.

(Chemicals)

(b)

........................

139

1,130

Saudi

Research

&

Media

Group

(Media)(b)

58

5,440

Saudi

Tadawul

Group

Holding

Co.

(Capital

Markets)

....................

256

107,857

Saudi

Telecom

Co.

(Diversified

Telecommunication

Services)

.....

1,223

7,563

The

Co.

for

Cooperative

Insurance

(Insurance)

..................

319

155,468

The

Saudi

National

Bank

(Banks)

......

1,497

15,611

Singapore

—

0.24%

30,600

Trip.com

Group

Ltd.

(Hotels,

Restaurants

&

Leisure)

....................

1,778

South

Africa

—

1.71%

43,142

Absa

Group

Ltd.

(Banks)

............

429

27,665

Aspen

Pharmacare

Holdings

Ltd.

(Pharmaceuticals)

.............

187

33,177

Bid

Corp.

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

876

31,869

Bidvest

Group

Ltd.

(Industrial

Conglomerates)

...............

421

5,363

Capitec

Bank

Holdings

Ltd.

(Banks)

....

1,076

1,981

Clicks

Group

Ltd.

(Consumer

Staples

Distribution

&

Retail)(a)

.........

42

45,796

Discovery

Ltd.

(Insurance)(a)

.........

556

275,980

FirstRand

Ltd.

(Financial

Services)

.....

1,180

49,698

Gold

Fields

Ltd.

(Metals

&

Mining)(a)

...

1,168

25,759

Harmony

Gold

Mining

Co.

Ltd.

(Metals

&

Mining)

.....................

356

48,655

Impala

Platinum

Holdings

Ltd.

(Metals

&

Mining)(b)

..................

437

85,707

MTN

Group

Ltd.

(Wireless

Telecommunication

Services)(a)

...

682

9,008

Naspers

Ltd.,

Class

-

N

(Broadline

Retail)

2,808

20,893

Nedbank

Group

Ltd.

(Banks)(a)

.......

287

144,156

Old

Mutual

Ltd.

(Insurance)

..........

98

121,200

Pepkor

Holdings

Ltd.

(Specialty

Retail)(a)

186

15,002

Remgro

Ltd.

(Financial

Services)

......

134

34,236

Sanlam

Ltd.

(Insurance)(a)

...........

172

30,208

Sasol

Ltd.

(Chemicals)(b)

............

134

9,822

Shoprite

Holdings

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

154

75,166

Standard

Bank

Group

Ltd.

(Banks)

.....

966

10,801

Valterra

Platinum

Ltd.

(Metals

&

Mining)(a)

482

22,743

Woolworths

Holdings

Ltd.

(Broadline

Retail)(a)

....................

67

12,898

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

South

Korea

—

6.29%

1,887

Amorepacific

Corp.

(Personal

Care

Products)

....................

$

191

9,067

Celltrion,

Inc.

(Biotechnology)(a)

......

1,072

1,130

CJ

CheilJedang

Corp.

(Food

Products)

...

209

4,758

Coway

Co.

Ltd.

(Household

Durables)

...

341

4,146

DB

Insurance

Co.

Ltd.

(Insurance)(a)

....

379

24,635

Doosan

Enerbility

Co.

Ltd.

(Electrical

Equipment)(a)(b)

..............

1,249

2,690

Ecopro

BM

Co.

Ltd.

(Electrical

Equipment)

(b)

........................

201

5,774

Ecopro

Co.

Ltd.

(Chemicals)

..........

193

14,221

Hana

Financial

Group,

Inc.

(Banks)

.....

910

2,925

Hankook

Tire

&

Technology

Co.

Ltd.

(Automobile

Components)

.......

86

1,716

Hanwha

Aerospace

Co.

Ltd.

(Aerospace

&

Defense)

....................

1,078

4,664

Hanwha

Ocean

Co.

Ltd.

(Machinery)(b)

..

274

2,667

HD

Korea

Shipbuilding

&

Offshore

Engineering

Co.

Ltd.

(Machinery)

..

723

6,763

HLB,

Inc.

(Health

Care

Equipment

&

Supplies)(b)

..................

246

15,344

HMM

Co.

Ltd.

(Marine

Transportation)

..

256

941

Hyundai

Glovis

Co.

Ltd.

(Air

Freight

&

Logistics)

...................

94

3,431

Hyundai

Mobis

Co.

Ltd.

(Automobile

Components)

.................

730

5,485

Hyundai

Motor

Co.

(Automobiles)

.....

827

2,371

Hyundai

Motor

Co.,

Preference

Shares

(Automobiles)

................

271

2,956

Hyundai

Motor

Co.,

Preference

Shares

(Automobiles)

................

348

11,325

Industrial

Bank

of

Korea

(Banks)

......

153

15,587

Kakao

Corp.

(Interactive

Media

&

Services)

(a)

........................

693

11,697

KakaoBank

Corp.

(Banks)

...........

260

20,423

KB

Financial

Group,

Inc.

(Banks)

......

1,680

12,842

Kia

Corp.

(Automobiles)

............

922

2,874

Korea

Aerospace

Industries

Ltd.

(Aerospace

&

Defense)

..................

191

20,957

Korea

Electric

Power

Corp.

(Electric

Utilities)

....................

610

214

Korea

Zinc

Co.

Ltd.

(Metals

&

Mining)

..

130

1,583

Krafton,

Inc.

(Entertainment)(b)

.......

426

5,939

KT&G

Corp.

(Tobacco)(a)

...........

562

6,828

LG

Chem

Ltd.

(Chemicals)

...........

1,070

2,303

LG

Corp.

(Industrial

Conglomerates)(a)

..

136

24,801

LG

Display

Co.

Ltd.

(Electronic

Equipment,

Instruments

&

Components)(b)

....

165

4,131

LG

Electronics,

Inc.

(Household

Durables)

226

2,532

LG

Energy

Solution

Ltd.

(Electrical

Equipment)(b)

................

557

907

LG

H&H

Co.

Ltd.

(Personal

Care

Products)

215

901

LG

Innotek

Co.

Ltd.

(Electronic

Equipment,

Instruments

&

Components)

......

98

1,014

LS

Electric

Co.

Ltd.

(Electrical

Equipment)

225

98

HC

CAPITAL

TRUST

The

Emerging

Markets

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

South

Korea

(continued)

23,004

Mirae

Asset

Securities

Co.

Ltd.

(Capital

Markets)

....................

$

366

6,519

NAVER

Corp.

(Interactive

Media

&

Services)

....................

1,268

1,796

POSCO

Future

M

Co.

Ltd.

(Electrical

Equipment)(b)

................

168

3,634

POSCO

Holdings,

Inc.

(Metals

&

Mining)

703

3,251

Posco

International

Corp.

(Trading

Companies

&

Distributors)

.......

120

1,124

Samsung

Biologics

Co.

Ltd.

(Life

Sciences

Tools

&

Services)(a)(b)

.........

826

18,707

Samsung

C&T

Corp.

(Industrial

Conglomerates)

...............

2,238

3,398

Samsung

Electro-Mechanics

Co.

Ltd.

(Electronic

Equipment,

Instruments

&

Components)

.................

339

241,139

Samsung

Electronics

Co.

Ltd.

(Technology

Hardware,

Storage

&

Peripherals)

..

10,688

40,397

Samsung

Electronics

Co.

Ltd.,

Preference

Shares

(Technology

Hardware,

Storage

&

Peripherals)

................

1,482

1,973

Samsung

Fire

&

Marine

Insurance

Co.

Ltd.

(Insurance)

..................

635

44,034

Samsung

Heavy

Industries

Co.

Ltd.

(Machinery)(b)

...............

547

4,748

Samsung

Life

Insurance

Co.

Ltd.

(Insurance)

..................

448

2,866

Samsung

SDI

Co.

Ltd.

(Electronic

Equipment,

Instruments

&

Components)

.................

367

948

Samsung

SDS

Co.

Ltd.

(IT

Services)

....

119

25,667

Shinhan

Financial

Group

Co.

Ltd.

(Banks)

1,168

27,759

SK

Hynix,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.......

6,008

3,807

SK

Innovation

Co.

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

.............

345

5,755

SK

Square

Co.

Ltd.

(Industrial

Conglomerates)(b)

.............

781

2,988

SK,

Inc.

(Industrial

Conglomerates)

.....

453

10,357

Woori

Financial

Group,

Inc.

(Banks)

....

172

3,195

Yuhan

Corp.

(Pharmaceuticals)

........

247

47,485

Taiwan

—

11.09%

23,000

Accton

Technology

Corp.

(Communications

Equipment)

..................

575

96,000

Acer,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)

..................

100

9,904

Airtac

International

Group

(Machinery)

..

295

4,000

Alchip

Technologies

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

.....

424

196,672

ASE

Technology

Holding

Co.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

..................

993

367,971

Asia

Cement

Corp.

(Construction

Materials)

(a)

........................

537

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Taiwan

(continued)

17,000

Asia

Vital

Components

Co.

Ltd.

(Technology

Hardware,

Storage

&

Peripherals)

..................

$

432

39,000

Asustek

Computer,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)

..

860

51,000

Catcher

Technology

Co.

Ltd.

(Technology

Hardware,

Storage

&

Peripherals)

..

370

212,000

Cathay

Financial

Holding

Co.

Ltd.

(Insurance)

..................

456

32,000

Chailease

Holding

Co.

Ltd.

(Financial

Services)

....................

139

200,000

Cheng

Shin

Rubber

Industry

Co.

Ltd.

(Automobile

Components)

.......

259

280,000

Chunghwa

Telecom

Co.

Ltd.

(Diversified

Telecommunication

Services)

.....

1,294

322,000

Compal

Electronics,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)

..

320

621,000

CTBC

Financial

Holding

Co.

Ltd.

(Banks)

(a)

........................

929

107,000

Delta

Electronics,

Inc.

(Electronic

Equipment,

Instruments

&

Components)

.................

1,513

39,000

E

Ink

Holdings,

Inc.

(Electronic

Equipment,

Instruments

&

Components)

......

295

23,000

Eclat

Textile

Co.

Ltd.

(Textiles,

Apparel

&

Luxury

Goods)

...............

323

15,000

Elite

Material

Co.

Ltd.

(Electronic

Equipment,

Instruments

&

Components)

.................

453

4,000

eMemory

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.....

323

62,000

Evergreen

Marine

Corp.

Taiwan

Ltd.

(Marine

Transportation)

.........

422

252,000

Far

EasTone

Telecommunications

Co.

Ltd.

(Wireless

Telecommunication

Services)(a)

..................

773

25,000

Feng

TAY

Enterprise

Co.

Ltd.

(Textiles,

Apparel

&

Luxury

Goods)

.......

105

172,000

First

Financial

Holding

Co.

Ltd.

(Banks)

.

171

91,000

Formosa

Plastics

Corp.

(Chemicals)

.....

109

8,000

Fortune

Electric

Co.

Ltd.

(Electrical

Equipment)

..................

154

518,046

Fubon

Financial

Holding

Co.

Ltd.

(Insurance)

..................

1,548

29,000

Gigabyte

Technology

Co.

Ltd.

(Technology

Hardware,

Storage

&

Peripherals)

..

281

5,000

Global

Unichip

Corp.

(Semiconductors

&

Semiconductor

Equipment)

.......

223

24,000

Globalwafers

Co.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

.......

248

637,000

Hon

Hai

Precision

Industry

Co.

Ltd.

(Electronic

Equipment,

Instruments

&

Components)

.................

3,512

6,000

Hotai

Motor

Co.

Ltd.

(Specialty

Retail)

..

116

99,000

Hua

Nan

Financial

Holdings

Co.

Ltd.

(Banks)

.....................

92

493,671

Innolux

Corp.

(Electronic

Equipment,

Instruments

&

Components)

......

198

99

HC

CAPITAL

TRUST

The

Emerging

Markets

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Taiwan

(continued)

12,000

International

Games

System

Co.

Ltd.

(Entertainment)

...............

$

353

150,000

Inventec

Corp.

(Technology

Hardware,

Storage

&

Peripherals)

..........

217

6,000

Jentech

Precision

Industrial

Co.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

..................

310

1,434,000

KGI

Financial

Holding

Co.

Ltd.

(Insurance)

734

6,000

Largan

Precision

Co.

Ltd.

(Electronic

Equipment,

Instruments

&

Components)

.................

489

137,554

Lite-On

Technology

Corp.

(Technology

Hardware,

Storage

&

Peripherals)

..

520

3,000

Lotes

Co.

Ltd.

(Electronic

Equipment,

Instruments

&

Components)

......

139

78,962

MediaTek,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.......

3,379

1,067,475

Mega

Financial

Holding

Co.

Ltd.

(Banks)

1,500

146,000

Nan

Ya

Plastics

Corp.

(Chemicals)

......

136

39,000

Novatek

Microelectronics

Corp.

(Semiconductors

&

Semiconductor

Equipment)

..................

728

151,000

Pegatron

Corp.

(Technology

Hardware,

Storage

&

Peripherals)

..........

397

13,000

PharmaEssentia

Corp.

(Biotechnology)(b)

244

324,620

Pou

Chen

Corp.

(Textiles,

Apparel

&

Luxury

Goods)

...............

344

140,000

Quanta

Computer,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)

..

1,316

18,000

Realtek

Semiconductor

Corp.

(Semiconductors

&

Semiconductor

Equipment)

..................

349

205,908

Ruentex

Development

Co.

Ltd.

(Real

Estate

Management

&

Development)

.....

210

332,000

Shin

Kong

Financial

Holding

Co.

Ltd.

(Insurance)(b)

................

128

336,000

SinoPac

Financial

Holdings

Co.

Ltd.

(Banks)

.....................

278

138,900

Synnex

Technology

International

Corp.

(Electronic

Equipment,

Instruments

&

Components)

.................

306

180,000

Taishin

Financial

Holding

Co.

Ltd.

(Banks)

97

75,000

Taiwan

Cooperative

Financial

Holding

Co.

Ltd.

(Banks)

.................

64

197,000

Taiwan

Mobile

Co.

Ltd.

(Wireless

Telecommunication

Services)

.....

776

1,256,000

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

.......

45,585

675,110

TCC

Group

Holdings

Co.

Ltd.

(Construction

Materials)

...................

589

470,369

The

Shanghai

Commercial

&

Savings

Bank

Ltd.

(Banks)

.................

747

77,000

Unimicron

Technology

Corp.

(Electronic

Equipment,

Instruments

&

Components)

.................

301

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Taiwan

(continued)

500,000

United

Microelectronics

Corp.

(Semiconductors

&

Semiconductor

Equipment)

..................

$

757

58,000

Vanguard

International

Semiconductor

Corp.

(Semiconductors

&

Semiconductor

Equipment)

..................

200

3,000

Voltronic

Power

Technology

Corp.

(Electrical

Equipment)

..........

129

15,000

Wan

Hai

Lines

Ltd.

(Marine

Transportation)

46

151,000

Wistron

Corp.

(Technology

Hardware,

Storage

&

Peripherals)

..........

633

6,000

Wiwynn

Corp.

(Technology

Hardware,

Storage

&

Peripherals)(a)

........

520

138,400

WPG

Holdings

Ltd.

(Electronic

Equipment,

Instruments

&

Components)

......

333

27,303

Yageo

Corp.

(Electronic

Equipment,

Instruments

&

Components)

......

453

93,000

Yang

Ming

Marine

Transport

Corp.

(Marine

Transportation)

...............

226

955,425

Yuanta

Financial

Holding

Co.

Ltd.

(Financial

Services)

............

1,117

27,000

Zhen

Ding

Technology

Holding

Ltd.

(Electronic

Equipment,

Instruments

&

Components)

.................

93

83,585

Thailand

—

0.54%

90,500

Advanced

Info

Service

PCL,

Class

-

F

(Wireless

Telecommunication

Services)

....................

773

379,300

Airports

of

Thailand

PCL,

Class

-

F

(Transportation

Infrastructure)

.....

353

18,400

Bumrungrad

Hospital

PCL

-

NVDR

(Health

Care

Providers

&

Services)

.......

79

29,200

CP

ALL

PCL

-

NVDR

(Consumer

Staples

Distribution

&

Retail)

...........

40

161,300

Delta

Electronics

Thailand

PCL

-

NVDR

(Electronic

Equipment,

Instruments

&

Components)

.................

476

263,202

Gulf

Development

PCL,

Class

-

F

(Independent

Power

and

Renewable

Electricity

Producers)(b)

.........

314

29,803

Gulf

Development

PCL

-

NVDR,

Class

-

R

(Independent

Power

and

Renewable

Electricity

Producers)(b)

.........

36

298,800

Home

Product

Center

PCL

-

NVDR

(Specialty

Retail)

..............

60

729,900

Krung

Thai

Bank

PCL,

Class

-

F

(Banks)

.

478

531,400

Minor

International

PCL,

Class

-

F

(Hotels,

Restaurants

&

Leisure)

..........

379

145,075

PTT

Exploration

&

Production

PCL,

Class

-

F

(Oil,

Gas

&

Consumable

Fuels)

..

489

260,400

PTT

PCL

-

NVDR

(Oil,

Gas

&

Consumable

Fuels)

......................

240

56,900

SCB

X

PCL

(Banks)

................

206

8,400

The

Siam

Cement

PCL

-

NVDR

(Construction

Materials)

.........

43

100

HC

CAPITAL

TRUST

The

Emerging

Markets

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

Thailand

(continued)

362,200

True

Corp.

PCL

-

NVDR,

Class

-

R

(Diversified

Telecommunication

Services)(b)

..................

$

124

4,090

Turkey

—

0.32%

159,726

Akbank

TAS

(Banks)

...............

274

97,559

Aselsan

Elektronik

Sanayi

Ve

Ticaret

A/S

(Aerospace

&

Defense)

.........

370

30,920

BIM

Birlesik

Magazalar

A/S

(Consumer

Staples

Distribution

&

Retail)

.....

384

315,062

Eregli

Demir

ve

Celik

Fabrikalari

TAS

(Metals

&

Mining)

.............

211

1

Kardemir

Karabuk

Demir

Celik

Sanayi

ve

Ticaret

A/S

(Metals

&

Mining)(b)

..

—

37,262

KOC

Holding

A/S

(Industrial

Conglomerates)

...............

144

634,536

Sasa

Polyester

Sanayi

A/S

(Chemicals)(b)

49

22,507

Turk

Hava

Yollari

AO

(Passenger

Airlines)

160

77,984

Turkcell

Iletisim

Hizmetleri

A/S

(Wireless

Telecommunication

Services)

.....

188

71,086

Turkiye

Petrol

Rafinerileri

A/S

(Oil,

Gas

&

Consumable

Fuels)

.............

250

176,530

Turkiye

Sise

ve

Cam

Fabrikalari

A/S

(Industrial

Conglomerates)

.......

160

239,232

Yapi

ve

Kredi

Bankasi

A/S

(Banks)(b)

...

191

2,381

United

Arab

Emirates

—

0.88%

262,325

Abu

Dhabi

Commercial

Bank

PJSC

(Banks)

963

157,883

Abu

Dhabi

National

Oil

Co.

for

Distribution

PJSC

(Specialty

Retail)(a)

.......

158

69,985

ADNOC

Drilling

Co.

PJSC

(Energy

Equipment

&

Services)(a)

........

109

189,948

Aldar

Properties

PJSC

(Real

Estate

Management

&

Development)

.....

461

520,776

Dubai

Islamic

Bank

PJSC

(Banks)

......

1,286

12,671

Emaar

Development

PJSC

(Real

Estate

Management

&

Development)

.....

47

311,686

Emaar

Properties

PJSC

(Real

Estate

Management

&

Development)

.....

1,154

186,697

Emirates

Telecommunications

Group

Co.

PJSC

(Diversified

Telecommunication

Services)

....................

895

296,965

First

Abu

Dhabi

Bank

PJSC

(Banks)

....

1,342

154,208

Multiply

Group

PJSC

(Industrial

Conglomerates)(b)

.............

101

62,514

Salik

Co.

PJSC

(Transportation

Infrastructure)

................

103

6,619

United

Kingdom

—

0.15%

25,078

Anglogold

Ashanti

PLC

(Metals

&

Mining)

1,135

Shares

Security

Description

Value

(000)

Common

Stocks

(continued)

United

States

—

0.18%

40,100

BeOne

Medicines

Ltd.,

H

Shares

(Biotechnology)(b)

.............

$

756

4,494

Legend

Biotech

Corp.,

ADR

(Biotechnology)(b)

.............

159

4,708

Southern

Copper

Corp.

(Metals

&

Mining)

476

1,391

Total

Common

Stocks

(cost

$328,829

)

..

462,888

Contingent

Rights

—

0.00%

Korea,

Republic

of

—

0.00%

124

Hanwha

Aerospace

Co.

Ltd.

(Aerospace

&

Defense)(b)

..................

15

212

POSCO

Future

M

Co.

Ltd.

(Electrical

Equipment)(b)

................

5

Total

Contingent

Rights

(cost

$—

)

....

20

Warrant

—

0.00%

Malaysia

—

0.00%

26,700

YTL

Corp.

Berhad,

(Multi-Utilities)(b)

..

10

Total

Warrant

(cost

$—

)

............

10

Investment

Companies

—

38.39%

International

Equity

Funds

—

35.91%

754,464

Aberdeen

Asia

Focus

PLC

...........

3,355

424,356

Aberdeen

Emerging

Markets

Equity

Income

Fund,

Inc.

...................

2,521

186,910

Aberdeen

New

India

Investment

Trust

PLC

2,119

401,778

Baillie

Gifford

China

Growth

Trust

PLC

.

1,351

39,266

Barings

Emerging

Emea

Opportunities

PLC

346

617,169

BlackRock

Frontiers

Investment

Trust

PLC

1,326

170,851

BlackRock

Latin

American

Investment

Trust

PLC

.......................

821

187,000

Fidelity

Asian

Values

PLC

...........

1,350

677,296

Fidelity

China

Special

Situations

PLC

...

2,328

382,163

Fidelity

Emerging

Markets

Ltd.

........

4,107

386,000

INVESCO

Asia

Dragon

Trust

PLC

.....

1,828

5,407

iShares

China

Large-Cap

ETF

.........

199

1,094,450

iShares

Core

MSCI

Emerging

Markets

ETF

65,699

279,700

iShares

MSCI

India

ETF

.............

15,574

6,884

iShares

MSCI

South

Korea

ETF

.......

494

27,963

iShares

MSCI

Taiwan

ETF

...........

1,605

22,216

JPMorgan

Asia

Growth

&

Income

PLC

..

115

402,885

JPMorgan

China

Growth

&

Income

.....

1,288

2,761,481

JPMorgan

Emerging

Markets

Investment

Trust

PLC

...................

4,389

188,867

JPMorgan

Indian

Investment

Trust

PLC

Fund

.......................

2,794

26,765

Mexico

Equity

and

Income

Fund,

Inc.

...

280

420,069

Mobius

Investment

Trust

PLC

Fund

.....

787

101

HC

CAPITAL

TRUST

The

Emerging

Markets

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Value

(000)

Investment

Companies

(continued)

International

Equity

Funds

(continued)

80,774

Morgan

Stanley

China

A

Share

Fund,

Inc.

$

1,113

111,805

Pacific

Assets

Trust

PLC

.............

534

212,796

Pacific

Horizon

Investment

Trust

PLC

...

1,781

554,175

Schroder

AsiaPacific

Fund

PLC

........

4,244

51,666

Scottish

Oriental

Smaller

Companies

Trust

PLC

Fund

...................

206

286,799

Templeton

Dragon

Fund,

Inc.

.........

2,865

96,508

Templeton

Emerging

Markets

Fund

.....

1,408

4,714,430

Templeton

Emerging

Markets

Investment

Trust

PLC

...................

12,112

162,702

The

China

Fund,

Inc.

...............

2,423

72,541

The

Korea

Fund,

Inc.

...............

1,954

110,082

The

Mexico

Fund,

Inc.

..............

1,934

104,869

The

Taiwan

Fund,

Inc.

..............

4,699

927,035

The

Utilico

Emerging

Markets

Trust

PLC

Fund

.......................

3,104

1,086,060

Vanguard

FTSE

Emerging

Markets

ETF

.

53,717

165,709

Vietnam

Enterprise

Investments

Ltd.

....

1,387

246,979

VinaCapital

Vietnam

Opportunity

Fund

Ltd.

1,427

27,112

Weiss

Korea

Opportunity

Fund

Ltd.

.....

56

2,232,746

Xtrackers

Harvest

CSI

300

China

A-Shares

ETF

.......................

61,489

271,129

Shares

Security

Description

Value

(000)

Investment

Companies

(continued)

International

Fixed

Income

—

0.31%

309,540

Aberdeen

Asian

Income

Fund

Ltd.

......

$

947

695,520

JPMorgan

Global

Emerging

Markets

Income

Trust

PLC

Fund

...............

1,375

2,322

Money

Market

Funds

—

2.17%

16,309,077

State

Street

Institutional

Treasury

Plus

Money

Market

Fund,

Trust

Class

,

4.19%(d)

....................

16,309

16,309

Total

Investment

Companies

(cost

$254,243

)

.......................

289,760

Total

Investments

(cost

$583,072

)

—

99.73%

.....................

752,678

Other

assets

in

excess

of

liabilities

—

0.27%

......................

2,009

Net

Assets

-

100.00%

..............

$

754,687

Amounts

designated

as

"—"

are

$0

or

have

been

rounded

to

$0.

^

All

or

part

of

this

security

was

on

loan

as

of

June

30,

2025.

(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

June

30,

2025.

(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

102

See

accompanying

notes

to

financial

statements.

HC

CAPITAL

TRUST

The

Emerging

Markets

Portfolio

Portfolio

of

Investments

(concluded)

—

June

30,

2025

The

following

table

reflects

the

percentage

of

total

net

assets

of

the

Portfolio

attributable

to

each

Specialist

Manager

as

of

June

30,

2025

.

The

Emerging

Markets

Portfolio

City

of

London

Investment

Management

Company,

Limited

Mellon

Investments

Corporation

Parametric

Portfolio

Associates,

LLC

Total

Common

Stocks

...............................................................................................................................

0.69

%

60.65

%

—

61.34

%

Contingent

Rights

............................................................................................................................

—

—

—

—

%

Warrants

...........................................................................................................................................

—

—

—

—

%

Investment

Companies

.....................................................................................................................

10.20

%

0.20

%

27.99

%

38.39

%

Other

Assets

(Liabilities)

.................................................................................................................

0.08

%

-0.01

%

0.20

%

0.27

%

Total

Net

Assets

..........................................................................................................................

10.97

%

60.84

%

28.19

%

100.00

%

The

following

table

reflects

the

open

derivative

positions

held

by

the

Portfolio

as

of

June

30,

2025

.

Futures

Contracts

Purchased

*

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value

and

Unrealized

Appreciation/

(Depreciation)

(000)

Mini

MSCI

Emerging

Markets

Index

Future

.....................

328

9/19/25

$

20,229

$

558

$

20,229

$

558

Total

Unrealized

Appreciation

.....................

$

558

Total

Unrealized

Depreciation

.....................

—

Total

Net

Unrealized

Appreciation/(Depreciation)

.......

$

558

*

Cash

has

been

pledged

as

collateral

for

futures

contracts

held

by

the

Portfolio.

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

—

June

30,

2025

103

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

Asset

Backed

Securities

—

0.15%

$

15

Capital

One

Multi-Asset

Execution

Trust,

Series

2021-A2,

Class

-

A2

.........

1.39

7/15/30

$

14

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

6/15/28

@

100.00

...................................................

4.84

3/15/29

31

10

Hyundai

Auto

Receivables

Trust,

Series

2022-C,

Class

-

A4,

Callable

12/15/26

@

100.00

...................................................

5.52

10/16/28

10

10

Mercedes-Benz

Auto

Lease

Trust,

Series

2025-A,

Class

-

A4,

Callable

4/15/28

@

100.00

...................................................

4.69

2/18/31

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

11/15/27

@

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

(cost

$151)

............................

150

Collateralized

Mortgage-Backed

Securities

—

0.59%

20

BANK,

Series

2019-BN21,

Class

-

A5,

Callable

10/15/29

@

100.00

...........

2.85

10/17/52

18

25

BANK,

Series

2022-BNK41,

Class

-

A4

..............................

3.92(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

18

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

10

25

Benchmark

Mortgage

Trust,

Series

2024-V11,

Class

-

AM,

Callable

11/15/29

@

100.00

...................................................

6.20(a)

11/15/57

27

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

9

COMM

Mortgage

Trust,

Series

2019-GC44,

Class

-

ASB,

Callable

11/15/29

@

100.00

...................................................

2.87

8/15/57

8

10

Fannie

Mae-ACES,

Series

2020-M52,

Class

-

A2

........................

1.36(a)

10/25/30

9

19

Fannie

Mae-ACES,

Series

2020-M14,

Class

-

A2

........................

1.78

5/25/30

17

16

Fannie

Mae-ACES,

Series

2018-M1,

Class

-

A2

.........................

3.09(a)

12/25/27

15

15

Fannie

Mae-ACES,

Series

2017-M12,

Class

-

A2

........................

3.16(a)

6/25/27

14

19

Fannie

Mae-ACES,

Series

2019-M5,

Class

-

A2

.........................

3.27

2/25/29

18

24

Fannie

Mae-ACES,

Series

2018-M10,

Class

-

A2

........................

3.47(a)

7/25/28

24

20

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K112,

Class

-

A2

.....................................................

1.31

5/25/30

18

25

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K116,

Class

-

A2

.....................................................

1.38

7/25/30

22

20

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K1516,

Class

-

A2

....................................................

1.72

5/25/35

15

25

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K126,

Class

-

A2

.....................................................

2.07

1/25/31

22

15

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K749,

Class

-

A2

.....................................................

2.12(a)

3/25/29

14

10

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K1521,

Class

-

A2

....................................................

2.18

8/25/36

8

50

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K091,

Class

-

A2

.....................................................

3.51

3/25/29

50

20

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K152,

Class

-

A2

.....................................................

3.78

11/25/32

19

20

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K168,

Class

-

A1

.....................................................

4.13

10/25/34

19

104

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

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

.....................................................

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

25

25

JPMDB

Commercial

Mortgage

Securities

Trust,

Series

2016-C4,

Class

-

A3,

Callable

4/15/27

@

100.00

....................................

3.14

12/15/49

24

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

20

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2022-C62,

Class

-

A4,

Callable

4/15/32

@

100.00

..........................................

4.00(a)

4/15/55

19

25

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2018-C47,

Class

-

A4,

Callable

10/15/28

@

100.00

..........................................

4.44

9/15/61

25

Total

Collateralized

Mortgage-Backed

Securities

(cost

$626)

.............

585

U.S.

Government

Agency

Mortgages

—

10.13%

19

Fannie

Mae,

Pool

#MA4280

.......................................

1.50

3/1/51

14

19

Fannie

Mae,

Pool

#MA4445

.......................................

1.50

10/1/41

15

37

Fannie

Mae,

Pool

#FM6579

.......................................

1.50

3/1/51

28

34

Fannie

Mae,

Pool

#MA4441

.......................................

1.50

10/1/36

30

18

Fannie

Mae,

Pool

#CA7696

.......................................

1.50

11/1/50

13

17

Fannie

Mae,

Pool

#FS1327

........................................

1.50

6/1/36

15

39

Fannie

Mae,

Pool

#MA4343

.......................................

1.50

5/1/51

30

18

Fannie

Mae,

Pool

#MA4342

.......................................

1.50

5/1/41

15

13

Fannie

Mae,

Pool

#BQ5781

.......................................

1.50

11/1/35

11

17

Fannie

Mae,

Pool

#CA7695

.......................................

1.50

11/1/50

13

13

Fannie

Mae,

Pool

#MA4205

.......................................

1.50

12/1/35

12

16

Fannie

Mae,

Pool

#MA4122

.......................................

1.50

9/1/35

15

19

Fannie

Mae,

Pool

#MA4236

.......................................

1.50

1/1/51

14

36

Fannie

Mae,

Pool

#CA8850

.......................................

2.00

2/1/51

29

18

Fannie

Mae,

Pool

#BR4094

.......................................

2.00

1/1/51

14

20

Fannie

Mae,

Pool

#FM3755

.......................................

2.00

9/1/35

19

16

Fannie

Mae,

Pool

#CA7225

.......................................

2.00

10/1/50

13

20

Fannie

Mae,

Pool

#MA4437

.......................................

2.00

10/1/51

16

20

Fannie

Mae,

Pool

#FM4969

.......................................

2.00

12/1/50

16

41

Fannie

Mae,

Pool

#MA4511

.......................................

2.00

1/1/52

32

18

Fannie

Mae,

Pool

#CA8687

.......................................

2.00

1/1/51

14

20

Fannie

Mae,

Pool

#BU7103

.......................................

2.00

12/1/51

16

35

Fannie

Mae,

Pool

#MA4255

.......................................

2.00

2/1/51

28

34

Fannie

Mae,

Pool

#MA4237

.......................................

2.00

1/1/51

27

16

Fannie

Mae,

Pool

#MA4182

.......................................

2.00

11/1/50

13

18

Fannie

Mae,

Pool

#FM5308

.......................................

2.00

12/1/50

14

19

Fannie

Mae,

Pool

#BR0948

.......................................

2.00

4/1/51

15

18

Fannie

Mae,

Pool

#CA8893

.......................................

2.00

2/1/51

14

39

Fannie

Mae,

Pool

#CB0325

.......................................

2.00

4/1/51

31

16

Fannie

Mae,

Pool

#CA7224

.......................................

2.00

10/1/50

13

3

Fannie

Mae,

Pool

#AS2673

........................................

2.00

5/1/29

3

33

Fannie

Mae,

Pool

#FM4788

.......................................

2.00

11/1/50

26

35

Fannie

Mae,

Pool

#CA8110

.......................................

2.00

12/1/50

28

20

Fannie

Mae,

Pool

#BT0240

........................................

2.00

9/1/51

16

15

Fannie

Mae,

Pool

#MA4176

.......................................

2.00

11/1/40

13

16

Fannie

Mae,

Pool

#MA4403

.......................................

2.00

8/1/36

14

26

Fannie

Mae,

Pool

#MA4128

.......................................

2.00

9/1/40

23

18

Fannie

Mae,

Pool

#BQ9685

.......................................

2.00

1/1/51

14

35

Fannie

Mae,

Pool

#BQ8341

.......................................

2.00

12/1/50

28

30

Fannie

Mae,

Pool

#BQ7777

.......................................

2.00

3/1/36

28

35

Fannie

Mae,

Pool

#BQ3004

.......................................

2.00

10/1/50

28

32

Fannie

Mae,

Pool

#BP9370

........................................

2.00

7/1/50

26

15

Fannie

Mae,

Pool

#MA4360

.......................................

2.00

6/1/36

14

105

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

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

#FM6448

.......................................

2.00

3/1/51

$

30

19

Fannie

Mae,

Pool

#CB0684

.......................................

2.00

6/1/51

15

19

Fannie

Mae,

Pool

#CB0497

.......................................

2.00

5/1/51

15

27

Fannie

Mae,

Pool

#CA9183

.......................................

2.00

2/1/36

25

36

Fannie

Mae,

Pool

#MA4281

.......................................

2.00

3/1/51

28

37

Fannie

Mae,

Pool

#MA4325

.......................................

2.00

5/1/51

30

17

Fannie

Mae,

Pool

#MA4208

.......................................

2.00

12/1/50

13

17

Fannie

Mae,

Pool

#CA8118

.......................................

2.00

12/1/50

14

29

Fannie

Mae,

Pool

#MA4303

.......................................

2.00

4/1/36

26

37

Fannie

Mae,

Pool

#MA4305

.......................................

2.00

4/1/51

29

19

Fannie

Mae,

Pool

#FM6559

.......................................

2.00

3/1/51

15

11

Fannie

Mae,

Pool

#FM4039

.......................................

2.00

10/1/35

10

18

Fannie

Mae,

Pool

#MA4474

.......................................

2.00

11/1/41

16

18

Fannie

Mae,

Pool

#MA4119

.......................................

2.00

9/1/50

15

20

Fannie

Mae,

Pool

#FS1621

........................................

2.00

7/1/51

16

18

Fannie

Mae,

Pool

#MA4602

.......................................

2.00

5/1/37

16

37

Fannie

Mae,

Pool

#BR4435

.......................................

2.00

4/1/51

30

17

Fannie

Mae,

Pool

#CA7833

.......................................

2.00

11/1/50

14

19

Fannie

Mae,

Pool

#FS0317

........................................

2.00

2/1/42

16

40

Fannie

Mae,

Pool

#FM7411

.......................................

2.00

5/1/51

32

19

Fannie

Mae,

Pool

#FM9579

.......................................

2.00

7/1/51

15

26

Fannie

Mae,

Pool

#FM4638

.......................................

2.50

10/1/50

22

7

Fannie

Mae,

Pool

#AS8893

........................................

2.50

2/1/32

7

11

Fannie

Mae,

Pool

#BK2588

.......................................

2.50

5/1/50

9

16

Fannie

Mae,

Pool

#BQ5110

.......................................

2.50

11/1/50

13

20

Fannie

Mae,

Pool

#CA6074

.......................................

2.50

6/1/50

17

19

Fannie

Mae,

Pool

#BU1451

.......................................

2.50

1/1/52

16

3

Fannie

Mae,

Pool

#MA2789

.......................................

2.50

10/1/36

3

9

Fannie

Mae,

Pool

#MA4075

.......................................

2.50

7/1/35

8

13

Fannie

Mae,

Pool

#BP5878

........................................

2.50

6/1/50

11

21

Fannie

Mae,

Pool

#FS0235

........................................

2.50

1/1/52

18

20

Fannie

Mae,

Pool

#FS0547

........................................

2.50

2/1/52

17

11

Fannie

Mae,

Pool

#MA4096

.......................................

2.50

8/1/50

9

19

Fannie

Mae,

Pool

#CB2868

.......................................

2.50

2/1/52

16

20

Fannie

Mae,

Pool

#FM8745

.......................................

2.50

9/1/51

16

15

Fannie

Mae,

Pool

#CA8131

.......................................

2.50

12/1/50

12

7

Fannie

Mae,

Pool

#MA3990

.......................................

2.50

4/1/50

6

20

Fannie

Mae,

Pool

#CB1828

.......................................

2.50

10/1/51

17

18

Fannie

Mae,

Pool

#FM9033

.......................................

2.50

10/1/51

15

13

Fannie

Mae,

Pool

#MA4183

.......................................

2.50

11/1/50

11

11

Fannie

Mae,

Pool

#MA4078

.......................................

2.50

7/1/50

9

7

Fannie

Mae,

Pool

#MA3902

.......................................

2.50

1/1/50

6

6

Fannie

Mae,

Pool

#MA3965

.......................................

2.50

3/1/40

5

19

Fannie

Mae,

Pool

#FM9543

.......................................

2.50

12/1/51

16

14

Fannie

Mae,

Pool

#FM4231

.......................................

2.50

9/1/50

12

36

Fannie

Mae,

Pool

#BR7857

.......................................

2.50

5/1/51

30

18

Fannie

Mae,

Pool

#CB1131

........................................

2.50

7/1/51

15

17

Fannie

Mae,

Pool

#MA4423

.......................................

2.50

9/1/41

15

4

Fannie

Mae,

Pool

#MA3154

.......................................

2.50

10/1/32

4

4

Fannie

Mae,

Pool

#MA3827

.......................................

2.50

11/1/34

4

5

Fannie

Mae,

Pool

#MA3930

.......................................

2.50

2/1/35

5

12

Fannie

Mae,

Pool

#BQ0329

.......................................

2.50

7/1/50

10

9

Fannie

Mae,

Pool

#BC9041

.......................................

2.50

11/1/31

9

11

Fannie

Mae,

Pool

#AB7391

.......................................

2.50

12/1/42

10

12

Fannie

Mae,

Pool

#MA2854

.......................................

2.50

12/1/46

10

7

Fannie

Mae,

Pool

#BD8046

.......................................

2.50

9/1/31

7

18

Fannie

Mae,

Pool

#BO4657

.......................................

2.50

11/1/49

15

18

Fannie

Mae,

Pool

#MA4414

.......................................

2.50

9/1/51

15

14

Fannie

Mae,

Pool

#MA4256

.......................................

2.50

2/1/51

12

106

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Government

Agency

Mortgages

(continued)

$

18

Fannie

Mae,

Pool

#FM2881

.......................................

2.50

4/1/50

$

15

18

Fannie

Mae,

Pool

#BU5917

.......................................

2.50

12/1/51

15

18

Fannie

Mae,

Pool

#MA4399

.......................................

2.50

8/1/51

15

6

Fannie

Mae,

Pool

#AU6677

.......................................

2.50

9/1/28

6

19

Fannie

Mae,

Pool

#FS1340

........................................

2.50

3/1/52

16

19

Fannie

Mae,

Pool

#FM8997

.......................................

2.50

10/1/51

16

5

Fannie

Mae,

Pool

#MA3765

.......................................

2.50

9/1/49

4

6

Fannie

Mae,

Pool

#AP4742

........................................

2.50

8/1/27

6

3

Fannie

Mae,

Pool

#MA1277

.......................................

2.50

12/1/27

3

13

Fannie

Mae,

Pool

#MA4159

.......................................

2.50

10/1/50

11

8

Fannie

Mae,

Pool

#AU3353

.......................................

3.00

8/1/43

7

20

Fannie

Mae,

Pool

#AS0302

........................................

3.00

8/1/43

18

6

Fannie

Mae,

Pool

#MA1307

.......................................

3.00

1/1/33

5

8

Fannie

Mae,

Pool

#BP1932

........................................

3.00

4/1/50

7

5

Fannie

Mae,

Pool

#MA3377

.......................................

3.00

5/1/48

4

3

Fannie

Mae,

Pool

#FM1585

.......................................

3.00

9/1/49

3

5

Fannie

Mae,

Pool

#MA2897

.......................................

3.00

2/1/37

5

5

Fannie

Mae,

Pool

#MA3871

.......................................

3.00

12/1/49

4

11

Fannie

Mae,

Pool

#MA3991

.......................................

3.00

4/1/50

10

4

Fannie

Mae,

Pool

#BN7703

.......................................

3.00

8/1/49

4

23

Fannie

Mae,

Pool

#AB7099

.......................................

3.00

11/1/42

21

17

Fannie

Mae,

Pool

#AB8897

.......................................

3.00

4/1/43

15

10

Fannie

Mae,

Pool

#MA2246

.......................................

3.00

4/1/30

10

5

Fannie

Mae,

Pool

#FM1370

.......................................

3.00

4/1/46

5

6

Fannie

Mae,

Pool

#MA3897

.......................................

3.00

1/1/35

6

7

Fannie

Mae,

Pool

#FM4317

.......................................

3.00

9/1/50

6

19

Fannie

Mae,

Pool

#CB3172

.......................................

3.00

3/1/52

17

19

Fannie

Mae,

Pool

#CB2759

.......................................

3.00

2/1/52

16

4

Fannie

Mae,

Pool

#MA3127

.......................................

3.00

9/1/37

4

8

Fannie

Mae,

Pool

#MA3802

.......................................

3.00

10/1/49

7

3

Fannie

Mae,

Pool

#MA3744

.......................................

3.00

8/1/49

3

10

Fannie

Mae,

Pool

#MA3834

.......................................

3.00

11/1/49

9

8

Fannie

Mae,

Pool

#MA4048

.......................................

3.00

6/1/50

7

8

Fannie

Mae,

Pool

#MA4079

.......................................

3.00

7/1/50

7

20

Fannie

Mae,

Pool

#CB3364

.......................................

3.00

4/1/52

18

6

Fannie

Mae,

Pool

#AZ2936

.......................................

3.00

9/1/45

5

4

Fannie

Mae,

Pool

#FM1299

.......................................

3.00

7/1/49

3

10

Fannie

Mae,

Pool

#AS8276

........................................

3.00

11/1/46

9

5

Fannie

Mae,

Pool

#BO2201

.......................................

3.00

9/1/49

5

7

Fannie

Mae,

Pool

#CA5668

.......................................

3.00

5/1/50

6

5

Fannie

Mae,

Pool

#AS8074

........................................

3.00

10/1/46

4

15

Fannie

Mae,

Pool

#AQ7920

.......................................

3.00

12/1/42

14

11

Fannie

Mae,

Pool

#BC4764

.......................................

3.00

10/1/46

10

3

Fannie

Mae,

Pool

#MA3339

.......................................

3.00

4/1/33

3

7

Fannie

Mae,

Pool

#CA5423

.......................................

3.00

3/1/50

6

23

Fannie

Mae,

Pool

#AO0752

.......................................

3.00

4/1/42

21

20

Fannie

Mae,

Pool

#BU8883

.......................................

3.00

3/1/52

17

8

Fannie

Mae,

Pool

#AL9263

.......................................

3.00

10/1/46

7

11

Fannie

Mae,

Pool

#BC9003

.......................................

3.00

11/1/46

10

6

Fannie

Mae,

Pool

#MA3738

.......................................

3.00

8/1/34

5

12

Fannie

Mae,

Pool

#MA3937

.......................................

3.00

2/1/50

11

4

Fannie

Mae,

Pool

#MA3774

.......................................

3.00

9/1/49

3

6

Fannie

Mae,

Pool

#MA2863

.......................................

3.00

1/1/47

5

5

Fannie

Mae,

Pool

#AL9996

.......................................

3.00

4/1/32

5

5

Fannie

Mae,

Pool

#MA3890

.......................................

3.00

1/1/40

4

22

Fannie

Mae,

Pool

#AS8483

........................................

3.00

12/1/46

20

5

Fannie

Mae,

Pool

#MA3905

.......................................

3.00

1/1/50

4

8

Fannie

Mae,

Pool

#FM3395

.......................................

3.00

6/1/50

7

20

Fannie

Mae,

Pool

#FS2122

........................................

3.00

3/1/52

17

107

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

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

#BU1241

.......................................

3.00

3/1/52

$

18

7

Fannie

Mae,

Pool

#CA5519

.......................................

3.00

4/1/50

6

10

Fannie

Mae,

Pool

#BP6466

........................................

3.00

7/1/50

8

5

Fannie

Mae,

Pool

#BO3192

.......................................

3.00

10/1/49

4

5

Fannie

Mae,

Pool

#MA3237

.......................................

3.00

1/1/48

4

3

Fannie

Mae,

Pool

#MA3691

.......................................

3.00

7/1/49

3

4

Fannie

Mae,

Pool

#MA3831

.......................................

3.00

11/1/39

4

4

Fannie

Mae,

Pool

#FM2132

.......................................

3.00

1/1/50

4

1

Fannie

Mae,

Pool

#AB2047

.......................................

3.00

1/1/26

1

7

Fannie

Mae,

Pool

#BO6219

.......................................

3.00

12/1/49

6

3

Fannie

Mae,

Pool

#MA2523

.......................................

3.00

2/1/36

3

8

Fannie

Mae,

Pool

#BO9169

.......................................

3.00

12/1/49

7

8

Fannie

Mae,

Pool

#BO7242

.......................................

3.00

1/1/50

7

5

Fannie

Mae,

Pool

#BO8947

.......................................

3.00

1/1/50

5

4

Fannie

Mae,

Pool

#MA3305

.......................................

3.50

3/1/48

3

2

Fannie

Mae,

Pool

#MA3663

.......................................

3.50

5/1/49

2

7

Fannie

Mae,

Pool

#AZ0862

.......................................

3.50

7/1/45

7

4

Fannie

Mae,

Pool

#FM1566

.......................................

3.50

11/1/48

4

3

Fannie

Mae,

Pool

#MA3775

.......................................

3.50

9/1/49

3

4

Fannie

Mae,

Pool

#MA3057

.......................................

3.50

7/1/47

3

4

Fannie

Mae,

Pool

#MA3835

.......................................

3.50

11/1/49

3

6

Fannie

Mae,

Pool

#AS0024

........................................

3.50

7/1/43

5

5

Fannie

Mae,

Pool

#FM1911

.......................................

3.50

7/1/48

5

3

Fannie

Mae,

Pool

#MA2522

.......................................

3.50

2/1/46

3

3

Fannie

Mae,

Pool

#BK9038

.......................................

3.50

10/1/33

3

5

Fannie

Mae,

Pool

#MA3520

.......................................

3.50

11/1/48

5

2

Fannie

Mae,

Pool

#BM5485

.......................................

3.50

2/1/49

2

3

Fannie

Mae,

Pool

#AS6394

........................................

3.50

12/1/45

3

3

Fannie

Mae,

Pool

#MA3059

.......................................

3.50

7/1/37

3

7

Fannie

Mae,

Pool

#MA2706

.......................................

3.50

8/1/46

6

8

Fannie

Mae,

Pool

#BC2926

.......................................

3.50

3/1/46

7

5

Fannie

Mae,

Pool

#AS7388

........................................

3.50

6/1/46

5

4

Fannie

Mae,

Pool

#BM4703

.......................................

3.50

2/1/48

3

8

Fannie

Mae,

Pool

#MA3243

.......................................

3.50

1/1/38

7

2

Fannie

Mae,

Pool

#MA3494

.......................................

3.50

10/1/48

2

2

Fannie

Mae,

Pool

#MA3614

.......................................

3.50

3/1/49

2

8

Fannie

Mae,

Pool

#BM1568

.......................................

3.50

7/1/47

7

3

Fannie

Mae,

Pool

#BA1893

.......................................

3.50

8/1/45

3

4

Fannie

Mae,

Pool

#MA3210

.......................................

3.50

12/1/47

4

3

Fannie

Mae,

Pool

#MA3692

.......................................

3.50

7/1/49

2

5

Fannie

Mae,

Pool

#AS7491

........................................

3.50

7/1/46

4

5

Fannie

Mae,

Pool

#BC0443

.......................................

3.50

12/1/45

4

4

Fannie

Mae,

Pool

#BD5046

.......................................

3.50

2/1/47

4

6

Fannie

Mae,

Pool

#BC1158

........................................

3.50

2/1/46

5

3

Fannie

Mae,

Pool

#AS4236

........................................

3.50

1/1/45

3

6

Fannie

Mae,

Pool

#AS6102

........................................

3.50

11/1/45

5

4

Fannie

Mae,

Pool

#MA3906

.......................................

3.50

1/1/50

4

21

Fannie

Mae,

Pool

#BU8723

.......................................

3.50

6/1/52

19

4

Fannie

Mae,

Pool

#FM1001

.......................................

3.50

11/1/48

4

1

Fannie

Mae,

Pool

#AB2052

.......................................

3.50

1/1/26

1

7

Fannie

Mae,

Pool

#MA1980

.......................................

3.50

8/1/44

7

7

Fannie

Mae,

Pool

#BP1947

........................................

3.50

4/1/50

6

2

Fannie

Mae,

Pool

#CA4026

.......................................

3.50

5/1/49

2

2

Fannie

Mae,

Pool

#AL1717

.......................................

3.50

5/1/27

2

2

Fannie

Mae,

Pool

#MA3597

.......................................

3.50

2/1/49

2

3

Fannie

Mae,

Pool

#FM0020

.......................................

3.50

7/1/49

2

3

Fannie

Mae,

Pool

#MA3745

.......................................

3.50

8/1/49

3

5

Fannie

Mae,

Pool

#BM2000

.......................................

3.50

5/1/47

4

11

Fannie

Mae,

Pool

#MA2125

.......................................

3.50

12/1/44

11

108

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Government

Agency

Mortgages

(continued)

$

22

Fannie

Mae,

Pool

#AQ0546

.......................................

3.50

11/1/42

$

20

7

Fannie

Mae,

Pool

#MA3182

.......................................

3.50

11/1/47

7

21

Fannie

Mae,

Pool

#MA4654

.......................................

3.50

7/1/52

19

6

Fannie

Mae,

Pool

#MA3026

.......................................

3.50

6/1/47

5

40

Fannie

Mae,

Pool

#MA4600

.......................................

3.50

5/1/52

36

2

Fannie

Mae,

Pool

#MA3637

.......................................

3.50

4/1/49

2

4

Fannie

Mae,

Pool

#MA3148

.......................................

3.50

10/1/47

3

10

Fannie

Mae,

Pool

#AS4771

........................................

3.50

4/1/45

9

5

Fannie

Mae,

Pool

#BJ3716

........................................

3.50

12/1/47

4

8

Fannie

Mae,

Pool

#BJ4916

........................................

3.50

3/1/48

7

7

Fannie

Mae,

Pool

#AS3467

........................................

4.00

10/1/44

6

5

Fannie

Mae,

Pool

#AS9314

........................................

4.00

3/1/47

5

2

Fannie

Mae,

Pool

#BM4991

.......................................

4.00

9/1/48

2

—

Fannie

Mae,

Pool

#BM4306

.......................................

4.00

9/1/25

—

4

Fannie

Mae,

Pool

#AS7558

........................................

4.00

7/1/46

4

8

Fannie

Mae,

Pool

#AS3468

........................................

4.00

10/1/44

7

4

Fannie

Mae,

Pool

#MA3804

.......................................

4.00

10/1/49

4

9

Fannie

Mae,

Pool

#BK7943

.......................................

4.00

11/1/48

9

6

Fannie

Mae,

Pool

#MA3121

.......................................

4.00

9/1/47

6

21

Fannie

Mae,

Pool

#MA4732

.......................................

4.00

9/1/52

19

3

Fannie

Mae,

Pool

#BD7060

.......................................

4.00

3/1/47

2

2

Fannie

Mae,

Pool

#BK0920

.......................................

4.00

7/1/48

2

3

Fannie

Mae,

Pool

#CA0183

.......................................

4.00

8/1/47

3

6

Fannie

Mae,

Pool

#BM2002

.......................................

4.00

10/1/47

5

2

Fannie

Mae,

Pool

#CA2316

.......................................

4.00

7/1/48

2

3

Fannie

Mae,

Pool

#MA2415

.......................................

4.00

10/1/45

3

2

Fannie

Mae,

Pool

#BK0909

.......................................

4.00

7/1/48

2

2

Fannie

Mae,

Pool

#MA3521

.......................................

4.00

11/1/48

2

4

Fannie

Mae,

Pool

#AS7600

........................................

4.00

7/1/46

3

6

Fannie

Mae,

Pool

#MA2995

.......................................

4.00

5/1/47

6

12

Fannie

Mae,

Pool

#AO2959

.......................................

4.00

5/1/42

12

3

Fannie

Mae,

Pool

#AS8532

........................................

4.00

12/1/46

3

3

Fannie

Mae,

Pool

#MA3277

.......................................

4.00

2/1/48

3

3

Fannie

Mae,

Pool

#MA3746

.......................................

4.00

8/1/49

3

2

Fannie

Mae,

Pool

#MA3592

.......................................

4.00

2/1/49

1

2

Fannie

Mae,

Pool

#MA3615

.......................................

4.00

3/1/49

2

1

Fannie

Mae,

Pool

#AH6242

.......................................

4.00

4/1/26

1

6

Fannie

Mae,

Pool

#AU8849

.......................................

4.00

11/1/43

6

3

Fannie

Mae,

Pool

#AZ7362

.......................................

4.00

11/1/45

3

3

Fannie

Mae,

Pool

#BN0334

.......................................

4.00

12/1/48

3

4

Fannie

Mae,

Pool

#BN6677

.......................................

4.00

6/1/49

4

3

Fannie

Mae,

Pool

#MA3563

.......................................

4.00

1/1/49

2

3

Fannie

Mae,

Pool

#FM1415

.......................................

4.00

12/1/48

3

23

Fannie

Mae,

Pool

#MA5127

.......................................

4.00

8/1/53

21

3

Fannie

Mae,

Pool

#FM1960

.......................................

4.00

5/1/49

3

8

Fannie

Mae,

Pool

#BM1066

.......................................

4.00

2/1/47

8

7

Fannie

Mae,

Pool

#AS8823

........................................

4.00

2/1/47

7

3

Fannie

Mae,

Pool

#MA3183

.......................................

4.00

11/1/47

3

7

Fannie

Mae,

Pool

#AX0841

.......................................

4.00

9/1/44

7

24

Fannie

Mae,

Pool

#MA5643

.......................................

4.00

3/1/55

23

2

Fannie

Mae,

Pool

#MA3638

.......................................

4.00

4/1/49

2

5

Fannie

Mae,

Pool

#AS9831

........................................

4.00

6/1/47

4

3

Fannie

Mae,

Pool

#FM0021

.......................................

4.00

3/1/49

3

3

Fannie

Mae,

Pool

#FM1571

.......................................

4.00

12/1/48

2

17

Fannie

Mae,

Pool

#AE0217

.......................................

4.50

8/1/40

17

3

Fannie

Mae,

Pool

#BK4850

.......................................

4.50

5/1/48

3

3

Fannie

Mae,

Pool

#MA3639

.......................................

4.50

4/1/49

2

13

Fannie

Mae,

Pool

#AE0954

.......................................

4.50

2/1/41

13

—

Fannie

Mae,

Pool

#930998

........................................

4.50

4/1/29

—

109

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Government

Agency

Mortgages

(continued)

$

1

Fannie

Mae,

Pool

#BK6328

.......................................

4.50

6/1/48

$

1

4

Fannie

Mae,

Pool

#BM3286

.......................................

4.50

11/1/47

4

9

Fannie

Mae,

Pool

#MA3184

.......................................

4.50

11/1/47

9

1

Fannie

Mae,

Pool

#BN4309

.......................................

4.50

1/1/49

1

3

Fannie

Mae,

Pool

#CA1711

.......................................

4.50

5/1/48

3

3

Fannie

Mae,

Pool

#CA0623

.......................................

4.50

10/1/47

3

8

Fannie

Mae,

Pool

#AS9394

........................................

4.50

4/1/47

8

5

Fannie

Mae,

Pool

#MA3747

.......................................

4.50

8/1/49

5

39

Fannie

Mae,

Pool

#BV7928

.......................................

4.50

8/1/52

38

2

Fannie

Mae,

Pool

#MA3537

.......................................

4.50

12/1/48

2

4

Fannie

Mae,

Pool

#AS2751

........................................

4.50

6/1/44

4

23

Fannie

Mae,

Pool

#MA5164

.......................................

5.00

10/1/53

22

3

Fannie

Mae,

Pool

#BM3904

.......................................

5.00

5/1/48

3

22

Fannie

Mae,

Pool

#MA5071

.......................................

5.00

7/1/53

21

7

Fannie

Mae,

Pool

#725238

........................................

5.00

3/1/34

7

3

Fannie

Mae,

Pool

#725027

........................................

5.00

11/1/33

3

2

Fannie

Mae,

Pool

#890603

........................................

5.00

8/1/41

2

24

Fannie

Mae,

Pool

#MA5496

.......................................

5.00

10/1/54

23

14

Fannie

Mae,

Pool

#889117

........................................

5.00

10/1/35

14

20

Fannie

Mae,

Pool

#MA4761

.......................................

5.00

9/1/52

19

24

Fannie

Mae,

Pool

#MA5585

.......................................

5.00

1/1/55

24

19

Fannie

Mae,

Pool

#FS3360

........................................

5.50

12/1/52

19

21

Fannie

Mae,

Pool

#MA5138

.......................................

5.50

9/1/53

21

21

Fannie

Mae,

Pool

#FS4840

........................................

5.50

5/1/53

21

24

Fannie

Mae,

Pool

#FA0608

........................................

5.50

2/1/55

24

23

Fannie

Mae,

Pool

#MA5470

.......................................

5.50

9/1/54

23

21

Fannie

Mae,

Pool

#MA5072

.......................................

5.50

7/1/53

21

41

Fannie

Mae,

Pool

#MA5010

.......................................

5.50

5/1/53

41

22

Fannie

Mae,

Pool

#MA5215

.......................................

5.50

12/1/53

22

23

Fannie

Mae,

Pool

#MA5563

.......................................

5.50

12/1/44

23

3

Fannie

Mae,

Pool

#890221

........................................

5.50

12/1/33

3

21

Fannie

Mae,

Pool

#MA5107

.......................................

5.50

8/1/53

21

23

Fannie

Mae,

Pool

#CB8854

.......................................

6.00

7/1/54

24

21

Fannie

Mae,

Pool

#MA5389

.......................................

6.00

6/1/54

21

9

Fannie

Mae,

Pool

#959451

........................................

6.00

12/1/37

9

24

Fannie

Mae,

Pool

#CB9991

.......................................

6.00

2/1/55

25

19

Fannie

Mae,

Pool

#MA5166

.......................................

6.00

10/1/53

20

20

Fannie

Mae,

Pool

#MA5247

.......................................

6.00

1/1/54

20

22

Fannie

Mae,

Pool

#MA5498

.......................................

6.00

10/1/54

23

22

Fannie

Mae,

Pool

#CB8916

.......................................

6.00

7/1/54

22

20

Fannie

Mae,

Pool

#MA5191

.......................................

6.00

11/1/53

20

20

Fannie

Mae,

Pool

#MA5073

.......................................

6.00

7/1/53

20

32

Fannie

Mae,

Pool

#MA5217

.......................................

6.50

12/1/53

34

21

Fannie

Mae,

Pool

#MA5472

.......................................

6.50

9/1/54

22

39

Fannie

Mae,

Pool

#MA5422

.......................................

6.50

7/1/54

41

50

Fannie

Mae,

15

YR

TBA

.........................................

1.50

7/25/40

44

25

Fannie

Mae,

15

YR

TBA

.........................................

4.00

7/25/40

24

25

Fannie

Mae,

15

YR

TBA

.........................................

4.50

7/25/40

25

25

Fannie

Mae,

15

YR

TBA

.........................................

5.00

7/25/40

25

25

Fannie

Mae,

30

YR

TBA

.........................................

1.50

7/25/55

19

75

Fannie

Mae,

30

YR

TBA

.........................................

2.00

7/25/55

60

25

Fannie

Mae,

30

YR

TBA

.........................................

2.50

7/25/55

21

25

Fannie

Mae,

30

YR

TBA

.........................................

3.00

7/25/55

22

25

Fannie

Mae,

30

YR

TBA

.........................................

3.50

7/25/55

23

25

Fannie

Mae,

30

YR

TBA

.........................................

4.00

7/25/55

23

50

Fannie

Mae,

30

YR

TBA

.........................................

4.50

7/25/55

48

25

Fannie

Mae,

30

YR

TBA

.........................................

5.50

8/25/55

25

50

Fannie

Mae,

30

YR

TBA

.........................................

5.50

7/25/55

50

25

Fannie

Mae,

30

YR

TBA

.........................................

6.00

8/25/55

25

110

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Government

Agency

Mortgages

(continued)

$

50

Fannie

Mae,

30

YR

TBA

.........................................

6.00

7/25/55

$

52

25

Fannie

Mae,

30

YR

TBA

.........................................

6.50

8/25/55

26

75

Fannie

Mae,

30

YR

TBA

.........................................

6.50

7/25/55

78

25

Fannie

Mae,

30

YR

TBA

.........................................

7.00

7/25/55

26

14

Freddie

Mac,

Pool

#SB8088

.......................................

1.50

2/1/36

12

18

Freddie

Mac,

Pool

#QN9521

.......................................

1.50

2/1/37

16

15

Freddie

Mac,

Pool

#SB8097

.......................................

1.50

4/1/36

13

18

Freddie

Mac,

Pool

#RB5110

.......................................

1.50

5/1/41

15

38

Freddie

Mac,

Pool

#QC0962

.......................................

1.50

4/1/51

29

39

Freddie

Mac,

Pool

#SD8154

.......................................

1.50

7/1/51

30

18

Freddie

Mac,

Pool

#SB8144

.......................................

1.50

3/1/37

16

16

Freddie

Mac,

Pool

#RB5095

.......................................

2.00

1/1/41

14

17

Freddie

Mac,

Pool

#SD8121

.......................................

2.00

1/1/51

14

40

Freddie

Mac,

Pool

#SD8177

.......................................

2.00

11/1/51

32

21

Freddie

Mac,

Pool

#QD5748

.......................................

2.00

2/1/52

16

21

Freddie

Mac,

Pool

#SD8199

.......................................

2.00

3/1/52

16

16

Freddie

Mac,

Pool

#RA3575

.......................................

2.00

9/1/50

13

15

Freddie

Mac,

Pool

#SB8107

.......................................

2.00

6/1/36

14

20

Freddie

Mac,

Pool

#SD8172

.......................................

2.00

10/1/51

16

35

Freddie

Mac,

Pool

#SD8128

.......................................

2.00

2/1/51

28

18

Freddie

Mac,

Pool

#RA5040

.......................................

2.00

4/1/51

15

38

Freddie

Mac,

Pool

#QC3697

.......................................

2.00

6/1/51

30

39

Freddie

Mac,

Pool

#SD8160

.......................................

2.00

8/1/51

31

18

Freddie

Mac,

Pool

#RA3328

.......................................

2.00

8/1/50

14

37

Freddie

Mac,

Pool

#QC0423

.......................................

2.00

4/1/51

29

19

Freddie

Mac,

Pool

#RA5257

.......................................

2.00

5/1/51

15

18

Freddie

Mac,

Pool

#SD8146

.......................................

2.00

5/1/51

15

18

Freddie

Mac,

Pool

#RB5121

.......................................

2.00

8/1/41

15

36

Freddie

Mac,

Pool

#SD7537

.......................................

2.00

3/1/51

29

18

Freddie

Mac,

Pool

#RA4214

.......................................

2.00

12/1/50

15

17

Freddie

Mac,

Pool

#RB5114

.......................................

2.00

6/1/41

15

20

Freddie

Mac,

Pool

#QC7473

.......................................

2.00

9/1/51

16

37

Freddie

Mac,

Pool

#QC1333

.......................................

2.00

5/1/51

30

17

Freddie

Mac,

Pool

#QB3926

.......................................

2.00

10/1/50

13

15

Freddie

Mac,

Pool

#SB8510

.......................................

2.00

2/1/36

14

32

Freddie

Mac,

Pool

#SB8128

.......................................

2.00

11/1/36

29

36

Freddie

Mac,

Pool

#QB7708

.......................................

2.00

1/1/51

28

20

Freddie

Mac,

Pool

#RA5155

.......................................

2.00

5/1/51

16

18

Freddie

Mac,

Pool

#SD8079

.......................................

2.00

7/1/50

15

38

Freddie

Mac,

Pool

#QB6893

.......................................

2.00

12/1/50

30

41

Freddie

Mac,

Pool

#SD8193

.......................................

2.00

2/1/52

33

41

Freddie

Mac,

Pool

#QD1254

.......................................

2.00

11/1/51

33

19

Freddie

Mac,

Pool

#SD8098

.......................................

2.00

10/1/50

15

13

Freddie

Mac,

Pool

#RC1727

.......................................

2.00

12/1/35

12

24

Freddie

Mac,

Pool

#SB8079

.......................................

2.00

12/1/35

23

15

Freddie

Mac,

Pool

#SB8115

.......................................

2.00

8/1/36

14

16

Freddie

Mac,

Pool

#RA3205

.......................................

2.00

8/1/50

13

34

Freddie

Mac,

Pool

#SD8113

.......................................

2.00

12/1/50

27

19

Freddie

Mac,

Pool

#QC3597

.......................................

2.00

6/1/51

15

10

Freddie

Mac,

Pool

#SB8061

.......................................

2.00

9/1/35

9

41

Freddie

Mac,

Pool

#SD8188

.......................................

2.00

1/1/52

33

11

Freddie

Mac,

Pool

#RA2595

.......................................

2.50

5/1/50

9

15

Freddie

Mac,

Pool

#RA4527

.......................................

2.50

2/1/51

12

27

Freddie

Mac,

Pool

#SD8114

.......................................

2.50

12/1/50

23

19

Freddie

Mac,

Pool

#RA5802

.......................................

2.50

9/1/51

16

19

Freddie

Mac,

Pool

#QC7457

.......................................

2.50

9/1/51

16

19

Freddie

Mac,

Pool

#RA6621

.......................................

2.50

1/1/52

16

41

Freddie

Mac,

Pool

#RA6493

.......................................

2.50

12/1/51

34

19

Freddie

Mac,

Pool

#RA6019

.......................................

2.50

10/1/51

16

111

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

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,

Pool

#QB3703

.......................................

2.50

9/1/50

$

11

18

Freddie

Mac,

Pool

#SD8021

.......................................

2.50

9/1/49

15

21

Freddie

Mac,

Pool

#QE2352

.......................................

2.50

5/1/52

17

39

Freddie

Mac,

Pool

#SD8183

.......................................

2.50

12/1/51

32

19

Freddie

Mac,

Pool

#RA6815

.......................................

2.50

2/1/52

16

21

Freddie

Mac,

Pool

#RA6136

.......................................

2.50

10/1/51

18

27

Freddie

Mac,

Pool

#RA2643

.......................................

2.50

6/1/50

23

5

Freddie

Mac,

Pool

#ZS8692

.......................................

2.50

4/1/33

5

17

Freddie

Mac,

Pool

#SB0301

.......................................

2.50

4/1/35

16

13

Freddie

Mac,

Pool

#ZS4687

.......................................

2.50

11/1/46

11

9

Freddie

Mac,

Pool

#RB5054

.......................................

2.50

6/1/40

8

20

Freddie

Mac,

Pool

#SD8189

.......................................

2.50

1/1/52

16

40

Freddie

Mac,

Pool

#SD8194

.......................................

2.50

2/1/52

33

17

Freddie

Mac,

Pool

#QC2031

.......................................

2.50

5/1/51

14

13

Freddie

Mac,

Pool

#RA2897

.......................................

2.50

6/1/50

11

18

Freddie

Mac,

Pool

#RA3528

.......................................

