HC CAPITAL TRUST

497 1 d193966d497.htm HC CAPITAL TRUST HC CAPITAL TRUST

Supplement to Prospectus

HC Advisors Shares

Dated November 1, 2015

HC Capital Trust

The date of this Supplement is October 17, 2016

The International Equity Portfolio and The Institutional International Equity Portfolio (the Portfolios”):

Effective October 14, 2016, Capital Guardian Trust Company (“CapGuardian”) no longer serves as a Specialist Manager for the Portfolios pursuant to notice of termination by the Trust, on behalf of the Board of Trustees, dated August 15, 2016. Accordingly, the Prospectus is supplemented as shown below with references to CapGuardian deleted entirely.

1. The following replaces the “Investment Subadvisers” section of the Prospectus:

Page 50:

Investment Subadvisers

Artisan Partners Limited Partnership (“Artisan”), Cadence Capital Management LLC (“Cadence”), Causeway Capital Management LLC (“Causeway”), City of London Investment Management Company Limited (“CLIM”), Parametric Portfolio Associates (“Parametric”) and Mellon Capital Management Corporation (“Mellon Capital”) are the Specialist Managers for the Portfolio.

Page 55:

Investment Subadvisers

Artisan Partners Limited Partnership (“Artisan”), Cadence Capital Management LLC (“Cadence”), Causeway Capital Management LLC (“Causeway”), City of London Investment Management Company Limited (“CLIM”), Lazard Asset Management LLC (“Lazard”), Parametric Portfolio Associates (“Parametric”) and Mellon Capital Management Corporation (“Mellon Capital”) are the Specialist Managers for the Portfolio.

2. The “CapGuardian” section is each deleted in its entirety under the “Portfolio Managers” sections on pages 50 and 55 of the Prospectus.

3. The “CapGuardian Investment Selection Process” section is deleted in its entirety under “More Information About Fund Investments and Risks” “The International Equity Portfolio; Specialist Managers” on page 127 and “The Institutional International Equity Portfolio; Specialist Managers” on page 130. Additionally, reference to CapGuardian in the first paragraph under “The International Equity Portfolio; Specialist Managers” on page 126 and “The Institutional International Equity Portfolio; Specialist Managers” on page 129 is each deleted in its entirety.

4. Reference to CapGuardian in the fourth and fifth paragraphs under “More Information About Fund Investments and Risks” Specialist Managers” on page 153 is each deleted in its entirety.

5. The “Capital Guardian Trust Company” section is deleted in its entirety under “Specialist Manager Guide” on page 170.

The Small Capitalization - Mid Capitalization Equity Portfolio and The Institutional Small Capitalization - Mid Capitalization Equity Portfolio (the “Portfolios”) (From the Supplement Filed on September 14, 2016):

At a meeting held on September 13, 2016, the Board of Trustees (the “Board”) for HC Capital Trust (the “Trust”) approved the engagement of Advisory Research, Inc. (“Advisory Research”) as an investment advisory organization (“Specialist Manager”) to manage portions of the assets of the Portfolios, effective upon the date of the employment of Andrew Cupps at Advisory Research (the “Effective Date”), which is anticipated on or about September 30, 2016.

At a meeting held on September 13, 2016, the Trust’s Board approved the termination of Cupps Capital Management Company, LLC (“Cupps”) as specialist manager of the Portfolios effective upon the Effective Date.

Accordingly, upon the Effective Date, the Prospectus is supplemented as shown below with references to Cupps deleted entirely, and additional disclosures related to Advisory Research included.

The Small Capitalization - Mid Capitalization Equity Portfolio

1. The following replaces the “Investment Subadvisers” section on page 27 of the Prospectus:

Investment Subadvisers

Advisory Research, Inc. (“Advisory Research”), Ariel Investments, LLC (“Ariel”), Cadence Capital Management LLC (“Cadence”), Frontier Capital Management Company, LLC (“Frontier”), IronBridge Capital Management LP (“IronBridge”), Mellon Capital Management Corporation (“Mellon Capital”), Parametric Portfolio Associates (“Parametric”) and Pzena Investment Management, LLC (“Pzena”) are the Specialist Managers for the Portfolio.

2. The following is added before “Ariel” under the “Portfolio Managers” section on page 27 of the Prospectus:

Advisory Research: Andrew S. Cupps has managed the portfolio of the Portfolio allocated to Advisory Research since June, 2011*.

*	Includes Mr. Cupps’ services with a previous Investment Subadviser.

3. The following replaces the first paragraph of the “Specialist Managers” section under “More Information About Fund Investments and Risks - The Small Capitalization - Mid Capitalization Equity Portfolio” on page 116:

A portion of the Portfolio is managed in accordance with an “active management” approach, which involves the buying and selling of securities based upon economic, financial and market analysis and investment judgment. Advisory Research, Ariel, Frontier, IronBridge, Parametric and Pzena are currently responsible for implementing the active component of the Portfolio’s investment strategy. The remaining portion of the Portfolio is managed using “passive” or “index” investment approaches that are is designed to approximate as closely as practicable, before expenses, the performance of the Portfolio’s benchmark index or one or more identifiable subsets or other portions of that index (see “Fund Management,” included later in this Prospectus). Cadence and Mellon Capital are currently responsible for implementing the passive component of the Portfolio’s investment strategy. Further information about the Specialist Managers, individual portfolio managers responsible for day-to-day investment decisions for the Portfolio, and the manner in which the Portfolio’s assets are allocated among them appears in the “Specialist Manager Guide” included later in this Prospectus.

4. The “Cupps Investment Selection Process” section is deleted in its entirety and the following is added under “More Information About Fund Investments and Risks - The Small Capitalization - Mid Capitalization Equity Portfolio; Specialist Managers” on page 117 before the “Ariel Investment Selection Process”:

The Advisory Research Investment Selection Process:

Advisory Research believes earnings growth is the primary variable driving intermediate and long term stock performance and Advisory Research therefore focuses on companies it

believes are poised to experience high or improving rates of earnings growth. Advisory Research uses a proprietary investment framework to evaluate the attractiveness of stocks. Cupps’ investment approach begins with fundamental analysis to determine valuation and then considers four additional perspectives that include both fundamental and technical disciplines to generate an overall opinion of a stock’s attractiveness. Sell decisions, like buy decisions, take into account these same perspectives. If a company’s financial results fall significantly off its projected growth path, either in terms of product sales or market development, or if the company loses significant competitive advantage, or if the stock demonstrates poor technical behavior, positions will most likely be reduced or eliminated entirely.

The Institutional Small Capitalization - Mid Capitalization Equity Portfolio

1. The following replaces the “Investment Subadvisers” section on page 32 of the Prospectus:

2. The following is added before “Ariel” under the “Portfolio Managers” section on page 32 of the Prospectus:

Advisory Research: Andrew S. Cupps has managed the portfolio of the Portfolio allocated to Advisory Research since June, 2011*.

*	Includes Mr. Cupps’ services with a previous Investment Subadviser.

3. The following replaces the first paragraph of the “Specialist Managers” section under “More Information About Fund Investments and Risks - The Institutional Small Capitalization - Mid Capitalization Equity Portfolio” on page 119:

A portion of the Portfolio is managed in accordance with an “active management” approach, which involves the buying and selling of securities based upon economic, financial and market analysis and investment judgment. Advisory Research, Ariel, Frontier, IronBridge, Parametric and Pzena, are currently responsible for implementing the active component of the Portfolio’s investment strategy. The remaining portion of the Portfolio is managed using “passive” or “index” investment approaches that are designed to approximate as closely as practicable, before expenses, the performance of the Portfolio’s benchmark index or one or more identifiable subsets or other portions of that index (see “Fund Management,” included later in this Prospectus). Cadence and Mellon Capital are currently responsible for implementing the passive component of the Portfolio’s investment strategy. The investment selection process for each of these Specialist Managers is described below; further information about the Specialist Managers, individual portfolio managers responsible for day-to-day investment decisions for the Portfolio, and the manner in which the Portfolio’s assets are allocated among them appears in the “Specialist Manager Guide” included later in this Prospectus.

4. The “Cupps Investment Selection Process” section is deleted in its entirety and the following is added under “More Information About Fund Investments and Risks - The Institutional Small Capitalization - Mid Capitalization Equity Portfolio; Specialist Managers” on page 119 before the “Ariel Investment Selection Process”:


The Advisory Research Investment Selection Process:		Advisory Research believes earnings growth is the primary variable driving intermediate and long-term stock performance and Advisory Research therefore focuses on companies it believes are poised to experience high or improving rates of earnings growth. Advisory Research uses a proprietary investment framework to evaluate the attractiveness of stocks. Advisory Research’ investment approach begins with fundamental analysis to determine valuation and then considers four additional perspectives that include both fundamental and technical disciplines to generate an overall opinion of a stock’s attractiveness. Sell decisions, like buy decisions, take into account these same perspectives. If a company’s financial results fall significantly off its projected growth path, either in terms of product sales or market development, or if the company loses significant competitive advantage, or if the stock demonstrates poor technical behavior, positions will most likely be reduced or eliminated entirely.

The Small Capitalization - Mid Capitalization Equity Portfolio and The Institutional Small Capitalization - Mid Capitalization Equity Portfolio

The “Cupps Capital Management, LLC,” section is deleted in its entirety and the following is added under “Specialist Manager Guide” on page 166 before the “Agincourt Capital Management, LLC”:

Advisory Research, Inc. (“Advisory Research”) serves as a Specialist Manager for The Small Capitalization – Mid Capitalization Equity and The Institutional Small Capitalization – Mid Capitalization Equity Portfolios. For its services to The Small Capitalization – Mid Capitalization Equity and The Institutional Small Capitalization – Mid Capitalization Equity Portfolios, Advisory Research receives a fee based on the average daily net asset value of that portion of each Portfolio allocated to it, at an annual rate of 0.85%. As of June 30, 2016, Advisory Research had total assets under management of approximately $8.1 billion in assets.

Advisory Research, the principal offices of which are located at 180 N. Stetson Avenue, Suite 5500, Chicago, Illinois 60601, was established in 1974 and is a registered investment adviser. Advisory Research is a subsidiary of Piper Jaffray Companies. Andrew S. Cupps is responsible for making the day-to-day investment decisions for the portion of the Portfolios’ assets assigned to Advisory Research. Mr. Cupps serves as the Chief Investment Officer. He is responsible for the research agenda of the firm’s investment team and has analyst responsibilities within the healthcare and technology sectors. Prior to his employment with Advisory Research, Mr. Cupps served as President and Chief Investment Officer of Cupps Capital Management , LLC, since the firm’s inception in 2000. Mr. Cupps attended Harvard University where he studied economics and graduated cum laude in 1992.

On August 25, 2016, the Board of Trustees (the “Board”) for HC Capital Trust (the “Trust”) approved changes in each of the Portfolio’s investment strategies as set forth below, to become effective on November 1, 2016. Accordingly, the Prospectus is supplemented as follows:

The Value Equity Portfolio

Effective November 1, 2016, the following replaces the first paragraph under the “Principal Investment Strategies” section on page 2 of the Prospectus:

The Portfolio is a diversified investment company that is designed to implement a value-oriented investment approach. A “value investor” seeks to select securities that trade for less than the intrinsic value of the issuing company, as measured by fundamental investment considerations such as earnings, book value and dividend paying ability. Under normal circumstances, the Portfolio seeks to achieve its objective by investing primarily (i.e., at least 80% of its net assets) in equity securities. In the unlikely event that a change in this investment policy is adopted by the Board of Trustees, shareholders will receive at least 60 days prior written notice before such change is implemented. The Portfolio may invest up to 20% of the total assets of the actively managed portion of the Portfolio in income-producing securities other than common stock, such as preferred stocks or bonds, including those that are convertible into common stock. These income-producing securities may be of any quality or maturity. The Portfolio will focus its investments in equity securities of large and mid-capitalization issuers. As of the date of this Prospectus, companies with a market capitalization of between $5 billion and $24 billion would likely be included in the “mid cap” range. Up to 20% of the total assets of the total Portfolio may also be invested in securities issued by non-U.S. companies. The Portfolio may invest in securities issued by other investment companies, including Exchange-Traded Funds (“ETFs”) that invest in equity securities. The Portfolio may also invest in other instruments including option or futures contracts, and similar instruments in order to gain market exposure pending investment or to hedge against fluctuations in market price of the securities in which the Portfolio invests. In accordance with applicable interpretations of the SEC, certain derivative instruments may be counted as equity securities for purposes of the Portfolio’s policies regarding investments in equity securities, to the extent that such derivative instruments have economic characteristics similar to those of equity securities. Additionally, a portion of the Portfolio may be managed using a more “passive” investment approach designed to approximate as closely as practicable, before expenses, the performance of either the Portfolio’s benchmark index or, from time to time, one or more identifiable subsets or other portions of that index.

The Institutional Value Equity Portfolio

Effective November 1, 2016, the following replaces the first paragraph under the “Principal Investment Strategies” section on page 7 of the Prospectus:

The Portfolio is a diversified investment company that is designed to implement a value-oriented investment approach. A “value investor” seeks to select securities that trade for less than the intrinsic value of the issuing company, as measured by fundamental investment considerations such as earnings, book value and dividend paying ability. Under normal circumstances, the Portfolio seeks to achieve its objective by investing primarily (i.e., at least 80% of its net assets) in equity securities. In the unlikely event that a change in this investment policy is adopted by the Board of Trustees, shareholders will receive at least 60 days prior written notice before such change is implemented. The Portfolio will focus its investments in equity securities of large and mid-capitalization issuers. As of the date of this Prospectus, companies with a market capitalization of between $5 billion and $24 billion would likely be included in the “mid cap” range. Up to 20% of the total assets of the actively managed portion of the Portfolio may be invested in income-producing securities other than common stock, such as preferred stocks or bonds, including those that are convertible into common stock. These income-producing securities may be of any quality or maturity. Up to 20% of the total assets of the total Portfolio may also be invested in securities issued by non-U.S. companies. The Portfolio may invest in securities issued by other investment companies, including ETFs, that invest in equity securities. Consistent with their respective investment styles, the Portfolio’s Specialist Managers may use instruments including option or futures contracts and similar instruments in order to pursue their investment objectives, gain market exposure pending investment or to hedge against fluctuations in market price of the securities in which the Portfolio invests. In accordance with applicable interpretations of the SEC, certain derivative instruments may be counted as equity securities for purposes of the Portfolio’s policies regarding investments in equity securities, to the extent that such derivative instruments have economic characteristics similar to those of equity securities. Additionally, a portion of the Portfolio may be managed using a more “passive” investment approach designed to approximate as closely as practicable, before expenses, the performance of either the Portfolio’s benchmark index or, from time to time, one or more identifiable subsets or other portions of that index.

The Growth Equity Portfolio

Effective November 1, 2016, the following replaces the first paragraph under the “Principal Investment Strategies” section on page 12 of the Prospectus:

The Portfolio is a diversified investment company that is designed to implement a growth-oriented investment approach. “Growth investing” means that securities acquired for the Portfolio can be expected to have above-average potential for growth in revenue and earnings. Under normal circumstances, the Portfolio seeks to achieve its objective by investing primarily (i.e., at least 80% of its net assets) in equity securities. In the unlikely event that a change in this investment policy is adopted by the Board of Trustees, shareholders will receive at least 60 days prior written notice before such change is implemented. The Portfolio may invest up to 20% of the total assets of the actively managed portion of the Portfolio in income-producing securities other than common stock, such as preferred stocks or bonds, including those that are convertible into common stock. These income-producing securities may be of any quality or maturity. The Portfolio will focus its investments in equity securities of large and mid-capitalization issuers. As of the date of this Prospectus, companies with a market capitalization of between $5 billion and $24 billion would likely be included in the “mid cap” range. Up to 20% of the total assets of the total Portfolio may also be invested in securities issued by non-U.S. companies. The Portfolio may invest in securities issued by other investment companies, including ETFs, that invest in equity securities. Although some of the equity securities in which the Portfolio will invest are expected to be dividend paying issues, income is a secondary consideration in the stock selection process. Accordingly, dividends paid by this Portfolio can generally be expected to be lower than those paid by The Value Equity Portfolio. Consistent with their respective investment styles, the Portfolio’s Specialist Managers may use instruments including option or futures contracts and similar instruments in order to gain market exposure pending investment or to hedge against fluctuations in market price of the securities in which the Portfolio invests. In accordance with applicable interpretations of the SEC, certain derivative instruments may be counted as equity securities for purposes of the Portfolio’s policies regarding investments in equity securities, to the extent that such derivative instruments have economic characteristics similar to those of equity securities. Additionally, a portion of the Portfolio may be managed using a more “passive” investment approach designed to approximate as closely as practicable, before expenses, the performance of either the Portfolio’s benchmark index or, from time to time, one or more identifiable subsets or other portions of that index.

The Institutional Growth Equity Portfolio

Effective November 1, 2016, the following replaces the first paragraph under the “Principal Investment Strategies” section on page 17 of the Prospectus:

The Portfolio is a diversified investment company that is designed to implement a growth-oriented investment approach. “Growth investing” means that securities acquired for the Portfolio can be expected to have above-average potential for growth in revenue and earnings. Under normal circumstances, the Portfolio seeks to achieve its objective by investing primarily (i.e., at least 80% of its net assets) in equity securities. In the unlikely event that a change in this investment policy is adopted by the Board of Trustees, shareholders will receive at least 60 days prior written notice before such change is implemented. The Portfolio may invest up to 20% of the total assets of the actively managed portion of the Portfolio in income-producing securities other than common stock, such as preferred stocks or bonds, including those that are convertible into common stock. These income-producing securities may be of any quality or maturity. The Portfolio will focus its investments in equity securities of large and mid-capitalization issuers. As of the date of this Prospectus, companies with a market capitalization of between $5 billion and $24 billion would likely be included in the “mid cap” range. Up to 20% of the total assets of the total Portfolio may also be invested in securities issued by non-U.S. companies. The Portfolio may invest in securities issued by other investment companies, including ETFs, that invest in equity securities. Although some of the equity securities in which the Portfolio will invest are expected to be dividend paying issues, income is a secondary consideration in the stock selection process. Accordingly, dividends paid by this Portfolio can generally be expected to be lower than those paid by The Institutional Value Equity Portfolio. Consistent with their respective investment styles, the Portfolio’s Specialist Managers may use instruments including option or futures contracts, swaps and similar instruments in order to pursue their investment objectives, gain market exposure pending investment or to hedge against fluctuations in market price of the securities in which the Portfolio invests. The Portfolio may also use currency forwards in connection with the purchase and sale of securities denominated in foreign currencies. In accordance with applicable interpretations of the SEC, certain derivative instruments may be counted as equity securities for purposes of the Portfolio’s policies regarding investments in equity securities, to the extent that such derivative instruments have economic characteristics similar to those of equity securities. Additionally, a portion of the Portfolio may be managed using a more “passive” investment approach designed to approximate as closely as practicable, before expenses, the performance of either the Portfolio’s benchmark index or, from time to time, one or more identifiable subsets or other portions of that index.