2.50

9/1/50

15

17

Freddie

Mac,

Pool

#SD8147

.......................................

2.50

5/1/51

14

27

Freddie

Mac,

Pool

#RA2634

.......................................

2.50

5/1/50

22

21

Freddie

Mac,

Pool

#SD8205

.......................................

2.50

4/1/52

17

21

Freddie

Mac,

Pool

#SB8045

.......................................

2.50

5/1/35

20

14

Freddie

Mac,

Pool

#SD8129

.......................................

2.50

2/1/51

12

14

Freddie

Mac,

Pool

#SD8122

.......................................

2.50

1/1/51

12

41

Freddie

Mac,

Pool

#SD1011

.......................................

2.50

4/1/52

34

18

Freddie

Mac,

Pool

#SD8151

.......................................

2.50

6/1/51

15

18

Freddie

Mac,

Pool

#RA5286

.......................................

2.50

5/1/51

15

13

Freddie

Mac,

Pool

#QB3287

.......................................

2.50

8/1/50

11

6

Freddie

Mac,

Pool

#RB5043

.......................................

2.50

4/1/40

5

13

Freddie

Mac,

Pool

#SD8099

.......................................

2.50

10/1/50

11

34

Freddie

Mac,

Pool

#SD8141

.......................................

2.50

4/1/51

28

19

Freddie

Mac,

Pool

#SD8167

.......................................

2.50

9/1/51

15

35

Freddie

Mac,

Pool

#RA5832

.......................................

2.50

9/1/51

30

11

Freddie

Mac,

Pool

#SD8083

.......................................

2.50

8/1/50

10

20

Freddie

Mac,

Pool

#QD9881

.......................................

3.00

3/1/52

17

9

Freddie

Mac,

Pool

#ZS4658

.......................................

3.00

4/1/46

8

13

Freddie

Mac,

Pool

#ZS4606

.......................................

3.00

3/1/45

12

10

Freddie

Mac,

Pool

#SD8030

.......................................

3.00

12/1/49

9

7

Freddie

Mac,

Pool

#QA8065

.......................................

3.00

3/1/50

6

12

Freddie

Mac,

Pool

#ZS4706

.......................................

3.00

3/1/47

11

10

Freddie

Mac,

Pool

#ZA2304

.......................................

3.00

6/1/33

10

5

Freddie

Mac,

Pool

#ZM2089

.......................................

3.00

11/1/46

5

6

Freddie

Mac,

Pool

#SB8046

.......................................

3.00

5/1/35

5

29

Freddie

Mac,

Pool

#ZS4522

.......................................

3.00

7/1/43

26

5

Freddie

Mac,

Pool

#ZS4688

.......................................

3.00

11/1/46

4

6

Freddie

Mac,

Pool

#SD8056

.......................................

3.00

4/1/50

5

4

Freddie

Mac,

Pool

#QA1033

.......................................

3.00

7/1/49

4

9

Freddie

Mac,

Pool

#QA9049

.......................................

3.00

4/1/50

8

33

Freddie

Mac,

Pool

#SD8174

.......................................

3.00

10/1/51

28

11

Freddie

Mac,

Pool

#QB1382

.......................................

3.00

7/1/50

10

20

Freddie

Mac,

Pool

#ZS4511

.......................................

3.00

3/1/43

18

8

Freddie

Mac,

Pool

#SD8074

.......................................

3.00

7/1/50

7

6

Freddie

Mac,

Pool

#ZS4651

.......................................

3.50

3/1/46

5

10

Freddie

Mac,

Pool

#ZS4618

.......................................

3.50

6/1/45

9

3

Freddie

Mac,

Pool

#ZS4659

.......................................

3.50

4/1/46

3

4

Freddie

Mac,

Pool

#ZA5052

.......................................

3.50

11/1/47

3

2

Freddie

Mac,

Pool

#ZS4771

.......................................

3.50

6/1/48

2

3

Freddie

Mac,

Pool

#ZS4599

.......................................

3.50

1/1/45

3

3

Freddie

Mac,

Pool

#SD8001

.......................................

3.50

7/1/49

3

12

Freddie

Mac,

Pool

#ZS4642

.......................................

3.50

12/1/45

11

3

Freddie

Mac,

Pool

#ZS4713

.......................................

3.50

4/1/47

3

112

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Government

Agency

Mortgages

(continued)

$

5

Freddie

Mac,

Pool

#SD8011

.......................................

3.50

9/1/49

$

5

6

Freddie

Mac,

Pool

#SB8007

.......................................

3.50

9/1/34

6

4

Freddie

Mac,

Pool

#ZM4908

.......................................

3.50

11/1/47

4

7

Freddie

Mac,

Pool

#RA2469

.......................................

3.50

4/1/50

6

7

Freddie

Mac,

Pool

#RA1508

.......................................

3.50

10/1/49

6

20

Freddie

Mac,

Pool

#SD8038

.......................................

3.50

1/1/50

18

20

Freddie

Mac,

Pool

#SD8214

.......................................

3.50

5/1/52

18

21

Freddie

Mac,

Pool

#QE5462

.......................................

4.00

7/1/52

20

42

Freddie

Mac,

Pool

#SD8244

.......................................

4.00

9/1/52

40

44

Freddie

Mac,

Pool

#SD8286

.......................................

4.00

1/1/53

41

4

Freddie

Mac,

Pool

#SD0290

.......................................

4.00

4/1/50

4

11

Freddie

Mac,

Pool

#ZL7781

.......................................

4.00

2/1/44

11

6

Freddie

Mac,

Pool

#ZS4708

.......................................

4.00

3/1/47

5

6

Freddie

Mac,

Pool

#ZA4988

.......................................

4.00

8/1/47

6

2

Freddie

Mac,

Pool

#ZT1840

.......................................

4.00

9/1/48

2

4

Freddie

Mac,

Pool

#ZT1320

.......................................

4.00

11/1/48

4

2

Freddie

Mac,

Pool

#ZA6946

.......................................

4.00

5/1/49

2

6

Freddie

Mac,

Pool

#ZS4631

.......................................

4.00

9/1/45

6

2

Freddie

Mac,

Pool

#ZT2106

.......................................

4.00

3/1/49

2

6

Freddie

Mac,

Pool

#SD8070

.......................................

4.00

6/1/50

6

23

Freddie

Mac,

Pool

#SD8340

.......................................

4.50

7/1/53

22

21

Freddie

Mac,

Pool

#SD8245

.......................................

4.50

9/1/52

20

44

Freddie

Mac,

Pool

#SD8306

.......................................

4.50

3/1/53

42

21

Freddie

Mac,

Pool

#SD8266

.......................................

4.50

11/1/52

20

25

Freddie

Mac,

Pool

#SD8513

.......................................

4.50

3/1/55

24

2

Freddie

Mac,

Pool

#ZS4774

.......................................

4.50

5/1/48

2

23

Freddie

Mac,

Pool

#SD4977

.......................................

5.00

11/1/53

22

5

Freddie

Mac,

Pool

#ZT1779

.......................................

5.00

3/1/49

5

21

Freddie

Mac,

Pool

#SD8288

.......................................

5.00

1/1/53

21

24

Freddie

Mac,

Pool

#SD8505

.......................................

5.00

2/1/55

24

24

Freddie

Mac,

Pool

#SD8491

.......................................

5.00

12/1/54

23

24

Freddie

Mac,

Pool

#SD6764

.......................................

5.00

11/1/54

24

44

Freddie

Mac,

Pool

#SD8341

.......................................

5.00

7/1/53

43

22

Freddie

Mac,

Pool

#SD8361

.......................................

5.00

9/1/53

22

21

Freddie

Mac,

Pool

#SD8315

.......................................

5.00

4/1/53

21

23

Freddie

Mac,

Pool

#SD8371

.......................................

5.00

11/1/53

22

22

Freddie

Mac,

Pool

#SD8323

.......................................

5.00

5/1/53

21

22

Freddie

Mac,

Pool

#SD8431

.......................................

5.50

5/1/54

22

23

Freddie

Mac,

Pool

#SD8475

.......................................

5.50

11/1/54

23

21

Freddie

Mac,

Pool

#SD8331

.......................................

5.50

6/1/53

21

23

Freddie

Mac,

Pool

#SD8469

.......................................

5.50

10/1/54

23

22

Freddie

Mac,

Pool

#SD8438

.......................................

5.50

6/1/54

22

25

Freddie

Mac,

Pool

#SL0331

.......................................

5.50

2/1/55

25

24

Freddie

Mac,

Pool

#SD8493

.......................................

5.50

12/1/54

24

43

Freddie

Mac,

Pool

#SD8362

.......................................

5.50

9/1/53

43

23

Freddie

Mac,

Pool

#SD8446

.......................................

5.50

7/1/54

23

20

Freddie

Mac,

Pool

#SD8300

.......................................

5.50

2/1/53

20

22

Freddie

Mac,

Pool

#SD8372

.......................................

5.50

11/1/53

22

21

Freddie

Mac,

Pool

#SD8342

.......................................

5.50

7/1/53

21

22

Freddie

Mac,

Pool

#SD8463

.......................................

6.00

9/1/54

22

20

Freddie

Mac,

Pool

#SD8363

.......................................

6.00

9/1/53

20

20

Freddie

Mac,

Pool

#SD8350

.......................................

6.00

8/1/53

20

20

Freddie

Mac,

Pool

#SD8409

.......................................

6.00

3/1/54

20

24

Freddie

Mac,

Pool

#SD8534

.......................................

6.00

5/1/55

25

19

Freddie

Mac,

Pool

#SD8325

.......................................

6.00

5/1/53

19

20

Freddie

Mac,

Pool

#SD8421

.......................................

6.00

4/1/54

21

22

Freddie

Mac,

Pool

#SD8454

.......................................

6.00

8/1/54

22

23

Freddie

Mac,

Pool

#SD8496

.......................................

6.00

1/1/55

24

40

Freddie

Mac,

Pool

#SD8373

.......................................

6.00

11/1/53

41

113

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Government

Agency

Mortgages

(continued)

$

21

Freddie

Mac,

Pool

#SD8432

.......................................

6.00

5/1/54

$

21

19

Freddie

Mac,

Pool

#SD8384

.......................................

6.00

12/1/53

19

17

Freddie

Mac,

Pool

#SD8374

.......................................

6.50

11/1/53

17

20

Freddie

Mac,

Pool

#SD8471

.......................................

6.50

10/1/54

21

21

Freddie

Mac,

Pool

#SD5987

.......................................

6.50

2/1/54

22

31

Freddie

Mac,

Pool

#SD8397

.......................................

6.50

1/1/54

32

16

Freddie

Mac,

Pool

#SD8386

.......................................

7.00

12/1/53

17

6

Freddie

Mac

Gold,

Pool

#G07445

...................................

2.50

7/1/43

5

6

Freddie

Mac

Gold,

Pool

#G18485

...................................

2.50

10/1/28

6

6

Freddie

Mac

Gold,

Pool

#G18470

...................................

2.50

6/1/28

6

4

Freddie

Mac

Gold,

Pool

#G18687

...................................

2.50

5/1/33

4

4

Freddie

Mac

Gold,

Pool

#G08803

...................................

3.00

3/1/48

4

2

Freddie

Mac

Gold,

Pool

#G18518

...................................

3.00

7/1/29

2

7

Freddie

Mac

Gold,

Pool

#G18663

...................................

3.00

10/1/32

7

14

Freddie

Mac

Gold,

Pool

#G60989

...................................

3.00

12/1/46

12

3

Freddie

Mac

Gold,

Pool

#G18601

...................................

3.00

5/1/31

3

4

Freddie

Mac

Gold,

Pool

#G15145

...................................

3.00

7/1/29

4

4

Freddie

Mac

Gold,

Pool

#J36428

....................................

3.00

2/1/32

4

6

Freddie

Mac

Gold,

Pool

#G61680

...................................

3.00

4/1/47

5

10

Freddie

Mac

Gold,

Pool

#G08737

...................................

3.00

12/1/46

9

4

Freddie

Mac

Gold,

Pool

#G08635

...................................

3.00

4/1/45

3

4

Freddie

Mac

Gold,

Pool

#G08620

...................................

3.50

12/1/44

4

6

Freddie

Mac

Gold,

Pool

#G08698

...................................

3.50

3/1/46

6

6

Freddie

Mac

Gold,

Pool

#G08784

...................................

3.50

10/1/47

5

3

Freddie

Mac

Gold,

Pool

#Q57871

...................................

3.50

8/1/48

3

6

Freddie

Mac

Gold,

Pool

#G61148

...................................

3.50

9/1/47

6

6

Freddie

Mac

Gold,

Pool

#Q43933

...................................

3.50

10/1/46

5

4

Freddie

Mac

Gold,

Pool

#V83453

...................................

3.50

10/1/47

4

14

Freddie

Mac

Gold,

Pool

#G08554

...................................

3.50

10/1/43

13

13

Freddie

Mac

Gold,

Pool

#G08636

...................................

3.50

4/1/45

12

—

Freddie

Mac

Gold,

Pool

#J14069

....................................

3.50

1/1/26

—

6

Freddie

Mac

Gold,

Pool

#G08761

...................................

3.50

5/1/47

5

6

Freddie

Mac

Gold,

Pool

#G08687

...................................

3.50

1/1/46

6

4

Freddie

Mac

Gold,

Pool

#J30284

....................................

3.50

11/1/29

4

3

Freddie

Mac

Gold,

Pool

#G08627

...................................

3.50

2/1/45

3

3

Freddie

Mac

Gold,

Pool

#G08770

...................................

3.50

7/1/47

3

8

Freddie

Mac

Gold,

Pool

#G08567

...................................

4.00

1/1/44

7

7

Freddie

Mac

Gold,

Pool

#A96286

...................................

4.00

1/1/41

7

8

Freddie

Mac

Gold,

Pool

#G08606

...................................

4.00

9/1/44

8

4

Freddie

Mac

Gold,

Pool

#G08801

...................................

4.00

2/1/48

3

6

Freddie

Mac

Gold,

Pool

#G08775

...................................

4.00

8/1/47

6

4

Freddie

Mac

Gold,

Pool

#C91395

...................................

4.00

9/1/31

4

4

Freddie

Mac

Gold,

Pool

#G08771

...................................

4.00

7/1/47

3

3

Freddie

Mac

Gold,

Pool

#C09059

...................................

4.50

3/1/44

3

3

Freddie

Mac

Gold,

Pool

#G08781

...................................

4.50

9/1/47

3

4

Freddie

Mac

Gold,

Pool

#Q58217

...................................

4.50

9/1/48

4

12

Freddie

Mac

Gold,

Pool

#A97692

...................................

4.50

3/1/41

12

10

Freddie

Mac

Gold,

Pool

#G01890

...................................

4.50

10/1/35

10

4

Freddie

Mac

Gold,

Pool

#Q52321

...................................

4.50

11/1/47

4

7

Freddie

Mac

Gold,

Pool

#G05904

...................................

5.00

9/1/39

7

7

Freddie

Mac

Gold,

Pool

#G04817

...................................

5.00

9/1/38

7

6

Freddie

Mac

Gold,

Pool

#G01962

...................................

5.00

12/1/35

7

3

Freddie

Mac

Gold,

Pool

#G08838

...................................

5.00

9/1/48

3

10

Freddie

Mac

Gold,

Pool

#G01665

...................................

5.50

3/1/34

10

—

Freddie

Mac

Gold,

Pool

#C90989

...................................

6.00

9/1/26

—

7

Freddie

Mac

Gold,

Pool

#G02794

...................................

6.00

5/1/37

7

17

Government

National

Mortgage

Association,

Pool

#MA7417

................

2.00

6/20/51

14

18

Government

National

Mortgage

Association,

Pool

#MA7588

................

2.00

9/20/51

15

32

Government

National

Mortgage

Association,

Pool

#MA7254

................

2.00

3/20/51

26

114

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Government

Agency

Mortgages

(continued)

$

18

Government

National

Mortgage

Association,

Pool

#MA6994

................

2.00

11/20/50

$

15

20

Government

National

Mortgage

Association,

Pool

#MA7986

................

2.00

4/20/52

16

20

Government

National

Mortgage

Association,

Pool

#MA7880

................

2.00

2/20/52

16

17

Government

National

Mortgage

Association,

Pool

#MA7366

................

2.00

5/20/51

14

37

Government

National

Mortgage

Association,

Pool

#MA7704

................

2.00

11/20/51

31

19

Government

National

Mortgage

Association,

Pool

#MA7826

................

2.00

1/20/52

16

19

Government

National

Mortgage

Association,

Pool

#MA7766

................

2.00

12/20/51

15

16

Government

National

Mortgage

Association,

Pool

#MA7311

................

2.00

4/20/51

13

20

Government

National

Mortgage

Association,

Pool

#MA8041

................

2.00

5/20/52

16

29

Government

National

Mortgage

Association,

Pool

#MA6930

................

2.00

10/20/50

24

28

Government

National

Mortgage

Association,

Pool

#MA6864

................

2.00

9/20/50

23

20

Government

National

Mortgage

Association,

Pool

#MA7935

................

2.00

3/20/52

16

35

Government

National

Mortgage

Association,

Pool

#MA7471

................

2.00

7/20/51

29

15

Government

National

Mortgage

Association,

Pool

#MA7135

................

2.00

1/20/51

13

15

Government

National

Mortgage

Association,

Pool

#MA7051

................

2.00

12/20/50

12

19

Government

National

Mortgage

Association,

Pool

#MA7936

................

2.50

3/20/52

16

6

Government

National

Mortgage

Association,

Pool

#MA6540

................

2.50

3/20/50

5

18

Government

National

Mortgage

Association,

Pool

#MA7589

................

2.50

9/20/51

15

37

Government

National

Mortgage

Association,

Pool

#MA6709

................

2.50

6/20/50

31

37

Government

National

Mortgage

Association,

Pool

#MA7767

................

2.50

12/20/51

32

34

Government

National

Mortgage

Association,

Pool

#MA7472

................

2.50

7/20/51

29

4

Government

National

Mortgage

Association,

Pool

#MA4355

................

2.50

4/20/32

3

12

Government

National

Mortgage

Association,

Pool

#MA6931

................

2.50

10/20/50

10

36

Government

National

Mortgage

Association,

Pool

#MA7649

................

2.50

10/20/51

31

12

Government

National

Mortgage

Association,

Pool

#MA6995

................

2.50

11/20/50

10

16

Government

National

Mortgage

Association,

Pool

#MA7136

................

2.50

1/20/51

14

30

Government

National

Mortgage

Association,

Pool

#MA6865

................

2.50

9/20/50

25

1

Government

National

Mortgage

Association,

Pool

#AA8341

................

2.50

2/15/28

1

35

Government

National

Mortgage

Association,

Pool

#MA7534

................

2.50

8/20/51

30

8

Government

National

Mortgage

Association,

Pool

#MA6655

................

2.50

5/20/50

7

4

Government

National

Mortgage

Association,

Pool

#MA1155

................

2.50

7/20/43

3

15

Government

National

Mortgage

Association,

Pool

#MA7312

................

2.50

4/20/51

13

21

Government

National

Mortgage

Association,

Pool

#MA6819

................

2.50

8/20/50

18

27

Government

National

Mortgage

Association,

Pool

#MA7193

................

2.50

2/20/51

23

16

Government

National

Mortgage

Association,

Pool

#MA7418

................

2.50

6/20/51

14

29

Government

National

Mortgage

Association,

Pool

#MA7255

................

2.50

3/20/51

25

20

Government

National

Mortgage

Association,

Pool

#MA8042

................

2.50

5/20/52

17

14

Government

National

Mortgage

Association,

Pool

#MA6656

................

3.00

5/20/50

12

4

Government

National

Mortgage

Association,

Pool

#MA3873

................

3.00

8/20/46

4

9

Government

National

Mortgage

Association,

Pool

#MA3375

................

3.00

1/20/46

8

7

Government

National

Mortgage

Association,

Pool

#MA4836

................

3.00

11/20/47

6

6

Government

National

Mortgage

Association,

Pool

#MA3243

................

3.00

11/20/45

5

6

Government

National

Mortgage

Association,

Pool

#AA5897

................

3.00

12/15/42

6

5

Government

National

Mortgage

Association,

Pool

#MA6338

................

3.00

12/20/49

4

5

Government

National

Mortgage

Association,

Pool

#MA6409

................

3.00

1/20/50

5

9

Government

National

Mortgage

Association,

Pool

#MA3735

................

3.00

6/20/46

8

6

Government

National

Mortgage

Association,

Pool

#MA2960

................

3.00

7/20/45

6

12

Government

National

Mortgage

Association,

Pool

#MA4899

................

3.00

12/20/47

11

10

Government

National

Mortgage

Association,

Pool

#MA6474

................

3.00

2/20/50

9

10

Government

National

Mortgage

Association,

Pool

#MA5018

................

3.00

2/20/48

9

8

Government

National

Mortgage

Association,

Pool

#MA6820

................

3.00

8/20/50

8

18

Government

National

Mortgage

Association,

Pool

#MA7828

................

3.00

1/20/52

16

7

Government

National

Mortgage

Association,

Pool

#MA3936

................

3.00

9/20/46

6

16

Government

National

Mortgage

Association,

Pool

#MA6766

................

3.00

7/20/50

14

7

Government

National

Mortgage

Association,

Pool

#MA6710

................

3.00

6/20/50

6

6

Government

National

Mortgage

Association,

Pool

#MA3662

................

3.00

5/20/46

6

3

Government

National

Mortgage

Association,

Pool

#MA3596

................

3.00

4/20/46

3

9

Government

National

Mortgage

Association,

Pool

#MA2520

................

3.00

1/20/45

8

6

Government

National

Mortgage

Association,

Pool

#MA4195

................

3.00

1/20/47

6

115

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Government

Agency

Mortgages

(continued)

$

5

Government

National

Mortgage

Association,

Pool

#MA6089

................

3.00

8/20/49

$

4

5

Government

National

Mortgage

Association,

Pool

#MA4068

................

3.00

11/20/46

4

8

Government

National

Mortgage

Association,

Pool

#MA4320

................

3.00

3/20/47

7

12

Government

National

Mortgage

Association,

Pool

#MA1011

................

3.00

5/20/43

11

2

Government

National

Mortgage

Association,

Pool

#MA0205

................

3.00

7/20/27

2

7

Government

National

Mortgage

Association,

Pool

#MA3802

................

3.00

7/20/46

6

20

Government

National

Mortgage

Association,

Pool

#MA8098

................

3.00

6/20/52

17

6

Government

National

Mortgage

Association,

Pool

#MA6599

................

3.00

4/20/50

5

10

Government

National

Mortgage

Association,

Pool

#MA4003

................

3.00

10/20/46

9

12

Government

National

Mortgage

Association,

Pool

#MA0851

................

3.00

3/20/43

11

4

Government

National

Mortgage

Association,

Pool

#MA5815

................

3.00

3/20/49

3

4

Government

National

Mortgage

Association,

Pool

#MA4261

................

3.00

2/20/47

4

5

Government

National

Mortgage

Association,

Pool

#MA6283

................

3.00

11/20/49

4

6

Government

National

Mortgage

Association,

Pool

#MA4126

................

3.00

12/20/46

5

18

Government

National

Mortgage

Association,

Pool

#MA6218

................

3.00

10/20/49

16

5

Government

National

Mortgage

Association,

Pool

#MA2961

................

3.50

7/20/45

5

6

Government

National

Mortgage

Association,

Pool

#MA3597

................

3.50

4/20/46

5

6

Government

National

Mortgage

Association,

Pool

#MA3105

................

3.50

9/20/45

6

6

Government

National

Mortgage

Association,

Pool

#MA3376

................

3.50

1/20/46

5

3

Government

National

Mortgage

Association,

Pool

#MA3454

................

3.50

2/20/46

3

14

Government

National

Mortgage

Association,

Pool

#MA1157

................

3.50

7/20/43

13

7

Government

National

Mortgage

Association,

Pool

#MA4652

................

3.50

8/20/47

6

7

Government

National

Mortgage

Association,

Pool

#MA4510

................

3.50

6/20/47

6

4

Government

National

Mortgage

Association,

Pool

#MA2826

................

3.50

5/20/45

4

6

Government

National

Mortgage

Association,

Pool

#MA2223

................

3.50

9/20/44

6

3

Government

National

Mortgage

Association,

Pool

#AB9211

................

3.50

11/15/42

3

6

Government

National

Mortgage

Association,

Pool

#MA3310

................

3.50

12/20/45

5

8

Government

National

Mortgage

Association,

Pool

#MA4127

................

3.50

12/20/46

7

8

Government

National

Mortgage

Association,

Pool

#MA3173

................

3.50

10/20/45

8

4

Government

National

Mortgage

Association,

Pool

#MA6339

................

3.50

12/20/49

3

4

Government

National

Mortgage

Association,

Pool

#MA5191

................

3.50

5/20/48

4

6

Government

National

Mortgage

Association,

Pool

#MA4321

................

3.50

3/20/47

6

6

Government

National

Mortgage

Association,

Pool

#MA3874

................

3.50

8/20/46

6

5

Government

National

Mortgage

Association,

Pool

#MA5019

................

3.50

2/20/48

4

6

Government

National

Mortgage

Association,

Pool

#MA3803

................

3.50

7/20/46

6

5

Government

National

Mortgage

Association,

Pool

#MA5875

................

3.50

4/20/49

5

3

Government

National

Mortgage

Association,

Pool

#MA6219

................

3.50

10/20/49

3

3

Government

National

Mortgage

Association,

Pool

#MA5762

................

3.50

2/20/49

3

6

Government

National

Mortgage

Association,

Pool

#MA3736

................

3.50

6/20/46

6

6

Government

National

Mortgage

Association,

Pool

#MA4586

................

3.50

7/20/47

5

6

Government

National

Mortgage

Association,

Pool

#MA2371

................

3.50

11/20/44

6

2

Government

National

Mortgage

Association,

Pool

#MA1574

................

3.50

1/20/29

2

12

Government

National

Mortgage

Association,

Pool

#MA0699

................

3.50

1/20/43

11

4

Government

National

Mortgage

Association,

Pool

#AC3938

................

3.50

1/15/43

4

7

Government

National

Mortgage

Association,

Pool

#MA4004

................

3.50

10/20/46

6

3

Government

National

Mortgage

Association,

Pool

#MA4837

................

3.50

11/20/47

3

20

Government

National

Mortgage

Association,

Pool

#MA8199

................

3.50

8/20/52

18

3

Government

National

Mortgage

Association,

Pool

#MA4778

................

3.50

10/20/47

3

6

Government

National

Mortgage

Association,

Pool

#MA4382

................

3.50

4/20/47

6

4

Government

National

Mortgage

Association,

Pool

#MA3244

................

3.50

11/20/45

4

2

Government

National

Mortgage

Association,

Pool

#MA5710

................

4.00

1/20/49

2

21

Government

National

Mortgage

Association,

Pool

#MA8488

................

4.00

12/20/52

20

6

Government

National

Mortgage

Association,

Pool

#MA6091

................

4.00

8/20/49

6

3

Government

National

Mortgage

Association,

Pool

#MA5466

................

4.00

9/20/48

2

3

Government

National

Mortgage

Association,

Pool

#MA4263

................

4.00

2/20/47

2

2

Government

National

Mortgage

Association,

Pool

#MA3245

................

4.00

11/20/45

2

3

Government

National

Mortgage

Association,

Pool

#MA4653

................

4.00

8/20/47

3

2

Government

National

Mortgage

Association,

Pool

#MA5876

................

4.00

4/20/49

2

8

Government

National

Mortgage

Association,

Pool

#MA3737

................

4.00

6/20/46

8

116

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Government

Agency

Mortgages

(continued)

$

2

Government

National

Mortgage

Association,

Pool

#MA5986

................

4.00

6/20/49

$

2

5

Government

National

Mortgage

Association,

Pool

#MA4511

................

4.00

6/20/47

5

3

Government

National

Mortgage

Association,

Pool

#MA3377

................

4.00

1/20/46

2

22

Government

National

Mortgage

Association,

Pool

#MA9302

................

4.00

11/20/53

21

5

Government

National

Mortgage

Association,

Pool

#MA6040

................

4.00

7/20/49

5

5

Government

National

Mortgage

Association,

Pool

#MA1996

................

4.00

6/20/44

5

25

Government

National

Mortgage

Association,

Pool

#MA9962

................

4.00

10/20/54

23

4

Government

National

Mortgage

Association,

Pool

#MA3522

................

4.00

3/20/46

4

2

Government

National

Mortgage

Association,

Pool

#MA5595

................

4.00

11/20/48

2

20

Government

National

Mortgage

Association,

Pool

#MA8200

................

4.00

8/20/52

19

2

Government

National

Mortgage

Association,

Pool

#MA5651

................

4.00

12/20/48

2

22

Government

National

Mortgage

Association,

Pool

#MA1091

................

4.00

6/20/43

21

2

Government

National

Mortgage

Association,

Pool

#MA4322

................

4.00

3/20/47

2

2

Government

National

Mortgage

Association,

Pool

#MA5596

................

4.50

11/20/48

2

5

Government

National

Mortgage

Association,

Pool

#MA2756

................

4.50

4/20/45

5

4

Government

National

Mortgage

Association,

Pool

#MA5399

................

4.50

8/20/48

4

24

Government

National

Mortgage

Association,

Pool

#MA9486

................

4.50

2/20/54

23

2

Government

National

Mortgage

Association,

Pool

#MA5193

................

4.50

5/20/48

2

21

Government

National

Mortgage

Association,

Pool

#MA8724

................

4.50

3/20/53

20

2

Government

National

Mortgage

Association,

Pool

#MA4721

................

4.50

9/20/47

2

19

Government

National

Mortgage

Association,

Pool

#4801

..................

4.50

9/20/40

19

12

Government

National

Mortgage

Association,

Pool

#721760

.................

4.50

8/15/40

12

4

Government

National

Mortgage

Association,

Pool

#MA2373

................

4.50

11/20/44

4

4

Government

National

Mortgage

Association,

Pool

#MA5764

................

4.50

2/20/49

4

24

Government

National

Mortgage

Association,

Pool

#MA9849

................

4.50

8/20/54

23

2

Government

National

Mortgage

Association,

Pool

#MA5818

................

4.50

3/20/49

2

25

Government

National

Mortgage

Association,

Pool

#MB0090

................

4.50

12/20/54

24

7

Government

National

Mortgage

Association,

Pool

#MA5987

................

4.50

6/20/49

6

22

Government

National

Mortgage

Association,

Pool

#MA8877

................

4.50

5/20/53

21

2

Government

National

Mortgage

Association,

Pool

#MA1762

................

4.50

3/20/44

2

2

Government

National

Mortgage

Association,

Pool

#MA5653

................

5.00

12/20/48

2

25

Government

National

Mortgage

Association,

Pool

#MB0146

................

5.00

1/20/55

24

25

Government

National

Mortgage

Association,

Pool

#MB0025

................

5.00

11/20/54

24

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

44

Government

National

Mortgage

Association,

Pool

#MA8428

................

5.00

11/20/52

44

21

Government

National

Mortgage

Association,

Pool

#MA8800

................

5.00

4/20/53

21

25

Government

National

Mortgage

Association,

Pool

#MB0204

................

5.00

2/20/55

24

25

Government

National

Mortgage

Association,

Pool

#MB0307

................

5.00

4/20/55

24

12

Government

National

Mortgage

Association,

Pool

#4559

..................

5.00

10/20/39

12

9

Government

National

Mortgage

Association,

Pool

#697946

.................

5.00

3/15/39

9

22

Government

National

Mortgage

Association,

Pool

#MA9170

................

5.00

9/20/53

22

22

Government

National

Mortgage

Association,

Pool

#MA9016

................

5.00

7/20/53

22

2

Government

National

Mortgage

Association,

Pool

#MA5530

................

5.00

10/20/48

2

23

Government

National

Mortgage

Association,

Pool

#MA9668

................

5.50

5/20/54

23

21

Government

National

Mortgage

Association,

Pool

#MA9488

................

5.50

2/20/54

21

20

Government

National

Mortgage

Association,

Pool

#MA9017

................

5.50

7/20/53

20

21

Government

National

Mortgage

Association,

Pool

#MA9305

................

5.50

11/20/53

21

25

Government

National

Mortgage

Association,

Pool

#MB0092

................

5.50

12/20/54

25

21

Government

National

Mortgage

Association,

Pool

#MA9362

................

5.50

12/20/53

21

24

Government

National

Mortgage

Association,

Pool

#MA9965

................

5.50

10/20/54

24

21

Government

National

Mortgage

Association,

Pool

#MA9541

................

5.50

3/20/54

22

19

Government

National

Mortgage

Association,

Pool

#MA9606

................

6.00

4/20/54

20

21

Government

National

Mortgage

Association,

Pool

#MA9852

................

6.00

8/20/54

22

18

Government

National

Mortgage

Association,

Pool

#MA9542

................

6.00

3/20/54

18

24

Government

National

Mortgage

Association,

Pool

#MA9966

................

6.00

10/20/54

24

17

Government

National

Mortgage

Association,

Pool

#MA9018

................

6.00

7/20/53

17

16

Government

National

Mortgage

Association,

Pool

#MA9424

................

6.00

1/20/54

17

22

Government

National

Mortgage

Association,

Pool

#MA9907

................

6.00

9/20/54

23

117

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Government

Agency

Mortgages

(continued)

$

33

Government

National

Mortgage

Association,

Pool

#MA9727

................

6.50

6/20/54

$

34

25

Government

National

Mortgage

Association,

30

YR

TBA

..................

2.00

7/20/55

20

25

Government

National

Mortgage

Association,

30

YR

TBA

..................

2.50

7/20/55

21

25

Government

National

Mortgage

Association,

30

YR

TBA

..................

3.00

7/20/55

22

50

Government

National

Mortgage

Association,

30

YR

TBA

..................

3.50

7/20/55

45

25

Government

National

Mortgage

Association,

30

YR

TBA

..................

5.00

8/20/55

25

25

Government

National

Mortgage

Association,

30

YR

TBA

..................

5.50

8/20/55

25

75

Government

National

Mortgage

Association,

30

YR

TBA

..................

5.50

7/20/55

76

25

Government

National

Mortgage

Association,

30

YR

TBA

..................

6.00

7/20/55

25

25

Government

National

Mortgage

Association,

30

YR

TBA

..................

6.50

7/20/55

26

25

Government

National

Mortgage

Association,

30

YR

TBA

..................

7.00

7/20/55

26

Total

U.S.

Government

Agency

Mortgages

(cost

$11,024)

................

9,996

U.S.

Government

Agency

Securities

—

0.33%

25

Fannie

Mae

...................................................

0.75

10/8/27

23

25

Fannie

Mae,

Callable

9/18/25

@

100.00

...............................

0.88

12/18/26

24

10

Fannie

Mae

...................................................

5.63

7/15/37

11

20

Fannie

Mae

...................................................

6.63

11/15/30

23

28

Federal

Farm

Credit

Banks

Funding

Corp.,

Callable

7/11/25

@

100.00

.........

1.55

7/26/30

25

30

Federal

Farm

Credit

Banks

Funding

Corp.

.............................

4.13

1/25/27

31

20

Federal

Farm

Credit

Banks

Funding

Corp.,

Callable

9/12/25

@

100.00

.........

5.34

3/12/35

20

30

Federal

Home

Loan

Banks,

Callable

8/26/25

@

100.00

....................

0.90

2/26/27

29

25

Federal

Home

Loan

Banks

........................................

3.25

11/16/28

25

25

Federal

Home

Loan

Banks

........................................

4.75

4/9/27

25

10

Freddie

Mac

..................................................

0.00(b)

11/15/38

5

25

Freddie

Mac,

Callable

9/27/25

@

100.00

..............................

4.88

9/27/29

25

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

8

Total

U.S.

Government

Agency

Securities

(cost

$336)

...................

331

Corporate

Bonds

—

12.73%

155

AbbVie,

Inc.

(Biotechnology)  

.....................................

4.40

11/6/42

136

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

23

125

American

Express

Co.

(Consumer

Finance),

Callable

4/25/28

@

100.00 

.......

4.73

(SOFR

+

126

bps)(c)

4/25/29

126

80

Amgen,

Inc.

(Biotechnology),

Callable

8/21/39

@

100.00 

..................

3.15

2/21/40

61

65

Amgen,

Inc.

(Biotechnology),

Callable

12/15/50

@

100.00 

.................

4.66

6/15/51

55

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

151

175

Apple,

Inc.

(Technology

Hardware,

Storage

&

Peripherals),

Callable

8/23/45

@

100.00 

..................................................

4.65

2/23/46

160

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

45

Atmos

Energy

Corp.

(Gas

Utilities),

Callable

7/15/42

@

100.00 

.............

4.15

1/15/43

38

125

Atmos

Energy

Corp.

(Gas

Utilities)  

.................................

6.75

7/15/28

133

470

Bank

of

America

Corp.

(Banks),

Callable

4/22/31

@

100.00 

................

2.69

(SOFR

+

132

bps)(c)

4/22/32

422

150

Bank

of

America

Corp.,

MTN

(Banks),

Callable

2/7/29

@

100.00 

...........

3.97

(TSFR3M

+

147

bps)(c)

2/7/30

147

55

BAT

Capital

Corp.

(Tobacco),

Callable

12/25/30

@

100.00 

.................

2.73

3/25/31

49

118

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

Corporate

Bonds

(continued)

$

40

Berkshire

Hathaway

Energy

Co.

(Oil,

Gas

&

Consumable

Fuels),

Callable

8/1/44

@

100.00 

..................................................

4.50

2/1/45

$

34

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

81

185

Brown

&

Brown,

Inc.

(Insurance),

Callable

12/17/31

@

100.00 

.............

4.20

3/17/32

177

140

Bunge

Ltd.

Finance

Corp.

(Consumer

Staples

Distribution

&

Retail),

Callable

2/14/31

@

100.00 

..........................................

2.75

5/14/31

126

75

Capital

One

Financial

Corp.

(Consumer

Finance),

Callable

11/2/31

@

100.00 

...

2.62

(SOFR

+

127

bps)(c)

11/2/32

65

50

Capital

One

Financial

Corp.

(Consumer

Finance),

Callable

7/24/25

@

100.00 

...

4.99

(SOFR

+

216

bps)(c)

7/24/26

50

5

Capital

One

Financial

Corp.

(Consumer

Finance),

Callable

7/26/29

@

100.00 

...

5.46

(SOFR

+

156

bps)(c)

7/26/30

5

155

Capital

One

Financial

Corp.

(Consumer

Finance),

Callable

2/1/28

@

100.00 

....

5.47

(SOFR

+

208

bps)(c)

2/1/29

159

119

Carlisle

Cos.,

Inc.

(Building

Products),

Callable

12/1/31

@

100.00 

...........

2.20

3/1/32

101

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

178

45

Cheniere

Energy

Partners

LP

(Oil,

Gas

&

Consumable

Fuels),

Callable

1/31/27

@

101.63 

..................................................

3.25

1/31/32

40

60

Cheniere

Energy

Partners

LP

(Oil,

Gas

&

Consumable

Fuels),

Callable

7/13/25

@

102.25 

..................................................

4.50

10/1/29

59

235

Citigroup,

Inc.

(Banks),

Callable

3/17/32

@

100.00 

......................

3.79

(SOFR

+

194

bps)(c)

3/17/33

219

175

Citigroup,

Inc.

(Banks),

Callable

3/31/30

@

100.00 

......................

4.41

(SOFR

+

391

bps)(c)

3/31/31

173

90

Citigroup,

Inc.

(Banks),

Callable

9/29/25

@

100.00 

......................

5.61

(SOFR

+

155

bps)(c)

9/29/26

90

155

Comcast

Corp.

(Media),

Callable

5/1/49

@

100.00 

.......................

4.00

11/1/49

118

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

110

Constellation

Brands,

Inc.

(Beverages),

Callable

2/1/33

@

100.00 

............

4.90

5/1/33

109

42

Constellation

Energy

Generation

LLC

(Beverages),

Callable

9/15/53

@

100.00 

..

5.75

3/15/54

41

15

Constellation

Energy

Generation

LLC

(Independent

Power

and

Renewable

Electricity

Producers),

Callable

10/15/33

@

100.00 

..................

6.13

1/15/34

16

80

COPT

Defense

Properties

LP

(Real

Estate

Management

&

Development),

Callable

11/15/28

@

100.00 

.........................................

2.00

1/15/29

73

115

CSX

Corp.

(Ground

Transportation)  

.................................

6.22

4/30/40

124

115

CVS

Health

Corp.

(Health

Care

Providers

&

Services),

Callable

12/25/27

@

100.00 

4.30

3/25/28

115

85

CVS

Health

Corp.

(Health

Care

Providers

&

Services),

Callable

9/25/37

@

100.00 

4.78

3/25/38

78

60

CVS

Health

Corp.

(Health

Care

Providers

&

Services),

Callable

1/20/45

@

100.00 

5.13

7/20/45

53

90

Dell

International

LLC/EMC

Corp.

(Technology

Hardware,

Storage

&

Peripherals),

Callable

11/1/34

@

100.00 

....................................

4.85

2/1/35

87

116

Delta

Air

Lines,

Inc.

(Passenger

Airlines),

Callable

7/28/29

@

100.00 

.........

3.75

10/28/29

111

5

Devon

Energy

Corp.

(Oil,

Gas

&

Consumable

Fuels),

Callable

11/15/41

@

100.00 

4.75

5/15/42

4

28

Devon

Energy

Corp.

(Oil,

Gas

&

Consumable

Fuels),

Callable

1/15/41

@

100.00 

.

5.60

7/15/41

26

85

Devon

Energy

Corp.

(Oil,

Gas

&

Consumable

Fuels)  

....................

7.88

9/30/31

98

30

Dominion

Energy,

Inc.

(Multi-Utilities),

Callable

4/15/28

@

100.00 

..........

4.60

5/15/28

30

49

DTE

Electric

Co.

(Electric

Utilities),

Callable

2/15/47

@

100.00 

.............

3.75

8/15/47

37

35

DTE

Energy

Co.

(Multi-Utilities),

Callable

2/1/29

@

100.00 

...............

5.10

3/1/29

36

35

DTE

Energy

Co.

(Multi-Utilities),

Callable

3/1/34

@

100.00 

...............

5.85

6/1/34

37

15

Duke

Energy

Corp.

(Electric

Utilities),

Callable

2/15/52

@

100.00 

...........

5.00

8/15/52

13

20

EIDP,

Inc.

(Chemicals),

Callable

2/15/33

@

100.00 

......................

4.80

5/15/33

20

15

Elevance

Health,

Inc.

(Health

Care

Providers

&

Services)  

.................

4.63

5/15/42

13

119

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

Corporate

Bonds

(continued)

$

70

Elevance

Health,

Inc.

(Health

Care

Providers

&

Services)  

.................

4.65

1/15/43

$

61

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 (d)

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

89

148

FedEx

Corp.

Pass

Through

Trust,

Series

2020-1

(Air

Freight

&

Logistics)  

......

1.88

2/20/34

127

15

Fiserv,

Inc.

(Financial

Services),

Callable

12/15/33

@

100.00 

...............

5.45

3/15/34

15

65

Fiserv,

Inc.

(Financial

Services),

Callable

12/2/32

@

100.00 

................

5.60

3/2/33

67

200

Ford

Motor

Credit

Co.

LLC

(Financial

Services)  

........................

4.13

8/4/25

200

28

General

Motors

Co.

(Automobiles),

Callable

9/1/25

@

100.00 

..............

6.13

10/1/25

28

170

General

Motors

Financial

Co.,

Inc.

(Specialty

Retail),

Callable

2/6/30

@

100.00 

.

5.85

4/6/30

176

70

Georgia

Power

Co.

(Electric

Utilities)  

...............................

4.30

3/15/42

60

66

Gilead

Sciences,

Inc.

(Biotechnology),

Callable

8/1/44

@

100.00 

............

4.50

2/1/45

57

70

HCA,

Inc.

(Health

Care

Providers

&

Services),

Callable

3/1/33

@

100.00 

......

5.50

6/1/33

72

20

HCA,

Inc.

(Health

Care

Providers

&

Services),

Callable

1/1/34

@

100.00 

......

5.60

4/1/34

20

50

HCA,

Inc.

(Health

Care

Providers

&

Services),

Callable

8/1/28

@

100.00 

......

5.88

2/1/29

52

75

Howmet

Aerospace,

Inc.

(Aerospace

&

Defense),

Callable

8/15/31

@

100.00 

....

4.85

10/15/31

76

70

Intel

Corp.

(Semiconductors

&

Semiconductor

Equipment),

Callable

6/8/47

@

100.00 

..................................................

3.73

12/8/47

49

30

Intel

Corp.

(Semiconductors

&

Semiconductor

Equipment),

Callable

11/21/33

@

100.00 

..................................................

5.15

2/21/34

30

25

International

Business

Machines

Corp.

(IT

Services)  

.....................

4.00

6/20/42

21

35

International

Paper

Co.

(Containers

&

Packaging),

Callable

5/15/41

@

100.00 

...

6.00

11/15/41

35

420

JPMorgan

Chase

&

Co.

(Banks),

Callable

4/22/31

@

100.00 

................

2.58

(TSFR3M

+

125

bps)(c)

4/22/32

375

80

JPMorgan

Chase

&

Co.

(Banks),

Callable

1/23/34

@

100.00 

................

5.34

(SOFR

+

162

bps)(c)

1/23/35

82

20

Kinder

Morgan,

Inc.

(Oil,

Gas

&

Consumable

Fuels),

Callable

5/1/30

@

100.00 

..

5.15

6/1/30

20

100

Kinder

Morgan,

Inc.

(Oil,

Gas

&

Consumable

Fuels),

Callable

12/1/44

@

100.00 

.

5.55

6/1/45

94

10

Kinder

Morgan,

Inc.

(Oil,

Gas

&

Consumable

Fuels),

Callable

3/1/35

@

100.00 

..

5.85

6/1/35

10

30

Lincoln

National

Corp.

(Insurance),

Callable

10/15/29

@

100.00 

............

3.05

1/15/30

28

50

Lincoln

National

Corp.

(Insurance),

Callable

10/15/30

@

100.00 

............

3.40

1/15/31

46

55

Lincoln

National

Corp.

(Insurance),

Callable

12/15/33

@

100.00 

............

5.85

3/15/34

56

105

Lowe's

Cos.,

Inc.

(Specialty

Retail),

Callable

1/15/33

@

100.00 

.............

5.00

4/15/33

106

20

Lowe's

Cos.,

Inc.

(Specialty

Retail),

Callable

10/15/52

@

100.00 

............

5.63

4/15/53

19

55

Martin

Marietta

Materials,

Inc.

(Construction

Materials),

Callable

4/15/31

@

100.00 

2.40

7/15/31

48

93

Marvell

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment),

Callable

2/15/28

@

100.00 

..........................................

2.45

4/15/28

88

80

Marvell

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment),

Callable

1/15/31

@

100.00 

..........................................

2.95

4/15/31

73

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

30

MetLife,

Inc.

(Insurance),

Callable

7/15/53

@

100.00 

.....................

5.25

1/15/54

28

215

Microchip

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment),

Callable

8/2/25

@

100.00 

...........................................

4.25

9/1/25

215

30

Microsoft

Corp.

(Software),

Callable

12/1/49

@

100.00 

...................

2.53

6/1/50

19

120

Microsoft

Corp.

(Software),

Callable

2/8/46

@

100.00 

....................

3.70

8/8/46

96

27

Mohawk

Industries,

Inc.

(Household

Durables),

Callable

2/15/30

@

100.00 

.....

3.63

5/15/30

26

48

Mohawk

Industries,

Inc.

(Household

Durables),

Callable

8/18/28

@

100.00 

.....

5.85

9/18/28

50

92

Morgan

Stanley,

MTN

(Capital

Markets),

Callable

1/22/30

@

100.00 

.........

2.70

(SOFR

+

114

bps)(c)

1/22/31

85

310

Morgan

Stanley

(Capital

Markets),

Callable

1/21/32

@

100.00 

..............

2.94

(SOFR

+

129

bps)(c)

1/21/33

277

90

Morgan

Stanley

(Capital

Markets),

Callable

7/22/27

@

100.00 

..............

3.59

7/22/28

88

20

Morgan

Stanley

(Capital

Markets),

Callable

11/1/33

@

100.00 

..............

6.63

(SOFR

+

205

bps)(c)

11/1/34

22

70

Motorola

Solutions,

Inc.

(Communications

Equipment),

Callable

1/15/34

@

100.00 

5.40

4/15/34

71

30

Motorola

Solutions,

Inc.

(Communications

Equipment),

Callable

3/1/32

@

100.00 

5.60

6/1/32

31

120

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

Corporate

Bonds

(continued)

$

95

National

Rural

Utilities

Cooperative

Finance

Corp.

(Financial

Services),

Callable

7/15/32

@

100.00 

..........................................

5.80

1/15/33

$

101

25

National

Rural

Utilities

Cooperative

Finance

Corp.

(Financial

Services)  

.......

8.00

3/1/32

29

80

NextEra

Energy

Capital

Holdings,

Inc.

(Electric

Utilities),

Callable

11/28/32

@

100.00 

..................................................

5.05

2/28/33

80

100

NextEra

Energy

Capital

Holdings,

Inc.

(Electric

Utilities),

Callable

8/28/52

@

100.00 

..................................................

5.25

2/28/53

92

70

NiSource,

Inc.

(Multi-Utilities),

Callable

1/1/34

@

100.00 

.................

5.35

4/1/34

71

65

NNN

REIT,

Inc.

(Retail

REITs),

Callable

1/15/30

@

100.00 

................

2.50

4/15/30

59

52

NNN

REIT,

Inc.

(Retail

REITs),

Callable

7/15/33

@

100.00 

................

5.60

10/15/33

54

75

Northrop

Grumman

Corp.

(Aerospace

&

Defense),

Callable

4/15/47

@

100.00 

..

4.03

10/15/47

60

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

10

Oracle

Corp.

(Software),

Callable

8/9/32

@

100.00 

......................

6.25

11/9/32

11

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

70

30

Philip

Morris

International,

Inc.

(Tobacco),

Callable

11/13/33

@

100.00 

.......

5.25

2/13/34

31

50

Potomac

Electric

Power

Co.

(Electric

Utilities),

Callable

9/15/42

@

100.00 

.....

4.15

3/15/43

42

10

Potomac

Electric

Power

Co.

(Electric

Utilities),

Callable

9/15/53

@

100.00 

.....

5.50

3/15/54

10

70

Principal

Financial

Group,

Inc.

(Insurance),

Callable

3/15/30

@

100.00 

........

2.13

6/15/30

62

140

Progress

Energy,

Inc.

(Multi-Utilities)  

...............................

6.00

12/1/39

145

63

Progress

Energy,

Inc.

(Electric

Utilities)  

..............................

7.75

3/1/31

72

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

17

30

Public

Service

Electric

and

Gas

Co.

(Electric

Utilities),

Callable

3/1/42

@

100.00 

3.65

9/1/42

24

117

Radian

Group,

Inc.

(Financial

Services),

Callable

9/15/26

@

100.00 

..........

4.88

3/15/27

117

95

Reliance,

Inc.

(Metals

&

Mining),

Callable

7/15/25

@

100.00 

...............

1.30

8/15/25

95

155

Rockwell

Collins,

Inc.

(Aerospace

&

Defense),

Callable

12/15/26

@

100.00 

....

3.50

3/15/27

152

30

Roper

Technologies,

Inc.

(Software),

Callable

3/30/30

@

100.00 

.............

2.00

6/30/30

27

65

Roper

Technologies,

Inc.

(Software),

Callable

7/15/34

@

100.00 

.............

4.90

10/15/34

64

115

RTX

Corp.

(Aerospace

&

Defense)  

.................................

4.50

6/1/42

101

80

Sabra

Health

Care

LP

(Health

Care

REITs),

Callable

9/1/31

@

100.00 

.........

3.20

12/1/31

71

65

Sabra

Health

Care

LP

(Health

Care

REITs),

Callable

7/31/25

@

100.57 

........

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

45

70

Shell

Finance

US,

Inc.

(Oil,

Gas

&

Consumable

Fuels)  

...................

4.55

8/12/43

62

80

Southern

Co.

Gas

Capital

Corp.

(Gas

Utilities),

Callable

11/30/46

@

100.00 

....

4.40

5/30/47

65

80

Spectra

Energy

Partners

LP

(Oil,

Gas

&

Consumable

Fuels),

Callable

9/15/44

@

100.00 

..................................................

4.50

3/15/45

66

40

Steel

Dynamics,

Inc.

(Metals

&

Mining),

Callable

5/15/34

@

100.00 

..........

5.38

8/15/34

40

55

Sysco

Corp.

(Consumer

Staples

Distribution

&

Retail),

Callable

12/23/34

@

100.00 

5.40

3/23/35

56

15

Sysco

Corp.

(Consumer

Staples

Distribution

&

Retail),

Callable

10/1/49

@

100.00 

6.60

4/1/50

16

300

The

Goldman

Sachs

Group,

Inc.

(Capital

Markets),

Callable

7/21/31

@

100.00 

..

2.38

(SOFR

+

125

bps)(c)

7/21/32

263

25

The

Goldman

Sachs

Group,

Inc.

(Capital

Markets),

Callable

10/21/31

@

100.00 

.

2.65

(SOFR

+

126

bps)(c)

10/21/32

22

100

The

Goldman

Sachs

Group,

Inc.

(Capital

Markets),

Callable

4/23/28

@

100.00 

..

3.81

(TSFR3M

+

142

bps)(c)

4/23/29

98

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

25

The

PNC

Financial

Services

Group,

Inc.

(Banks),

Callable

6/12/28

@

100.00 

...

5.58

(SOFR

+

184

bps)(c)

6/12/29

26

125

The

PNC

Financial

Services

Group,

Inc.

(Banks),

Callable

1/22/34

@

100.00 

...

5.68

(SOFR

+

190

bps)(c)

1/22/35

129

25

The

Travelers

Cos.,

Inc.

(Insurance),

Callable

2/25/45

@

100.00 

.............

4.30

8/25/45

21

60

The

Travelers

Cos.,

Inc.

(Insurance)  

.................................

5.35

11/1/40

60

121

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

Corporate

Bonds

(continued)

$

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

40

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

65

95

Truist

Financial

Corp.,

MTN

(Banks),

Callable

6/8/33

@

100.00 

............

5.87

(SOFR

+

236

bps)(c)

6/8/34

99

30

UDR,

Inc.,

MTN

(Residential

REITs),

Callable

5/1/32

@

100.00 

............

2.10

8/1/32

25

23

UDR,

Inc.

(Residential

REITs),

Callable

5/15/31

@

100.00 

.................

3.00

8/15/31

21

18

UDR,

Inc.

(Residential

REITs),

Callable

10/26/28

@

100.00 

................

4.40

1/26/29

18

25

UnitedHealth

Group,

Inc.

(Health

Care

Providers

&

Services),

Callable

5/15/41

@

100.00 

..................................................

4.63

11/15/41

22

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

75

70

Ventas

Realty

LP

(Diversified

REITs),

Callable

6/1/31

@

100.00 

.............

2.50

9/1/31

62

40

Ventas

Realty

LP

(Diversified

REITs),

Callable

10/15/28

@

100.00 

...........

4.40

1/15/29

40

20

Ventas

Realty,

LP

(Industrial

REITs),

Callable

4/1/34

@

100.00 

.............

5.63

7/1/34

21

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

174

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

145

Wells

Fargo

&

Co.

(Banks),

Callable

7/25/32

@

100.00 

...................

4.90

(SOFR

+

210

bps)(c)

7/25/33

145

190

Wells

Fargo

&

Co.

(Banks),

Callable

7/25/33

@

100.00 

...................

5.56

(SOFR

+

199

bps)(c)

7/25/34

195

55

WestRock

MWV

LLC

(Containers

&

Packaging)  

.......................

8.20

1/15/30

63

Total

Corporate

Bonds

(cost

$12,957)

...............................

12,568

U.S.

Treasury

Obligations

—

22.98%

53

U.S.

Treasury

Bond

.............................................

1.13

8/15/40

33

40

U.S.

Treasury

Bond

.............................................

1.13

5/15/40

25

50

U.S.

Treasury

Bond

.............................................

1.25

5/15/50

24

110

U.S.

Treasury

Bond

.............................................

1.38

8/15/50

54

133

U.S.

Treasury

Bond

.............................................

1.38

11/15/40

85

140

U.S.

Treasury

Bond

.............................................

1.63

11/15/50

74

100

U.S.

Treasury

Bond

.............................................

1.75

8/15/41

66

140

U.S.

Treasury

Bond

.............................................

1.88

2/15/41

96

148

U.S.

Treasury

Bond

.............................................

1.88

11/15/51

82

96

U.S.

Treasury

Bond

.............................................

1.88

2/15/51

54

145

U.S.

Treasury

Bond

.............................................

2.00

11/15/41

100

159

U.S.

Treasury

Bond

.............................................

2.00

8/15/51

92

81

U.S.

Treasury

Bond

.............................................

2.00

2/15/50

48

100

U.S.

Treasury

Bond

.............................................

2.25

5/15/41

73

11

U.S.

Treasury

Bond

.............................................

2.25

8/15/49

7

117

U.S.

Treasury

Bond

.............................................

2.25

8/15/46

77

173

U.S.

Treasury

Bond

.............................................

2.25

2/15/52

106

81

U.S.

Treasury

Bond

.............................................

2.38

11/15/49

52

110

U.S.

Treasury

Bond

.............................................

2.38

2/15/42

80

110

U.S.

Treasury

Bond

.............................................

2.38

5/15/51

70

80

U.S.

Treasury

Bond

.............................................

2.50

2/15/46

55

75

U.S.

Treasury

Bond

.............................................

2.50

5/15/46

52

60

U.S.

Treasury

Bond

.............................................

2.50

2/15/45

42

80

U.S.

Treasury

Bond

.............................................

2.75

11/15/47

57

122

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Treasury

Obligations

(continued)

$

10

U.S.

Treasury

Bond

.............................................

2.75

11/15/42

$

8

55

U.S.

Treasury

Bond

.............................................

2.75

8/15/47

39

50

U.S.

Treasury

Bond

.............................................

2.88

8/15/45

37

75

U.S.

Treasury

Bond

.............................................

2.88

5/15/43

58

65

U.S.

Treasury

Bond

.............................................

2.88

11/15/46

48

147

U.S.

Treasury

Bond

.............................................

2.88

5/15/52

103

94

U.S.

Treasury

Bond

.............................................

2.88

5/15/49

67

40

U.S.

Treasury

Bond

.............................................

3.00

5/15/45

31

55

U.S.

Treasury

Bond

.............................................

3.00

5/15/47

41

75

U.S.

Treasury

Bond

.............................................

3.00

2/15/47

56

95

U.S.

Treasury

Bond

.............................................

3.00

8/15/48

70

85

U.S.

Treasury

Bond

.............................................

3.00

11/15/44

65

115

U.S.

Treasury

Bond

.............................................

3.00

8/15/52

83

50

U.S.

Treasury

Bond

.............................................

3.00

11/15/45

38

50

U.S.

Treasury

Bond

.............................................

3.00

2/15/48

37

22

U.S.

Treasury

Bond

.............................................

3.13

8/15/44

17

90

U.S.

Treasury

Bond

.............................................

3.13

2/15/43

72

80

U.S.

Treasury

Bond

.............................................

3.13

5/15/48

61

25

U.S.

Treasury

Bond

.............................................

3.13

11/15/41

20

125

U.S.

Treasury

Bond

.............................................

3.25

5/15/42

103

10

U.S.

Treasury

Bond

.............................................

3.38

11/15/48

8

25

U.S.

Treasury

Bond

.............................................

3.38

5/15/44

21

10

U.S.

Treasury

Bond

.............................................

3.38

8/15/42

8

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

77

75

U.S.

Treasury

Bond

.............................................

3.75

11/15/43

66

33

U.S.

Treasury

Bond

.............................................

3.75

8/15/41

30

10

U.S.

Treasury

Bond

.............................................

3.88

8/15/40

9

35

U.S.

Treasury

Bond

.............................................

3.88

5/15/43

31

30

U.S.

Treasury

Bond

.............................................

3.88

2/15/43

27

25

U.S.

Treasury

Bond

.............................................

4.00

11/15/42

23

73

U.S.

Treasury

Bond

.............................................

4.00

11/15/52

64

30

U.S.

Treasury

Bond

.............................................

4.13

8/15/44

27

135

U.S.

Treasury

Bond

.............................................

4.13

8/15/53

121

130

U.S.

Treasury

Bond

.............................................

4.25

2/15/54

119

75

U.S.

Treasury

Bond

.............................................

4.25

11/15/40

72

50

U.S.

Treasury

Bond

.............................................

4.25

8/15/54

46

25

U.S.

Treasury

Bond

.............................................

4.38

2/15/38

25

35

U.S.

Treasury

Bond

.............................................

4.38

5/15/41

34

30

U.S.

Treasury

Bond

.............................................

4.38

8/15/43

29

25

U.S.

Treasury

Bond

.............................................

4.38

11/15/39

24

15

U.S.

Treasury

Bond

.............................................

4.38

5/15/40

15

50

U.S.

Treasury

Bond

.............................................

4.50

2/15/36

51

30

U.S.

Treasury

Bond

.............................................

4.50

2/15/44

29

135

U.S.

Treasury

Bond

.............................................

4.50

11/15/54

129

30

U.S.

Treasury

Bond

.............................................

4.63

11/15/44

29

35

U.S.

Treasury

Bond

.............................................

4.63

2/15/40

35

30

U.S.

Treasury

Bond

.............................................

4.63

5/15/44

29

115

U.S.

Treasury

Bond

.............................................

4.63

2/15/55

112

130

U.S.

Treasury

Bond

.............................................

4.63

5/15/54

126

80

U.S.

Treasury

Bond

.............................................

4.75

11/15/53

79

25

U.S.

Treasury

Bond

.............................................

4.75

11/15/43

25

30

U.S.

Treasury

Bond

.............................................

4.75

2/15/45

30

25

U.S.

Treasury

Bond

.............................................

4.75

2/15/37

26

70

U.S.

Treasury

Bond

.............................................

4.75

2/15/41

71

45

U.S.

Treasury

Bond

.............................................

4.75

5/15/55

45

123

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Treasury

Obligations

(continued)

$

40

U.S.

Treasury

Bond

.............................................

5.00

5/15/37

$

42

25

U.S.

Treasury

Bond

.............................................

5.00

5/15/45

26

20

U.S.

Treasury

Bond

.............................................

5.25

2/15/29

21

40

U.S.

Treasury

Bond

.............................................

5.38

2/15/31

43

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

39

55

U.S.

Treasury

Note

..............................................

0.38

7/31/27

51

35

U.S.

Treasury

Note

..............................................

0.38

9/30/27

32

55

U.S.

Treasury

Note

..............................................

0.50

6/30/27

52

40

U.S.

Treasury

Note

..............................................

0.50

4/30/27

38

20

U.S.

Treasury

Note

..............................................

0.50

8/31/27

19

50

U.S.

Treasury

Note

..............................................

0.50

10/31/27

46

20

U.S.

Treasury

Note

..............................................

0.63

12/31/27

19

160

U.S.

Treasury

Note

..............................................

0.63

5/15/30

138

225

U.S.

Treasury

Note

..............................................

0.63

8/15/30

192

45

U.S.

Treasury

Note

..............................................

0.63

11/30/27

42

25

U.S.

Treasury

Note

..............................................

0.63

3/31/27

24

27

U.S.

Treasury

Note

..............................................

0.75

8/31/26

26

55

U.S.

Treasury

Note

..............................................

0.75

1/31/28

51

185

U.S.

Treasury

Note

..............................................

0.88

11/15/30

159

145

U.S.

Treasury

Note

..............................................

0.88

9/30/26

140

65

U.S.

Treasury

Note

..............................................

1.00

7/31/28

60

126

U.S.

Treasury

Note

..............................................

1.13

2/15/31

109

110

U.S.

Treasury

Note

..............................................

1.13

2/29/28

103

75

U.S.

Treasury

Note

..............................................

1.13

8/31/28

69

120

U.S.

Treasury

Note

..............................................

1.13

10/31/26

116

60

U.S.

Treasury

Note

..............................................

1.13

2/28/27

57

120

U.S.

Treasury

Note

..............................................

1.25

9/30/28

111

130

U.S.

Treasury

Note

..............................................

1.25

3/31/28

122

155

U.S.

Treasury

Note

..............................................

1.25

8/15/31

133

150

U.S.

Treasury

Note

..............................................

1.25

11/30/26

145

45

U.S.

Treasury

Note

..............................................

1.25

5/31/28

42

145

U.S.

Treasury

Note

..............................................

1.25

12/31/26

140

55

U.S.

Treasury

Note

..............................................

1.25

4/30/28

51

40

U.S.

Treasury

Note

..............................................

1.25

6/30/28

37

137

U.S.

Treasury

Note

..............................................

1.38

11/15/31

117

105

U.S.

Treasury

Note

..............................................

1.38

12/31/28

97

120

U.S.

Treasury

Note

..............................................

1.38

10/31/28

111

100

U.S.

Treasury

Note

..............................................

1.50

8/15/26

97

150

U.S.

Treasury

Note

..............................................

1.50

1/31/27

145

83

U.S.

Treasury

Note

..............................................

1.50

2/15/30

75

85

U.S.

Treasury

Note

..............................................

1.50

11/30/28

79

80

U.S.

Treasury

Note

..............................................

1.63

5/15/31

71

45

U.S.

Treasury

Note

..............................................

1.63

9/30/26

44

40

U.S.

Treasury

Note

..............................................

1.75

11/15/29

37

20

U.S.

Treasury

Note

..............................................

1.75

12/31/26

19

140

U.S.

Treasury

Note

..............................................

1.75

1/31/29

131

105

U.S.

Treasury

Note

..............................................

1.88

2/28/27

102

65

U.S.

Treasury

Note

..............................................

1.88

2/28/29

61

222

U.S.

Treasury

Note

..............................................

1.88

2/15/32

195

140

U.S.

Treasury

Note

..............................................

2.00

11/15/26

137

130

U.S.

Treasury

Note

..............................................

2.25

2/15/27

127

145

U.S.

Treasury

Note

..............................................

2.25

8/15/27

141

130

U.S.

Treasury

Note

..............................................

2.25

11/15/27

126

105

U.S.

Treasury

Note

..............................................

2.38

5/15/27

102

35

U.S.

Treasury

Note

..............................................

2.38

5/15/29

33

35

U.S.

Treasury

Note

..............................................

2.38

3/31/29

33

40

U.S.

Treasury

Note

..............................................

2.50

3/31/27

39

124

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Treasury

Obligations

(continued)

$

165

U.S.

Treasury

Note

..............................................

2.63

2/15/29

$

159

45

U.S.

Treasury

Note

..............................................

2.63

5/31/27

44

15

U.S.

Treasury

Note

..............................................

2.63

7/31/29

14

60

U.S.

Treasury

Note

..............................................

2.75

5/31/29

58

218

U.S.

Treasury

Note

..............................................

2.75

8/15/32

201

80

U.S.

Treasury

Note

..............................................

2.75

2/15/28

78

46

U.S.

Treasury

Note

..............................................

2.75

7/31/27

45

75

U.S.

Treasury

Note

..............................................

2.75

4/30/27

74

65

U.S.

Treasury

Note

..............................................

2.88

4/30/29

63

125

U.S.

Treasury

Note

..............................................

2.88

8/15/28

122

160

U.S.

Treasury

Note

..............................................

2.88

5/15/28

156

158

U.S.

Treasury

Note

..............................................

2.88

5/15/32

147

65

U.S.

Treasury

Note

..............................................

3.13

8/31/27

64

140

U.S.

Treasury

Note

..............................................

3.13

11/15/28

137

55

U.S.

Treasury

Note

..............................................

3.13

8/31/29

54

60

U.S.

Treasury

Note

..............................................

3.25

6/30/29

59

70

U.S.

Treasury

Note

..............................................

3.25

6/30/27

69

105

U.S.

Treasury

Note

..............................................

3.38

9/15/27

104

195

U.S.

Treasury

Note

..............................................

3.38

5/15/33

186

170

U.S.

Treasury

Note

..............................................

3.50

2/15/33

164

85

U.S.

Treasury

Note

..............................................

3.50

4/30/28

85

70

U.S.

Treasury

Note

..............................................

3.50

4/30/30

69

125

U.S.

Treasury

Note

..............................................

3.50

9/30/26

124

90

U.S.

Treasury

Note

..............................................

3.50

1/31/28

90

100

U.S.

Treasury

Note

..............................................

3.50

9/30/29

99

70

U.S.

Treasury

Note

..............................................

3.50

1/31/30

69

90

U.S.

Treasury

Note

..............................................

3.63

5/31/28

90

90

U.S.

Treasury

Note

..............................................

3.63

3/31/28

90

80

U.S.

Treasury

Note

..............................................

3.63

9/30/31

79

70

U.S.

Treasury

Note

..............................................

3.63

3/31/30

69

115

U.S.

Treasury

Note

..............................................

3.63

8/31/29

114

105

U.S.

Treasury

Note

..............................................

3.75

8/15/27

105

70

U.S.

Treasury

Note

..............................................

3.75

6/30/30

70

100

U.S.

Treasury

Note

..............................................

3.75

5/15/28

100

125

U.S.

Treasury

Note

..............................................

3.75

4/30/27

125

100

U.S.

Treasury

Note

..............................................

3.75

4/15/28

100

115

U.S.

Treasury

Note

..............................................

3.75

12/31/28

115

80

U.S.

Treasury

Note

..............................................