The Small Capitalization—Mid Capitalization Equity Portfolio

Effective November 1, 2016, the following replaces the first paragraph under the “Principal Investment Strategies” section on page 23 of the Prospectus:

Under normal circumstances, the Portfolio invests primarily (i.e., at least 80% of its net assets) in equity securities of small capitalization and mid-capitalization issuers. In the unlikely event that a change in this investment policy is adopted by the Board of Trustees, shareholders will receive at least 60 days prior written notice before such change is implemented. The Portfolio, a diversified investment company, is designed to invest primarily in equity securities of U.S. issuers which have market capitalizations that are comparable to the capitalization of companies in the Russell 3000^® Index that are classified as “Small” or “Medium” at the time of purchase. The Portfolio may invest in securities issued by other investment companies, including ETFs, that invest in equity securities of “small cap” and/or “mid cap” issuers. The Portfolio will invest in both dividend paying securities and securities that do not pay dividends. Also, consistent with their respective investment styles, the Portfolio’s Specialist Managers may use instruments such as option or futures contracts in order to gain market exposure pending investment or to hedge against fluctuations in market price of the securities in which the Portfolio invests. In accordance with applicable interpretations of the SEC, certain derivative instruments may be counted as equity securities for purposes of the Portfolio’s policies regarding investments in equity securities, to the extent that such derivative instruments have economic characteristics similar to those of equity securities. As of July 31, 2015, the market capitalization range of companies in the Russell 3000^® Index that were classified as “Small” or “Medium” was between approximately $177 million and $28.7 billion. Additionally, a portion of the Portfolio may be managed using a more “passive” investment approach designed to approximate as closely as practicable, before expenses, the performance of either the Portfolio’s benchmark index or, from time to time, one or more identifiable subsets or other portions of that index.

The Institutional Small Capitalization—Mid Capitalization Equity Portfolio

Effective November 1, 2016, the following replaces the first paragraph under the “Principal Investment Strategies” section on page 28 of the Prospectus:

Under normal circumstances, the Portfolio invests primarily (i.e., at least 80% of its net assets) in equity securities of small-capitalization and mid-capitalization issuers. In the unlikely event that a change in this investment policy is adopted by the Board of Trustees, shareholders will receive at least 60 days prior written notice before such change is implemented. The Portfolio, a diversified investment company, is designed to invest primarily in equity securities of U.S. issuers which have market capitalizations that are comparable to the capitalization of companies in the Russell 3000^® Index that are classified as “Small” or “Medium” at the time of purchase. The Portfolio may invest in securities issued by other investment companies, including ETFs, that invest in equity securities of “small cap” and/or “mid cap” issuers. The Portfolio will invest in both dividend paying securities and securities that do not pay dividends. Also, consistent with their respective investment styles, the Portfolio’s Specialist Managers may use instruments such as option or futures contracts in order to gain market exposure pending investment or to hedge against fluctuations in market price of the securities in which the Portfolio invests. In accordance with applicable interpretations of the SEC, certain derivative instruments may be counted as equity securities for purposes of the Portfolio’s policies regarding investments in equity securities, to the extent that such derivative instruments have economic characteristics similar to those of equity securities. As of July 31, 2015, the market capitalization range of companies in the Russell 3000^® Index that were classified as “Small” or “Medium” was between approximately $177 million and $28.7 billion. Additionally, a portion of the Portfolio may be managed using a more “passive” investment approach designed to approximate as closely as practicable, before expenses, the performance of either the Portfolio’s benchmark index or, from time to time, one or more identifiable subsets or other portions of that index.

The International Equity Portfolio

Effective November 1, 2016, the following replaces the first paragraph under the “Principal Investment Strategies” section on page 46 of the Prospectus:

Under normal circumstances, the Portfolio invests primarily (i.e., at least 80% of its net assets) in equity securities. In the unlikely event that a change in this investment policy is adopted by the Board of Trustees, shareholders will receive at least 60 days prior written notice before such change is implemented. Under normal circumstances, the Portfolio will provide exposure to investments that are economically tied to at least three different countries, including the U.S., and at least 40% of the Portfolio’s net assets will provide exposure to investments that are economically tied to non-U.S. countries. Although the Portfolio, a diversified investment company, may invest anywhere in the world, the Portfolio is expected to invest primarily in the equity markets included in the MSCI EAFE Index. The Portfolio may invest in securities issued by other investment companies, including ETFs, that invest in equity securities of issuers located in non-U.S. countries. Also, consistent with their respective investment styles, the Portfolio’s Specialist Managers may use instruments such as option or futures contracts in order to gain market exposure pending investment or to hedge against fluctuations in market price of the securities in which the Portfolio invests. The Portfolio may also use currency forwards in connection with the purchase and sale of securities denominated in foreign currencies and to hedge against fluctuations in the relative value of the currencies in which securities held by the Portfolio are denominated. In accordance with applicable interpretations of the SEC, certain derivative instruments may be counted as equity securities for purposes of the Portfolio’s policies regarding investments in equity securities, to the extent that such derivative instruments have economic characteristics similar to those of equity securities. Additionally, a portion of the Portfolio may be managed using a more “passive” investment approach designed to approximate as closely as practicable, before expenses, the performance of either the Portfolio’s benchmark index or, from time to time, one or more identifiable subsets or other portions of that index.

The Institutional International Equity Portfolio

Effective November 1, 2016, the following replaces the first paragraph under the “Principal Investment Strategies” section on page 51 of the Prospectus:

Under normal circumstances, the Portfolio invests primarily (i.e., at least 80% of its net assets) in equity securities of issuers located in non-U.S. countries. In the unlikely event that a change in this investment policy is adopted by the Board of Trustees, shareholders will receive at least 60 days prior written notice before such change is implemented. Under normal circumstances, the Portfolio will provide exposure to investments that are economically tied to at least three different countries, including the U.S., and at least 40% of the Portfolio’s net assets will provide exposure to investments that are economically tied to non-U.S. countries. Although the Portfolio, a diversified investment company, may invest anywhere in the world, the Portfolio is expected to invest primarily in the equity markets included in the MSCI EAFE Index. The Portfolio may invest in securities issued by other investment companies, including ETFs, that invest in equity securities of issuers located in non-U.S. countries. Also, consistent with their respective investment styles, the Portfolio’s Specialist Managers may use instruments such as option or futures contracts in order to gain market exposure pending investment or to hedge against fluctuations in market price of the securities in which the Portfolio invests. The Portfolio may also use currency forwards in connection with the purchase and sale of securities denominated in a foreign currency and to hedge against fluctuations in the relative value of the currencies in which securities held by the Portfolio are denominated. In accordance with applicable interpretations of the SEC, certain derivative instruments may be counted as equity securities for purposes of the Portfolio’s policies regarding investments in equity securities, to the extent that such derivative instruments have economic characteristics similar to those of equity securities. Additionally, a portion of the Portfolio may be managed using a more “passive” investment approach designed to approximate as closely as practicable, before expenses, the performance of either the Portfolio’s benchmark index or, from time to time, one or more identifiable subsets or other portions of that index.

The Emerging Markets Portfolio

Effective November 1, 2016, the following replaces the first paragraph under the “Principal Investment Strategies” section on page 56 of the Prospectus:

Under normal circumstances, the Portfolio seeks to achieve its objective by investing primarily (i.e., at least 80% of its net assets) in securities of issuers domiciled or, in the view of the Specialist Manager, deemed to be doing material amounts of business in countries determined by the Specialist Manager to have a developing or emerging economy or securities market. In the unlikely event that a change in this investment policy is adopted by the Board of Trustees, shareholders will receive at least 60 days prior written notice before such change is implemented. Typically 80% of the Portfolio’s net assets will be invested in equity securities, equity swaps, structured equity notes, equity linked notes and depositary receipts concentrated in emerging market countries. The Portfolio, a diversified investment company, invests primarily in the Morgan Stanley Capital International^® Emerging Markets Index (“MSCI EM Index”) countries. As the MSCI EM Index introduces new emerging market countries, the Portfolio may include those countries among the countries in which it may invest. In determining securities in which to invest, the Portfolio’s management team will evaluate the countries’ economic and political climates with prospects for sustained macro and micro economic growth. The Portfolio’s management team will take into account traditional securities valuation methods, including (but not limited to) an analysis of price in relation to assets, earnings, cash flows, projected earnings growth, inflation and interest rates. Liquidity and transaction costs will also be considered. The Portfolio may also invest in companies of any market capitalization. The Portfolio may invest in securities issued by other investment companies, including ETFs, that invest in securities issued by companies domiciled or deemed to be doing material amounts of business in countries that have a developing or emerging economy or securities market. Also, consistent with their respective investment styles, the Portfolio’s Specialist Managers may use instruments such as option or futures contracts in order to gain market exposure pending investment or to hedge against fluctuations in market price of the securities in which the Portfolio invests. In accordance with applicable interpretations of the SEC, certain derivative instruments may be counted as equity securities for purposes of the Portfolio’s policies regarding investments in equity securities, to the extent that such derivative instruments have economic characteristics similar to those of equity securities. Additionally, a portion of the Portfolio may be managed using a more “passive” investment approach designed to approximate as closely as practicable, before expenses, the performance of either the Portfolio’s benchmark index or, from time to time, one or more identifiable subsets or other portions of that index.

The Core Fixed Income Portfolio

Effective November 1, 2016, the following replaces the first paragraph under the “Principal Investment Strategies” section on page 62 of the Prospectus:

Under normal circumstances, the Portfolio invests primarily (i.e. at least 80% of its net assets) in fixed income securities. In the unlikely event that a change in this investment policy is adopted by the Board of Trustees, shareholders will receive at least 60 days prior written notice before such change is implemented. The Portfolio, under normal circumstances, invests predominantly in fixed income securities that, at the time of purchase, are rated in one of four highest rating categories assigned by one of the major independent rating agencies or are, in the view of the Specialist Manager, deemed to be of comparable quality. Securities in the fourth highest rating category may have speculative characteristics. From time to time, a substantial portion of the Portfolio, a diversified investment company, may be invested in any of the following: (1) investment grade mortgage-backed or asset-backed securities; (2) securities issued or fully guaranteed by the U.S. Government, Federal Agencies, or sponsored agencies; (3) investment grade fixed income securities issued by U.S. corporations; or (4) municipal bonds (i.e., debt securities issued by municipalities and related entities). Under normal conditions, the Portfolio may invest up to 20% of its assets in high yield securities (“junk bonds”) as well as cash or money market instruments in order to maintain liquidity, or in the event that the Specialist Manager determines that securities meeting the Portfolio’s investment objective and policies are not otherwise readily available for purchase. The Portfolio may invest in securities issued by other investment companies, including ETFs, that invest in fixed income securities. Consistent with its investment policies, the Portfolio may purchase and sell securities without regard to the effect on portfolio turnover. The Portfolio has historically had significant portfolio turnover (e.g., over 200% annually), and it is anticipated that such portfolio turnover will continue in the future. Securities purchased for the Portfolio will have varying maturities, but under normal circumstances the Portfolio will have an effective dollar weighted average portfolio maturity that is within the range of the average portfolio maturity in the Barclays Capital U.S. Aggregate Bond Index, which range, as of June 30, 2015, was between one and ten years. The weighted average maturity of the Barclays Capital U.S. Aggregate Bond Index as of June 30, 2015 was 7.87 years. The Portfolio may engage in transactions involving instruments such as option or futures contracts, both in order to hedge against fluctuations in the market value of the securities in which the Portfolio invests and to achieve market exposure pending investment and, in the case of asset-backed and similar securities, for investment purposes.

The U.S. Corporate Fixed Income Securities Portfolio

Effective November 1, 2016, the following replaces the first paragraph under the “Principal Investment Strategies” section on page 84 of the Prospectus:

Under normal circumstances, the Portfolio seeks to achieve its objective by investing primarily (i.e. at least 80% of net assets) fixed income securities issued by U.S. corporations. In the unlikely event that a change in this investment policy is adopted by the Board of Trustees, shareholders will receive at least 60 days prior written notice before such change is implemented. In general, the Portfolio invests predominantly in investment grade fixed income securities and will maintain aggregate characteristics similar to the Barclays Capital U.S. Corporate Index. Securities held by the Portfolio will be rated investment-grade or better by one of the established rating agencies or, if not rated by an agency, of comparable credit quality as determined by the Specialist Manager at the time of purchase. Securities held by the Portfolio which are downgraded below investment-grade by all ratings agencies may be retained up to a maximum market value of 5% of the Portfolio. Securities purchased for the Portfolio will have varying maturities, but under normal circumstances the Portfolio will have an effective dollar weighted average portfolio maturity that is within the range of the average portfolio maturity in the Barclays Capital U.S. Corporate Investment Grade Index, which range, as of June 30, 2015, was between one and twenty years. The weighted average maturity of the Barclays Capital U.S. Corporate Investment Grade Index as of June 30, 2015 was 10.59 years. The Portfolio may invest in securities issued by other investment companies, including ETFs, that invest in investment grade fixed income securities issued by U.S. corporations. The Portfolio may also invest up to 20% of its assets in municipal bonds (i.e., debt securities issued by municipalities and related entities). The Portfolio may invest in fixed income securities of foreign issuers.

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

Effective November 1, 2016, the following replaces the first paragraph under the “Principal Investment Strategies” section on page 89 of the Prospectus:

Under normal circumstances, the Portfolio seeks to achieve its objective by investing primarily (i.e. at least 80% of net assets) U.S. mortgage and asset backed securities. In the unlikely event that a change in this investment policy is adopted by the Board of Trustees, shareholders will receive at least 60 days prior written notice before such change is implemented. The Portfolio invests predominantly in publicly issued, investment grade U.S. mortgage and asset backed securities and, in general, seeks to maintain aggregate characteristics similar to the Barclays Capital U.S. Securitized Index. The Portfolio will seek to invest in U.S. dollar denominated agency and non-agency mortgage-backed securities backed by loans secured by residential, multifamily and commercial properties including, but not limited to: pass throughs, collateralized mortgage obligations (“CMOs”), real estate mortgage investment conduits (“REMICs”), stripped mortgage-backed securities (“SMBS”), project loans, construction loans, and adjustable rate mortgages. The Portfolio may invest in securities issued by other investment companies, including ETFs, that invest in mortgage and asset backed securities. The Portfolio may also invest in U.S. Treasury and agency securities. Securities must be rated investment-grade or better by a nationally recognized credit rating agency at the time of purchase or, if not rated by an agency, of comparable credit quality as determined by the Specialist Manager at the time of purchase. The Portfolio may engage in transactions involving instruments such as option or futures contracts both in order to hedge against fluctuations in the market value of the securities in which the Portfolio invests and to achieve market exposure pending investment and, in the case of asset-backed and similar securities, for investment purposes. Securities purchased for the Portfolio will have varying maturities, but under normal circumstances the Portfolio will have an effective dollar weighted average portfolio maturity that is within the range of the average portfolio maturity in the Barclays Capital U.S. Securitized Index, which has a weighted average maturity of 6.84 years as of June 30, 2015 and can vary between three and eight years.

The Short-Term Municipal Bond Portfolio

Effective November 1, 2016, the following replaces the first paragraph under the “Principal Investment Strategies” section on page 94 of the Prospectus:

Under normal circumstances, the Portfolio seeks to achieve its objective by investing primarily (i.e. at least 80% of net assets) in municipal bonds. The policy stated in the foregoing sentence is a fundamental policy and may not be changed without shareholder approval. Municipal bonds are debt securities issued by municipalities and related entities, the interest on which is exempt from Federal income tax so that they will qualify to pay “exempt-interest dividends” (“Municipal Securities”). The Portfolio intends to maintain a dollar-weighted effective average portfolio maturity of no longer than three years. The Portfolio invests primarily in securities that are rated in one of the top four rating categories of a nationally recognized statistical rating organization or, if unrated, that are determined by the Specialist Manager to be of comparable quality. Fixed income securities rated in the fourth highest rating category by a rating agency may have speculative characteristics. The Portfolio does not currently intend to invest in obligations, the interest on which is a preference item for purposes of the Federal alternative minimum tax. The Portfolio may invest in securities issued by other investment companies, including ETFs, that invest in municipal bonds.

The Intermediate Term Municipal Bond Portfolio

Effective November 1, 2016, the following replaces the first paragraph under the “Principal Investment Strategies” section on page 99 of the Prospectus:

Under normal circumstances, the Portfolio seeks to achieve its objective by investing primarily (i.e., at least 80% of net assets) in municipal bonds. The policy stated in the foregoing sentence is a fundamental policy of the Portfolio and may not be changed without shareholder approval. Municipal bonds are debt securities issued by municipalities and related entities, the interest on which is exempt from Federal income tax so that they will qualify to pay “exempt-interest dividends” (“Municipal Securities”). Municipal Securities purchased for the Portfolio will have varying maturities, but under normal circumstances the Portfolio will have an effective dollar weighted average portfolio maturity that is within the range of the average portfolio maturity in the Barclays Capital 3-15 Year Blend Municipal Bond Index, currently three to fifteen years. Municipal Securities acquired for the Portfolio will generally be rated in one of the three highest rating categories assigned by one of the major independent rating agencies, or are, in the view of the Specialist Manager, deemed to be of comparable quality. The Portfolio is, however, authorized to invest up to 15% of its assets in Municipal Securities that are rated in the fourth highest category and up to 10% of its assets in high yield securities (“junk bonds”). Fixed income securities rated in the fourth highest rating category by a rating agency may have speculative characteristics. Also, the Portfolio is authorized to invest up to 20% of its net assets in taxable instruments. The Portfolio may invest in securities issued by other investment companies, including ETFs, that invest in municipal securities.

The Intermediate Term Municipal Bond II Portfolio

Effective November 1, 2016, the following replaces the first paragraph under the “Principal Investment Strategies” section on page 104 of the Prospectus:

Under normal circumstances, the Portfolio seeks to achieve its objective by investing primarily (i.e., at least 80% of net assets) in a portfolio of municipal bonds. The policy stated in the foregoing sentence is a fundamental policy of the Portfolio and may not be changed without shareholder approval. Municipal bonds are debt securities issued by municipalities and related entities, the interest on which is exempt from Federal income tax, and include general obligation bonds and notes, revenue bonds and notes (including industrial revenue bonds and municipal lease obligations), as well as participation interests relating to such securities and are referred to as “Tax-Exempt Municipal Securities.” The Portfolio invests primarily in securities that are rated in one of the top four rating categories of a nationally recognized statistical rating organization or, if unrated, that are determined by the Specialist Manager to be of comparable quality. Tax Exempt Securities purchased for the Portfolio will have varying maturities, but under normal circumstances the Portfolio will have an effective dollar weighted average portfolio maturity that is within the range of the average portfolio maturity in the Barclays Capital 3-15 Year Blend Municipal Bond Index, currently three to fifteen years. The Portfolio may invest in securities issued by other investment companies, including ETFs, that invest in municipal securities.