3.75

8/31/31

79

80

U.S.

Treasury

Note

..............................................

3.75

12/31/30

80

70

U.S.

Treasury

Note

..............................................

3.75

5/31/30

70

120

U.S.

Treasury

Note

..............................................

3.75

6/30/27

120

125

U.S.

Treasury

Note

..............................................

3.75

8/31/26

125

175

U.S.

Treasury

Note

..............................................

3.88

8/15/34

171

100

U.S.

Treasury

Note

..............................................

3.88

3/15/28

100

105

U.S.

Treasury

Note

..............................................

3.88

10/15/27

105

100

U.S.

Treasury

Note

..............................................

3.88

6/15/28

101

75

U.S.

Treasury

Note

..............................................

3.88

9/30/29

75

90

U.S.

Treasury

Note

..............................................

3.88

12/31/27

90

45

U.S.

Treasury

Note

..............................................

3.88

12/31/29

45

90

U.S.

Treasury

Note

..............................................

3.88

11/30/27

90

75

U.S.

Treasury

Note

..............................................

3.88

11/30/29

75

120

U.S.

Treasury

Note

..............................................

3.88

5/31/27

120

120

U.S.

Treasury

Note

..............................................

3.88

6/30/30

120

220

U.S.

Treasury

Note

..............................................

3.88

8/15/33

217

120

U.S.

Treasury

Note

..............................................

3.88

3/31/27

120

120

U.S.

Treasury

Note

..............................................

3.88

4/30/30

120

100

U.S.

Treasury

Note

..............................................

4.00

12/15/27

101

120

U.S.

Treasury

Note

..............................................

4.00

3/31/30

121

120

U.S.

Treasury

Note

..............................................

4.00

5/31/30

121

125

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Treasury

Obligations

(continued)

$

210

U.S.

Treasury

Note

..............................................

4.00

2/15/34

$

208

80

U.S.

Treasury

Note

..............................................

4.00

1/31/31

81

140

U.S.

Treasury

Note

..............................................

4.00

2/28/30

141

40

U.S.

Treasury

Note

..............................................

4.00

2/29/28

40

120

U.S.

Treasury

Note

..............................................

4.00

1/31/29

121

65

U.S.

Treasury

Note

..............................................

4.00

10/31/29

66

85

U.S.

Treasury

Note

..............................................

4.00

6/30/28

86

75

U.S.

Treasury

Note

..............................................

4.00

4/30/32

75

45

U.S.

Treasury

Note

..............................................

4.00

7/31/30

45

45

U.S.

Treasury

Note

..............................................

4.00

1/15/27

45

130

U.S.

Treasury

Note

..............................................

4.00

7/31/29

131

75

U.S.

Treasury

Note

..............................................

4.00

6/30/32

75

85

U.S.

Treasury

Note

..............................................

4.13

7/31/28

86

80

U.S.

Treasury

Note

..............................................

4.13

3/31/31

81

125

U.S.

Treasury

Note

..............................................

4.13

10/31/29

127

90

U.S.

Treasury

Note

..............................................

4.13

9/30/27

91

142

U.S.

Treasury

Note

..............................................

4.13

11/15/32

143

75

U.S.

Treasury

Note

..............................................

4.13

5/31/32

76

105

U.S.

Treasury

Note

..............................................

4.13

11/15/27

106

90

U.S.

Treasury

Note

..............................................

4.13

10/31/27

91

105

U.S.

Treasury

Note

..............................................

4.13

2/15/27

106

70

U.S.

Treasury

Note

..............................................

4.13

8/31/30

71

130

U.S.

Treasury

Note

..............................................

4.13

3/31/29

132

120

U.S.

Treasury

Note

..............................................

4.13

2/28/27

121

80

U.S.

Treasury

Note

..............................................

4.13

10/31/31

81

125

U.S.

Treasury

Note

..............................................

4.13

10/31/26

125

75

U.S.

Treasury

Note

..............................................

4.13

3/31/32

76

120

U.S.

Treasury

Note

..............................................

4.13

1/31/27

121

125

U.S.

Treasury

Note

..............................................

4.13

11/30/29

127

75

U.S.

Treasury

Note

..............................................

4.13

2/29/32

76

70

U.S.

Treasury

Note

..............................................

4.13

7/31/31

71

70

U.S.

Treasury

Note

..............................................

4.13

11/30/31

71

50

U.S.

Treasury

Note

..............................................

4.25

2/28/31

51

130

U.S.

Treasury

Note

..............................................

4.25

6/30/29

132

125

U.S.

Treasury

Note

..............................................

4.25

11/30/26

126

80

U.S.

Treasury

Note

..............................................

4.25

6/30/31

81

125

U.S.

Treasury

Note

..............................................

4.25

5/15/35

125

125

U.S.

Treasury

Note

..............................................

4.25

2/28/29

127

100

U.S.

Treasury

Note

..............................................

4.25

2/15/28

101

100

U.S.

Treasury

Note

..............................................

4.25

1/15/28

101

120

U.S.

Treasury

Note

..............................................

4.25

1/31/30

122

105

U.S.

Treasury

Note

..............................................

4.25

3/15/27

106

190

U.S.

Treasury

Note

..............................................

4.25

11/15/34

191

100

U.S.

Treasury

Note

..............................................

4.25

12/31/26

101

170

U.S.

Treasury

Note

..............................................

4.38

5/15/34

173

100

U.S.

Treasury

Note

..............................................

4.38

7/31/26

100

125

U.S.

Treasury

Note

..............................................

4.38

12/31/29

128

85

U.S.

Treasury

Note

..............................................

4.38

8/15/26

85

110

U.S.

Treasury

Note

..............................................

4.38

11/30/28

112

75

U.S.

Treasury

Note

..............................................

4.38

11/30/30

77

95

U.S.

Treasury

Note

..............................................

4.38

8/31/28

97

90

U.S.

Treasury

Note

..............................................

4.38

12/15/26

91

75

U.S.

Treasury

Note

..............................................

4.38

1/31/32

77

105

U.S.

Treasury

Note

..............................................

4.38

7/15/27

106

130

U.S.

Treasury

Note

..............................................

4.50

5/31/29

134

110

U.S.

Treasury

Note

..............................................

4.50

5/15/27

111

110

U.S.

Treasury

Note

..............................................

4.50

4/15/27

111

80

U.S.

Treasury

Note

..............................................

4.50

7/15/26

80

230

U.S.

Treasury

Note

..............................................

4.50

11/15/33

236

126

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Treasury

Obligations

(continued)

$

80

U.S.

Treasury

Note

..............................................

4.50

12/31/31

$

83

105

U.S.

Treasury

Note

..............................................

4.63

6/15/27

107

195

U.S.

Treasury

Note

..............................................

4.63

2/15/35

201

100

U.S.

Treasury

Note

..............................................

4.63

9/30/28

103

85

U.S.

Treasury

Note

..............................................

4.63

4/30/31

88

90

U.S.

Treasury

Note

..............................................

4.63

10/15/26

91

75

U.S.

Treasury

Note

..............................................

4.63

9/30/30

78

65

U.S.

Treasury

Note

..............................................

4.63

5/31/31

67

95

U.S.

Treasury

Note

..............................................

4.63

11/15/26

96

90

U.S.

Treasury

Note

..............................................

4.63

9/15/26

91

130

U.S.

Treasury

Note

..............................................

4.63

4/30/29

134

105

U.S.

Treasury

Note

..............................................

4.88

10/31/28

109

75

U.S.

Treasury

Note

..............................................

4.88

10/31/30

79

Total

U.S.

Treasury

Obligations

(cost

$23,832)

........................

22,674

Yankee

Dollars

—

0.90%

45

America

Movil

SAB

de

CV

(Wireless

Telecommunication

Services)  

.........

6.13

11/15/37

48

89

British

Telecommunications

PLC

(Diversified

Telecommunication

Services)  

....

9.63

12/15/30

109

170

Canadian

Natural

Resources

Ltd.

(Oil,

Gas

&

Consumable

Fuels)  

...........

2.05

7/15/25

170

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

51

60

Deutsche

Telekom

International

Finance

BV

(Diversified

Telecommunication

Services)  

................................................

8.75

6/15/30

71

80

Iberdrola

International

BV

(Electric

Utilities)  

..........................

6.75

7/15/36

90

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

73

20

Pfizer

Investment

Enterprises

Pte

Ltd.

(Capital

Markets),

Callable

2/19/33

@

100.00 

4.75

5/19/33

20

95

Pfizer

Investment

Enterprises

Pte

Ltd.

(Capital

Markets),

Callable

11/19/42

@

100.00 

..................................................

5.11

5/19/43

91

25

Pfizer

Investment

Enterprises

Pte

Ltd.

(Capital

Markets),

Callable

11/19/62

@

100.00 

..................................................

5.34

5/19/63

23

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

10

20

Waste

Connections,

Inc.

(Commercial

Services

&

Supplies),

Callable

12/1/33

@

100.00 

..................................................

5.00

3/1/34

20

Total

Yankee

Dollars

(cost

$897)

...................................

888

Shares

Investment

Companies

—

50.73%

Domestic

Fixed

Income

—

36.07%

806,500

iShares

U.S.

Treasury

Bond

ETF

....................................

18,532

178,845

SPDR

Portfolio

Corporate

Bond

....................................

5,226

197,801

Vanguard

Intermediate-Term

Treasury

ETF

............................

11,830

35,588

Money

Market

Funds

—

14.66%

8,770

State

Street

Institutional

Treasury

Money

Market

Fund,

Premier

Class

.........

4.20(e)

9

14,468,437

State

Street

Institutional

Treasury

Plus

Money

Market

Fund,

Trust

Class

........

4.19(e)

14,469

14,478

Total

Investment

Companies

(cost

$49,382)

...........................

50,066

127

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

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

June

30,

2025.

Total

Investments

(cost

$99,205)

—

98.54%

..........................

$

97,258

Other

assets

in

excess

of

liabilities

—

1.46%

..........................

1,445

Net

Assets

—

100.00%

..........................................

$

98,703

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

June

30,

2025.

(b)

Zero

Coupon

Security.

Effective

rate

shown

is

as

of

June

30,

2025.

(c)

Variable

Rate

Security.

The

rate

disclosed

is

the

rate

in

effect

on

June

30,

2025.

(d)

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.

(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

The

Core

Fixed

Income

Portfolio

Agincourt

Capital

Management,

LLC

Mellon

Investments

Corporation

Parametric

Portfolio

Associates,

LLC

HC

Capital

Solutions

Total

Asset

Backed

Securities

.........................................................................................

—

0.15

%

—

—

0.15

%

Collateralized

Mortgage-Backed

Securities

...........................................................

—

0.59

%

—

—

0.59

%

U.S.

Government

Agency

Mortgages

....................................................................

—

10.13

%

—

—

10.13

%

U.S.

Government

Agency

Securities

.....................................................................

—

0.33

%

—

—

0.33

%

Corporate

Bonds

.....................................................................................................

12.73

%

—

—

—

12.73

%

U.S.

Treasury

Obligations

......................................................................................

—

22.98

%

—

—

22.98

%

Yankee

Dollars

.......................................................................................................

0.90

%

—

—

—

0.90

%

Investment

Companies

...........................................................................................

0.01

%

0.97

%

45.63

%

4.12

%

50.73

%

Other

Assets

(Liabilities)

........................................................................................

0.18

%

-0.68

%

1.95

%

0.01

%

1.46

%

Total

Net

Assets

.................................................................................................

13.82

%

34.47

%

47.58

%

4.13

%

100.00

%

128

See

accompanying

notes

to

financial

statements.

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(concluded)

—

June

30,

2025

The

following

table

reflects

the

open

derivative

positions

held

by

the

Portfolio

as

of

June

30,

2025

.

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

9/19/25

$

7,512

$

175

30

Year

US

Treasury

Bond

Future

..................

25

9/19/25

2,887

126

$

10,399

$

301

Total

Unrealized

Appreciation

.....................

$

301

Total

Unrealized

Depreciation

.....................

—

Total

Net

Unrealized

Appreciation/(Depreciation)

.......

$

301

*

Cash

has

been

pledged

as

collateral

for

futures

contracts

held

by

the

Portfolio.

HC

CAPITAL

TRUST

The

Corporate

Opportunities

Portfolio

Portfolio

of

Investments

—

June

30,

2025

129

See

accompanying

notes

to

financial

statements.

Shares

Security

Description

Rate

%

Maturity  

Date

Value

(000)

Common

Stocks

—

0.64%

1,740,900

ACC

Claims

Holding

LLC

(Financial

Services)^(a)(b)

....................

$

–

1,310

Blackstone,

Inc.

(Capital

Markets)

...................................

196

2,096

KKR

&

Co.,

Inc.

(Capital

Markets)

..................................

279

197,817

Petershill

Partners

PLC

(Capital

Markets)(c)

...........................

604

4,190

The

Carlyle

Group,

Inc.

(Capital

Markets)

.............................

215

Total

Common

Stocks

(cost

$1,174)

.................................

1,294

Investment

Companies

—

97.25%

Domestic

Equity

Funds

—

14.57%

403,500

Invesco

S&P

500

Low

Volatility

ETF

.................................

29,383

International

Equity

Funds

—

24.73%

944,057

Apax

Global

Alpha

Ltd.(c)

........................................

1,609

192,951

Augmentum

Fintech

PLC

Fund

.....................................

269

152,335

HarbourVest

Global

Private

Equity

Ltd.

...............................

5,227

148,478

ICG

Enterprise

Trust

PLC

.........................................

2,820

152,000

NB

Private

Equity

Partners

Ltd.

Fund

................................

2,971

161,011

Oakley

Capital

Investments

Ltd.

....................................

1,127

107,607

Partners

Group

Private

Equity

Ltd.

..................................

1,232

1,161,440

The

Pantheon

International

PLC

Fund

................................

5,013

381,900

Vanguard

FTSE

Europe

ETF

.......................................

29,596

49,864

Money

Market

Funds

—

57.95%

1,177,000

Federated

Hermes

Treasury

Obligations

Fund,

Institutional

Shares^^

..........

4.17(d)

1,177

115,578,540

State

Street

Institutional

Treasury

Plus

Money

Market

Fund,

Trust

Class

........

4.19(d)

115,580

101,110

State

Street

Institutional

U.S.

Government

Money

Market

Fund,

Administrative

Class

....................................................

4.02(d)

101

116,858

Total

Investment

Companies

(cost

$195,873)

..........................

196,105

Total

Investments

(cost

$197,047)

—

97.89%

.........................

197,399

Other

assets

in

excess

of

liabilities

—

2.11%

..........................

4,257

Net

Assets

—

100.00%

..........................................

$

201,656

Amounts

designated

as

"—"

are

$0

or

have

been

rounded

to

$0.

^

All

or

part

of

this

security

was

on

loan

as

of

June

30,

2025.

^^

Purchased

with

cash

collateral

held

from

securities

lending.

(a)

Escrow

security

due

to

bankruptcy.

(b)

Security

was

valued

using

significant

unobservable

inputs

as

of

June

30,

2025.

(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.

ETF—Exchange-Traded

Fund

130

HC

CAPITAL

TRUST

The

Corporate

Opportunities

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

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

June

30,

2025.

The

Corporate

Opportunities

Portfolio

City

of

London

Investment

Management

Company,

Limited

Parametric

Portfolio

Associates,

LLC

HC

Capital

Solutions

Total

Common

Stocks

...............................................................................................................................

0.64

%

—

—

0.64

%

Investment

Companies

.....................................................................................................................

10.10

%

87.14

%

0.01

%

97.25

%

Other

Assets

(Liabilities)

.................................................................................................................

-0.01

%

2.10

%

0.02

%

2.11

%

Total

Net

Assets

..........................................................................................................................

10.73

%

89.24

%

0.03

%

100.00

%

The

following

table

reflects

the

open

derivative

positions

held

by

the

Portfolio

as

of

June

30,

2025

.

Futures

Contracts

Purchased

*

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value

and

Unrealized

Appreciation/

(Depreciation)

(000)

10

Year

US

Treasury

Note

Future

.............................

406

9/19/25

$

45,523

$

1,057

5

Year

US

Treasury

Note

Future

..............................

557

9/30/25

60,713

860

$

106,236

$

1,917

Total

Unrealized

Appreciation

.....................

$

1,917

Total

Unrealized

Depreciation

.....................

—

Total

Net

Unrealized

Appreciation/(Depreciation)

.......

$

1,917

*

Cash

has

been

pledged

as

collateral

for

futures

contracts

held

by

the

Portfolio.

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

June

30,

2025

(%)(b)

Notional

Amount

(000)(c)

Value

(000)

Premiums

Paid/

(Received)

(000)

Unrealized

Appreciation/

(Depreciation)

(000)

CDX

High

Yield

Index

Swap

Agreement,

Series

44

Daily

5.00

6/20/2030

3.19

$

76,000

$

(5,699)

$

(3,917)

$

(1,782)

$

(5,699)

$

(3,917)

$

(1,782)

(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.

131

See

accompanying

notes

to

financial

statements.

HC

CAPITAL

TRUST

The

Corporate

Opportunities

Portfolio

Portfolio

of

Investments

(concluded)

—

June

30,

2025

(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

—

June

30,

2025

132

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Government

Agency

Securities

—

0.66%

$

350

Fannie

Mae

...................................................

0.75

10/8/27

$

327

100

Fannie

Mae,

Callable

9/18/25

@

100.00

...............................

0.88

12/18/26

96

200

Fannie

Mae

...................................................

0.88

8/5/30

173

100

Fannie

Mae

...................................................

1.88

9/24/26

98

95

Fannie

Mae

...................................................

6.25

5/15/29

103

160

Fannie

Mae

...................................................

6.63

11/15/30

181

180

Fannie

Mae

...................................................

7.25

5/15/30

207

250

Federal

Farm

Credit

Banks

Funding

Corp.,

Callable

7/11/25

@

100.00

.........

1.00

10/7/26

241

75

Federal

Farm

Credit

Banks

Funding

Corp.,

Callable

7/11/25

@

100.00

.........

1.24

12/23/30

65

468

Federal

Farm

Credit

Banks

Funding

Corp.,

Callable

7/11/25

@

100.00

.........

1.55

7/26/30

415

300

Federal

Farm

Credit

Banks

Funding

Corp.

.............................

4.38

7/6/26

301

200

Federal

Farm

Credit

Banks

Funding

Corp.

.............................

4.38

6/23/26

201

100

Federal

Farm

Credit

Banks

Funding

Corp.

.............................

4.50

8/14/26

101

70

Federal

Home

Loan

Banks,

Callable

7/27/25

@

100.00

....................

1.00

7/27/26

68

100

Federal

Home

Loan

Banks

........................................

1.25

12/21/26

96

300

Federal

Home

Loan

Banks

........................................

3.25

6/9/28

296

225

Federal

Home

Loan

Banks

........................................

3.63

9/4/26

224

250

Federal

Home

Loan

Banks

........................................

3.88

6/4/27

250

300

Federal

Home

Loan

Banks

........................................

4.00

6/30/28

303

100

Federal

Home

Loan

Banks

........................................

4.00

10/9/26

100

200

Federal

Home

Loan

Banks

........................................

4.38

6/12/26

201

500

Federal

Home

Loan

Banks

........................................

4.63

11/17/26

504

100

Federal

Home

Loan

Banks

........................................

4.75

4/9/27

102

165

Federal

Home

Loan

Banks

........................................

5.50

7/15/36

180

100

Freddie

Mac

..................................................

0.00(a)

11/15/38

52

400

Freddie

Mac,

Callable

7/27/25

@

100.00

..............................

0.80

10/27/26

383

500

Freddie

Mac,

Callable

9/27/25

@

100.00

..............................

4.88

9/27/29

500

250

Freddie

Mac

..................................................

6.25

7/15/32

283

180

Freddie

Mac

..................................................

6.75

3/15/31

206

100

Tennessee

Valley

Authority

........................................

4.88

5/15/35

102

85

Tennessee

Valley

Authority

........................................

5.25

9/15/39

87

250

Tennessee

Valley

Authority

........................................

5.25

2/1/55

244

200

Tennessee

Valley

Authority

........................................

5.38

4/1/56

199

100

Tennessee

Valley

Authority

........................................

5.88

4/1/36

110

140

Tennessee

Valley

Authority

........................................

6.15

1/15/38

157

Total

U.S.

Government

Agency

Securities

(cost

$7,267)

..................

7,156

U.S.

Treasury

Obligations

—

48.38%

2,580

U.S.

Treasury

Bond

.............................................

1.13

5/15/40

1,602

1,250

U.S.

Treasury

Bond

.............................................

1.13

8/15/40

768

2,220

U.S.

Treasury

Bond

.............................................

1.25

5/15/50

1,066

3,910

U.S.

Treasury

Bond

.............................................

1.38

8/15/50

1,927

815

U.S.

Treasury

Bond

.............................................

1.38

11/15/40

519

2,570

U.S.

Treasury

Bond

.............................................

1.63

11/15/50

1,354

2,625

U.S.

Treasury

Bond

.............................................

1.75

8/15/41

1,742

3,315

U.S.

Treasury

Bond

.............................................

1.88

2/15/41

2,278

2,215

U.S.

Treasury

Bond

.............................................

1.88

11/15/51

1,232

1,695

U.S.

Treasury

Bond

.............................................

1.88

2/15/51

952

4,335

U.S.

Treasury

Bond

.............................................

2.00

8/15/51

2,499

1,020

U.S.

Treasury

Bond

.............................................

2.00

2/15/50

599

3,320

U.S.

Treasury

Bond

.............................................

2.00

11/15/41

2,282

3,010

U.S.

Treasury

Bond

.............................................

2.25

2/15/52

1,839

2,350

U.S.

Treasury

Bond

.............................................

2.25

5/15/41

1,706

1,850

U.S.

Treasury

Bond

.............................................

2.25

8/15/49

1,160

1,760

U.S.

Treasury

Bond

.............................................

2.25

8/15/46

1,153

1,475

U.S.

Treasury

Bond

.............................................

2.38

11/15/49

949

1,880

U.S.

Treasury

Bond

.............................................

2.38

2/15/42

1,367

3,860

U.S.

Treasury

Bond

.............................................

2.38

5/15/51

2,448

133

HC

CAPITAL

TRUST

The

U.S.

Government

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

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

Bond

.............................................

2.50

2/15/45

$

1,995

1,135

U.S.

Treasury

Bond

.............................................

2.50

2/15/46

786

1,550

U.S.

Treasury

Bond

.............................................

2.50

5/15/46

1,070

2,320

U.S.

Treasury

Bond

.............................................

2.75

11/15/47

1,649

1,110

U.S.

Treasury

Bond

.............................................

2.75

8/15/47

791

450

U.S.

Treasury

Bond

.............................................

2.75

8/15/42

344

1,995

U.S.

Treasury

Bond

.............................................

2.75

11/15/42

1,519

2,095

U.S.

Treasury

Bond

.............................................

2.88

5/15/52

1,475

2,350

U.S.

Treasury

Bond

.............................................

2.88

5/15/49

1,686

955

U.S.

Treasury

Bond

.............................................

2.88

11/15/46

703

1,280

U.S.

Treasury

Bond

.............................................

2.88

8/15/45

957

831

U.S.

Treasury

Bond

.............................................

2.88

5/15/43

640

440

U.S.

Treasury

Bond

.............................................

3.00

2/15/47

330

1,670

U.S.

Treasury

Bond

.............................................

3.00

8/15/52

1,206

1,075

U.S.

Treasury

Bond

.............................................

3.00

5/15/47

805

1,125

U.S.

Treasury

Bond

.............................................

3.00

5/15/42

898

1,370

U.S.

Treasury

Bond

.............................................

3.00

2/15/48

1,018

1,900

U.S.

Treasury

Bond

.............................................

3.00

5/15/45

1,455

1,460

U.S.

Treasury

Bond

.............................................

3.00

8/15/48

1,079

955

U.S.

Treasury

Bond

.............................................

3.00

11/15/44

735

600

U.S.

Treasury

Bond

.............................................

3.00

11/15/45

457

570

U.S.

Treasury

Bond

.............................................

3.00

2/15/49

420

1,177

U.S.

Treasury

Bond

.............................................

3.13

2/15/43

946

1,030

U.S.

Treasury

Bond

.............................................

3.13

5/15/48

781

1,205

U.S.

Treasury

Bond

.............................................

3.13

8/15/44

949

1,000

U.S.

Treasury

Bond

.............................................

3.13

2/15/42

816

1,000

U.S.

Treasury

Bond

.............................................

3.13

11/15/41

819

850

U.S.

Treasury

Bond

.............................................

3.25

5/15/42

703

1,315

U.S.

Treasury

Bond

.............................................

3.38

8/15/42

1,103

1,695

U.S.

Treasury

Bond

.............................................

3.38

5/15/44

1,393

2,400

U.S.

Treasury

Bond

.............................................

3.38

11/15/48

1,898

2,205

U.S.

Treasury

Bond

.............................................

3.63

2/15/44

1,887

1,470

U.S.

Treasury

Bond

.............................................

3.63

8/15/43

1,264

1,100

U.S.

Treasury

Bond

.............................................

3.63

2/15/53

898

3,605

U.S.

Treasury

Bond

.............................................

3.63

5/15/53

2,940

1,220

U.S.

Treasury

Bond

.............................................

3.75

11/15/43

1,066

150

U.S.

Treasury

Bond

.............................................

3.88

5/15/43

134

1,275

U.S.

Treasury

Bond

.............................................

3.88

2/15/43

1,141

225

U.S.

Treasury

Bond

.............................................

3.88

8/15/40

207

925

U.S.

Treasury

Bond

.............................................

4.00

11/15/52

809

1,525

U.S.

Treasury

Bond

.............................................

4.13

8/15/44

1,397

3,015

U.S.

Treasury

Bond

.............................................

4.13

8/15/53

2,693

2,675

U.S.

Treasury

Bond

.............................................

4.25

8/15/54

2,443

550

U.S.

Treasury

Bond

.............................................

4.25

11/15/40

527

130

U.S.

Treasury

Bond

.............................................

4.25

5/15/39

126

2,355

U.S.

Treasury

Bond

.............................................

4.25

2/15/54

2,149

1,180

U.S.

Treasury

Bond

.............................................

4.38

11/15/39

1,156

530

U.S.

Treasury

Bond

.............................................

4.38

2/15/38

529

163

U.S.

Treasury

Bond

.............................................

4.38

5/15/40

159

551

U.S.

Treasury

Bond

.............................................

4.38

5/15/41

534

825

U.S.

Treasury

Bond

.............................................

4.50

2/15/36

845

3,055

U.S.

Treasury

Bond

.............................................

4.50

11/15/54

2,912

255

U.S.

Treasury

Bond

.............................................

4.50

5/15/38

258

1,150

U.S.

Treasury

Bond

.............................................

4.50

8/15/39

1,145

700

U.S.

Treasury

Bond

.............................................

4.50

2/15/44

676

3,045

U.S.

Treasury

Bond

.............................................

4.63

2/15/55

2,965

450

U.S.

Treasury

Bond

.............................................

4.63

5/15/44

441

1,450

U.S.

Treasury

Bond

.............................................

4.63

11/15/44

1,420

3,230

U.S.

Treasury

Bond

.............................................

4.63

5/15/54

3,138

134

HC

CAPITAL

TRUST

The

U.S.

Government

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Treasury

Obligations

(continued)

$

673

U.S.

Treasury

Bond

.............................................

4.63

2/15/40

$

676

1,350

U.S.

Treasury

Bond

.............................................

4.75

5/15/55

1,342

1,500

U.S.

Treasury

Bond

.............................................

4.75

2/15/41

1,518

1,775

U.S.

Treasury

Bond

.............................................

4.75

11/15/53

1,759

520

U.S.

Treasury

Bond

.............................................

4.75

2/15/37

541

1,750

U.S.

Treasury

Bond

.............................................

4.75

11/15/43

1,748

235

U.S.

Treasury

Bond

.............................................

5.00

5/15/37

250

425

U.S.

Treasury

Bond

.............................................

5.25

2/15/29

447

282

U.S.

Treasury

Bond

.............................................

5.25

11/15/28

295

215

U.S.

Treasury

Bond

.............................................

5.38

2/15/31

231

400

U.S.

Treasury

Bond

.............................................

5.50

8/15/28

421

280

U.S.

Treasury

Bond

.............................................

6.13

8/15/29

305

265

U.S.

Treasury

Bond

.............................................

6.13

11/15/27

279

1,090

U.S.

Treasury

Bond

.............................................

6.25

5/15/30

1,205

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

1,045

200

U.S.

Treasury

Bond

.............................................

6.75

8/15/26

206

2,285

U.S.

Treasury

Note

..............................................

0.38

7/31/27

2,132

1,740

U.S.

Treasury

Note

..............................................

0.38

9/30/27

1,616

2,520

U.S.

Treasury

Note

..............................................

0.50

6/30/27

2,364

2,135

U.S.

Treasury

Note

..............................................

0.50

8/31/27

1,993

2,145

U.S.

Treasury

Note

..............................................

0.50

10/31/27

1,992

2,225

U.S.

Treasury

Note

..............................................

0.50

4/30/27

2,098

1,715

U.S.

Treasury

Note

..............................................

0.50

5/31/27

1,613

5,595

U.S.

Treasury

Note

..............................................

0.63

8/15/30

4,772

4,655

U.S.

Treasury

Note

..............................................

0.63

5/15/30

4,005

3,100

U.S.

Treasury

Note

..............................................

0.63

7/31/26

2,990

135

U.S.

Treasury

Note

..............................................

0.63

11/30/27

125

1,225

U.S.

Treasury

Note

..............................................

0.63

3/31/27

1,160

3,245

U.S.

Treasury

Note

..............................................

0.63

12/31/27

3,008

2,345

U.S.

Treasury

Note

..............................................

0.75

8/31/26

2,260

3,650

U.S.

Treasury

Note

..............................................

0.75

1/31/28

3,386

4,775

U.S.

Treasury

Note

..............................................

0.88

11/15/30

4,096

2,030

U.S.

Treasury

Note

..............................................

0.88

9/30/26

1,955

3,365

U.S.

Treasury

Note

..............................................

1.00

7/31/28

3,102

4,015

U.S.

Treasury

Note

..............................................

1.13

2/29/28

3,754

4,420

U.S.

Treasury

Note

..............................................

1.13

2/15/31

3,825

635

U.S.

Treasury

Note

..............................................

1.13

10/31/26

612

2,635

U.S.

Treasury

Note

..............................................

1.13

8/31/28

2,433

1,840

U.S.

Treasury

Note

..............................................

1.13

2/28/27

1,761

790

U.S.

Treasury

Note

..............................................

1.25

3/31/28

740

2,820

U.S.

Treasury

Note

..............................................

1.25

11/30/26

2,719

3,975

U.S.

Treasury

Note

..............................................

1.25

8/15/31

3,400

2,065

U.S.

Treasury

Note

..............................................

1.25

5/31/28

1,926

2,990

U.S.

Treasury

Note

..............................................

1.25

9/30/28

2,766

2,890

U.S.

Treasury

Note

..............................................

1.25

6/30/28

2,690

2,300

U.S.

Treasury

Note

..............................................

1.25

4/30/28

2,150

3,235

U.S.

Treasury

Note

..............................................

1.25

12/31/26

3,114

3,400

U.S.

Treasury

Note

..............................................

1.38

10/31/28

3,152

450

U.S.

Treasury

Note

..............................................

1.38

8/31/26

437

2,650

U.S.

Treasury

Note

..............................................

1.38

12/31/28

2,448

4,990

U.S.

Treasury

Note

..............................................

1.38

11/15/31

4,269

2,615

U.S.

Treasury

Note

..............................................

1.50

1/31/27

2,522

3,685

U.S.

Treasury

Note

..............................................

1.50

2/15/30

3,335

3,410

U.S.

Treasury

Note

..............................................

1.50

11/30/28

3,169

750

U.S.

Treasury

Note

..............................................

1.50

8/15/26

730

2,235

U.S.

Treasury

Note

..............................................

1.63

8/15/29

2,058

945

U.S.

Treasury

Note

..............................................

1.63

11/30/26

916

135

HC

CAPITAL

TRUST

The

U.S.

Government

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

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

Note

..............................................

1.63

10/31/26

$

1,456

600

U.S.

Treasury

Note

..............................................

1.63

9/30/26

583

4,675

U.S.

Treasury

Note

..............................................

1.63

5/15/31

4,123

2,005

U.S.

Treasury

Note

..............................................

1.75

12/31/26

1,944

2,500

U.S.

Treasury

Note

..............................................

1.75

11/15/29

2,302

3,005

U.S.

Treasury

Note

..............................................

1.75

1/31/29

2,807

1,200

U.S.

Treasury

Note

..............................................

1.88

7/31/26

1,173

4,810

U.S.

Treasury

Note

..............................................

1.88

2/15/32

4,225

3,360

U.S.

Treasury

Note

..............................................

1.88

2/28/27

3,256

1,965

U.S.

Treasury

Note

..............................................

1.88

2/28/29

1,842

2,510

U.S.

Treasury

Note

..............................................

2.00

11/15/26

2,447

2,985

U.S.

Treasury

Note

..............................................

2.25

2/15/27

2,912

1,000

U.S.

Treasury

Note

..............................................

2.25

8/15/27

970

1,775

U.S.

Treasury

Note

..............................................

2.25

11/15/27

1,716

2,820

U.S.

Treasury

Note

..............................................

2.38

5/15/29

2,683

2,400

U.S.

Treasury

Note

..............................................

2.38

3/31/29

2,287

3,435

U.S.

Treasury

Note

..............................................

2.38

5/15/27

3,350

2,650

U.S.

Treasury

Note

..............................................

2.50

3/31/27

2,593

2,745

U.S.

Treasury

Note

..............................................

2.63

2/15/29

2,643

355

U.S.

Treasury

Note

..............................................

2.63

7/31/29

340

2,750

U.S.

Treasury

Note

..............................................

2.63

5/31/27

2,693

2,655

U.S.

Treasury

Note

..............................................

2.75

5/31/29

2,560

2,250

U.S.

Treasury

Note

..............................................

2.75

4/30/27

2,210

2,200

U.S.

Treasury

Note

..............................................

2.75

7/31/27

2,157

2,625

U.S.

Treasury

Note

..............................................

2.75

2/15/28

2,562

3,910

U.S.

Treasury

Note

..............................................

2.75

8/15/32

3,607

2,995

U.S.

Treasury

Note

..............................................

2.88

5/15/28

2,928

2,600

U.S.

Treasury

Note

..............................................

2.88

4/30/29

2,521

3,380

U.S.

Treasury

Note

..............................................

2.88

8/15/28

3,297

3,860

U.S.

Treasury

Note

..............................................

2.88

5/15/32

3,602

2,000

U.S.

Treasury

Note

..............................................

3.13

8/31/29

1,952

3,430

U.S.

Treasury

Note

..............................................

3.13

11/15/28

3,366

1,500

U.S.

Treasury

Note

..............................................

3.13

8/31/27

1,481

2,700

U.S.

Treasury

Note

..............................................

3.25

6/30/29

2,651

2,200

U.S.

Treasury

Note

..............................................

3.25

6/30/27

2,180

2,110

U.S.

Treasury

Note

..............................................

3.38

9/15/27

2,095

4,400

U.S.

Treasury

Note

..............................................

3.38

5/15/33

4,195

2,000

U.S.

Treasury

Note

..............................................

3.50

9/30/29

1,980

400

U.S.

Treasury

Note

..............................................

3.50

9/30/26

398

2,125

U.S.

Treasury

Note

..............................................

3.50

4/30/30

2,098

4,600

U.S.

Treasury

Note

..............................................

3.50

2/15/33

4,435

2,545

U.S.

Treasury

Note

..............................................

3.50

1/31/30

2,516

2,950

U.S.

Treasury

Note

..............................................

3.50

1/31/28

2,935

1,500

U.S.

Treasury

Note

..............................................

3.50

4/30/28

1,492

2,750

U.S.

Treasury

Note

..............................................

3.63

5/31/28

2,744

930

U.S.

Treasury

Note

..............................................

3.63

9/30/31

915

2,700

U.S.

Treasury

Note

..............................................

3.63

8/31/29

2,687

2,600

U.S.

Treasury

Note

..............................................

3.63

3/31/28

2,595

1,650

U.S.

Treasury

Note

..............................................

3.63

3/31/30

1,638

2,500

U.S.

Treasury

Note

..............................................

3.75

8/31/26

2,494

2,500

U.S.

Treasury

Note

..............................................

3.75

12/31/28

2,502

2,175

U.S.

Treasury

Note

..............................................

3.75

5/31/30

2,170

2,190

U.S.

Treasury

Note

..............................................

3.75

4/15/28

2,193

2,050

U.S.

Treasury

Note

..............................................

3.75

8/15/27

2,051

2,345

U.S.

Treasury

Note

..............................................

3.75

12/31/30

2,333

500

U.S.

Treasury

Note

..............................................

3.75

4/30/27

500

2,255

U.S.

Treasury

Note

..............................................

3.75

5/15/28

2,259

2,000

U.S.

Treasury

Note

..............................................

3.75

6/30/30

1,995

2,520

U.S.

Treasury

Note

..............................................

3.75

8/31/31

2,496

136

HC

CAPITAL

TRUST

The

U.S.

Government

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Treasury

Obligations

(continued)

$

5,415

U.S.

Treasury

Note

..............................................

3.88

8/15/34

$

5,289

1,500

U.S.

Treasury

Note

..............................................

3.88

5/31/27

1,504

500

U.S.

Treasury

Note

..............................................

3.88

4/30/30

502

2,185

U.S.

Treasury

Note

..............................................

3.88

3/15/28

2,195

1,500

U.S.

Treasury

Note

..............................................

3.88

3/31/27

1,503

2,500

U.S.

Treasury

Note

..............................................

3.88

12/31/27

2,511

4,605

U.S.

Treasury

Note

..............................................

3.88

8/15/33

4,537

1,740

U.S.

Treasury

Note

..............................................

3.88

12/31/29

1,747

2,270

U.S.

Treasury

Note

..............................................

3.88

6/15/28

2,282

1,400

U.S.

Treasury

Note

..............................................

3.88

9/30/29

1,407

2,090

U.S.

Treasury

Note

..............................................

3.88

10/15/27

2,097

1,765

U.S.

Treasury

Note

..............................................

3.88

11/30/29

1,773

2,500

U.S.

Treasury

Note

..............................................

4.00

2/29/28

2,519

3,050

U.S.

Treasury

Note

..............................................

4.00

1/15/27

3,057

1,950

U.S.

Treasury

Note

..............................................

4.00

1/31/29

1,968

1,750

U.S.

Treasury

Note

..............................................

4.00

10/31/29

1,767

1,985

U.S.

Treasury

Note

..............................................

4.00

1/31/31

1,999

2,800

U.S.

Treasury

Note

..............................................

4.00

2/28/30

2,828

1,200

U.S.

Treasury

Note

..............................................

4.00

5/31/30

1,212

2,000

U.S.

Treasury

Note

..............................................

4.00

7/31/30

2,018

2,030

U.S.

Treasury

Note

..............................................

4.00

12/15/27

2,044

2,500

U.S.

Treasury

Note

..............................................

4.00

7/31/29

2,523

2,000

U.S.

Treasury

Note

..............................................

4.00

3/31/30

2,019

5,000

U.S.

Treasury

Note

..............................................

4.00

2/15/34

4,950

1,000

U.S.

Treasury

Note

..............................................

4.00

4/30/32

1,001

1,250

U.S.

Treasury

Note

..............................................

4.00

6/30/28

1,261

1,700

U.S.

Treasury

Note

..............................................

4.13

5/31/32

1,715

900

U.S.

Treasury

Note

..............................................

4.13

10/31/31

909

3,230

U.S.

Treasury

Note

..............................................

4.13

2/15/27

3,245

1,700

U.S.

Treasury

Note

..............................................

4.13

3/31/29

1,723

2,030

U.S.

Treasury

Note

..............................................

4.13

11/15/27

2,049

500

U.S.

Treasury

Note

..............................................

4.13

10/31/29

507

1,400

U.S.

Treasury

Note

..............................................

4.13

2/29/32

1,413

1,600

U.S.

Treasury

Note

..............................................

4.13

11/30/31

1,616

3,600

U.S.

Treasury

Note

..............................................

4.13

1/31/27

3,617

2,500

U.S.

Treasury

Note

..............................................

4.13

11/30/29

2,537

1,750

U.S.

Treasury

Note

..............................................

4.13

10/31/26

1,755

2,550

U.S.

Treasury

Note

..............................................

4.13

3/31/32

2,573

2,790

U.S.

Treasury

Note

..............................................

4.13

7/31/31

2,822

3,720

U.S.

Treasury

Note

..............................................

4.13

11/15/32

3,746

750

U.S.

Treasury

Note

..............................................

4.13

3/31/31

760

2,600

U.S.

Treasury

Note

..............................................

4.25

6/30/29

2,649

1,675

U.S.

Treasury

Note

..............................................

4.25

2/28/31

1,707

2,750

U.S.

Treasury

Note

..............................................

4.25

2/28/29

2,799

1,280

U.S.

Treasury

Note

..............................................

4.25

3/15/27

1,290

3,360

U.S.

Treasury

Note

..............................................

4.25

5/15/35

3,365

2,365

U.S.

Treasury

Note

..............................................

4.25

2/15/28

2,397

2,280

U.S.

Treasury

Note

..............................................

4.25

1/15/28

2,310

1,455

U.S.

Treasury

Note

..............................................

4.25

6/30/31

1,482

3,000

U.S.

Treasury

Note

..............................................

4.25

11/30/26

3,016

4,115

U.S.

Treasury

Note

..............................................

4.25

11/15/34

4,129

2,500

U.S.

Treasury

Note

..............................................

4.25

12/31/26

2,515

2,425

U.S.

Treasury

Note

..............................................

4.25

1/31/30

2,473

1,950

U.S.

Treasury

Note

..............................................

4.38

12/15/26

1,965

2,220

U.S.

Treasury

Note

..............................................

4.38

11/30/30

2,277

1,670

U.S.

Treasury

Note

..............................................

4.38

8/15/26

1,677

1,200

U.S.

Treasury

Note

..............................................

4.38

7/31/26

1,205

2,500

U.S.

Treasury

Note

..............................................

4.38

12/31/29

2,562

2,210

U.S.

Treasury

Note

..............................................

4.38

7/15/27

2,237

137

HC

CAPITAL

TRUST

The

U.S.

Government

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Treasury

Obligations

(continued)

$

1,945

U.S.

Treasury

Note

..............................................

4.38

1/31/32

$

1,991

4,650

U.S.

Treasury

Note

..............................................

4.38

5/15/34

4,724

4,815

U.S.

Treasury

Note

..............................................

4.50

11/15/33

4,947

1,065

U.S.

Treasury

Note

..............................................

4.50

12/31/31

1,098

2,375

U.S.

Treasury

Note

..............................................

4.50

5/15/27

2,406

1,590

U.S.

Treasury

Note

..............................................

4.50

7/15/26

1,598

3,320

U.S.

Treasury

Note

..............................................

4.50

4/15/27

3,361

3,150

U.S.

Treasury

Note

..............................................

4.63

2/15/35

3,251

1,980

U.S.

Treasury

Note

..............................................

4.63

5/31/31

2,056

2,805

U.S.

Treasury

Note

..............................................

4.63

10/15/26

2,830

1,945

U.S.

Treasury

Note

..............................................

4.63

11/15/26

1,964

1,750

U.S.

Treasury

Note

..............................................

4.63

9/15/26

1,764

3,100

U.S.

Treasury

Note

..............................................

4.63

4/30/29

3,197

2,265

U.S.

Treasury

Note

..............................................

4.63

6/15/27

2,303

1,335

U.S.

Treasury

Note

..............................................

4.63

4/30/31

1,386

2,340

U.S.

Treasury

Note

..............................................

4.88

10/31/30

2,456

Total

U.S.

Treasury

Obligations

(cost

$534,481)

.......................

520,718

Shares

Investment

Companies

—

50.40%

Domestic

Fixed

Income

—

41.29%

11,042,200

iShares

U.S.

Treasury

Bond

ETF

....................................

253,750

3,187,898

Vanguard

Intermediate-Term

Treasury

ETF

............................

190,668

444,418

Money

Market

Funds

—

9.11%

98,005,651

State

Street

Institutional

Treasury

Plus

Money

Market

Fund,

Trust

Class

........

4.19(b)

98,006

Total

Investment

Companies

(cost

$534,311)

..........................

542,424

Purchased

Options

on

Futures

—

0.04%

Total

Purchased

Options

on

Futures

(cost

$409)

.......................

446

Total

Investments

(cost

$1,076,468)

—

99.48%

........................

1,070,744

Other

assets

in

excess

of

liabilities

—

0.52%

..........................

5,621

Net

Assets

—

100.00%

..........................................

$

1,076,365

(a)

Zero

Coupon

Security.

Effective

rate

shown

is

as

of

June

30,

2025.

(b)

Annualized

7-day

yield

as

of

period-end.

ETF—Exchange-Traded

Fund

138

HC

CAPITAL

TRUST

The

U.S.

Government

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

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

June

30,

2025.

The

U.S.

Government

Fixed

Income

Securities

Portfolio

Mellon

Investments

Corporation

Parametric

Portfolio

Associates,

LLC

Total

U.S.

Government

Agency

Securities

.......................................................................................................................

0.66

%

—

0.66

%

U.S.

Treasury

Obligations

........................................................................................................................................

48.38

%

—

48.38

%

Investment

Company

...............................................................................................................................................

—

50.40

%

50.40

%

Options

on

Futures

..................................................................................................................................................

—

0.04

%

0.04

%

Other

Assets

(Liabilities)

........................................................................................................................................

0.49

%

0.03

%

0.52

%

Total

Net

Assets

..................................................................................................................................................

49.53

%

50.47

%

100.00

%

The

following

table

reflects

the

open

derivative

positions

held

by

the

Portfolio

as

of

June

30,

2025

.

Futures

Contracts

Purchased

*

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value

and

Unrealized

Appreciation/

(Depreciation)

(000)

10

Year

US

Treasury

Note

Future

.............................

1,124

9/19/25

$

126,029

$

2,927

30

Year

US

Treasury

Bond

Future

.............................

497

9/19/25

57,388

2,506

$

183,417

$

5,433

Total

Unrealized

Appreciation

.....................

$

5,433

Total

Unrealized

Depreciation

.....................

—

Total

Net

Unrealized

Appreciation/(Depreciation)

.......

$

5,433

*

Cash

has

been

pledged

as

collateral

for

futures

contracts

held

by

the

Portfolio.

139

See

accompanying

notes

to

financial

statements.

HC

CAPITAL

TRUST

The

U.S.

Government

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(concluded)

—

June

30,

2025

Options

on

Futures

Contracts

Exchange-traded

options

on

futures

contacts

written

as

of

June

30,

2025

were

as

follows:

Description

Put/Call

Number

of

Contracts

Notional

Amount

(000)

Exercise

Price

Expiration

Date

Value

(000)

US

Treasury

Bond

Future

Option

............

Put

100

$

10,800

$

108.00

8/22/25

$

(25)

US

Treasury

Bond

Future

Option

............

Put

50

5,500

110.00

8/22/25

(22)

US

Treasury

Bond

Future

Option

............

Put

50

5,200

104.00

9/26/25

(12)

US

Treasury

Bond

Future

Option

............

Put

100

10,500

105.00

9/26/25

(28)

US

Treasury

Bond

Future

Option

............

Put

50

5,350

107.00

9/26/25

(22)

US

Treasury

Bond

Future

Option

............

Put

50

5,400

108.00

9/26/25

(29)

$

(138)

Exchanged-traded

options

on

futures

contacts

purchased

as

of

June

30,

2025

were

as

follows:

Description

Put/Call

Number

of

Contracts

Notional

Amount

(000)

Exercise

Price

Expiration

Date

Value

(000)

US

Treasury

Bond

Future

Option

............

Call

100

$

11,600

$

116.00

7/25/25

$

109

US

Treasury

Bond

Future

Option

............

Call

150

17,850

119.00

7/25/25

45

US

Treasury

Bond

Future

Option

............

Call

50

5,900

118.00

7/25/25

23

US

Treasury

Bond

Future

Option

............

Call

150

17,550

117.00

7/25/25

110

US

Treasury

Bond

Future

Option

............

Call

150

17,700

118.00

8/22/25

159

$

446

HC

CAPITAL

TRUST

The

U.S.

Corporate

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

—

June

30,

2025

140

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

Corporate

Bonds

—

67.96%

$

1,949

AbbVie,

Inc.

(Biotechnology)  

.....................................

4.40

11/6/42

$

1,713

435

AbbVie,

Inc.

(Biotechnology),

Callable

9/15/63

@

100.00 

.................

5.50

3/15/64

422

232

Air

Products

and

Chemicals,

Inc.

(Chemicals),

Callable

11/15/39

@

100.00 

.....

2.70

5/15/40

169

615

Alabama

Power

Co.,

Series

B

(Electric

Utilities),

Callable

6/1/47

@

100.00 

.....

3.70

12/1/47

469

1,940

American

Express

Co.

(Consumer

Finance),

Callable

4/25/28

@

100.00 

.......

4.73

(SOFR

+

126

bps)(a)

4/25/29

1,960

1,180

Amgen,

Inc.

(Biotechnology),

Callable

8/21/39

@

100.00 

..................

3.15

2/21/40

905

1,110

Amgen,

Inc.

(Biotechnology),

Callable

12/15/50

@

100.00 

.................

4.66

6/15/51

946

300

Amgen,

Inc.

(Biotechnology),

Callable

9/2/62

@

100.00 

..................

5.75

3/2/63

291

2,315

Anheuser-Busch

Cos.

LLC/Anheuser-Busch

InBev

Worldwide,

Inc.

(Beverages),

Callable

8/1/45

@

100.00 

....................................

4.90

2/1/46

2,119

385

Anheuser-Busch

InBev

Worldwide,

Inc.

(Beverages)  

.....................

4.95

1/15/42

363

335

Apple,

Inc.

(Technology

Hardware,

Storage

&

Peripherals),

Callable

2/8/62

@

100.00 

..................................................

4.10

8/8/62

263

2,345

Apple,

Inc.

(Technology

Hardware,

Storage

&

Peripherals),

Callable

8/23/45

@

100.00 

..................................................

4.65

2/23/46

2,141

2,890

AT&T,

Inc.

(Diversified

Telecommunication

Services),

Callable

3/15/55

@

100.00 

3.55

9/15/55

1,945

700

AT&T,

Inc.

(Diversified

Telecommunication

Services),

Callable

9/9/48

@

100.00 

.

4.55

3/9/49

579

90

Atmos

Energy

Corp.

(Gas

Utilities),

Callable

4/15/44

@

100.00 

.............

4.13

10/15/44

74

600

Atmos

Energy

Corp.

(Gas

Utilities),

Callable

7/15/42

@

100.00 

.............

4.15

1/15/43

510

1,960

Atmos

Energy

Corp.

(Gas

Utilities)  

.................................

6.75

7/15/28

2,078

6,575

Bank

of

America

Corp.

(Banks),

Callable

4/22/31

@

100.00 

................

2.69

(SOFR

+

132

bps)(a)

4/22/32

5,889

2,000

Bank

of

America

Corp.,

MTN

(Banks),

Callable

2/7/29

@

100.00 

...........

3.97

(TSFR3M

+

147

bps)(a)

2/7/30

1,966

790

Bank

of

America

Corp.

(Banks),

Callable

9/15/33

@

100.00 

................

5.87

(SOFR

+

184

bps)(a)

9/15/34

830

1,100

BAT

Capital

Corp.

(Tobacco),

Callable

12/25/30

@

100.00 

.................

2.73

3/25/31

988

765

Berkshire

Hathaway

Energy

Co.

(Oil,

Gas

&

Consumable

Fuels),

Callable

8/1/44

@

100.00 

..................................................

4.50

2/1/45

657

1,210

BP

Capital

Markets

America,

Inc.

(Oil,

Gas

&

Consumable

Fuels),

Callable

8/24/49

@

100.00 

................................................

3.00

2/24/50

777

1,060

Bristol-Myers

Squibb

Co.

(Pharmaceuticals),

Callable

4/26/49

@

100.00 

.......

4.25

10/26/49

856

150

Bristol-Myers

Squibb

Co.

(Pharmaceuticals),

Callable

8/22/63

@

100.00 

.......

5.65

2/22/64

145

2,925

Brown

&

Brown,

Inc.

(Insurance),

Callable

12/17/31

@

100.00 

.............

4.20

3/17/32

2,799

2,165

Bunge

Ltd.

Finance

Corp.

(Consumer

Staples

Distribution

&

Retail),

Callable

2/14/31

@

100.00 

..........................................

2.75

5/14/31

1,953

500

Capital

One

Financial

Corp.

(Consumer

Finance),

Callable

11/2/31

@

100.00 

...

2.62

(SOFR

+

127

bps)(a)

11/2/32

437

598

Capital

One

Financial

Corp.

(Consumer

Finance),

Callable

7/24/25

@

100.00 

...

4.99

(SOFR

+

216

bps)(a)

7/24/26

598

3,780

Capital

One

Financial

Corp.

(Consumer

Finance),

Callable

2/1/28

@

100.00 

....

5.47

(SOFR

+

208

bps)(a)

2/1/29

3,870

1,810

Carlisle

Cos.,

Inc.

(Building

Products),

Callable

12/1/31

@

100.00 

...........

2.20

3/1/32

1,529

570

CF

Industries,

Inc.

(Chemicals)  

....................................

5.38

3/15/44

529

2,990

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital

(Media),

Callable

1/1/31

@

100.00 

..............................

2.80

4/1/31

2,663

800

Cheniere

Energy

Partners

LP

(Oil,

Gas

&

Consumable

Fuels),

Callable

1/31/27

@

101.63 

..................................................

3.25

1/31/32

717

711

Cheniere

Energy

Partners

LP

(Oil,

Gas

&

Consumable

Fuels),

Callable

7/13/25

@

102.25 

..................................................

4.50

10/1/29

703

300

Chubb

INA

Holdings

LLC

(Insurance),

Callable

12/15/33

@

100.00 

..........

5.00

3/15/34

305

3,475

Citigroup,

Inc.

(Banks),

Callable

3/17/32

@

100.00 

......................

3.79

(SOFR

+

194

bps)(a)

3/17/33

3,240

3,105

Citigroup,

Inc.

(Banks),

Callable

3/31/30

@

100.00 

......................

4.41

(SOFR

+

391

bps)(a)

3/31/31

3,068

870

Comcast

Corp.

(Media),

Callable

5/1/49

@

100.00 

.......................

4.00

11/1/49

660

2,185

Comcast

Corp.

(Media)  

..........................................

4.75

3/1/44

1,921

250

Comcast

Corp.

(Media),

Callable

11/15/63

@

100.00 

.....................

5.50

5/15/64

231

141

HC

CAPITAL

TRUST

The

U.S.

Corporate

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

Corporate

Bonds

(continued)

$

200

ConocoPhillips

Co.

(Energy

Equipment

&

Services),

Callable

11/15/52

@

100.00 

5.30

5/15/53

$

183

155

ConocoPhillips

Co.

(Energy

Equipment

&

Services),

Callable

3/15/63

@

100.00 

.

5.70

9/15/63

148

380

Consolidated

Edison

Co.

of

New

York,

Inc.

(Electric

Utilities),

Callable

9/15/43

@

100.00 

..................................................

4.45

3/15/44

326

2,185

Constellation

Brands,

Inc.

(Beverages),

Callable

2/1/33

@

100.00 

............

4.90

5/1/33

2,162

664

Constellation

Energy

Generation

LLC

(Beverages),

Callable

9/15/53

@

100.00 

..

5.75

3/15/54

648

425

Constellation

Energy

Generation

LLC

(Independent

Power

and

Renewable

Electricity

Producers),

Callable

10/15/33

@

100.00 

..................

6.13

1/15/34

456

1,355

COPT

Defense

Properties

LP

(Real

Estate

Management

&

Development),

Callable

11/15/28

@

100.00 

.........................................

2.00

1/15/29

1,231

1,335

CSX

Corp.

(Ground

Transportation)  

.................................

6.22

4/30/40

1,437

1,765

CVS

Health

Corp.

(Health

Care

Providers

&

Services),

Callable

12/25/27

@

100.00 

4.30

3/25/28

1,758

960

CVS

Health

Corp.

(Health

Care

Providers

&

Services),

Callable

9/25/37

@

100.00 

4.78

3/25/38

878

1,280

CVS

Health

Corp.

(Health

Care

Providers

&

Services),

Callable

1/20/45

@

100.00 

5.13

7/20/45

1,129

1,480

Dell

International

LLC/EMC

Corp.

(Technology

Hardware,

Storage

&

Peripherals),

Callable

11/1/34

@

100.00 

....................................

4.85

2/1/35

1,423

1,892

Delta

Air

Lines,

Inc.

(Passenger

Airlines),

Callable

7/28/29

@

100.00 

.........

3.75

10/28/29

1,806

100

Devon

Energy

Corp.

(Oil,

Gas

&

Consumable

Fuels),

Callable

11/15/41

@

100.00 

4.75

5/15/42

83

430

Devon

Energy

Corp.

(Oil,

Gas

&

Consumable

Fuels),

Callable

1/15/41

@

100.00 

.

5.60

7/15/41

397

1,355

Devon

Energy

Corp.

(Oil,

Gas

&

Consumable

Fuels)  

....................

7.88

9/30/31

1,558

350

Dominion

Energy,

Inc.

(Multi-Utilities),

Callable

4/15/28

@

100.00 

..........

4.60

5/15/28

352

765

DTE

Electric

Co.

(Electric

Utilities),

Callable

2/15/47

@

100.00 

.............

3.75

8/15/47

581

250

DTE

Energy

Co.

(Multi-Utilities),

Callable

2/1/29

@

100.00 

...............

5.10

3/1/29

255

780

DTE

Energy

Co.

(Multi-Utilities),

Callable

3/1/34

@

100.00 

...............

5.85

6/1/34

815

310

EIDP,

Inc.

(Chemicals),

Callable

2/15/33

@

100.00 

......................

4.80

5/15/33

308

600

Elevance

Health,

Inc.

(Health

Care

Providers

&

Services)  

.................

4.63

5/15/42

525

750

Elevance

Health,

Inc.

(Health

Care

Providers

&

Services)  

.................

4.65

1/15/43

656

1,440

Energy

Transfer

LP

(Oil,

Gas

&

Consumable

Fuels),

Callable

7/15/42

@

100.00 

.

4.95

1/15/43

1,225

1,890

Energy

Transfer

LP

(Oil,

Gas

&

Consumable

Fuels),

Callable

2/1/26

@

103.69 (b)

7.38

2/1/31

1,980

1,467

Enterprise

Products

Operating

LLC

(Oil,

Gas

&

Consumable

Fuels),

Callable

9/15/43

@

100.00 

..........................................

4.85

3/15/44

1,323

1,644

FedEx

Corp.

Pass

Through

Trust,

Series

2020-1

(Air

Freight

&

Logistics)  

......

1.88

2/20/34

1,412

295

Fiserv,

Inc.

(Financial

Services),

Callable

12/15/33

@

100.00 

...............

5.45

3/15/34

302

990

Fiserv,

Inc.

(Financial

Services),

Callable

12/2/32

@

100.00 

................

5.60

3/2/33

1,023

3,000

Ford

Motor

Credit

Co.

LLC

(Financial

Services)  

........................

4.13

8/4/25

2,996

488

General

Motors

Co.

(Automobiles),

Callable

9/1/25

@

100.00 

..............

6.13

10/1/25

489

2,655

General

Motors

Financial

Co.,

Inc.

(Specialty

Retail),

Callable

2/6/30

@

100.00 

.

5.85

4/6/30

2,743

1,000

Georgia

Power

Co.

(Electric

Utilities)  

...............................

4.30

3/15/42

859

1,150

Gilead

Sciences,

Inc.

(Biotechnology),

Callable

8/1/44

@

100.00 

............

4.50

2/1/45

994

955

HCA,

Inc.

(Health

Care

Providers

&

Services),

Callable

3/1/33

@

100.00 

......

5.50

6/1/33

977

365

HCA,

Inc.

(Health

Care

Providers

&

Services),

Callable

1/1/34

@

100.00 

......

5.60

4/1/34

373

800

HCA,

Inc.

(Health

Care

Providers

&

Services),

Callable

8/1/28

@

100.00 

......

5.88

2/1/29

829

1,155

Howmet

Aerospace,

Inc.

(Aerospace

&

Defense),

Callable

8/15/31

@

100.00 

....

4.85

10/15/31

1,173

642

Intel

Corp.

(Semiconductors

&

Semiconductor

Equipment),

Callable

6/8/47

@

100.00 

..................................................

3.73

12/8/47

451

520

Intel

Corp.

(Semiconductors

&

Semiconductor

Equipment),

Callable

11/21/33

@

100.00 

..................................................

5.15

2/21/34

518

400

International

Business

Machines

Corp.

(IT

Services)  

.....................

4.00

6/20/42

330

545

International

Paper

Co.

(Containers

&

Packaging),

Callable

5/15/41

@

100.00 

...

6.00

11/15/41

551

7,015

JPMorgan

Chase

&

Co.

(Banks),

Callable

4/22/31

@

100.00 

................

2.58

(TSFR3M

+

125

bps)(a)

4/22/32

6,252

890

JPMorgan

Chase

&

Co.

(Banks),

Callable

1/23/34

@

100.00 

................

5.34

(SOFR

+

162

bps)(a)

1/23/35

909

280

Kinder

Morgan,

Inc.

(Oil,

Gas

&

Consumable

Fuels),

Callable

5/1/30

@

100.00 

..

5.15

6/1/30

285

1,610

Kinder

Morgan,

Inc.

(Oil,

Gas

&

Consumable

Fuels),

Callable

12/1/44

@

100.00 

.

5.55

6/1/45

1,513

140

Kinder

Morgan,

Inc.

(Oil,

Gas

&

Consumable

Fuels),

Callable

3/1/35

@

100.00 

..

5.85

6/1/35

145

475

Lincoln

National

Corp.

(Insurance),

Callable

10/15/29

@

100.00 

............

3.05

1/15/30

446

625

Lincoln

National

Corp.

(Insurance),

Callable

10/15/30

@

100.00 

............

3.40

1/15/31

581

900

Lincoln

National

Corp.

(Insurance),

Callable

12/15/33

@

100.00 

............

5.85

3/15/34

923

142

HC

CAPITAL

TRUST

The

U.S.

Corporate

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

Corporate

Bonds

(continued)

$

1,555

Lowe's

Cos.,

Inc.

(Specialty

Retail),

Callable

1/15/33

@

100.00 

.............

5.00

4/15/33

$

1,569

400

Lowe's

Cos.,

Inc.

(Specialty

Retail),

Callable

10/15/52

@

100.00 

............

5.63

4/15/53

384

945

Martin

Marietta

Materials,

Inc.

(Construction

Materials),

Callable

4/15/31

@

100.00 

2.40

7/15/31

831

2,826

Marvell

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment),

Callable

2/15/28

@

100.00 

..........................................

2.45

4/15/28

2,679

810

Marvell

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment),

Callable

1/15/31

@

100.00 

..........................................

2.95

4/15/31

737

205

Marvell

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment),

Callable

6/15/33

@

100.00 

..........................................

5.95

9/15/33

216

580

MetLife,

Inc.

(Insurance)  

........................................

4.88

11/13/43

530

325

MetLife,

Inc.

(Insurance),

Callable

7/15/53

@

100.00 

.....................

5.25

1/15/54

306

3,771

Microchip

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment),

Callable

8/2/25

@

100.00 

...........................................

4.25

9/1/25

3,769

620

Microsoft

Corp.

(Software),

Callable

12/1/49

@

100.00 

...................

2.53

6/1/50

383

1,715

Microsoft

Corp.

(Software),

Callable

2/8/46

@

100.00 

....................

3.70

8/8/46

1,377

409

Mohawk

Industries,

Inc.

(Household

Durables),

Callable

2/15/30

@

100.00 

.....

3.63

5/15/30

391

754

Mohawk

Industries,

Inc.

(Household

Durables),

Callable

8/18/28

@

100.00 

.....

5.85

9/18/28

782

1,848

Morgan

Stanley,

MTN

(Capital

Markets),

Callable

1/22/30

@

100.00 

.........

2.70

(SOFR

+

114

bps)(a)

1/22/31

1,702

4,875

Morgan

Stanley

(Capital

Markets),

Callable

1/21/32

@

100.00 

..............

2.94

(SOFR

+

129

bps)(a)

1/21/33

4,340

1,500

Morgan

Stanley

(Capital

Markets),

Callable

7/22/27

@

100.00 

..............

3.59

7/22/28

1,468

70

Morgan

Stanley

(Capital

Markets),

Callable

11/1/33

@

100.00 

..............

6.63

(SOFR

+

205

bps)(a)

11/1/34

77

1,075

Motorola

Solutions,

Inc.

(Communications

Equipment),

Callable

1/15/34

@

100.00 

5.40

4/15/34

1,092

470

Motorola

Solutions,

Inc.

(Communications

Equipment),

Callable

3/1/32

@

100.00 

5.60

6/1/32

487

1,533

National

Rural

Utilities

Cooperative

Finance

Corp.

(Financial

Services),

Callable

7/15/32

@

100.00 

..........................................

5.80

1/15/33

1,629

375

National

Rural

Utilities

Cooperative

Finance

Corp.

(Financial

Services)  

.......

8.00

3/1/32

440

1,335

NextEra

Energy

Capital

Holdings,

Inc.

(Electric

Utilities),

Callable

11/28/32

@

100.00 

..................................................

5.05

2/28/33

1,342

1,250

NextEra

Energy

Capital

Holdings,

Inc.

(Electric

Utilities),

Callable

8/28/52

@

100.00 

..................................................

5.25

2/28/53

1,154

1,150

NiSource,

Inc.

(Multi-Utilities),

Callable

1/1/34

@

100.00 

.................

5.35

4/1/34

1,166

1,180

NNN

REIT,

Inc.

(Retail

REITs),

Callable

1/15/30

@

100.00 

................

2.50

4/15/30

1,075

900

NNN

REIT,

Inc.

(Retail

REITs),

Callable

7/15/33

@

100.00 

................

5.60

10/15/33

930

1,395

Northrop

Grumman

Corp.

(Aerospace

&

Defense),

Callable

4/15/47

@

100.00 

..

4.03

10/15/47

1,114

185

Nucor

Corp.

(Metals

&

Mining),

Callable

1/1/32

@

100.00 

.................

3.13

4/1/32

169

434

Nucor

Corp.

(Metals

&

Mining),

Callable

2/1/43

@

100.00 

.................

5.20

8/1/43

420

1,310

Oracle

Corp.

(Software),

Callable

11/15/44

@

100.00 

....................

4.13

5/15/45

1,040

465

Oracle

Corp.

(Software),

Callable

8/9/32

@

100.00 

......................

6.25

11/9/32

503

3,175

Ovintiv,

Inc.

(Oil,

Gas

&

Consumable

Fuels),

Callable

10/1/25

@

100.00 

......

5.38

1/1/26

3,178

1,435

Philip

Morris

International,

Inc.

(Tobacco)  

............................

4.50

3/20/42

1,262

485

Philip

Morris

International,

Inc.

(Tobacco),

Callable

11/13/33

@

100.00 

.......

5.25

2/13/34

494

930

Potomac

Electric

Power

Co.

(Electric

Utilities),

Callable

9/15/42

@

100.00 

.....

4.15

3/15/43

777

120

Potomac

Electric

Power

Co.

(Electric

Utilities),

Callable

9/15/53

@

100.00 

.....

5.50

3/15/54

117

775

Principal

Financial

Group,

Inc.

(Insurance),

Callable

3/15/30

@

100.00 

........

2.13

6/15/30

690

2,184

Progress

Energy,

Inc.

(Multi-Utilities)  

...............................

6.00

12/1/39

2,268

1,085

Progress

Energy,

Inc.

(Electric

Utilities)  

..............................

7.75

3/1/31

1,243

1,005

Prudential

Financial,

Inc.

(Insurance)  

................................

4.60

5/15/44

883

360

Prudential

Financial,

Inc.

(Insurance),

Callable

6/1/32

@

100.00 

.............

6.00

(H15T5Y

+

323

bps)(a)

9/1/52

363

265

Public

Service

Electric

and

Gas

Co.

(Electric

Utilities),

Callable

3/1/42

@

100.00 

3.65

9/1/42

209

1,930

Radian

Group,

Inc.

(Financial

Services),

Callable

9/15/26

@

100.00 

..........

4.88

3/15/27

1,931

1,239

Reliance,

Inc.

(Metals

&

Mining),

Callable

7/15/25

@

100.00 

...............

1.30

8/15/25

1,234

1,244

Rockwell

Collins,

Inc.

(Aerospace

&

Defense),

Callable

12/15/26

@

100.00 

....

3.50

3/15/27

1,216

460

Roper

Technologies,

Inc.

(Software),

Callable

3/30/30

@

100.00 

.............

2.00

6/30/30

409

1,075

Roper

Technologies,

Inc.

(Software),

Callable

7/15/34

@

100.00 

.............

4.90

10/15/34

1,059

1,819

RTX

Corp.

(Aerospace

&

Defense)  

.................................

4.50

6/1/42

1,603

143

HC

CAPITAL

TRUST

The

U.S.

Corporate

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

Corporate

Bonds

(continued)

$

930

Sabra

Health

Care

LP

(Health

Care

REITs),

Callable

9/1/31

@

100.00 

.........

3.20

12/1/31

$

828

959

Sabra

Health

Care

LP

(Health

Care

REITs),

Callable

7/31/25

@

100.57 

........

5.13

8/15/26

961

710

Safehold

GL

Holdings

LLC

(Commercial

Services

&

Supplies),

Callable

10/15/34

@

100.00 

..................................................

5.65

1/15/35

708

1,225

Shell

Finance

US,

Inc.

(Oil,

Gas

&

Consumable

Fuels)  

...................

4.55

8/12/43

1,079

920

Southern

Co.

Gas

Capital

Corp.

(Gas

Utilities),

Callable

11/30/46

@

100.00 

....

4.40

5/30/47

748

1,250

Spectra

Energy

Partners

LP

(Oil,

Gas

&

Consumable

Fuels),

Callable

9/15/44

@

100.00 

..................................................

4.50

3/15/45

1,025

730

Steel

Dynamics,

Inc.

(Metals

&

Mining),

Callable

5/15/34

@

100.00 

..........

5.38

8/15/34

739

840

Sysco

Corp.

(Consumer

Staples

Distribution

&

Retail),

Callable

12/23/34

@

100.00 

5.40

3/23/35

852

120

Sysco

Corp.

(Consumer

Staples

Distribution

&

Retail),

Callable

10/1/49

@

100.00 

6.60

4/1/50

130

4,540

The

Goldman

Sachs

Group,

Inc.

(Capital

Markets),

Callable

7/21/31

@

100.00 

..

2.38

(SOFR

+

125

bps)(a)

7/21/32

3,964

850

The

Goldman

Sachs

Group,

Inc.

(Capital

Markets),

Callable

10/21/31

@

100.00 

.

2.65

(SOFR

+

126

bps)(a)

10/21/32

750

1,000

The

Goldman

Sachs

Group,

Inc.

(Capital

Markets),

Callable

4/23/28

@

100.00 

..

3.81

(TSFR3M

+

142

bps)(a)

4/23/29

983

535

The

Home

Depot,

Inc.

(Specialty

Retail),

Callable

6/6/48

@

100.00 

..........

4.50

12/6/48

459

685

The

Home

Depot,

Inc.

(Specialty

Retail),

Callable

3/15/40

@

100.00 

..........

5.40

9/15/40

692

2,025

The

PNC

Financial

Services

Group,

Inc.

(Banks),

Callable

1/22/34

@

100.00 

...

5.68

(SOFR

+

190

bps)(a)

1/22/35

2,098

395

The

Travelers

Cos.,

Inc.

(Insurance),

Callable

2/25/45

@

100.00 

.............

4.30

8/25/45

332

335

The

Travelers

Cos.,

Inc.

(Insurance)  

.................................

5.35

11/1/40

336

350

The

Walt

Disney

Co.

(Entertainment),

Callable

3/15/44

@

100.00 

............

4.75

9/15/44

315

530

T-Mobile

USA,

Inc.

(Wireless

Telecommunication

Services),

Callable

4/15/33

@

100.00 

..................................................

5.05

7/15/33

533

1,210

T-Mobile

USA,

Inc.

(Wireless

Telecommunication

Services),

Callable

7/15/52

@

100.00 

..................................................

5.65

1/15/53

1,171

500

Toyota

Motor

Credit

Corp.,

MTN

(Consumer

Finance)  

...................

4.80

1/5/34

500

1,490

Truist

Financial

Corp.,

MTN

(Banks),

Callable

6/8/33

@

100.00 

............

5.87

(SOFR

+

236

bps)(a)

6/8/34

1,552

552

UDR,

Inc.,

MTN

(Residential

REITs),

Callable

5/1/32

@

100.00 

............

2.10

8/1/32

456

352

UDR,

Inc.

(Residential

REITs),

Callable

5/15/31

@

100.00 

.................

3.00

8/15/31

320

158

UDR,

Inc.

(Residential

REITs),

Callable

10/26/28

@

100.00 

................

4.40

1/26/29

158

215

UnitedHealth

Group,

Inc.

(Health

Care

Providers

&

Services),

Callable

5/15/41

@

100.00 

..................................................

4.63

11/15/41

189

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

388

1,190

Valero

Energy

Corp.

(Oil,

Gas

&

Consumable

Fuels)  

.....................

6.63

6/15/37

1,271

1,175

Ventas

Realty

LP

(Diversified

REITs),

Callable

6/1/31

@

100.00 

.............

2.50

9/1/31

1,034

945

Ventas

Realty

LP

(Diversified

REITs),

Callable

10/15/28

@

100.00 

...........

4.40

1/15/29

941

100

Verizon

Communications,

Inc.

(Diversified

Telecommunication

Services),

Callable

5/20/50

@

100.00 

..........................................

2.88

11/20/50

62

3,665

Verizon

Communications,

Inc.

(Diversified

Telecommunication

Services),

Callable

9/22/40

@

100.00 

..........................................

3.40

3/22/41

2,814

625

Virginia

Electric

and

Power

Co.,

Series

B

(Electric

Utilities),

Callable

3/15/47

@

100.00 

..................................................

3.80

9/15/47

470

720

Virginia

Electric

and

Power

Co.,

Series

D

(Electric

Utilities),

Callable

2/15/43

@

100.00 

..................................................

4.65

8/15/43

629

325

Vulcan

Materials

Co.

(Construction

Materials),

Callable

3/1/30

@

100.00 

......

3.50

6/1/30

311

2,035

Wells

Fargo

&

Co.,

MTN

(Banks),

Callable

10/30/29

@

100.00 

.............

2.88

(TSFR3M

+

143

bps)(a)

10/30/30

1,898

3,375

Wells

Fargo

&

Co.

(Banks),

Callable

7/25/32

@

100.00 

...................

4.90

(SOFR

+

210

bps)(a)

7/25/33

3,365

795

Wells

Fargo

&

Co.

(Banks),

Callable

7/25/33

@

100.00 

...................

5.56

(SOFR

+

199

bps)(a)

7/25/34

818

144

HC

CAPITAL

TRUST

The

U.S.

Corporate

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

Corporate

Bonds

(continued)

$

340

WestRock

MWV

LLC

(Containers

&

Packaging)  

.......................

8.20

1/15/30

$

389

Total

Corporate

Bonds

(cost

$200,703)

..............................

194,437

Yankee

Dollars

—

4.89%

400

America

Movil

SAB

de

CV

(Wireless

Telecommunication

Services)  

.........

6.13

11/15/37

424

1,900

Aptiv

Swiss

Holdings

Ltd.

(Financial

Services),

Callable

8/13/29

@

100.00 

.....

4.65

9/13/29

1,887

1,546

British

Telecommunications

PLC

(Diversified

Telecommunication

Services)  

....

9.63

12/15/30

1,898

880

Canadian

Natural

Resources

Ltd.

(Oil,

Gas

&

Consumable

Fuels)  

...........

2.05

7/15/25

879

240

Canadian

Pacific

Railway

Co.

(Ground

Transportation),

Callable

6/2/51

@

100.00 

3.10

12/2/51

158

980

Canadian

Pacific

Railway

Co.

(Ground

Transportation)  

...................

7.13

10/15/31

1,101

1,001

Deutsche

Telekom

International

Finance

BV

(Diversified

Telecommunication

Services)  

................................................

8.75

6/15/30

1,180

1

Enbridge,

Inc.

(Oil,

Gas

&

Consumable

Fuels),

Callable

4/15/27

@

100.00 

.....

3.70

7/15/27

1

1,180

Iberdrola

International

BV

(Electric

Utilities)  

..........................

6.75

7/15/36

1,329

655

Nutrien

Ltd.

(Chemicals),

Callable

9/27/52

@

100.00 

.....................

5.80

3/27/53

646

1,143

Orange

SA

(Diversified

Telecommunication

Services)  

....................

9.00

3/1/31

1,386

1,225

Pfizer

Investment

Enterprises

Pte

Ltd.

(Capital

Markets),

Callable

11/19/42

@

100.00 

..................................................

5.11

5/19/43

1,169

440

Pfizer

Investment

Enterprises

Pte

Ltd.

(Capital

Markets),

Callable

11/19/62

@

100.00 

..................................................

5.34

5/19/63

409

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

688

285

Vodafone

Group

PLC

(Wireless

Telecommunication

Services)  

..............

4.88

6/19/49

244

162

Vodafone

Group

PLC

(Wireless

Telecommunication

Services)  

..............

6.15

2/27/37

173

290

Waste

Connections,

Inc.

(Commercial

Services

&

Supplies),

Callable

12/1/33

@

100.00 

..................................................

5.00

3/1/34

293

Total

Yankee

Dollars

(cost

$14,104)

.................................

13,997

Shares

Investment

Companies

—

26.88%

Domestic

Fixed

Income

—

25.64%

312,290

SPDR

Portfolio

Corporate

Bond

....................................

9,125

483,691

Vanguard

Intermediate-Term

Treasury

ETF

............................

28,930

456,255

Vanguard

Total

Corporate

Bond

Fund

................................

35,282

73,337

Money

Market

Funds

—

1.24%

2,216,852

State

Street

Institutional

Treasury

Money

Market

Fund,

Premier

Class

.........

4.20(c)

2,217

1,346,205

State

Street

Institutional

Treasury

Plus

Money

Market

Fund,

Trust

Class

........

4.19(c)

1,346

3,563

Total

Investment

Companies

(cost

$74,960)

...........................

76,900

Total

Investments

(cost

$289,767)

—

99.73%

.........................

285,334

Other

assets

in

excess

of

liabilities

—

0.27%

..........................

768

Net

Assets

—

100.00%

..........................................

$

286,102

(a)

Variable

Rate

Security.

The

rate

disclosed

is

the

rate

in

effect

on

June

30,

2025.

(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)

Annualized

7-day

yield

as

of

period-end.

145

See

accompanying

notes

to

financial

statements.

HC

CAPITAL

TRUST

The

U.S.

Corporate

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(concluded)

—

June

30,

2025

The

following

table

reflects

the

percentage

of

total

net

assets

of

the

Portfolio

attributable

to

each

Specialist

Manager

as

of

June

30,

2025.

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

The

U.S.

Corporate

Fixed

Income

Securities

Portfolio

Agincourt

Capital

Management,

LLC

Parametric

Portfolio

Associates,

LLC

HC

Capital

Solutions

Total

Corporate

Bonds

..............................................................................................................................

67.96

%

—

—

67.96

%

Yankee

Dollars

.................................................................................................................................

4.89

%

—

—

4.89

%

Investment

Companies

.....................................................................................................................

0.78

%

25.74

%

0.36

%

26.88

%

Other

Assets

(Liabilities)

.................................................................................................................

-0.43

%

—

0.70

%

0.27

%

Total

Net

Assets

..........................................................................................................................

73.20

%

25.74

%

1.06

%

100.00

%

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

—

June

30,

2025

146

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

Asset

Backed

Securities

—

1.21%

$

100

American

Express

Credit

Account

Master

Trust,

Series

2025-2,

Class

-

A

.......

4.28

4/15/30

$

101

100

American

Express

Credit

Account

Master

Trust,

Series

2024-1,

Class

-

A

.......

5.23

4/15/29

102

140

Capital

One

Multi-Asset

Execution

Trust,

Series

2021-A2,

Class

-

A2

.........

1.39

7/15/30

129

125

CarMax

Auto

Owner

Trust,

Series

2025-1,

Class

-

A4,

Callable

4/15/28

@

100.00

.

4.95

8/15/30

128

100

Chase

Issuance

Trust,

Series

2024-A2,

Class

-

A

.........................

4.63

1/15/31

102

150

Ford

Credit

Auto

Lease

Trust,

Series

2024-B,

Class

-

A4,

Callable

3/15/27

@

100.00

4.99

1/15/28

151

100

GM

Financial

Automobile

Leasing

Trust,

Series

2024-2,

Class

-

A4,

Callable

10/20/26

@

100.00

..........................................

5.36

5/22/28

101

300

GM

Financial

Consumer

Automobile

Receivables

Trust,

Series

2024-1,

Class

-

A3,

Callable

5/16/27

@

100.00

....................................

4.85

12/18/28

302

200

Harley-Davidson

Motorcycle

Trust,

Series

2024-A,

Class

-

A4,

Callable

11/15/27

@

100.00

...................................................

5.29

12/15/31

204

75

Honda

Auto

Receivables

Owner

Trust,

Series

2023-1,

Class

-

A4,

Callable

6/21/26

@

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

6/15/28

@

100.00

...................................................

4.84

3/15/29

101

125

Hyundai

Auto

Receivables

Trust,

Series

2023-C,

Class

-

A3,

Callable

12/15/27

@

100.00

...................................................

5.54

10/16/28

126

100

Mercedes-Benz

Auto

Lease

Trust,

Series

2025-A,

Class

-

A4,

Callable

4/15/28

@

100.00

...................................................

4.69

2/18/31

101

150

Synchrony

Card

Funding

LLC,

Series

2024-A1,

Class

-

A

..................

5.04

3/15/30

152

200

Toyota

Auto

Receivables

Owner

Trust,

Series

2024-A,

Class

-

A4,

Callable

11/15/27

@

100.00

................................................

4.77

4/16/29

203

250

Verizon

Master

Trust,

Series

2024-6,

Class

-

A1A,

Callable

8/20/27

@

100.00

...

4.17

8/20/30

251

175

WF

Card

Issuance

Trust,

Series

2024-A1,

Class

-

A

.......................

4.94

2/15/29

177

100

World

Omni

Auto

Receivables

Trust,

Series

2025-A,

Class

-

A4,

Callable

2/15/28

@

100.00

...................................................

4.86

11/15/30

102

100

World

Omni

Auto

Receivables

Trust,

Series

2024-B,

Class

-

A3,

Callable

5/15/27

@

100.00

...................................................

5.27

9/17/29

101

Total

Asset

Backed

Securities

(cost

$2,805)

...........................

2,810

Collateralized

Mortgage-Backed

Securities

—

4.88%

150

BANK,

Series

2020-BN26,

Class

-

A4,

Callable

3/15/30

@

100.00

...........

2.40

3/15/63

135

300

BANK,

Series

2021-BN37,

Class

-

A5,

Callable

11/15/31

@

100.00

...........

2.62(a)

11/15/64

263

100

BANK,

Series

2019-BN21,

Class

-

A5,

Callable

10/15/29

@

100.00

...........

2.85

10/17/52

92

100

BANK,

Series

2019-BN19,

Class

-

A3,

Callable

7/15/29

@

100.00

...........

3.18

8/15/61

93

300

BANK,

Series

2018-BN10,

Class

-

A5,

Callable

2/15/28

@

100.00

...........

3.69

2/15/61

294

100

BANK,

Series

2019-BN17,

Class

-

A4,

Callable

4/15/29

@

100.00

...........

3.71

4/15/52

97

150

BANK,

Series

2022-BNK41,

Class

-

A4

..............................

3.92(a)

4/15/65

141

150

BANK,

Series

2024-5YR8,

Class

-

AS,

Callable

8/15/29

@

100.00

...........

6.38(a)

8/15/57

157

60

BBCMS

Mortgage

Trust,

Series

2020-C7,

Class

-

AS,

Callable

4/15/30

@

100.00

.

2.44

4/15/53

53

400

BBCMS

Mortgage

Trust,

Series

2022-C15,

Class

-

A5,

Callable

4/15/32

@

100.00

3.66(a)

4/15/55

367

50

BBCMS

Mortgage

Trust,

Series

2024-5C29,

Class

-

A3,

Callable

9/15/29

@

100.00

5.21

9/15/57

51

150

BBCMS

Mortgage

Trust,

Series

2024-C28,

Class

-

A5,

Callable

8/15/34

@

100.00

5.40

9/15/57

154

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

140

150

Benchmark

Mortgage

Trust,

Series

2021-B25,

Class

-

ASB,

Callable

4/15/31

@

100.00

...................................................

2.27

4/15/54

140

100

Benchmark

Mortgage

Trust,

Series

2020-IG1,

Class

-

AS,

Callable

1/15/30

@

100.00

2.91(a)

9/15/43

82

200

Benchmark

Mortgage

Trust,

Series

2022-B33,

Class

-

A5,

Callable

3/15/32

@

100.00

...................................................

3.46

3/15/55

183

250

Benchmark

Mortgage

Trust,

Series

2019-B9,

Class

-

A5,

Callable

2/15/29

@

100.00

4.02

3/15/52

241

200

Benchmark

Mortgage

Trust,

Series

2018-B6,

Class

-

A4,

Callable

10/10/28

@

100.00

...................................................

4.26

10/10/51

195

150

Benchmark

Mortgage

Trust,

Series

2024-V8,

Class

-

A3,

Callable

7/15/29

@

100.00

6.19(a)

7/15/57

158

147

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

Collateralized

Mortgage-Backed

Securities

(continued)

$

100

Benchmark

Mortgage

Trust,

Series

2024-V11,

Class

-

AM,

Callable

11/15/29

@

100.00

...................................................

6.20(a)

11/15/57

$

105

150

BMO

Mortgage

Trust,

Series

2025-C11,

Class

-

ASB,

Callable

2/15/35

@

100.00

.

5.68

2/15/58

156

286

BMO

Mortgage

Trust,

Series

2024-5C4,

Class

-

A3,

Callable

5/15/29

@

100.00

..

6.53(a)

5/15/57

303

100

Citigroup

Commercial

Mortgage

Trust,

Series

2020-GC46,

Class

-

AS,

Callable

2/15/30

@

100.00

..........................................

2.92

2/15/53

89

150

Citigroup

Commercial

Mortgage

Trust,

Series

2019-C7,

Class

-

A4,

Callable

12/15/29

@

100.00

..........................................

3.10

12/15/72

140

44

COMM

Mortgage

Trust,

Series

2019-GC44,

Class

-

ASB,

Callable

11/15/29

@

100.00

...................................................

2.87

8/15/57

42

187

Fannie

Mae-ACES,

Series

2020-M8,

Class

-

A2

.........................

1.82

2/25/30

167

154

Fannie

Mae-ACES,

Series

2017-M7,

Class

-

A2

.........................

2.96(a)

2/25/27

151

85

Fannie

Mae-ACES,

Series

2017-M11,

Class

-

A2

........................

2.98

8/25/29

81

139

Fannie

Mae-ACES,

Series

2022-M11,

Class

-

A2

........................

3.07(a)

10/25/27

136

176

Fannie

Mae-ACES,

Series

2017-M12,

Class

-

A2

........................

3.16(a)

6/25/27

172

163

Fannie

Mae-ACES,

Series

2017-M15,

Class

-

ATS2

......................

3.21(a)

11/25/27

160

235

Fannie

Mae-ACES,

Series

2018-M14,

Class

-

A2

........................

3.70(a)

8/25/28

231

175

Fannie

Mae-ACES,

Series

2019-M2,

Class

-

A2

.........................

3.74(a)

11/25/28

172

100

Fannie

Mae-ACES,

Series

2023-M4,

Class

-

A2

.........................

3.89(a)

9/25/32

96

300

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K117,

Class

-

A2

.....................................................

1.41

8/25/30

262

300

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K1516,

Class

-

A2

....................................................

1.72

5/25/35

232

53

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K106,

Class

-

A1

.....................................................

1.78

10/25/29

50

390

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K126,

Class

-

A2

.....................................................

2.07

1/25/31

349

200

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K133,

Class

-

A2

.....................................................

2.10

9/25/31

176

200

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K749,

Class

-

AM

.....................................................

2.12

4/25/29

186

150

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K749,

Class

-

A2

.....................................................

2.12(a)

3/25/29

140

100

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K136,

Class

-

A2

.....................................................

2.13

11/25/31

88

300

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K1521,

Class

-

A2

....................................................

2.18

8/25/36

234

36

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K099,

Class

-

A1

.....................................................

2.26

6/25/29

35

164

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K143,

Class

-

A1,

Callable

4/25/32

@

100.00

.................................

2.71

4/25/55

154

75

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K1514,

Class

-

A2

....................................................

2.86

10/25/34

64

200

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K147,

Class

-

A2

.....................................................

3.00(a)

6/25/32

184

100

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K092,

Class

-

A2

.....................................................

3.30

4/25/29

97

250

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K091,

Class

-

A2

.....................................................

3.51

3/25/29

245

250

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K087,

Class

-

A2

.....................................................

3.77

12/25/28

248

150

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K152,

Class

-

A2

.....................................................

3.78

11/25/32

144

75

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K153,

Class

-

AM

.....................................................

3.82

12/25/32

72

350

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K077,

Class

-

A2

.....................................................

3.85

5/25/28

348

400

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K081,

Class

-

A2

.....................................................

3.90(a)

8/25/28

397

148

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

Collateralized

Mortgage-Backed

Securities

(continued)

$

148

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K168,

Class

-

A1

.....................................................

4.13

10/25/34

$

146

150

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K751,

Class

-

A2

.....................................................

4.41

3/25/30

151

50

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K165,

Class

-

A2

.....................................................

4.49

9/25/34

50

140

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K164,

Class

-

A2

.....................................................

5.00

5/25/34

145

200

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K162,

Class

-

A2

.....................................................

5.15

12/25/33

209

200

GS

Mortgage

Securities

Trust,

Series

2019-GC42,

Class

-

A4,

Callable

9/10/29

@

100.00

...................................................

3.00

9/10/52

187

100

GS

Mortgage

Securities

Trust,

Series

2020-GC45,

Class

-

AS,

Callable

1/13/30

@

100.00

...................................................

3.17(a)

2/13/53

92

250

GS

Mortgage

Securities

Trust,

Series

2017-GS5,

Class

-

A4,

Callable

3/10/27

@

100.00

...................................................

3.67

3/10/50

241

100

GS

Mortgage

Securities

Trust,

Series

2018-GS10,

Class

-

A5,

Callable

7/10/28

@

100.00

...................................................

4.16(a)

7/10/51

98

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

195

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

105

100

UBS

Commercial

Mortgage

Trust,

Series

2018-C9,

Class

-

A4,

Callable

4/15/28

@

100.00

...................................................

4.12(a)

3/15/51

98

122

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2019-C53,

Class

-

A4,

Callable

10/15/29

@

100.00

..........................................

3.04

10/15/52

115

100

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2018-C47,

Class

-

A4,

Callable

10/15/28

@

100.00

..........................................

4.44

9/15/61

100

200

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2025-C64,

Class

-

A5,

Callable

2/15/35

@

100.00

..........................................

5.65

2/15/58

208

Total

Collateralized

Mortgage-Backed

Securities

(cost

$11,985)

...........

11,328

U.S.

Government

Agency

Mortgages

—

79.14%

327

Fannie

Mae,

Pool

#CA7695

.......................................

1.50

11/1/50

247

233

Fannie

Mae,

Pool

#FS1327

........................................

1.50

6/1/36

209

124

Fannie

Mae,

Pool

#MA4310

.......................................

1.50

4/1/41

102

332

Fannie

Mae,

Pool

#FM6579

.......................................

1.50

3/1/51

251

411

Fannie

Mae,

Pool

#MA4397

.......................................

1.50

8/1/51

311

147

Fannie

Mae,

Pool

#MA4386

.......................................

1.50

7/1/41

121

242

Fannie

Mae,

Pool

#BQ3141

.......................................

1.50

10/1/35

218

363

Fannie

Mae,

Pool

#MA4280

.......................................

1.50

3/1/51

275

290

Fannie

Mae,

Pool

#MA4236

.......................................

1.50

1/1/51

218

18

Fannie

Mae,

Pool

#MA4181

.......................................

1.50

11/1/50

14

79

Fannie

Mae,

Pool

#BT2055

........................................

1.50

3/1/37

70

299

Fannie

Mae,

Pool

#MA4417

.......................................

1.50

9/1/36

266

397

Fannie

Mae,

Pool

#MA4354

.......................................

1.50

6/1/51

301

164

Fannie

Mae,

Pool

#MA4302

.......................................

1.50

4/1/36

146

348

Fannie

Mae,

Pool

#MA4304

.......................................

1.50

4/1/51

263

200

Fannie

Mae,

Pool

#BQ5781

.......................................

1.50

11/1/35

181

273

Fannie

Mae,

Pool

#CB0310

.......................................

1.50

4/1/36

244

84

Fannie

Mae,

Pool

#MA4122

.......................................

1.50

9/1/35

75

115

Fannie

Mae,

Pool

#FM9249

.......................................

1.50

10/1/41

94

69

Fannie

Mae,

Pool

#MA4286

.......................................

1.50

3/1/41

56

152

Fannie

Mae,

Pool

#MA4266

.......................................

1.50

2/1/41

124

172

Fannie

Mae,

Pool

#CB0711

........................................

1.50

6/1/51

130

36

Fannie

Mae,

Pool

#FS2037

........................................

1.50

5/1/37

32

149

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Government

Agency

Mortgages

(continued)

$

353

Fannie

Mae,

Pool

#MA4343

.......................................

1.50

5/1/51

$

267

228

Fannie

Mae,

Pool

#CA7696

.......................................

1.50

11/1/50

172

306

Fannie

Mae,

Pool

#MA4441

.......................................

1.50

10/1/36

272

36

Fannie

Mae,

Pool

#MA4342

.......................................

1.50

5/1/41

30

75

Fannie

Mae,

Pool

#MA4445

.......................................

1.50

10/1/41

62

127

Fannie

Mae,

Pool

#MA4204

.......................................

2.00

12/1/40

110

317

Fannie

Mae,

Pool

#FM6555

.......................................

2.00

4/1/51

256

27

Fannie

Mae,

Pool

#MA2906

.......................................

2.00

2/1/32

26

6

Fannie

Mae,

Pool

#CA0052

.......................................

2.00

7/1/32

6

73

Fannie

Mae,

Pool

#MA4474

.......................................

2.00

11/1/41

62

52

Fannie

Mae,

Pool

#BU8781

.......................................

2.00

4/1/37

48

239

Fannie

Mae,

Pool

#FS1621

........................................

2.00

7/1/51

190

214

Fannie

Mae,

Pool

#MA4119

.......................................

2.00

9/1/50

171

407

Fannie

Mae,

Pool

#BK8461

.......................................

2.00

1/1/51

324

315

Fannie

Mae,

Pool

#MA4255

.......................................

2.00

2/1/51

251

236

Fannie

Mae,

Pool

#MA4208

.......................................

2.00

12/1/50

188

363

Fannie

Mae,

Pool

#MA4182

.......................................

2.00

11/1/50

288

310

Fannie

Mae,

Pool

#MA4237

.......................................

2.00

1/1/51

246

287

Fannie

Mae,

Pool

#MA4360

.......................................

2.00

6/1/36

263

33

Fannie

Mae,

Pool

#FM9724

.......................................

2.00

11/1/36

31

35

Fannie

Mae,

Pool

#MA4071

.......................................

2.00

7/1/40

30

164

Fannie

Mae,

Pool

#BQ5160

.......................................

2.00

12/1/50

131

26

Fannie

Mae,

Pool

#MA4093

.......................................

2.00

8/1/40

22

273

Fannie

Mae,

Pool

#CA7224

.......................................

2.00

10/1/50

220

10

Fannie

Mae,

Pool

#BJ4362

........................................

2.00

11/1/32

9

245

Fannie

Mae,

Pool

#CA9183

.......................................

2.00

2/1/36

226

350

Fannie

Mae,

Pool

#CB0325

.......................................

2.00

4/1/51

279

170

Fannie

Mae,

Pool

#CB0497

.......................................

2.00

5/1/51

137

356

Fannie

Mae,

Pool

#CB0684

.......................................

2.00

6/1/51

283

335

Fannie

Mae,

Pool

#FM6448

.......................................

2.00

3/1/51

269

320

Fannie

Mae,

Pool

#FM6852

.......................................

2.00

5/1/51

257

358

Fannie

Mae,

Pool

#MA4536

.......................................

2.00

2/1/37

327

310

Fannie

Mae,

Pool

#MA4442

.......................................

2.00

10/1/36

284

395

Fannie

Mae,

Pool

#CA8252

.......................................

2.00

12/1/45

315

367

Fannie

Mae,

Pool

#FM9579

.......................................

2.00

7/1/51

292

147

Fannie

Mae,

Pool

#MA4176

.......................................

2.00

11/1/40

128

450

Fannie

Mae,

Pool

#BR4094

.......................................

2.00

1/1/51

359

397

Fannie

Mae,

Pool

#FS1334

........................................

2.00

11/1/51

316

77

Fannie

Mae,

Pool

#FS0317

........................................

2.00

2/1/42

65

383

Fannie

Mae,

Pool

#FM9441

.......................................

2.00

4/1/51

306

322

Fannie

Mae,

Pool

#CA8850

.......................................

2.00

2/1/51

257

313

Fannie

Mae,

Pool

#BQ8341

.......................................

2.00

12/1/50

250

326

Fannie

Mae,

Pool

#BQ9685

.......................................

2.00

1/1/51

259

415

Fannie

Mae,

Pool

#BR0948

.......................................

2.00

4/1/51

330

72

Fannie

Mae,

Pool

#CA8687

.......................................

2.00

1/1/51

57

338

Fannie

Mae,

Pool

#FM5308

.......................................

2.00

12/1/50

270

91

Fannie

Mae,

Pool

#MA4155

.......................................

2.00

10/1/35

84

186

Fannie

Mae,

Pool

#CA8118

.......................................

2.00

12/1/50

150

44

Fannie

Mae,

Pool

#AS1058

........................................

2.00

11/1/28

43

204

Fannie

Mae,

Pool

#BR4435

.......................................

2.00

4/1/51

163

115

Fannie

Mae,

Pool

#MA4287

.......................................

2.00

3/1/41

98

8

Fannie

Mae,

Pool

#AY4232

.......................................

2.00

5/1/30

7

206

Fannie

Mae,

Pool

#MA4325

.......................................

2.00

5/1/51

164

385

Fannie

Mae,

Pool

#FM4969

.......................................

2.00

12/1/50

310

293

Fannie

Mae,

Pool

#MA4602

.......................................

2.00

5/1/37

268

237

Fannie

Mae,

Pool

#FS0355

........................................

2.00

9/1/51

188

331

Fannie

Mae,

Pool

#MA4305

.......................................

2.00

4/1/51

263

129

Fannie

Mae,

Pool

#MA4303

.......................................

2.00

4/1/36

118

8

Fannie

Mae,

Pool

#AS0001

........................................

2.00

7/1/28

8

150

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Government

Agency

Mortgages

(continued)

$

427

Fannie

Mae,

Pool

#FM4788

.......................................

2.00

11/1/50

$

342

346

Fannie

Mae,

Pool

#CA8110

.......................................

2.00

12/1/50

277

439

Fannie

Mae,

Pool

#BQ5112

.......................................

2.00

11/1/50

351

174

Fannie

Mae,

Pool

#FM4039

.......................................

2.00

10/1/35

161

385

Fannie

Mae,

Pool

#MA4378

.......................................

2.00

7/1/51

306

272

Fannie

Mae,

Pool

#BQ7777

.......................................

2.00

3/1/36

250

314

Fannie

Mae,

Pool

#BQ3004

.......................................

2.00

10/1/50

251

282

Fannie

Mae,

Pool

#BP9370

........................................

2.00

7/1/50

225

375

Fannie

Mae,

Pool

#BT0240

........................................

2.00

9/1/51

299

24

Fannie

Mae,

Pool

#MA4333

.......................................

2.00

5/1/41

21

226

Fannie

Mae,

Pool

#FM3755

.......................................

2.00

9/1/35

209

293

Fannie

Mae,

Pool

#BR2176

.......................................

2.00

7/1/36

269

342

Fannie

Mae,

Pool

#CA7833

.......................................

2.00

11/1/50

276

321

Fannie

Mae,

Pool

#MA4281

.......................................

2.00

3/1/51

255

225

Fannie

Mae,

Pool

#MA4355

.......................................

2.00

6/1/51

179

264

Fannie

Mae,

Pool

#MA4403

.......................................

2.00

8/1/36

242

314

Fannie

Mae,

Pool

#MA4128

.......................................

2.00

9/1/40

273

356

Fannie

Mae,

Pool

#CB1620

.......................................

2.00

9/1/51

284

409

Fannie

Mae,

Pool

#MA4511

.......................................

2.00

1/1/52

325

131

Fannie

Mae,

Pool

#BP6626

........................................

2.00

8/1/50

105

107

Fannie

Mae,

Pool

#FM5453

.......................................

2.00

1/1/41

93

203

Fannie

Mae,

Pool

#MA4437

.......................................

2.00

10/1/51

161

403

Fannie

Mae,

Pool

#MA4158

.......................................

2.00

10/1/50

322

439

Fannie

Mae,

Pool

#CB3102

.......................................

2.00

3/1/52

353

259

Fannie

Mae,

Pool

#BU7103

.......................................

2.00

12/1/51

206

393

Fannie

Mae,

Pool

#CA8933

.......................................

2.00

2/1/51

317

412

Fannie

Mae,

Pool

#CA9273

.......................................

2.00

2/1/51

329

206

Fannie

Mae,

Pool

#FM5044

.......................................

2.00

12/1/50

166

412

Fannie

Mae,

Pool

#FM7411

.......................................

2.00

5/1/51

326

58

Fannie

Mae,

Pool

#MA4075

.......................................

2.50

7/1/35

55

212

Fannie

Mae,

Pool

#MA4078

.......................................

2.50

7/1/50

178

29

Fannie

Mae,

Pool

#MA3965

.......................................

2.50

3/1/40

27

221

Fannie

Mae,

Pool

#MA4517

.......................................

2.50

1/1/37

207

19

Fannie

Mae,

Pool

#FM9543

.......................................

2.50

12/1/51

16

17

Fannie

Mae,

Pool

#MA3282

.......................................

2.50

2/1/33

16

224

Fannie

Mae,

Pool

#CA6075

.......................................

2.50

6/1/50

189

68

Fannie

Mae,

Pool

#MA3827

.......................................

2.50

11/1/34

64

348

Fannie

Mae,

Pool

#BU5917

.......................................

2.50

12/1/51

294

154

Fannie

Mae,

Pool

#MA4414

.......................................

2.50

9/1/51

129

11

Fannie

Mae,

Pool

#AS8437

........................................

2.50

12/1/36

10

227

Fannie

Mae,

Pool

#MA4256

.......................................

2.50

2/1/51

190

416

Fannie

Mae,

Pool

#CA9289

.......................................

2.50

2/1/51

345

197

Fannie

Mae,

Pool

#MA4210

.......................................

2.50

12/1/50

164

93

Fannie

Mae,

Pool

#MA4099

.......................................

2.50

8/1/35

88

16

Fannie

Mae,

Pool

#AS0513

........................................

2.50

8/1/43

14

6

Fannie

Mae,

Pool

#MA2888

.......................................

2.50

1/1/47

5

202

Fannie

Mae,

Pool

#BO4657

.......................................

2.50

11/1/49

169

13

Fannie

Mae,

Pool

#MA2868

.......................................

2.50

1/1/32

12

25

Fannie

Mae,

Pool

#AU2619

.......................................

2.50

8/1/28

25

7

Fannie

Mae,

Pool

#MA2854

.......................................

2.50

12/1/46

6

202

Fannie

Mae,

Pool

#FM2881

.......................................

2.50

4/1/50

170

33

Fannie

Mae,

Pool

#AU6387

.......................................

2.50

11/1/28

33

280

Fannie

Mae,

Pool

#CA8131

.......................................

2.50

12/1/50

236

9

Fannie

Mae,

Pool

#BJ3742

........................................

2.50

12/1/32

9

86

Fannie

Mae,

Pool

#MA3765

.......................................

2.50

9/1/49

72

248

Fannie

Mae,

Pool

#FM3878

.......................................

2.50

7/1/50

210

211

Fannie

Mae,

Pool

#CA6304

.......................................

2.50

7/1/50

178

205

Fannie

Mae,

Pool

#BP5878

........................................

2.50

6/1/50

171

296

Fannie

Mae,

Pool

#BQ5110

.......................................

2.50

11/1/50

248

151

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Government

Agency

Mortgages

(continued)

$

6

Fannie

Mae,

Pool

#MA1511

.......................................

2.50

7/1/33

$

6

205

Fannie

Mae,

Pool

#BK2588

.......................................

2.50

5/1/50

172

3

Fannie

Mae,

Pool

#MA2789

.......................................

2.50

10/1/36

3

368

Fannie

Mae,

Pool

#BU1451

.......................................

2.50

1/1/52

307

40

Fannie

Mae,

Pool

#BE3032

........................................

2.50

1/1/32

39

15

Fannie

Mae,

Pool

#MA3737

.......................................

2.50

8/1/34

14

7

Fannie

Mae,

Pool

#MA3788

.......................................

2.50

9/1/39

7

352

Fannie

Mae,

Pool

#FM8997

.......................................

2.50

10/1/51

296

123

Fannie

Mae,

Pool

#MA3902

.......................................

2.50

1/1/50

103

23

Fannie

Mae,

Pool

#BJ3944

........................................

2.50

1/1/33

22

160

Fannie

Mae,

Pool

#CA7237

.......................................

2.50

10/1/50

135

63

Fannie

Mae,

Pool

#AB7391

.......................................

2.50

12/1/42

55

12

Fannie

Mae,

Pool

#MA1270

.......................................

2.50

11/1/32

11

214

Fannie

Mae,

Pool

#MA4096

.......................................

2.50

8/1/50

179

268

Fannie

Mae,

Pool

#FM4309

.......................................

2.50

9/1/50

225

397

Fannie

Mae,

Pool

#CB2523

.......................................

2.50

1/1/52

332

130

Fannie

Mae,

Pool

#MA2730

.......................................

2.50

8/1/46

111

27

Fannie

Mae,

Pool

#AP4742

........................................

2.50

8/1/27

27

35

Fannie

Mae,

Pool

#AS4946

........................................

2.50

5/1/30

34

35

Fannie

Mae,

Pool

#MA3896

.......................................

2.50

1/1/35

33

412

Fannie

Mae,

Pool

#FM8745

.......................................

2.50

9/1/51

342

24

Fannie

Mae,

Pool

#MA3801

.......................................

2.50

10/1/49

20

111

Fannie

Mae,

Pool

#MA3246

.......................................

2.50

1/1/33

106

180

Fannie

Mae,

Pool

#CA8132

.......................................

2.50

12/1/50

152

20

Fannie

Mae,

Pool

#MA3217

.......................................

2.50

12/1/32

20

187

Fannie

Mae,

Pool

#CB1131

........................................

2.50

7/1/51

156

25

Fannie

Mae,

Pool

#AT2717

........................................

2.50

5/1/43

22

21

Fannie

Mae,

Pool

#MA4016

.......................................

2.50

5/1/40

19

376

Fannie

Mae,

Pool

#FS0030

........................................

2.50

4/1/51

312

10

Fannie

Mae,

Pool

#AZ6458

.......................................

2.50

7/1/30

10

220

Fannie

Mae,

Pool

#FM4231

.......................................

2.50

9/1/50

185

49

Fannie

Mae,

Pool

#MA4053

.......................................

2.50

6/1/35

47

122

Fannie

Mae,

Pool

#MA3990

.......................................

2.50

4/1/50

102

16

Fannie

Mae,

Pool

#CB2979

.......................................

2.50

2/1/37

15

12

Fannie

Mae,

Pool

#AS4660

........................................

2.50

3/1/30

12

34

Fannie

Mae,

Pool

#MA3764

.......................................

2.50

9/1/34

32

32

Fannie

Mae,

Pool

#MA1210

.......................................

2.50

10/1/27

31

367

Fannie

Mae,

Pool

#CB1784

.......................................

2.50

10/1/51

307

32

Fannie

Mae,

Pool

#MA1277

.......................................

2.50

12/1/27

32

382

Fannie

Mae,

Pool

#CB1828

.......................................

2.50

10/1/51

319

159

Fannie

Mae,

Pool

#MA4183

.......................................

2.50

11/1/50

133

230

Fannie

Mae,

Pool

#FM3494

.......................................

2.50

4/1/48

198

210

Fannie

Mae,

Pool

#MA4159

.......................................

2.50

10/1/50

176

341

Fannie

Mae,

Pool

#CB0415

.......................................

2.50

5/1/51

285

9

Fannie

Mae,

Pool

#MA3830

.......................................

2.50

11/1/39

8

21

Fannie

Mae,

Pool

#AO3019

.......................................

2.50

5/1/27

20

24

Fannie

Mae,

Pool

#AS8246

........................................

2.50

11/1/31

23

352

Fannie

Mae,

Pool

#CB1556

.......................................

2.50

9/1/51

294

320

Fannie

Mae,

Pool

#BR7857

.......................................

2.50

5/1/51

267

51

Fannie

Mae,

Pool

#FM3296

.......................................

2.50

5/1/35

48

40

Fannie

Mae,

Pool

#BC9041

.......................................

2.50

11/1/31

39

275

Fannie

Mae,

Pool

#MA4541

.......................................

2.50

2/1/42

240

41

Fannie

Mae,

Pool

#FS0547

........................................

2.50

2/1/52

34

95

Fannie

Mae,

Pool

#FS1340

........................................

2.50

3/1/52

80

124

Fannie

Mae,

Pool

#BQ0329

.......................................

2.50

7/1/50

104

4

Fannie

Mae,

Pool

#AS8172

........................................

2.50

10/1/36

4

187

Fannie

Mae,

Pool

#FM3027

.......................................

2.50

12/1/46

160

13

Fannie

Mae,

Pool

#AU5334

.......................................

2.50

11/1/28

13

341

Fannie

Mae,

Pool

#MA4399

.......................................

2.50

8/1/51

285

152

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Government

Agency

Mortgages

(continued)

$

36

Fannie

Mae,

Pool

#MA3955

.......................................

2.50

3/1/35

$

34

33

Fannie

Mae,

Pool

#AS8892

........................................

2.50

2/1/32

32

423

Fannie

Mae,

Pool

#FS0235

........................................

2.50

1/1/52

351

62

Fannie

Mae,

Pool

#MA3154

.......................................

2.50

10/1/32

59

7

Fannie

Mae,

Pool

#MA2287

.......................................

3.00

6/1/35

7

78

Fannie

Mae,

Pool

#MA3082

.......................................

3.00

7/1/47

70

325

Fannie

Mae,

Pool

#CB3364

.......................................

3.00

4/1/52

284

42

Fannie

Mae,

Pool

#AY4200

.......................................

3.00

5/1/45

37

87

Fannie

Mae,

Pool

#AT2014

........................................

3.00

4/1/43

79

148

Fannie

Mae,

Pool

#BP1932

........................................

3.00

4/1/50

130

28

Fannie

Mae,

Pool

#FM4317

.......................................

3.00

9/1/50

24

302

Fannie

Mae,

Pool

#AP6375

........................................

3.00

9/1/42

275

363

Fannie

Mae,

Pool

#CB3172

.......................................

3.00

3/1/52

317

29

Fannie

Mae,

Pool

#MA3991

.......................................

3.00

4/1/50

26

2

Fannie

Mae,

Pool

#AK0006

.......................................

3.00

1/1/27

2

166

Fannie

Mae,

Pool

#FM3395

.......................................

3.00

6/1/50

145

56

Fannie

Mae,

Pool

#AY4829

.......................................

3.00

5/1/45

49

113

Fannie

Mae,

Pool

#CA5668

.......................................

3.00

5/1/50

99

178

Fannie

Mae,

Pool

#FS2122

........................................

3.00

3/1/52

155

99

Fannie

Mae,

Pool

#AL9865

.......................................

3.00

2/1/47

88

311

Fannie

Mae,

Pool

#CB2759

.......................................

3.00

2/1/52

271

22

Fannie

Mae,

Pool

#AZ0538

.......................................

3.00

9/1/30

22

114

Fannie

Mae,

Pool

#BP6466

........................................

3.00

7/1/50

100

16

Fannie

Mae,

Pool

#MA3339

.......................................

3.00

4/1/33

15

4

Fannie

Mae,

Pool

#AX8309

.......................................

3.00

11/1/29

4

16

Fannie

Mae,

Pool

#MA3631

.......................................

3.00

4/1/34

16

66

Fannie

Mae,

Pool

#AS8784

........................................

3.00

2/1/47

58

13

Fannie

Mae,

Pool

#BK1015

.......................................

3.00

2/1/33

13

68

Fannie

Mae,

Pool

#AU3735

.......................................

3.00

8/1/43

62

58

Fannie

Mae,

Pool

#FM1134

.......................................

3.00

4/1/48

51

67

Fannie

Mae,

Pool

#AS8276

........................................

3.00

11/1/46

60

13

Fannie

Mae,

Pool

#MA3897

.......................................

3.00

1/1/35

12

104

Fannie

Mae,

Pool

#AT7620

........................................

3.00

6/1/43

94

49

Fannie

Mae,

Pool

#FM1552

.......................................

3.00

12/1/47

43

18

Fannie

Mae,

Pool

#MA3060

.......................................

3.00

7/1/32

18

7

Fannie

Mae,

Pool

#AQ3223

.......................................

3.00

11/1/27

7

67

Fannie

Mae,

Pool

#MA2863

.......................................

3.00

1/1/47

59

10

Fannie

Mae,

Pool

#AU7890

.......................................

3.00

9/1/28

9

59

Fannie

Mae,

Pool

#BD4225

.......................................

3.00

11/1/46

53

25

Fannie

Mae,

Pool

#MA3831

.......................................

3.00

11/1/39

23

93

Fannie

Mae,

Pool

#AB8897

.......................................

3.00

4/1/43

85

80

Fannie

Mae,

Pool

#MA2806

.......................................

3.00

11/1/46

71

13

Fannie

Mae,

Pool

#MA2579

.......................................

3.00

4/1/36

12

8

Fannie

Mae,

Pool

#MA1058

.......................................

3.00

5/1/32

8

71

Fannie

Mae,

Pool

#MA3774

.......................................

3.00

9/1/49

62

103

Fannie

Mae,

Pool

#FM1370

.......................................

3.00

4/1/46

91

107

Fannie

Mae,

Pool

#AT0682

........................................

3.00

4/1/43

97

13

Fannie

Mae,

Pool

#AS2312

........................................

3.00

5/1/29

13

55

Fannie

Mae,

Pool

#BD5545

.......................................

3.00

10/1/46

49

3

Fannie

Mae,

Pool

#FM1585

.......................................

3.00

9/1/49

3

37

Fannie

Mae,

Pool

#AS7908

........................................

3.00

9/1/46

33

19

Fannie

Mae,

Pool

#AS8424

........................................

3.00

12/1/36

18

36

Fannie

Mae,

Pool

#BD5787

.......................................

3.00

9/1/46

32

400

Fannie

Mae,

Pool

#CA5229

.......................................

3.00

2/1/50

349

14

Fannie

Mae,

Pool

#MA2832

.......................................

3.00

12/1/36

13

10

Fannie

Mae,

Pool

#AS3117

........................................

3.00

8/1/29

10

6

Fannie

Mae,

Pool

#MA2065

.......................................

3.00

10/1/34

6

96

Fannie

Mae,

Pool

#MA3905

.......................................

3.00

1/1/50

84

13

Fannie

Mae,

Pool

#BJ2996

........................................

3.00

1/1/33

13

153

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Government

Agency

Mortgages

(continued)

$

388

Fannie

Mae,

Pool

#CB2755

.......................................

3.00

2/1/52

$

339

17

Fannie

Mae,

Pool

#MA3237

.......................................

3.00

1/1/48

15

64

Fannie

Mae,

Pool

#MA2833

.......................................

3.00

12/1/46

57

385

Fannie

Mae,

Pool

#CB2756

.......................................

3.00

2/1/52

337

6

Fannie

Mae,

Pool

#BA4786

.......................................

3.00

2/1/31

6

13

Fannie

Mae,

Pool

#AS4334

........................................

3.00

1/1/45

11

29

Fannie

Mae,

Pool

#MA3127

.......................................

3.00

9/1/37

28

52

Fannie

Mae,

Pool

#AS4333

........................................

3.00

1/1/45

46

73

Fannie

Mae,

Pool

#MA2895

.......................................

3.00

2/1/47

65

6

Fannie

Mae,

Pool

#AZ4358

.......................................

3.00

7/1/30

6

16

Fannie

Mae,

Pool

#MA2149

.......................................

3.00

1/1/30

16

23

Fannie

Mae,

Pool

#AS8483

........................................

3.00

12/1/46

20

6

Fannie

Mae,

Pool

#MA3657

.......................................

3.00

5/1/34

5

21

Fannie

Mae,

Pool

#MA3934

.......................................

3.00

2/1/40

19

9

Fannie

Mae,

Pool

#MA2087

.......................................

3.00

11/1/34

9

38

Fannie

Mae,

Pool

#MA3147

.......................................

3.00

10/1/47

33

66

Fannie

Mae,

Pool

#BO7242

.......................................

3.00

1/1/50

58

18

Fannie

Mae,

Pool

#AW7383

.......................................

3.00

8/1/29

17

116

Fannie

Mae,

Pool

#BD2446

.......................................

3.00

1/1/47

104

80

Fannie

Mae,

Pool

#BC4764

.......................................

3.00

10/1/46

71

14

Fannie

Mae,

Pool

#AT1575

........................................

3.00

5/1/43

12

21

Fannie

Mae,

Pool

#MA3331

.......................................

3.00

4/1/48

19

25

Fannie

Mae,

Pool

#MA2773

.......................................

3.00

10/1/36

24

7

Fannie

Mae,

Pool

#MA3078

.......................................

3.00

7/1/37

7

96

Fannie

Mae,

Pool

#AS8414

........................................

3.00

11/1/46

86

104

Fannie

Mae,

Pool

#MA2956

.......................................

3.00

4/1/47

92

7

Fannie

Mae,

Pool

#MA3218

.......................................

3.00

12/1/32

7

12

Fannie

Mae,

Pool

#AW8295

.......................................

3.00

8/1/29

11

13

Fannie

Mae,

Pool

#MA2961

.......................................

3.00

4/1/37

12

11

Fannie

Mae,

Pool

#AR7426

.......................................

3.00

7/1/43

10

97

Fannie

Mae,

Pool

#MA2737

.......................................

3.00

9/1/46

86

4

Fannie

Mae,

Pool

#MA3100

.......................................

3.00

8/1/37

3

38

Fannie

Mae,

Pool

#BE4400

........................................

3.00

1/1/47

33

122

Fannie

Mae,

Pool

#BO6219

.......................................

3.00

12/1/49

107

43

Fannie

Mae,

Pool

#MA3179

.......................................

3.00

11/1/47

38

56

Fannie

Mae,

Pool

#AS4884

........................................

3.00

5/1/45

50

150

Fannie

Mae,

Pool

#AQ7920

.......................................

3.00

12/1/42

136

11

Fannie

Mae,

Pool

#MA3185

.......................................

3.00

11/1/37

10

99

Fannie

Mae,

Pool

#MA4079

.......................................

3.00

7/1/50

87

62

Fannie

Mae,

Pool

#MA3106

.......................................

3.00

8/1/47

55

146

Fannie

Mae,

Pool

#MA4048

.......................................

3.00

6/1/50

128

10

Fannie

Mae,

Pool

#MA2897

.......................................

3.00

2/1/37

10

10

Fannie

Mae,

Pool

#AS8056

........................................

3.00

10/1/46

9

50

Fannie

Mae,

Pool

#AS8521

........................................

3.00

12/1/46

44

19

Fannie

Mae,

Pool

#AL9996

.......................................

3.00

4/1/32

19

15

Fannie

Mae,

Pool

#BE9547

........................................

3.00

4/1/47

13

56

Fannie

Mae,

Pool

#BE1901

........................................

3.00

12/1/46

50

107

Fannie

Mae,

Pool

#BU8883

.......................................

3.00

3/1/52

93

34

Fannie

Mae,

Pool

#AS8186

........................................

3.00

10/1/46

30

24

Fannie

Mae,

Pool

#MA2523

.......................................

3.00

2/1/36

23

18

Fannie

Mae,

Pool

#MA3304

.......................................

3.00

3/1/48

16

265

Fannie

Mae,

Pool

#AB7099

.......................................

3.00

11/1/42

242

19

Fannie

Mae,

Pool

#CA4860

.......................................

3.00

12/1/49

17

6

Fannie

Mae,

Pool

#AL9848

.......................................

3.00

3/1/47

5

12

Fannie

Mae,

Pool

#AB4483

.......................................

3.00

2/1/27

11

11

Fannie

Mae,

Pool

#AP2465

........................................

3.00

8/1/42

10

77

Fannie

Mae,

Pool

#MA1307

.......................................

3.00

1/1/33

74

22

Fannie

Mae,

Pool

#MA2230

.......................................

3.00

4/1/35

21

176

Fannie

Mae,

Pool

#FS0831

........................................

3.00

3/1/52

152

154

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Government

Agency

Mortgages

(continued)

$

51

Fannie

Mae,

Pool

#AS0196

........................................

3.00

8/1/28

$

51

166

Fannie

Mae,

Pool

#MA4579

.......................................

3.00

4/1/52

143

213

Fannie

Mae,

Pool

#FS1374

........................................

3.00

3/1/52

184

17

Fannie

Mae,

Pool

#BE3861

........................................

3.00

1/1/47

15

43

Fannie

Mae,

Pool

#AS7238

........................................

3.00

5/1/46

38

13

Fannie

Mae,

Pool

#BM1370

.......................................

3.00

4/1/37

12

20

Fannie

Mae,

Pool

#AS8438

........................................

3.00

12/1/36

20

60

Fannie

Mae,

Pool

#MA3960

.......................................

3.00

3/1/50

52

44

Fannie

Mae,

Pool

#MA2246

.......................................

3.00

4/1/30

43

82

Fannie

Mae,

Pool

#CA5729

.......................................

3.00

5/1/50

72

102

Fannie

Mae,

Pool

#BO2201

.......................................

3.00

9/1/49

89

79

Fannie

Mae,

Pool

#BN7703

.......................................

3.00

8/1/49

69

3

Fannie

Mae,

Pool

#BA0826

.......................................

3.00

10/1/30

3

14

Fannie

Mae,

Pool

#BC4276

.......................................

3.00

4/1/46

12

93

Fannie

Mae,

Pool

#MA3937

.......................................

3.00

2/1/50

82

20

Fannie

Mae,

Pool

#MA2425

.......................................

3.00

10/1/30

19

16

Fannie

Mae,

Pool

#MA3958

.......................................

3.00

3/1/40

15

26

Fannie

Mae,

Pool

#MA3744

.......................................

3.00

8/1/49

23

83

Fannie

Mae,

Pool

#BO3192

.......................................

3.00

10/1/49

73

4

Fannie

Mae,

Pool

#MA3738

.......................................

3.00

8/1/34

4

78

Fannie

Mae,

Pool

#BC9003

.......................................

3.00

11/1/46

70

26

Fannie

Mae,

Pool

#AS1527

........................................

3.00

1/1/29

26

19

Fannie

Mae,

Pool

#AL8861

.......................................

3.00

7/1/31

18

16

Fannie

Mae,

Pool

#MA3090

.......................................

3.00

8/1/32

16

19

Fannie

Mae,

Pool

#BD5076

.......................................

3.00

2/1/32

18

35

Fannie

Mae,

Pool

#MA1527

.......................................

3.00

8/1/33

33

27

Fannie

Mae,

Pool

#AK3302

.......................................

3.00

3/1/27

27

34

Fannie

Mae,

Pool

#BO9169

.......................................

3.00

12/1/49

30

88

Fannie

Mae,

Pool

#BO8947

.......................................

3.00

1/1/50

78

98

Fannie

Mae,

Pool

#AS7904

........................................

3.00

9/1/46

88

48

Fannie

Mae,

Pool

#FM2132

.......................................

3.00

1/1/50

42

46

Fannie

Mae,

Pool

#CA5519

.......................................

3.00

4/1/50

40

17

Fannie

Mae,

Pool

#MA1338

.......................................

3.00

2/1/33

16

15

Fannie

Mae,

Pool

#MA3247

.......................................

3.00

1/1/33

14

177

Fannie

Mae,

Pool

#MA3834

.......................................

3.00

11/1/49

155

33

Fannie

Mae,

Pool

#MA1401

.......................................

3.00

4/1/33

32

28

Fannie

Mae,

Pool

#CA3754

.......................................

3.00

6/1/34

26

171

Fannie

Mae,

Pool

#AO0752

.......................................

3.00

4/1/42

156

18

Fannie

Mae,

Pool

#CA5423

.......................................

3.00

3/1/50

16

90

Fannie

Mae,

Pool

#MA3871

.......................................

3.00

12/1/49

79

33

Fannie

Mae,

Pool

#CA3788

.......................................

3.00

7/1/49

29

141

Fannie

Mae,

Pool

#AP6493

........................................

3.00

9/1/42

128

130

Fannie

Mae,

Pool

#MA4020

.......................................

3.00

5/1/50

114

5

Fannie

Mae,

Pool

#MA3802

.......................................

3.00

10/1/49

4

4

Fannie

Mae,

Pool

#MA2909

.......................................

3.50

2/1/37

4

6

Fannie

Mae,

Pool

#AJ4093

........................................

3.50

10/1/26

6

2

Fannie

Mae,

Pool

#MA1021

.......................................

3.50

3/1/27

2

31

Fannie

Mae,

Pool

#BE5258

........................................

3.50

1/1/47

28

108

Fannie

Mae,

Pool

#AQ0546

.......................................

3.50

11/1/42

102

13

Fannie

Mae,

Pool

#FS1774

........................................

3.50

5/1/37

13

2

Fannie

Mae,

Pool

#AK0706

.......................................

3.50

2/1/27

2

13

Fannie

Mae,

Pool

#AX5201

.......................................

3.50

10/1/29

13

1

Fannie

Mae,

Pool

#AJ6181

........................................

3.50

12/1/26

1

21

Fannie

Mae,

Pool

#AS4772

........................................

3.50

4/1/45

20

43

Fannie

Mae,

Pool

#AY5303

.......................................

3.50

3/1/45

40

54

Fannie

Mae,

Pool

#AJ8476

........................................

3.50

12/1/41

51

206

Fannie

Mae,

Pool

#CB3601

.......................................

3.50

5/1/52

186

46

Fannie

Mae,

Pool

#AS4771

........................................

3.50

4/1/45

43

36

Fannie

Mae,

Pool

#AX2486

.......................................

3.50

10/1/44

34

155

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Government

Agency

Mortgages

(continued)

$

40

Fannie

Mae,

Pool

#AK7497

.......................................

3.50

4/1/42

$

38

51

Fannie

Mae,

Pool

#MA1107

.......................................

3.50

7/1/32

51

6

Fannie

Mae,

Pool

#MA3634

.......................................

3.50

4/1/39

6

210

Fannie

Mae,

Pool

#MA4654

.......................................

3.50

7/1/52

189

61

Fannie

Mae,

Pool

#AY1306

.......................................

3.50

3/1/45

56

10

Fannie

Mae,

Pool

#MA2495

.......................................

3.50

1/1/46

9

17

Fannie

Mae,

Pool

#BA1893

.......................................

3.50

8/1/45

16

7

Fannie

Mae,

Pool

#MA2692

.......................................

3.50

7/1/36

7

47

Fannie

Mae,

Pool

#AX9530

.......................................

3.50

2/1/45

43

37

Fannie

Mae,

Pool

#AS4773

........................................

3.50

4/1/45

34

21

Fannie

Mae,

Pool

#AZ2614

.......................................

3.50

8/1/45

19

3

Fannie

Mae,

Pool

#AL8776

.......................................

3.50

7/1/46

3

37

Fannie

Mae,

Pool

#MA1059

.......................................

3.50

5/1/32

36

17

Fannie

Mae,

Pool

#AP9390

........................................

3.50

10/1/42

16

319

Fannie

Mae,

Pool

#BU8723

.......................................

3.50

6/1/52

288

65

Fannie

Mae,

Pool

#BC1158

........................................

3.50

2/1/46

60

35

Fannie

Mae,

Pool

#AY4300

.......................................

3.50

1/1/45

32

31

Fannie

Mae,

Pool

#AS5068

........................................

3.50

6/1/45

29

27

Fannie

Mae,

Pool

#AS5696

........................................

3.50

8/1/45

25

21

Fannie

Mae,

Pool

#MA2923

.......................................

3.50

3/1/37

20

1

Fannie

Mae,

Pool

#AE5487

.......................................

3.50

10/1/25

1

419

Fannie

Mae,

Pool

#MA4600

.......................................

3.50

5/1/52

378

16

Fannie

Mae,

Pool

#CA1191

.......................................

3.50

11/1/47

15

1

Fannie

Mae,

Pool

#310139

........................................

3.50

11/1/25

1

49

Fannie

Mae,

Pool

#FM1566

.......................................

3.50

11/1/48

45

125

Fannie

Mae,

Pool

#BM1568

.......................................

3.50

7/1/47

116

46

Fannie

Mae,

Pool

#AO4385

.......................................

3.50

6/1/42

43

4

Fannie

Mae,

Pool

#AS2081

........................................

3.50

4/1/29

4

65

Fannie

Mae,

Pool

#FM1543

.......................................

3.50

11/1/48

60

79

Fannie

Mae,

Pool

#AO3760

.......................................

3.50

5/1/42

75

33

Fannie

Mae,

Pool

#AS6649

........................................

3.50

2/1/46

30

66

Fannie

Mae,

Pool

#MA3182

.......................................

3.50

11/1/47

60

61

Fannie

Mae,

Pool

#AO8137

.......................................

3.50

8/1/42

57

19

Fannie

Mae,

Pool

#MA3494

.......................................

3.50

10/1/48

18

24

Fannie

Mae,

Pool

#AZ6383

.......................................

3.50

9/1/45

22

22

Fannie

Mae,

Pool

#AY8856

.......................................

3.50

9/1/45

21

30

Fannie

Mae,

Pool

#AY3913

.......................................

3.50

2/1/45

28

31

Fannie

Mae,

Pool

#AY3802

.......................................

3.50

2/1/45

28

20

Fannie

Mae,

Pool

#AX7655

.......................................

3.50

1/1/45

19

45

Fannie

Mae,

Pool

#AZ9576

.......................................

3.50

12/1/45

42

36

Fannie

Mae,

Pool

#AS7239

........................................

3.50

5/1/46

33

50

Fannie

Mae,

Pool

#MA3663

.......................................

3.50

5/1/49

45

21

Fannie

Mae,

Pool

#MA3775

.......................................

3.50

9/1/49

19

37

Fannie

Mae,

Pool

#AO9140

.......................................

3.50

7/1/42

34

65

Fannie

Mae,

Pool

#AZ0862

.......................................

3.50

7/1/45

60

37

Fannie

Mae,

Pool

#BE3767

........................................

3.50

7/1/47

34

42

Fannie

Mae,

Pool

#AO4647

.......................................

3.50

6/1/42

40

47

Fannie

Mae,

Pool

#MA3026

.......................................

3.50

6/1/47

43

50

Fannie

Mae,

Pool

#AS0024

........................................

3.50

7/1/43

46

1

Fannie

Mae,

Pool

#BA5031

.......................................

3.50

1/1/46

1

42

Fannie

Mae,

Pool

#AS7491

........................................

3.50

7/1/46

39

39

Fannie

Mae,

Pool

#MA1980

.......................................

3.50

8/1/44

36

4

Fannie

Mae,

Pool

#MA2996

.......................................

3.50

5/1/37

3

21

Fannie

Mae,

Pool

#BC0163

.......................................

3.50

1/1/46

19

60

Fannie

Mae,

Pool

#BD5046

.......................................

3.50

2/1/47

55

59

Fannie

Mae,

Pool

#FM1911

.......................................

3.50

7/1/48

55

181

Fannie

Mae,

Pool

#AO2548

.......................................

3.50

4/1/42

170

16

Fannie

Mae,

Pool

#MA3614

.......................................

3.50

3/1/49

15

2

Fannie

Mae,

Pool

#AX0159

.......................................

3.50

9/1/29

2

156

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Government

Agency

Mortgages

(continued)

$

121

Fannie

Mae,

Pool

#BP1947

........................................

3.50

4/1/50

$

110

31

Fannie

Mae,

Pool

#FM0020

.......................................

3.50

7/1/49

29

32

Fannie

Mae,

Pool

#BC3126

.......................................

3.50

1/1/46

30

7

Fannie

Mae,

Pool

#MA3152

.......................................

3.50

10/1/37

6

50

Fannie

Mae,

Pool

#MA3745

.......................................

3.50

8/1/49

45

68

Fannie

Mae,

Pool

#BH9215

.......................................

3.50

1/1/48

62

9

Fannie

Mae,

Pool

#MA3835

.......................................

3.50

11/1/49

9

19

Fannie

Mae,

Pool

#MA2389

.......................................

3.50

9/1/35

18

43

Fannie

Mae,

Pool

#MA1982

.......................................

3.50

8/1/34

42

52

Fannie

Mae,

Pool

#MA2125

.......................................

3.50

12/1/44

48

7

Fannie

Mae,

Pool

#MA3906

.......................................

3.50

1/1/50

6

41

Fannie

Mae,

Pool

#AS7388

........................................

3.50

6/1/46

38

56

Fannie

Mae,

Pool

#BM2000

.......................................

3.50

5/1/47

51

69

Fannie

Mae,

Pool

#BJ2692

........................................

3.50

4/1/48

63

42

Fannie

Mae,

Pool

#MA3057

.......................................

3.50

7/1/47

39

40

Fannie

Mae,

Pool

#BM5485

.......................................

3.50

2/1/49

36

41

Fannie

Mae,

Pool

#BK9038

.......................................

3.50

10/1/33

40

21

Fannie

Mae,

Pool

#BC7633

.......................................

3.50

6/1/46

20

218

Fannie

Mae,

Pool

#AB6017

.......................................

3.50

8/1/42

205

15

Fannie

Mae,

Pool

#MA3692

.......................................

3.50

7/1/49

14

36

Fannie

Mae,

Pool

#FM1028

.......................................

3.50

6/1/49

33

39

Fannie

Mae,

Pool

#FM3387

.......................................

3.50

3/1/35

39

51

Fannie

Mae,

Pool

#FM1001

.......................................

3.50

11/1/48

46

24

Fannie

Mae,

Pool

#BM2001

.......................................

3.50

12/1/46

23

17

Fannie

Mae,

Pool

#MA3597

.......................................

3.50

2/1/49

16

79

Fannie

Mae,

Pool

#AU1635

.......................................

3.50

7/1/43

74

7

Fannie

Mae,

Pool

#CA0234

.......................................

3.50

8/1/47

7

3

Fannie

Mae,

Pool

#BM1231

.......................................

3.50

11/1/31

3

18

Fannie

Mae,

Pool

#MA3462

.......................................

3.50

9/1/33

17

62

Fannie

Mae,

Pool

#MA2292

.......................................

3.50

6/1/45

57

44

Fannie

Mae,

Pool

#AU3742

.......................................

3.50

8/1/43

41

46

Fannie

Mae,

Pool

#MA3414

.......................................

3.50

7/1/48

42

5

Fannie

Mae,

Pool

#BM5446

.......................................

3.50

2/1/49

4

3

Fannie

Mae,

Pool

#AV6407

.......................................

3.50

2/1/29

3

15

Fannie

Mae,

Pool

#AS5892

........................................

3.50

10/1/45

14

63

Fannie

Mae,

Pool

#MA3520

.......................................

3.50

11/1/48

57

72

Fannie

Mae,

Pool

#BH5155

.......................................

3.50

9/1/47

66

23

Fannie

Mae,

Pool

#BJ0647

........................................

3.50

3/1/48

21

67

Fannie

Mae,

Pool

#BM4703

.......................................

3.50

2/1/48

62

49

Fannie

Mae,

Pool

#CA0487

.......................................

3.50

10/1/47

45

7

Fannie

Mae,

Pool

#MA3059

.......................................

3.50

7/1/37

6

13

Fannie

Mae,

Pool

#AE0981

.......................................

3.50

3/1/41

12

85

Fannie

Mae,

Pool

#BH9277

.......................................

3.50

2/1/48

78

44

Fannie

Mae,

Pool

#MA3332

.......................................

3.50

4/1/48

40

13

Fannie

Mae,

Pool

#MA3637

.......................................

3.50

4/1/49

12

26

Fannie

Mae,

Pool

#AL1717

.......................................

3.50

5/1/27

26

61

Fannie

Mae,

Pool

#MA3238

.......................................

3.50

1/1/48

56

58

Fannie

Mae,

Pool

#MA3305

.......................................

3.50

3/1/48

53

84

Fannie

Mae,

Pool

#BD2436

.......................................

3.50

1/1/47

77

26

Fannie

Mae,

Pool

#AS5319

........................................

3.50

7/1/45

24

66

Fannie

Mae,

Pool

#AS3133

........................................

3.50

8/1/44

62

102

Fannie

Mae,

Pool

#MA3276

.......................................

3.50

2/1/48

94

34

Fannie

Mae,

Pool

#MA4797

.......................................

4.00

11/1/37

33

4

Fannie

Mae,

Pool

#MA2536

.......................................

4.00

2/1/36

4

76

Fannie

Mae,

Pool

#AH5859

.......................................

4.00

2/1/41

74

8

Fannie

Mae,

Pool

#AH6242

.......................................

4.00

4/1/26

8

41

Fannie

Mae,

Pool

#AL8387

.......................................

4.00

3/1/46

39

128

Fannie

Mae,

Pool

#AJ7689

........................................

4.00

12/1/41

124

334

Fannie

Mae,

Pool

#FS3526

........................................

4.00

12/1/52

311

157

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Government

Agency

Mortgages

(continued)

$

18

Fannie

Mae,

Pool

#AY8981

.......................................

4.00

8/1/45

$

18

241

Fannie

Mae,

Pool

#190405

........................................