The Emerging Markets Portfolio (the “Portfolio”) (From the Supplement filed on July 29, 2016):

On July 29, 2016, RBC Global Asset Management (UK) Limited (“RBC GAM”) was added as a Specialist Manager to the Portfolio pursuant to a Portfolio Management Agreement approved by the shareholders of the Portfolio. The following material supplements the Prospectus dated November 1, 2015 to incorporate information about RBC GAM with respect to the Portfolio.

1. The following replaces the “Annual Operating Expenses” table and accompanying “Example” in the “Fees and Expenses” section on page 56 of the Prospectus:

Annual Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)


Management Fees (based on asset allocations among Specialist Managers, see “Advisory Services – Specialist Managers”)	0.43	%
Distribution and/or Service (12b-1) Fees	0.25	%
Other Expenses	0.19	%
Acquired Fund Fees and Expenses	0.04	%
Total Annual Portfolio Operating Expenses	0.91	%

Example: This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes the reinvestment of all dividends and distributions in shares of the Portfolio and that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your costs would be:


1 Year	$	93
3 Years	$	290
5 Years	$	504
10 Years	$	1,120

2. The following replaces the “Investment Subadvisers” section on page 40 of the Prospectus:

Investment Subadvisers

AllianceBernstein L.P. (“AllianceBernstein”), Cadence Capital Management LLC (“Cadence”) Mellon Capital Management Corporation (“Mellon Capital”), Parametric Portfolio Associates (“Parametric”), Pacific Investment Management Company LLC (“PIMCO”) and RBC Global Asset Management (UK) Limited (“RBC GAM”) are the Specialist Managers for the Portfolio.

3. The following is added after “Parametric” under the “Portfolio Managers” section on page 61 of the Prospectus:

RBC GAM: Philippe Langham, ACA and Laurence Bensafi, CFA, have managed the portion of the Portfolio allocated to RBC since July, 2016.

4. The following replaces the first paragraph of the “Specialist Managers” section under “The Emerging Markets Portfolio” on page 132:

Specialist Managers. A portion of the Portfolio is managed in accordance with an “active management” approach, which involves the buying and selling of securities based upon economic, financial and market analysis and investment judgment. TBCAM, CLIM, Parametric and RBC GAM are currently responsible for implementing the active component of the Portfolio’s investment strategy. Cadence and Mellon Capital also manage a portion of the Portfolio that may be managed using a “passive” or “index” investment approach designed to replicate the composition of the Portfolio’s benchmark index or one or more identifiable subsets or other portions of that index (see “Fund Management,” included later in this Prospectus). The investment selection process for each of these Specialist Managers is described below; further information about the Specialist Managers, individual portfolio managers responsible for day-to-day investment decisions for the Portfolio, and the manner in which the Portfolio’s assets are allocated between them appears in the “Specialist Manager Guide” included later in this Prospectus.

5. The following is added to the Section “More Information About Fund Investments and Risks - The Emerging Markets Portfolio” on page 133:


The RBC GAM Investment Selection Process		The RBC GAM Emerging Markets Equity team believes that companies with a sustainably high cash flow return on investment (CFROI^®) produce superior returns and seeks to identify and invest in such companies. There are three components RBC GAM looks for when selecting securities for this strategy: 1) Strong management; 2) Quality franchises; and 3) Sustainability. The strategy emphasizes quality and long-term growth at a reasonable price, combining a fundamental bottom-up approach to stock selection with a top-down macroeconomic overlay driven by long-term secular themes.

		RBC GAM generally sells stocks under the following circumstances: 1)The investment case has changed; 2) The valuation has increased to a level that supports realization of the profit; or 3) A better stock has been found.

6. The following replaces “Specialist Managers” section under “The Emerging Markets Portfolio” on page 153:

The Emerging Markets Portfolio – The Portfolio is managed by six Specialist Managers, each of whom is compensated in accordance with a different fee schedule. Although asset allocations and fees payable to the Specialist Managers may vary, the figures assume an anticipated allocation of assets at July 29, 2016 of 42% TBCAM, 0% Cadence, 0% CLIM, 4% Parametric, 42% Mellon Capital, 2% HC Capital and 10% RBC GAM.

7. The following is added to the “Specialist Manager Guide” on page 180 between Pzena Investment Management, LLC and Standish Mellon Asset Management Company LLC:

RBC Global Asset Management (UK) Limited (“RBC GAM”) serves as Specialist Manager for The Emerging Markets Portfolio. RBC GAM is a wholly owned subsidiary of Royal Bank of Canada. RBC GAM has been registered with the SEC as an investment adviser since September, 2013, and has been a portfolio manager of publicly-offered funds since 1998. RBC GAM maintains its offices at Riverbank House, 2 Swan Lane, London, UK, EC4R 3AF. As of March 31, 2016, RBC GAM managed approximately $13 billion in assets.

For its services with respect to the portion of The Emerging Markets Portfolio allocated to RBC GAM from time to time (the “Account”), RBC GAM receives a fee calculated at an annual rate of 0.80% of the first $100 million of Combined Assets; 0.65% of the next $150 million of Combined Assets; and 0.60% of Combined Assets in excess of $250 million. Combined Assets refers to the aggregate of all assets of the Portfolio managed by RBC GAM and any assets of other clients of the Adviser managed by RBC GAM using the same strategy. During the fiscal year ended June 30, 2015, RBC GAM was not allocated assets of The Commodity Returns Strategy Portfolio.

Philippe Langham, ACA, and Laurence Bensafi, CFA, are primarily responsible for the day-to-day management of the portion of the assets of Portfolio allocated to RBC GAM.

Philippe Langham is Senior Portfolio Manager and Head of the Emerging Markets Equity team in London and lead manager for the Emerging Markets Equity and Emerging Markets Small Cap Equity Strategies. Philippe joined RBC GAM in 2009 to establish and lead the Emerging Markets Equity team in London. He has worked in the investment industry since 1992 and prior to joining RBC GAM, Philippe was the Head of Global Emerging Markets at Société Générale Asset Management in London. Previously, Philippe managed the Global Emerging Markets, Asian, Latin American and US portfolios at the Kuwait Investment Office in London, and was Director and Head of Asia and Emerging Markets at Credit Suisse in Zurich. Philippe obtained a BSc in Economics from the University of Manchester in England, and is a Chartered Accountant.

Laurence Bensafi is Senior Portfolio Manager and Deputy Head of Emerging Markets Equity in London and lead portfolio manager for the Emerging Markets Value Equity strategy. Prior to joining RBC GAM in 2013, Laurence was the Head of Aviva Investors’ Emerging Markets team, where she was responsible for managing Global Emerging Markets income funds, and for developing quantitative stock selection and analysis models. Laurence began her investment career as a Quantitative Analyst at Société Générale Asset Management, supporting European and Global Equity portfolio management by developing quantitative models to assist in the portfolio construction and security selection process. In 1997, Laurence obtained a Magistère d’Économiste Statisticien & D.E.S.S. Statistique et Économétrie from Toulouse University in France. Laurence is a CFA charterholder.

8. The following disclosure is added following “Emerging Markets Risk” in the Principal Investment Risks section on page 58 of the Prospectus:

China Risk. In addition to the risks listed above under “Emerging Market Securities,” investing in China presents additional risks including confiscatory taxation, nationalization, exchange control regulations (including currency blockage) and differing legal standards. The Chinese government could, at any time, alter or discontinue economic reform programs implemented since 1978. Chinese authorities may intervene in the China securities market and halt or suspend trading of securities for short or even longer periods of time. Recently, the China securities market has experienced considerable volatility and been subject to relatively frequent and extensive trading halts and suspensions. These trading halts and suspensions have, among other things, contributed to uncertainty in the markets and reduced the liquidity of the securities subject to such trading halts and suspensions, which could include securities held by a Portfolio.

The Fixed Income Opportunity Portfolio (the “Portfolio”) (From the Supplement filed on July 29, 2016): The prospectus is supplemented to reflect the addition of Garrick Bauer in the portfolio managers for the Portfolio as shown below.

1. The following replaces the “Fort Washington” paragraph under the “Portfolio Managers” section of the Investment SubAdvisers, regarding the Portfolio on page 74 of the Prospectus:

Fort Washington: Brendan White and Timothy Jossart have co-managed the portion of the Portfolio allocated to Fort Washington since May, 2012. In 2016, Garrick Bauer also began co-managing alongside White and Jossart.

2. The following replaces the second paragraph of Fort Washington Investment Advisors, Inc. (“Fort Washington”) section of the “Specialist Manager Guide” on page 173 of the Prospectus:

Messrs. White, Jossart, and Bauer are the individuals primarily responsible for the day-to-day management of the portion of the Portfolio’s assets allocated to Fort Washington. Brendan White is Co-Chief Investment Officer and Senior Portfolio Manager for the High Yield strategy. He has led this strategy since its inception. In this role, he also manages the Credit Team and serves on the firm’s Senior Management Team. Mr. White joined the Firm in 1993. Prior to joining Fort Washington he was with Ohio Casualty Corporation where he was an analyst supporting the High Yield and Mortgage Backed Securities portfolios. Mr. White received a BS in Finance from The Ohio State University and an MBA from Xavier University. He is a CFA charter holder. Timothy Jossart is a Vice President, Co-Portfolio Manager and a Senior Credit Analyst focusing on high yield fixed income securities. Timothy joined the firm in 1996 as a member of the Public Equity team before moving to High Yield in 2005. Prior to joining Fort Washington Tim worked for Star Bank in Cincinnati where he was an equity analyst supporting Trust Department investments. Prior to his work at Star Bank, he spent two and a half years as a credit analyst with PNC Bank overseeing corporate credits. Timothy received a BBA in Finance from the University of Wisconsin-Madison. He is a CFA charterholder. Garrick Bauer is an Assistant Vice President, Co-Portfolio Manager and a Senior Credit Analyst focusing on high yield fixed income securities. Garrick joined the firm in 2013. Prior to joining Fort Washington he worked at Wellington Management Company as a credit portfolio manager on several mutual funds. While at Wellington he was also an analyst on the High Yield team following a variety of sectors. Prior to Wellington Management he worked at Summit Investment Partners and PricewaterhouseCoopers. Garrick received his BS in Accounting from Miami University and his Masters in Business Administration from the University of Virginia. He is a CFA charterholder and earned the Certified Public Accountant designation (inactive).

The Value Equity Portfolio, The Institutional Value Equity Portfolio, The Growth Equity Portfolio, The Institutional Growth Equity Portfolio, The Small Capitalization - Mid Capitalization Equity Portfolio, The Institutional Small Capitalization - Mid Capitalization Equity Portfolio, The Real Estate Securities Portfolio, The Commodity Returns Strategy Portfolio, The International Equity Portfolio, The Institutional International Equity Portfolio and The Emerging Markets Portfolio (From the Supplement Filed on June 15, 2016): On June 14, 2016, the Trust, on behalf of its series, The Value Equity Portfolio, The Institutional Value Equity Portfolio, The Growth Equity Portfolio, The Institutional Growth Equity Portfolio, The Small Capitalization- Mid Capitalization Equity Portfolio, The Institutional Small Capitalization- Mid Capitalization Equity Portfolio, The Real Estate Securities Portfolio, The Commodity Returns Strategy Portfolio, The International Equity Portfolio, The Institutional International Equity Portfolio and The Emerging Markets Portfolio, entered into new investment management agreements with Cadence Capital Management, LLC (“Cadence”) due to a change in control of Cadence’s parent. The new agreements, which are substantially identical to the existing investment management agreements, would take effect upon the anticipated change of control of Cadence’s parent company. No changes in Cadence’s investment management team are expected as a result of the change of control of Cadence’s parent company.

The Emerging Markets Portfolio (the “Portfolio”) (From the Supplement Filed on June 15, 2016): At a meeting held on June 14, 2016, the Board of Trustees (the “Board”) for HC Capital Trust (the “Trust”) (i) approved the engagement of RBC Global Asset Management (“RBC”) as an additional investment advisory organization (“Proposed Specialist Manager”) to manage portions of the assets of The Emerging Markets Portfolio and (ii) recommended approval of a portfolio management agreement between RBC and the Trust, on behalf of the Portfolio (the “Proposed Agreement”) by shareholders of the Portfolio. A meeting of the shareholders of the Portfolio is scheduled to be held on July 29, 2016 for the purpose of approving the Proposed Agreement.

The Value Equity Portfolio, The Institutional Value Equity Portfolio, The Growth Equity Portfolio, The Institutional Growth Equity Portfolio, The Small Capitalization - Mid Capitalization Equity Portfolio, The Institutional Small Capitalization - Mid Capitalization Equity Portfolio, The Real Estate Securities Portfolio, The Commodity Returns Strategy Portfolio, The International Equity Portfolio, The Institutional International Equity Portfolio, The Emerging Markets Portfolio and The Fixed Income Opportunity Portfolio (the “Portfolios”) (From the Supplement Filed on June 15, 2016): At a meeting held on June 14, 2016, the Board approved, on behalf of the Portfolios, (i) an additional strategy, known as the Targeted Strategy (as defined below), to be managed by Parametric Portfolio Associates, LLC (“Parametric”) and HC Capital Solutions, the investment adviser to the Portfolios and (ii) new Portfolio Agreements between the Trust and Parametric on behalf of each Portfolio, that include the compensation arrangements applicable to assets managed according to Parametric’s Targeted Strategy. In addition, a new member was added to the Parametric Liquidity Strategy team for each Portfolio and a new member replaced another member of the Parametric Defensive Equity Strategy team for The Value Equity Portfolio, The Institutional Value Equity Portfolio, The Growth Equity Portfolio and The Institutional Growth Equity Portfolio. Accordingly, effective, June 15, 2016, the Prospectus is supplemented as follows:

1. The disclosure with respect to Parametric under the heading “Portfolio Managers” for each of The Small Capitalization - Mid Capitalization Equity Portfolio (p.27), The Institutional Small Capitalization - Mid Capitalization Equity Portfolio (p.32), The Real Estate Securities Portfolio (p.38), The Commodity Returns Strategy Portfolio (p.45), The International Equity Portfolio (p.50), The Institutional International Equity Portfolio (p.55), The Emerging Markets Portfolio (p. 61) and The Fixed Income Opportunity Portfolio (p.74) is hereby deleted and replaced with the following:

Parametric (Liquidity Strategy): Justin Henne, CFA, Clint Talmo, CFA and Jason Nelson, CFA have managed the portion of the Portfolio allocated to Parametric’s Liquidity Strategy since March, 2015 and Dane Fickel, Associate Portfolio Manager, has managed the portion of the Portfolio allocated to Parametric’s Liquidity Strategy since June, 2016.

Parametric (Targeted Strategy): Justin Henne, CFA, Tom Lee, CFA, Clint Talmo, CFA, Jason Nelson, CFA, Dane Fickel, Associate Portfolio Manager, Perry Li, Associate Portfolio Manager and Michael Zaslavsky, Associate Portfolio Manager, managed the portion of the Portfolio allocated to Parametric’s Targeted Strategy since June, 2016.

2. The disclosure with respect to The Parametric Investment Selection Process for each of The Small Capitalization - Mid Capitalization Equity Portfolio (p. 118), The Institutional Small Capitalization - Mid Capitalization Equity Portfolio (p. 120), The Real Estate Securities Portfolio (p. 122), The Commodity Returns Strategy Portfolio (p. 124), The International Equity Portfolio (p. 128), The Institutional International Equity Portfolio (p. 131), The Emerging Markets Portfolio (p. 133) and The Fixed Income Opportunity Portfolio (p. 135) is hereby deleted and replaced with the following:

The Parametric Investment Selection Process:

Parametric currently manages assets for the Portfolio using two separate and distinct strategies: “Liquidity Strategy” and “Targeted Strategy”.

In selecting investments for that portion of the Portfolio to be managed pursuant to the Liquidity Strategy, Parametric adheres to a strategy that seeks to closely match the performance of the Portfolio’s benchmark index (or other benchmark as specified by the Adviser) through the use of exchange-traded futures contracts, exchange traded funds (ETFs) and closed-end funds. The strategy utilizes a disciplined approach that is implemented in a mechanical manner, and which does not rely on predictive forecasts or market timing when making investment decisions. The Liquidity Strategy seeks to provide returns commensurate with the Portfolio’s stated benchmark index or other benchmark as specified by the Adviser.

The Targeted Strategy is the second of a two stage investment process under the direction of the Adviser in which Parametric effects transactions at the direction of the Adviser as set forth in “HC Capital Solutions – Investment Selection Process” shown below. Parametric provides expertise in trade execution, instrument and structure selection. Additionally, Parametric provides customized reporting on position details, liquidity/margin status and adequacy, and performance.

3. The disclosure with respect to Parametric under the heading “Portfolio Managers” for each of The Value Equity Portfolio (p.6), The Institutional Value Equity Portfolio (p. 11), The Growth Equity Portfolio (p. 16) and The Institutional Growth Equity Portfolio (p. 22) is hereby deleted and replaced with the following:

Parametric (Defensive Equity Strategy): Jay Strohmaier, CFA and Alex Zweber, CFA have managed the portion of the Portfolio allocated to Parametric’s Defensive Equity Strategy since July, 2014 and Perry Li, Associate Portfolio Manager, has managed the portion of the Portfolio allocated to Parametric’s Defensive Equity Strategy since June, 2016.

Parametric (Targeted Strategy): Justin Henne, CFA, Tom Lee, CFA, Clint Talmo, CFA, Jason Nelson, CFA, Dane Fickel, Associate Portfolio Manager, Perry Li, Associate Portfolio Manager and Michael Zaslavsky, Associate Portfolio Manager, have managed the portion of the Portfolio allocated to Parametric’s Targeted Strategy since June, 2016.

4. The disclosure with respect to The Parametric Investment Selection Process for each of The Value Equity Portfolio (p. 111), The Institutional Value Equity Portfolio (p. 112), The Growth Equity Portfolio (p. 114) and The Institutional Growth Equity Portfolio (p. 116) is hereby deleted and replaced with the following:

The Parametric Investment Selection Process:

Parametric currently manages assets for the Portfolio using three separate and distinct strategies: “Defensive Equity Strategy”, “Liquidity Strategy” and “Targeted Strategy”.