4.00

10/1/40

233

130

Fannie

Mae,

Pool

#AJ5303

........................................

4.00

11/1/41

126

28

Fannie

Mae,

Pool

#AL7347

.......................................

4.00

9/1/45

27

2

Fannie

Mae,

Pool

#CA3084

.......................................

4.00

2/1/49

2

38

Fannie

Mae,

Pool

#FM1960

.......................................

4.00

5/1/49

36

54

Fannie

Mae,

Pool

#BD7081

.......................................

4.00

3/1/47

51

73

Fannie

Mae,

Pool

#FM5134

.......................................

4.00

1/1/49

69

209

Fannie

Mae,

Pool

#MA4732

.......................................

4.00

9/1/52

195

8

Fannie

Mae,

Pool

#MA2455

.......................................

4.00

11/1/35

8

11

Fannie

Mae,

Pool

#CA2469

.......................................

4.00

10/1/48

10

30

Fannie

Mae,

Pool

#BK0909

.......................................

4.00

7/1/48

29

26

Fannie

Mae,

Pool

#BE8050

........................................

4.00

4/1/47

25

11

Fannie

Mae,

Pool

#BH2623

.......................................

4.00

8/1/47

11

6

Fannie

Mae,

Pool

#AS2117

........................................

4.00

4/1/44

6

31

Fannie

Mae,

Pool

#AS7601

........................................

4.00

7/1/46

30

15

Fannie

Mae,

Pool

#AL4778

.......................................

4.00

10/1/32

14

4

Fannie

Mae,

Pool

#MA2655

.......................................

4.00

6/1/36

4

4

Fannie

Mae,

Pool

#MA3037

.......................................

4.00

6/1/37

3

39

Fannie

Mae,

Pool

#AS3216

........................................

4.00

9/1/44

37

7

Fannie

Mae,

Pool

#MA0695

.......................................

4.00

4/1/31

7

11

Fannie

Mae,

Pool

#FM1101

.......................................

4.00

7/1/34

11

36

Fannie

Mae,

Pool

#AS9486

........................................

4.00

4/1/47

34

18

Fannie

Mae,

Pool

#CA2474

.......................................

4.00

7/1/48

17

33

Fannie

Mae,

Pool

#CA1894

.......................................

4.00

6/1/48

31

48

Fannie

Mae,

Pool

#MA3211

.......................................

4.00

12/1/47

45

—

Fannie

Mae,

Pool

#AE0375

.......................................

4.00

7/1/25

—

31

Fannie

Mae,

Pool

#MA3615

.......................................

4.00

3/1/49

29

13

Fannie

Mae,

Pool

#MA3592

.......................................

4.00

2/1/49

12

51

Fannie

Mae,

Pool

#MA3746

.......................................

4.00

8/1/49

48

27

Fannie

Mae,

Pool

#AC7328

.......................................

4.00

12/1/39

26

77

Fannie

Mae,

Pool

#BN6677

.......................................

4.00

6/1/49

72

31

Fannie

Mae,

Pool

#BN0334

.......................................

4.00

12/1/48

30

24

Fannie

Mae,

Pool

#BC5559

.......................................

4.00

3/1/46

23

10

Fannie

Mae,

Pool

#BJ0639

........................................

4.00

3/1/48

9

106

Fannie

Mae,

Pool

#AJ7857

........................................

4.00

12/1/41

103

16

Fannie

Mae,

Pool

#MA3244

.......................................

4.00

1/1/38

16

39

Fannie

Mae,

Pool

#BK7608

.......................................

4.00

9/1/48

37

29

Fannie

Mae,

Pool

#AS3467

........................................

4.00

10/1/44

27

35

Fannie

Mae,

Pool

#AS3293

........................................

4.00

9/1/44

34

22

Fannie

Mae,

Pool

#AS3468

........................................

4.00

10/1/44

21

18

Fannie

Mae,

Pool

#BN5258

.......................................

4.00

2/1/49

17

17

Fannie

Mae,

Pool

#MA3521

.......................................

4.00

11/1/48

16

12

Fannie

Mae,

Pool

#MA3536

.......................................

4.00

12/1/48

11

28

Fannie

Mae,

Pool

#CA0237

.......................................

4.00

8/1/47

26

11

Fannie

Mae,

Pool

#MA0493

.......................................

4.00

8/1/30

11

89

Fannie

Mae,

Pool

#AY1377

.......................................

4.00

4/1/45

85

43

Fannie

Mae,

Pool

#FM0021

.......................................

4.00

3/1/49

40

37

Fannie

Mae,

Pool

#MA0641

.......................................

4.00

2/1/31

36

32

Fannie

Mae,

Pool

#FM1415

.......................................

4.00

12/1/48

30

31

Fannie

Mae,

Pool

#FM1571

.......................................

4.00

12/1/48

29

29

Fannie

Mae,

Pool

#MA3563

.......................................

4.00

1/1/49

27

26

Fannie

Mae,

Pool

#BN0594

.......................................

4.00

12/1/48

25

19

Fannie

Mae,

Pool

#MA3638

.......................................

4.00

4/1/49

18

1

Fannie

Mae,

Pool

#BA0847

.......................................

4.00

3/1/46

1

32

Fannie

Mae,

Pool

#BM5685

.......................................

4.00

6/1/48

31

30

Fannie

Mae,

Pool

#BK9697

.......................................

4.00

12/1/48

28

—

Fannie

Mae,

Pool

#AL9742

.......................................

4.00

7/1/29

—

4

Fannie

Mae,

Pool

#AW9041

.......................................

4.00

8/1/44

4

158

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

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

#AS7558

........................................

4.00

7/1/46

$

68

35

Fannie

Mae,

Pool

#AV2340

.......................................

4.00

12/1/43

34

114

Fannie

Mae,

Pool

#AS0531

........................................

4.00

9/1/43

111

61

Fannie

Mae,

Pool

#AU3753

.......................................

4.00

8/1/43

59

28

Fannie

Mae,

Pool

#AW5063

.......................................

4.00

7/1/44

27

—

Fannie

Mae,

Pool

#BM4306

.......................................

4.00

9/1/25

—

24

Fannie

Mae,

Pool

#AY1595

.......................................

4.00

1/1/45

23

18

Fannie

Mae,

Pool

#BM4991

.......................................

4.00

9/1/48

17

21

Fannie

Mae,

Pool

#BK0915

.......................................

4.00

7/1/48

20

46

Fannie

Mae,

Pool

#CA1015

.......................................

4.00

1/1/48

44

49

Fannie

Mae,

Pool

#MA3804

.......................................

4.00

10/1/49

46

57

Fannie

Mae,

Pool

#AO2959

.......................................

4.00

5/1/42

55

2

Fannie

Mae,

Pool

#BM5525

.......................................

4.00

3/1/31

2

34

Fannie

Mae,

Pool

#AS8532

........................................

4.00

12/1/46

32

9

Fannie

Mae,

Pool

#AH3394

.......................................

4.00

1/1/41

9

1

Fannie

Mae,

Pool

#AL2689

.......................................

4.00

2/1/27

1

8

Fannie

Mae,

Pool

#AW5109

.......................................

4.00

8/1/44

7

35

Fannie

Mae,

Pool

#AX0841

.......................................

4.00

9/1/44

34

38

Fannie

Mae,

Pool

#AS9831

........................................

4.00

6/1/47

36

44

Fannie

Mae,

Pool

#BM2002

.......................................

4.00

10/1/47

42

6

Fannie

Mae,

Pool

#MA3413

.......................................

4.00

7/1/38

6

23

Fannie

Mae,

Pool

#BA6910

.......................................

4.00

2/1/46

22

1

Fannie

Mae,

Pool

#AZ8874

.......................................

4.00

9/1/45

1

8

Fannie

Mae,

Pool

#MA3427

.......................................

4.00

7/1/33

8

42

Fannie

Mae,

Pool

#AZ7362

.......................................

4.00

11/1/45

39

9

Fannie

Mae,

Pool

#MA3216

.......................................

4.00

12/1/37

9

86

Fannie

Mae,

Pool

#AZ8067

.......................................

4.00

9/1/45

83

45

Fannie

Mae,

Pool

#BJ9169

........................................

4.00

5/1/48

43

15

Fannie

Mae,

Pool

#AY0025

.......................................

4.00

2/1/45

14

12

Fannie

Mae,

Pool

#AS8823

........................................

4.00

2/1/47

12

34

Fannie

Mae,

Pool

#MA3277

.......................................

4.00

2/1/48

32

60

Fannie

Mae,

Pool

#BK7943

.......................................

4.00

11/1/48

57

43

Fannie

Mae,

Pool

#MA3121

.......................................

4.00

9/1/47

40

20

Fannie

Mae,

Pool

#AY2291

.......................................

4.00

3/1/45

19

47

Fannie

Mae,

Pool

#MA3027

.......................................

4.00

6/1/47

45

13

Fannie

Mae,

Pool

#AT3872

........................................

4.00

6/1/43

13

5

Fannie

Mae,

Pool

#AS7028

........................................

4.00

4/1/46

5

50

Fannie

Mae,

Pool

#CA0183

.......................................

4.00

8/1/47

47

25

Fannie

Mae,

Pool

#AS7600

........................................

4.00

7/1/46

24

58

Fannie

Mae,

Pool

#MA2995

.......................................

4.00

5/1/47

55

51

Fannie

Mae,

Pool

#MA3183

.......................................

4.00

11/1/47

48

337

Fannie

Mae,

Pool

#FS0016

........................................

4.00

6/1/49

319

23

Fannie

Mae,

Pool

#AS3903

........................................

4.00

11/1/44

22

6

Fannie

Mae,

Pool

#AS3448

........................................

4.00

9/1/44

5

29

Fannie

Mae,

Pool

#AS2498

........................................

4.00

5/1/44

28

161

Fannie

Mae,

Pool

#AL1107

........................................

4.50

11/1/41

160

13

Fannie

Mae,

Pool

#MA3593

.......................................

4.50

2/1/49

13

9

Fannie

Mae,

Pool

#CA1218

.......................................

4.50

2/1/48

9

36

Fannie

Mae,

Pool

#AL4450

.......................................

4.50

12/1/43

35

41

Fannie

Mae,

Pool

#AB3192

.......................................

4.50

6/1/41

40

15

Fannie

Mae,

Pool

#MA3537

.......................................

4.50

12/1/48

15

189

Fannie

Mae,

Pool

#MA3184

.......................................

4.50

11/1/47

183

355

Fannie

Mae,

Pool

#MA5070

.......................................

4.50

7/1/53

340

8

Fannie

Mae,

Pool

#AA0860

.......................................

4.50

1/1/39

8

9

Fannie

Mae,

Pool

#AH6790

.......................................

4.50

3/1/41

9

19

Fannie

Mae,

Pool

#MA0481

.......................................

4.50

8/1/30

19

41

Fannie

Mae,

Pool

#MA3639

.......................................

4.50

4/1/49

40

22

Fannie

Mae,

Pool

#AS1638

........................................

4.50

2/1/44

22

83

Fannie

Mae,

Pool

#AS9394

........................................

4.50

4/1/47

82

159

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Government

Agency

Mortgages

(continued)

$

14

Fannie

Mae,

Pool

#BM1285

.......................................

4.50

5/1/47

$

14

44

Fannie

Mae,

Pool

#CA1711

.......................................

4.50

5/1/48

43

19

Fannie

Mae,

Pool

#CA0623

.......................................

4.50

10/1/47

19

348

Fannie

Mae,

Pool

#BV7928

.......................................

4.50

8/1/52

334

37

Fannie

Mae,

Pool

#AS8157

........................................

4.50

10/1/46

36

13

Fannie

Mae,

Pool

#BE6489

........................................

4.50

1/1/47

13

46

Fannie

Mae,

Pool

#BK1416

.......................................

4.50

5/1/48

45

3

Fannie

Mae,

Pool

#BK8830

.......................................

4.50

8/1/48

3

441

Fannie

Mae,

Pool

#MA5612

.......................................

4.50

2/1/55

422

16

Fannie

Mae,

Pool

#BK5283

.......................................

4.50

6/1/48

16

22

Fannie

Mae,

Pool

#AB1389

.......................................

4.50

8/1/40

22

7

Fannie

Mae,

Pool

#AS0861

........................................

4.50

10/1/43

7

10

Fannie

Mae,

Pool

#FM3619

.......................................

4.50

1/1/50

10

24

Fannie

Mae,

Pool

#AS2276

........................................

4.50

4/1/44

23

3

Fannie

Mae,

Pool

#BN0877

.......................................

4.50

11/1/48

3

45

Fannie

Mae,

Pool

#AD8529

.......................................

4.50

8/1/40

45

43

Fannie

Mae,

Pool

#AI4815

........................................

4.50

6/1/41

43

112

Fannie

Mae,

Pool

#AH9055

.......................................

4.50

4/1/41

111

12

Fannie

Mae,

Pool

#AU5302

.......................................

4.50

10/1/43

12

9

Fannie

Mae,

Pool

#AB1470

.......................................

4.50

9/1/40

9

49

Fannie

Mae,

Pool

#AE0217

.......................................

4.50

8/1/40

50

118

Fannie

Mae,

Pool

#AH7521

.......................................

4.50

3/1/41

117

23

Fannie

Mae,

Pool

#AL5082

.......................................

4.50

3/1/44

23

18

Fannie

Mae,

Pool

#MA3522

.......................................

4.50

11/1/48

17

33

Fannie

Mae,

Pool

#BE5992

........................................

4.50

2/1/47

32

33

Fannie

Mae,

Pool

#CA0148

.......................................

4.50

8/1/47

32

12

Fannie

Mae,

Pool

#AS8576

........................................

4.50

12/1/46

12

7

Fannie

Mae,

Pool

#AL8816

.......................................

4.50

9/1/45

7

—

Fannie

Mae,

Pool

#BM3781

.......................................

5.00

11/1/30

—

261

Fannie

Mae,

Pool

#MA4918

.......................................

5.00

2/1/53

257

17

Fannie

Mae,

Pool

#BM3904

.......................................

5.00

5/1/48

17

350

Fannie

Mae,

Pool

#MA5071

.......................................

5.00

7/1/53

344

17

Fannie

Mae,

Pool

#MA3594

.......................................

5.00

2/1/49

17

7

Fannie

Mae,

Pool

#MA3708

.......................................

5.00

6/1/49

7

7

Fannie

Mae,

Pool

#MA3527

.......................................

5.00

11/1/48

7

11

Fannie

Mae,

Pool

#725238

........................................

5.00

3/1/34

11

21

Fannie

Mae,

Pool

#AL5788

.......................................

5.00

5/1/42

21

9

Fannie

Mae,

Pool

#890621

........................................

5.00

5/1/42

9

16

Fannie

Mae,

Pool

#AS0837

........................................

5.00

10/1/43

17

12

Fannie

Mae,

Pool

#MA3669

.......................................

5.00

5/1/49

12

20

Fannie

Mae,

Pool

#836750

........................................

5.00

10/1/35

20

18

Fannie

Mae,

Pool

#AS0575

........................................

5.00

9/1/43

19

185

Fannie

Mae,

Pool

#889117

........................................

5.00

10/1/35

186

435

Fannie

Mae,

Pool

#MA5585

.......................................

5.00

1/1/55

427

9

Fannie

Mae,

Pool

#890603

........................................

5.00

8/1/41

9

113

Fannie

Mae,

Pool

#MA5539

.......................................

5.00

11/1/44

114

9

Fannie

Mae,

Pool

#CA1795

.......................................

5.00

5/1/48

9

10

Fannie

Mae,

Pool

#CA0349

.......................................

5.00

9/1/47

10

8

Fannie

Mae,

Pool

#MA3617

.......................................

5.00

3/1/49

8

435

Fannie

Mae,

Pool

#CB9309

.......................................

5.00

10/1/54

428

196

Fannie

Mae,

Pool

#MA5496

.......................................

5.00

10/1/54

192

364

Fannie

Mae,

Pool

#FS7252

........................................

5.00

11/1/53

358

39

Fannie

Mae,

Pool

#AH5988

.......................................

5.00

3/1/41

39

10

Fannie

Mae,

Pool

#MA3472

.......................................

5.00

9/1/48

10

282

Fannie

Mae,

Pool

#MA4761

.......................................

5.00

9/1/52

277

412

Fannie

Mae,

Pool

#FS4840

........................................

5.50

5/1/53

413

432

Fannie

Mae,

Pool

#MA5470

.......................................

5.50

9/1/54

432

336

Fannie

Mae,

Pool

#MA4919

.......................................

5.50

2/1/53

336

357

Fannie

Mae,

Pool

#MA5165

.......................................

5.50

10/1/53

357

160

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Government

Agency

Mortgages

(continued)

$

5

Fannie

Mae,

Pool

#929451

........................................

5.50

5/1/38

$

5

403

Fannie

Mae,

Pool

#FA0608

........................................

5.50

2/1/55

403

437

Fannie

Mae,

Pool

#MA5444

.......................................

5.50

8/1/54

437

89

Fannie

Mae,

Pool

#MA5393

.......................................

5.50

6/1/39

90

308

Fannie

Mae,

Pool

#FS3360

........................................

5.50

12/1/52

310

356

Fannie

Mae,

Pool

#MA5138

.......................................

5.50

9/1/53

356

350

Fannie

Mae,

Pool

#MA5190

.......................................

5.50

11/1/53

350

138

Fannie

Mae,

Pool

#MA5563

.......................................

5.50

12/1/44

140

335

Fannie

Mae,

Pool

#MA5072

.......................................

5.50

7/1/53

335

302

Fannie

Mae,

Pool

#890221

........................................

5.50

12/1/33

310

436

Fannie

Mae,

Pool

#MA5107

.......................................

5.50

8/1/53

436

338

Fannie

Mae,

Pool

#MA5010

.......................................

5.50

5/1/53

339

271

Fannie

Mae,

Pool

#MA5498

.......................................

6.00

10/1/54

275

227

Fannie

Mae,

Pool

#MA5073

.......................................

6.00

7/1/53

231

444

Fannie

Mae,

Pool

#CB9991

.......................................

6.00

2/1/55

455

39

Fannie

Mae,

Pool

#CB5704

.......................................

6.00

2/1/53

40

396

Fannie

Mae,

Pool

#CB8854

.......................................

6.00

7/1/54

405

429

Fannie

Mae,

Pool

#MA5587

.......................................

6.00

1/1/55

436

405

Fannie

Mae,

Pool

#MA5445

.......................................

6.00

8/1/54

412

321

Fannie

Mae,

Pool

#MA5166

.......................................

6.00

10/1/53

326

324

Fannie

Mae,

Pool

#MA5191

.......................................

6.00

11/1/53

330

374

Fannie

Mae,

Pool

#MA5247

.......................................

6.00

1/1/54

381

324

Fannie

Mae,

Pool

#MA5108

.......................................

6.00

8/1/53

329

185

Fannie

Mae,

Pool

#725228

........................................

6.00

3/1/34

191

394

Fannie

Mae,

Pool

#CB8916

.......................................

6.00

7/1/54

401

421

Fannie

Mae,

Pool

#MA5471

.......................................

6.00

9/1/54

428

288

Fannie

Mae,

Pool

#MA5140

.......................................

6.50

9/1/53

298

353

Fannie

Mae,

Pool

#MA5422

.......................................

6.50

7/1/54

365

263

Fannie

Mae,

Pool

#MA5217

.......................................

6.50

12/1/53

272

261

Fannie

Mae,

Pool

#MA5273

.......................................

6.50

2/1/54

269

389

Fannie

Mae,

Pool

#MA5472

.......................................

6.50

9/1/54

402

47

Fannie

Mae,

Pool

#889984

........................................

6.50

10/1/38

49

125

Fannie

Mae,

15

YR

TBA

.........................................

1.50

7/25/40

111

150

Fannie

Mae,

15

YR

TBA

.........................................

2.00

7/25/40

137

100

Fannie

Mae,

15

YR

TBA

.........................................

3.00

7/25/40

95

75

Fannie

Mae,

15

YR

TBA

.........................................

3.50

7/25/40

72

175

Fannie

Mae,

15

YR

TBA

.........................................

4.00

7/25/40

171

25

Fannie

Mae,

15

YR

TBA

.........................................

4.50

5/25/40

25

150

Fannie

Mae,

15

YR

TBA

.........................................

4.50

7/25/40

149

375

Fannie

Mae,

15

YR

TBA

.........................................

5.00

7/25/40

378

50

Fannie

Mae,

15

YR

TBA

.........................................

5.00

9/25/40

50

125

Fannie

Mae,

15

YR

TBA

.........................................

5.50

7/25/40

127

125

Fannie

Mae,

15

YR

TBA

.........................................

6.00

7/25/40

129

300

Fannie

Mae,

30

YR

TBA

.........................................

1.50

7/25/55

226

925

Fannie

Mae,

30

YR

TBA

.........................................

2.00

7/25/55

732

575

Fannie

Mae,

30

YR

TBA

.........................................

2.50

7/25/55

477

600

Fannie

Mae,

30

YR

TBA

.........................................

3.00

7/25/55

519

175

Fannie

Mae,

30

YR

TBA

.........................................

3.50

7/25/55

158

575

Fannie

Mae,

30

YR

TBA

.........................................

4.00

7/25/55

535

150

Fannie

Mae,

30

YR

TBA

.........................................

4.50

7/25/55

143

375

Fannie

Mae,

30

YR

TBA

.........................................

5.00

7/25/55

368

925

Fannie

Mae,

30

YR

TBA

.........................................

5.50

7/25/55

925

350

Fannie

Mae,

30

YR

TBA

.........................................

5.50

8/25/55

350

475

Fannie

Mae,

30

YR

TBA

.........................................

6.00

8/25/55

482

1,100

Fannie

Mae,

30

YR

TBA

.........................................

6.00

7/25/55

1,118

125

Fannie

Mae,

30

YR

TBA

.........................................

6.50

8/25/55

129

1,475

Fannie

Mae,

30

YR

TBA

.........................................

6.50

7/25/55

1,523

850

Fannie

Mae,

30

YR

TBA

.........................................

7.00

7/25/55

895

343

Freddie

Mac,

Pool

#QC0962

.......................................

1.50

4/1/51

260

161

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Government

Agency

Mortgages

(continued)

$

313

Freddie

Mac,

Pool

#SB8106

.......................................

1.50

6/1/36

$

279

330

Freddie

Mac,

Pool

#SB8144

.......................................

1.50

3/1/37

293

338

Freddie

Mac,

Pool

#SB8083

.......................................

1.50

1/1/36

304

177

Freddie

Mac,

Pool

#QN9521

.......................................

1.50

2/1/37

157

351

Freddie

Mac,

Pool

#SD8154

.......................................

1.50

7/1/51

266

63

Freddie

Mac,

Pool

#SD8082

.......................................

1.50

10/1/50

48

291

Freddie

Mac,

Pool

#SB8097

.......................................

1.50

4/1/36

259

54

Freddie

Mac,

Pool

#RB5110

.......................................

1.50

5/1/41

44

164

Freddie

Mac,

Pool

#SD8139

.......................................

1.50

4/1/51

124

329

Freddie

Mac,

Pool

#SB8088

.......................................

1.50

2/1/36

293

364

Freddie

Mac,

Pool

#QC3597

.......................................

2.00

6/1/51

290

174

Freddie

Mac,

Pool

#SB8061

.......................................

2.00

9/1/35

161

219

Freddie

Mac,

Pool

#RA6025

.......................................

2.00

10/1/51

175

278

Freddie

Mac,

Pool

#SB8115

.......................................

2.00

8/1/36

254

351

Freddie

Mac,

Pool

#SD8160

.......................................

2.00

8/1/51

280

388

Freddie

Mac,

Pool

#RA5155

.......................................

2.00

5/1/51

307

369

Freddie

Mac,

Pool

#RA6507

.......................................

2.00

12/1/51

295

317

Freddie

Mac,

Pool

#RB5153

.......................................

2.00

4/1/42

265

369

Freddie

Mac,

Pool

#SD8079

.......................................

2.00

7/1/50

295

282

Freddie

Mac,

Pool

#SB8107

.......................................

2.00

6/1/36

259

312

Freddie

Mac,

Pool

#SB8510

.......................................

2.00

2/1/36

287

220

Freddie

Mac,

Pool

#RA5257

.......................................

2.00

5/1/51

176

144

Freddie

Mac,

Pool

#RB5121

.......................................

2.00

8/1/41

122

351

Freddie

Mac,

Pool

#RA5040

.......................................

2.00

4/1/51

280

104

Freddie

Mac,

Pool

#QO0110

.......................................

2.00

4/1/37

95

344

Freddie

Mac,

Pool

#RA4214

.......................................

2.00

12/1/50

277

339

Freddie

Mac,

Pool

#RA3328

.......................................

2.00

8/1/50

272

331

Freddie

Mac,

Pool

#QC1075

.......................................

2.00

4/1/51

264

202

Freddie

Mac,

Pool

#QC0423

.......................................

2.00

4/1/51

160

424

Freddie

Mac,

Pool

#SD8113

.......................................

2.00

12/1/50

339

334

Freddie

Mac,

Pool

#QC1333

.......................................

2.00

5/1/51

266

370

Freddie

Mac,

Pool

#QC4423

.......................................

2.00

7/1/51

295

293

Freddie

Mac,

Pool

#SB8079

.......................................

2.00

12/1/35

271

64

Freddie

Mac,

Pool

#ZS7735

.......................................

2.00

1/1/32

62

314

Freddie

Mac,

Pool

#SD8128

.......................................

2.00

2/1/51

250

359

Freddie

Mac,

Pool

#QC3697

.......................................

2.00

6/1/51

285

325

Freddie

Mac,

Pool

#QB3716

.......................................

2.00

9/1/50

260

318

Freddie

Mac,

Pool

#QB3926

.......................................

2.00

10/1/50

254

339

Freddie

Mac,

Pool

#QB6893

.......................................

2.00

12/1/50

271

357

Freddie

Mac,

Pool

#QC6815

.......................................

2.00

9/1/51

284

310

Freddie

Mac,

Pool

#RA4986

.......................................

2.00

4/1/51

248

393

Freddie

Mac,

Pool

#QD5748

.......................................

2.00

2/1/52

311

374

Freddie

Mac,

Pool

#SD8199

.......................................

2.00

3/1/52

297

414

Freddie

Mac,

Pool

#SD8193

.......................................

2.00

2/1/52

329

244

Freddie

Mac,

Pool

#SD8150

.......................................

2.00

6/1/51

194

195

Freddie

Mac,

Pool

#SD7537

.......................................

2.00

3/1/51

157

203

Freddie

Mac,

Pool

#SD8146

.......................................

2.00

5/1/51

161

447

Freddie

Mac,

Pool

#RA3606

.......................................

2.00

10/1/50

360

391

Freddie

Mac,

Pool

#QD0433

.......................................

2.00

11/1/51

312

356

Freddie

Mac,

Pool

#SD8134

.......................................

2.00

3/1/51

283

331

Freddie

Mac,

Pool

#QB8064

.......................................

2.00

1/1/51

264

444

Freddie

Mac,

Pool

#SB8128

.......................................

2.00

11/1/36

407

378

Freddie

Mac,

Pool

#SD8172

.......................................

2.00

10/1/51

301

112

Freddie

Mac,

Pool

#RB5138

.......................................

2.00

12/1/41

95

382

Freddie

Mac,

Pool

#SD8177

.......................................

2.00

11/1/51

304

196

Freddie

Mac,

Pool

#RA5256

.......................................

2.00

5/1/51

157

408

Freddie

Mac,

Pool

#SD8188

.......................................

2.00

1/1/52

325

364

Freddie

Mac,

Pool

#SD8098

.......................................

2.00

10/1/50

290

384

Freddie

Mac,

Pool

#QC6925

.......................................

2.00

9/1/51

306

162

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Government

Agency

Mortgages

(continued)

$

241

Freddie

Mac,

Pool

#RC1727

.......................................

2.00

12/1/35

$

220

114

Freddie

Mac,

Pool

#RB5141

.......................................

2.00

1/1/42

97

123

Freddie

Mac,

Pool

#QD3162

.......................................

2.00

12/1/51

98

238

Freddie

Mac,

Pool

#RA6026

.......................................

2.00

10/1/51

190

355

Freddie

Mac,

Pool

#RA5928

.......................................

2.00

9/1/51

283

326

Freddie

Mac,

Pool

#SD8121

.......................................

2.00

1/1/51

260

110

Freddie

Mac,

Pool

#RB5095

.......................................

2.00

1/1/41

95

153

Freddie

Mac,

Pool

#QD1254

.......................................

2.00

11/1/51

121

405

Freddie

Mac,

Pool

#SD8182

.......................................

2.00

12/1/51

323

327

Freddie

Mac,

Pool

#RA3205

.......................................

2.00

8/1/50

263

139

Freddie

Mac,

Pool

#RB5111

.......................................

2.00

5/1/41

118

409

Freddie

Mac,

Pool

#QB7708

.......................................

2.00

1/1/51

326

209

Freddie

Mac,

Pool

#RB5114

.......................................

2.00

6/1/41

177

375

Freddie

Mac,

Pool

#QC7473

.......................................

2.00

9/1/51

299

76

Freddie

Mac,

Pool

#SD0731

.......................................

2.00

5/1/51

62

376

Freddie

Mac,

Pool

#QB9896

.......................................

2.00

3/1/51

299

399

Freddie

Mac,

Pool

#RA6333

.......................................

2.00

11/1/51

317

56

Freddie

Mac,

Pool

#SB8045

.......................................

2.50

5/1/35

53

20

Freddie

Mac,

Pool

#ZS8483

.......................................

2.50

3/1/28

20

256

Freddie

Mac,

Pool

#QB3287

.......................................

2.50

8/1/50

215

217

Freddie

Mac,

Pool

#RA3528

.......................................

2.50

9/1/50

180

149

Freddie

Mac,

Pool

#RA2645

.......................................

2.50

6/1/50

126

375

Freddie

Mac,

Pool

#SD0780

.......................................

2.50

12/1/51

314

238

Freddie

Mac,

Pool

#QB3703

.......................................

2.50

9/1/50

200

386

Freddie

Mac,

Pool

#QD5204

.......................................

2.50

1/1/52

322

399

Freddie

Mac,

Pool

#SD8194

.......................................

2.50

2/1/52

332

341

Freddie

Mac,

Pool

#RA5802

.......................................

2.50

9/1/51

286

377

Freddie

Mac,

Pool

#RA6493

.......................................

2.50

12/1/51

313

97

Freddie

Mac,

Pool

#RB5086

.......................................

2.50

11/1/40

88

248

Freddie

Mac,

Pool

#RA2634

.......................................

2.50

5/1/50

206

219

Freddie

Mac,

Pool

#RB5157

.......................................

2.50

5/1/42

191

34

Freddie

Mac,

Pool

#ZK8425

.......................................

2.50

12/1/31

33

52

Freddie

Mac,

Pool

#ZS4687

.......................................

2.50

11/1/46

44

28

Freddie

Mac,

Pool

#ZS8692

.......................................

2.50

4/1/33

27

19

Freddie

Mac,

Pool

#RA6815

.......................................

2.50

2/1/52

16

205

Freddie

Mac,

Pool

#SD8205

.......................................

2.50

4/1/52

171

44

Freddie

Mac,

Pool

#RB5072

.......................................

2.50

9/1/40

40

271

Freddie

Mac,

Pool

#SD8129

.......................................

2.50

2/1/51

227

302

Freddie

Mac,

Pool

#SD8141

.......................................

2.50

4/1/51

252

393

Freddie

Mac,

Pool

#RA6765

.......................................

2.50

2/1/52

330

357

Freddie

Mac,

Pool

#QC9156

.......................................

2.50

10/1/51

298

102

Freddie

Mac,

Pool

#SB0301

.......................................

2.50

4/1/35

96

360

Freddie

Mac,

Pool

#RA6019

.......................................

2.50

10/1/51

302

385

Freddie

Mac,

Pool

#RA6621

.......................................

2.50

1/1/52

324

421

Freddie

Mac,

Pool

#SD8212

.......................................

2.50

5/1/52

350

243

Freddie

Mac,

Pool

#SD8099

.......................................

2.50

10/1/50

204

274

Freddie

Mac,

Pool

#SD8114

.......................................

2.50

12/1/50

230

7

Freddie

Mac,

Pool

#ZT2094

.......................................

2.50

6/1/34

7

432

Freddie

Mac,

Pool

#SD7226

.......................................

2.50

5/1/52

362

16

Freddie

Mac,

Pool

#SB8053

.......................................

2.50

7/1/35

16

269

Freddie

Mac,

Pool

#SD8122

.......................................

2.50

1/1/51

225

372

Freddie

Mac,

Pool

#SD8189

.......................................

2.50

1/1/52

311

263

Freddie

Mac,

Pool

#SD8151

.......................................

2.50

6/1/51

219

287

Freddie

Mac,

Pool

#SD0412

.......................................

2.50

8/1/50

244

165

Freddie

Mac,

Pool

#RA2897

.......................................

2.50

6/1/50

139

182

Freddie

Mac,

Pool

#SD8067

.......................................

2.50

6/1/50

153

202

Freddie

Mac,

Pool

#QA9142

.......................................

2.50

5/1/50

170

338

Freddie

Mac,

Pool

#RA5286

.......................................

2.50

5/1/51

280

367

Freddie

Mac,

Pool

#RA6340

.......................................

2.50

11/1/51

308

163

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Government

Agency

Mortgages

(continued)

$

137

Freddie

Mac,

Pool

#QA5290

.......................................

2.50

12/1/49

$

115

200

Freddie

Mac,

Pool

#RA2595

.......................................

2.50

5/1/50

167

122

Freddie

Mac,

Pool

#RA2643

.......................................

2.50

6/1/50

103

359

Freddie

Mac,

Pool

#QC7457

.......................................

2.50

9/1/51

300

397

Freddie

Mac,

Pool

#SD8147

.......................................

2.50

5/1/51

332

78

Freddie

Mac,

Pool

#QE2352

.......................................

2.50

5/1/52

65

329

Freddie

Mac,

Pool

#QC2031

.......................................

2.50

5/1/51

275

341

Freddie

Mac,

Pool

#RA5832

.......................................

2.50

9/1/51

285

348

Freddie

Mac,

Pool

#SD8183

.......................................

2.50

12/1/51

291

26

Freddie

Mac,

Pool

#SB8062

.......................................

2.50

9/1/35

25

260

Freddie

Mac,

Pool

#SD8167

.......................................

2.50

9/1/51

216

407

Freddie

Mac,

Pool

#SD1011

.......................................

2.50

4/1/52

338

301

Freddie

Mac,

Pool

#SD8021

.......................................

2.50

9/1/49

253

287

Freddie

Mac,

Pool

#SD0578

.......................................

2.50

3/1/51

243

122

Freddie

Mac,

Pool

#SD8055

.......................................

2.50

4/1/50

102

138

Freddie

Mac,

Pool

#SD8083

.......................................

2.50

8/1/50

116

352

Freddie

Mac,

Pool

#QC2251

.......................................

2.50

5/1/51

294

45

Freddie

Mac,

Pool

#RB5054

.......................................

2.50

6/1/40

41

103

Freddie

Mac,

Pool

#SB8108

.......................................

2.50

6/1/36

97

46

Freddie

Mac,

Pool

#RB5043

.......................................

2.50

4/1/40

41

41

Freddie

Mac,

Pool

#ZA2313

.......................................

3.00

9/1/33

39

316

Freddie

Mac,

Pool

#QD9881

.......................................

3.00

3/1/52

274

48

Freddie

Mac,

Pool

#ZM2721

.......................................

3.00

2/1/47

43

21

Freddie

Mac,

Pool

#ZS8686

.......................................

3.00

2/1/33

21

31

Freddie

Mac,

Pool

#ZT0715

.......................................

3.00

9/1/48

28

36

Freddie

Mac,

Pool

#SD8056

.......................................

3.00

4/1/50

31

48

Freddie

Mac,

Pool

#ZS4706

.......................................

3.00

3/1/47

43

38

Freddie

Mac,

Pool

#ZS4688

.......................................

3.00

11/1/46

33

11

Freddie

Mac,

Pool

#ZT2019

.......................................

3.00

5/1/34

10

16

Freddie

Mac,

Pool

#SD8030

.......................................

3.00

12/1/49

14

28

Freddie

Mac,

Pool

#ZS4641

.......................................

3.00

12/1/45

25

118

Freddie

Mac,

Pool

#SD8184

.......................................

3.00

12/1/51

104

293

Freddie

Mac,

Pool

#SD8174

.......................................

3.00

10/1/51

256

69

Freddie

Mac,

Pool

#QA1033

.......................................

3.00

7/1/49

60

59

Freddie

Mac,

Pool

#QA8065

.......................................

3.00

3/1/50

51

102

Freddie

Mac,

Pool

#QA9049

.......................................

3.00

4/1/50

89

182

Freddie

Mac,

Pool

#QB1382

.......................................

3.00

7/1/50

159

24

Freddie

Mac,

Pool

#ZS4703

.......................................

3.00

2/1/47

21

91

Freddie

Mac,

Pool

#SD8024

.......................................

3.00

11/1/49

80

36

Freddie

Mac,

Pool

#ZT0195

.......................................

3.00

9/1/46

33

50

Freddie

Mac,

Pool

#ZM2169

.......................................

3.00

11/1/46

44

71

Freddie

Mac,

Pool

#ZA1283

.......................................

3.00

1/1/43

65

66

Freddie

Mac,

Pool

#ZM2089

.......................................

3.00

11/1/46

58

82

Freddie

Mac,

Pool

#ZS4621

.......................................

3.00

7/1/45

73

118

Freddie

Mac,

Pool

#ZS4697

.......................................

3.00

1/1/47

106

85

Freddie

Mac,

Pool

#SD8242

.......................................

3.00

9/1/52

74

48

Freddie

Mac,

Pool

#ZS4779

.......................................

3.00

6/1/48

42

75

Freddie

Mac,

Pool

#ZS4512

.......................................

3.00

5/1/43

68

143

Freddie

Mac,

Pool

#ZS4519

.......................................

3.00

6/1/43

130

97

Freddie

Mac,

Pool

#ZM2285

.......................................

3.00

12/1/46

87

73

Freddie

Mac,

Pool

#ZS4609

.......................................

3.00

4/1/45

65

48

Freddie

Mac,

Pool

#RA2594

.......................................

3.00

5/1/50

42

61

Freddie

Mac,

Pool

#ZS4693

.......................................

3.00

12/1/46

54

86

Freddie

Mac,

Pool

#ZS4658

.......................................

3.00

4/1/46

77

56

Freddie

Mac,

Pool

#SD8074

.......................................

3.00

7/1/50

49

402

Freddie

Mac,

Pool

#ZS4522

.......................................

3.00

7/1/43

366

43

Freddie

Mac,

Pool

#ZT1323

.......................................

3.00

10/1/48

38

83

Freddie

Mac,

Pool

#SB8046

.......................................

3.00

5/1/35

80

51

Freddie

Mac,

Pool

#ZS4713

.......................................

3.50

4/1/47

46

164

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Government

Agency

Mortgages

(continued)

$

3

Freddie

Mac,

Pool

#SB0031

.......................................

3.50

10/1/27

$

3

59

Freddie

Mac,

Pool

#ZS4642

.......................................

3.50

12/1/45

54

124

Freddie

Mac,

Pool

#RA2469

.......................................

3.50

4/1/50

113

11

Freddie

Mac,

Pool

#SB8007

.......................................

3.50

9/1/34

11

7

Freddie

Mac,

Pool

#ZS4747

.......................................

3.50

12/1/47

7

51

Freddie

Mac,

Pool

#ZS4622

.......................................

3.50

7/1/45

47

235

Freddie

Mac,

Pool

#ZS4487

.......................................

3.50

6/1/42

221

14

Freddie

Mac,

Pool

#RA1508

.......................................

3.50

10/1/49

13

84

Freddie

Mac,

Pool

#ZS4599

.......................................

3.50

1/1/45

77

21

Freddie

Mac,

Pool

#ZS4759

.......................................

3.50

3/1/48

20

67

Freddie

Mac,

Pool

#QA8794

.......................................

3.50

4/1/50

60

88

Freddie

Mac,

Pool

#SD8226

.......................................

3.50

7/1/52

79

25

Freddie

Mac,

Pool

#ZS4663

.......................................

3.50

5/1/46

23

12

Freddie

Mac,

Pool

#ZT0711

.......................................

3.50

10/1/48

11

120

Freddie

Mac,

Pool

#ZM4908

.......................................

3.50

11/1/47

110

58

Freddie

Mac,

Pool

#ZS4651

.......................................

3.50

3/1/46

53

38

Freddie

Mac,

Pool

#ZS4704

.......................................

3.50

2/1/47

35

46

Freddie

Mac,

Pool

#ZS4630

.......................................

3.50

9/1/45

43

244

Freddie

Mac,

Pool

#SD8038

.......................................

3.50

1/1/50

222

344

Freddie

Mac,

Pool

#SD8221

.......................................

3.50

6/1/52

310

68

Freddie

Mac,

Pool

#SB8183

.......................................

3.50

10/1/37

65

491

Freddie

Mac,

Pool

#SD8214

.......................................

3.50

5/1/52

443

30

Freddie

Mac,

Pool

#ZS4771

.......................................

3.50

6/1/48

27

21

Freddie

Mac,

Pool

#SD2253

.......................................

3.50

12/1/52

19

34

Freddie

Mac,

Pool

#ZA5128

.......................................

3.50

12/1/47

31

35

Freddie

Mac,

Pool

#SD8011

.......................................

3.50

9/1/49

31

380

Freddie

Mac,

Pool

#SD0968

.......................................

3.50

4/1/52

346

47

Freddie

Mac,

Pool

#SD8001

.......................................

3.50

7/1/49

43

22

Freddie

Mac,

Pool

#ZS4659

.......................................

3.50

4/1/46

20

103

Freddie

Mac,

Pool

#ZS4536

.......................................

3.50

10/1/43

96

76

Freddie

Mac,

Pool

#ZS4618

.......................................

3.50

6/1/45

69

24

Freddie

Mac,

Pool

#ZT1951

.......................................

3.50

5/1/49

22

61

Freddie

Mac,

Pool

#ZS4708

.......................................

4.00

3/1/47

58

334

Freddie

Mac,

Pool

#SD1132

.......................................

4.00

6/1/52

312

49

Freddie

Mac,

Pool

#ZS4631

.......................................

4.00

9/1/45

46

30

Freddie

Mac,

Pool

#ZT1952

.......................................

4.00

5/1/49

28

28

Freddie

Mac,

Pool

#ZT2106

.......................................

4.00

3/1/49

26

171

Freddie

Mac,

Pool

#QE6074

.......................................

4.00

7/1/52

160

48

Freddie

Mac,

Pool

#ZS4731

.......................................

4.00

8/1/47

45

6

Freddie

Mac,

Pool

#ZT1800

.......................................

4.00

3/1/34

6

51

Freddie

Mac,

Pool

#ZL7781

.......................................

4.00

2/1/44

49

50

Freddie

Mac,

Pool

#ZA4988

.......................................

4.00

8/1/47

48

22

Freddie

Mac,

Pool

#ZT1320

.......................................

4.00

11/1/48

21

18

Freddie

Mac,

Pool

#ZT1840

.......................................

4.00

9/1/48

17

10

Freddie

Mac,

Pool

#ZN5030

.......................................

4.00

4/1/49

9

34

Freddie

Mac,

Pool

#SD8039

.......................................

4.00

1/1/50

32

79

Freddie

Mac,

Pool

#SD0290

.......................................

4.00

4/1/50

75

348

Freddie

Mac,

Pool

#SD8313

.......................................

4.00

4/1/53

324

63

Freddie

Mac,

Pool

#ZS4627

.......................................

4.00

8/1/45

60

341

Freddie

Mac,

Pool

#QE5462

.......................................

4.00

7/1/52

318

21

Freddie

Mac,

Pool

#ZA6946

.......................................

4.00

5/1/49

19

37

Freddie

Mac,

Pool

#ZS4573

.......................................

4.00

7/1/44

36

99

Freddie

Mac,

Pool

#SD8070

.......................................

4.00

6/1/50

93

344

Freddie

Mac,

Pool

#SD8256

.......................................

4.00

10/1/52

321

12

Freddie

Mac,

Pool

#ZS4652

.......................................

4.00

2/1/46

11

348

Freddie

Mac,

Pool

#SD8244

.......................................

4.00

9/1/52

324

218

Freddie

Mac,

Pool

#SD8286

.......................................

4.00

1/1/53

203

393

Freddie

Mac,

Pool

#SD8245

.......................................

4.50

9/1/52

376

347

Freddie

Mac,

Pool

#SD8266

.......................................

4.50

11/1/52

333

165

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Government

Agency

Mortgages

(continued)

$

349

Freddie

Mac,

Pool

#SD8306

.......................................

4.50

3/1/53

$

335

73

Freddie

Mac,

Pool

#SD8002

.......................................

4.50

7/1/49

71

37

Freddie

Mac,

Pool

#ZT1711

.......................................

4.50

2/1/49

36

124

Freddie

Mac,

Pool

#QE9161

.......................................

4.50

9/1/52

119

83

Freddie

Mac,

Pool

#RA7928

.......................................

4.50

9/1/52

80

48

Freddie

Mac,

Pool

#RB5323

.......................................

4.50

12/1/44

47

19

Freddie

Mac,

Pool

#ZS4781

.......................................

4.50

7/1/48

18

447

Freddie

Mac,

Pool

#SD8513

.......................................

4.50

3/1/55

428

361

Freddie

Mac,

Pool

#SD8340

.......................................

4.50

7/1/53

346

274

Freddie

Mac,

Pool

#SD8365

.......................................

4.50

10/1/53

263

17

Freddie

Mac,

Pool

#ZT1321

.......................................

4.50

11/1/48

17

91

Freddie

Mac,

Pool

#SB8348

.......................................

4.50

12/1/39

91

18

Freddie

Mac,

Pool

#ZS4774

.......................................

4.50

5/1/48

18

350

Freddie

Mac,

Pool

#SD8287

.......................................

4.50

1/1/53

335

351

Freddie

Mac,

Pool

#SD8341

.......................................

5.00

7/1/53

344

436

Freddie

Mac,

Pool

#SD8491

.......................................

5.00

12/1/54

428

344

Freddie

Mac,

Pool

#SD8288

.......................................

5.00

1/1/53

338

416

Freddie

Mac,

Pool

#SD8315

.......................................

5.00

4/1/53

409

205

Freddie

Mac,

Pool

#SD8371

.......................................

5.00

11/1/53

201

44

Freddie

Mac,

Pool

#ZT1779

.......................................

5.00

3/1/49

44

444

Freddie

Mac,

Pool

#SD6764

.......................................

5.00

11/1/54

436

360

Freddie

Mac,

Pool

#SD8361

.......................................

5.00

9/1/53

355

365

Freddie

Mac,

Pool

#SD4977

.......................................

5.00

11/1/53

359

4

Freddie

Mac,

Pool

#SD0093

.......................................

5.00

10/1/49

4

340

Freddie

Mac,

Pool

#SD8299

.......................................

5.00

2/1/53

334

437

Freddie

Mac,

Pool

#SD8505

.......................................

5.00

2/1/55

429

395

Freddie

Mac,

Pool

#RJ2854

.......................................

5.00

11/1/54

391

352

Freddie

Mac,

Pool

#SD8323

.......................................

5.00

5/1/53

345

319

Freddie

Mac,

Pool

#SD8300

.......................................

5.50

2/1/53

320

267

Freddie

Mac,

Pool

#SD8349

.......................................

5.50

8/1/53

267

421

Freddie

Mac,

Pool

#SD8475

.......................................

5.50

11/1/54

421

426

Freddie

Mac,

Pool

#SD8493

.......................................

5.50

12/1/54

427

429

Freddie

Mac,

Pool

#SD6699

.......................................

5.50

10/1/54

432

312

Freddie

Mac,

Pool

#SD8438

.......................................

5.50

6/1/54

312

411

Freddie

Mac,

Pool

#SD8431

.......................................

5.50

5/1/54

411

339

Freddie

Mac,

Pool

#SD8342

.......................................

5.50

7/1/53

340

332

Freddie

Mac,

Pool

#SD8331

.......................................

5.50

6/1/53

333

196

Freddie

Mac,

Pool

#SL0331

.......................................

5.50

2/1/55

197

347

Freddie

Mac,

Pool

#SD8372

.......................................

5.50

11/1/53

348

435

Freddie

Mac,

Pool

#SD8446

.......................................

5.50

7/1/54

435

345

Freddie

Mac,

Pool

#SD8362

.......................................

5.50

9/1/53

346

316

Freddie

Mac,

Pool

#SD8350

.......................................

6.00

8/1/53

322

339

Freddie

Mac,

Pool

#SD8343

.......................................

6.00

7/1/53

345

198

Freddie

Mac,

Pool

#SD8325

.......................................

6.00

5/1/53

202

418

Freddie

Mac,

Pool

#SD8496

.......................................

6.00

1/1/55

425

415

Freddie

Mac,

Pool

#SD8454

.......................................

6.00

8/1/54

422

306

Freddie

Mac,

Pool

#SD8384

.......................................

6.00

12/1/53

311

369

Freddie

Mac,

Pool

#SD8432

.......................................

6.00

5/1/54

376

122

Freddie

Mac,

Pool

#SD8534

.......................................

6.00

5/1/55

124

324

Freddie

Mac,

Pool

#SD8421

.......................................

6.00

4/1/54

330

319

Freddie

Mac,

Pool

#SD8373

.......................................

6.00

11/1/53

324

319

Freddie

Mac,

Pool

#SD8363

.......................................

6.00

9/1/53

325

401

Freddie

Mac,

Pool

#SD8463

.......................................

6.00

9/1/54

408

259

Freddie

Mac,

Pool

#SD8385

.......................................

6.50

12/1/53

267

410

Freddie

Mac,

Pool

#SL0216

.......................................

6.50

1/1/55

426

212

Freddie

Mac,

Pool

#SD5987

.......................................

6.50

2/1/54

221

250

Freddie

Mac,

Pool

#SD8397

.......................................

6.50

1/1/54

258

201

Freddie

Mac,

Pool

#SD8374

.......................................

6.50

11/1/53

208

368

Freddie

Mac,

Pool

#SD8471

.......................................

6.50

10/1/54

379

166

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Government

Agency

Mortgages

(continued)

$

296

Freddie

Mac,

Pool

#SD8386

.......................................

7.00

12/1/53

$

311

6

Freddie

Mac

Gold,

Pool

#J25759

....................................

2.00

8/1/28

6

14

Freddie

Mac

Gold,

Pool

#J25777

....................................

2.00

9/1/28

13

22

Freddie

Mac

Gold,

Pool

#G18634

...................................

2.00

3/1/32

22

10

Freddie

Mac

Gold,

Pool

#G18547

...................................

2.00

3/1/30

9

37

Freddie

Mac

Gold,

Pool

#J26408

....................................

2.50

11/1/28

37

13

Freddie

Mac

Gold,

Pool

#J25585

....................................

2.50

9/1/28

13

61

Freddie

Mac

Gold,

Pool

#J38477

....................................

2.50

2/1/33

59

2

Freddie

Mac

Gold,

Pool

#J30875

....................................

2.50

3/1/30

2

12

Freddie

Mac

Gold,

Pool

#G18485

...................................

2.50

10/1/28

12

27

Freddie

Mac

Gold,

Pool

#C09026

...................................

2.50

2/1/43

23

21

Freddie

Mac

Gold,

Pool

#J23440

....................................

2.50

4/1/28

20

26

Freddie

Mac

Gold,

Pool

#G18470

...................................

2.50

6/1/28

26

26

Freddie

Mac

Gold,

Pool

#J35643

....................................

2.50

11/1/31

25

8

Freddie

Mac

Gold,

Pool

#G18665

...................................

2.50

11/1/32

8

41

Freddie

Mac

Gold,

Pool

#J37902

....................................

2.50

11/1/32

39

14

Freddie

Mac

Gold,

Pool

#J18954

....................................

2.50

4/1/27

13

37

Freddie

Mac

Gold,

Pool

#G18568

...................................

2.50

9/1/30

36

4

Freddie

Mac

Gold,

Pool

#G18472

...................................

2.50

7/1/28

4

56

Freddie

Mac

Gold,

Pool

#G18680

...................................

2.50

3/1/33

54

38

Freddie

Mac

Gold,

Pool

#G18635

...................................

2.50

3/1/32

36

10

Freddie

Mac

Gold,

Pool

#C91904

...................................

2.50

11/1/36

9

26

Freddie

Mac

Gold,

Pool

#G18533

...................................

2.50

12/1/29

25

81

Freddie

Mac

Gold,

Pool

#G18611

...................................

2.50

9/1/31

78

7

Freddie

Mac

Gold,

Pool

#G08755

...................................

2.50

2/1/47

6

21

Freddie

Mac

Gold,

Pool

#Q42878

...................................

2.50

9/1/46

18

17

Freddie

Mac

Gold,

Pool

#G18704

...................................

2.50

6/1/33

16

8

Freddie

Mac

Gold,

Pool

#G08638

...................................

2.50

4/1/45

7

100

Freddie

Mac

Gold,

Pool

#Q16222

...................................

3.00

3/1/43

91

10

Freddie

Mac

Gold,

Pool

#C91905

...................................

3.00

11/1/36

10

17

Freddie

Mac

Gold,

Pool

#J17774

....................................

3.00

1/1/27

16

21

Freddie

Mac

Gold,

Pool

#C91819

...................................

3.00

4/1/35

20

104

Freddie

Mac

Gold,

Pool

#G60989

...................................

3.00

12/1/46

91

5

Freddie

Mac

Gold,

Pool

#G30999

...................................

3.00

2/1/37

5

69

Freddie

Mac

Gold,

Pool

#G60187

...................................

3.00

8/1/45

61

4

Freddie

Mac

Gold,

Pool

#Q18882

...................................

3.00

5/1/43

4

11

Freddie

Mac

Gold,

Pool

#Q18599

...................................

3.00

6/1/43

10

4

Freddie

Mac

Gold,

Pool

#C91949

...................................

3.00

9/1/37

4

7

Freddie

Mac

Gold,

Pool

#C91943

...................................

3.00

7/1/37

7

4

Freddie

Mac

Gold,

Pool

#Q13086

...................................

3.00

11/1/42

4

18

Freddie

Mac

Gold,

Pool

#Q19754

...................................

3.00

7/1/43

17

24

Freddie

Mac

Gold,

Pool

#G18531

...................................

3.00

11/1/29

24

12

Freddie

Mac

Gold,

Pool

#G18715

...................................

3.00

12/1/33

12

11

Freddie

Mac

Gold,

Pool

#C91924

...................................

3.00

4/1/37

10

7

Freddie

Mac

Gold,

Pool

#G18534

...................................

3.00

12/1/29

7

17

Freddie

Mac

Gold,

Pool

#G30945

...................................

3.00

9/1/36

16

34

Freddie

Mac

Gold,

Pool

#G18514

...................................

3.00

6/1/29

33

7

Freddie

Mac

Gold,

Pool

#J29932

....................................

3.00

11/1/29

7

28

Freddie

Mac

Gold,

Pool

#C91707

...................................

3.00

6/1/33

27

31

Freddie

Mac

Gold,

Pool

#G08640

...................................

3.00

5/1/45

28

17

Freddie

Mac

Gold,

Pool

#J36428

....................................

3.00

2/1/32

17

2

Freddie

Mac

Gold,

Pool

#Q39527

...................................

3.00

3/1/46

1

7

Freddie

Mac

Gold,

Pool

#C91826

...................................

3.00

5/1/35

6

49

Freddie

Mac

Gold,

Pool

#C91581

...................................

3.00

11/1/32

48

26

Freddie

Mac

Gold,

Pool

#G18569

...................................

3.00

9/1/30

25

16

Freddie

Mac

Gold,

Pool

#C91798

...................................

3.00

12/1/34

15

15

Freddie

Mac

Gold,

Pool

#G18582

...................................

3.00

1/1/31

14

8

Freddie

Mac

Gold,

Pool

#J33135

....................................

3.00

11/1/30

8

10

Freddie

Mac

Gold,

Pool

#G18575

...................................

3.00

11/1/30

10

167

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Government

Agency

Mortgages

(continued)

$

30

Freddie

Mac

Gold,

Pool

#G15217

...................................

3.00

11/1/29

$

29

1

Freddie

Mac

Gold,

Pool

#J17111

....................................

3.00

10/1/26

1

26

Freddie

Mac

Gold,

Pool

#G08648

...................................

3.00

6/1/45

24

35

Freddie

Mac

Gold,

Pool

#Q41795

...................................

3.00

7/1/46

31

9

Freddie

Mac

Gold,

Pool

#C91969

...................................

3.00

1/1/38

8

4

Freddie

Mac

Gold,

Pool

#C91939

...................................

3.00

6/1/37

3

64

Freddie

Mac

Gold,

Pool

#C04422

...................................

3.00

12/1/42

57

—

Freddie

Mac

Gold,

Pool

#J14241

....................................

3.00

1/1/26

—

15

Freddie

Mac

Gold,

Pool

#J38675

....................................

3.00

3/1/33

14

204

Freddie

Mac

Gold,

Pool

#Q21065

...................................

3.00

8/1/43

185

40

Freddie

Mac

Gold,

Pool

#Q20067

...................................

3.00

7/1/43

37

26

Freddie

Mac

Gold,

Pool

#G18518

...................................

3.00

7/1/29

26

9

Freddie

Mac

Gold,

Pool

#J38807

....................................

3.00

4/1/33

8

9

Freddie

Mac

Gold,

Pool

#J38057

....................................

3.00

12/1/32

8

89

Freddie

Mac

Gold,

Pool

#C04619

...................................

3.00

3/1/43

80

3

Freddie

Mac

Gold,

Pool

#C91809

...................................

3.00

2/1/35

3

57

Freddie

Mac

Gold,

Pool

#G18673

...................................

3.00

1/1/33

55

19

Freddie

Mac

Gold,

Pool

#G08540

...................................

3.00

8/1/43

17

21

Freddie

Mac

Gold,

Pool

#C91927

...................................

3.00

5/1/37

20

27

Freddie

Mac

Gold,

Pool

#G15145

...................................

3.00

7/1/29

26

109

Freddie

Mac

Gold,

Pool

#Q45735

...................................

3.00

1/1/47

97

84

Freddie

Mac

Gold,

Pool

#Q43734

...................................

3.00

10/1/46

75

35

Freddie

Mac

Gold,

Pool

#G08783

...................................

3.00

10/1/47

31

—

Freddie

Mac

Gold,

Pool

#E02735

...................................

3.50

10/1/25

—

29

Freddie

Mac

Gold,

Pool

#Q36040

...................................

3.50

9/1/45

27

22

Freddie

Mac

Gold,

Pool

#G30776

...................................

3.50

7/1/35

21

10

Freddie

Mac

Gold,

Pool

#J27494

....................................

3.50

2/1/29

10

26

Freddie

Mac

Gold,

Pool

#Q37449

...................................

3.50

11/1/45

24

42

Freddie

Mac

Gold,

Pool

#Q51461

...................................

3.50

10/1/47

39

27

Freddie

Mac

Gold,

Pool

#Q04087

...................................

3.50

10/1/41

26

30

Freddie

Mac

Gold,

Pool

#Q06749

...................................

3.50

3/1/42

27

32

Freddie

Mac

Gold,

Pool

#Q12052

...................................

3.50

10/1/42

29

10

Freddie

Mac

Gold,

Pool

#Q31134

...................................

3.50

2/1/45

9

18

Freddie

Mac

Gold,

Pool

#G08846

...................................

3.50

11/1/48

16

20

Freddie

Mac

Gold,

Pool

#G08813

...................................

3.50

5/1/48

18

13

Freddie

Mac

Gold,

Pool

#C91950

...................................

3.50

9/1/37

13

44

Freddie

Mac

Gold,

Pool

#G08761

...................................

3.50

5/1/47

40

34

Freddie

Mac

Gold,

Pool

#Q57871

...................................

3.50

8/1/48

31

59

Freddie

Mac

Gold,

Pool

#G08641

...................................

3.50

5/1/45

55

28

Freddie

Mac

Gold,

Pool

#G08733

...................................

3.50

11/1/46

25

28

Freddie

Mac

Gold,

Pool

#G08687

...................................

3.50

1/1/46

26

12

Freddie

Mac

Gold,

Pool

#A96409

...................................

3.50

1/1/41

11

24

Freddie

Mac

Gold,

Pool

#G08698

...................................

3.50

3/1/46

22

9

Freddie

Mac

Gold,

Pool

#Q55002

...................................

3.50

3/1/48

8

4

Freddie

Mac

Gold,

Pool

#C91925

...................................

3.50

4/1/37

4

7

Freddie

Mac

Gold,

Pool

#C91940

...................................

3.50

6/1/37

7

86

Freddie

Mac

Gold,

Pool

#G08636

...................................

3.50

4/1/45

79

21

Freddie

Mac

Gold,

Pool

#G18707

...................................

3.50

9/1/33

20

41

Freddie

Mac

Gold,

Pool

#Q08998

...................................

3.50

6/1/42

38

65

Freddie

Mac

Gold,

Pool

#G08804

...................................

3.50

3/1/48

59

33

Freddie

Mac

Gold,

Pool

#Q53176

...................................

3.50

12/1/47

31

53

Freddie

Mac

Gold,

Pool

#G08632

...................................

3.50

3/1/45

49

17

Freddie

Mac

Gold,

Pool

#G08605

...................................

3.50

9/1/44

16

77

Freddie

Mac

Gold,

Pool

#G08627

...................................

3.50

2/1/45

72

3

Freddie

Mac

Gold,

Pool

#C91760

...................................

3.50

5/1/34

3

35

Freddie

Mac

Gold,

Pool

#C91456

...................................

3.50

6/1/32

35

73

Freddie

Mac

Gold,

Pool

#G08562

...................................

3.50

1/1/44

69

50

Freddie

Mac

Gold,

Pool

#Q09896

...................................

3.50

8/1/42

46

51

Freddie

Mac

Gold,

Pool

#Q08903

...................................

3.50

6/1/42

47

168

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Government

Agency

Mortgages

(continued)

$

1

Freddie

Mac

Gold,

Pool

#J13582

....................................

3.50

11/1/25

$

1

19

Freddie

Mac

Gold,

Pool

#C03920

...................................

3.50

5/1/42

17

52

Freddie

Mac

Gold,

Pool

#G61148

...................................

3.50

9/1/47

48

6

Freddie

Mac

Gold,

Pool

#G08620

...................................

3.50

12/1/44

6

31

Freddie

Mac

Gold,

Pool

#C91403

...................................

3.50

3/1/32

31

66

Freddie

Mac

Gold,

Pool

#G08766

...................................

3.50

6/1/47

61

56

Freddie

Mac

Gold,

Pool

#Q49490

...................................

3.50

7/1/47

52

5

Freddie

Mac

Gold,

Pool

#J15105

....................................

3.50

4/1/26

5

27

Freddie

Mac

Gold,

Pool

#Q58422

...................................

3.50

9/1/48

25

8

Freddie

Mac

Gold,

Pool

#C92003

...................................

3.50

7/1/38

8

17

Freddie

Mac

Gold,

Pool

#G08599

...................................

3.50

8/1/44

16

10

Freddie

Mac

Gold,

Pool

#C91742

...................................

3.50

1/1/34

9

73

Freddie

Mac

Gold,

Pool

#Q20860

...................................

3.50

8/1/43

68

16

Freddie

Mac

Gold,

Pool

#G08831

...................................

4.00

8/1/48

15

19

Freddie

Mac

Gold,

Pool

#C91738

...................................

4.00

11/1/33

19

34

Freddie

Mac

Gold,

Pool

#G08567

...................................

4.00

1/1/44

33

4

Freddie

Mac

Gold,

Pool

#C91923

...................................

4.00

3/1/37

4

20

Freddie

Mac

Gold,

Pool

#C91765

...................................

4.00

6/1/34

19

16

Freddie

Mac

Gold,

Pool

#G08836

...................................

4.00

9/1/48

15

19

Freddie

Mac

Gold,

Pool

#G08601

...................................

4.00

8/1/44

18

32

Freddie

Mac

Gold,

Pool

#C09070

...................................

4.00

12/1/44

31

5

Freddie

Mac

Gold,

Pool

#G08633

...................................

4.00

3/1/45

5

1

Freddie

Mac

Gold,

Pool

#G14453

...................................

4.00

6/1/26

1

6

Freddie

Mac

Gold,

Pool

#C92019

...................................

4.00

10/1/38

6

40

Freddie

Mac

Gold,

Pool

#G08785

...................................

4.00

10/1/47

38

66

Freddie

Mac

Gold,

Pool

#G06506

...................................

4.00

12/1/40

64

10

Freddie

Mac

Gold,

Pool

#G08672

...................................

4.00

10/1/45

9

39

Freddie

Mac

Gold,

Pool

#G08459

...................................

4.00

9/1/41

38

18

Freddie

Mac

Gold,

Pool

#G08483

...................................

4.00

3/1/42

17

20

Freddie

Mac

Gold,

Pool

#Q34081

...................................

4.00

6/1/45

20

3

Freddie

Mac

Gold,

Pool

#G08642

...................................

4.00

5/1/45

2

26

Freddie

Mac

Gold,

Pool

#G08767

...................................

4.00

6/1/47

25

175

Freddie

Mac

Gold,

Pool

#A96286

...................................

4.00

1/1/41

169

7

Freddie

Mac

Gold,

Pool

#C91994

...................................

4.00

5/1/38

7

40

Freddie

Mac

Gold,

Pool

#G08588

...................................

4.00

5/1/44

38

35

Freddie

Mac

Gold,

Pool

#Q27594

...................................

4.00

8/1/44

33

2

Freddie

Mac

Gold,

Pool

#Q27456

...................................

4.00

7/1/44

2

18

Freddie

Mac

Gold,

Pool

#Q59805

...................................

4.50

11/1/48

18

11

Freddie

Mac

Gold,

Pool

#G08596

...................................

4.50

7/1/44

11

26

Freddie

Mac

Gold,

Pool

#Q57957

...................................

4.50

8/1/48

25

6

Freddie

Mac

Gold,

Pool

#C09059

...................................

4.50

3/1/44

6

11

Freddie

Mac

Gold,

Pool

#Q25432

...................................

4.50

3/1/44

11

9

Freddie

Mac

Gold,

Pool

#G08781

...................................

4.50

9/1/47

9

4

Freddie

Mac

Gold,

Pool

#A90437

...................................

4.50

1/1/40

4

340

Freddie

Mac

Gold,

Pool

#A97692

...................................

4.50

3/1/41

338

14

Freddie

Mac

Gold,

Pool

#G60512

...................................

4.50

12/1/45

14

29

Freddie

Mac

Gold,

Pool

#G08759

...................................

4.50

4/1/47

28

—

Freddie

Mac

Gold,

Pool

#E02862

...................................

4.50

3/1/26

—

19

Freddie

Mac

Gold,

Pool

#G08754

...................................

4.50

3/1/47

18

16

Freddie

Mac

Gold,

Pool

#Q22671

...................................

4.50

11/1/43

15

36

Freddie

Mac

Gold,

Pool

#A97495

...................................

4.50

3/1/41

36

143

Freddie

Mac

Gold,

Pool

#C01598

...................................

5.00

8/1/33

144

5

Freddie

Mac

Gold,

Pool

#G08838

...................................

5.00

9/1/48

5

11

Freddie

Mac

Gold,

Pool

#G05205

...................................

5.00

1/1/39

11

27

Freddie

Mac

Gold,

Pool

#Q00763

...................................

5.00

5/1/41

28

69

Freddie

Mac

Gold,

Pool

#G04913

...................................

5.00

3/1/38

70

4

Freddie

Mac

Gold,

Pool

#G07068

...................................

5.00

7/1/41

4

90

Freddie

Mac

Gold,

Pool

#G01665

...................................

5.50

3/1/34

92

1

Freddie

Mac

Gold,

Pool

#G06091

...................................

5.50

5/1/40

1

169

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Government

Agency

Mortgages

(continued)

$

—

Freddie

Mac

Gold,

Pool

#A79636

...................................

5.50

7/1/38

$

—

24

Freddie

Mac

Gold,

Pool

#G06031

...................................

5.50

3/1/40

25

1

Freddie

Mac

Gold,

Pool

#A69671

...................................

5.50

12/1/37

1

2

Freddie

Mac

Gold,

Pool

#A62706

...................................

6.00

6/1/37

2

88

Freddie

Mac

Gold,

Pool

#G02794

...................................

6.00

5/1/37

92

20

Freddie

Mac

Gold,

Pool

#G03551

...................................

6.00

11/1/37

21

11

Freddie

Mac

Gold,

Pool

#G05709

...................................

6.00

6/1/38

11

216

Government

National

Mortgage

Association,

Pool

#MA7533

................

2.00

8/20/51

176

156

Government

National

Mortgage

Association,

Pool

#MA6864

................

2.00

9/20/50

127

278

Government

National

Mortgage

Association,

Pool

#MA7135

................

2.00

1/20/51

226

354

Government

National

Mortgage

Association,

Pool

#MA6994

................

2.00

11/20/50

288

287

Government

National

Mortgage

Association,

Pool

#MA7254

................

2.00

3/20/51

234

327

Government

National

Mortgage

Association,

Pool

#MA8041

................

2.00

5/20/52

267

515

Government

National

Mortgage

Association,

Pool

#MA7826

................

2.00

1/20/52

419

491

Government

National

Mortgage

Association,

Pool

#MA7704

................

2.00

11/20/51

400

271

Government

National

Mortgage

Association,

Pool

#MA6818

................

2.00

8/20/50

221

439

Government

National

Mortgage

Association,

Pool

#MA7311

................

2.00

4/20/51

358

164

Government

National

Mortgage

Association,

Pool

#MA7880

................

2.00

2/20/52

134

305

Government

National

Mortgage

Association,

Pool

#MA7417

................

2.00

6/20/51

249

344

Government

National

Mortgage

Association,

Pool

#MA7588

................

2.00

9/20/51

281

412

Government

National

Mortgage

Association,

Pool

#MA7935

................

2.00

3/20/52

336

439

Government

National

Mortgage

Association,

Pool

#MA7192

................

2.00

2/20/51

358

309

Government

National

Mortgage

Association,

Pool

#MA7051

................

2.00

12/20/50

252

395

Government

National

Mortgage

Association,

Pool

#MA7471

................

2.00

7/20/51

322

285

Government

National

Mortgage

Association,

Pool

#MA7366

................

2.00

5/20/51

232

380

Government

National

Mortgage

Association,

Pool

#MA7766

................

2.00

12/20/51

310

261

Government

National

Mortgage

Association,

Pool

#MA6930

................

2.00

10/20/50

213

361

Government

National

Mortgage

Association,

Pool

#MA7986

................

2.00

4/20/52

295

292

Government

National

Mortgage

Association,

Pool

#MA7534

................

2.50

8/20/51

248

347

Government

National

Mortgage

Association,

Pool

#MA7987

................

2.50

4/20/52

295

347

Government

National

Mortgage

Association,

Pool

#MA7589

................

2.50

9/20/51

295

158

Government

National

Mortgage

Association,

Pool

#MA7705

................

2.50

11/20/51

134

254

Government

National

Mortgage

Association,

Pool

#MA8042

................

2.50

5/20/52

216

6

Government

National

Mortgage

Association,

Pool

#AA8341

................

2.50

2/15/28

6

379

Government

National

Mortgage

Association,

Pool

#MA7827

................

2.50

1/20/52

322

155

Government

National

Mortgage

Association,

Pool

#MA4125

................

2.50

12/20/46

134

166

Government

National

Mortgage

Association,

Pool

#MA6819

................

2.50

8/20/50

141

280

Government

National

Mortgage

Association,

Pool

#MA7312

................

2.50

4/20/51

238

152

Government

National

Mortgage

Association,

Pool

#MA4260

................

2.50

2/20/47

131

323

Government

National

Mortgage

Association,

Pool

#MA8147

................

2.50

7/20/52

274

15

Government

National

Mortgage

Association,

Pool

#MA4067

................

2.50

11/20/46

13

4

Government

National

Mortgage

Association,

Pool

#MA4355

................

2.50

4/20/32

3

272

Government

National

Mortgage

Association,

Pool

#MA7255

................

2.50

3/20/51

231

182

Government

National

Mortgage

Association,

Pool

#MA6865

................

2.50

9/20/50

155

480

Government

National

Mortgage

Association,

Pool

#MA7767

................

2.50

12/20/51

408

307

Government

National

Mortgage

Association,

Pool

#MA7472

................

2.50

7/20/51

261

4

Government

National

Mortgage

Association,

Pool

#MA0908

................

2.50

4/20/28

4

227

Government

National

Mortgage

Association,

Pool

#MA6995

................

2.50

11/20/50

193

357

Government

National

Mortgage

Association,

Pool

#MA7136

................

2.50

1/20/51

304

344

Government

National

Mortgage

Association,

Pool

#MA7936

................

2.50

3/20/52

292

148

Government

National

Mortgage

Association,

Pool

#MA6655

................

2.50

5/20/50

127

315

Government

National

Mortgage

Association,

Pool

#MA7367

................

2.50

5/20/51

267

7

Government

National

Mortgage

Association,

Pool

#MA4424

................

2.50

5/20/32

7

300

Government

National

Mortgage

Association,

Pool

#MA7418

................

2.50

6/20/51

254

100

Government

National

Mortgage

Association,

Pool

#MA7193

................

2.50

2/20/51

85

347

Government

National

Mortgage

Association,

Pool

#MA7881

................

2.50

2/20/52

295

10

Government

National

Mortgage

Association,

Pool

#MA4194

................

2.50

1/20/47

8

6

Government

National

Mortgage

Association,

Pool

#MA0601

................

2.50

12/20/27

6

117

Government

National

Mortgage

Association,

Pool

#MA6540

................

2.50

3/20/50

100

170

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Government

Agency

Mortgages

(continued)

$

28

Government

National

Mortgage

Association,

Pool

#MA1283

................

2.50

9/20/43

$

25

327

Government

National

Mortgage

Association,

Pool

#MA7649

................

2.50

10/20/51

278

5

Government

National

Mortgage

Association,

Pool

#MA1133

................

2.50

7/20/28

5

74

Government

National

Mortgage

Association,

Pool

#MA6598

................

2.50

4/20/50

63

5

Government

National

Mortgage

Association,

Pool

#MA2890

................

2.50

6/20/45

4

351

Government

National

Mortgage

Association,

Pool

#MA6709

................

2.50

6/20/50

298

211

Government

National

Mortgage

Association,

Pool

#MA6931

................

2.50

10/20/50

179

14

Government

National

Mortgage

Association,

Pool

#MA4717

................

2.50

9/20/47

12

360

Government

National

Mortgage

Association,

Pool

#MA7052

................

2.50

12/20/50

306

10

Government

National

Mortgage

Association,

Pool

#711729

.................

2.50

3/15/43

8

11

Government

National

Mortgage

Association,

Pool

#776954

.................

2.50

11/15/42

10

50

Government

National

Mortgage

Association,

Pool

#MA4320

................

3.00

3/20/47

45

118

Government

National

Mortgage

Association,

Pool

#MA4261

................

3.00

2/20/47

106

68

Government

National

Mortgage

Association,

Pool

#MA2520

................

3.00

1/20/45

61

62

Government

National

Mortgage

Association,

Pool

#MA4961

................

3.00

1/20/48

56

1

Government

National

Mortgage

Association,

Pool

#5276

..................

3.00

1/20/27

1

24

Government

National

Mortgage

Association,

Pool

#MA4068

................

3.00

11/20/46

22

57

Government

National

Mortgage

Association,

Pool

#MA6710

................

3.00

6/20/50

50

57

Government

National

Mortgage

Association,

Pool

#MA6089

................

3.00

8/20/49

51

6

Government

National

Mortgage

Association,

Pool

#MA0205

................

3.00

7/20/27

5

44

Government

National

Mortgage

Association,

Pool

#MA3104

................

3.00

9/20/45

40

13

Government

National

Mortgage

Association,

Pool

#MA6766

................

3.00

7/20/50

12

47

Government

National

Mortgage

Association,

Pool

#MA3596

................

3.00

4/20/46

42

15

Government

National

Mortgage

Association,

Pool

#MA6820

................

3.00

8/20/50

14

6

Government

National

Mortgage

Association,

Pool

#AN5756

................

3.00

7/15/45

6

15

Government

National

Mortgage

Association,

Pool

#MA2600

................

3.00

2/20/45

14

39

Government

National

Mortgage

Association,

Pool

#MA2825

................

3.00

5/20/45

35

6

Government

National

Mortgage

Association,

Pool

#MA2797

................

3.00

5/20/30

5

60

Government

National

Mortgage

Association,

Pool

#MA6283

................

3.00

11/20/49

53

40

Government

National

Mortgage

Association,

Pool

#MA2960

................

3.00

7/20/45

36

31

Government

National

Mortgage

Association,

Pool

#MA2753

................

3.00

4/20/45

27

61

Government

National

Mortgage

Association,

Pool

#MA4777

................

3.00

10/20/47

55

52

Government

National

Mortgage

Association,

Pool

#MA4381

................

3.00

4/20/47

47

140

Government

National

Mortgage

Association,

Pool

#MA4126

................

3.00

12/20/46

126

124

Government

National

Mortgage

Association,

Pool

#MA4195

................

3.00

1/20/47

111

51

Government

National

Mortgage

Association,

Pool

#MA3662

................

3.00

5/20/46

46

301

Government

National

Mortgage

Association,

Pool

#MA7706

................

3.00

11/20/51

266

17

Government

National

Mortgage

Association,

Pool

#MA3520

................

3.00

3/20/46

15

309

Government

National

Mortgage

Association,

Pool

#MA7768

................

3.00

12/20/51

273

126

Government

National

Mortgage

Association,

Pool

#MA5076

................

3.00

3/20/48

112

103

Government

National

Mortgage

Association,

Pool

#MA3735

................

3.00

6/20/46

93

3

Government

National

Mortgage

Association,

Pool

#AL5058

................

3.00

3/15/45

3

81

Government

National

Mortgage

Association,

Pool

#MA4651

................

3.00

8/20/47

73

9

Government

National

Mortgage

Association,

Pool

#AK7285

................

3.00

3/15/45

8

115

Government

National

Mortgage

Association,

Pool

#MA5018

................

3.00

2/20/48

103

3

Government

National

Mortgage

Association,

Pool

#MA4935

................

3.00

1/20/33

3

139

Government

National

Mortgage

Association,

Pool

#MA4003

................

3.00

10/20/46

125

85

Government

National

Mortgage

Association,

Pool

#MA4836

................

3.00

11/20/47

76

285

Government

National

Mortgage

Association,

Pool

#MA6218

................

3.00

10/20/49

253

25

Government

National

Mortgage

Association,

Pool

#MA0851

................

3.00

3/20/43

23

28

Government

National

Mortgage

Association,

Pool

#MA4899

................

3.00

12/20/47

25

58

Government

National

Mortgage

Association,

Pool

#MA3802

................

3.00

7/20/46

52

89

Government

National

Mortgage

Association,

Pool

#MA6338

................

3.00

12/20/49

79

104

Government

National

Mortgage

Association,

Pool

#MA6409

................

3.00

1/20/50

92

19

Government

National

Mortgage

Association,

Pool

#MA3243

................

3.00

11/20/45

17

175

Government

National

Mortgage

Association,

Pool

#MA6656

................

3.00

5/20/50

155

77

Government

National

Mortgage

Association,

Pool

#AA6149

................

3.00

3/20/43

69

197

Government

National

Mortgage

Association,

Pool

#MA6599

................

3.00

4/20/50

175

58

Government

National

Mortgage

Association,

Pool

#MA3033

................

3.00

8/20/45

52

171

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Government

Agency

Mortgages

(continued)

$

75

Government

National

Mortgage

Association,

Pool

#MA4509

................

3.00

6/20/47

$

68

11

Government

National

Mortgage

Association,

Pool

#MA4559

................

3.00

7/20/32

11

65

Government

National

Mortgage

Association,

Pool

#MA4450

................

3.00

5/20/47

58

37

Government

National

Mortgage

Association,

Pool

#MA3172

................

3.00

10/20/45

34

107

Government

National

Mortgage

Association,

Pool

#MA0391

................

3.00

9/20/42

98

379

Government

National

Mortgage

Association,

Pool

#MA0624

................

3.00

12/20/42

347

67

Government

National

Mortgage

Association,

Pool

#MA0153

................

3.00

6/20/42

62

108

Government

National

Mortgage

Association,

Pool

#MA6474

................

3.00

2/20/50

96

34

Government

National

Mortgage

Association,

Pool

#AA2654

................

3.00

6/15/43

31

99

Government

National

Mortgage

Association,

Pool

#AD8433

................

3.00

7/15/43

90

3

Government

National

Mortgage

Association,

Pool

#MA1890

................

3.00

5/20/29

3

6

Government

National

Mortgage

Association,

Pool

#AA2934

................

3.00

7/15/42

6

47

Government

National

Mortgage

Association,

Pool

#MA3309

................

3.00

12/20/45

42

303

Government

National

Mortgage

Association,

Pool

#MA7828

................

3.00

1/20/52

268

31

Government

National

Mortgage

Association,

Pool

#779084

.................

3.00

4/15/42

29

70

Government

National

Mortgage

Association,

Pool

#MA1374

................

3.00

10/20/43

65

10

Government

National

Mortgage

Association,

Pool

#AG0440

................

3.00

8/15/43

10

10

Government

National

Mortgage

Association,

Pool

#MA1265

................

3.00

9/20/28

10

60

Government

National

Mortgage

Association,

Pool

#MA0461

................

3.00

10/20/42

55

94

Government

National

Mortgage

Association,

Pool

#MA3936

................

3.00

9/20/46

84

42

Government

National

Mortgage

Association,

Pool

#MA2444

................

3.00

12/20/44

38

354

Government

National

Mortgage

Association,

Pool

#MA8098

................

3.00

6/20/52

313

42

Government

National

Mortgage

Association,

Pool

#MA3873

................

3.00

8/20/46

38

84

Government

National

Mortgage

Association,

Pool

#MA2147

................

3.00

8/20/44

77

55

Government

National

Mortgage

Association,

Pool

#MA4069

................

3.50

11/20/46

51

50

Government

National

Mortgage

Association,

Pool

#MA4719

................

3.50

9/20/47

46

41

Government

National

Mortgage

Association,

Pool

#MA4586

................

3.50

7/20/47

38

62

Government

National

Mortgage

Association,

Pool

#MA4004

................

3.50

10/20/46

57

73

Government

National

Mortgage

Association,

Pool

#MA4127

................

3.50

12/20/46

67

203

Government

National

Mortgage

Association,

Pool

#MA8266

................

3.50

9/20/52

185

64

Government

National

Mortgage

Association,

Pool

#AM4971

................

3.50

4/20/45

60

94

Government

National

Mortgage

Association,

Pool

#MA5019

................

3.50

2/20/48

86

26

Government

National

Mortgage

Association,

Pool

#MA4451

................

3.50

5/20/47

24

65

Government

National

Mortgage

Association,

Pool

#MA2303

................

3.50

10/20/44

61

33

Government

National

Mortgage

Association,

Pool

#MA3454

................

3.50

2/20/46

30

9

Government

National

Mortgage

Association,

Pool

#MA6219

................

3.50

10/20/49

9

8

Government

National

Mortgage

Association,

Pool

#MA5875

................

3.50

4/20/49

7

10

Government

National

Mortgage

Association,

Pool

#MA5762

................

3.50

2/20/49

9

42

Government

National

Mortgage

Association,

Pool

#MA3736

................

3.50

6/20/46

39

12

Government

National

Mortgage

Association,

Pool

#796271

.................

3.50

7/15/42

11

4

Government

National

Mortgage

Association,

Pool

#MA1574

................

3.50

1/20/29

4

2

Government

National

Mortgage

Association,

Pool

#MA1266

................

3.50

9/20/28

2

45

Government

National

Mortgage

Association,

Pool

#MA5077

................

3.50

3/20/48

42

32

Government

National

Mortgage

Association,

Pool

#740798

.................

3.50

1/15/42

30

59

Government

National

Mortgage

Association,

Pool

#MA3376

................

3.50

1/20/46

55

36

Government

National

Mortgage

Association,

Pool

#MA2445

................

3.50

12/20/44

34

34

Government

National

Mortgage

Association,

Pool

#MA1838

................

3.50

4/20/44

31

55

Government

National

Mortgage

Association,

Pool

#MA4900

................

3.50

12/20/47

51

104

Government

National

Mortgage

Association,

Pool

#MA2073

................

3.50

7/20/44

97

56

Government

National

Mortgage

Association,

Pool

#MA0022

................

3.50

4/20/42

52

32

Government

National

Mortgage

Association,

Pool

#AC3938

................

3.50

1/15/43

30

50

Government

National

Mortgage

Association,

Pool

#MA5136

................

3.50

4/20/48

47

54

Government

National

Mortgage

Association,

Pool

#MA0699

................

3.50

1/20/43

51

10

Government

National

Mortgage

Association,

Pool

#MA6711

................

3.50

6/20/50

9

9

Government

National

Mortgage

Association,

Pool

#MA6475

................

3.50

2/20/50

8

7

Government

National

Mortgage

Association,

Pool

#MA6410

................

3.50

1/20/50

7

183

Government

National

Mortgage

Association,

Pool

#MA0220

................

3.50

7/20/42

171

72

Government

National

Mortgage

Association,

Pool

#MA0088

................

3.50

5/20/42

67

91

Government

National

Mortgage

Association,

Pool

#MA0934

................

3.50

4/20/43

84

172

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Government

Agency

Mortgages

(continued)

$

68

Government

National

Mortgage

Association,

Pool

#MA3244

................

3.50

11/20/45

$

62

48

Government

National

Mortgage

Association,

Pool

#MA3803

................

3.50

7/20/46

45

45

Government

National

Mortgage

Association,

Pool

#MA3874

................

3.50

8/20/46

41

20

Government

National

Mortgage

Association,

Pool

#BD5909

................

3.50

10/15/47

18

37

Government

National

Mortgage

Association,

Pool

#MA5263

................

3.50

6/20/48

34

321

Government

National

Mortgage

Association,

Pool

#MA8149

................

3.50

7/20/52

292

58

Government

National

Mortgage

Association,

Pool

#MA4321

................

3.50

3/20/47

54

54

Government

National

Mortgage

Association,

Pool

#MA4262

................

3.50

2/20/47

50

13

Government

National

Mortgage

Association,

Pool

#MA3937

................

3.50

9/20/46

12

104

Government

National

Mortgage

Association,

Pool

#MA0462

................

3.50

10/20/42

95

90

Government

National

Mortgage

Association,

Pool

#MA0852

................

3.50

3/20/43

83

38

Government

National

Mortgage

Association,

Pool

#MA4778

................

3.50

10/20/47

35

46

Government

National

Mortgage

Association,

Pool

#MA3310

................

3.50

12/20/45

42

73

Government

National

Mortgage

Association,

Pool

#MA4837

................

3.50

11/20/47

67

56

Government

National

Mortgage

Association,

Pool

#MA4652

................

3.50

8/20/47

51

80

Government

National

Mortgage

Association,

Pool

#MA3521

................

3.50

3/20/46

74

12

Government

National

Mortgage

Association,

Pool

#MA6339

................

3.50

12/20/49

11

58

Government

National

Mortgage

Association,

Pool

#MA3597

................

3.50

4/20/46

54

39

Government

National

Mortgage

Association,

Pool

#MA4510

................

3.50

6/20/47

36

2

Government

National

Mortgage

Association,

Pool

#738602

.................

3.50

8/15/26

2

222

Government

National

Mortgage

Association,

Pool

#MA8199

................

3.50

8/20/52

203

61

Government

National

Mortgage

Association,

Pool

#MA4382

................

3.50

4/20/47

57

30

Government

National

Mortgage

Association,

Pool

#MA1919

................

3.50

5/20/44

28

2

Government

National

Mortgage

Association,

Pool

#AL8566

................

3.50

3/15/45

2

86

Government

National

Mortgage

Association,

Pool

#MA4196

................

3.50

1/20/47

79

102

Government

National

Mortgage

Association,

Pool

#MA1090

................

3.50

6/20/43

94

11

Government

National

Mortgage

Association,

Pool

#AD2416

................

3.50

5/15/43

10

32

Government

National

Mortgage

Association,

Pool

#MA2371

................

3.50

11/20/44

30

37

Government

National

Mortgage

Association,

Pool

#MA2754

................

3.50

4/20/45

35

147

Government

National

Mortgage

Association,

Pool

#MA2148

................

3.50

8/20/44

138

76

Government

National

Mortgage

Association,

Pool

#MA3034

................

3.50

8/20/45

71

44

Government

National

Mortgage

Association,

Pool

#MA2961

................

3.50

7/20/45

41

60

Government

National

Mortgage

Association,

Pool

#MA2892

................

3.50

6/20/45

56

47

Government

National

Mortgage

Association,

Pool

#MA3663

................

3.50

5/20/46

43

48

Government

National

Mortgage

Association,

Pool

#778157

.................

3.50

3/15/42

45

86

Government

National

Mortgage

Association,

Pool

#MA3173

................

3.50

10/20/45

80

51

Government

National

Mortgage

Association,

Pool

#783976

.................

3.50

4/20/43

47

104

Government

National

Mortgage

Association,

Pool

#MA1157

................

3.50

7/20/43

96

56

Government

National

Mortgage

Association,

Pool

#MA2678

................

3.50

3/20/45

52

14

Government

National

Mortgage

Association,

Pool

#740068

.................

4.00

9/15/40

14

18

Government

National

Mortgage

Association,

Pool

#753254

.................

4.00

9/15/43

17

9

Government

National

Mortgage

Association,

Pool

#4922

..................

4.00

1/20/41

9

22

Government

National

Mortgage

Association,

Pool

#MA1286

................

4.00

9/20/43

21

62

Government

National

Mortgage

Association,

Pool

#MA2074

................

4.00

7/20/44

60

45

Government

National

Mortgage

Association,

Pool

#MA5595

................

4.00

11/20/48

43

35

Government

National

Mortgage

Association,

Pool

#MA3377

................

4.00

1/20/46

34

63

Government

National

Mortgage

Association,

Pool

#MA1839

................

4.00

4/20/44

60

17

Government

National

Mortgage

Association,

Pool

#MA0155

................

4.00

6/20/42

16

18

Government

National

Mortgage

Association,

Pool

#AD5627

................

4.00

4/15/43

17

38

Government

National

Mortgage

Association,

Pool

#MA3598

................

4.00

4/20/46

37

38

Government

National

Mortgage

Association,

Pool

#MA2522

................

4.00

1/20/45

37

47

Government

National

Mortgage

Association,

Pool

#MA4653

................

4.00

8/20/47

44

7

Government

National

Mortgage

Association,

Pool

#MA6040

................

4.00

7/20/49

7

75

Government

National

Mortgage

Association,

Pool

#MA4587

................

4.00

7/20/47

71

21

Government

National

Mortgage

Association,

Pool

#MA2149

................

4.00

8/20/44

20

416

Government

National

Mortgage

Association,

Pool

#MA8267

................

4.00

9/20/52

387

10

Government

National

Mortgage

Association,

Pool

#MA5330

................

4.00

7/20/48

9

334

Government

National

Mortgage

Association,

Pool

#MA8200

................

4.00

8/20/52

313

16

Government

National

Mortgage

Association,

Pool

#738710

.................

4.00

9/15/41

15

173

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Government

Agency

Mortgages

(continued)

$

13

Government

National

Mortgage

Association,

Pool

#MA3455

................

4.00

2/20/46

$

12

43

Government

National

Mortgage

Association,

Pool

#AB1483

................

4.00

8/15/42

41

23

Government

National

Mortgage

Association,

Pool

#MA1996

................

4.00

6/20/44

22

35

Government

National

Mortgage

Association,

Pool

#MA5710

................

4.00

1/20/49

33

25

Government

National

Mortgage

Association,

Pool

#MA2602

................

4.00

2/20/45

24

42

Government

National

Mortgage

Association,

Pool

#MA4511

................

4.00

6/20/47

40

67

Government

National

Mortgage

Association,

Pool

#MA4452

................

4.00

5/20/47

63

36

Government

National

Mortgage

Association,

Pool

#713876

.................

4.00

8/15/39

35

39

Government

National

Mortgage

Association,

Pool

#MA0319

................

4.00

8/20/42

37

41

Government

National

Mortgage

Association,

Pool

#MA1376

................

4.00

10/20/43

39

40

Government

National

Mortgage

Association,

Pool

#MA4383

................

4.00

4/20/47

38

32

Government

National

Mortgage

Association,

Pool

#MA1678

................

4.00

2/20/44

31

12

Government

National

Mortgage

Association,

Pool

#AV6086

................

4.00

7/15/47

11

12

Government

National

Mortgage

Association,

Pool

#MA4322

................

4.00

3/20/47

12

34

Government

National

Mortgage

Association,

Pool

#MA5876

................

4.00

4/20/49

32

35

Government

National

Mortgage

Association,

Pool

#MA5078

................

4.00

3/20/48

33

54

Government

National

Mortgage

Association,

Pool

#MA2224

................

4.00

9/20/44

52

6

Government

National

Mortgage

Association,

Pool

#779401

.................

4.00

6/15/42

6

7

Government

National

Mortgage

Association,

Pool

#MA3174

................

4.00

10/20/45

6

30

Government

National

Mortgage

Association,

Pool

#MA4263

................

4.00

2/20/47

28

41

Government

National

Mortgage

Association,

Pool

#MA1449

................

4.00

11/20/43

39

11

Government

National

Mortgage

Association,

Pool

#MA6091

................

4.00

8/20/49

11

11

Government

National

Mortgage

Association,

Pool

#MA6155

................

4.00

9/20/49

11

36

Government

National

Mortgage

Association,

Pool

#MA4197

................

4.00

1/20/47

34

8

Government

National

Mortgage

Association,

Pool

#766495

.................

4.00

10/15/41

8

410

Government

National

Mortgage

Association,

Pool

#MA9302

................

4.00

11/20/53

383

20

Government

National

Mortgage

Association,

Pool

#AM8203

................

4.00

5/15/45

19

137

Government

National

Mortgage

Association,

Pool

#MA8488

................

4.00

12/20/52

128

51

Government

National

Mortgage

Association,

Pool

#MA1761

................

4.00

3/20/44

49

11

Government

National

Mortgage

Association,

Pool

#MA3106

................

4.00

9/20/45

10

19

Government

National

Mortgage

Association,

Pool

#MA3245

................

4.00

11/20/45

18

11

Government

National

Mortgage

Association,

Pool

#MA5986

................

4.00

6/20/49

11

63

Government

National

Mortgage

Association,

Pool

#MA5466

................

4.00

9/20/48

60

23

Government

National

Mortgage

Association,

Pool

#MA3737

................

4.00

6/20/46

21

14

Government

National

Mortgage

Association,

Pool

#MA5931

................

4.00

5/20/49

13

46

Government

National

Mortgage

Association,

Pool

#MA2304

................

4.00

10/20/44

44

129

Government

National

Mortgage

Association,

Pool

#5139

..................

4.00

8/20/41

123

9

Government

National

Mortgage

Association,

Pool

#729511

.................

4.50

4/15/40

9

75

Government

National

Mortgage

Association,

Pool

#717148

.................

4.50

5/15/39

75

4

Government

National

Mortgage

Association,

Pool

#BB7097

................

4.50

8/15/47

4

3

Government

National

Mortgage

Association,

Pool

#MA5764

................

4.50

2/20/49

3

19

Government

National

Mortgage

Association,

Pool

#MA5467

................

4.50

9/20/48

18

28

Government

National

Mortgage

Association,

Pool

#MA0701

................

4.50

1/20/43

27

8

Government

National

Mortgage

Association,

Pool

#MA5399

................

4.50

8/20/48

8

42

Government

National

Mortgage

Association,

Pool

#MA2756

................

4.50

4/20/45

40

10

Government

National

Mortgage

Association,

Pool

#738793

.................

4.50

9/15/41

10

14

Government

National

Mortgage

Association,

Pool

#MA3805

................

4.50

7/20/46

14

10

Government

National

Mortgage

Association,

Pool

#MA5711

................

4.50

1/20/49

10

27

Government

National

Mortgage

Association,

Pool

#MA5818

................

4.50

3/20/49

26

3

Government

National

Mortgage

Association,

Pool

#MA5877

................

4.50

4/20/49

3

444

Government

National

Mortgage

Association,

Pool

#MB0090

................

4.50

12/20/54

426

11

Government

National

Mortgage

Association,

Pool

#MA4780

................

4.50

10/20/47

11

5

Government

National

Mortgage

Association,

Pool

#MA5987

................

4.50

6/20/49

5

133

Government

National

Mortgage

Association,

Pool

#721760

.................

4.50

8/15/40

134

181

Government

National

Mortgage

Association,

Pool

#4801

..................

4.50

9/20/40

180

445

Government

National

Mortgage

Association,

Pool

#MB0145

................

4.50

1/20/55

426

8

Government

National

Mortgage

Association,

Pool

#MA5596

................

4.50

11/20/48

8

237

Government

National

Mortgage

Association,

Pool

#MA9486

................

4.50

2/20/54

228

48

Government

National

Mortgage

Association,

Pool

#MA1762

................

4.50

3/20/44

46

174

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Government

Agency

Mortgages

(continued)

$

15

Government

National

Mortgage

Association,

Pool

#MA1092

................

4.50

6/20/43

$

15

318

Government

National

Mortgage

Association,

Pool

#MA8151

................

4.50

7/20/52

307

33

Government

National

Mortgage

Association,

Pool

#MA4384

................

4.50

4/20/47

32

25

Government

National

Mortgage

Association,

Pool

#MA4512

................

4.50

6/20/47

24

48

Government

National

Mortgage

Association,

Pool

#5260

..................

4.50

12/20/41

47

4

Government

National

Mortgage

Association,

Pool

#MA5529

................

4.50

10/20/48

4

7

Government

National

Mortgage

Association,

Pool

#MA4129

................

4.50

12/20/46

7

507

Government

National

Mortgage

Association,

Pool

#MA8877

................

4.50

5/20/53

486

10

Government

National

Mortgage

Association,

Pool

#MA4721

................

4.50

9/20/47

10

31

Government

National

Mortgage

Association,

Pool

#MA5652

................

4.50

12/20/48

30

339

Government

National

Mortgage

Association,

Pool

#MA8724

................

4.50

3/20/53

326

7

Government

National

Mortgage

Association,

Pool

#MA5530

................

5.00

10/20/48

7

27

Government

National

Mortgage

Association,

Pool

#604285

.................

5.00

5/15/33

27

8

Government

National

Mortgage

Association,

Pool

#782468

.................

5.00

11/15/38

8

38

Government

National

Mortgage

Association,

Pool

#694531

.................

5.00

11/15/38

38

7

Government

National

Mortgage

Association,

Pool

#MA5819

................

5.00

3/20/49

7

540

Government

National

Mortgage

Association,

Pool

#MB0025

................

5.00

11/20/54

530

11

Government

National

Mortgage

Association,

Pool

#675179

.................

5.00

3/15/38

11

56

Government

National

Mortgage

Association,

Pool

#782523

.................

5.00

11/15/35

57

16

Government

National

Mortgage

Association,

Pool

#MA4007

................

5.00

10/20/46

16

18

Government

National

Mortgage

Association,

Pool

#712690

.................

5.00

4/15/39

18

352

Government

National

Mortgage

Association,

Pool

#MA9016

................

5.00

7/20/53

348

335

Government

National

Mortgage

Association,

Pool

#MA8800

................

5.00

4/20/53

331

354

Government

National

Mortgage

Association,

Pool

#MA9105

................

5.00

8/20/53

350

27

Government

National

Mortgage

Association,

Pool

#MA2076

................

5.00

7/20/44

28

325

Government

National

Mortgage

Association,

Pool

#MA8647

................

5.00

2/20/53

321

3

Government

National

Mortgage

Association,

Pool

#MA5988

................

5.00

6/20/49

3

3

Government

National

Mortgage

Association,

Pool

#MA5712

................

5.00

1/20/49

3

354

Government

National

Mortgage

Association,

Pool

#MA9170

................

5.00

9/20/53

350

445

Government

National

Mortgage

Association,

Pool

#MB0146

................

5.00

1/20/55

437

7

Government

National

Mortgage

Association,

Pool

#MA5080

................

5.00

3/20/48

7

349

Government

National

Mortgage

Association,

Pool

#MB0307

................

5.00

4/20/55

343

4

Government

National

Mortgage

Association,

Pool

#MA0465

................

5.00

10/20/42

4

183

Government

National

Mortgage

Association,

Pool

#MA9240

................

5.00

10/20/53

180

3

Government

National

Mortgage

Association,

Pool

#MA5653

................

5.00

12/20/48

3

130

Government

National

Mortgage

Association,

Pool

#4559

..................

5.00

10/20/39

130

595

Government

National

Mortgage

Association,

Pool

#MA8428

................

5.00

11/20/52

585

8

Government

National

Mortgage

Association,

Pool

#MA5400

................

5.00

8/20/48

8

7

Government

National

Mortgage

Association,

Pool

#MA5765

................

5.00

2/20/49

7

13

Government

National

Mortgage

Association,

Pool

#MA5597

................

5.00

11/20/48

13

8

Government

National

Mortgage

Association,

Pool

#MA5933

................

5.00

5/20/49

8

442

Government

National

Mortgage

Association,

Pool

#MA9965

................

5.50

10/20/54

443

430

Government

National

Mortgage

Association,

Pool

#MA9906

................

5.50

9/20/54

431

246

Government

National

Mortgage

Association,

Pool

#MA9241

................

5.50

10/20/53

247

375

Government

National

Mortgage

Association,

Pool

#MA9488

................

5.50

2/20/54

376

271

Government

National

Mortgage

Association,

Pool

#MA9305

................

5.50

11/20/53

272

35

Government

National

Mortgage

Association,

Pool

#783284

.................

5.50

6/20/40

37

161

Government

National

Mortgage

Association,

Pool

#MA8948

................

5.50

6/20/53

162

324

Government

National

Mortgage

Association,

Pool

#MA9017

................

5.50

7/20/53

325

342

Government

National

Mortgage

Association,

Pool

#MA9362

................

5.50

12/20/53

343

417

Government

National

Mortgage

Association,

Pool

#MA9668

................

5.50

5/20/54

419

145

Government

National

Mortgage

Association,

Pool

#MA8801

................

5.50

4/20/53

146

5

Government

National

Mortgage

Association,

Pool

#658181

.................

5.50

11/15/36

5

24

Government

National

Mortgage

Association,

Pool

#510835

.................

5.50

2/15/35

24

5

Government

National

Mortgage

Association,

Pool

#MA0466

................

5.50

10/20/42

5

517

Government

National

Mortgage

Association,

Pool

#MB0092

................

5.50

12/20/54

517

423

Government

National

Mortgage

Association,

Pool

#MA9851

................

5.50

8/20/54

423

348

Government

National

Mortgage

Association,

Pool

#MA9606

................

6.00

4/20/54

354

303

Government

National

Mortgage

Association,

Pool

#MA9424

................

6.00

1/20/54

308

175

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

U.S.

Government

Agency

Mortgages

(continued)

$

128

Government

National

Mortgage

Association,

Pool

#MA9852

................

6.00

8/20/54

$

130

278

Government

National

Mortgage

Association,

Pool

#MA9018

................

6.00

7/20/53

282

431

Government

National

Mortgage

Association,

Pool

#MA9966

................

6.00

10/20/54

437

19

Government

National

Mortgage

Association,

Pool

#781959

.................

6.00

7/15/35

20

400

Government

National

Mortgage

Association,

Pool

#MA9907

................

6.00

9/20/54

406

20

Government

National

Mortgage

Association,

Pool

#4222

..................

6.00

8/20/38

21

23

Government

National

Mortgage

Association,

Pool

#4245

..................

6.00

9/20/38

24

7

Government

National

Mortgage

Association,

Pool

#699237

.................

6.50

9/15/38

7

301

Government

National

Mortgage

Association,

Pool

#MA9727

................

6.50

6/20/54

310

154

Government

National

Mortgage

Association,

Pool

#MA9908

................

6.50

9/20/54

158

206

Government

National

Mortgage

Association,

Pool

#MA9364

................

6.50

12/20/53

212

875

Government

National

Mortgage

Association,

30

YR

TBA

..................

2.00

7/20/55

712

375

Government

National

Mortgage

Association,

30

YR

TBA

..................

2.50

7/20/55

318

250

Government

National

Mortgage

Association,

30

YR

TBA

..................

3.00

7/20/55

221

375

Government

National

Mortgage

Association,

30

YR

TBA

..................

3.50

7/20/55

341

225

Government

National

Mortgage

Association,

30

YR

TBA

..................

4.00

7/20/55

209

450

Government

National

Mortgage

Association,

30

YR

TBA

..................

4.50

7/20/55

431

100

Government

National

Mortgage

Association,

30

YR

TBA

..................

5.00

7/20/55

98

150

Government

National

Mortgage

Association,

30

YR

TBA

..................

5.00

8/20/55

147

575

Government

National

Mortgage

Association,

30

YR

TBA

..................

5.50

7/20/55

576

250

Government

National

Mortgage

Association,

30

YR

TBA

..................

5.50

8/20/55

250

1,100

Government

National

Mortgage

Association,

30

YR

TBA

..................

6.00

7/20/55

1,116

100

Government

National

Mortgage

Association,

30

YR

TBA

..................

6.00

8/20/55

101

550

Government

National

Mortgage

Association,

30

YR

TBA

..................

6.50

7/20/55

564

350

Government

National

Mortgage

Association,

30

YR

TBA

..................

7.00

7/20/55

362

Total

U.S.

Government

Agency

Mortgages

(cost

$201,511)

...............

183,737

Corporate

Bonds

—

0.13%

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

207

Total

Corporate

Bonds

(cost

$304)

.................................

301

Shares

Investment

Companies

—

21.67%

Domestic

Fixed

Income

—

13.63%

529,092

Vanguard

Intermediate-Term

Treasury

ETF

............................

31,645

Money

Market

Funds

—

8.04%

18,652,381

State

Street

Institutional

Treasury

Plus

Money

Market

Fund,

Trust

Class

........

4.19(b)

18,652

Total

Investment

Companies

(cost

$49,475)

...........................

50,297

Total

Investments

Before

TBA

Sale

Commitments

248,473

(cost

$266,080)

—

107.03%

.......................................

Principal

Amount  

(000)

TBA

Sale

Commitments

(c)

—

(0.02)%

$

(50)

Fannie

Mae,

15

YR

TBA

.........................................

2.50

7/25/40

(47)

Total

TBA

Sale

Commitments

(cost

$(46))

............................

(47)

Liabilities

in

excess

of

other

assets

—

(7.01)%

.........................

(16,280)

Net

Assets

—

100.00%

..........................................

$

232,146

176

See

accompanying

notes

to

financial

statements.

HC

CAPITAL

TRUST

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Portfolio

of

Investments

(concluded)

—

June

30,

2025

The

following

table

reflects

the

percentage

of

total

net

assets

of

the

Portfolio

attributable

to

each

Specialist

Manager

as

of

June

30,

2025.

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

June

30,

2025.

(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

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

..................................................................................................................

1.21

%

—

—

1.21

%

Collateralized

Mortgage-Backed

Securities

....................................................................................

4.88

%

—

—

4.88

%

U.S.

Government

Agency

Mortgages

.............................................................................................

79.14

%

—

—

79.14

%

Corporate

Bonds

..............................................................................................................................

0.13

%

—

—

0.13

%

Investment

Companies

....................................................................................................................

7.36

%

13.67

%

0.64

%

21.67

%

TBA

Sales

Commitments

................................................................................................................

-0.02

%

—

—

-0.02

%

Other

Assets

(Liabilities)

.................................................................................................................

-7.74

%

—

0.73

%

-7.01

%

Total

Net

Assets

..........................................................................................................................

84.96

%

13.67

%

1.37

%

100.00

%

HC

CAPITAL

TRUST

The

Short-Term

Municipal

Bond

Portfolio

Portfolio

of

Investments

—

June

30,

2025

177

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

Municipal

Bonds

—

97.35%

Alabama

—

3.43%

$

2,315

City

of

Huntsville

AL,

GO,

Series

A 

.................................

5.00

3/1/27

$

2,406

Arizona

—

3.35%

990

Arizona

Department

of

Transportation

State

Highway

Fund

Revenue 

.........

5.00

7/1/28

1,056

1,275

Maricopa

County

Industrial

Development

Authority

Revenue,

Series

D 

........

5.00(a)

1/1/46

1,293

2,349

Arkansas

—

1.84%

1,295

Rogers

School

District

No.

30,

GO

Continuously

Callable

@100

(State

Aid

Withhol

ding)

..............................................

4.00

2/1/26

1,293

California

—

1.63%

1,100

Los

Angeles

Department

of

Water

&

Power

Revenue,

Series

A

Continuously

Callable

@100 

...................................................

5.00

7/1/28

1,147

Florida

—

2.01%

1,325

State

of

Florida

Department

of

Transportation

Turnpike

System

Revenue,

Series

C 

5.00

7/1/28

1,411

Georgia

—

1.90%

1,300

State

of

Georgia,

GO,

Series

C 

.....................................

4.00

1/1/27

1,331

Illinois

—

6.49%

1,795

Regional

Transportation

Authority

Revenue,

Series

A 

.....................

5.00

7/1/27

1,870

935

State

of

Illinois,

GO,

Series

D 

.....................................

5.00

11/1/27

977

1,695

State

of

Illinois,

GO 

............................................

5.00

2/1/26

1,711

4,558

Iowa

—

0.80%

550

Linn-Mar

Community

School

District,

GO

Continuously

Callable

@100

(BAM)

..

5.00

5/1/27

560

Kansas

—

2.19%

1,465

Riley

County

Unified

School

District

No.

383

Manhattan-Ogden,

GO,

Series

A (Pre-

Refunded/Escrowed

to

Maturity)

................................

5.00

9/1/36

1,535

Maryland

—

8.01%

900

County

of

Baltimore

MD,

GO 

.....................................

5.00

3/1/31

1,006

1,160

County

of

Harford

MD,

GO,

Series

B 

................................

5.00

2/1/26

1,173

1,640

County

of

Prince

George's

MD,

GO,

Series

A 

..........................

5.00

8/1/28

1,753

1,640

State

of

Maryland

Department

of

Transportation

Revenue 

..................

5.00

10/1/26

1,689

5,621

Massachusetts

—

1.58%

1,095

Massachusetts

School

Building

Authority

Revenue,

Series

A (Pre-Refunded/

Escrowed

to

Maturity)

.......................................

5.00

2/15/49

1,110

Minnesota

—

5.67%

1,730

City

of

Minneapolis

MN,

GO 

......................................

5.00

12/1/26

1,785

1,270

State

of

Minnesota,

GO,

Series

A 

...................................

5.00

9/1/28

1,359

750

University

of

Minnesota

Revenue,

Series

B 

............................

5.00

2/1/32

834

3,978

Missouri

—

1.60%

1,100

Lindbergh

School

District,

GO 

.....................................

4.00

3/1/27

1,122

178

HC

CAPITAL

TRUST

The

Short-Term

Municipal

Bond

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

Municipal

Bonds

(continued)

Nebraska

—

2.96%

$

2,060

Nebraska

Public

Power

District

Revenue,

Series

A 

.......................

5.00

1/1/26

$

2,080

New

Jersey

—

8.73%

1,735

New

Jersey

Educational

Facilities

Authority

Revenue,

Series

A 

..............

5.00

3/1/27

1,801

1,250

New

Jersey

Health

Care

Facilities

Financing

Authority

Revenue,

Series

A

Continuously

Callable

@100 

..................................

5.00

7/1/30

1,273

3,000

State

of

New

Jersey,

GO,

Series

A 

...................................

5.00

6/1/26

3,057

6,131

New

Mexico

—

2.54%

1,740

Albuquerque

Municipal

School

District

No.

12,

GO,

Series

A

(State

Aid

Withholding)

..............................................

5.00

8/1/26

1,780

New

York

—

4.99%

1,605

New

York

City

Transitional

Finance

Authority

Revenue,

Series

C-1 

...........

5.00

5/1/28

1,704

1,610

New

York

State

Dormitory

Authority

Revenue,

Series

A-1 

.................

5.00

3/15/31

1,800

3,504

Oregon

—

1.83%

1,250

Oregon

State

Lottery

Revenue,

Series

A

Continuously

Callable

@100 

.........

5.00

4/1/30

1,288

South

Carolina

—

2.36%

1,495

South

Carolina

Jobs-Economic

Development

Authority

Revenue,

Series

A 

......

5.00

11/1/31

1,653

South

Dakota

—

3.00%

1,905

South

Dakota

Conservancy

District

Revenue,

Series

B 

....................

5.00

8/1/30

2,104

Tennessee

—

3.95%

1,500

County

of

Wilson

TN,

GO 

........................................

5.00

4/1/30

1,651

1,000

Metropolitan

Government

of

Nashville

&

Davidson

County

TN,

GO,

Series

A 

...

5.00

1/1/32

1,119

2,770

Texas

—

15.12%

1,735

Arlington

Independent

School

District/TX,

GO

(PSF-GTD)

.................

5.00

2/15/26

1,755

1,670

City

of

Cedar

Park

TX,

GO 

.......................................

5.00

2/15/27

1,730

1,550

City

of

Plano

TX,

GO 

...........................................

5.00

9/1/29

1,686

1,245

County

of

Williamson

TX,

GO 

.....................................

5.00

2/15/28

1,313

1,450

Humble

Independent

School

District,

GO

(PSF-GTD)

.....................

5.00

2/15/28

1,536

1,400

Lower

Colorado

River

Authority

Revenue 

.............................

5.00

5/15/32

1,560

1,030

Round

Rock

Independent

School

District,

GO

(PSF-GTD)

.................

5.00

8/1/25

1,032

10,612

Virginia

—

3.59%

900

City

of

Fredericksburg

VA,

GO,

Series

A

(State

Aid

Withholding)

............

5.00

10/1/29

983

1,505

Hampton

Roads

Transportation

Accountability

Commission

Revenue,

Series

A

(Pre-

Refunded/Escrowed

to

Maturity) 

...............................

5.00

7/1/26

1,540

2,523

Washington

—

4.10%

1,260

Central

Puget

Sound

Regional

Transit

Authority

Revenue (Pre-Refunded/Escrowed

to

Maturity)

...............................................

4.00

11/1/50

1,264

1,590

State

of

Washington,

GO,

Series

R-2022C 

.............................

4.00

7/1/26

1,612

2,876

Wisconsin

—

3.68%

1,260

City

of

Kenosha

WI,

GO,

Series

A 

..................................

5.00

9/1/32

1,410

179

See

accompanying

notes

to

financial

statements.

HC

CAPITAL

TRUST

The

Short-Term

Municipal

Bond

Portfolio

Portfolio

of

Investments

(concluded)

—

June

30,

2025

As

of

June

30,

2025,

100%

of

the

Portfolio’s

net

assets

were

managed

by

Breckinridge

Capital

Advisors,

Inc.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

Municipal

Bonds

(continued)

Wisconsin

(continued)

$

1,150

Wisconsin

Housing

&

Economic

Development

Authority

Home

Ownership

Revenue,

Series

B 

.................................................

5.00

9/1/26

$

1,171

2,581

Total

Municipal

Bonds

(cost

$68,434)

...............................

68,323

Shares

Investment

Company

—

1.20%

Money

Market

Funds

—

1.20%

842,728

State

Street

Institutional

Treasury

Plus

Money

Market

Fund,

Trust

Class

........

4.19(b)

843

Total

Investment

Company

(cost

$843)

..............................

843

Total

Investments

(cost

$69,277)

—

98.55%

..........................

69,166

Other

assets

in

excess

of

liabilities

—

1.45%

..........................

1,019

Net

Assets

—

100.00%

..........................................

$

70,185

(a)

Interest

rate

is

determined

by

the

Remarketing

Agent.  The

rate

disclosed

is

the

rate

in

effect

on

June

30,

2025.

(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

—

June

30,

2025

180

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

Municipal

Bonds

—

84.45%

Alabama

—

1.81%

$

1,415

Alabama

Special

Care

Facilities

Financing

Authority-Birmingham

AL

Revenue

Continuously

Callable

@100 

..................................

5.00

6/1/29

$

1,418

2,895

Black

Belt

Energy

Gas

District

Revenue

Continuously

Callable

@100 

.........

4.00(a)

6/1/51

2,893

1,500

Black

Belt

Energy

Gas

District

Revenue,

Series

B,

Callable

9/1/30

@

100.32 

....

5.25

12/1/53

1,609

1,805

County

of

Jefferson

AL

Sewer

Revenue

Continuously

Callable

@100 

.........

5.00

10/1/36

1,927

1,000

Energy

Southeast

A

Cooperative

District

Revenue,

Series

B-1

Continuously

Callable

@100 

...................................................

5.75(a)

4/1/54

1,094

1,000

Troy

University

Revenue,

Series

A

(BAM)

.............................

5.00

11/1/26

1,027

9,968

Arizona

—

1.41%

3,425

Chandler

Industrial

Development

Authority

Revenue

Continuously

Callable

@100

(AMT)

..................................................

4.00(a)

6/1/49

3,433

1,555

City

of

Phoenix

Civic

Improvement

Corp.

Revenue,

Series

B

Continuously

Callable

@100

(AMT)

.............................................

5.00

7/1/30

1,636

1,685

City

of

Phoenix

Civic

Improvement

Corp.

Revenue,

Series

A

Continuously

Callable

@100 

...................................................

5.00

7/1/32

1,840

785

Salt

River

Project

Agricultural

Improvement

&

Power

District

Revenue,

Series

B

Continuously

Callable

@100 

..................................

5.00

5/1/39

859

7,768

California

—

4.10%

2,500

California

Community

Choice

Financing

Authority

Revenue,

Series

G

Continuously

Callable

@100 

............................................

5.25(a)

11/1/54

2,647

1,700

Inglewood

Unified

School

District,

GO,

Series

B

Continuously

Callable

@100 

..

5.50

8/1/43

1,857

1,000

Los

Angeles

Department

of

Water

&

Power

Revenue,

Series

A

Continuously

Callable

@100

(BAM)

.............................................

5.00

7/1/40

1,048

1,900

Los

Angeles

Department

of

Water

&

Power

Revenue,

Series

E 

..............

5.00

7/1/34

2,057

945

Los

Angeles

Unified

School

District/CA,

GO,

Series

A 

....................

5.00

7/1/30

1,052

1,000

Ontario

Public

Financing

Authority

Revenue,

Series

A

Continuously

Callable

@100 

5.00

11/1/39

1,078

1,025

Ontario

Public

Financing

Authority

Revenue,

Series

A

Continuously

Callable

@100 

5.00

11/1/42

1,074

7,960

San

Bernardino

City

Unified

School

District

Continuously

Callable

@100

(AGC)

.

5.00

10/1/41

8,420

2,000

State

of

California,

GO

Continuously

Callable

@100 

.....................

5.00

9/1/33

2,240

1,000

State

of

California,

GO

Continuously

Callable

@100 

.....................

5.00

4/1/35

1,058

22,531

Colorado

—

1.45%

500

Canyons

Metropolitan

District

No.

5,

GO,

Series

A

(BAM)

.................

5.00

12/1/33

550

900

City

&

County

of

Denver

Co.,

GO,

Series

B

Continuously

Callable

@100 

......

5.00

8/1/35

1,017

2,340

Southern

Ute

Indian

Tribe

of

the

Southern

Ute

Reservation

of

Colorado,

GO,

Series

A 

......................................................

5.00

4/1/35

2,474

3,740

State

of

Colorado

Certificates

of

Participation,

Series

M

Continuously

Callable

@100 

...................................................

5.00

3/15/29

3,947

7,988

Connecticut

—

0.78%

1,085

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue,

Series

B 

..

5.00

12/1/26

1,115

1,500

State

of

Connecticut

Special

Tax

Revenue,

Series

D

Continuously

Callable

@100 

5.00

11/1/34

1,647

1,000

State

of

Connecticut,

GO,

Series

A 

..................................

4.00

1/15/29

1,045

465

State

of

Connecticut,

GO,

Series

E

Continuously

Callable

@100 

.............

5.00

9/15/32

493

4,300

Delaware

—

0.12%

620

Delaware

Transportation

Authority

Revenue

Continuously

Callable

@100 

......

5.00

7/1/32

679

District

of

Columbia

—

1.78%

2,500

District

of

Columbia

Revenue

Continuously

Callable

@100 

................

5.00

7/15/32

2,519

2,075

Metropolitan

Washington

Airports

Authority

Aviation

Revenue,

Series

A

Continuously

Callable

@100

(AMT)

.............................

4.00

10/1/36

2,007

2,000

Metropolitan

Washington

Airports

Authority

Aviation

Revenue,

Series

A

(AMT)

..

5.00

10/1/29

2,133

181

HC

CAPITAL

TRUST

The

Intermediate

Term

Municipal

Bond

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

Municipal

Bonds

(continued)

District

of

Columbia

(continued)

$

2,815

Washington

Metropolitan

Area

Transit

Authority

Dedicated

Revenue,

Series

A 

...

5.00

7/15/31

$

3,119

9,778

Florida

—

3.57%

2,000

Alachua

County

Health

Facilities

Authority

Revenue

Continuously

Callable

@100 

5.00(a)

12/1/37

2,031

1,500

Central

Florida

Expressway

Authority

Revenue

(AGM)

....................

5.00

7/1/30

1,661

3,000

County

of

Miami-Dade

FL

Aviation

Revenue,

Series

A 

....................

5.00

10/1/34

3,248

2,500

County

of

Miami-Dade

FL

Water

&

Sewer

System

Revenue,

Series

B 

.........

5.00

10/1/33

2,835

955

County

of

Polk

FL

Utility

System

Revenue 

............................

5.00

10/1/27

1,001

2,030

JEA

Electric

System

Revenue,

Series

3A

Continuously

Callable

@100 

........

5.00

10/1/34

2,161

2,000

Mid-Bay

Bridge

Revenue

Continuously

Callable

@100 

...................

5.00

10/1/36

2,174

3,295

Orlando

Utilities

Commission

Revenue,

Series

A

Continuously

Callable

@100 

..

5.00

10/1/32

3,408

1,025

Palm

Beach

County

School

District

Certificates

of

Participation,

Series

A

Continuously

Callable

@100 

..................................

5.00

8/1/36

1,125

19,644

Georgia

—

1.49%

5,000

Main

Street

Natural

Gas,

Inc.

Revenue,

Series

C

Continuously

Callable

@100 

...

4.00(a)

3/1/50

5,017

1,500

Municipal

Electric

Authority

of

Georgia

Revenue,

Series

A 

.................

5.00

1/1/34

1,662

1,000

State

of

Georgia,

GO,

Series

A

Continuously

Callable

@100 

................

3.00

8/1/36

895

585

State

of

Georgia,

GO,

Series

C 

.....................................

4.00

1/1/28

605

8,179

Illinois

—

6.84%

4,000

Chicago

Midway

International

Airport

Revenue,

Series

C

Continuously

Callable

@100 

...................................................

5.00

1/1/41

4,009

455

Chicago

O'Hare

International

Airport

Revenue,

Series

C

(AMT)

.............

5.00

1/1/32

485

400

Chicago

O'Hare

International

Airport

Revenue,

Series

C

Continuously

Callable

@100

(AMT)

.............................................

5.00

1/1/33

422

4,335

Chicago

O'Hare

International

Airport

Revenue,

Series

D

Continuously

Callable

@100 

...................................................

5.00

1/1/42

4,298

1,025

Chicago

O'Hare

International

Airport

Revenue,

Series

F 

...................

5.00

1/1/32

1,122

1,465

Chicago

Transit

Authority

Sales

Tax

Receipts

Fund

Revenue,

Series

A

Continuously

Callable

@100 

............................................

5.00

12/1/36

1,594

49

City

of

Chicago

IL

Certificates

of

Participation,

Series

NT

Continuously

Callable

@100 

...................................................

7.46

2/15/26

35

1,200

City

of

Chicago

IL

Wastewater

Transmission

Revenue,

Series

B

Continuously

Callable

@100

(BAM)

.......................................

5.00

1/1/37

1,284

2,335

City

of

Chicago

IL,

GO,

Series

A

Continuously

Callable

@100 

..............

4.00

1/1/36

2,134

1,390

Illinois

Finance

Authority

Revenue,

Series

A 

...........................

5.00

4/1/34

1,555

1,375

Illinois

Finance

Authority

Revenue,

Series

B-2

Continuously

Callable

@100 

....

5.00(a)

5/15/50

1,388

500

Illinois

Finance

Authority

Revenue,

Series

A

Continuously

Callable

@100 

......

5.00

7/1/44

520

1,650

Illinois

Municipal

Electric

Agency

Revenue,

Series

A

Continuously

Callable

@100 

4.00

2/1/35

1,610

850

Illinois

State

Toll

Highway

Authority

Revenue,

Series

A

Continuously

Callable

@100 

...................................................

5.00

1/1/30

910

1,420

Metropolitan

Water

Reclamation

District

of

Greater

Chicago,

GO,

Series

D 

.....

5.00

12/1/30

1,574

1,270

Sales

Tax

Securitization

Corp.

Revenue,

Series

C

Continuously

Callable

@100 

..

5.00

1/1/35

1,376

3,000

Sales

Tax

Securitization

Corp.

Revenue,

Series

A 

........................

5.00

1/1/29

3,170

5,945

State

of

Illinois

Sales

Tax

Revenue,

Series

C

Continuously

Callable

@100 

......

5.00

6/15/43

6,051

1,000

State

of

Illinois,

GO,

Series

D 

.....................................

5.00

7/1/27

1,040

2,995

University

of

Illinois

Certificates

of

Participation,

Series

B

Continuously

Callable

@100 

...................................................

5.00

10/1/27

3,056

37,633

Indiana

—

1.86%

2,500

City

of

Whiting

IN

Revenue

(AMT)

.................................

5.00(a)

12/1/44

2,526

2,250

Indiana

Finance

Authority

Revenue,

Series

B

Continuously

Callable

@100 

.....

2.25(a)

12/1/58

2,250

1,350

Indiana

Finance

Authority

Revenue,

Series

A

Continuously

Callable

@100 

.....

5.00

10/1/34

1,492

3,655

Indiana

Finance

Authority

Revenue,

Series

B-3,

Callable

7/1/31

@

101.64 

......

5.00(a)

10/1/55

3,978

10,246

182

HC

CAPITAL

TRUST

The

Intermediate

Term

Municipal

Bond

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

Municipal

Bonds

(continued)

Iowa

—

0.09%

$

450

Iowa

Tobacco

Settlement

Authority

Revenue,

Series

A2

Continuously

Callable

@100 

...................................................

5.00

6/1/32

$

487

Kansas

—

0.19%

920

State

of

Kansas

Department

of

Transportation

Revenue,

Series

A 

............

5.00

9/1/32

1,037

Kentucky

—

1.71%

3,115

Kentucky

Public

Energy

Authority

Revenue,

Series

A-1

Continuously

Callable

@100 

...................................................

5.25(a)

4/1/54

3,333

3,560

Kentucky

Public

Energy

Authority

Revenue,

Series

A-1

Continuously

Callable

@100 

...................................................

4.00(a)

8/1/52

3,590

1,150

Louisville/Jefferson

County

Metropolitan

Government,

GO,

Series

A 

.........

5.00

12/1/30

1,267

1,170

University

of

Kentucky

Revenue

Continuously

Callable

@100 

..............

5.00

4/1/43

1,204

9,394

Lousiana

—

0.41%

2,180

Ernest

N

Morial

New

Orleans

Exhibition

Hall

Authority

Continuously

Callable

@100 

...................................................

5.25

7/15/44

2,254

Maine

—

0.38%

1,025

Finance

Authority

of

Maine

Revenue,

Series

A1

(AGM)

...................

5.00

12/1/26

1,046

1,000

Regional

School

Unit

NO

14,

GO

Continuously

Callable

@100 

.............

5.00

11/1/42

1,052

2,098

Maryland

—

2.41%

2,000

County

of

Baltimore

MD,

GO

Continuously

Callable

@100 

................

4.00

3/1/33

2,050

860

County

of

Frederick

MD,

GO,

Series

A

Continuously

Callable

@100 

.........

5.00

4/1/37

946

1,190

County

of

Howard

MD,

GO,

Series

A

Continuously

Callable

@100 

...........

5.00

8/15/34

1,329

2,090

Maryland

State

Transportation

Authority

Passenger

Facility

Charge

Revenue

(AMT)

5.00

6/1/28

2,181

2,500

State

of

Maryland

Department

of

Transportation

Revenue

Continuously

Callable

@100 

...................................................

5.00

10/1/32

2,744

1,000

State

of

Maryland

Department

of

Transportation

Revenue

Continuously

Callable

@100 

...................................................

4.00

10/1/32

1,009

1,495

State

of

Maryland,

GO,

Series

A

Continuously

Callable

@100 

..............

5.00

6/1/34

1,655

1,240

State

of

Maryland,

GO,

Series

A

Continuously

Callable

@100 

..............

5.00

3/15/31

1,357

13,271

Massachusetts

—

2.40%

3,000

Commonwealth

of

Massachusetts,

GO,

Series

A

(AMBAC)

.................

5.50

8/1/30

3,384

780

Commonwealth

of

Massachusetts,

GO,

Series

A

Continuously

Callable

@100 

...

5.00

5/1/35

861

1,500

Massachusetts

Bay

Transportation

Authority

Sales

Tax

Revenue,

Series

A-1

Continuously

Callable

@100 

..................................

4.00

7/1/37

1,519

3,550

Massachusetts

Development

Finance

Agency

Revenue,

Series

N-2

Continuously

Callable

@100 

............................................

5.00

7/1/35

3,884

425

Massachusetts

Development

Finance

Agency

Revenue

Continuously

Callable

@100 

5.25

6/1/43

440

1,400

Massachusetts

Educational

Financing

Authority

Revenue,

Series

B

(AMT)

......

5.00

7/1/29

1,464

1,500

Massachusetts

Port

Authority

Revenue,

Series

A

(AMT)

...................

5.00

7/1/32

1,638

13,190

Michigan

—

3.86%

1,000

Detroit

Downtown

Development

Authority

Tax

allocation

Continuously

Callable

@100 

...................................................

5.00

7/1/37

1,055

2,000

Detroit

Regional

Convention

Facility

Authority

Revenue,

Series

C

Continuously

Callable

@100 

............................................

5.00

10/1/38

2,102

1,000

Forest

Hills

Public

Schools/MI,

GO,

Series

I

Continuously

Callable

@100 

......

5.00

5/1/44

1,037

1,250

Great

Lakes

Water

Authority

Sewage

Disposal

System

Revenue,

Series

A

Continuously

Callable

@100 

..................................

5.00

7/1/37

1,362

2,500

Great

Lakes

Water

Authority

Water

Supply

System

Revenue,

Series

B 

.........

5.00

7/1/34

2,781

1,000

Michigan

Finance

Authority

Revenue

Continuously

Callable

@100 

...........

5.50

12/1/29

1,004

183

HC

CAPITAL

TRUST

The

Intermediate

Term

Municipal

Bond

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

Municipal

Bonds

(continued)

Michigan

(continued)

$

1,100

Michigan

Finance

Authority

Revenue 

................................

5.00

10/1/29

$

1,199

1,280

Michigan

Finance

Authority

Revenue,

Series

B 

.........................

5.00

10/1/30

1,411

6,000

Michigan

Finance

Authority

Revenue

Continuously

Callable

@100 

...........

5.00(a)

11/15/44

6,111

1,425

Michigan

Finance

Authority

Revenue 

................................

5.00

2/28/34

1,491

1,000

Michigan

Finance

Authority

Revenue

Continuously

Callable

@100 

...........

4.00

2/15/44

875

790

Novi

Community

School

District,

GO,

Series

III 

........................

5.00

5/1/26

803

21,231

Minnesota

—

2.55%

1,750

Minnesota

Agricultural

&

Economic

Development

Board

Revenue

Continuously

Callable

@100 

............................................

5.00

1/1/36

1,911

1,985

Minnesota

Housing

Finance

Agency

Revenue,

Series

B 

...................

5.00

8/1/28

2,125

1,240

Minnesota

Housing

Finance

Agency

Revenue,

Series

B 

...................

5.00

8/1/29

1,343

2,195

Minnesota

Housing

Finance

Agency

Revenue,

Series

B 

...................

5.00

8/1/30

2,401

1,345

State

of

Minnesota

Certificates

of

Participation 

.........................

5.00

11/1/33

1,526

1,260

State

of

Minnesota,

GO,

Series

E 

...................................

5.00

8/1/30

1,398

3,000

State

of

Minnesota,

GO,

Series

B

Continuously

Callable

@100 

..............

5.00

8/1/35

3,341

14,045

Missouri

—

0.98%

1,545

City

of

Kansas

City

Mo

Water

Revenue,

Series

A

Continuously

Callable

@100 

..

5.00

12/1/44

1,596

995

St

Joseph

School

District/MO,

GO

(ST

AID

DIR

DEP)

....................

5.00

3/1/27

1,029

2,505

The

Curators

of

the

University

of

Missouri

Revenue,

Series

B 

...............

5.00

11/1/30

2,784

5,409

Nebraska

—

0.65%

1,000

City

of

Omaha

NE

Sewer

Revenue,

Series

A

Continuously

Callable

@100 

......

4.00

4/1/31

1,032

1,000

City

of

Omaha

NE

Sewer

Revenue,

Series

A

Continuously

Callable

@100 

......

4.00

4/1/32

1,025

1,350

Omaha

Public

Power

District

Revenue,

Series

B

Continuously

Callable

@100 

...

5.00

2/1/34

1,504

3,561

Nevada

—

1.75%

750

City

of

North

Las

Vegas

NV,

GO,

Series

B 

............................

5.00

6/1/33

840

2,915

Clark

County

School

District,

GO,

Series

A

Continuously

Callable

@100

(AGM)

.

5.00

6/15/32

3,153

5,435

Las

Vegas

Valley

Water

District,

GO,

Series

C

Continuously

Callable

@100 

....

4.00

6/1/34

5,611

9,604

New

Jersey

—

2.75%

1,210

New

Jersey

Economic

Development

Authority

Revenue 

...................

5.00

6/15/28

1,278

430

New

Jersey

Economic

Development

Authority

Revenue

Continuously

Callable

@100 

...................................................

5.00

11/1/30

465

1,000

New

Jersey

Economic

Development

Authority

Revenue,

Series

RRR 

.........

5.00

3/1/28

1,056

2,155

New

Jersey

Educational

Facilities

Authority

Revenue,

Series

A

Continuously

Callable

@100 

............................................

5.00(a)

7/1/64

2,385

1,725

New

Jersey

Higher

Education

Student

Assistance

Authority

Revenue,

Series

B

(AMT)

..................................................

5.00

12/1/29

1,818

2,000

New

Jersey

Institute

of

Technology/NJ

Revenue,

Series

A

Continuously

Callable

@100

(BAM)

.............................................

5.00

7/1/42

2,068

1,750

New

Jersey

Transportation

Trust

Fund

Authority

Revenue,

Series

BB

Continuously

Callable

@100 

............................................

5.00

6/15/36

1,911

750

New

Jersey

Transportation

Trust

Fund

Authority

Revenue,

Series

AA

Continuously

Callable

@100 

............................................

5.00

6/15/36

821

1,000

New

Jersey

Transportation

Trust

Fund

Authority

Revenue,

Series

AA 

.........

5.00

6/15/30

1,091

1,100

State

of

New

Jersey,

GO,

Series

A 

...................................

4.00

6/1/31

1,167

1,035

Tobacco

Settlement

Financing

Corp.

Revenue,

Series

A

Continuously

Callable

@100 

...................................................

5.00

6/1/33

1,057

15,117

184

HC

CAPITAL

TRUST

The

Intermediate

Term

Municipal

Bond

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

Municipal

Bonds

(continued)

New

Mexico

—

0.20%

$

1,025

Albuquerque

Municipal

School

District

No.

12,

GO

Continuously

Callable

@100

(State

Aid

Withholding)

......................................

5.00

8/1/29

$

1,091

New

York

—

7.38%

2,890

City

of

New

York

NY,

GO,

Series

1-A

Continuously

Callable

@100 

..........

5.00

4/1/32

3,155

5,000

City

of

New

York

NY,

GO,

Series

E

Continuously

Callable

@100 

............

5.00

8/1/43

5,217

1,165

Empire

State

Development

Corp.

Revenue,

Series

A

Continuously

Callable

@100 

5.00

3/15/35

1,305

6,915

Metropolitan

Transportation

Authority

Revenue,

Series

A

Continuously

Callable

@100 

...................................................

5.00

11/15/38

7,407

4,940

New

York

City

Municipal

Water

Finance

Authority

Revenue,

Series

CC-2 

......

5.00

6/15/36

5,591

1,000

New

York

City

Municipal

Water

Finance

Authority

Revenue,

Series

DD

Continuously

Callable

@100 

..................................

5.00

6/15/34

1,126

865

New

York

City

Municipal

Water

Finance

Authority

Revenue,

Series

CC 

.......

5.00

6/15/31

963

1,500

New

York

City

Transitional

Finance

Authority

Revenue,

Series

D-1

Continuously

Callable

@100 

............................................

5.00

11/1/36

1,650

930

New

York

City

Transitional

Finance

Authority

Revenue,

Series

A-1 

...........

5.00

11/1/32

1,047

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

5,198

1,795

New

York

Transportation

Development

Corp.

Revenue

(AMT)

..............

5.00

12/1/27

1,866

4,970

Port

Authority

of

New

York

&

New

Jersey

Revenue,

Series

207

Continuously

Callable

@100

(AMT)

.......................................

4.00

3/15/30

5,095

40,649

North

Carolina

—

0.58%

820

City

of

Fayetteville

NC

Public

Works

Commission

Revenue 

................

5.00

3/1/31

915

1,100

County

of

Wake

NC,

GO,

Series

A 

..................................

5.00

2/1/30

1,211

1,000

The

Charlotte-Mecklenburg

Hospital

Authority

Revenue,

Series

SE 

...........

5.00(a)

1/15/50

1,062

3,188

Ohio

—

3.98%

3,000

Buckeye

Tobacco

Settlement

Financing

Authority

Revenue,

Series

A-2

Continuously

Callable

@100 

............................................

5.00

6/1/32

3,118

1,450

City

of

Columbus

OH

Sewerage

Revenue

Continuously

Callable

@100 

........

5.00

6/1/29

1,471

5,645

County

of

Allen

Oh

Hospital

Facilities

Revenue

Continuously

Callable

@100 

...