Parametric Defensive Equity Strategy uses equity index exposure (through exchanged traded funds and futures contracts), US Treasury bills, equity index call options and equity index put options. The strategy utilizes a rules-based approach that is implemented in a mechanical manner, and which does not rely on predictive forecasts or market timing when making investment decisions. The defensive equity strategy seeks to provide attractive relative returns compared to the S&P 500 over a full market cycle, while providing meaningful protection in down markets. Over shorter term time periods, the strategy is designed to deliver superior relative performance in modestly higher, flat and down markets, while trailing the index in strong markets.

5. The following is added to the disclosure under the heading “More Information About Fund Investments and Risks” with respect to each of The Value Equity Portfolio (p. 111), The Institutional Value Equity Portfolio (p. 112), The Growth Equity Portfolio (p. 114), The Institutional Growth Equity Portfolio (p. 116), The Small Capitalization - Mid Capitalization Equity Portfolio (p. 118), The Institutional Small Capitalization - Mid Capitalization Equity Portfolio (p. 120), The Real Estate Securities Portfolio (p. 122), The Commodity Returns Strategy Portfolio (p. 124), The International Equity Portfolio (p. 128), The Institutional International Equity Portfolio (p. 131), The Emerging Markets Portfolio (p. 133) and The Fixed Income Opportunity Portfolio (p. 135):


The HC Capital Solutions Investment Selection Process:		The Adviser’s investment process is to determine what asset classes, market sectors, industries or countries offer the highest compensation for risk in the form of excess expected returns relative to a policy portfolio. The methodology for deriving expected returns is based on long-term normalized earnings in order to strip out the cyclical or transitory fluctuations. When the long-term, normalized earnings compared to the going-in price represents a substantial premium to the normal historical yield premium, the Adviser uses its professional judgment as to the optimal weighting in the Portfolio, taking into consideration the risk of impairment, the asset’s likely co-movement with other assets in the Portfolio and the contribution of the asset to the risk/reward ratio in the Portfolio’s total asset mix. When the asset is judged to considerably increase expected return or reduce the overall risk for the Portfolio, the Adviser seeks to implement the exposure with the most efficient instrument – including futures on indexes, customized tilted indexes and ETFs – when taking into account the trading costs, management fees, and basis risk of the instrument with the intended exposure. The Adviser then directs Parametric to establish the desired exposure relying on their trading expertise to execute on the most advantageous terms available in the given timeframe. The Adviser’s decision to reverse the exposure is predicated on the same considerations – expected risk/return contribution.

6. The following replaces the “Parametric Portfolio Associates LLC” section under the “Specialist Manager Guide” on page 179:

Parametric Portfolio Associates LLC (“Parametric”) serves as Specialist Manager for The Value Equity Portfolio, The Institutional Value Equity Portfolio, The Growth Equity Portfolio, The Institutional Growth Equity Portfolio, The Small Capitalization – Mid Capitalization Equity Portfolio, The Institutional Small Capitalization – Mid Capitalization Equity Portfolio, The Real Estate Securities Portfolio, The Commodity Returns Strategy Portfolio, The International Equity Portfolio, The Institutional International Equity Portfolio, The Emerging Markets Portfolio and The Fixed Income Opportunity Portfolio. Parametric is a majority-owned subsidiary of Eaton Vance Corporation (“Eaton Vance”). Eaton Vance through its wholly owned affiliates Eaton Vance Acquisitions (“EVA”) and EVA Holdings LLC, maintains voting control of Parametric and Profit and Capital interests of 92% and 97%, respectively. Parametric Portfolio LP (“PPLP”) maintains an indirect Profit and Capital ownership interest in Parametric of 8% and 3%, respectively. The business address of Eaton Vance, EVA and EVA Holdings, LLC is Two International Place, Boston, MA 02110. The business address of Parametric and PPLP is 1918 Eighth Ave, Seattle, WA 98101. As of June 30, 2015, Parametric and its subsidiary had approximately $146.1 billion in assets under management.

For its services to The Value Equity Portfolio, The Institutional Value Equity Portfolio, The Growth Equity Portfolio, The Institutional Growth Equity Portfolio, The Small Capitalization – Mid Capitalization Equity Portfolio, The Institutional Small Capitalization – Mid Capitalization Equity Portfolio, The Real Estate Securities Portfolio, The Commodity Returns Strategy Portfolio, The International Equity Portfolio, The Institutional International Equity Portfolio, The Emerging Markets Portfolio and The Fixed Income Opportunity Portfolio (the “Portfolios”), Parametric receives a fee from each Portfolio, calculated daily and payable monthly in arrears, at the annual rate of 0.15% of the first $50 million of the Combined Liquidity Assets (as defined below) committed to Parametric’s Liquidity Strategy; 0.10% of the next $100 million of the Combined Liquidity Assets and 0.05% on Combined Liquidity Assets over $150 million. The term “Combined Liquidity Assets” means the sum of the net assets of that portion of each of the Portfolios allocated to Parametric from time-to-time in their Liquidity Strategy. Parametric is also be entitled to receive a flat fee of $10,000 per year per Portfolio, provided that 1/12 of such fee related to any given Portfolio will be waived with respect to each calendar month during which no assets of such Portfolio were allocated to Parametric for investment in their Liquidity Strategy. Under the terms of separate portfolio management agreements, for its services to The Value Equity Portfolio, The Institutional Value Equity Portfolio, The Growth Equity Portfolio and The Institutional Growth Equity Portfolio, Parametric is also entitled to receive a separate fee at the annual rate of 0.35% of the first $50 million of the Combined Defensive Assets committed to the Defensive Equity Strategy and 0.25% on Combined Defensive Assets over $50 million. Combined Defensive Assets means the sum of the net assets of that portion of each of The Value Equity Portfolio, The Institutional Value Equity Portfolio, The Growth Equity Portfolio and The Institutional Growth Equity Portfolio allocated to Parametric from time-to-time for investment using the Defensive Equity Strategy. Under the terms of separate portfolio management agreements, for its services to The Value Equity Portfolio, The Institutional Value Equity Portfolio, The Growth Equity Portfolio, The Institutional Growth Equity Portfolio, The Small Capitalization – Mid Capitalization Equity Portfolio, The Institutional Small Capitalization – Mid Capitalization Equity Portfolio, The Real Estate Securities Portfolio, The Commodity Returns Strategy Portfolio, The International Equity Portfolio, The Institutional International Equity Portfolio, The Emerging Markets Portfolio and The Fixed Income Opportunity Portfolio, Parametric receives a fee from each Portfolio, calculated daily and payable monthly in arrears, at the annual rate of 0.05% of the Targeted Strategy Assets (as defined below) committed to Parametric’s Targeted Strategy. The term “Targeted Strategy Assets” means the sum of the net assets of that portion of each of the Portfolios allocated to Parametric from time-to-time in their Targeted Strategy. Parametric shall also be entitled to receive a flat fee of $5,000 per year, provided that such fee will be waived with respect to each calendar year during which no Portfolio assets were allocated to the Targeted Strategy Assets. During the fiscal year ended June 30, 2015, Parametric received fees of 0.08%, 0.07%, 0.07%, 0.07%, 0.33%, 0.24%, 0.31%, 0.08%, 0.07%, 0.06%, 0.31%, and 0.10% of the average daily net assets for the portion of The Value Equity Portfolio, The Institutional Value Equity Portfolio, The Growth Equity Portfolio, The Institutional Growth Equity Portfolio, The Small Capitalization – Mid Capitalization Equity Portfolio, The Institutional Small Capitalization – Mid Capitalization Equity Portfolio, The Real Estate Securities Portfolio, The Commodity Returns Strategy Portfolio, The International Equity Portfolio, The Institutional International Equity Portfolio, The Emerging Markets Portfolio and The Fixed Income Opportunity Portfolio, respectively.

Mr. Jay Strohmaier, Mr. Alex Zweber and Mr. Perry Li are primarily responsible for the day-to-day management of the portion of each the assets of each of The Value Equity Portfolio, The Institutional Value Equity Portfolio, The Growth Equity Portfolio and The Institutional Growth Equity Portfolio allocated to Parametric for investment in its Defensive Equity strategy. Mr. Strohmaier, Senior Portfolio Manager, leads a team of investment professionals responsible for designing, trading and managing overlay portfolios with an emphasis on Defensive Equity, hedging, and other asymmetric strategies. Mr. Strohmaier joined Parametric upon Parametric’s acquisition of Clifton in 2012, and prior to that acquisition was employed by Clifton since 2009. Before joining Clifton in 2009, Mr. Strohmaier worked for Cargill, Peregrine Capital Management and Advantus Capital Management where his responsibilities included research, portfolio management, trading, marketing and client service. He has over 25 years of investment experience. Mr. Strohmaier holds a BS degree in Agricultural Economics from Washington State University and MS in Applied Economics from the University of Minnesota. Mr. Zweber, CFA, Portfolio Manager, joined Parametric in 2012 upon Parametric’s acquisition of Clifton, and prior to the acquisition worked at Clifton in various investment capacities for over eight years. Mr. Zweber holds a BA in Economics from Macalester College. Mr. Li is responsible for trading and assisting with day-to-day management of Parametric’s options-based investment strategies, including the Defensive Equity and other proprietary strategies. He is an Associate Portfolio Manager at Parametric. Prior to joining Parametric in 2014, Mr. Li worked for CHS Inc. from 2011 to 2014 , where he managed commodity futures and options portfolios and conducted research on macro economy and derivative strategies. Mr. Li earned a B.S. in Statistics from the Sun Yat-Sen University and a M.S. in Financial Mathematics from the University of Minnesota. He holds a Financial Risk Manager certificate from the Global Association of Risk Professionals.

Mr. Justin Henne, Mr. Clint Talmo, Mr. Jason Nelson and Mr. Dane Fickel are primarily responsible for the day-to-day management of the portion of each Portfolio’s assets allocated to Parametric for investment in its Liquidity Strategy. As Managing Director – Customized Exposure Management, Mr. Henne leads the investment team responsible for the implementation and enhancement of Parametric’s Customized Exposure Management product. Mr. Henne joined Parametric upon Parametric’s acquisition of Clifton in 2012, and prior to that acquisition was employed by Clifton since 2004. Mr. Henne holds a BA in Financial Management from the University of St. Thomas. He is a CFA charterholder and a member of the CFA Society of Minnesota. Mr. Talmo is responsible for designing, trading, and managing overlay portfolios with an emphasis on options and OTC swaps. Prior to joining Parametric in 2014, Clint was a Partner at Aerwulf Asset Management from 2012 to 2014. Prior to that, he worked for Interlachen Capital Group and EBF & Associates where his responsibilities at each firm included research, trading, and portfolio management. He earned a B.S. in Finance from the University of Colorado. He is a CFA charterholder and a member of the CFA Society of Minnesota. Mr. Nelson is an Associate Portfolio Manager at Parametric. Prior to joining Parametric in 2014, Mr. Nelson worked for Marquette Asset Management from 2012 to 2014, where his responsibilities included asset allocation, equity research, and trading, and before that time worked as an Investment Analyst at Clifton. Mr. Nelson earned a B.S. in Economics and Finance from Minnesota State University, Mankato. He is a CFA charterholder and a member of the CFA Society of Minnesota. Mr. Fickel is responsible for trading client accounts as well as creating and analyzing daily investment management reports with an emphasis in OTC instruments. He is an Associate Portfolio Manager at Parametric. Prior to joining Parametric in 2015, Mr. Fickel worked for Russell Investments from 2010 to 2015 and Morgan Stanley from 2009 to 2010, where his responsibilities included trading, portfolio management and client services. Mr. Fickel earned a B.A. in Economics from the University of Washington.

Mr. Tom Lee, Mr. Jay Strohmaier, Mr. Alex Zweber, Mr. Justin Henne, Mr. Clint Talmo, Mr. Jason Nelson, Mr. Dane Fickel, Mr. Perry Li and Mr. Michael Zaslavsky are primarily responsible for the day-to-day management of the portion of each Portfolio’s assets allocated to Parametric for investment in its Targeted Strategy. Mr. Lee, Managing Director, Investment Strategy and Research, has oversight responsibility for all investment strategies managed out of Parametric’s Minneapolis investment center. Mr. Lee joined Parametric upon Parametric’s acquisition of The Clifton Group Investment Management Company (“Clifton”) in 2012, and prior to that acquisition was employed by Clifton since 1994. He earned a B.S. in economics and an MBA in finance from the University of Minnesota. He is a CFA charterholder and a member of the CFA Society of Minnesota. Mr. Strohmaier, Senior Portfolio Manager, leads a team of investment professionals responsible for designing, trading and managing overlay portfolios with an emphasis on Defensive Equity, hedging, and other asymmetric strategies. Mr. Strohmaier joined Parametric upon Parametric’s acquisition of Clifton in 2012, and prior to that acquisition was employed by Clifton since 2009. Before joining Clifton in 2009, Mr. Strohmaier worked for Cargill, Peregrine Capital Management and Advantus Capital Management where his responsibilities included research, portfolio management, trading, marketing and client service. He has over 25 years of investment experience. Mr. Strohmaier holds a BS degree in Agricultural Economics from Washington State University and MS in Applied Economics from the University of Minnesota. Mr. Zweber, CFA, Portfolio Manager, joined Parametric in 2012 upon Parametric’s acquisition of Clifton, and prior to the acquisition worked at Clifton in various investment capacities for over eight years. Mr. Zweber holds a BA in Economics from Macalester College. Mr. Justin Henne, As Managing Director – Customized Exposure Management, Mr. Henne leads the investment team responsible for the implementation and enhancement of Parametric’s Customized Exposure Management product. Mr. Henne joined Parametric upon Parametric’s acquisition of Clifton in 2012, and prior to that acquisition was employed by Clifton since 2004. Mr. Henne holds a BA in Financial Management from the University of St. Thomas. He is a CFA charterholder and a member of the CFA Society of Minnesota. Mr. Talmo is responsible for designing, trading, and managing overlay portfolios with an emphasis on options and OTC swaps. Prior to joining Parametric in 2014, Mr. Talmo was a Partner at Aerwulf Asset Management from 2012 to 2014. Prior to that, he worked for Interlachen Capital Group and EBF & Associates where his responsibilities at each firm included research, trading, and portfolio management. He earned a B.S. in Finance from the University of Colorado. He is a CFA charterholder and a member of the CFA Society of Minnesota. Mr. Nelson is an Associate Portfolio Manager at Parametric. Prior to joining Parametric in 2014, Mr. Nelson worked for Marquette Asset Management from 2012 to 2014, where his responsibilities included asset allocation, equity research, and trading, and before that time worked as an Investment Analyst at Clifton. Mr. Nelson earned a B.S. in Economics and Finance from Minnesota State University, Mankato. He is a CFA charterholder and a member of the CFA Society of Minnesota. Mr. Fickel is responsible for trading client accounts as well as creating and analyzing daily investment management reports with an emphasis in OTC instruments. He is an Associate Portfolio Manager at Parametric. Prior to joining Parametric in 2015, Mr. Fickel worked for Russell Investments from 2010 to 2015 and Morgan Stanley from 2009 to 2010, where his responsibilities included trading, portfolio management and client services. Mr. Fickel earned a B.A. in Economics from the University of Washington. Mr. Li is responsible for trading and assisting with day-to-day management of Parametric’s options-based investment strategies, including the Defensive Equity and other proprietary strategies. He is an Associate Portfolio Manager at Parametric. Prior to joining Parametric in 2014, Mr. Li worked for CHS Inc. from 2011 to 2014, where he managed commodity futures and options portfolios and conducted research on macro economy and derivative strategies. Mr. Li earned a B.S. in Statistics from the Sun Yat-Sen University and a M.S. in Financial Mathematics from the University of Minnesota. He holds a Financial Risk Manager certificate from the Global Association of Risk Professionals. Mr. Zaslavsky is responsible for trading and assisting with day-to-day management of Parametric’s options-based investment strategies, including the Defensive Equity and other proprietary strategies. He is an Associate Portfolio Manager at Parametric. Prior to joining Parametric in 2015, Mr. Zaslavsky worked for Citigroup’s proprietary options trading and market-making group from 2009 to 2015, where he specialized in volatility modeling, portfolio management and derivatives arbitrage. He earned a B.S. in Finance from Bowling Green State University.

The Institutional Value Equity Portfolio and The Institutional Growth Equity Portfolio (the “Portfolios”) (From the Supplement Filed on June 15, 2016): The prospectus is supplemented to reflect the removal of Mohsen Fahmi in the portfolio managers for the Portfolios as shown below.

1. The following replaces the “PIMCO” paragraph under the “Portfolio Managers” section of the Investment SubAdvisers, regarding the Institutional Value Equity Portfolio on page 11 of the Prospectus:

PIMCO: Sudi Mariappa has managed the portion of the Portfolio allocated to PIMCO since January, 2015

2. The following replaces the “PIMCO” paragraph under the “Portfolio Managers” section of the Investment SubAdvisers, regarding the Institutional Growth Equity Portfolio on page 22 of the Prospectus:

PIMCO: Sudi Mariappa has managed the portion of the Portfolio allocated to PIMCO since January, 2015

3. The following replaces the second paragraph of Pacific Investment Management Company LLC (“PIMCO”) section of the “Specialist Manager Guide” on page 178 of the Prospectus:

For its services to The Institutional Value Equity and The Institutional Growth Equity Portfolios, PIMCO receives an annual fee of 0.25% of that portion of each Portfolio’s assets allocated to PIMCO from time to time. During the fiscal year ended June 30, 2015, PIMCO received a fee of 0.25% of the average daily net assets of the portion of The Institutional Growth Equity Portfolio allocated to PIMCO. During the fiscal year ended June 30, 2015, PIMCO was not allocated assets of The Institutional Value Portfolio. Sudi Mariappa is primarily responsible for the day-to-day management of that portion of the Portfolios allocated to PIMCO. Mr. Mariappa is a managing director and generalist portfolio manager in the Newport Beach office. He rejoined PIMCO in 2014 from GLG, a London-based hedge fund, where he was a managing director, developing and managing fixed income funds. Previously at PIMCO, Mr. Mariappa was a managing director and head of global portfolio management. He also served as a senior advisor to PIMCO’s portfolio management group from 2009-2011. Prior to joining PIMCO in 2000, he was a managing director for Merrill Lynch in Tokyo, overseeing Japanese government bond and swap derivative trading. He has 28 years of investment experience and holds an MBA, as well as a bachelor’s degree in chemical engineering, from Cornell University.

The Value Equity Portfolio, The Institutional Value Equity Portfolio, The Short-Term Municipal Bond Portfolio and The Intermediate Term Municipal Bond Portfolio II (the “Portfolios”) (From the Supplement Filed on May 2, 2016)

The prospectus is supplemented to reflect a change in the portfolio managers for each of the Portfolios as shown below.

1. The following replaces the “Portfolio Managers” section of the Investment Subadviser regarding AllianceBernstein L.P. (“AllianceBernstein”), on page 6 of the Prospectus with respect to The Value Equity Portfolio:

AllianceBernstein: Gerry Paul has managed the portion of the Portfolio allocated to AllianceBernstein since September, 2009, and Cem Inal has co-managed the portion of the Portfolio allocated to AllianceBernstein since March, 2016.

2. The following replaces the “Portfolio Managers” section of the Investment Subadviser regarding AllianceBernstein, on page 11 of the Prospectus with respect to The Institutional Value Equity Portfolio:

3. The following replaces the third and fourth paragraphs of the AllianceBernstein section of the “Specialist Manager Guide” on page 166 of the Prospectus:

Gerry Paul and Cem Inal are responsible for making day-to-day investment decisions for that portion of The Value Equity and Institutional Value Equity Portfolios allocated to AllianceBernstein. Mr. Paul was appointed CIO of the North American Value Equity Investment Policy Group and Co-CIO of U.S. Large Cap Equities in 2009. Prior to this appointment, Mr. Paul was the Global Head of Diversified Value Services, CIO – Advanced Value Fund, CIO – Small and Mid-Capitalization, and Co-CIO – Real Estate Investments. Mr. Paul joined Bernstein in 1987 as a research analyst covering the automotive industry. He earned a BS from the University of Arizona and an MS from the Sloan School of Management of the Massachusetts Institute of Technology.

Mr. Inal was appointed Portfolio Manager of US Large Cap Value Equities in March 2016. He is also a Senior Research Analyst and leader of the technology sector. Previously, Mr. Inal co-managed the International Small Cap Value service from its inception in 2014 until 2016. Before joining the firm in 2003 as a research analyst, Mr. Inal was a vice president at fusionOne, a communications software provider. Prior to that, he was an engagement manager at McKinsey & Company and a research engineer at Mitsubishi Electric. Mr. Inal holds a BSE in electrical engineering from Princeton University and an MBA in financial engineering from Cornell University.

4. The following replaces the “Portfolio Managers” section of the Investment Subadviser regarding Breckinridge Capital Advisors, Inc. (“Breckinridge”) on page 98 of the Prospectus with respect to The Short-Term Municipal Bond Portfolio:

Breckinridge: Peter Coffin and David Madigan have co-managed the Portfolio since March, 2006. Matthew Buscone has co-managed the Portfolio since July, 2008. Ji Young Jung and Sara Chanda have co-managed since March, 2013 and December, 2013, respectively. Jeff Glenn and Eric Haase have co-managed the Portfolio since May, 2015 and May, 2016, respectively.

5. The following replaces the “Portfolio Managers” section of the Investment Subadviser regarding Breckinridge on page 108 of the Prospectus with respect to The Short-Term Municipal Bond Portfolio:

Breckinridge: Peter Coffin, David Madigan and Matthew Buscone have co-managed the Portfolio since March, 2010. Ji Young Jung and Sara Chanda have co-managed since March, 2013 and December, 2013, respectively. Jeff Glenn and Eric Haase have co-managed the Portfolio since May, 2015 and May, 2016, respectively.

6. The following replaces the third paragraph of the Breckinridge section of the “Specialist Manager Guide” on page 168 of the Prospectus:

The portfolio management team is led by a team of investment professionals at Breckinridge, including the following individuals who are jointly and primarily responsible for making day-to-day investment decisions: Peter B. Coffin, President of Breckinridge, David Madigan, Chief Investment Officer at Breckinridge, Matthew Buscone, Portfolio Manager at Breckinridge, Ji Young Jung, Portfolio Manager at Breckinridge, Sara Chanda, Portfolio Manager at Breckinridge, Jeff Glenn, Portfolio Manager at Breckinridge and Eric Haase, Portfolio Manager at Breckinridge.

Prior to founding Breckinridge in 1993, Mr. Coffin was a Senior Vice-President and portfolio manager with Massachusetts Financial Services, where he was also a member of the firm’s Fixed Income Policy Committee.

Mr. Madigan joined Breckinridge in 2003. He was Executive Vice-President at Thomson Financial and was a portfolio manager at Banker’s Trust and Prudential Insurance (managing single state municipal bond funds). Mr. Madigan also has served as Chief Municipal Strategist for Merrill Lynch.

Mr. Buscone joined Breckinridge in 2002. He has been a Portfolio Manager since 2008, after having served as a trader at Breckinridge. Prior to joining Breckinridge, he was a trader at Mellon Private Asset Management, and a portfolio manager at David L. Babson from 1992 to 2002.

Mr. Glenn, CFA, joined Breckinridge in 2012. He has been a Portfolio Manager since 2015, after having served as a trader since 2012. Prior to joining Breckinridge, Mr. Glenn was an Associate Portfolio Manager/ Analyst at Brandes Investment Partners from 2002 to 2012, and an Associate Director at Banc One Markets responsible for investment grade utility credits from 2000 to 2002. Mr. Glenn began his career at Old Republic Asset Management as an Investment Analyst.

Ms. Chanda joined Breckinridge in 2010. She has been a Portfolio Manager since 2013, after spending her first few years at Breckinridge as a trader. Ms. Chanda was a Vice President and trader at Eaton Vance Management from 1999 to 2003, where she was responsible for trading various specialty state mutual funds and overseeing the adviser’s separately managed account trading and operations. Ms. Chanda also was responsible for municipal bond trading at Fidelity Investments. Ms. Chanda began her career at State Street Bank & Trust Company.

Ms. Jung, CFA, joined Breckinridge in 2010. She has been a Portfolio Manager since 2013 after spending her prior time at Breckinridge as a credit analyst and then a portfolio analyst. Prior to joining Breckinridge, Ms. Jung worked as an analyst for Assured Guaranty from 2009 to 2010 and for Financial Security Assurance from 2006 to 2009.

Mr. Haase, CFA, joined Breckinridge in 2016. Previously, Mr. Haase was employed at SCS Financial LLC from 2005 to 2016, where he served in various roles including trader. His most recent role at SCS was a Portfolio Manager focusing on tax-exempt separate accounts and conducting manager research across fixed income sectors.

The Commodity Returns Strategy Portfolio (From the Supplement Filed on March 29, 2016):

At a meeting held on March 8, 2016, the Board of Trustees (the “Board”) for HC Capital Trust (the “Trust”) approved the engagement of Vaughan Nelson Investment Management, L.P. (“Vaughan Nelson”) as an investment advisory organization (“Specialist Manager”) to manage portions of the assets of The Commodity Returns Strategy Portfolio. Accordingly, effective March 29, 2016, the Prospectus is supplemented as shown below and related disclosures amended accordingly.

1. The following replaces the “Investment Subadvisers” section on page 45 of the Prospectus:

Investment Subadvisers

Cadence Capital Management LLC (“Cadence”), Mellon Capital Management Corporation (“Mellon Capital”), Parametric Portfolio Associates (“Parametric”), Pacific Investment Management Company LLC (“PIMCO”), Vaughan Nelson Investment Management, L.P. (“Vaughan Nelson”) and Wellington Management Company LLP (“Wellington Management”) are the Specialist Managers for the Portfolio.

2. The following is added to the “Portfolio Managers” section on page 45 of the Prospectus:

Vaughan Nelson: Steve Henriksen, Charles Ellis, Portfolio Manager and Blanca Garza-Bianco have co-managed the portion of the Portfolio allocated to Vaughan Nelson since March 2016.

3. The following replaces “Specialist Managers” introductory paragraph under “The Commodity Returns Strategy Portfolio” on page 123:

Specialist Managers. A portion of the Portfolio is managed in accordance with an “active management” approach, which involves the buying and selling of securities based upon economic, financial and market analysis and investment judgment. Parametric, PIMCO, Vaughan Nelson and Wellington Management are currently responsible for implementing the active component of the Portfolio’s investment strategy. The remaining portion of the Portfolio is managed using “passive” or “index” investment approaches that are designed to approximate as closely as practicable, before expenses, the performance of the Portfolio’s benchmark index or one or more identifiable subsets or other portions of that index (see “Fund Management,” included later in this Prospectus). Cadence and Mellon Capital are currently responsible for implementing the passive component of the Portfolio’s investment strategy. Further information about the Specialist Managers, individual portfolio managers responsible for day-to-day investment decisions for the Portfolio, and the manner in which the Portfolio’s assets are allocated among them appears in the “Specialist Manager Guide” included later in this Prospectus.

4. The following is added under “More Information About Fund Investments and Risks—The Commodity Returns Strategy Portfolio; Specialist Managers” beginning on page 125:


The Vaughan Nelson Investment Selection Process		In making investment decisions for the Portfolio, Vaughan Nelson employs bottom-up fundamental analysis and achieves flexibility in fixed income portfolio construction through sector rotation, duration/yield curve positioning and opportunistic trading efficiencies to produce a value-oriented portfolio of energy/commodity sector fixed income securities. Vaughan Nelson tries to emphasize capital preservation relative to other opportunities within its investment universe and, therefore, focuses on companies’ balance sheets, short-term liquidity and asset bases. The sell discipline is driven by a combination of factors, including the realization of the investment objective, new risks materializing, credit quality deterioration or a better relative value opportunity is uncovered.

5. The following replaces “The Commodity Returns Strategy Portfolio” paragraph under “Advisory Services-Specialist Managers” on page 151:

The Commodity Returns Strategy Portfolio – The Portfolio is managed by six Specialist Managers, each of whom is compensated in accordance with a different fee schedule. Although asset allocations and fees payable to the Specialist Managers may vary, the figures assume an estimated allocation of assets at March 29, 2016 of 28% Wellington Management Global Natural Resources strategy, 17% Wellington Management Commodity strategy, 3% Parametric, 16% PIMCO, 0% Cadence, 8% Vaughan Nelson and 28% Mellon Capital.

6. The following is added as a new section in the “Specialist Manager Guide” beginning before the last two paragraphs on page 182:

Vaughan Nelson Investment Management, L.P. (“Vaughan Nelson”) serves as a Specialist Manager of The Commodity Returns Strategy Portfolio. Vaughan Nelson is an indirect wholly-owned subsidiary of Natixis Global Asset Management SA, a French investment banking/financial services firm, of which a minority share of ownership is publicly traded on the Euronext exchange in Paris. Vaughan Nelson’s headquarters are located at 600 Travis Street, Suite 6300, Houston, Texas 77002. Founded in 1970, Vaughan Nelson is a registered investment adviser which has approximately $12.5 billion in assets under management as of December 31, 2015.

For its services with respect to the portion of The Commodity Returns Strategy Portfolio allocated to Vaughan Nelson from time to time (the “Account”), Vaughan Nelson shall receive a fee calculated at an annual rate and payable quarterly in arrears based on the Average Quarterly Net Assets of the Combined Assets (as defined below) of 0.35% of the first $25 million of the Combined Assets, 0.25% of the next $75 million of Combined Assets and 0.20% of the Combined Assets exceeding $100 million. For purposes of calculating fees, the term “Combined Assets” shall mean the sum of (i) the net assets of the Account; and (ii) the net assets of each other investment advisory account for which the Adviser serves as investment adviser and for which Vaughan Nelson provides portfolio management services (“Other Hirtle Accounts”) using the same strategies as employed for the Account. “Average Quarterly Net Assets” shall mean the average of the average daily net asset values of the Account and/or the average of the net asset values of the Other Hirtle Accounts, as the case may be, as of the last business day of each of the three months in the calendar quarter. During the fiscal year ended June 30, 2015, Vaughan Nelson was not allocated assets of The Commodity Returns Strategy Portfolio.

Day-to-day investment decisions for The Commodity Returns Strategy Portfolio are the responsibility of Steve Henriksen, Senior Portfolio Manager/ Director -Fixed Income Investments of Vaughan Nelson, Charles Ellis, Portfolio Manager and Blanca Garza-Bianco, Portfolio Manager, each a member of the Vaughan Nelson Fixed Investment team. Mr. Henriksen joined Vaughan Nelson in 1994. He received a B.A. from Louisiana State University and has over 33 years of investment management and research experience. Mr. Ellis joined Vaughan Nelson in 2003. He received a B.B.A. from Texas Tech University and has over 41 years of investment management and research experience. Ms. Garza-Bianco joined Vaughan Nelson in 1998. She received a B.A. from the University of Houston and an M.B.A. from the University of St. Thomas and has over 23 years of investment management and research experience.

The Core Fixed Income Portfolio, The Fixed Income Opportunity Portfolio, The U.S. Government Fixed Income Securities Portfolio, The Inflation Protected Securities Portfolio, The U.S. Corporate Fixed Income Securities Portfolio and The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio (the “Portfolios”) (From the Supplement Filed on March 29, 2016):

The prospectus is supplemented to reflect a change in the portfolio managers for each of the Portfolios as shown below.

1. The following replaces the “Portfolio Managers” section of the Investment Subadviser regarding Mellon Capital Management Corporation (“Mellon Capital”) on page 67 of the Prospectus with respect to The Core Fixed Income Portfolio:

Mellon Capital: David C. Kwan and Gregg Lee have co-managed the portion of the Portfolio allocated to Mellon Capital since December, 2010 and Paul Benson has co-managed the portion of the Portfolio allocated to Mellon Capital since March 2016.

2. The following replaces the “Portfolio Managers” section of the Investment Subadviser regarding Mellon Capital Management Corporation (“Mellon Capital”) on page 74 of the Prospectus with respect to The Fixed Income Opportunity Portfolio:

Mellon Capital: David Kwan, John DiRe, Manual Hayes and Stephanie Shu have co-managed the portion of the Portfolio allocated to Mellon Capital since August, 2013 and Paul Benson has co-managed the portion of the Portfolio allocated to Mellon Capital since March 2016.

3. The following replaces the “Portfolio Managers” section of the Investment Subadviser regarding Mellon Capital Management Corporation (“Mellon Capital”) on page 78 of the Prospectus with respect to The U.S. Government Fixed Income Securities Portfolio:

Mellon Capital: David C. Kwan and Gregg Lee have co-managed the Portfolio since December, 2010 and Paul Benson has co-managed the Portfolio since March 2016.

4. The following replaces the “Portfolio Managers” section of the Investment Subadviser regarding Mellon Capital Management Corporation (“Mellon Capital”) on page 83 of the Prospectus with respect to The Inflation Protected Securities Portfolio:

Mellon Capital: David C. Kwan, CFA and Wyatt Cerny have co-managed the Portfolio since the Portfolio’s inception in February 2014 and Paul Benson has co-managed the Portfolio since March 2016.

5. The following replaces the “Portfolio Managers” section of the Investment Subadviser regarding Mellon Capital Management Corporation (“Mellon Capital”) on page 88 of the Prospectus with respect to The U.S. Corporate Fixed Income Securities Portfolio:

Mellon Capital: David C. Kwan, John DiRe, and Manuel Hayes have co-managed the portion of the Portfolio allocated to Mellon Capital since August 2013 and Paul Benson has co-managed the portion of the Portfolio allocated to Mellon Capital since March 2016.

6. The following replaces the “Portfolio Managers” section of the Investment Subadviser regarding Mellon Capital Management Corporation (“Mellon Capital”) on page 93 of the Prospectus with respect to The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio:

Mellon Capital: Mr. David C. Kwan and Mr. Gregg Lee have co-managed the Portfolio since December, 2012 and Paul Benson has co-managed the Portfolio since March 2016.

7. The following replaces the Mellon Capital Management Corporation section of the “Specialist Manager Guide” on page 175 of the Prospectus:

Mellon Capital Management Corporation (“Mellon Capital”) serves as a Specialist Manager for The Value Equity Portfolio, The Institutional Value Equity Portfolio, The Growth Equity Portfolio, The Institutional Growth Equity Portfolio, The Small Capitalization—Mid Capitalization Equity Portfolio, The Institutional Small Capitalization—Mid Capitalization Equity Portfolio, The Real Estate Securities Portfolio, The Commodity Returns Strategy Portfolio, The International Equity Portfolio, The Institutional International Equity Portfolio, The Emerging Markets Portfolio, The Core Fixed income Portfolio, The Fixed Income Opportunity Portfolio, The Inflation Protected Securities Portfolio and The U.S. Corporate Fixed Income Securities Portfolio. Mellon Capital, which was organized as a Delaware corporation in 1983, is headquartered at 50 Fremont Street, Suite 3900, San Francisco, CA 94105. Mellon Capital is a wholly-owned indirect subsidiary of The Bank of New York Mellon Corporation (“BNY Mellon”).

For its services to The Real Estate Securities Portfolio and The Commodity Returns Strategy Portfolio, Mellon Capital receives a fee from each Portfolio calculated based on the average daily net assets of that portion of the assets of the Portfolio managed by it, at an annual rate of 0.10% so long as the aggregate assets allocated to Mellon Capital for all of its passive equity mandates (including accounts for other clients of the Adviser and certain of its affiliates besides the Trust) exceed $2 billion. Should these aggregate assets fall below $2 billion, the fee will be calculated at an annual rate of 0.11%. During the fiscal year ended June 30, 2015, Mellon Capital received fees of 0.10% of the average daily net assets for the portion of The Commodity Returns Strategy Portfolio allocated to Mellon Capital. Mellon Capital did not manage any assets of The Real Estate Securities Portfolio during the fiscal year ended June 30, 2015.

For its services to The International Equity Portfolio and The Institutional International Equity Portfolio, Mellon Capital receives a fee from each Portfolio calculated based on the average daily net assets of that portion of the assets of the Portfolio managed by it, at an annual rate of 0.10% for those assets allocated to developed markets strategies and at an annual rate of 0.13% for those assets allocated to emerging markets strategies, so long as the aggregate assets allocated to Mellon Capital for all of its passive equity mandates (including accounts for other clients of the Adviser and certain of its affiliates besides the Trust) exceed $2 billion. Should these aggregate assets fall below $2 billion, the fee will be calculated an annual rate of 0.11% for those assets allocated to developed markets strategies and at an annual rate of 0.15% for those assets allocated to emerging markets strategies. During the fiscal year ended June 30, 2015, Mellon received fees of 0.13% of the average daily net assets for each portion of The International Equity Portfolio and The Institutional International Equity Portfolio allocated to Mellon Capital.