5.00

11/1/39

5,940

1,000

County

of

Butler

OH

Revenue,

Series

X 

..............................

5.00

5/15/29

1,082

125

County

of

Mahoning

OH

Revenue

(Pre-Refunded/Escrowed

to

Maturity)

(NATL)

.

5.50

10/15/25

126

800

County

of

Montgomery

OH

Revenue

Continuously

Callable

@100 

...........

5.00

8/1/33

863

1,130

County

of

Warren

OH

Revenue

Continuously

Callable

@100 

...............

5.00

7/1/36

1,197

1,750

Ohio

Water

Development

Authority

Revenue,

Series

A

Continuously

Callable

@100 

5.00

12/1/37

1,917

3,050

Ohio

Water

Development

Authority

Water

Pollution

Control

Loan

Fund

Revenue,

Series

B

Continuously

Callable

@100 

............................

5.00

6/1/35

3,420

2,000

State

of

Ohio

Revenue 

...........................................

2.75(a)

1/1/52

1,967

775

University

of

Cincinnati

Revenue,

Series

A 

............................

5.00

6/1/26

789

21,890

Oklahoma

—

0.48%

1,925

Grand

River

Dam

Authority

Revenue,

Series

A

Continuously

Callable

@100 

....

5.00

6/1/37

2,109

530

Oklahoma

Municipal

Power

Authority

Revenue,

Series

A

Continuously

Callable

@100

(AGM)

.............................................

4.00

1/1/32

555

2,664

Oregon

—

1.61%

1,250

Clackamas

Community

College

District,

GO

Continuously

Callable

@100

(SCH

BD

GTY)

...................................................

5.00

6/15/44

1,296

2,500

Multnomah

County

School

District

No.

1J

Portland,

GO

(SCH

BD

GTY)

.......

5.00

6/15/29

2,723

2,500

Port

of

Portland

OR

Airport

Revenue,

Series

29

Continuously

Callable

@100

(AMT)

5.00

7/1/35

2,622

2,000

Portland

Community

College

District,

GO

Continuously

Callable

@100 

.......

5.00

6/15/35

2,222

8,863

185

HC

CAPITAL

TRUST

The

Intermediate

Term

Municipal

Bond

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

Municipal

Bonds

(continued)

Pennsylvania

—

7.16%

$

1,000

City

of

Philadelphia

PA

Water

&

Wastewater

Revenue,

Series

B 

.............

5.00

11/1/27

$

1,049

1,000

City

of

Philadelphia

PA

Water

&

Wastewater

Revenue,

Series

B

(AGM)

........

5.00

9/1/29

1,085

1,735

City

of

Philadelphia

PA,

GO,

Series

B

Continuously

Callable

@100 

..........

5.00

2/1/31

1,860

2,000

City

of

Philadelphia

PA,

GO,

Series

A

Continuously

Callable

@100 

..........

5.00

8/1/38

2,160

2,600

City

of

Philadelphia

PA,

GO,

Series

B

Continuously

Callable

@100 

..........

5.00

2/1/30

2,835

1,000

Commonwealth

Financing

Authority

Revenue

Continuously

Callable

@100 

....

5.00

6/1/32

1,037

3,500

Commonwealth

of

Pennsylvania,

GO,

Series

BAM-TCRS

Continuously

Callable

@100

(BAM)

.............................................

4.00

3/1/35

3,515

835

Commonwealth

of

Pennsylvania,

GO,

Series

B

Continuously

Callable

@100 

....

5.00

8/15/38

907

1,860

Luzerne

County

Industrial

Development

Authority

Revenue

Continuously

Callable

@100

(AMT)

.............................................

2.45(a)

12/1/39

1,696

4,000

Montgomery

County

Industrial

Development

Authority/PA

Revenue,

Series

A

Continuously

Callable

@103 

..................................

5.00

11/15/42

4,088

1,000

Pennsylvania

Economic

Development

Financing

Authority

Revenue,

Series

B

Continuously

Callable

@100 

..................................

5.00

3/15/38

1,045

3,625

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Continuously

Callable

@100

(AMT)

.......................................

5.00

12/31/33

3,949

1,000

Pennsylvania

Higher

Education

Assistance

Agency

Revenue,

Series

A

(AMT)

....

5.00

6/1/29

1,058

1,000

Pennsylvania

Higher

Education

Assistance

Agency

Revenue,

Series

1A

(AMT)

...

5.00

6/1/32

1,024

5,870

Pennsylvania

Turnpike

Commission

Revenue,

Series

A

Continuously

Callable

@100 

...................................................

5.00

12/1/44

5,874

1,100

Pennsylvania

Turnpike

Commission

Revenue

Continuously

Callable

@100 

.....

5.00

12/1/41

1,139

2,455

Pennsylvania

Turnpike

Commission

Revenue,

Series

1

Continuously

Callable

@100 

5.00

6/1/35

2,763

1,130

Temple

University-of

The

Commonwealth

System

of

Higher

Education

Revenue

Continuously

Callable

@100

(AGC)

.............................

5.00

4/1/40

1,206

1,000

The

School

District

of

Philadelphia,

GO,

Series

A

Continuously

Callable

@100

(State

Aid

Withholding)

......................................

5.25

9/1/36

1,083

39,373

Rhode

Island

—

0.49%

625

Rhode

Island

Student

Loan

Authority

Revenue,

Series

A

(AMT)

.............

5.00

12/1/29

672

1,875

Rhode

Island

Student

Loan

Authority

Revenue,

Series

A

(AMT)

.............

5.00

12/1/29

1,999

2,671

South

Carolina

—

0.52%

1,000

Piedmont

Municipal

Power

Agency

Revenue,

Series

B 

....................

5.00

1/1/29

1,068

680

South

Carolina

Public

Service

Authority

Revenue,

Series

A 

................

5.00

12/1/27

713

1,000

South

Carolina

Public

Service

Authority

Revenue,

Series

A 

................

5.00

12/1/31

1,095

2,876

Tennessee

—

1.37%

1,215

County

of

Hamblen

TN,

GO 

......................................

5.00

5/1/29

1,316

1,000

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facs

Bd

Revenue,

Series

A 

.......................................

5.00

7/1/34

1,094

500

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facs

Bd

Revenue,

Series

A 

.......................................

5.00

7/1/29

536

1,235

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facs

Bd

Revenue 

..............................................

5.00

5/1/31

1,332

1,000

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facs

Bd

Revenue

Continuously

Callable

@100 

.........................

5.00

5/1/35

1,059

1,350

Metropolitan

Government

of

Nashville

&

Davidson

County

TN,

GO

Continuously

Callable

@100 

............................................

4.00

7/1/33

1,371

730

Metropolitan

Government

of

Nashville

&

Davidson

County

TN,

GO,

Series

A 

...

5.00

1/1/32

817

7,525

Texas

—

8.97%

1,230

Arlington

Higher

Education

Finance

Corp.

Revenue

(PSF-GTD)

.............

5.00

8/15/28

1,305

1,025

Arlington

Higher

Education

Finance

Corp.

Revenue

(PSF-GTD)

.............

5.00

8/15/27

1,069

1,000

Arlington

Higher

Education

Finance

Corp.

Revenue

Continuously

Callable

@100

(PSF-GTD)

...............................................

5.00

8/15/39

1,059

186

HC

CAPITAL

TRUST

The

Intermediate

Term

Municipal

Bond

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

Municipal

Bonds

(continued)

Texas

(continued)

$

2,500

Central

Texas

Turnpike

System

Revenue,

Series

C

Continuously

Callable

@100 

.

5.00

8/15/37

$

2,688

920

City

of

College

Station

TX,

GO 

....................................

5.00

2/15/31

1,013

300

City

of

Pearland

TX,

GO

Continuously

Callable

@100 

....................

5.00

3/1/29

310

670

City

of

Round

Rock

Tx

Continuously

Callable

@100 

.....................

5.00

8/15/39

722

1,300

City

of

San

Antonio

TX

Electric

&

Gas

Systems

Revenue,

Series

B 

...........

4.00

2/1/33

1,362

940

City

of

San

Antonio

TX,

GO 

......................................

5.00

2/1/27

974

950

Clifton

Higher

Education

Finance

Corp.

Revenue,

Series

T

Continuously

Callable

@100

(PSF-GTD)

..........................................

4.00

8/15/34

963

6,000

Clifton

Higher

Education

Finance

Corp.

Revenue

Continuously

Callable

@100

(PSF-GTD)

...............................................

5.00

2/15/38

6,341

1,545

County

of

Harris

TX

Revenue,

Series

A

Continuously

Callable

@100 

.........

5.00

8/15/30

1,581

1,750

County

of

Harris

TX

Revenue,

Series

B

Continuously

Callable

@100 

.........

5.00

8/15/34

1,752

4,730

Dallas

Area

Rapid

Transit

Revenue

Continuously

Callable

@100 

............

5.00

12/1/33

5,067

545

Dallas

Fort

Worth

International

Airport

Revenue 

........................

5.00

11/1/30

602

1,700

El

Paso

County

Hospital

District,

GO

Continuously

Callable

@100 

...........

5.00

2/15/39

1,771

1,500

Harris

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

Continuously

Callable

@100 

............................................

5.00

10/1/27

1,507

2,100

Harris

County

Cultural

Education

Facilities

Finance

Corp.

Revenue 

..........

5.00

11/15/27

2,179

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

1,108

2,180

Lower

Colorado

River

Authority

Revenue

Continuously

Callable

@100 

.......

5.00

5/15/32

2,352

1,090

Lower

Colorado

River

Authority

Revenue

(AGM)

.......................

5.00

5/15/29

1,176

2,410

Midland

Independent

School

District,

GO

Continuously

Callable

@100

(PSF-GTD)

5.00

2/15/37

2,616

1,545

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

Continuously

Callable

@103 

............................................

5.00

10/1/36

1,624

1,280

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

Revenue,

Series

A

Continuously

Callable

@100 

..................................

5.00

7/1/32

1,386

2,000

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

Revenue,

Series

A

Continuously

Callable

@100 

..................................

5.00(a)

7/1/53

2,190

3,500

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

IV

Revenue,

Series

B

Continuously

Callable

@100 

..................................

5.50(a)

1/1/54

3,850

49,417

Vermont

—

0.23%

1,200

Vermont

Student

Assistance

Corp.

Revenue,

Series

A 

.....................

5.00

6/15/33

1,245

Virginia

—

0.32%

760

Chesterfield

County

Economic

Development

Authority

Revenue

Continuously

Callable

@100 

............................................

5.00

4/1/38

833

850

Hampton

Roads

Transportation

Accountability

Commission

Revenue,

Series

A

Continuously

Callable

@100 

..................................

5.00

7/1/31

934

1,767

Washington

—

3.67%

790

City

of

Seattle

WA

Municipal

Light

&

Power

Revenue 

....................

5.00

2/1/32

886

955

City

of

Seattle

WA,

GO

Continuously

Callable

@100 

.....................

5.00

5/1/38

1,038

1,550

Kitsap

County

School

District

No

100-C

Bremerton,

GO,

Series

C

Continuously

Callable

@100

(SCH

BD

GTY)

................................

5.00

12/1/36

1,702

1,555

Port

of

Seattle

WA

Revenue,

Series

B

Continuously

Callable

@100

(AMT)

.....

5.00

8/1/33

1,650

1,500

Port

of

Seattle

WA

Revenue

(AMT)

..................................

5.00

4/1/26

1,514

3,665

Port

of

Seattle

WA

Revenue,

Series

B

Continuously

Callable

@100 

...........

5.00

7/1/36

3,864

7,065

State

of

Washington,

GO,

Series

R-2017A

Continuously

Callable

@100 

.......

5.00

8/1/32

7,195

1,300

State

of

Washington,

GO,

Series

C

Continuously

Callable

@100 

.............

5.00

2/1/33

1,431

790

State

of

Washington,

GO,

Series

C 

..................................

5.00

2/1/32

886

20,166

Wisconsin

—

2.15%

580

Madison

Metropolitan

School

District/WI,

GO

Continuously

Callable

@100 

....

5.00

3/1/34

621

3,455

Public

Finance

Authority

Revenue,

Series

A-2 

..........................

3.70(a)

10/1/46

3,464

187

HC

CAPITAL

TRUST

The

Intermediate

Term

Municipal

Bond

Portfolio

Portfolio

of

Investments

(continued)

—

June

30,

2025

See

accompanying

notes

to

financial

statements.

Principal

Amount  

(000)

Security

Description

Rate

%

Maturity  

Date

Value

(000)

Municipal

Bonds

(continued)

Wisconsin

(continued)

$

1,000

Racine

Unified

School

District,

GO

Continuously

Callable

@100

(AGC)

.......

4.00

4/1/44

$

928

1,225

University

of

Wisconsin

Hospitals

&

Clinics

Revenue,

Series

A 

.............

5.00

4/1/26

1,239

1,000

University

of

Wisconsin

Hospitals

&

Clinics

Revenue,

Series

B

Continuously

Callable

@101.61 

..........................................

5.00(a)

4/1/54

1,088

1,000

West

Allis

West

Milwaukee

School

District,

GO

Continuously

Callable

@100 

...

3.00

4/1/38

876

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

2,473

11,803

Total

Municipal

Bonds

(cost

$472,598)

..............................

464,600

Shares

Investment

Companies

—

14.86%

Domestic

Fixed

Income

—

11.47%

453,640

AllianceBernstein

National

Municipal

Income

Fund,

Inc.

..................

4,677

319,133

BlackRock

Municipal

2030

Target

Term

Trust

..........................

6,986

371,024

BlackRock

Muniholdings

California

Quality

Fund,

Inc.

....................

3,840

243,097

BlackRock

Muniholdings

Fund,

Inc.

.................................

2,723

413,320

BlackRock

MuniYield

Fund,

Inc.

...................................

4,150

348,844

BlackRock

MuniYield

Quality

Fund

III,

Inc.

...........................

3,659

270,829

BNY

Mellon

Strategic

Municipals,

Inc.

...............................

1,603

71,012

DTF

Tax-Free

Income

2028

Term

Fund,

Inc.

...........................

795

138,683

Eaton

Vance

California

Municipal

Bond

Fund

..........................

1,237

241,922

Eaton

Vance

Municipal

Bond

Fund

..................................

2,339

119,172

Eaton

Vance

New

York

Municipal

Bond

Fund

..........................

1,107

34,925

Federated

Hermes

Premier

Municipal

Income

Fund

......................

372

118,449

Invesco

Quality

Municipal

Income

Trust

..............................

1,111

125,390

iShares

National

Muni

Bond

ETF

...................................

13,101

195,885

MFS

High

Income

Municipal

Trust

..................................

701

463,249

MFS

High

Yield

Municipal

Trust

....................................

1,543

101,974

Nuveen

Municipal

Value

Fund,

Inc.

..................................

886

87,267

NYLI

MacKay

DefinedTerm

Muni

Opportunities

Fund

....................

1,291

315,690

PIMCO

California

Municipal

Income

Fund

II

...........................

1,692

240,845

PIMCO

Municipal

Income

Fund

III

..................................

1,652

441,784

Pioneer

Municipal

High

Income

Advantage

Fund,

Inc.

....................

3,667

397,985

Western

Asset

Managed

Municipals

Fund,

Inc.

..........................

3,940

63,072

Money

Market

Funds

—

3.39%

18,652,288

BlackRock

Liquidity

Funds

MuniCash

................................

2.13(b)

18,654

Total

Investment

Companies

(cost

$84,070)

...........................

81,726

Total

Investments

(cost

$556,668)

—

99.31%

.........................

546,326

Other

assets

in

excess

of

liabilities

—

0.69%

..........................

3,770

Net

Assets

—

100.00%

..........................................

$

550,096

(a)

Interest

rate

is

determined

by

the

Remarketing

Agent.  The

rate

disclosed

is

the

rate

in

effect

on

June

30,

2025.

(b)

Annualized

7-day

yield

as

of

period-end.

188

See

accompanying

notes

to

financial

statements.

HC

CAPITAL

TRUST

The

Intermediate

Term

Municipal

Bond

Portfolio

Portfolio

of

Investments

(concluded)

—

June

30,

2025

The

following

table

reflects

the

percentage

of

total

net

assets

of

the

Portfolio

attributable

to

each

Specialist

Manager

as

of

June

30,

2025.

AGC—Assured

Guaranty

Corp.

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

SCH

BD

GTY—School

Board

Guaranty

The

Intermediate

Term

Municipal

Bond

Portfolio

Insight

North

America

LLC

Breckinridge

Capital

Advisors,

Inc

City

of

London

Investment

Management

Company,

Limited

HC

Capital

Solutions

Total

Municipal

Bonds

.....................................................................................................

76.74

%

7.71

%

—

—

84.45

%

Investment

Companies

............................................................................................

0.96

%

—

11.47

%

2.43

%

14.86

%

Other

Assets

(Liabilities)

........................................................................................

1.57

%

0.12

%

0.45

%

-1.45

%

0.69

%

Total

Net

Assets

.................................................................................................

79.27

%

7.83

%

11.92

%

0.98

%

100.00

%

HC

CAPITAL

TRUST

Statements

of

Assets

and

Liabilities

As

of

June

30,

2025

(Amounts

in

thousands,

except

per

share

amounts)

189

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)

..............................................................................

$

1,861,354

$

2,686,738

Cash

...............................................................................................................

92

2,234

Receivable

for

portfolio

shares

issued

............................................................................

—

1,631

Receivable

from

investments

sold

................................................................................

21

285

Variation

margin

receivable

on

derivatives

.......................................................................

—

1,329

Cash

held

as

collateral

at

broker

for

derivatives

..................................................................

—

41,113

Dividends

and

interest

receivable

.................................................................................

1,055

2,749

Foreign

tax

reclaims

receivable

...................................................................................

108

77

Prepaid

expenses

..................................................................................................

23

36

Total

assets

.....................................................................................................

1,862,653

2,736,192

LIABILITIES:

Written

options,

at

fair

value

(Premiums

received

$—

and

$473,

respectively)

..................................

—

229

Payable

for

investments

purchased

...............................................................................

—

1,501

Payable

for

portfolio

shares

redeemed

............................................................................

82

147

Payable

for

collateral

received

on

loaned

securities

..............................................................

192

—

Redemption

liquidity

services

fees

payable

.......................................................................

39

—

Variation

margin

payable

on

derivatives

..........................................................................

—

857

Advisory

fees

payable

.............................................................................................

117

161

Administrative

services

fees

payable

.............................................................................

63

92

Trustee

fees

payable

...............................................................................................

2

4

Professional

fees

payable

.........................................................................................

36

70

Custodian

fees

payable

............................................................................................

63

82

Other

accrued

expenses

...........................................................................................

81

91

Total

liabilities

..................................................................................................

675

3,234

NET

ASSETS

........................................................................................................

$

1,861,978

$

2,732,958

NET

ASSETS

CONSISTS

OF:

Shares

of

beneficial

interest,

at

par

value

.........................................................................

$

46

$

161

Additional

paid-in

capital

.........................................................................................

611,953

2,021,277

Total

distributable

earnings/(loss)

.................................................................................

1,249,979

711,520

Net

Assets

......................................................................................................

$

1,861,978

$

2,732,958

NET

ASSETS:

$

1,861,978

$

2,732,958

SHARES

OF

BENEFICIAL

INTEREST

OUTSTANDING

(Unlimited

number

of

shares

authorized;

par

value

$0.001):

.................................................

46,072

161,209

Net

Asset

Value,

offering

and

redemption

price

per

share:

(b)

..................................................

$

40.41

$

16.95

Investments

in

securities,

at

cost

..................................................................................

$

548,067

$

1,862,465

(a)

Includes

securities

on

loan

of

$186

and

$0,

respectively.

(b)

Per

share

amounts

may

not

recalculate

due

to

rounding

of

net

assets

and/or

shares

outstanding.

190

HC

CAPITAL

TRUST

Statements

of

Assets

and

Liabilities

(continued)

As

of

June

30,

2025

(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)

..............................

$

112,423

$

65,781

$

619,109

$

1,007,180

Cash

...............................................................

12

—

275

7,220

Foreign

currency,

at

value

(Cost

$110,

$31,

$1,696

and

$3,617,

respectively)

....................................................

111

31

2,023

3,624

Receivable

for

portfolio

shares

issued

............................

—

—

—

1,312

Receivable

from

investments

sold

................................

8

5

641

5,610

Variation

margin

receivable

on

derivatives

.......................

5

—

2

19

Cash

held

as

collateral

at

broker

for

derivatives

..................

94

—

202

8,776

Dividends

and

interest

receivable

.................................

75

35

740

1,332

Foreign

tax

reclaims

receivable

...................................

231

31

3,367

4,688

Receivable

from

Advisor

—

11

—

—

Prepaid

expenses

..................................................

3

1

11

12

Total

assets

.....................................................

112,962

65,895

626,370

1,039,773

LIABILITIES:

Payable

for

investments

purchased

...............................

—

—

—

4,478

Payable

for

portfolio

shares

redeemed

............................

—

—

—

1,251

Payable

for

collateral

received

on

loaned

securities

..............

—

—

—

2,878

Variation

margin

payable

on

derivatives

..........................

—

—

—

286

Advisory

fees

payable

.............................................

19

—

39

151

Administrative

services

fees

payable

.............................

12

17

35

48

Trustee

fees

payable

...............................................

—

—

1

1

Professional

fees

payable

.........................................

16

18

117

155

Custodian

fees

payable

............................................

9

6

36

58

Other

accrued

expenses

...........................................

4

3

14

26

Total

liabilities

..................................................

60

44

242

9,332

NET

ASSETS

........................................................

$

112,902

$

65,851

$

626,128

$

1,030,441

NET

ASSETS

CONSISTS

OF:

Shares

of

beneficial

interest,

at

par

value

.........................

$

6

$

4

$

43

$

85

Additional

paid-in

capital

.........................................

36,042

44,244

385,139

777,068

Total

distributable

earnings/(loss)

.................................

76,854

21,603

240,946

253,288

Net

Assets

......................................................

$

112,902

$

65,851

$

626,128

$

1,030,441

NET

ASSETS:

$

112,902

$

65,851

$

626,128

$

1,030,441

SHARES

OF

BENEFICIAL

INTEREST

OUTSTANDING

(Unlimited

number

of

shares

authorized;

par

value

$0.001):

.

6,307

4,470

42,896

84,970

Net

Asset

Value,

offering

and

redemption

price

per

share:

(b)

..

$

17.90

$

14.73

$

14.60

$

12.13

Investments

in

securities,

at

cost

..................................

$

55,938

$

43,615

$

289,330

$

770,744

(a)

Includes

securities

on

loan

of

$0,

$0,

$0

and

$5,089,

respectively.

(b)

Per

share

amounts

may

not

recalculate

due

to

rounding

of

net

assets

and/or

shares

outstanding.

191

HC

CAPITAL

TRUST

Statements

of

Assets

and

Liabilities

(continued)

As

of

June

30,

2025

(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)

......................................................

$

752,678

$

97,258

$

197,399

Cash

.......................................................................................

446

76

73

Foreign

currency,

at

value

(Cost

$4,220,

$—

and

$—,

respectively)

.....................

4,732

—

—

Receivable

for

portfolio

shares

issued

....................................................

504

1,643

6

Receivable

from

investments

sold

........................................................

802

484

—

Variation

margin

receivable

on

derivatives

...............................................

39

46

166

Cash

held

as

collateral

at

broker

for

derivatives

..........................................

804

230

5,495

Dividends

and

interest

receivable

.........................................................

1,772

435

400

Foreign

tax

reclaims

receivable

...........................................................

18

—

—

Prepaid

expenses

..........................................................................

9

2

4

Total

assets

.............................................................................

761,804

100,174

203,543

LIABILITIES:

Payable

for

investments

purchased

.......................................................

18

510

—

Payable

for

portfolio

shares

redeemed

....................................................

198

4

430

Payable

for

collateral

received

on

loaned

securities

......................................

—

—

1,177

Variation

margin

payable

on

derivatives

..................................................

—

—

217

Accrued

foreign

capital

gains

tax

.........................................................

6,420

—

—

TBA

sale

commitments

payable

..........................................................

—

918

—

Advisory

fees

payable

.....................................................................

124

7

24

Administrative

services

fees

payable

.....................................................

40

20

17

Trustee

fees

payable

.......................................................................

1

—

—

Professional

fees

payable

.................................................................

58

5

9

Custodian

fees

payable

....................................................................

239

5

7

Other

accrued

expenses

...................................................................

19

2

6

Total

liabilities

..........................................................................

7,117

1,471

1,887

NET

ASSETS

................................................................................

$

754,687

$

98,703

$

201,656

NET

ASSETS

CONSISTS

OF:

Shares

of

beneficial

interest,

at

par

value

.................................................

$

37

$

11

$

27

Additional

paid-in

capital

.................................................................

674,649

105,610

208,007

Total

distributable

earnings/(loss)

.........................................................

80,001

(6,918)

(6,378)

Net

Assets

..............................................................................

$

754,687

$

98,703

$

201,656

NET

ASSETS:

$

754,687

$

98,703

$

201,656

SHARES

OF

BENEFICIAL

INTEREST

OUTSTANDING

(Unlimited

number

of

shares

authorized;

par

value

$0.001):

.........................

36,516

11,441

26,991

Net

Asset

Value,

offering

and

redemption

price

per

share:

(b)

..........................

$

20.67

$

8.63

$

7.47

Investments

in

securities,

at

cost

..........................................................

$

583,072

$

99,205

$

197,047

(a)

Includes

securities

on

loan

of

$1,033,

$0

and

$0,

respectively.

(b)

Per

share

amounts

may

not

recalculate

due

to

rounding

of

net

assets

and/or

shares

outstanding.

192

HC

CAPITAL

TRUST

Statements

of

Assets

and

Liabilities

(continued)

As

of

June

30,

2025

(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

........................................................

$

1,070,744

$

285,334

$

248,473

Cash

.......................................................................................

1,530

—

—

Receivable

for

portfolio

shares

issued

....................................................

760

230

227

Receivable

from

investments

sold

........................................................

9,286

—

846

Variation

margin

receivable

on

derivatives

...............................................

848

—

—

Cash

held

as

collateral

at

broker

for

derivatives

..........................................

4,650

—

—

Dividends

and

interest

receivable

.........................................................

4,496

2,828

657

Prepaid

expenses

..........................................................................

11

4

3

Total

assets

.............................................................................

1,092,325

288,396

250,206

LIABILITIES:

Written

options,

at

fair

value

(Premiums

received

$288,

$—

and

$—,

respectively)

....

138

—

—

Payable

for

investments

purchased

.......................................................

9,347

—

—

Payable

for

portfolio

shares

redeemed

....................................................

6,311

2,228

1,795

TBA

sale

commitments,

at

fair

v

alue

.....................................................

—

—

47

TBA

sale

commitments

payable

..........................................................

—

—

16,152

Advisory

fees

payable

.....................................................................

30

18

14

Administrative

services

fees

payable

.....................................................

43

20

30

Trustee

fees

payable

.......................................................................

1

—

—

Professional

fees

payable

.................................................................

23

9

8

Custodian

fees

payable

....................................................................

32

9

8

Other

accrued

expenses

...................................................................

35

10

6

Total

liabilities

..........................................................................

15,960

2,294

18,060

NET

ASSETS

................................................................................

$

1,076,365

$

286,102

$

232,146

NET

ASSETS

CONSISTS

OF:

Shares

of

beneficial

interest,

at

par

value

.................................................

$

125

$

32

$

28

Additional

paid-in

capital

.................................................................

1,129,624

310,172

267,808

Total

distributable

earnings/(loss)

.........................................................

(53,384)

(24,102)

(35,690)

Net

Assets

..............................................................................

$

1,076,365

$

286,102

$

232,146

NET

ASSETS:

$

1,076,365

$

286,102

$

232,146

SHARES

OF

BENEFICIAL

INTEREST

OUTSTANDING

(Unlimited

number

of

shares

authorized;

par

value

$0.001):

.........................

125,229

32,048

27,634

Net

Asset

Value,

offering

and

redemption

price

per

share:

(a)

...........................

$

8.60

$

8.93

$

8.40

Investments

in

securities,

at

cost

..........................................................

$

1,076,468

$

289,767

$

266,080

(a)

Per

share

amounts

may

not

recalculate

due

to

rounding

of

net

assets

and/or

shares

outstanding.

193

See

accompanying

notes

to

financial

statements.

HC

CAPITAL

TRUST

Statements

of

Assets

and

Liabilities

(concluded)

As

of

June

30,

2025

(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

................................................................................

$

69,166

$

546,326

Cash

...............................................................................................................

—

3,330

Receivable

for

portfolio

shares

issued

............................................................................

11

142

Dividends

and

interest

receivable

.................................................................................

1,027

5,475

Prepaid

expenses

..................................................................................................

6

10

Total

assets

.....................................................................................................

70,210

555,283

LIABILITIES:

Payable

for

investments

purchased

...............................................................................

—

4,819

Payable

for

portfolio

shares

redeemed

............................................................................

—

80

Advisory

fees

payable

.............................................................................................

7

215

Administrative

services

fees

payable

.............................................................................

9

28

Trustee

fees

payable

...............................................................................................

—

1

Professional

fees

payable

.........................................................................................

5

14

Custodian

fees

payable

............................................................................................

1

12

Other

accrued

expenses

...........................................................................................

3

18

Total

liabilities

..................................................................................................

25

5,187

NET

ASSETS

........................................................................................................

$

70,185

$

550,096

NET

ASSETS

CONSISTS

OF:

Shares

of

beneficial

interest,

at

par

value

.........................................................................

$

7

$

57

Additional

paid-in

capital

.........................................................................................

74,878

572,862

Total

distributable

earnings/(loss)

.................................................................................

(4,700)

(22,823)

Net

Assets

......................................................................................................

$

70,185

$

550,096

NET

ASSETS:

$

70,185

$

550,096

SHARES

OF

BENEFICIAL

INTEREST

OUTSTANDING

(Unlimited

number

of

shares

authorized;

par

value

$0.001):

.................................................

7,292

56,924

Net

Asset

Value,

offering

and

redemption

price

per

share:

(a)

...................................................

$

9.62

$

9.66

Investments

in

securities,

at

cost

..................................................................................

$

69,277

$

556,668

(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

Year

Ended,

June

30,

2025

(Amounts

in

thousands)

194

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

INVESTMENT

INCOME:

Interest

..................................................................................................................

$

3

$

230

Dividends

...............................................................................................................

24,009

44,113

Income

from

securities

lending,

net

....................................................................................

9

63

Foreign

withholding

tax

................................................................................................

—

(

21

)

Total

Investment

Income

............................................................................................

24,021

44,385

EXPENSES:

Advisory

fees

...........................................................................................................

1,415

3,097

Administrative

services

fees

...........................................................................................

674

951

Professional

fees

.......................................................................................................

240

348

Transfer

agent

fees

.....................................................................................................

52

78

Compliance

service

fees

...............................................................................................

48

71

Custodian

fees

..........................................................................................................

172

217

Redemption

liquidity

services

fees

.....................................................................................

211

—

Registration

and

filing

fees

.............................................................................................

24

17

Trustee

fees

.............................................................................................................

139

207

Other

...................................................................................................................

133

165

Total

expenses

before

waivers

and/or

reimbursements

and

expenses

paid

indirectly

...........................

3,108

5,151

Expenses

paid

indirectly

.........................................................................................

—

(

1

)

Net

Expenses

..................................................................................................

3,108

5,150

Net

Investment

Income

.................................................................................................

20,913

39,235

NET

REALIZED/UNREALIZED

GAIN/(LOSS)

ON

INVESTMENTS:

Net

realized

gains/(losses)

from

investment

in

securities

and

foreign

currency

translations

..........................

(

6,962

)

305,443

Net

realized

gains/(losses)

from

redemptions

in-kind

transactions

130,922

—

Net

realized

gains/(losses)

from

futures

transactions

..................................................................

—

15,381

Net

realized

gains/(losses)

from

written

options

transactions

.........................................................

—

14,080

Net

realized

gains/(losses)

from

swap

transactions

....................................................................

—

(

8,861

)

Net

realized

gains/(losses)

from

investments

..........................................................................

123,960

326,043

Change

in

unrealized

appreciation/(depreciation)

on

investment

transactions

and

foreign

currency

translations

....

92,673

38,433

Change

in

unrealized

appreciation/(depreciation)

on

futures

..........................................................

—

9,854

Change

in

unrealized

appreciation/(depreciation)

on

written

options

.................................................

—

(

2,020

)

Change

in

unrealized

appreciation/(depreciation)

on

swaps

...........................................................

—

(

7,035

)

Change

in

unrealized

appreciation/(depreciation)

on

investments

.....................................................

92,673

39,232

Net

realized/unrealized

gains/(losses)

from

investments

..............................................................

216,633

365,275

Change

in

net

assets

resulting

from

operations

$

237,546

$

404,510

195

HC

CAPITAL

TRUST

Statements

of

Operations

(continued)

For

the

Year

Ended,

June

30,

2025

(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

.......................................................................

$

—

$

—

$

—

$

64

Dividends

....................................................................

2,973

780

18,601

27,379

Income

from

securities

lending,

net

.........................................

—

—

—

47

Foreign

withholding

tax

.....................................................

(

184

)

(

58

)

(

2,044

)

(

1,391

)

Total

Investment

Income

.................................................

2,789

722

16,557

26,099

EXPENSES:

Advisory

fees

................................................................

184

42

628

1,867

Administrative

services

fees

................................................

104

63

268

397

Professional

fees

............................................................

55

38

185

275

Transfer

agent

fees

..........................................................

4

1

15

26

Compliance

service

fees

....................................................

4

1

13

24

Custodian

fees

...............................................................

35

19

121

191

Registration

and

filing

fees

..................................................

3

2

18

18

Trustee

fees

..................................................................

12

3

39

70

Other

........................................................................

12

5

35

57

Total

expenses

before

waivers

and/or

reimbursements

...............

413

174

1,322

2,925

Expenses

waived

and/or

reimbursed

by

Adviser

......................

—

(

44

)

—

—

Net

Expenses

.......................................................

413

130

1,322

2,925

Net

Investment

Income

......................................................

2,376

592

15,235

23,174

NET

REALIZED/UNREALIZED

GAIN/(LOSS)

ON

INVESTMENTS:

Net

realized

gains/(losses)

from

investment

in

securities

and

foreign

currency

translations

.....................................................

34,594

19

1,921

57,889

Net

realized

gains/(losses)

from

futures

transactions

.......................

581

—

(

1,319

)

3,325

Net

realized

gains/(losses)

from

written

options

transactions

..............

—

—

1,957

3,320

Net

realized

gains/(losses)

from

swap

transactions

.........................

—

—

—

354

Net

realized

gains/(losses)

from

investments

...............................

35,175

19

2,559

64,888

Change

in

unrealized

appreciation/(depreciation)

on

investment

transactions

and

foreign

currency

translations

...........................

(

14,113

)

7,118

75,153

84,794

Change

in

unrealized

appreciation/(depreciation)

on

futures

...............

54

—

38

1,518

Change

in

unrealized

appreciation/(depreciation)

on

written

options

......

—

—

(

405

)

(

707

)

Change

in

unrealized

appreciation/(depreciation)

on

swaps

................

—

—

—

(

2,345

)

Change

in

unrealized

appreciation/(depreciation)

on

investments

..........

(

14,059

)

7,118

74,786

83,260

Net

realized/unrealized

gains/(losses)

from

investments

...................

21,116

7,137

77,345

148,148

Change

in

net

assets

resulting

from

operations

$

23,492

$

7,729

$

92,580

$

171,322

196

HC

CAPITAL

TRUST

Statements

of

Operations

(continued)

For

the

Year

Ended,

June

30,

2025

(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

.............................................................................................

$

36

$

1,812

$

132

Dividends

..........................................................................................

23,335

1,763

7,977

Income

from

securities

lending,

net

...............................................................

15

—

8

Foreign

withholding

tax

...........................................................................

(

5,155

)

—

—

Total

Investment

Income

.......................................................................

18,231

3,575

8,117

EXPENSES:

Advisory

fees

......................................................................................

1,599

79

290

Administrative

services

fees

......................................................................

313

116

115

Professional

fees

..................................................................................

236

20

34

Transfer

agent

fees

................................................................................

20

3

6

Compliance

service

fees

..........................................................................

18

2

5

Custodian

fees

.....................................................................................

846

18

20

Registration

and

filing

fees

........................................................................

18

17

17

Trustee

fees

........................................................................................

52

7

15

Other

..............................................................................................

48

9

29

Net

Expenses

.............................................................................

3,150

271

531

Net

Investment

Income

............................................................................

15,081

3,304

7,586

NET

REALIZED/UNREALIZED

GAIN/(LOSS)

ON

INVESTMENTS:

Net

realized

gains/(losses)

from

investment

in

securities

and

foreign

currency

translations

.....

30,054

99

1,799

Net

realized

gains/(losses)

from

futures

transactions

.............................................

(

2,879

)

(

284

)

5,248

Net

realized

gains/(losses)

from

written

options

transactions

....................................

2,904

—

—

Net

realized

gains/(losses)

from

swap

transactions

...............................................

—

—

(

2,987

)

Net

realized

gains/(losses)

from

investments

.....................................................

30,079

(

185

)

4,060

Change

in

unrealized

appreciation/(depreciation)

on

investment

transactions

and

foreign

currency

translations

...........................................................................

57,983

1,836

350

Change

in

unrealized

appreciation/(depreciation)

on

futures

.....................................

507

301

1,090

Change

in

unrealized

appreciation/(depreciation)

on

written

options

............................

(

620

)

—

—

Change

in

unrealized

appreciation/(depreciation)

on

swaps

......................................

—

—

(

1,793

)

Change

in

unrealized

appreciation/(depreciation)

on

investments

................................

57,870

2,137

(

353

)

Net

realized/unrealized

gains/(losses)

from

investments

.........................................

87,949

1,952

3,707

Change

in

net

assets

resulting

from

operations

$

103,030

$

5,256

$

11,293

197

HC

CAPITAL

TRUST

Statements

of

Operations

(continued)

For

the

Year

Ended,

June

30,

2025

(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

.............................................................................................

$

18,699

$

10,389

$

6,401

Dividends

..........................................................................................

20,505

2,721

1,778

Income

from

securities

lending,

net

...............................................................

—

3

—

Total

Investment

Income

.......................................................................

39,204

13,113

8,179

EXPENSES:

Advisory

fees

......................................................................................

336

215

171

Administrative

services

fees

......................................................................

390

139

189

Professional

fees

..................................................................................

132

41

36

Transfer

agent

fees

................................................................................

30

8

6

Compliance

service

fees

..........................................................................

27

7

6

Custodian

fees

.....................................................................................

80

28

26

Registration

and

filing

fees

........................................................................

17

16

16

Trustee

fees

........................................................................................

79

21

17

Other

..............................................................................................

85

26

21

Net

Expenses

.............................................................................

1,176

501

488

Net

Investment

Income

............................................................................

38,028

12,612

7,691

NET

REALIZED/UNREALIZED

GAIN/(LOSS)

ON

INVESTMENTS:

Net

realized

gains/(losses)

from

investment

in

securities

........................................

(

3,994

)

(

2,572

)

(

1,208

)

Net

realized

gains/(losses)

from

futures

transactions

.............................................

(

2,681

)

1,349

578

Net

realized

gains/(losses)

from

written

options

transactions

....................................

2,117

—

—

Net

realized

gains/(losses)

from

investments

.....................................................

(

4,558

)

(

1,223

)

(

630

)

Change

in

unrealized

appreciation/(depreciation)

on

investment

transactions

...................

21,441

8,944

7,499

Change

in

unrealized

appreciation/(depreciation)

on

futures

.....................................

4,664

(

118

)

(

50

)

Change

in

unrealized

appreciation/(depreciation)

on

written

options

............................

88

—

—

Change

in

unrealized

appreciation/(depreciation)

on

investments

................................

26,193

8,826

7,449

Net

realized/unrealized

gains/(losses)

from

investments

.........................................

21,635

7,603

6,819

Change

in

net

assets

resulting

from

operations

$

59,663

$

20,215

$

14,510

198

See

accompanying

notes

to

financial

statements.

HC

CAPITAL

TRUST

Statements

of

Operations

(concluded)

For

the

Year

Ended,

June

30,

2025

(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

..................................................................................................................

$

1,894

$

12,767

Dividends

...............................................................................................................

70

3,278

Total

Investment

Income

............................................................................................

1,964

16,045

EXPENSES:

Advisory

fees

...........................................................................................................

86

938

Administrative

services

fees

...........................................................................................

53

220

Professional

fees

.......................................................................................................

16

71

Transfer

agent

fees

.....................................................................................................

2

15

Compliance

service

fees

...............................................................................................

2

14

Custodian

fees

..........................................................................................................

4

36

Registration

and

filing

fees

.............................................................................................

12

17

Trustee

fees

.............................................................................................................

5

41

Other

...................................................................................................................

6

34

Net

Expenses

..................................................................................................

186

1,386

Net

Investment

Income

.................................................................................................

1,778

14,659

NET

REALIZED/UNREALIZED

GAIN/(LOSS)

ON

INVESTMENTS:

Net

realized

gains/(losses)

from

investment

in

securities

.............................................................

(

55

)

(

186

)

Net

realized

gains/(losses)

from

investments

..........................................................................

(

55

)

(

186

)

Change

in

unrealized

appreciation/(depreciation)

on

investment

transactions

........................................

484

(

2,535

)

Change

in

unrealized

appreciation/(depreciation)

on

investments

.....................................................

484

(

2,535

)

Net

realized/unrealized

gains/(losses)

from

investments

..............................................................

429

(

2,721

)

Change

in

net

assets

resulting

from

operations

$

2,207

$

11,938

HC

CAPITAL

TRUST

Statements

of

Changes

in

Net

Assets

(Amounts

in

thousands)

199

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

For

the

Year

Ended

June

30,

2025

For

the

Year

Ended

June

30,

2024

For

the

Year

Ended

June

30,

2025

For

the

Year

Ended

June

30,

2024

Operations:

Net

investment

income

.........................................................................

$

20,913

$

8,629

$

39,235

$

37,075

Net

realized

gains/(losses)

from

investments

..................................................

123,960

74,350

326,043

455,201

Change

in

unrealized

appreciation/(depreciation)

from

investments

..........................

92,673

123,332

39,232

17,140

Change

in

net

assets

resulting

from

operations

...................................................

237,546

206,311

404,510

509,416

Distributions

to

Shareholders:

From

net

investment

income

and/or

net

realized

capital

gains

........................................................................

(

28,947

)

(

19,522

)

(

481,949

)

(

290,603

)

Change

in

net

assets

resulting

from

distributions

.................................................

(

28,947

)

(

19,522

)

(

481,949

)

(

290,603

)

Capital

Transactions:

Proceeds

from

shares

issued

...................................................................

$

158,088

$

74,515

$

207,966

$

164,333

Proceeds

from

merger

(Note

9)

................................................................

—

854,367

—

—

Proceeds

from

reinvestment

of

dividends

......................................................

15,621

13,712

473,750

281,457

Cost

of

shares

redeemed

.......................................................................

(

301,883

)

(

154,410

)

(

403,727

)

(

601,596

)

Change

in

net

assets

from

shares

of

beneficial

interest

........................................

$

(

128,174

)

$

788,184

$

277,989

$

(

155,806

)

Change

in

net

assets

...............................................................................

80,425

974,973

200,550

63,007

Net

Assets:

Beginning

of

period

............................................................................

1,781,553

806,580

2,532,408

2,469,401

End

of

period

...................................................................................

$

1,861,978

$

1,781,553

$

2,732,958

$

2,532,408

Share

Transactions:

Issued

...........................................................................................

4,171

2,336

12,621

9,909

Issued

from

merger

(Note

9)

...................................................................

—

23,870

—

—

Reinvested

......................................................................................

409

433

30,151

17,703

Redeemed

......................................................................................

(

7,953

)

(

4,837

)

(

23,267

)

(

35,885

)

Change

in

Shares

...............................................................................

(

3,373

)

21,802

19,505

(

8,273

)

200

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

For

the

Year

Ended

June

30,

2025

For

the

Year

Ended

June

30,

2024

For

the

Year

Ended

June

30,

2025

For

the

Year

Ended

June

30,

2024

Operations:

Net

investment

income

.........................................................................

$

2,376

$

2,799

$

592

$

474

Net

realized

gains/(losses)

from

investments

..................................................

35,175

2,283

19

3

Change

in

unrealized

appreciation/(depreciation)

from

investments

..........................

(

14,059

)

26,604

7,118

5,445

Change

in

net

assets

resulting

from

operations

...................................................

23,492

31,686

7,729

5,922

Distributions

to

Shareholders:

From

net

investment

income

and/or

net

realized

capital

gains

........................................................................

(

2,620

)

(

4,591

)

(

606

)

(

491

)

Change

in

net

assets

resulting

from

distributions

.................................................

(

2,620

)

(

4,591

)

(

606

)

(

491

)

Capital

Transactions:

Proceeds

from

shares

issued

...................................................................

$

114

$

416

$

27,399

$

2,601

Proceeds

from

reinvestment

of

dividends

......................................................

233

1,997

583

491

Cost

of

shares

redeemed

.......................................................................

(

100,898

)

(

1,044

)

(

4,545

)

(

2,288

)

Change

in

net

assets

from

shares

of

beneficial

interest

........................................

$

(

100,551

)

$

1,369

$

23,437

$

804

Change

in

net

assets

...............................................................................

(

79,679

)

28,464

30,560

6,235

Net

Assets:

Beginning

of

period

............................................................................

192,581

164,117

35,291

29,056

End

of

period

...................................................................................

$

112,902

$

192,581

$

65,851

$

35,291

Share

Transactions:

Issued

...........................................................................................

7

31

1,966

221

Reinvested

......................................................................................

14

141

43

42

Redeemed

......................................................................................

(

5,969

)

(

73

)

(

327

)

(

203

)

Change

in

Shares

...............................................................................

(

5,948

)

99

1,682

60

201

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

For

the

Year

Ended

June

30,

2025

For

the

Year

Ended

June

30,

2024

For

the

Year

Ended

June

30,

2025

For

the

Year

Ended

June

30,

2024

For

the

Year

Ended

June

30,

2025

For

the

Year

Ended

June

30,

2024

Operations:

Net

investment

income

........................................

$

15,235

$

15,198

$

23,174

$

24,088

$

15,081

$

19,124

Net

realized

gains/(losses)

from

investments

.................

2,559

4,118

64,888

9,027

30,079

(

14,046

)

Change

in

unrealized

appreciation/(depreciation)

from

investments

.................................................

74,786

41,557

83,260

54,512

57,870

75,357

Change

in

net

assets

resulting

from

operations

..................

92,580

60,873

171,322

87,627

103,030

80,435

Distributions

to

Shareholders:

From

net

investment

income

and/or

net

realized

capital

gains

.......................................

(

16,216

)

(

16,534

)

(

41,108

)

(

22,250

)

(

21,926

)

(

27,920

)

Change

in

net

assets

resulting

from

distributions

................

(

16,216

)

(

16,534

)

(

41,108

)

(

22,250

)

(

21,926

)

(

27,920

)

Capital

Transactions:

Proceeds

from

shares

issued

..................................

$

8,337

$

8,101

$

104,126

$

203,718

$

38,155

$

32,579

Proceeds

from

reinvestment

of

dividends

.....................

6,764

11,023

36,499

19,455

18,208

21,864

Cost

of

shares

redeemed

......................................

(

32,727

)

(

41,230

)

(

182,420

)

(

125,906

)

(

93,641

)

(

98,965

)

Change

in

net

assets

from

shares

of

beneficial

interest

.......

$

(

17,626

)

$

(

22,106

)

$

(

41,795

)

$

97,267

$

(

37,278

)

$

(

44,522

)

Change

in

net

assets

..............................................

58,738

22,233

88,419

162,644

43,826

7,993

Net

Assets:

Beginning

of

period

...........................................

567,390

545,157

942,022

779,378

710,861

702,868

End

of

period

..................................................

$

626,128

$

567,390

$

1,030,441

$

942,022

$

754,687

$

710,861

Share

Transactions:

Issued

..........................................................

641

672

9,474

19,704

2,051

1,863

Reinvested

.....................................................

519

879

3,490

1,834

1,010

1,287

Redeemed

.....................................................

(

2,463

)

(

3,396

)

(

16,530

)

(

12,369

)

(

4,956

)

(

5,653

)

Change

in

Shares

..............................................

(

1,303

)

(

1,845

)

(

3,566

)

9,169

(

1,895

)

(

2,503

)

202

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

For

the

Year

Ended

June

30,

2025

For

the

Year

Ended

June

30,

2024

For

the

Year

Ended

June

30,

2025

For

the

Year

Ended

June

30,

2024

For

the

Year

Ended

June

30,

2025

For

the

Year

Ended

June

30,

2024

Operations:

Net

investment

income

........................................

$

3,304

$

2,550

$

7,586

$

12,166

$

38,028

$

33,373

Net

realized

gains/(losses)

from

investments

.................

(

185

)

(

1,623

)

4,060

10,733

(

4,558

)

(

31,966

)

Change

in

unrealized

appreciation/(depreciation)

from

investments

.................................................

2,137

1,133

(

353

)

1,308

26,193

24,621

Change

in

net

assets

resulting

from

operations

..................

5,256

2,060

11,293

24,207

59,663

26,028

Distributions

to

Shareholders:

From

net

investment

income

and/or

net

realized

capital

gains

.......................................

(

3,319

)

(

2,526

)

(

4,477

)

(

12,942

)

(

38,032

)

(

33,050

)

Tax

return

of

capital

........................................

—

—

(200)

—

—

—

Change

in

net

assets

resulting

from

distributions

................

(

3,319

)

(

2,526

)

(

4,677

)

(

12,942

)

(

38,032

)

(

33,050

)

Capital

Transactions:

Proceeds

from

shares

issued

..................................

$

21,566

$

15,999

$

19,035

$

28,621

$

195,020

$

155,914

Proceeds

from

reinvestment

of

dividends

.....................

3,141

2,479

4,549

12,690

28,503

23,802

Cost

of

shares

redeemed

......................................

(

10,376

)

(

7,096

)

(

35,736

)

(

67,606

)

(

150,952

)

(

110,403

)

Change

in

net

assets

from

shares

of

beneficial

interest

.......

$

14,331

$

11,382

$

(

12,152

)

$

(

26,295

)

$

72,571

$

69,313

Change

in

net

assets

..............................................

16,268

10,916

(

5,536

)

(

15,030

)

94,202

62,291

Net

Assets:

Beginning

of

period

...........................................

82,435

71,519

207,192

222,222

982,163

919,872

End

of

period

..................................................

$

98,703

$

82,435

$

201,656

$

207,192

$

1,076,365

$

982,163

Share

Transactions:

Issued

..........................................................

2,517

1,901

2,587

4,070

22,996

18,485

Reinvested

.....................................................

367

295

619

1,808

3,336

2,829

Redeemed

.....................................................

(

1,217

)

(

844

)

(

4,884

)

(

9,701

)

(

17,680

)

(

13,072

)

Change

in

Shares

..............................................

1,667

1,352

(

1,678

)

(

3,823

)

8,652

8,242

203

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

For

the

Year

Ended

June

30,

2025

For

the

Year

Ended

June

30,

2024

For

the

Year

Ended

June

30,

2025

For

the

Year

Ended

June

30,

2024

For

the

Year

Ended

June

30,

2025

For

the

Year

Ended

June

30,

2024

Operations:

Net

investment

income

........................................

$

12,612

$

11,451

$

7,691

$

7,160

$

1,778

$

1,443

Net

realized

gains/(losses)

from

investments

.................

(

1,223

)

(

10,779

)

(

630

)

(

526

)

(

55

)

(

503

)

Change

in

unrealized

appreciation/(depreciation)

from

investments

.................................................

8,826

11,516

7,449

(

1,585

)

484

550

Change

in

net

assets

resulting

from

operations

..................

20,215

12,188

14,510

5,049

2,207

1,490

Distributions

to

Shareholders:

From

net

investment

income

and/or

net

realized

capital

gains

.......................................

(

12,690

)

(

11,293

)

(

7,743

)

(

7,066

)

(

1,785

)

(

1,418

)

Change

in

net

assets

resulting

from

distributions

................

(

12,690

)

(

11,293

)

(

7,743

)

(

7,066

)

(

1,785

)

(

1,418

)

Capital

Transactions:

Proceeds

from

shares

issued

..................................

$

38,203

$

38,045

$

33,904

$

31,922

$

11,586

$

11,070

Proceeds

from

reinvestment

of

dividends

.....................

9,991

8,490

6,038

5,299

1,542

1,284

Cost

of

shares

redeemed

......................................

(

47,985

)

(

35,125

)

(

38,426

)

(

29,035

)

(

8,999

)

(

16,200

)

Change

in

net

assets

from

shares

of

beneficial

interest

.......

$

209

$

11,410

$

1,516

$

8,186

$

4,129

$

(

3,846

)

Change

in

net

assets

..............................................

7,734

12,305

8,283

6,169

4,551

(

3,774

)

Net

Assets:

Beginning

of

period

...........................................

278,368

266,063

223,863

217,694

65,634

69,408

End

of

period

..................................................

$

286,102

$

278,368

$

232,146

$

223,863

$

70,185

$

65,634

Share

Transactions:

Issued

..........................................................

4,345

4,376

4,097

3,920

1,203

1,155

Reinvested

.....................................................

1,127

983

723

653

160

134

Redeemed

.....................................................

(

5,407

)

(

4,066

)

(

4,596

)

(

3,568

)

(

936

)

(

1,691

)

Change

in

Shares

..............................................

65

1,293

224

1,005

427

(

402

)

204

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

For

the

Year

Ended

June

30,

2025

For

the

Year

Ended

June

30,

2024

Operations:

Net

investment

income

...........................................................................................................

$

14,659

$

11,986

Net

realized

gains/(losses)

from

investments

....................................................................................

(

186

)

(

4,696

)

Change

in

unrealized

appreciation/(depreciation)

from

investments

............................................................

(

2,535

)

7,535

Change

in

net

assets

resulting

from

operations

.....................................................................................

11,938

14,825

Distributions

to

Shareholders:

From

net

investment

income

and/or

net

realized

capital

gains

..........................................................................................................

(

14,808

)

(

11,749

)

Change

in

net

assets

resulting

from

distributions

...................................................................................

(

14,808

)

(

11,749

)

Capital

Transactions:

Proceeds

from

shares

issued

.....................................................................................................

$

101,183

$

63,119

Proceeds

from

reinvestment

of

dividends

........................................................................................

12,060

10,536

Cost

of

shares

redeemed

.........................................................................................................

(

55,277

)

(

59,113

)

Change

in

net

assets

from

shares

of

beneficial

interest

..........................................................................

$

57,966

$

14,542

Change

in

net

assets

.................................................................................................................

55,096

17,618

Net

Assets:

Beginning

of

period

..............................................................................................................

495,000

477,382

End

of

period

.....................................................................................................................

$

550,096

$

495,000

Share

Transactions:

Issued

.............................................................................................................................

10,399

6,511

Reinvested

........................................................................................................................

1,238

1,093

Redeemed

........................................................................................................................

(

5,668

)

(

6,090

)

Change

in

Shares

.................................................................................................................

5,969

1,514

HC

CAPITAL

TRUST

Financial

Highlights

Selected

data

for

a

share

outstanding

throughout

the

periods

indicated.

205

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

Gross

Expenses*

Net

Expenses*

Net

Investment

Income

(Loss)

Net

Assets,

at

End

of

Period

(000's)

Portfolio

Turnover

Rate

The

U.S.

Equity

Portfolio

Year

Ended

June

30,

2025

...............

$36.03

$0.44

$4.54

$4.98

$(0.43)

$(0.17)

$(0.60)

$40.41

13

.95

%

0.17%

0.17%

1.15%

$1,861,978

5%

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%

The

Institutional

U.S.

Equity

Portfolio

Year

Ended

June

30,

2025

...............

$17.87

$0.25

$2.39

$2.64

$(0.18)

$(3.38)

$(3.56)

$16.95

16

.51

%

0.20%

0.20%

1.50%

$2,732,958

62%

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%

*

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.

206

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

Gross

Expenses*

Net

Expenses*

Net

Investment

Income

(Loss)

Net

Assets,

at

End

of

Period

(000's)

Portfolio

Turnover

Rate

The

ESG

Growth

Portfolio

Year

Ended

June

30,

2025

...............

$15.71

$0.23

$2.25

$2.48

$(0.29)

$—(b)

$(0.29)

$17.90

15

.95

%

0.24%

0.24%

1.39%

$112,902

4%

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%

The

Catholic

SRI

Growth

Portfolio

Year

Ended

June

30,

2025

...............

$12.66

$0.19

$2.06

$2.25

$(0.18)

$—

$(0.18)

$14.73

17

.91

%

0.41%

0.31%

1.40%

$65,851

17%

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%

*

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)

Amount

rounds

to

less

than

$0.005

per

share.

207

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

Gross

Expenses*

Net

Expenses*

Net

Investment

Income

(Loss)

Net

Assets,

at

End

of

Period

(000's)

Portfolio

Turnover

Rate

The

International

Equity

Portfolio

Year

Ended

June

30,

2025

........

$12.84

$0.35

$1.79

$2.14

$(0.38)

$—

$—

$(0.38)

$14.60

16

.88

%

0.23%

0.23%

2.63%

$626,128

11%

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%

The

Institutional

International

Equity

Portfolio

Year

Ended

June

30,

2025

........

$10.64

$0.27

$1.71

$1.98

$(0.46)

$(0.03)

$—

$(0.49)

$12.13

19

.40

%

0.31%

0.31%

2.45%

$1,030,441

45%

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)

—(b)

(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%

The

Emerging

Markets

Portfolio

Year

Ended

June

30,

2025

........

$18.51

$0.41

$2.36

$2.77

$(0.61)

$—

$—

$(0.61)

$20.67

15

.45

%

0.45%

0.45%

2.16%

$754,687

49%

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(c)

0.47

(0.20)

0.27

(0.31)

—(b)

—

(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(c)

(

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%

*

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)

Amount

rounds

to

less

than

$0.005

per

share.

(c)

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.

208

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

Gross

Expenses*

Net

Expenses*

Net

Investment

Income

(Loss)

Net

Assets,

at

End

of

Period

(000's)

Portfolio

Turnover

Rate

The

Core

Fixed

Income

Portfolio

Year

Ended

June

30,

2025

........

$8.43

$0.31

$0.20

$0.51

$(0.31)

$—

$—

$(0.31)

$8.63

6

.17

%

0.30%

0.30%

3.65%

$98,703

44%(b)

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%(b)

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%(b)

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%(b)

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%(b)

The

Corporate

Opportunities

Portfolio

Year

Ended

June

30,

2025

........

$7.23

$0.27

$0.14

$0.41

$(0.16)

$—

$(0.01)

$(0.17)

$7.47

5

.67

%

0.26%

0.26%

3.67%

$201,656

145%

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%

The

U.S.

Government

Fixed

Income

Securities

Portfolio

Year

Ended

June

30,

2025

........

$8.42

$0.32

$0.18

$0.50

$(0.32)

$—

$—

$(0.32)

$8.60

6

.04

%

0.12%

0.12%

3.76%

$1,076,365

63%

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)

—(c)

—

(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%

*

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)

Portfolio

turnover

does

not

include

TBA

security

transactions.

(c)

Amount

rounds

to

less

than

$0.005

per

share.

209

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

Gross

Expenses*

Net

Expenses*

Net

Investment

Income

(Loss)

Net

Assets,

at

End

of

Period

(000's)

Portfolio

Turnover

Rate

The

U.S.

Corporate

Fixed

Income

Securities

Portfolio

Year

Ended

June

30,

2025

...............

$8.70

$0.41

$0.23

$0.64

$(0.41)

$—

$(0.41)

$8.93

7

.48

%

0.18%

0.18%

4.57%

$286,102

70%

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%

The

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

Year

Ended

June

30,

2025

...............

$8.17

$0.29

$0.23

$0.52

$(0.29)

$—

$(0.29)

$8.40

6

.44

%

0.22%

0.22%

3.44%

$232,146

16%(b)

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%(b)

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%(b)

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%(b)

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%(b)

The

Short-Term

Municipal

Bond

Portfolio

Year

Ended

June

30,

2025

...............

$9.56

$0.25

$0.06

$0.31

$(0.25)

$—

$(0.25)

$9.62

3

.27

%

0.27%

0.27%

2.59%

$70,185

19%

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)

—(c)

(0.09)

10.01

0

.51

%

0.28%

0.28%

0.91%

150,484

18%

*

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)

Portfolio

turnover

does

not

include

TBA

security

transactions.

(c)

Amount

rounds

to

less

than

$0.005

per

share.

210

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

Gross

Expenses*

Net

Expenses*

Net

Investment

Income

(Loss)

Net

Assets,

at

End

of

Period

(000's)

Portfolio

Turnover

Rate

The

Intermediate

Term

Municipal

Bond

Portfolio

Year

Ended

June

30,

2025

...............

$9.71

$0.28

$(0.05)

$0.23

$(0.28)

$—

$(0.28)

$9.66

2

.39

%

0.27%

0.27%

2.86%

$550,096

29%

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%

*

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.

HC

CAPITAL

TRUST

Notes

to

Financial

Statements

—

June

30,

2025

211

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

June

30,

2025,

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

June

30,

2025

,

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

year.

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

212

HC

CAPITAL

TRUST

Notes

to

Financial

Statements

(continued)

—June

30,

2025

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

213

HC

CAPITAL

TRUST

Notes

to

Financial

Statements

(continued)

—June

30,

2025

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

June

30,

2025

(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

.............

$

1,856,014

$

3

$

—

1

$

1,856,017

Contingent

Rights

............

27

1

—

28

Investment

Companies

........

5,309

—

—

5,309

Total

Investment

Securities

...

$

1,861,350

$

4

$

—

$

1,861,354

TOTAL

a

—

a

—

a

—

a

—

—

a

—

—

—

Institutional

U.S.

Portfolio

Common

Stocks

.............

$

1,803,786

$

—

$

—

1

$

1,803,786

Contingent

Right

.............

—

—

—

1

—

Investment

Companies

........

882,657

—

—

882,657

Purchased

Options

...........

295

—

—

295

Total

Investment

Securities

...

$

2,686,738

$

—

$

—

$

2,686,738

TOTAL

a

—

a

—

a

—

a

—

Other

Financial

Instruments

2

Futures

...................

$

10,236

$

—

$

—

$

10,236

Credit

Default

Swap

........

—

(22,494)

—

(22,494)

Written

Options

............

(229)

—

—

(229)

Total

Investments

..........

$

2,696,745

$

(22,494)

$

—

$

2,674,251

a

—

a

—

a

—

a

—

ESG

Growth

Portfolio

Common

Stocks

.............

$

110,667

—

$

—

1

$

110,667

Warrant

....................

—

—

—

1

—

Investment

Company

.........

1,756

—

—

1,756

Total

Investment

Securities

...

$

112,423

$

—

$

—

$

112,423

TOTAL

a

—

a

—

a

—

a

—

Other

Financial

Instruments

2

Futures

...................

$

50

$

—

$

—

$

50

Total

Investments

..........

$

112,473

$

—

$

—

$

112,473

a

—

a

—

a

—

a

—

214

HC

CAPITAL

TRUST

Notes

to

Financial

Statements

(continued)

—June

30,

2025

Portfolio

LEVEL

1

-

Quoted

Prices

LEVEL

2

-

Other

Significant

Observable

Inputs

LEVEL

3

-

Significant

Unobservable

Inputs

Total

Catholic

SRI

Growth

Portfolio

Common

Stocks

.............

$

65,718

$

—

$

—

1

$

65,718

Warrant

....................

—

—

—

1

—

Investment

Company

.........

63

—

—

63

Total

Investment

Securities

...

$

65,781

$

—

$

—

$

65,781

TOTAL

a

—

a

—

a

—

a

—

—

a

—

—

—

International

Portfolio

Common

Stocks

.............

$

560,87

8

$

—

$

—

1

$

560,87

8

Warrant

....................

—

—

—

1

—

Investment

Companies

........

58,23

1

—

—

58,23

1

Total

Investment

Securities

...

$

619,109

$

—

$

—

$

619,109

TOTAL

a

—

a

—

a

—

a

—

Other

Financial

Instruments

2

Future

....................

$

64

$

—

$

—

$

64

Total

Investments

..........

$

619,173

$

—

$

—

$

619,173

a

—

a

—

a

—

a

—

Institutional

International

Portfolio

Common

Stocks

.............

$

473,003

—

$

—

1

$

473,003

Investment

Companies

........

534,177

—

—

534,177

Total

Investment

Securities

...

$

1,007,180

$

—

$

—

$

1,007,180

TOTAL

a

—

a

—

a

—

a

—

Other

Financial

Instruments

2

Future

....................

$

1,158

$

—

$

—

$

1,158

Credit

Default

Swap

........

—

(7,498)

—

(7,498)

Total

Investments

..........

$

1,008,338

$

(7,498)

$

—

$

1,000,840

a

—

a

—

a

—

a

—

Emerging

Markets

Portfolio

Common

Stocks

.............

$

448,709

2,992

$

11,187

$

462,888

Contingent

Rights

............

—

20

—

20

Warrant

....................

—

10

—

10

Investment

Companies

........

289,760

—

—

289,760

Total

Investment

Securities

...

$

738,469

$

3,022

$

11,187

$

752,678

TOTAL

a

—

a

—

a

—

a

—

Other

Financial

Instruments

2

Future

....................

$

558

$

—

$

—

$

558

Total

Investments

..........

$

739,027

$

3,022

$

11,187

$

753,236

a

—

a

—

a

—

a

—

215

HC

CAPITAL

TRUST

Notes

to

Financial

Statements

(continued)

—June

30,

2025

Portfolio

LEVEL

1

-

Quoted

Prices

LEVEL

2

-

Other

Significant

Observable

Inputs

LEVEL

3

-

Significant

Unobservable

Inputs

Total

Core

Fixed

Income

Portfolio

Asset

Backed

Securities

.......

$

—

$

150

$

—

$

150

Collateralized

Mortgage-Backed

Securities

.................

—

585

—

585

U.S.

Government

Agency

Mortgages

................

—

9,996

—

9,996

U.S.

Government

Agency

Securities

.................

—

331

—

331

Corporate

Bonds

.............

—

12,568

—

12,568

U.S.

Treasury

Obligations

......

—

22,674

—

22,674

Yankee

Dollars

..............

—

888

—

888

Investment

Companies

........

50,066

—

—

50,066

Total

Investment

Securities

...

$

50,066

$

47,192

$

—

$

97,258

TOTAL

a

—

a

—

a

—

a

—

Other

Financial

Instruments

2

Futures

...................

$

301

$

—

$

—

$

301

Total

Investments

..........

$

50,367

$

47,192

$

—

$

97,559

a

—

a

—

a

—

a

—

Corporate

Opportunities

Portfolio

Common

Stocks

.............

$

1,294

—

$

—

1

$

1,294

Investment

Companies

........

196,105

—

—

196,105

Total

Investment

Securities

...

$

197,399

$

—

$

—

$

197,399

TOTAL

a

—

a

—

a

—

a

—

Other

Financial

Instruments

2

Futures

...................

$

1,917

$

—

$

—

$

1,917

Credit

Default

Swap

........

—

(5,699)

—

(5,699)

Total

Investments

..........

$

199,316

$

(5,699)

$

—

$

193,617

a

—

a

—

a

—

a

—

U.S.

Government

Fixed

Income

Portfolio

U.S.

Government

Agency

Securities

.................

$

—

7,156

$

—

$

7,156

U.S.

Treasury

Obligations

......

—

520,718

—

520,718

Investment

Companies

........

542,424

—

—

542,424

Purchased

Options

...........

446

—

—

446

Total

Investment

Securities

...

$

542,870

$

527,874

$

—

$

1,070,744

TOTAL

a

—

a

—

a

—

a

—

Other

Financial

Instruments

2

Futures

...................

$

5,433

$

—

$

—

$

5,433

Written

Options

............

(138)

—

—

(138)

Total

Investments

..........

$

548,165

$

527,874

$

—

$

1,076,039

a

—

a

—

a

—

a

—

216

HC

CAPITAL

TRUST

Notes

to

Financial

Statements

(continued)

—June

30,

2025

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

Corporate

Bonds

.............

$

—

$

194,437

$

—

$

194,437

Yankee

Dollars

..............

—

13,997

—

13,997

Investment

Companies

........

76,900

—

—

76,900

Total

Investment

Securities

...

$

76,900

$

208,434

$

—

$

285,334

TOTAL

a

—

a

—

a

—

a

—

—

a

—

—

—

U.S.

Mortgage/Asset

Backed

Fixed

Income

Portfolio

Asset

Backed

Securities

.......

$

—

$

2,810

$

—

$

2,810

Collateralized

Mortgage-Backed

Securities

.................

—

11,328

—

11,328

U.S.

Government

Agency

Mortgages

................

—

183,737

—

183,737

Corporate

Bonds

.............

—

301

—

301

Investment

Companies

........

50,297

—

—

50,297

Total

Investment

Securities

...

$

50,297

$

198,176

$

—

$

248,473

TOTAL

a

—

a

—

a

—

a

—

Other

Financial

Instruments

2

TBA

Sale

Commitments

.....

$

—

$

(47)

$

—

$

(47)

Total

Investments

..........

$

50,297

$

198,129

$

—

$

248,426

a

—

a

—

a

—

a

—

Short-Term

Municipal

Portfolio

Municipal

Bonds

.............