For its services to The Emerging Markets Portfolio, Mellon Capital receives a fee from each Portfolio calculated based on the average daily net assets of that portion of the assets of the Portfolio managed by it, at an annual rate of 0.13% so long as the aggregate assets allocated to Mellon Capital for all of its passive equity mandates (including accounts for other clients of the Adviser and certain of its affiliates besides the Trust) exceed $2 billion. Should these aggregate assets fall below $2 billion, the fee will be calculated at an annual rate of 0.15%. The initial allocation to Mellon Capital is expected to exceed $2 billion. During the fiscal year ended June 30, 2015, Mellon Capital received fees of 0.13% of the average daily net assets for the portion of The Emerging Markets Portfolio allocated to Mellon Capital.

For its services to The Core Fixed Income Portfolio (for assets allocated to government and mortgage/asset backed securities strategies), The U.S. Government Fixed Income Securities Portfolio and The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio, Mellon Capital receives a fee, based on the average daily net asset value of that portion of the assets of each Portfolio managed by it, at an annual rate of 0.06%. During the fiscal year ended June 30, 2015, Mellon Capital received fees of 0.06% of the average daily net assets for each portion of The Core Fixed Income Portfolio, The U.S. Government Fixed Income Securities Portfolio and The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio allocated to Mellon Capital.

For its services to The Core Fixed Income Portfolio (for assets allocated to corporate securities strategies) and The U.S. Corporate Fixed Income Securities Portfolio, Mellon Capital receives a fee, based on the average daily net asset value of that portion of the assets of each Portfolio managed by it, at an annual rate of 0.15% of that portion of each Portfolio dedicated to investments in U.S. corporate fixed income securities. During the fiscal year ended June 30, 2015, Mellon Capital received fees of 0.15% of the average daily net assets for the portion of The Core Fixed Income Portfolio allocated (to corporate securities strategies) to Mellon Capital. Mellon Capital did not manage any assets in The U.S. Corporate Fixed Income Securities Portfolio during the fiscal year ended June 30, 2015.

For its services to The Fixed Income Opportunity Portfolio, Mellon Capital receives a fee, based on the average daily net asset value of that portion of the assets of the Portfolios managed by it, at an annual rate of 0.25%. During the fiscal year ended June 30, 2015, Mellon Capital was not allocated assets of The Fixed Income Opportunity Portfolio.

For its services to The Inflation Protected Securities Portfolio, Mellon Capital receives a fee from the Portfolio calculated based on the average daily net assets of that portion of the assets of the Portfolio managed by it, at an annual rate of: 0.04% of the average daily net assets of that portion of the Account invested according to a domestic inflation-protected securities strategy; 0.07% of the average daily net assets of that portion of the Account invested according to a global inflation-protected securities strategy; and 0.13% of the average daily net assets of that portion of the Account invested according to an emerging markets inflation-protected securities strategy. During the period ended June 30, 2015, Mellon Capital received fees of 0.04% of the average daily net assets of The Emerging Markets Portfolio.

The Portfolio Managers for the Value Equity, Institutional Value Equity, Growth Equity, Institutional Growth Equity, Small Capitalization—Mid Capitalization Equity and Institutional Small Capitalization—Mid Capitalization Equity Portfolios are Karen Wong, William Cazalet, Ronald Gala and Kristin Crawford. The Portfolio Managers for the Real Estate Securities, Commodity Returns Strategy, International Equity, Institutional International Equity and Emerging Markets Portfolios are Karen Wong, William Cazalet, Peter Goslin and Kristin Crawford. The Portfolio Managers for The Inflation Protected Securities Portfolio are David C. Kwan, CFA, Paul Benson, CFA, CAIA and Wyatt Cerny.

Karen Q. Wong, CFA is a Managing Director and Head of Equity Portfolio Management at Mellon Capital. She has an M.B.A. and a B. S. from San Francisco State University. Ms. Wong has 15 years of investment experience with tenure of 14 years at Mellon Capital. Ms. Wong is the head of equity portfolio management responsible for overseeing all equity indexing strategies, including exchange traded funds (ETFs) and is responsible for refinement and implementation of the equity portfolio management process. She is a member of the Senior Management Committee, Investment Management Committee, Risk Management Committee, Fiduciary Committee, and Trade Management Oversight Committee. Prior to joining Mellon Capital she worked as a security analyst at Redwood Securities. She is member of the CFA Institute and the CFA Society of San Francisco and is also a member of S&P Index Advisory Panel and Russell Index Client Advisory Board.

William Cazalet, CAIA is a Managing Director and Head of Active Equity Portfolio Management at Mellon Capital. He has an M.S.M from Stanford University Graduate School of Business. and an M.A. from Cambridge University. Mr. Cazalet has 21 years of investment experience and joined Mellon Capital in 2013. Mr. Cazalet manages the entire team of portfolio managers and researchers for all U.S. and international active equity strategies.

Ronald Gala, CFA is a Managing Director, Team Leader and Senior Portfolio Manager for the Active Equity Strategies. Mr. Gala has 28 years of investment experience with tenure of 21 years between Mellon Capital and Mellon Equity Associates, LLP. He is a member and past president of the CFA Society of Pittsburgh and a member of the CFA Institute. He has an M.B.A. from the University of Pittsburgh and a B.S. from Duquesne University.

Kristin Crawford is a Director and Senior Portfolio Manager for the Active Equity Strategies. Ms. Crawford has 20 years of investment experience with tenure of 13 years between Mellon Capital and Franklin Portfolio Associates. She has an M.B.A. from Suffolk University and a B.S. from Smith College. Prior to joining Mellon Capital, she was a vice president and portfolio manager at Franklin Portfolio Associates.

Peter Goslin, CFA is a Director and Senior Portfolio Manager for the Active Equity Strategies. Mr. Goslin has 21 years of investment experience with tenure of 15 years at Mellon Capital. Mr. Goslin has an M.B.A. from the University of Notre Dame in Finance. Prior to joining Mellon Capital, Mr. Goslin was a derivatives trader and NASDAQ market maker for Merrill Lynch and ran Merrill’s Equity Index Option desk at the Chicago Mercantile Exchange.

Day-to-day investment decisions for the portions of The Core Fixed Income Portfolio and The U.S. Government Fixed Income Securities Portfolio allocated to Mellon Capital are the responsibility of David C. Kwan, CFA, Paul Benson, CFA, CAIA and Gregg Lee, CFA. Mr. Kwan is a Managing Director, Fixed Income Management of Mellon Capital with 24 years of investment experience at the firm. He earned both a B.S. and an M.B.A. at the University of California at Berkeley. Mr. Benson is Managing Director and Head of Fixed Income Portfolio Management at Mellon Capital with 20 years of investment experience and 10 years at the firm. He earned a B.A. at the University of Michigan at Ann Arbor. Mr. Lee is a Vice President, Senior Portfolio Manager at Mellon Capital with 25 years of finance and investment experience and 25 years at the firm. He earned a B.S. at University of California at Davis.

Day-to-day investment decisions for the portion of The Fixed Income Opportunity Portfolio allocated to Mellon Capital are the responsibility of David Kwan, John DiRe, Manual Hayes, Paul Benson and Stephanie Shu. Mr. Kwan is a Managing Director, Fixed Income Management of Mellon Capital with 24 years of investment experience at the firm. He earned both a B.S. and an M.B.A. at the University of California at Berkeley. Mr. DiRe is a Director, Senior Portfolio Manager with 21 years of investment experience and 10 years at the firm. He earned a B.S at the University of Illinois, Chicago and an M.B.A. at University of California at Los Angeles. Mr. Hayes is a Senior Portfolio Manager with 10 years investment experience and 5 years at the firm. He earned a B.S at the University of California at Berkeley. Mr. Benson is Managing Director and Head of Fixed Income Portfolio Management at Mellon Capital with 20 years of investment experience and 10 years at the firm. He earned a B.A. at the University of Michigan at Ann Arbor. Ms. Shu is a Director, Senior Portfolio Manager with 16 years of investment experience and 14 years at the firm. She earned a M.S. at Texas A&M University.

The Portfolio Managers for The Inflation Protected Securities Portfolio are David C. Kwan, CFA , Paul Benson, CFA, CAIA and Wyatt Cerny. Mr. Kwan is a Managing Director, Fixed Income Management of Mellon Capital with 24 years of investment experience at the firm. He earned both a B.S. and an M.B.A. at the University of California at Berkeley. Mr. Benson is Managing Director and Head of Fixed Income Portfolio Management at Mellon Capital with 20 years of investment experience and 10 years at the firm. He earned a B.A. at the University of Michigan at Ann Arbor. Mr. Cerny is a Portfolio Manager of Fixed Income Management of Mellon Capital with 6 years of investment experience at the firm. He earned his B.S. at Georgetown University.

Day-to-day investment decisions for the portion of The U.S. Corporate Fixed Income Securities Portfolio allocated to Mellon Capital are the responsibility of David C. Kwan, CFA, Paul Benson, CFA, CAIA , John DiRe, and Manual Hayes. Mr. Kwan is a Managing Director, Fixed Income Management of Mellon Capital with 24 years of investment experience at the firm. He earned both a B.S. and an M.B.A. at the University of California at Berkeley. Mr. Benson is Managing Director and Head of Fixed Income Portfolio Management at Mellon Capital with 20 years of investment experience and 10 years at the firm. He earned a B.A. at the University of Michigan at Ann Arbor. Mr. DiRe is a Director, Senior Portfolio Manager with 21 years of investment experience and 10 years at the firm. He earned a B.S at the University of Illinois, Chicago and an M.B.A. at University of California at Los Angeles. Mr. Hayes is a Senior Portfolio Manager with 10 years investment experience and 5 years at the firm. He earned a B.S at the University of California at Berkeley.

As of June 30, 2015, Mellon Capital had assets under management totaling approximately $392 billion, which includes overlay strategies.

The Emerging Markets Portfolio (the “Portfolio”) (From the Supplement Filed on February 18, 2016): The prospectus is supplemented to reflect the removal of Kirk Henry in the portfolio managers for the Portfolio as shown below.

1. The following replaces the “TBCAM” paragraph under the “Portfolio Managers” section of the Investment SubAdvisers, regarding the Portfolio on page 61 of the Prospectus:

TBCAM: Warren Skillman has managed the portion of the Portfolio allocated to TBCAM since March, 2010.

2. The following replaces the first two paragraphs of The Boston Company Asset Management LLC section of the “Specialist Manager Guide” on page 168 of the Prospectus:

The Boston Company Asset Management LLC (“TBCAM”) serves as a Specialist Manager for The Emerging Markets Portfolio. TBCAM is an investment adviser registered with the Securities and Exchange Commission under the Investment Advisers Act and is a wholly-owned subsidiary of The Bank of New York Mellon Corporation. TBCAM is headquartered at the One Boston Place, Boston, MA 02108. Mr. Warren Skillman is primarily responsible for the day-to-day management of the portion of the Portfolio’s assets allocated to TBCAM. As of June 30, 2015, TBCAM had total assets under management of approximately $44.4 billion in assets.

The International Equity Portfolio and Institutional International Equity Portfolio (the “Portfolios”) (From the Supplement Filed on February 18, 2016): The sections relating to the City of London Investment Management Company Limited (“CLIM”) Investment Selection Process under “More Information About Fund Investments and Risks; Specialist Managers” on page 128 for The International Equity Portfolio and page 131 for The Institutional International Equity Portfolio are each deleted in its entirety and replaced by the following:

The CLIM Investment Selection Process:

CLIM attempts to achieve above average long term performance with low relative volatility through active management of a portfolio consisting mostly of closed-end funds. Within sector allocation parameters set by the Adviser, CLIM uses a bottom-up stock selection process to identify a set of closed end funds that will provide the desired asset-class exposure. CLIM uses four main factors in selecting closed-end funds for purchase:

• The historical, net performance of the closed-end fund in NAV terms, versus its benchmark (i.e. quality of exposure to the desired asset class);

• The current discount to NAV of the fund compared to its historical average and its peer group and its potential to generate alpha;

• The potential for the fund’s discount to NAV to narrow due to unitization (conversion to open-ended status), a share buyback program or some other form of corporate activity; and

• Extraneous valuation factors such as rights issues, mergers or other event-driven situations that can be accretive to shareholders.

CLIM generally sells positions either to adjust asset allocations or because a superior investment opportunity has been identified.

The Value Equity Portfolio, The Institutional Value Equity Portfolio, The Growth Equity Portfolio, The Institutional Growth Equity Portfolio, The Small Capitalization—Mid Capitalization Equity Portfolio, The Institutional Small Capitalization—Mid Capitalization Equity Portfolio, The Real Estate Securities Portfolio, The Commodity Returns Strategy Portfolio, The International Equity Portfolio, The Institutional International Equity Portfolio, The Emerging Markets Portfolio, The Core Fixed Income Portfolio, The Fixed Income Opportunity Portfolio , The U.S. Government Fixed Income Securities Portfolio, The Inflation Protected Securities Portfolio, The U.S. Corporate Fixed Income Securities Portfolio and The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio, The Short-Term Municipal Bond Portfolio, The Intermediate Term Municipal Bond Portfolio and The Intermediate Term Municipal Bond II Portfolio (the “Portfolios”) (From the Supplement Filed on January 14, 2016): The prospectus is supplemented to reflect the addition of Scott Jacobson in the portfolio managers for each of the Portfolios as shown below.

1. The following replaces the “Portfolio Managers” section of the Investment Adviser, regarding The Value Equity Portfolio on page 6 of the Prospectus:

Thomas Cowhey, CFA and Brad Conger, CFA have managed the Portfolio since August, 2013. Scott Jacobson, CFA has managed the Portfolio since January, 2016.

2. The following replaces the “Portfolio Managers” section of the Investment Adviser, regarding The Institutional Value Equity Portfolio on page 11 of the Prospectus:

Thomas Cowhey, CFA and Brad Conger, CFA have managed the Portfolio since August, 2013. Scott Jacobson, CFA has managed the Portfolio since January, 2016.

3. The following replaces the “Portfolio Managers” section of the Investment Adviser, regarding The Growth Equity Portfolio on page 16 of the Prospectus:

Thomas Cowhey, CFA and Brad Conger, CFA have managed the Portfolio since August, 2013. Scott Jacobson, CFA has managed the Portfolio since January, 2016.

4. The following replaces the “Portfolio Managers” section of the Investment Adviser, regarding The Institutional Growth Equity Portfolio on page 22 of the Prospectus:

Thomas Cowhey, CFA and Brad Conger, CFA have managed the Portfolio since August, 2013. Scott Jacobson, CFA has managed the Portfolio since January, 2016.

5. The following replaces the “Portfolio Managers” section of the Investment Adviser, regarding The Small Capitalization—Mid Capitalization Equity Portfolio on page 27 of the Prospectus:

Thomas Cowhey, CFA and Brad Conger, CFA have managed the Portfolio since August, 2013. Scott Jacobson, CFA has managed the Portfolio since January, 2016.

6. The following replaces the “Portfolio Managers” section of the Investment Adviser, regarding The Institutional Small Capitalization—Mid Capitalization Equity Portfolio on page 32 of the Prospectus:

Thomas Cowhey, CFA and Brad Conger, CFA have managed the Portfolio since August, 2013. Scott Jacobson, CFA has managed the Portfolio since January, 2016.

7. The following replaces the “Portfolio Managers” section of the Investment Adviser, regarding The Real Estate Securities Portfolio on page 38 of the Prospectus:

Thomas Cowhey, CFA and Brad Conger, CFA have managed the Portfolio since August, 2013. Scott Jacobson, CFA has managed the Portfolio since January, 2016.

8. The following replaces the “Portfolio Managers” section of the Investment Adviser, regarding The Commodity Returns Strategy Portfolio on page 45 of the Prospectus:

Thomas Cowhey, CFA and Brad Conger, CFA have managed the Portfolio since August, 2013. Scott Jacobson, CFA has managed the Portfolio since January, 2016.

9. The following replaces the “Portfolio Managers” section of the Investment Adviser, regarding The International Equity Portfolio on page 50 of the Prospectus:

Thomas Cowhey, CFA and Brad Conger, CFA have managed the Portfolio since August, 2013. Scott Jacobson, CFA has managed the Portfolio since January, 2016.

10. The following replaces the “Portfolio Managers” section of the Investment Adviser, regarding The Institutional International Equity Portfolio on page 55 of the Prospectus:

Thomas Cowhey, CFA and Brad Conger, CFA have managed the Portfolio since August, 2013. Scott Jacobson, CFA has managed the Portfolio since January, 2016.

11. The following replaces the “Portfolio Managers” section of the Investment Adviser, regarding The Emerging Markets Portfolio on page 61 of the Prospectus:

Thomas Cowhey, CFA and Brad Conger, CFA have managed the Portfolio since August, 2013. Scott Jacobson, CFA has managed the Portfolio since January, 2016.

12. The following replaces the “Portfolio Managers” section of the Investment Adviser, regarding The Core Fixed Income Portfolio on page 67 of the Prospectus:

Thomas Cowhey, CFA and Brad Conger, CFA have managed the Portfolio since August, 2013. Scott Jacobson, CFA has managed the Portfolio since January, 2016.

13. The following replaces the “Portfolio Managers” section of the Investment Adviser, regarding The Fixed Income Opportunity Portfolio on page 74 of the Prospectus:

Thomas Cowhey, CFA has managed the Portfolio since June, 2013. Brad Conger, CFA has managed the Portfolio since August, 2013. Scott Jacobson, CFA has managed the Portfolio since January, 2016.

14. The following replaces the “Portfolio Managers” section of the Investment Adviser, regarding The U.S. Government Fixed Income Securities Portfolio on page 78 of the Prospectus:

Thomas Cowhey, CFA and Brad Conger, CFA have managed the Portfolio since August, 2013. Scott Jacobson, CFA has managed the Portfolio since January, 2016.

15. The following replaces the “Portfolio Managers” section of the Investment Adviser, regarding The Inflation Protected Securities Portfolio on page 83 of the Prospectus:

Thomas Cowhey, CFA and Brad Conger, CFA have managed the Portfolio since its inception in February 2014. Scott Jacobson, CFA has managed the Portfolio since January, 2016.

16. The following replaces the “Portfolio Managers” section of the Investment Adviser, regarding The U.S. Corporate Fixed Income Securities Portfolio on page 88 of the Prospectus:

Thomas Cowhey, CFA and Brad Conger, CFA have managed the Portfolio since August, 2013. Scott Jacobson, CFA has managed the Portfolio since January, 2016.

17. The following replaces the “Portfolio Managers” section of the Investment Adviser, regarding The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio on page 93 of the Prospectus:

Thomas Cowhey, CFA and Brad Conger, CFA have managed the Portfolio since August, 2013. Scott Jacobson, CFA has managed the Portfolio since January, 2016.

18. The following replaces the “Portfolio Managers” section of the Investment Adviser, regarding The Short-Term Municipal Bond Portfolio on page 98 of the Prospectus:

Thomas Cowhey, CFA and Brad Conger, CFA have managed the Portfolio since August, 2013. Scott Jacobson, CFA has managed the Portfolio since January, 2016.

19. The following replaces the “Portfolio Managers” section of the Investment Adviser, regarding The Intermediate Term Municipal Bond Portfolio on page 103 of the Prospectus:

Thomas Cowhey, CFA and Brad Conger, CFA have managed the Portfolio since August, 2013. Scott Jacobson, CFA has managed the Portfolio since January, 2016.

20. The following replaces the “Portfolio Managers” section of the Investment Adviser, regarding The Intermediate Term Municipal Bond Portfolio II on page 108 of the Prospectus:

Thomas Cowhey, CFA and Brad Conger, CFA have managed the Portfolio since August, 2013. Scott Jacobson, CFA has managed the Portfolio since January, 2016.

21. The following replaces the fifth paragraph under “Advisory Services” in the section “More Information About the Fund Investments and Risks” on page 151 of the Prospectus:

Officers and/or employees of the Adviser serve as the executive officers of the Trust and/or as members of the Board of Trustees. For its services under the HC Capital Agreements, the Adviser is entitled to receive an annual fee of 0.05% of each Portfolio’s average net assets. The principal offices of the Adviser are located at Five Tower Bridge, 300 Barr Harbor Drive, Suite 500, West Conshohocken, PA 19428-2970. A registered investment adviser under the Investment Advisers Act of 1940, as amended, since 1988, the Adviser had, as of June 30, 2015, approximately $25.4 billion in assets under management. HC Capital Solutions is a division of Hirtle, Callaghan & Co. LLC, and wholly owned by Hirtle Callaghan Holdings, Inc., which is controlled by one of its founders, Jonathan J. Hirtle. Mr. Thomas Cowhey, CFA, Mr. Brad Conger, CFA and Mr. Scott Jacobson, CFA act as portfolio managers for each Portfolio. Mr. Cowhey is the Chief Investment Strategist for the Adviser and has been with the Advisor since 2000. Mr. Conger is a Vice President at the Adviser and has been with the Adviser since December 2010. Prior to joining the Adviser, Mr. Conger spent over four years as a Director and Senior Analyst at Clearbridge Advisors. Mr. Jacobson is a Capital Allocation Investment Strategist for the Adviser and has been with the Adviser since 2015. Prior to joining the Adviser, Mr. Jacobson served as a Managing Director at Wedbush Securities, Inc., a Consultant for ClearVol Capital Management, LLC and the Head of Derivative Strategy at Sanford C. Bernstein & Co., LLC.

The Commodity Returns Strategy Portfolio (the “Portfolio”) (From the Supplement Filed on December 16, 2015): The prospectus is supplemented to reflect a change, effective January 1, 2016, in the portfolio managers for the Portfolio as shown below.

1. The following replaces the “Portfolio Managers” section of the Investment Subadviser, regarding Wellington Management Company LLP (“Wellington Management”) on page 45 of the Prospectus with respect to the Portfolio:

Wellington Management: Jay Bhutani has managed a portion of the Portfolio allocated to Wellington Management since June 2010. David Chang has managed a portion of the Portfolio allocated to Wellington Management since April 2011.

2. The following replaces the last four paragraphs of the Wellington Management section of the “Specialist Manager Guide” on page 181 of the Prospectus:

Jay Bhutani, Managing Director and Global Industry Analyst affiliated with Wellington Management and located outside of the United States, has served as Portfolio Manager for the Commodity Related Securities portion of the Fund since June 2010. Mr. Bhutani joined Wellington Management as an investment professional in 2007.

David A. Chang, CFA, Senior Managing Director and Commodities Portfolio Manager of Wellington Management, has served as Portfolio Manager for the Subsidiary since April 2011. Mr. Chang joined Wellington Management in 2001, and has been an investment professional since 2002.

Management receives a fee at an annual rate of 0.60% of the average daily net assets of the account so long as at least $150 million in assets are present in the account; and 0.85% of the average daily net assets of the account if less than $150 million in assets are present in the account. Prior to March 11, 2015, Wellington Management received a fee, payable monthly, for Portfolio assets managed in its Global Natural Resources strategy, of 0.85% of the average daily net assets of that portion of the Portfolio’s assets allocated to such strategy so long as there are at least $50 million in assets present in such account and 1.00% if less than $50 million are present in the account. Wellington Management has waived the $50 million minimum assets level for the first six months of the Portfolio’s operations. For assets managed in its Commodity strategy, Wellington Management will receive a fee at an annual rate of 0.75% of the average daily net assets of that portion of the Portfolio’s assets allocated to such strategy from time to time. During the fiscal year ended June 30, 2015, Wellington Management received a total fee of 0.76% of the average daily net assets of The Commodity Returns Strategy Portfolio.

The Core Fixed Income Portfolio (the “Portfolio”):

1. The section “Principal Investment Strategies” pertaining to the Portfolio on page 62 of the Prospectus is revised and restated as shown below:

Principal Investment Strategies

Under normal circumstances, the Portfolio invests primarily (i.e. at least 80% of its net assets) in a diversified portfolio of fixed income securities. In the unlikely event that a change in this investment policy is adopted by the Board of Trustees, shareholders will receive at least 60 days prior written notice before such change is implemented. The Portfolio, under normal circumstances, will invest at least 80% of its net assets in fixed income securities that, at the time of purchase, are rated in one of four highest rating categories assigned by one of the major independent rating agencies or are, in the view of the Specialist Manager, deemed to be of comparable quality. Securities in the fourth highest rating category may have speculative characteristics. From time to time, a substantial portion of the Portfolio may be invested in any of the following: (1) investment grade mortgage-backed or asset-backed securities; (2) securities issued or fully guaranteed by the U.S. Government, Federal Agencies, or sponsored agencies; (3) investment grade fixed income securities issued by U.S. corporations; or (4) municipal bonds (i.e., debt securities issued by municipalities and related entities). Under normal conditions, the Portfolio may invest up to 20% of its assets in high yield securities (“junk bonds”) as well as cash or money market instruments in order to maintain liquidity, or in the event that the Specialist Manager determines that securities meeting the Portfolio’s investment objective and policies are not otherwise readily available for purchase. The Portfolio may invest in securities issued by other investment companies, including ETFs, that invest in fixed income securities. Consistent with its investment policies, the Portfolio may purchase and sell securities without regard to the effect on portfolio turnover. The Portfolio has historically had significant portfolio turnover (e.g., over 200% annually), and it is anticipated that such portfolio turnover will continue in the future. Securities purchased for the Portfolio will have varying maturities, but under normal circumstances the Portfolio will have an effective dollar weighted average portfolio maturity that is within the range of the average portfolio maturity in the Barclays Capital U.S. Aggregate Bond Index, which range, as of June 30, 2015, was between one and ten years. The weighted average maturity of the Barclays Capital U.S. Aggregate Bond Index as of June 30, 2015 was 7.87 years. The Portfolio may engage in transactions involving instruments such as option or futures contracts, both in order to hedge against fluctuations in the market value of the securities in which the Portfolio invests and to achieve market exposure pending investment and, in the case of asset-backed and similar securities, for investment purposes.

The Portfolio is authorized to operate on a multi-manager basis. This means that a single Portfolio may be managed by more than one Specialist Manager. The multi-manager structure is generally designed to provide investors access to broadly diversified investment styles. The Trust seeks to engage skilled Specialist Managers to provide a broad exposure to the relevant asset class and returns in excess of the Portfolio’s benchmark over time.

2. The paragraph under “The Core Fixed Income Portfolio” on page 133 of the Prospectus is revised and restated as shown below:

to incur additional transaction costs; higher transaction costs will reduce total return. High portfolio turnover also is likely to generate short-term capital gains, which is taxed as ordinary income. Securities purchased for the Portfolio will have varying maturities, but under normal circumstances the Portfolio will have an effective dollar weighted average portfolio maturity that is within the range of the average portfolio maturity in the Barclays Capital U.S. Aggregate Bond Index, which range, as of June 30, 2015, was between one and ten years. The weighted average maturity of the Barclays Capital U.S. Aggregate Bond Index as of June 30, 2015 was 7.87 years. The Portfolio may engage in transactions involving “derivative instruments” including, but not limited to, futures, forwards, options and options on futures both in order to hedge against fluctuations in the market value of the securities in which the Portfolio invests and to achieve market exposure pending investment and, in the case of asset-backed and similar securities, for investment purposes.

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.

Supplement to Prospectus

HC Strategic Shares

Dated November 1, 2015

HC Capital Trust

The date of this Supplement is October 17, 2016

The International Equity Portfolio and The Institutional International Equity Portfolio (the Portfolios”):

1. The following replaces the “Investment Subadvisers” section of the Prospectus:

Page 51:

Investment Subadvisers

Page 56:

Investment Subadvisers

Artisan Partners Limited Partnership (“Artisan”), Cadence Capital Management LLC (“Cadence”), Causeway Capital Management LLC (“Causeway”), City of London Investment Management Company Limited (“CLIM”), Lazard Asset Management LLC (“Lazard”), Parametric Portfolio Associates (“Parametric”) and Mellon Capital Management Corporation (“Mellon Capital”) are the Specialist Managers for the Portfolio.

2. The “CapGuardian” section is each deleted in its entirety under the “Portfolio Managers” sections on pages 51 and 56 of the Prospectus.

3. The “CapGuardian Investment Selection Process” section is deleted in its entirety under “More Information About Fund Investments and Risks” “The International Equity Portfolio; Specialist Managers” on page 128 and “The Institutional International Equity Portfolio; Specialist Managers” on page 131. Additionally, reference to CapGuardian in the first paragraph under “The International Equity Portfolio; Specialist Managers” on page 127 and “The Institutional International Equity Portfolio; Specialist Managers” on page 130 is each deleted in its entirety.

4. Reference to CapGuardian in the sixth and seventh paragraphs under “More Information About Fund Investments and Risks” Specialist Managers” on page 154 is each deleted in its entirety.

5. The “Capital Guardian Trust Company” section is deleted in its entirety under “Specialist Manager Guide” on page 172.

Accordingly, upon the Effective Date, the Prospectus is supplemented as shown below with references to Cupps deleted entirely, and additional disclosures related to Advisory Research included.

The Small Capitalization - Mid Capitalization Equity Portfolio

1. The following replaces the “Investment Subadvisers” section on page 28 of the Prospectus:

Investment Subadvisers

2. The following is added before “Ariel” under the “Portfolio Managers” section on page 28 of the Prospectus:

Advisory Research: Andrew S. Cupps has managed the portfolio of the Portfolio allocated to Advisory Research since June, 2011*.

*	Includes Mr. Cupps’ services with a previous Investment Subadviser.

4. The “Cupps Investment Selection Process” section is deleted in its entirety and the following is added under “More Information About Fund Investments and Risks - The Small Capitalization - Mid Capitalization Equity Portfolio; Specialist Managers” on page 118 before the “Ariel Investment Selection Process”:


The Advisory Research Investment Selection Process		Advisory Research believes earnings growth is the primary variable driving intermediate and long term stock performance and Advisory Research therefore focuses on companies it believes are poised to experience high or improving rates of earnings growth. Advisory Research uses a proprietary investment framework to evaluate the attractiveness of stocks. Cupps’ investment approach begins with fundamental analysis to determine valuation and then considers four additional perspectives that include both fundamental and technical disciplines to generate an overall opinion of a stock’s attractiveness. Sell decisions, like buy decisions, take into account these same perspectives. If a company’s financial results fall significantly off its projected growth path, either in terms of product sales or market development, or if the company loses significant competitive advantage, or if the stock demonstrates poor technical behavior, positions will most likely be reduced or eliminated entirely.

The Institutional Small Capitalization - Mid Capitalization Equity Portfolio

1. The following replaces the “Investment Subadvisers” section on page 33 of the Prospectus:

2. The following is added before “Ariel” under the “Portfolio Managers” section on page 33 of the Prospectus:

Advisory Research: Andrew S. Cupps has managed the portfolio of the Portfolio allocated to Advisory Research since June, 2011*.

*	Includes Mr. Cupps’ services with a previous Investment Subadviser.

A portion of the Portfolio is managed in accordance with an “active management” approach, which involves the buying and selling of securities based upon economic, financial and market analysis and investment judgment. Advisory Research, Ariel, Frontier, IronBridge, Parametric and Pzena, are currently responsible for implementing the active component of the Portfolio’s investment strategy. The remaining portion of the Portfolio is managed using “passive” or “index” investment approaches that are designed to approximate as closely as practicable, before expenses, the performance of the Portfolio’s benchmark index or one or more identifiable subsets or other portions of that index (see “Fund Management,” included later in this Prospectus). Cadence and Mellon Capital are currently responsible for implementing the passive component of the Portfolio’s investment strategy. The investment selection process for each of these Specialist Managers is described below; further information about the Specialist Managers, individual portfolio managers responsible for day-to-day investment decisions for the Portfolio, and the manner in which the Portfolio’s assets are allocated among them appears in the “Specialist Manager Guide” included later in this Prospectus.

4. The “Cupps Investment Selection Process” section is deleted in its entirety and the following is added under “More Information About Fund Investments and Risks - The Institutional Small Capitalization - Mid Capitalization Equity Portfolio; Specialist Managers” on page 120 before the “Ariel Investment Selection Process”:


The Advisory Research Investment Selection Process:		Advisory Research believes earnings growth is the primary variable driving intermediate and long-term stock performance and Advisory Research therefore focuses on companies it believes are poised to experience high or improving rates of earnings growth. Advisory Research uses a proprietary investment framework to evaluate the attractiveness of stocks. Advisory Research’ investment approach begins with fundamental analysis to determine valuation and then considers four additional perspectives that include both fundamental and technical disciplines to generate an overall opinion of a stock’s attractiveness. Sell decisions, like buy decisions, take into account these same perspectives. If a company’s financial results fall significantly off its projected growth path, either in terms of product sales or market development, or if the company loses significant competitive advantage, or if the stock demonstrates poor technical behavior, positions will most likely be reduced or eliminated entirely.

The Small Capitalization - Mid Capitalization Equity Portfolio and The Institutional Small Capitalization - Mid Capitalization Equity Portfolio

The “Cupps Capital Management, LLC,” section is deleted in its entirety and the following is added under “Specialist Manager Guide” on page 168 before the “Agincourt Capital Management, LLC”:

The Value Equity Portfolio

Effective November 1, 2016, the following replaces the first paragraph under the “Principal Investment Strategies” section on page 2 of the Prospectus:

The Institutional Value Equity Portfolio

Effective November 1, 2016, the following replaces the first paragraph under the “Principal Investment Strategies” section on page 7 of the Prospectus:

The Portfolio is a diversified investment company that is designed to implement a value-oriented investment approach. A “value investor” seeks to select securities that trade for less than the intrinsic value of the issuing company, as measured by fundamental investment considerations such as earnings, book value and dividend paying ability. Under normal circumstances, the Portfolio seeks to achieve its objective by investing primarily (i.e., at least 80% of its net assets) in equity securities. In the unlikely event that a change in this investment policy is adopted by the Board of Trustees, shareholders will receive at least 60 days prior written notice before such change is implemented. The Portfolio will focus its investments in equity securities of large and mid-capitalization issuers. As of the date of this Prospectus, companies with a market capitalization of between $5 billion and $24 billion would likely be included in the “mid cap” range. Up to 20% of the total assets of the actively managed portion of the Portfolio may be invested in income-producing securities other than common stock, such as preferred stocks or bonds, including those that are convertible into common stock. These income-producing securities may be of any quality or maturity. Up to 20% of the total assets of the total Portfolio may also be invested in securities issued by non-U.S. companies. The Portfolio may invest in securities issued by other investment companies, including ETFs, that invest in equity securities. Consistent with their respective investment styles, the Portfolio’s Specialist Managers may use instruments including option or futures contracts and similar instruments in order to pursue their investment objectives, gain market exposure pending investment or to hedge against fluctuations in market price of the securities in which the Portfolio invests. In accordance with applicable interpretations of the SEC, certain derivative instruments may be counted as equity securities for purposes of the Portfolio’s policies regarding investments in equity securities, to the extent that such derivative instruments have economic characteristics similar to those of equity securities. Additionally, a portion of the Portfolio may be managed using a more “passive” investment approach designed to approximate as closely as practicable, before expenses, the performance of either the Portfolio’s benchmark index or, from time to time, one or more identifiable subsets or other portions of that index.

The Growth Equity Portfolio

Effective November 1, 2016, the following replaces the first paragraph under the “Principal Investment Strategies” section on page 12 of the Prospectus:

The Institutional Growth Equity Portfolio

Effective November 1, 2016, the following replaces the first paragraph under the “Principal Investment Strategies” section on page 18 of the Prospectus:

The Portfolio is a diversified investment company that is designed to implement a growth-oriented investment approach. “Growth investing” means that securities acquired for the Portfolio can be expected to have above-average potential for growth in revenue and earnings. Under normal circumstances, the Portfolio seeks to achieve its objective by investing primarily (i.e., at least 80% of its net assets) in equity securities. In the unlikely event that a change in this investment policy is adopted by the Board of Trustees, shareholders will receive at least 60 days prior written notice before such change is implemented. The Portfolio may invest up to 20% of the total assets of the actively managed portion of the Portfolio in income-producing securities other than common stock, such as preferred stocks or bonds, including those that are convertible into common stock. These income-producing securities may be of any quality or maturity. The Portfolio will focus its investments in equity securities of large and mid-capitalization issuers. As of the date of this Prospectus, companies with a market capitalization of between $5 billion and $24 billion would likely be included in the “mid cap” range. Up to 20% of the total assets of the total Portfolio may also be invested in securities issued by non-U.S. companies. The Portfolio may invest in securities issued by other investment companies, including ETFs, that invest in equity securities. Although some of the equity securities in which the Portfolio will invest are expected to be dividend paying issues, income is a secondary consideration in the stock selection process. Accordingly, dividends paid by this Portfolio can generally be expected to be lower than those paid by The Institutional Value Equity Portfolio. Consistent with their respective investment styles, the Portfolio’s Specialist Managers may use instruments including option or futures contracts, swaps and similar instruments in order to pursue their investment objectives, gain market exposure pending investment or to hedge against fluctuations in market price of the securities in which the Portfolio invests. The Portfolio may also use currency forwards in connection with the purchase and sale of securities denominated in foreign currencies. In accordance with applicable interpretations of the SEC, certain derivative instruments may be counted as equity securities for purposes of the Portfolio’s policies regarding investments in equity securities, to the extent that such derivative instruments have economic characteristics similar to those of equity securities. Additionally, a portion of the Portfolio may be managed using a more “passive” investment approach designed to approximate as closely as practicable, before expenses, the performance of either the Portfolio’s benchmark index or, from time to time, one or more identifiable subsets or other portions of that index.