$

—

68,323

$

—

$

68,323

Investment

Company

.........

843

—

—

843

Total

Investment

Securities

...

$

843

$

68,323

$

—

$

69,166

TOTAL

a

—

a

—

a

—

a

—

—

a

—

—

—

Intermediate

Municipal

Portfolio

Municipal

Bonds

.............

$

—

$

464,600

$

—

$

464,600

Investment

Companies

........

81,726

—

—

81,726

Total

Investment

Securities

...

$

81,726

$

464,600

$

—

$

546,326

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

June

30,

2025

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.

217

HC

CAPITAL

TRUST

Notes

to

Financial

Statements

(continued)

—June

30,

2025

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

year

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):

The

following

table

reflects

quantitative

information

as

of

June

30,

2025

,

with

respect

to

the

securities

measured

and

carried

at

fair

value

on

a

recurring

basis

with

the

use

of

significant

unobservable

inputs

(Level

3):

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

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,

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

June

30,

2025

Emerging

Markets

Portfolio

............

Common

Stock

$

11,507

$

—

$

(320)

$

—

$

—

$

—

$

—

$

—

$

11,187

Portfolio

Asset

Group

Value

as

of

June

30,

2025

Valuation

Technique

Unobservable

Input

Description

1

Unobservable

Input

Emerging

Markets

Portfolio

...........

Common

Stock

$

11,

187

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.

218

HC

CAPITAL

TRUST

Notes

to

Financial

Statements

(continued)

—June

30,

2025

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

year

ended

June

30,

2025

,

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.

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

219

HC

CAPITAL

TRUST

Notes

to

Financial

Statements

(continued)

—June

30,

2025

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

June

30,

2025

(amounts

in

thousands).

Amounts

designated

as

“—”

are

$0

or

have

been

rounded

to

$0.

Assets

Portfolio

Unrealized

appreciation

on

futures

contracts*

Investments,

at

value

for

purchased

options

Currency

Risk

Exposure:

Institutional

U.S.

Portfolio

..................................................

$

2

$

295

Equity

Risk

Exposure:

Institutional

U.S.

Portfolio

..................................................

10,234

–

ESG

Growth

Portfolio

.....................................................

50

–

International

Portfolio

......................................................

64

–

Institutional

International

Portfolio

...........................................

1,158

–

Emerging

Markets

Portfolio

.................................................

558

–

Interest

Rate

Exposure:

Core

Fixed

Income

Portfolio

................................................

301

–

Corporate

Opportunities

Portfolio

............................................

1,917

–

U.S.

Government

Fixed

Income

Portfolio

......................................

5,433

446

Liabilities

Portfolio

Written

options,

at

fair

value

Swap

agreements,

at

value*

Credit

Risk

Exposure:

Institutional

U.S.

Portfolio

..................................................

$

–

$

22,494

Institutional

International

Portfolio

...........................................

–

7,498

Corporate

Opportunities

Portfolio

............................................

–

5,699

Currency

R

isk

Exposure:

Institutional

U.S.

Portfolio

..................................................

229

–

Interest

Rate

Exposure:

–

–

U.S.

Government

Fixed

Income

Portfolio

......................................

138

–

*

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.

Centrally

cleared

swaps

are

reported

at

value,

which

includes

movements

of

variation

margin.

The

Statements

of

Assets

and

Liabilities

only

reflect

the

current

day

variation

margin.

220

HC

CAPITAL

TRUST

Notes

to

Financial

Statements

(continued)

—June

30,

2025

The

following

is

a

summary

of

the

effect

of

derivative

instruments

on

the

Statements

of

Operations

for

the

year

ended

June

30,

2025

(amounts

in

thousands):

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

.....................

$

–

$

–

$

–

$

(8,861)

Institutional

International

Portfolio

..............

–

–

–

354

Corporate

Opportunities

Portfolio

...............

–

–

–

(2,987)

Currency

Risk

Exposure:

Institutional

U.S.

Portfolio

.....................

3,460

677

(

297)

–

Equity

Risk

Exposure:

Institutional

U.S.

Portfolio

.....................

11,921

13,403

(5,548)

–

ESG

Growth

Portfolio

........................

581

–

–

–

International

Portfolio

.........................

(1,319)

1,957

(865)

–

Institutional

International

Portfolio

..............

3,325

3,320

(1,381)

–

Emerging

Markets

Portfolio

....................

(2,879)

2,904

(1,308)

–

Corporate

Opportunities

Portfolio

...............

4,735

–

–

–

Interest

Rate

Risk

Exposure:

Core

Fixed

Income

Portfolio

...................

(284)

–

–

–

Corporate

Opportunities

Portfolio

...............

513

–

–

–

U.S.

Government

Fixed

Income

Portfolio

.........

(2,681)

2,117

(379)

–

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

.....................

$

–

$

–

$

–

$

(7,035

)

Institutional

International

Portfolio

..............

–

–

–

(2,345

)

Corporate

Opportunities

Portfolio

...............

–

–

–

(1,793

)

Currency

Risk

Exposure:

Institutional

U.S.

Portfolio

.....................

2

244

(234)

–

Equity

Risk

Exposure:

Institutional

U.S.

Portfolio

.....................

9,852

(2,264)

257

–

ESG

Growth

Portfolio

........................

54

–

–

–

International

Portfolio

.........................

38

(405)

18

–

Institutional

International

Portfolio

..............

1,518

(707)

28

–

Emerging

Markets

Portfolio

....................

 507

 (620)

 27

 –

Corporate

Opportunities

Portfolio

...............

(277)

–

–

–

Interest

Rate

Risk

Exposure:

Core

Fixed

Income

Portfolio

...................

301

–

–

–

221

HC

CAPITAL

TRUST

Notes

to

Financial

Statements

(continued)

—June

30,

2025

Amounts

designated

as

“—”

are

$0

or

have

been

rounded

to

$0.

The

Trust

may

be

subject

to

master

netting

agreements

(“MNA”)

that

allow

for

amounts

owed

between

a

Portfolio

and

the

counterparty

to

be

netted.

The

party

that

has

the

larger

payable

pays

the

excess

of

the

larger

amount

over

the

smaller

amount

to

the

counterparty.

The

MNA

do

not

apply

to

amounts

owed

to/from

different

counterparties.

The

amounts

shown

in

the

Statements

of

Assets

and

Liabilities

do

not

take

into

consideration

the

effects

of

legally

enforceable

MNA.

As

of

June

30,

2025

,

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

June

30,

2025

,

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

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

Interest

Rate

Risk

Exposure:

Corporate

Opportunities

Portfolio

...............

$

1,367

$

–

$

–

$

–

U.S.

Government

Fixed

Income

Portfolio

.........

4,664

88

37

–

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.

222

HC

CAPITAL

TRUST

Notes

to

Financial

Statements

(continued)

—June

30,

2025

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

June

30,

2025

,

and

the

month-end

average

notional

amount

for

the

year

ended

June

30,

2025

are

detailed

in

the

table

below:

Amounts

designated

as

“-”

are

$0

or

have

been

rounded

to

$0.

Purchased

Options

Contracts:

Certain

of

the

Portfolios

may

be

subject

to

equity

price

risk

and

interest

rate

risk

in

the

normal

course

of

pursuing

their

investment

objectives.

In

order

to

reduce

such

risks,

as

part

of

their

investment

strategies

and/

or

in

anticipation

of

future

purchases,

including

to

achieve

market

exposure

pending

direct

investment

in

securities,

certain

of

the

Portfolios

may

purchase

put

or

call

options.

Options

contracts

provide

the

purchaser

with

the

right,

but

not

the

obligation,

to

buy

or

sell

(call

or

put

option,

respectively)

a

financial

instrument

at

the

exercise

price.

The

Portfolio

pays

a

premium

which

is

included

in

“Investments

in

securites,

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.

Outstanding

Notional

Amount

(000)

Monthly

Average

Notional

Amount

(000)

Futures

Contracts:

Long

Short

Long

Short

Institutional

U.S.

Portfolio

.....................

$

298,455

$

—

$

171,576

$

16,938

ESG

Growth

Portfolio

........................

1,608

—

879

—

International

Portfolio

.........................

4,425

—

4,715

3,304

Institutional

International

Portfolio

..............

80,317

—

47,848

6,272

Emerging

Markets

Portfolio

....................

20,229

—

30,379

5,509

Core

Fixed

Income

Portfolio

...................

10,399

—

6,182

—

Corporate

Opportunities

Portfolio

...............

106,236

—

154,370

—

U.S.

Government

Fixed

Income

Portfolio

.........

183,41

7

—

165,658

—

U.S.

Corporate

Fixed

Income

Portfolio

...........

—

—

12,043

—

U.S.

Mortgage/Asset

Backed

Fixed

Income

Portfolio

—

—

5,161

—

223

HC

CAPITAL

TRUST

Notes

to

Financial

Statements

(continued)

—June

30,

2025

The

notional

value

of

purchased

and

written

options

outstanding

at

June

30,

2025

and

the

month-end

average

notional

amount

for

the

year

ended

June

30,

2025

are

detailed

in

the

table

below:

Swap

Agreements:

Certain

of

the

Portfolios

may

enter

into

swap

agreements

(“swaps”)

for

purposes

of

attempting

to

gain

exposure

to

the

securities

making

up

an

index

without

actually

purchasing

those

instruments,

to

hedge

a

position

or

to

gain

exposure

to

a

particular

instrument

or

currency.

A

swap

is

a

two-party

contract

entered

into

for

periods

ranging

from

one

day

to

more

than

one

year.

In

a

standard

swap

transaction,

two

parties

agree

to

exchange

the

returns

(or

differentials

in

rates

of

return)

earned

or

realized

on

particular

predetermined

investments

or

instruments.

The

gross

returns

to

be

exchanged

or

“swapped”

between

the

parties

are

calculated

with

respect

to

a

“notional

amount,”

i.e.,

the

return

on

or

increase

in

value

of

a

particular

dollar

amount

invested

in

a

“basket”

of

securities

representing

a

particular

index.

Swap

agreements

are

privately

negotiated

in

the

over-the-counter

(“OTC”)

market

and

may

be

entered

into

as

a

bilateral

contract

(“OTC

swaps”)

or

cleared

through

a

third

party,

known

as

a

clearing

organization

(“centrally

cleared

swap”).

Swaps

are

marked

to

market

daily

based

upon

valuations

as

determined

from

the

underlying

contract

or

in

accordance

with

the

requirements

of

the

clearing

organization.

Changes

in

market

value,

if

any,

are

reflected

as

a

component

of

net

change

in

appreciation

or

depreciation

on

swap

agreements

on

the

Statement

of

Operations.

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

Purchased

Options

Contracts:

Outstanding

Notional

Amount

(000)

Monthly

Average

Notional

Amount

(000)

Institutional

U.S.

Portfolio

..................................................

$

120,188

$

168,180

International

Portfolio

......................................................

—

20,743

Institutional

International

Portfolio

...........................................

—

34,527

Emerging

Markets

Portfolio

.................................................

—

32,053

U.S.

Government

Fixed

Income

Portfolio

......................................

70,600

21,863

Written

Options

Contracts:

Outstanding

Notional

Amount

(000)

Monthly

Average

Notional

Amount

(000)

Institutional

U.S.

Portfolio

..................................................

$

108,938

$

275,332

International

Portfolio

......................................................

—

35,142

Institutional

International

Portfolio

...........................................

—

60,007

Emerging

Markets

Portfolio

.................................................

—

52,102

U.S.

Government

Fixed

Income

Portfolio

......................................

42,750

67,790

224

HC

CAPITAL

TRUST

Notes

to

Financial

Statements

(continued)

—June

30,

2025

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.

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

June

30,

2025

and

the

month-end

average

notional

amount

for

the

year

ended

June

30,

2025

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

June

30,

2025

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.

Credit

Default

Swaps

Agreements:

Outstanding

Notional

Amount

(000)

Monthly

Average

Notional

Amount

(000)

Institutional

U.S.

Portfolio

..................................................

$

300,000

$

266,667

Institutional

International

Portfolio

...........................................

100,000

37,500

Corporate

Opportunities

Portfolio

............................................

76,000

69,750

225

HC

CAPITAL

TRUST

Notes

to

Financial

Statements

(continued)

—June

30,

2025

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

June

30,

2025

(amounts

in

thousands):

Amounts

designated

as

“—”

are

$0

or

have

been

round

to

$0

Securities

lending

transactions

as

of

June

30,

2025

(amounts

in

thousands):

**

Represents

collateral

received

from

prior

securities

lending

activity

M.

Redemption

Liquidity

Services.

Certain

of

the

Portfolios

may

participate

in

the

ReFlow

liquidity

program,

which

is

designed

to

provide

an

alternative

liquidity

source

for

mutual

funds

experiencing

net

redemptions

of

their

shares.

Pursuant

to

the

program,

ReFlow

Fund,

LLC

("ReFlow")

provides

participating

mutual

funds

with

a

source

of

cash

to

meet

net

shareholder

redemptions

by

standing

ready

each

business

day

to

purchase

fund

shares

up

to

the

value

of

the

net

shares

redeemed

by

other

shareholders

that

are

to

settle

the

next

business

day.

Following

purchases

of

fund

shares,

ReFlow

then

generally

redeems

those

shares

when

the

fund

experiences

net

sales,

at

the

end

of

a

maximum

holding

period

determined

by

ReFlow

(currently

10

days)

or

at

other

times

at

ReFlow's

discretion.

While

ReFlow

holds

fund

shares,

it

will

have

the

same

rights

and

privileges

with

respect

to

those

shares

as

any

other

shareholder.

For

use

of

the

ReFlow

service,

a

participating

Portfolio

pays

a

fee

to

ReFlow

each

time

ReFlow

purchases

Portfolio

shares,

calculated

by

applying

to

the

purchase

amount

a

fee

rate

determined

through

an

automated

daily

auction

among

participating

mutual

funds.

The

current

minimum

fee

rate

(which

is

subject

to

change)

is

0.14%

of

the

value

of

the

participating

Portfolio

shares

purchased

by

ReFlow

although

the

participating

Portfolio

may

submit

a

bid

at

a

higher

fee

rate

if

it

determines

that

doing

so

is

in

the

best

interest

of

shareholders.

ReFlow's

purchases

of

participating

Portfolio

shares

through

the

liquidity

program

are

made

on

an

investment-blind

basis

without

regard

to

the

participating

Portfolio's

objective,

policies

or

anticipated

performance.

In

accordance

with

federal

securities

laws,

ReFlow

is

prohibited

from

acquiring

more

than

3%

of

the

outstanding

voting

securities

of

a

participating

Portfolio.

ReFlow

will

periodically

redeem

its

entire

share

position

in

a

participating

Portfolio

and

request

that

such

redemption

be

met

in

kind

in

accordance

with

the

Portfolio's

redemption-in-kind

policies.

The

fees

for

these

services

are

disclosed

as

“Redemption

liquidity

service

fees”

on

the

Statements

of

Operations.

Portfolio

Value

of

Securities

on

Loan

Value

of

Collateral

Received*

Net

Amount

U.S.

Equity

Portfolio

........................................

$

18

6

$

18

6

$

—

Institutional

International

Portfolio

.............................

5,089

2,878

2,211

Emerging

Markets

Portfolio

...................................

1,033

—

1,033

*

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)

$2,877

and

$1,102

for

Institutional

International

Portfolio

and

Emerging

Markets

Portfolio,

respectively.

Any

collateral

shortfalls

associated

with

increases

in

the

valuation

of

the

securities

loaned

are

adjusted

the

next

business

day.

Remaining

Contractual

Maturity

of

the

Collateral

Held

Portfolio

Overnight

and

Continuous

-Investment

Companies

Total

U.S.

Equity

Portfolio

......................................................

$

192

$

192

Institutional

International

Portfolio

...........................................

2,878

2,878

Corporate

Opportunities

Portfolio

............................................

1,177**

1,177

226

HC

CAPITAL

TRUST

Notes

to

Financial

Statements

(continued)

—June

30,

2025

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.

For

the

year

ended

June

30,

2025

,

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)

Parametric

Portfolio

Associates,

LLC

(Liquidity

Strategy)

8

0.88%

(d)

Parametric

Portfolio

Associates,

LLC

(Targeted

Strategy)

─

0.05%

(a)(e)

Parametric

Portfolio

Associates,

LLC

(Tax-Managed

Custom

Strategy)

1,407

0.08%

(f)

Parametric

Portfolio

Associates,

LLC

(Options

Overlay

Strategy)

─

N/A

(a)(g)

Total

$

1,415

0.08%

Institutional

U.S.

Portfolio:

Specialist

Manager

Amount

Earned

(000)

Fee

Mellon

Investments

Corporation

(Index

Strategy)

$

253

0.04%

(b)

Mellon

Investments

Corporation

(Factor

Strategy)

399

0.065%

(b)

Monashee

Investment

Management

LLC

1,320

0.45%

(c)

Parametric

Portfolio

Associates,

LLC

(Liquidity

Strategy)

129

0.07%

(d)

Parametric

Portfolio

Associates,

LLC

(Targeted

Strategy)

178

0.05%

(e)

Parametric

Portfolio

Associates,

LLC

(Options

Overlay

Strategy)

88

0.30%

(g)

RhumbLine

Advisors

LP

165

0.04%

Wellington

Management

Company,

LLP

565

0.71%

(h)

Total

$

3,097

0.12%

227

HC

CAPITAL

TRUST

Notes

to

Financial

Statements

(continued)

—June

30,

2025

ESG

Growth

Portfolio:

Specialist

Manager

Amount

Earned

(000)

Fee

Agincourt

Capital

Management,

LLC

$

─

0.12%

(a)

Mellon

Investments

Corporation

169

0.10%

Parametric

Portfolio

Associates,

LLC

(Liquidity

Strategy)

15

0.58%

(d)

Parametric

Portfolio

Associates,

LLC

(Targeted

Strategy)

─

0.05%

(a)(e)

Total

$

184

0.11%

Catholic

SRI

Growth

Portfolio:

Specialist

Manager

Amount

Earned

(000)

Fee

Agincourt

Capital

Management,

LLC

$

─

0.12%

(a)

Mellon

Investments

Corporation

42

0.10%

Parametric

Portfolio

Associates,

LLC

(Liquidity

Strategy)

─

N/A

(a)(d)

Parametric

Portfolio

Associates,

LLC

(Targeted

Strategy)

─

0.05%

(a)(e)

Total

$

42

0.10%

International

Portfolio:

Specialist

Manager

Amount

Earned

(000)

Fee

City

of

London

Investment

Management

Company,

Limited

$

─

0.49%

(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

205

0.45%

(c)

Parametric

Portfolio

Associates,

LLC

(Liquidity

Strategy)

20

0.12%

(d)

Parametric

Portfolio

Associates,

LLC

(Targeted

Strategy)

─

0.05%

(a)(e)

Parametric

Portfolio

Associates,

LLC

(Tax-Managed

Custom

Strategy)

403

0.08%

(f)

Parametric

Portfolio

Associates,

LLC

(Options

Overlay

Strategy)

─

N/A

(a)(g)

Total

$

628

0.11%

228

HC

CAPITAL

TRUST

Notes

to

Financial

Statements

(continued)

—June

30,

2025

Institutional

International

Portfolio:

Specialist

Manager

Amount

Earned

(000)

Fee

City

of

London

Investment

Management

Company,

Limited

$

1,007

0.49%

(i)

City

of

London

Investment

Management

Company,

Limited

-

PE

105

0.50%

(i)

Mellon

Investments

Corporation

(Developed

Markets

Strategy)

152

0.05%

(j)

Mellon

Investments

Corporation

(Developed

Factor

Strategy)

─

0.075%

(a)(j)

Mellon

Investments

Corporation

(Emerging

Markets

Strategy)

─

0.13%

(a)(j)

Mellon

Investments

Corporation

(Factor

Strategy)

115

0.05%

(j)

Monashee

Investment

Management

LLC

349

0.45%

(c)

Parametric

Portfolio

Associates,

LLC

(Liquidity

Strategy)

55

0.08%

(d)

Parametric

Portfolio

Associates,

LLC

(Targeted

Strategy)

59

0.05%

(e)

Parametric

Portfolio

Associates,

LLC

(Options

Overlay

Strategy)

25

0.69%

(g)

Total

$

1,867

0.20%

Emerging

Markets

Portfolio:

Specialist

Manager

Amount

Earned

(000)

Fee

City

of

London

Investment

Management

Company,

Limited

$

606

1.00%

(k)

Mellon

Investments

Corporation

595

0.13%

(j)

Monashee

Investment

Management

LLC

323

0.45%

(c)

Parametric

Portfolio

Associates,

LLC

(Liquidity

Strategy)

57

0.08%

(d)

Parametric

Portfolio

Associates,

LLC

(Targeted

Strategy)

18

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

$

1,599

0.23%

Core

Fixed

Income

Portfolio:

Specialist

Manager

Amount

Earned

(000)

Fee

Agincourt

Capital

Management,

LLC

$

11

0.08%

Mellon

Investments

Corporation

(U.S.

Government,

Mortgage

and

Asset

Backed

Strategy)

20

0.06%

Mellon

Investments

Corporation

(Corporate

Strategy)

─

0.15%

(a)

Parametric

Portfolio

Associates,

LLC

(Options

Overlay

Strategy)

48

0.12%

(l)

Total

$

79

0.09%

229

HC

CAPITAL

TRUST

Notes

to

Financial

Statements

(continued)

—June

30,

2025

Corporate

Opportunities

Portfolio:

Specialist

Manager

Amount

Earned

(000)

Fee

City

of

London

Investment

Management

Company,

Limited

$

78

0.45%

Mellon

Investments

Corporation

─

0.25%

(a)

Parametric

Portfolio

Associates,

LLC

(Liquidity

Strategy)

146

0.08%

(d)

Parametric

Portfolio

Associates,

LLC

(Targeted

Strategy)

─

0.05%

(a)(e)

Parametric

Portfolio

Associates,

LLC

(Options

Overlay

Strategy)

66

0.05%

(g)

Total

$

290

0.14%

U.S.

Government

Fixed

Income

Portfolio:

Specialist

Manager

Amount

Earned

(000)

Fee

Mellon

Investments

Corporation

$

288

0.06%

Parametric

Portfolio

Associates,

LLC

(Options

Overlay

Strategy)

48

0.01%

(l)

Total

$

336

0.03%

U.S.

Corporate

Fixed

Income

Portfolio:

Specialist

Manager

Amount

Earned

(000)

Fee

Agincourt

Capital

management,

LLC

$

169

0.08%

Mellon

Investments

Corporation

─

0.15%

(a)

Parametric

Portfolio

Associates,

LLC

(Options

Overlay

Strategy)

46

0.08%

(l)

Total

$

215

0.08%

U.S.

Mortgage/Asset

Backed

Fixed

Income

Portfolio:

Specialist

Manager

Amount

Earned

(000)

Fee

Mellon

Investments

Corporation

$

117

0.06%

Parametric

Portfolio

Associates,

LLC

(Options

Overlay

Strategy)

54

0.21%

(l)

Total

$

171

0.08%

Short-Term

Municipal

Portfolio:

Specialist

Manager

Amount

Earned

(000)

Fee

Breckinridge

Capital

Advisors,

Inc.

$

86

0.125%

Total

$

86

0.125%

230

HC

CAPITAL

TRUST

Notes

to

Financial

Statements

(continued)

—June

30,

2025

Amounts

designated

as

“—”

are

$0

or

have

been

rounded

to

$0.

(a)

Specialist

Manager/strategy

approved

by

the

Board

to

which

no

assets

were

allocated

during

the

year

ended

June

30,

2025

.

(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”)

received

a

fee,

which

was

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”

meant

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.

The

Monashee

Management

Agreement

was

terminated

on

June

11,

2025.

(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

Intermediate

Municipal

Portfolio:

Specialist

Manager

Amount

Earned

(000)

Fee

Breckinridge

Capital

Advisors,

Inc.

$

53

0.125%

City

of

London

Investment

Management

Company,

Limited

293

0.45%

Insight

North

America,

LLC

592

0.15%

(m)

Parametric

Portfolio

Associates,

LLC

(Options

Overlay

Strategy)

─

N/A

(a)(l)

Total

$

938

0.18%

231

HC

CAPITAL

TRUST

Notes

to

Financial

Statements

(continued)

—June

30,

2025

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

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

year

the

Advisor

voluntarily

waived

fees

or

232

HC

CAPITAL

TRUST

Notes

to

Financial

Statements

(continued)

—June

30,

2025

reimbursed

certain

expenses

reflected

as

“Expenses

waived

and/or

reimbursed

by

Adviser”

on

the

Statement

of

Operations.

Such

amounts

are

not

recoupable

in

subsequent

years

.

Citi

Fund

Services

Ohio,

Inc.

(“Citi”)

provides

the

Portfolios

with

administrative

and

fund

accounting

services.

The

fees

for

these

services

are

disclosed

as

“Administrative

service

fees”

on

the

Statements

of

Operations.

The

fees

are

accrued

daily

and

payable

on

a

monthly

basis

at

an

annual

rate

of

0.0506%

of

the

Trust’s

Portfolios’

average

daily

net

assets

up

to

$6

billion;

0.0047%

of

the

Trust’s

Portfolios’

average

daily

net

assets

between

$6

billion

and

$12

billion;

and

0.0276%

of

average

daily

net

assets

in

excess

of

$12

billion.

Citi

receives

additional

fees

paid

by

the

Trust

for

compliance

services,

regulatory

reporting

services

and

reimbursement

of

certain

expenses.

FIS

Investor

Services

LLC,

a

wholly-owned

subsidiary

of

Fidelity

National

Information

Services,

provides

dividend

and

capital

gains

disbursing

agent

and

transfer

agency

services.

The

fees

for

these

services

are

disclosed

as

“Transfer

agency

fees”

on

the

Statements

of

Operations.

The

fees

are

accrued

daily

and

payable

on

a

monthly

basis

at

an

annual

rate

of

0.0034%

of

the

Trust’s

Portfolios’

average

daily

net

assets

up

to

$6

billion;

0.0003%

of

the

Trust’s

Portfolios’

average

daily

net

assets

between

$6

billion

and

$12

billion;

and

0.0019%

of

average

daily

net

assets

in

excess

of

$12

billion.

Ultimus

Fund

Distributors,

LLC

(“Ultimus”)

provides

certain

distribution

services

to

the

Trust.

Ultimus

receives

an

annual

fee

of

$50,000

for

performing

the

services

listed

under

its

agreement

with

the

Trust.

None

of

Ultimus’

duties

under

its

agreement

are

primarily

intended

to

result

in

the

sale

of

Trust

shares.

Foreside

Fund

Officer

Services

LLC

(dba

ACA

Group)

provides

CCO

services

to

the

Trust

pursuant

to

a

Compliance

Services

Agreement

assigned

to

Foreside

effective

December

7,

2021

by

Alaric

Compliance

Services

LLC

(“Alaric”)

following

Foreside

Financial

Group,

LLC’s

acquisition

of

Alaric.

Through

June

30,

2025

the

Trust

paid

an

annual

fee

of

$164

for

such

services

(amount

in

thousands).

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

year

ended

June

30,

2025

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.

Excluding

U.S.

Government

Securities

and

In-Kind

Transactions

Associated

with

In-Kind

Transactions

Portfolio

Purchases

Sales

Purchases

Sales

U.S.

Equity

Portfolio

........................

$

98,010

$

99,058

$

–

$

144,851

Institutional

U.S.

Portfolio

....................

1,527,054

1,817,923

–

–

ESG

Growth

Portfolio

.......................

6,646

106,325

–

–

Catholic

SRI

Growth

Portfolio

.................

30,787

7,433

–

–

International

Portfolio

........................

61,107

79,200

–

–

Institutional

International

Portfolio

.............

401,544

463,856

–

–

Emerging

Markets

Portfolio

...................

326,740

350,916

–

–

Core

Fixed

Income

Portfolio

..................

28,794

28,121

–

–

Corporate

Opportunities

Portfolio

..............

149,132

70,101

–

–

U.S.

Government

Fixed

Income

Portfolio

........

305,675

354,496

–

–

U.S.

Corporate

Fixed

Income

Portfolio

..........

201,000

188,314

–

–

U.S.

Mortgage/Asset

Backed

Fixed

Income

Portfolio

.................................

14,690

4,258

–

–

Short-Term

Municipal

Portfolio

................

24,297

13,058

–

–

Intermediate

Municipal

Portfolio

...............

230,111

142,221

–

–

233

HC

CAPITAL

TRUST

Notes

to

Financial

Statements

(continued)

—June

30,

2025

The

aggregate

cost

of

purchases

and

proceeds

from

sales

of

long-term

U.S.

government

securities

for

the

year

ended

June

30,

2025

were

as

follows

(amounts

in

thousands):

5.

FEDERAL

INCOME

TAXES.

It

is

the

policy

of

each

Portfolio

to

continue

to

qualify

as

a

regulated

investment

company

by

complying

with

the

provisions

available

to

certain

investment

companies,

as

defined

in

applicable

sections

of

the

Internal

Revenue

Code

(the

“Code”),

and

to

make

distributions

of

net

investment

income

and

net

realized

capital

gains

sufficient

to

relieve

it

(but

not

the

shareholders)

from

all,

or

substantially

all,

federal

income

taxes.

The

Portfolios

may,

under

certain

circumstances,

utilize

equalization

accounting

for

tax

purposes

by

designating

earnings

and

profits,

including

net

realized

gains

distributed

to

shareholders

on

redemption

of

shares,

as

a

part

of

the

dividends

paid

deduction

for

income

tax

purposes.

The

Trust

has

evaluated

tax

positions

taken

or

expected

to

be

taken

in

the

course

of

preparing

each

Portfolio’s

tax

returns

to

determine

whether

it

is

more

likely

than

not

(i.e.,

greater

than

50-percent

chance)

that

each

tax

position

will

be

sustained

upon

examination

by

a

tax

authority

based

on

the

technical

merits

of

the

position.

A

tax

position

that

meets

the

more-

likely-than-

not

recognition

threshold

is

measured

to

determine

the

amount

of

benefit

to

recognize

in

the

financial

statements.

Differences

between

tax

positions

taken

in

a

tax

return

and

amounts

recognized

in

the

financial

statements

will

generally

result

in

an

increase

in

a

liability

for

taxes

payable

(or

a

reduction

of

a

tax

refund

receivable),

including

the

recognition

of

any

related

interest

and

penalties

as

an

operating

expense.

Tax

positions

taken

in

tax

years

remain

subject

to

examination

by

tax

authorities

(generally

the

last

three

tax

year

ends

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,

2025,

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.

Portfolio

Purchases

Sales

Core

Fixed

Income

Portfolio

................................................

$

8,063

$

7,012

U.S.

Government

Fixed

Income

Securities

Portfolio

.............................

292,872

240,447

U.S.

Mortgage/Asset

Backed

Fixed

Income

Securities

Portfolio

....................

25,195

27,969

Portfolio

Tax

Cost

of

Investments

Tax

Unrealized

Appreciation

Tax

Unrealized

(Depreciation)

Unrealized

Appreciation/

(Depreciation)

U.S.

Equity

Portfolio

.........................

$

550,067

$

1,313,435

$

(2,148)

$

1,311,287

Institutional

U.S.

Portfolio

.....................

1,882,

523

874,06

8

(70,621)

803,44

7

ESG

Growth

Portfolio

........................

56,936

58,377

(2,890)

55,487

Catholic

SRI

Growth

Portfolio

..................

44,261

22,634

(1,114)

21,520

International

Portfolio

.........................

301,013

330,501

(12,404)

318,097

Institutional

International

Portfolio

..............

845,761

253,253

(91,834)

161,419

Emerging

Markets

Portfolio

....................

601,925

219,559

(68,806)

150,753

Core

Fixed

Income

Portfolio

...................

99,24

6

1,008

(2,99

6

)

(1,988

)

Corporate

Opportunities

Portfolio

...............

197,939

2,678

(3,218)

(540)

U.S.

Government

Fixed

Income

Portfolio

.........

1,081

,

966

11,901

(23,858)

(11,957)

U.S.

Corporate

Fixed

Income

Portfolio

...........

289,98

4

4,675

(9,325)

(4,650)

U.S.

Mortgage/Asset

Backed

Fixed

Income

Portfolio

266,033

1,498

(19,104)

(17,606)

Short-Term

Municipal

Portfolio

.................

69,277

269

(380)

(111)

Intermediate

Municipal

Portfolio

................

556,717

2,308

(12,699)

(10,391)

234

HC

CAPITAL

TRUST

Notes

to

Financial

Statements

(continued)

—June

30,

2025

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

s

ended

June

30,

2025

and

June

30,

2024

,

were

as

follows

(amounts

in

thousands):

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.

Distributions

Paid

From:

Year

Ended

June

30,

2025

Ordinary

Income

Net

Long

Term

Gains

Total

Taxable

Distributions

Tax-Exempt

Distributions

Return

of

Capital

Total

Distributions

Paid*

U.S.

Equity

Portfolio

................

$

20,666

$

8,281

$

28,947

$

—

$

—

$

28,947

Institutional

U.S.

Portfolio

............

159,798

322,151

481,949

—

—

481,949

ESG

Growth

Portfolio

...............

2,604

16

2,620

—

—

2,620

Catholic

SRI

Growth

Portfolio

.........

606

—

606

—

—

606

International

Portfolio

...............

16,216

—

16,216

—

—

16,216

Institutional

International

Portfolio

......

41,108

—

41,108

—

—

41,108

Emerging

Markets

Portfolio

...........

21,926

—

21,926

—

—

21,926

Core

Fixed

Income

Portfolio

...........

3,319

—

3,319

—

—

3,319

Corporate

Opportunities

Portfolio

.......

4,477

—

4,477

—

200

4,677

U.S.

Government

Fixed

Income

Portfolio

..

38,032

—

38,032

—

—

38,032

U.S.

Corporate

Fixed

Income

Portfolio

...

12,690

—

12,690

—

—

12,690

U.S.

Mortgage/Asset

Backed

Fixed

Income

Portfolio

.......................

7,743

—

7,743

—

—

7,743

Short-Term

Municipal

Portfolio

.........

65

—

65

1,720

—

1,785

Intermediate

Municipal

Portfolio

........

50

—

50

14,758

—

14,808

Distributions

Paid

From:

Year

Ended

June

30,

2024

Ordinary

Income

Net

Long

Term

Gains

Total

Taxable

Distributions

Tax-Exempt

Distributions

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

11,806

11,809

235

HC

CAPITAL

TRUST

Notes

to

Financial

Statements

(continued)

—June

30,

2025

C.

Components

of

Accumulated

Earnings

As

of

their

tax

year

ended

June

30,

2025

,

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

$55,912,

$401,286,

and

$33,436

of

straddle

losses

which

were

deferred

for

the

U.S.

Equity

Portfolio,

Institutional

U.S.

Portfolio

and

International

Portfolio,

respectively

(amounts

in

thousands).

D.

Capital

Loss

Carryforwards

As

of

their

tax

year

ended

June

30,

2025

,

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.

Portfolio

Undistributed

Ordinary

Income/

Tax

Exempt

Income

Undistributed

Long

Term

Capital

Gains

Accumulated

Earnings

Distributions

Payable

Accumulated

Capital

and

Other

Losses

Unrealized

Appreciation/

(Depreciation)

Total

Accumulated

Earnings/

(Deficit)

*

U.S.

Equity

Portfolio

......

$

748

$

—

$

748

$

—

$

(6,144)

(a)

$

1,311,287

$

1,305,891

Institutional

U.S.

Portfolio

..

88,526

230,814

319,340

—

(9,987)

(a)

803,449

1,112,802

ESG

Growth

Portfolio

.....

618

20,731

21,349

—

—

55,506

76,855

Catholic

SRI

Growth

Portfolio

81

—

81

—

(3)

21,522

21,600

International

Portfolio

.....

2,854

—

2,854

—

(47,147)

(a)

318,675

274,382

Institutional

International

Portfolio

.............

46,825

44,754

91,579

—

—

161,708

253,287

Emerging

Markets

Portfolio

.

11,110

—

11,110

—

(75,962)

144,858

80,006

Core

Fixed

Income

Portfolio

.

36

—

36

—

(4,97

1

)

(1,988

)

(6,923)

Corporate

Opportunities

Portfolio

.............

—

—

—

—

(5,840)

(540)

(6,380)

U.S.

Government

Fixed

Income

Portfolio

.......

489

—

489

—

(41,916)

(11,957)

(53,384)

U.S.

Corporate

Fixed

Income

Portfolio

.............

210

—

210

—

(19,663)

(4,650)

(24,103)

U.S.

Mortgage/Asset

Backed

Fixed

Income

Portfolio

...

143

—

143

—

(18,225)

(17,606)

(35,688)

Short-Term

Municipal

Portfolio

.............

35

—

35

—

(4,623)

(111)

(4,699

)

Intermediate

Municipal

Portfolio

.............

146

—

146

—

(12,582)

(10,391)

(22,827)

Portfolio

Short-Term

Amount

Long-Term

Amount

Total

U.S.

Equity

Portfolio

........................................

$

6,144

$

—

$

6,144

(a)

Institutional

U.S.

Portfolio

....................................

3,102

6,885

9,987

Catholic

SRI

Growth

Portfolio

.................................

3

—

3

International

Portfolio

........................................

47,147

—

47,147

Emerging

Markets

Portfolio

...................................

62,653

13,309

75,962

Core

Fixed

Income

Portfolio

..................................

1,940

3,031

4,971

Corporate

Opportunities

Portfolio

..............................

1,566

3,75

6

5,32

2

U.S.

Government

Fixed

Income

Portfolio

........................

11,724

30,192

41,916

U.S.

Corporate

Fixed

Income

Portfolio

..........................

2,576

17,087

19,663

U.S.

Mortgage/Asset

Backed

Fixed

Income

Portfolio

...............

6,396

11,829

18,225

Short-Term

Municipal

Portfolio

................................

1,416

3,207

4,623

Intermediate

Municipal

Portfolio

...............................

940

11,642

12,582

(a)

236

HC

CAPITAL

TRUST

Notes

to

Financial

Statements

(continued)

—June

30,

2025

E.

Deferred

Losses

Under

current

tax

law,

capital

losses

and

specified

ordinary

losses

realized

after

October

31

or

non-specified

ordinary

losses

realized

after

June

30

(ordinary

losses

collectively

known

as

“late

year

ordinary

loss”)

may

be

deferred

and

treated

as

occurring

on

the

first

business

day

of

the

following

fiscal

year.

The

following

Portfolio

had

net

deferred

losses,

which

will

be

treated

as

arising

on

the

first

day

of

the

fiscal

year

ended

June

30,

2026

(amounts

in

thousands):

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

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.

Post-

October

Capital

Losses

Late

Year

Ordinary

Losses

Corporate

Opportunities

Portfolio

..........................................................................................

$

–

$

518

Portfolio

Paid

in

Capital

Distributable

Earnings/

(Loss)

U.S.

Equity

Portfolio

......................................................

$

130,175

$

(130,175)

Institutional

U.S.

Portfolio

..................................................

2

(2)

ESG

Growth

Portfolio

.....................................................

13,187

(13,187)

Catholic

SRI

Growth

Portfolio

...............................................

—

—

Core

Fixed

Income

Portfolio

................................................

—

—

Corporate

Opportunities

Portfolio

............................................

(200)

200

237

HC

CAPITAL

TRUST

Notes

to

Financial

Statements

(continued)

—June

30,

2025

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.

Swaps

Risks

—

The

use

of

swaps

is

a

highly

specialized

activity

which

involves

investment

techniques,

risk

analyses

and

tax

planning

different

from

those

associated

with

ordinary

portfolio

securities

transactions.

Swap

transactions

can

result

in

sizeable

realized

and

unrealized

capital

gains

and

losses

relative

to

the

gains

and

losses

from

the

Portfolio's

direct

investments

in

securities

and

short

sales.

Transactions

in

swaps

can

involve

greater

risks

than

if

the

Portfolio

had

invested

in

securities

directly

since,

in

addition

to

general

market

risks,

swaps

may

be

leveraged

and

are

also

subject

to

liquidity

risk,

counterparty

risk,

credit

risk

and

valuation

risk.

Regulators

also

may

impose

limits

on

an

entity's

or

group

of

entities'

positions

in

certain

swaps.

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).

As

of

June

30,

2025

,

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.

238

HC

CAPITAL

TRUST

Notes

to

Financial

Statements

(continued)

—June

30,

2025

8.

CONCENTRATION

OF

INVESTMENTS.

As

of

June

30,

2025

,

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

.

9.

SEGMENT

REPORTING.

The

Portfolios

adopted

FASB

Accounting

Standards

Update

2023-07,

Segment

Reporting

(Topic

280)

-

Improvements

to

Reportable

Segment

Disclosures

("ASU

2023-07")

during

the

period.

 Adoption

of

the

new

standard

impacted

financial

statement

disclosures

only

and

did

not

affect

each

Portfolio’s

financial

position

or

their

results

of

operations.

The

Treasurer

of

the

Trust

acts

as

the

Portfolios’

chief

operating

decision

maker

(“CODM”)

and

is

responsible

for

assessing

performance

and

making

decisions

about

resource

allocation.

 The

CODM

has

determined

that

each

Portfolio

has

a

single

operating

segment

based

on

the

fact

that

the

CODM

monitors

the

operating

results

of

each

Portfolio

as

a

whole

and

each

Portfolio’s

long-term

strategic

asset

allocation

is

pre-determined

in

accordance

with

the

terms

of

its

prospectus,

based

on

a

defined

investment

strategy

which

is

executed

by

the

Portfolios’

portfolio

managers

as

a

team.

 The

financial

information

provided

to

and

reviewed

by

the

CODM

is

consistent

with

that

presented

in

the

Portfolios’

financial

statements.

10.

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

U.S.

Equity

Portfolio

..........................................................

1

—

Institutional

U.S.

Portfolio

.................................................

1

—

ESG

Growth

Portfolio

........................................................

—

1

Catholic

SRI

Growth

Portfolio

..........................................

2

1

Institutional

International

Portfolio

....................................

1

—

U.S.

Corporate

Fixed

Income

Portfolio

.............................

1

—

U.S.

Government

Fixed

Income

Portfolio

.........................

1

—

U.S.

Mortgage/Asset

Backed

Fixed

Income

Portfolio

.......

1

—

239

HC

CAPITAL

TRUST

Notes

to

Financial

Statements

(concluded)

—June

30,

2025

11.

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

June

30,

2025

.

Grant

Thornton

LLP

is

a

U.S.

member

firm

of

Grant

Thornton

International

Ltd

(GTIL).

GTIL

and

each

of

its

member

firms

are

separate

legal

entities

and

are

not

a

worldwide

partnership.

GRANT

THORNTON

LLP

Two

Commerce

Square

2001

Market

Street,

Suite

800

Philadelphia,

PA

19103

D

+1

215

561

4200

F

+1

215

561

1066

GT.COM

REPORT

OF

INDEPENDENT

REGISTERED

PUBLIC

ACCOUNTING

FIRM

240

Board

of

Trustees

of

the

HC

Capital

Trust

and

Shareholders

of

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

Opinion

on

the

financial

statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

portfolios

of

investments,

of

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,

and

The

Intermediate

Term

Municipal

Bond

Portfolio

(collectively

constituting

HC

Capital

Trust,

hereafter

referred

to

as

the

“Portfolios”)

as

of

June

30,

2025,

the

related

statements

of

operations

for

the

year

then

ended,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

then

ended,

and

the

related

notes

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Portfolios

as

of

June

30,

2025,

the

results

of

their

operations

for

the

year

then

ended,

the

changes

in

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

then

ended,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

opinion

These

financial

statements

are

the

responsibility

of

the

Portfolios’

management.

Our

responsibility

is

to

express

an

opinion

on

the

Portfolios’

financial

statements

241

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(“PCAOB”)

and

are

required

to

be

independent

with

respect

to

the

Portfolios

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

The

Portfolios

are

not

required

to

have,

nor

were

we

engaged

to

perform,

an

audit

of

its

internal

control

over

financial

reporting.

As

part

of

our

audits

we

are

required

to

obtain

an

understanding

of

internal

control

over

financial

reporting

but

not

for

the

purpose

of

expressing

an

opinion

on

the

effectiveness

of

the

Portfolios’

internal

control

over

financial

reporting.

Accordingly,

we

express

no

such

opinion.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

June

30,

2025,

by

correspondence

with

the

custodian

and

brokers,

when

replies

were

not

received,

we

performed

other

auditing

procedures.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

HC

Capital

Trust

since

2021.

Philadelphia,

Pennsylvania

August

22,

2025

HC

CAPITAL

TRUST

Additional

Information

(Unaudited)

—

June

30,

2025

242

1.

ADDITIONAL

FEDERAL

INCOME

TAX

INFORMATION

A.

Dividends

Received

Deduction.

For

corporate

shareholders,

the

following

percentage

of

the

total

ordinary

income

distributions

paid

during

the

fiscal

year

ending

June

30,

2025

,

qualify

for

the

corporate

dividend

received

deduction

for

the

following

Portfolios:

B.

Qualified

Dividends.

For

the

fiscal

year

ending

June

30,

2025

,

under

current

tax

law,

the

following

dividends

paid

may

be

subject

to

a

maximum

tax

rate

of

15%:

C.

Foreign

Tax

Pass

through

Credit.

Certain

HC

Capital

Trust

Portfolios

intend

to

elect

to

pass

through

to

shareholders

the

income

tax

credit

for

taxes

paid

to

foreign

countries.

The

pass

through

of

the

credit

will

only

affect

those

persons

who

are

shareholders

of

the

Portfolio

on

a

dividend

record

date

in

calendar

year

2025

.

These

shareholders

will

receive

more

detailed

information

along

with

their

2025

Form

1099-DIV.

Foreign

source

income

and

foreign

tax

expense

per

outstanding

share

on

June

30,

2025

,

are

as

follows:

The

Portfolios

intend

to

designate

the

maximum

amount

allowable

as

taxed

at

a

maximum

rate

of

15%.

Complete

information

will

be

reported

in

conjunction

with

your

2025

Form

1099-DIV.

Portfolio

Dividends

Received

Deduction

U.S.

Equity

Portfolio

.....................................................................

99.12%

Institutional

U.S.

Portfolio

.................................................................

13.63%

ESG

Growth

Portfolio

....................................................................

44.97%

Catholic

SRI

Growth

Portfolio

..............................................................

49.73%

Institutional

International

Portfolio

..........................................................

0.04%

Emerging

Markets

Portfolio

................................................................

0.09%

Corporate

Opportunities

Portfolio

...........................................................

0.24%

Portfolio

Qualified

Dividends

Paid

U.S.

Equity

Portfolio

.....................................................................

100.00%

Institutional

U.S.

Portfolio

.................................................................

16.43%

ESG

Growth

Portfolio

....................................................................

84.80%

Catholic

SRI

Growth

Portfolio

..............................................................

100.00%

International

Portfolio

.....................................................................

86.11%

Institutional

International

Portfolio

..........................................................

26.16%

Emerging

Markets

Portfolio

................................................................

37.69%

Corporate

Opportunities

Portfolio

...........................................................

5.04%

U.S.

Corporate

Fixed

Income

Portfolio

.......................................................

2.69%

Intermediate

Municipal

Portfolio

............................................................

5.62%

Portfolio

Foreign

Source

Income

Foreign

Tax

Expense

International

Portfolio

......................................................

$

0.39

$

0.04

Emerging

Markets

Portfolio

.................................................

0.39

0.04

243

HC

CAPITAL

TRUST

Additional

Information

(Unaudited)

(continued)

—

June

30,

2025

D.

Qualified

Interest

Income.

For

the

fiscal

year

ending

June

30,

2025

,

the

following

dividends

paid

by

the

Portfolios

were

designated

as

Qualified

Interest

Income

that

may

be

exempt

from

U.S.

withholding

tax

on

accounts

of

foreign

investors.

E.

Long

Term

Capital

Gains.

The

Portfolios

declared

long

term

distributions

of

realized

gains

qualifying

for

a

maximum

15%

capital

gains

tax

rate

for

individuals

as

follows:

F.

Short

Term

Capital

Gains.

The

Portfolios

declared

short

term

distributions

of

realized

gains

as

follows:

G.

Tax

Exempt

Distributions.

The

Portfolios

declared

and

paid

tax

exempt

distributions

for

the

fiscal

year

ending

June

30,

2025

,

as

follows:

2.

BOARD

APPROVAL

OF

INVESTMENT

ADVISORY

CONTRACTS

The

Trust’s

investment

adviser

is

HC

Capital

Solutions

(the

“Adviser”),

an

operating

division

of

Hirtle

Callaghan

&

Co.

LLC

(“Hirtle

Callaghan”).

The

Adviser

provides

overall

investment

management

services

with

respect

to

HC

Capital

Trust

(the

“Trust”)

and

each

of

its

separate

portfolios

(“Portfolios”)

pursuant

to

the

terms

of

two

separate

agreements

with

the

Trust

(the

“HC

Contracts”).

The

Adviser

is

authorized

under

the

HC

Contracts

to

purchase

and

sell

portfolio

securities

for

the

Portfolios.

Day-to-day

portfolio

management

services,

however,

are

generally

provided

to

the

respective

Portfolios

by

one

or

more

investment

advisory

organizations

(each

a

“Specialist

Manager”)

pursuant

to

the

terms

of

separate

investment

advisory

agreements

(each

a

“Portfolio

Management

Agreement”).

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

meeting

held

on

March

11,

2025,

the

Trust’s

Board

of

Trustees

(the

“Board”):

Approved

the

continuation

of

the

HC

Contracts;

Portfolio

Qualified

Interest

Income

Institutional

U.S.

Portfolio

.................................................................

9.37%

International

Portfolio

.....................................................................

1.34%

Institutional

International

Portfolio

..........................................................

0.83%

Emerging

Markets

Portfolio

................................................................

0.92%

Core

Fixed

Income

Portfolio

...............................................................

98.37%

Corporate

Opportunities

Portfolio

...........................................................

87.64%

U.S.

Government

Fixed

Income

Portfolio

.....................................................

99.32%

U.S.

Corporate

Fixed

Income

Portfolio

.......................................................

91.76%

U.S.

Mortgage/Asset

Backed

Fixed

Income

Portfolio

............................................

99.96%

Short-Term

Municipal

Portfolio

.............................................................

100.00%

Portfolio

Amount

(000)

U.S.

Equity

Portfolio

.....................................................................

$

8,337

Institutional

U.S.

Portfolio

.................................................................

322,151

ESG

Growth

Portfolio

....................................................................

12,926

Portfolio

Amount

(000)

Institutional

U.S.

Portfolio

.................................................................

$

135,283

ESG

Growth

Portfolio

....................................................................

277

Institutional

International

Portfolio

..........................................................

2,599

Portfolio

Amount

(000)

Short-Term

Municipal

Portfolio

.............................................................

$

1,7

20

Intermediate

Municipal

Portfolio

............................................................

14,

758

244

HC

CAPITAL

TRUST

Additional

Information

(Unaudited)

(continued)

—

June

30,

2025

Approved

an

amendment

to

one

of

the

HC

Contracts;

and

Approved

the

continuation

of

certain

Portfolio

Management

Agreements,

as

set

forth

below.

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

1940

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.

Specifically,

the

Independent

Trustees

and

their

independent

legal

counsel

conferred

in

executive

session

both

with

and

without

representatives

of

management

prior

to

the

March

11,

2025

Board

meeting.

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

HC

Contracts

and

the

various

Portfolio

Management

Agreements.

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.

Approval

of

the

HC

Contracts.

The

Trust’s

Board

approved

the

continuation

of

both

of

the

HC

Contracts.

In

approving

the

HC

Contracts,

the

Board

gave

substantial

weight

to

the

fact

that

the

Trust

and

the

Portfolios

are

designed

to

serve

as

asset

allocation

vehicles

for,

and

are

available

exclusively

to,

clients

of

Hirtle

Callaghan.

Other

factors

considered

by

the

Board

in

connection

with

its

determination

to

approve

the

HC

Contracts

are

summarized

below.

With

respect

to

the

nature,

extent

and

quality

of

the

services

provided

by

the

Adviser

to

the

Trust,

the

Board

concluded

that

it

was

satisfied

with

the

services.

The

Board

determined

that

the

Adviser’s

services,

including

its

role

in

the

selection

and

oversight

of

the

Specialist

Managers,

the

allocation

of

assets

among

the

Specialist

Managers

in

multi-manager

Portfolios,

the

process

for

identifying

instances

where

there

may

be

a

need

to

add,

eliminate

or

replace

a

Specialist

Manager

and

the

process

with

regard

to

the

efficient

and

economical

implementation

of

such

changes

were

consistent

with

the

expectations

of

the

Trust’s

shareholders.

In

reaching

this

determination,

the

Board

considered

the

services

of

the

Trust’s

executive

officers,

each

of

whom

is

an

employee

of

Hirtle

Callaghan,

their

oversight

of

the

activities

of

the

Trust’s

administrator

and

other

service

providers,

and

the

oversight

of

the

Specialist

Managers

provided

by

the

Adviser.

The

Board

also

considered

the

Adviser’s

efforts

to

control

the

costs

of

the

Trust,

including

past

instances

of

obtaining

advisory

fee

concessions

from

various

Specialist

Managers.

With

respect

to

the

performance

achieved

by

the

Trust’s

Portfolios,

the

Board

viewed

the

overall

performance

of

the

respective

Portfolios

in

the

context

of

their

use

as

vehicles

through

which

the

Adviser

seeks

to

access

specific

asset

classes

on

behalf

of

Hirtle

Callaghan

clients.

The

Board

was

informed

with

respect

to

publicly

available

information

about

the

performance

of

peer

funds

but

based

its

conclusions

primarily

on

the

specific

facts

and

circumstances

of

the

Trust.

The

Board

concluded

that

the

performance

results

achieved

by

each

Portfolio

reflect

appropriate

manager

selection

by

the

Adviser

and

that

the

continuation

of

the

relationship

with

the

Adviser

and

approval

of

the

HC

Contracts

were

in

the

best

interests

of

the

Trust’s

shareholders

and

consistent

with

shareholder

expectations.

The

Board

noted

that,

as

of

the

implementation

of

September,

2023

amendments

to

the

HC

Contracts,

the

Adviser

does

not

receive

any

fee

for

its

services

under

the

HC

Contracts.

The

Board

did

consider

comparisons

of

overall

expenses

to

those

of

peer

funds.

In

light

of

the

absence

of

any

management

fee

paid

to

the

Adviser,

the

Board

did

not

consider

specific

information

with

respect

to

the

costs

and

expenses

incurred

by

the

Adviser

in

providing

services

to

the

Trust

other

than

to

confirm

the

Adviser’s

continued

financial

viability

to

provide

investment

advisory

services

to

the

Portfolios.

The

Board

determined

that

the

lack

of

management

fee

eliminated

any

opportunity

for

a

Portfolio

to

achieve

economies

of

scale

with

respect

to

the

level

of

the

Adviser’s

fee.

Amendment

to

HC

Contract.

The

Trust’s

Board

also

approved

an

amendment

(the

“Amendment”)

to

one

of

the

HC

Contracts.

The

sole

purpose

of

the

Amendment

was

to

update

Schedule

A

of

the

HC

Contract

to

reflect

the

current

list

of

the

Portfolios

to

which

the

HC

Contract

relates

following

the

merger

of

several

Portfolios.

The

Board

noted

that

the

change

was

entirely

ministerial

and

the

no

material

terms

had

been

altered.

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.

245

HC

CAPITAL

TRUST

Additional

Information

(Unaudited)

(continued)

—

June

30,

2025

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.

Specialist

Manager

Portfolios

Agincourt

Capital

Management,

LLC

(“Agincourt”)

The

ESG

Growth

Portfolio

The

Catholic

SRI

Growth

Portfolio

The

Core

Fixed

Income

Portfolio

The

U.S.

Corporate

Fixed

Income

Securities

Portfolio

Breckinridge

Capital

Advisors,

Inc.

(“Breckinridge”)

The

Short-Term

Municipal

Bond

Portfolio

The

Intermediate

Term

Municipal

Bond

Portfolio

City

of

London

Investment

Management

Company

(“CLIM”)

The

International

Equity

Portfolio

The

Institutional

International

Equity

Portfolio

The

Emerging

Markets

Portfolio

The

Corporate

Opportunities

Portfolio

The

Intermediate

Term

Municipal

Bond

Portfolio

Insight

North

America,

LLC

(“Insight”)

The

Intermediate

Term

Municipal

Bond

Portfolio

Parametric

Portfolio

Associates

(“Parametric”)

The

U.S.

Equity

Portfolio

(four

agreements

related

to

four

different

strategies)

The

Institutional

U.S.

Equity

Portfolio

(three

agreements

related

to

three

different

strategies)

The

ESG

Growth

Portfolio

(two

agreements

related

to

two

different

strategies)

The

Catholic

SRI

Growth

Portfolio

(two

agreements

related

to

two

different

strategies)

The

International

Equity

Portfolio

(four

agreements

related

to

four

different

strategies)

The

Institutional

International

Equity

Portfolio

(three

agreements

related

to

three

different

strategies)

The

Emerging

Markets

Portfolio

(four

agreements

related

to

four

different

strategies)

The

Core

Fixed

Income

Portfolio

The

Corporate

Opportunities

Portfolio

(three

agreements

related

to

three

different

strategies)

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

Intermediate

Term

Municipal

Bond

Portfolio

246

HC

CAPITAL

TRUST

Additional

Information

(Unaudited)

(continued)

—

June

30,

2025

In

approving

the

Continuing

Agreements,

the

Board

concluded

that

continuation

of

each

of

the

Continuing

Agreements

was

in

the

interest

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

Agincourt,

the

Board

was

informed

that

Agincourt’s

investment

process

uses

a

yield-driven

active

management

approach

which

focuses

on

value,

while

minimizing

interest

rate

forecasting

and

market

timing,

and

which

is

implemented

by

using

three

specific

strategies:

sector

management,

security

selection

and

yield

curve/duration

management.

For

the

ESG

Growth

and

Catholic

SRI

Growth

Portfolios,

additional

screens

would

be

applied

before

final

investment

decisions

are

made,

but

that

at

the

current

time,

there

were

no

assets

allocated

to

Agincourt

with

respect

to

The

ESG

Growth

Portfolio

and

The

Catholic

SRI

Growth

Portfolio.

With

respect

to

the

Portfolios

for

which

Agincourt

was

managing

assets,

the

Board

was

informed

that

Agincourt’s

returns

had

outperformed

the

returns

of

its

peer

group

and

benchmark

during

the

one-,

three-

and

five-year

periods.

With

respect

to

Breckinridge,

the

Board

was

informed

that

the

firm

uses

a

flexible

bottom-up

approach

that

seeks

to

take

advantage

of

opportunities

created

by

inefficiencies

in

the

market

for

municipal

securities

without

exposure

to

excessive

risk.

The

firm’s

reported

performance

for

The

Short-Term

Municipal

Bond

Portfolio

showed

that

it

outperformed

its

benchmark

index

for

the

one-,

three-

and

five-year

periods,

while

underperforming

for

the

one-year

period

when

compared

to

a

group

of

peer

funds

and

showing

mixed

results

against

those

funds

for

the

three

and

five-year

periods.

For

The

Intermediate

Term

Municipal

Bond

Portfolio,

Agincourt

underperformed

its

benchmark

index

and

an

identified

group

of

peer

funds

for

the

one-,

three-

and

five-year

periods.

The

Board

was

further

informed

with

respect

to

the

Adviser’s

evaluation

that

the

firm’s

focus

on

high

grade

municipal

securities

causes

their

performance

to

lag

the

market

when

low

quality

securities

do

well,

but

that

the

Adviser

has

specifically

contracted

Breckinridge

to

focus

on

the

high

grade

sector

of

the

market.

With

respect

to

CLIM,

the

Board

was

informed

that

CLIM’s

investment

strategy

involves

an

actively

managed

bottom-up

selection

process

to

identify

closed-end

funds

that

City

of

London

believes

will

provide

the

desired

asset-class

exposure

with

a

lower

volatility

than

their

peers

in

order

to

take

advantage

of

closed-end

fund

discount

volatility.

The

Board

was

informed

that,

at

the

time

of

the

meeting,

Trust

assets

were

allocated

to

CLIM

in

The

Institutional

International

Equity

Portfolio,

The

Emerging

Markets

Portfolio,

The

Corporate

Opportunities

Portfolio

and

The

Intermediate

Term

Municipal

Bond

Portfolio.

The

Board

noted

that,

with

respect

to

The

Institutional

International

Equity

Portfolio,

the

firm

outperformed

its

benchmark

index

for

the

most

recent

one-

and

five-year

periods

while

underperforming

that

index

for

the

most

recent

three-year

period,

and

showing

mixed

results

when

compared

to

identified

groups

of

peer

funds.

With

respect

to

The

Emerging

Markets

Portfolio,

the

Board

noted

that

the

firm

had

been

managing

assets

for

the

Portfolio

for

less

than

one-year

and

that

no

meaningful

performance

results

had

yet

been

established.

With

respect

to

The

Corporate

Opportunities

Portfolio,

the

Board

noted

that

the

firm

had

been

managing

assets

of

that

Portfolio

in

its

current

strategy

for

less

than

one

year

and

that

no

meaningful

performance

results

had

yet

been

established.

With

respect

to

The

Intermediate

Term

Municipal

Bond

Portfolio,

the

Board

was

informed

that

CLIM

had

managed

assets

for

just

over

three

years

and

had

outperformed

its

benchmark

index

and

an

identified

group

of

peer

funds

for

the

most

recent

one-year

period,

while

underperforming

the

benchmark

for

the

three-year

period.

The

Board

was

also

presented

247

HC

CAPITAL

TRUST

Additional

Information

(Unaudited)

(continued)

—

June

30,

2025

with

composite

performance

information

for

firm

strategies

that

correspond

to

the

strategies

that

would

be

employed

in

the

other

Portfolio

for

which

it

is

under

contract.

With

respect

to

Insight,

the

Board

was

informed

that

the

firm

actively

manages

assets

for

The

Intermediate

Term

Municipal

Bond

Portfolio

by

focusing

on

sector

analysis

and

security

selection.

The

Board

was

informed

that

the

firm

(including

performance

of

the

management

team

under

predecessor

firms)

has

outperformed

its

benchmark

index

for

the

one-

and

three-

year

periods,

while

underperforming

that

index

for

the

five-year

period.

With

respect

to

Parametric,

the

Board

was

informed

that

the

firm

provides

investment

services

using

several

different

strategies.

The

Liquidity

strategy

uses

derivatives

to

“equitize”

a

Portfolio’s

cash

position.

The

Targeted

strategy

is

designed

to

provide

exposure

to

market

segments

that

a

Portfolio’s

primary

investment

adviser

determines

is

unintentionally

underrepresented

in

the

investment

portfolios

of

the

other

Specialist

Managers.

The

Tax-Managed

Custom

Core

strategy

is

designed

to

track

a

specified

index

while

taking

advantage

of

opportunities

for

active

tax

management.

The

Options

Overlay

strategy

uses

written

put

and

call

options

to

attempt

to

capitalize

on

market

volatility.

The

Board

was

informed

that,

given

the

highly

customized

nature

of

the

Liquidity

and

Targeted

strategies,

there

were

no

meaningful

peer

group

comparisons

available,

but

that

of

the

accounts

being

managed

across

the

various

Portfolios

in

these

strategies

as

of

the

Meeting

date,

five

had

underperformed

their

benchmark

index

since

inception

and

two

had

outperformed

their

benchmark

index

since

inception.

For

the

Tax-Managed

Custom

Core

strategies,

both

Portfolios

for

which

the

firm

was

managing

assets

had

underperformed

their

benchmark

index

for

the

one-,

three-

and

five-year

periods.

The

Board

was

advised

that

the

firm

had

executed

the

strategies

it

had

been

assigned

and

that

such

underperformances

and/or

outperformances

reflected

the

nature

of

such

assignments.

With

respect

to

the

Options

Overlay

Strategy,

the

Board

was

informed

as

to

the

amounts

earned

by

such

strategy

since

its

inception.

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

interests

of

shareholders

of

the

respective

Portfolios.

The

Board

also

concluded

that

the

fee

rate

at

which

each

of

the

Specialist

Managers

is

compensated

under

the

Continuing

Agreements

is

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

profitability,

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,

negotiated

fee

waivers/reductions

and

scheduled

breakpoints

designed

to

recognize

economies

of

scale

where

appropriate.

With

respect

to

Agincourt,

the

Board

was

informed

that

the

firm

received

an

annual

fee

of

0.08%

for

the

Core

Fixed

Income

and

U.S.

Corporate

Fixed

Income

Portfolios

and

0.12%

for

the

ESG

Growth

and

Catholic

SRI

Growth

Portfolios,

noting

that

the

higher

fees

for

the

ESG

Growth

and

Catholic

SRI

Growth

Portfolios

were

intended

to

compensate

the

firm

for

the

additional

work

of

applying

the

necessary

ESG-related

screens

to

the

investment

portfolios,

and

that

these

fees

were

substantially

lower

than

the

comparable

industry

average

fees.

With

respect

to

Breckinridge,

the

Board

was

informed

that

the

firm

received

an

annual

fee

of

0.125%

for

each

of

the

Portfolios

it

serves,

and

that

this

fee

was

substantially

lower

than

the

comparable

industry

average

fees.

With

respect

to

CLIM,

the

Board

was

informed

that

the

firm

receives

an

annual

fee

of

0.45%

for

each

of

the

Corporate

Opportunities,

Intermediate

Term

Municipal

Bond

and

Intermediate

Term

Municipal

Bond

II

Portfolio,

an

annual

fee

ranging

from

0.80%

to

0.40%,

depending

on

asset

levels,

for

each

of

the

International

Equity

and

Institutional

International

Equity

Portfolios,

which

resulted

in

an

effective

fee

of

0.51%

for

The

Institutional

International

Equity

Portfolio,

and

an

annual

fee

ranging

from

1.00%

to

0.50%,

depending

on

asset

levels

for

The

Emerging

Markets

Portfolio.

The

Board

was

informed

that

most

of

these

fees

were

higher

than

the

closest

comparable

industry

average

fees,

but

that

the

comparative

fees

were

not

248

HC

CAPITAL

TRUST

Additional

Information

(Unaudited)

(concluded)

—

June

30,

2025

necessarily

directly

comparable

as

they

did

not

reflect

advisors

managing

the

type

of

closed-end

fund

strategies

employed

by

CLIM,

for

which

no

comparable

fee

data

was

available.

With

respect

to

Insight,

the

Board

was

informed

that

the

Firm

is

entitled

to

an

annual

fee

ranging

from

0.25%

to

0.15%,

depending

on

asset

levels,

which

resulted

in

an

effective

fee

of

0.16%

for

2024,

and

that

this

fee

was

substantially

lower

than

the

comparable

industry

average

fees.

With

respect

to

Parametric,

the

Board

was

informed

that

the

firm’s

fees

vary

according

to

strategy.

The

Board

noted

that

fees

for

the

Liquidity

strategy

use

a

breakpoint

schedule

starting

at

a

rate

of

0.15%,

but

also

include

an

additional

flat

fee

of

$10,000

per

Portfolio

per

year

(which

is

waived

for

periods

when

no

assets

are

being

managed

in

a

given

Portfolio),

and

that,

generally,

for

Portfolios

in

which

assets

were

being

managed

using

this

strategy,

the

effective

fee

paid

was

lower

than

comparable

industry

averages,

although

in

some

cases,

the

effect

of

the

flat

fee

component

on

relatively

small

asset

allocations

caused

the

resulting

fee

to

be

higher

than

industry

averages

when

these

fees

were

expressed

as

percentages

of

assets.

The

Board

was

also

informed

that

fees

for

the

Targeted

strategy

are

0.05%

with

an

additional

flat

fee

of

$5,000

per

Portfolio

per

year

(which

is

waived

for

years

when

no

assets

are

being

managed

in

a

given

Portfolio),

and

that

for

each

Portfolio

in

which

assets

were

being

managed

using

this

strategy,

the

effective

fee

paid

was

lower

than

comparable

industry

averages.

The

Board

also

noted

that

fees

for

the

Tax-Managed

Custom

Core

strategy

use

a

breakpoint

schedule

starting

at

a

rate

of

0.10%,

and

that

for

each

Portfolio

in

which

assets

were

being

managed

using

this

strategy,

the

effective

fee

paid

was

lower

than

comparable

industry

averages.

With

respect

to

the

Options

Overlay

strategy,

the

Board

was

informed

that

Portfolios

using

this

strategy

pay

a

flat

fee

per

month

in

which

such

strategy

is

employed

and

that

in

some

cases,

depending

on

the

level

of

assets

committed

to

the

strategy,

Portfolios

paid

a

higher

fee

than

industry

averages

for

their

asset

class

when

these

fees

were

expressed

as

percentages

of

assets.

HC

CAPITAL

TRUST

8/25

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

800

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 a 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 a 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 those disclosure controls and procedures provide reasonable assurance that material information required to be disclosed by the Registrant on this report 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. Disclosure 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)      The Code of Ethics that is the subject of the disclosure required by Item 2 is attached hereto.  

(a)(2)      Not applicable. 

(a)(3)      Certifications pursuant to Rule 30a-2(a) under the Act are attached hereto.

(a)(4) Not applicable.

(a)(5) Not applicable.

(b)           Certifications pursuant to Rule 30a-2(b) under the Act 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 8/25/2025_____

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 8/25/2025_____

By (Signature and Title) /s/ Geoffrey Trzepacz_____

Geoffrey Trzepacz, Principal Executive Officer

Date 8/25/2025_____