The Small Capitalization—Mid Capitalization Equity Portfolio

Effective November 1, 2016, the following replaces the first paragraph under the “Principal Investment Strategies” section on page 24 of the Prospectus:

The Institutional Small Capitalization—Mid Capitalization Equity Portfolio

Effective November 1, 2016, the following replaces the first paragraph under the “Principal Investment Strategies” section on page 29 of the Prospectus:

The International Equity Portfolio

Effective November 1, 2016, the following replaces the first paragraph under the “Principal Investment Strategies” section on page 47 of the Prospectus:

The Institutional International Equity Portfolio

Effective November 1, 2016, the following replaces the first paragraph under the “Principal Investment Strategies” section on page 52 of the Prospectus:

The Emerging Markets Portfolio

Effective November 1, 2016, the following replaces the first paragraph under the “Principal Investment Strategies” section on page 57 of the Prospectus:

The Core Fixed Income Portfolio

Effective November 1, 2016, the following replaces the first paragraph under the “Principal Investment Strategies” section on page 63 of the Prospectus:

The U.S. Corporate Fixed Income Securities Portfolio

Effective November 1, 2016, the following replaces the first paragraph under the “Principal Investment Strategies” section on page 85 of the Prospectus:

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

Effective November 1, 2016, the following replaces the first paragraph under the “Principal Investment Strategies” section on page 90 of the Prospectus:

The Short-Term Municipal Bond Portfolio

Effective November 1, 2016, the following replaces the first paragraph under the “Principal Investment Strategies” section on page 95 of the Prospectus:

The Intermediate Term Municipal Bond Portfolio

Effective November 1, 2016, the following replaces the first paragraph under the “Principal Investment Strategies” section on page 100 of the Prospectus:

The Intermediate Term Municipal Bond II Portfolio

Effective November 1, 2016, the following replaces the first paragraph under the “Principal Investment Strategies” section on page 105 of the Prospectus:

The Emerging Markets Portfolio (the “Portfolio”) (From the Supplement filed on July 29, 2016):

1. The following replaces the “Annual Operating Expenses” table and accompanying “Example” in the “Fees and Expenses” section on page 57 of the Prospectus:

Annual Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)


Management Fees (based on asset allocations among Specialist Managers, see “Advisory Services – Specialist Managers”)	0.43	%
Other Expenses	0.19	%
Acquired Fund Fees and Expenses	0.04	%
Total Annual Portfolio Operating Expenses	0.66	%


1 Year	$	67
3 Years	$	211
5 Years	$	368
10 Years	$	822

2. The following replaces the “Investment Subadvisers” section on page 60 of the Prospectus:

Investment Subadvisers

3. The following is added after “Parametric” under the “Portfolio Managers” section on page 60 of the Prospectus:

RBC GAM: Philippe Langham, ACA and Laurence Bensafi, CFA, have managed the portion of the Portfolio allocated to RBC since July, 2016.

4. The following replaces the first paragraph of the “Specialist Managers” section under “The Emerging Markets Portfolio” on page 133:

5. The following is added to the Section “More Information About Fund Investments and Risks - The Emerging Markets Portfolio” on page 134:


The RBC GAM Investment Selection Process		The RBC GAM Emerging Markets Equity team believes that companies with a sustainably high cash flow return on investment (CFROI^®) produce superior returns and seeks to identify and invest in such companies. There are three components RBC GAM looks for when selecting securities for this strategy: 1) Strong management; 2) Quality franchises; and 3) Sustainability. The strategy emphasizes quality and long-term growth at a reasonable price, combining a fundamental bottom-up approach to stock selection with a top-down macroeconomic overlay driven by long-term secular themes.

		RBC GAM generally sells stocks under the following circumstances: 1)The investment case has changed; 2) The valuation has increased to a level that supports realization of the profit; or 3) A better stock has been found.

6. The following replaces “Specialist Managers” section under “The Emerging Markets Portfolio” on page 154:

7. The following is added to the “Specialist Manager Guide” on page 129 between Pzena Investment Management, LLC and Standish Mellon Asset Management Company LLC:

Philippe Langham, ACA, and Laurence Bensafi, CFA, are primarily responsible for the day-to-day management of the portion of the assets of Portfolio allocated to RBC GAM.

8. The following disclosure is added following “Emerging Markets Risk” in the Principal Investment Risks section on page 37 of the Prospectus:

The Fixed Income Opportunity Portfolio (the “Portfolio”) (From the Supplement filed on July 29, 2016): The prospectus is supplemented to reflect the addition of Garrick Bauer in the portfolio managers for the Portfolio as shown below.

1. The following replaces the “Fort Washington” paragraph under the “Portfolio Managers” section of the Investment SubAdvisers, regarding the Portfolio on page 75 of the Prospectus:

2. The following replaces the second paragraph of Fort Washington Investment Advisors, Inc. (“Fort Washington”) section of the “Specialist Manager Guide” on page 175 of the Prospectus:

The Emerging Markets Portfolio (the “Portfolio”) (From the Supplement Filed on June 15, 2016): At a meeting held on June 14, 2016, the Board of Trustees(the “Board”) for HC Capital Trust (the “Trust”) (i) approved the engagement of RBC Global Asset Management (“RBC”) as an additional investment advisory organization (“Proposed Specialist Manager”) to manage portions of the assets of The Emerging Markets Portfolio and (ii) recommended approval of a portfolio management agreement between RBC and the Trust, on behalf of the Portfolio (the “Proposed Agreement”) by shareholders of the Portfolio. A meeting of the shareholders of the Portfolio is scheduled to be held on July 29, 2016 for the purpose of approving the Proposed Agreement.

The Value Equity Portfolio, The Institutional Value Equity Portfolio, The Growth Equity Portfolio, The Institutional Growth Equity Portfolio, The Small Capitalization - Mid Capitalization Equity Portfolio, The Institutional Small Capitalization - Mid Capitalization Equity Portfolio, The Real Estate Securities Portfolio, The Commodity Returns Strategy Portfolio, The International Equity Portfolio, The Institutional International Equity Portfolio, The Emerging Markets Portfolio and The Fixed Income Opportunity Portfolio (the “Portfolios”) (From the Supplement Filed on June 15, 2016): At a meeting held on June 14, 2016, the Board approved, on behalf of the Portfolios, (i) an additional strategy, known as the Targeted Strategy (as defined below), to be managed by Parametric Portfolio Associates, LLC (“Parametric”) and HC Capital Solutions, the investment adviser to the Portfolios and (ii) new Portfolio Agreements between the Trust and Parametric on behalf of each Portfolio, that include the compensation arrangements applicable to assets managed according to Parametric’s Targeted Strategy. In addition, a new member was added to the Parametric Liquidity Strategy team for each Portfolio and a new member replaced another member of the Parametric Defensive Equity Strategy team for The Value Equity Portfolio, The Institutional Value Equity Portfolio, The Growth Equity Portfolio and The Institutional Growth Equity Portfolio. Accordingly, effective, June 15, 2016, the Prospectus is supplemented as follows:

1. The disclosure with respect to Parametric under the heading “Portfolio Managers” for each of The Small Capitalization - Mid Capitalization Equity Portfolio (p.28), The Institutional Small Capitalization - Mid Capitalization Equity Portfolio (p.33), The Real Estate Securities Portfolio (p.39), The Commodity Returns Strategy Portfolio (p.46), The International Equity Portfolio (p.51), The Institutional International Equity Portfolio (p.56), The Emerging Markets Portfolio (p. 62) and The Fixed Income Opportunity Portfolio (p.75) is hereby deleted and replaced with the following:

2. The disclosure with respect to The Parametric Investment Selection Process for each of The Small Capitalization - Mid Capitalization Equity Portfolio (p. 119), The Institutional Small Capitalization - Mid Capitalization Equity Portfolio (p. 121), The Real Estate Securities Portfolio (p. 123), The Commodity Returns Strategy Portfolio (p. 125), The International Equity Portfolio (p. 129), The Institutional International Equity Portfolio (p. 132), The Emerging Markets Portfolio (p. 134) and The Fixed Income Opportunity Portfolio (p. 136) is hereby deleted and replaced with the following:

The Parametric Investment Selection Process:

Parametric currently manages assets for the Portfolio using two separate and distinct strategies: “Liquidity Strategy” and “Targeted Strategy”.

3. The disclosure with respect to Parametric under the heading “Portfolio Managers” for each of The Value Equity Portfolio (p. 6), The Institutional Value Equity Portfolio (p. 11), The Growth Equity Portfolio (p. 17) and The Institutional Growth Equity Portfolio (p. 23) is hereby deleted and replaced with the following:

Parametric (Targeted Strategy): Justin Henne, CFA, Tom Lee, CFA, Clint Talmo, CFA, Jason Nelson, CFA, Dane Fickel, Associate Portfolio Manager, Perry Li, Associate Portfolio Manager and Michael Zaslavsky, Associate Portfolio Manager, have managed the portion of the Portfolio allocated to Parametric’s Targeted Strategy since June, 2016.

4. The disclosure with respect to The Parametric Investment Selection Process for each of The Value Equity Portfolio (p. 112), The Institutional Value Equity Portfolio (p. 113), The Growth Equity Portfolio (p. 115) and The Institutional Growth Equity Portfolio (p. 117) is hereby deleted and replaced with the following:


The Parametric Investment Selection Process:		Parametric currently manages assets for the Portfolio using three separate and distinct strategies: “Defensive Equity Strategy”, “Liquidity Strategy” and “Targeted Strategy”.

		Parametric Defensive Equity Strategy uses equity index exposure (through exchanged traded funds and futures contracts), US Treasury bills, equity index call options and equity index put options. The strategy utilizes a rules-based approach that is implemented in a mechanical manner, and which does not rely on predictive forecasts or market timing when making investment decisions. The defensive equity strategy seeks to provide attractive relative returns compared to the S&P 500 over a full market cycle, while providing meaningful protection in down markets. Over shorter term time periods, the strategy is designed to deliver superior relative performance in modestly higher, flat and down markets, while trailing the index in strong markets.

		In selecting investments for that portion of the Portfolio to be managed pursuant to the Liquidity Strategy, Parametric adheres to a strategy that seeks to closely match the performance of the Portfolio’s benchmark index (or other benchmark as specified by the Adviser) through the use of exchange-traded futures contracts, exchange traded funds (ETFs) and closed-end funds. The strategy utilizes a disciplined approach that is implemented in a mechanical manner, and which does not rely on predictive forecasts or market timing when making investment decisions. The Liquidity Strategy seeks to provide returns commensurate with the Portfolio’s stated benchmark index or other benchmark as specified by the Adviser.

		The Targeted Strategy is the second of a two stage investment process under the direction of the Adviser in which Parametric effects transactions at the direction of the Adviser as set forth in “HC Capital Solutions – Investment Selection Process” shown below. Parametric provides expertise in trade execution, instrument and structure selection. Additionally, Parametric provides customized reporting on position details, liquidity/margin status and adequacy, and performance.

5. The following is added to the disclosure under the heading “More Information About Fund Investments and Risks” with respect to each of The Value Equity Portfolio (p. 112), The Institutional Value Equity Portfolio (p. 113), The Growth Equity Portfolio (p. 115), The Institutional Growth Equity Portfolio (p. 117), The Small Capitalization - Mid Capitalization Equity Portfolio (p. 119), The Institutional Small Capitalization - Mid Capitalization Equity Portfolio (p. 121), The Real Estate Securities Portfolio (p. 123), The Commodity Returns Strategy Portfolio (p. 125), The International Equity Portfolio (p. 129), The Institutional International Equity Portfolio (p. 132), The Emerging Markets Portfolio (p. 134) and The Fixed Income Opportunity Portfolio (p. 136):


The HC Capital Solutions Investment Selection Process:		The Adviser’s investment process is to determine what asset classes, market sectors, industries or countries offer the highest compensation for risk in the form of excess expected returns relative to a policy portfolio. The methodology for deriving expected returns is based on long-term normalized earnings in order to strip out the cyclical or transitory fluctuations. When the long-term, normalized earnings compared to the going-in price represents a substantial premium to the normal historical yield premium, the Adviser uses its professional judgment as to the optimal weighting in the Portfolio, taking into consideration the risk of impairment, the asset’s likely co-movement with other assets in the Portfolio and the contribution of the asset to the risk/reward ratio in the Portfolio’s total asset mix. When the asset is judged to considerably increase expected return or reduce the overall risk for the Portfolio, the Adviser seeks to implement the exposure with the most efficient instrument – including futures on indexes, customized tilted indexes and ETFs – when taking into account the trading costs, management fees, and basis risk of the instrument with the intended exposure. The Adviser then directs Parametric to establish the desired exposure relying on their trading expertise to execute on the most advantageous terms available in the given timeframe. The Adviser’s decision to reverse the exposure is predicated on the same considerations – expected risk/return contribution.

6. The following replaces the “Parametric Portfolio Associates LLC” section under the “Specialist Manager Guide” on page 181:

Mr. Jay Strohmaier, Mr. Alex Zweber and Mr. Perry Li are primarily responsible for the day-to-day management of the portion of each the assets of each of The Value Equity Portfolio, The Institutional Value Equity Portfolio, The Growth Equity Portfolio and The Institutional Growth Equity Portfolio allocated to Parametric for investment in its Defensive Equity strategy. Mr. Strohmaier, Senior Portfolio Manager, leads a team of investment professionals responsible for designing, trading and managing overlay portfolios with an emphasis on Defensive Equity, hedging, and other asymmetric strategies. Mr. Strohmaier joined Parametric upon Parametric’s acquisition of Clifton in 2012, and prior to that acquisition was employed by Clifton since 2009. Before joining Clifton in 2009, Mr. Strohmaier worked for Cargill, Peregrine Capital Management and Advantus Capital Management where his responsibilities included research, portfolio management, trading, marketing and client service. He has over 25 years of investment experience. Mr. Strohmaier holds a BS degree in Agricultural Economics from Washington State University and MS in Applied Economics from the University of Minnesota. Mr. Zweber, CFA, Portfolio Manager, joined Parametric in 2012 upon Parametric’s acquisition of Clifton, and prior to the acquisition worked at Clifton in various investment capacities for over eight years. Mr. Zweber holds a BA in Economics from Macalester College. Mr. Li is responsible for trading and assisting with day-to-day management of Parametric’s options-based investment strategies, including the Defensive Equity and other proprietary strategies. He is an Associate Portfolio Manager at Parametric. Prior to joining Parametric in 2014, Mr. Li worked for CHS Inc. from 2011 to 2014, where he managed commodity futures and options portfolios and conducted research on macro economy and derivative strategies. Mr. Li earned a B.S. in Statistics from the Sun Yat-Sen University and a M.S. in Financial Mathematics from the University of Minnesota. He holds a Financial Risk Manager certificate from the Global Association of Risk Professionals.

The Institutional Value Equity Portfolio and The Institutional Growth Equity Portfolio (the “Portfolios”) (From the Supplement Filed on June 15, 2016): The prospectus is supplemented to reflect the removal of Mohsen Fahmi in the portfolio managers for the Portfolios as shown below.

PIMCO: Sudi Mariappa has managed the portion of the Portfolio allocated to PIMCO since January, 2015

3. The following replaces the second paragraph of Pacific Investment Management Company LLC (“PIMCO”) section of the “Specialist Manager Guide” on page 180 of the Prospectus:

The prospectus is supplemented to reflect a change in the portfolio managers for each of the Portfolios as shown below.

3. The following replaces the third and fourth paragraphs of the AllianceBernstein section of the “Specialist Manager Guide” on page 168 of the Prospectus:

4. The following replaces the “Portfolio Managers” section of the Investment Subadviser regarding Breckinridge Capital Advisors, Inc. (“Breckinridge”) on page 99 of the Prospectus with respect to The Short-Term Municipal Bond Portfolio:

5. The following replaces the “Portfolio Managers” section of the Investment Subadviser regarding Breckinridge on page 109 of the Prospectus with respect to The Short-Term Municipal Bond Portfolio:

6. The following replaces the third paragraph of the Breckinridge section of the “Specialist Manager Guide” on page 170 of the Prospectus:

The Commodity Returns Strategy Portfolio (From the Supplement Filed on March 29, 2016):

1. The following replaces the “Investment Subadvisers” section on page 46 of the Prospectus:

Investment Subadvisers

2. The following is added to the “Portfolio Managers” section on page 46 of the Prospectus:

Vaughan Nelson: Steve Henriksen, Charles Ellis, Portfolio Manager and Blanca Garza- Bianco have co-managed the portion of the Portfolio allocated to Vaughan Nelson since March 2016.

3. The following replaces “Specialist Managers” introductory paragraph under “The Commodity Returns Strategy Portfolio” on page 124:

4. The following is added under “More Information About Fund Investments and Risks—The Commodity Returns Strategy Portfolio; Specialist Managers” beginning on page 125:


The Vaughan Nelson Investment Selection Process		In making investment decisions for the Portfolio, Vaughan Nelson employs bottom-up fundamental analysis and achieves flexibility in fixed income portfolio construction through sector rotation, duration/yield curve positioning and opportunistic trading efficiencies to produce a value-oriented portfolio of energy/commodity sector fixed income securities. Vaughan Nelson tries to emphasize capital preservation relative to other opportunities within its investment universe and, therefore, focuses on companies’ balance sheets, short-term liquidity and asset bases. The sell discipline is driven by a combination of factors, including the realization of the investment objective, new risks materializing, credit quality deterioration or a better relative value opportunity is uncovered.

5. The following replaces “The Commodity Returns Strategy Portfolio” paragraph under “Advisory Services-Specialist Managers” on page 154:

The Commodity Returns Strategy Portfolio – The Portfolio is managed by six Specialist Managers, each of whom is compensated in accordance with a different fee schedule. Although asset allocations and fees payable to the Specialist Managers may vary, the figures assume an estimated allocation of assets at March 29, 2016 of 28% Wellington Management Global Natural Resources strategy, 17% Wellington Management Commodity strategy, 3% Parametric, 16% PIMCO, 0% Cadence, 8% Vaughan Nelson and 28% Mellon Capital.

6. The following is added as a new section in the “Specialist Manager Guide” beginning before the last two paragraphs on page 184:

The prospectus is supplemented to reflect a change in the portfolio managers for each of the Portfolios as shown below.

1. The following replaces the “Portfolio Managers” section of the Investment Subadviser regarding Mellon Capital Management Corporation (“Mellon Capital”) on page 68 of the Prospectus with respect to The Core Fixed Income Portfolio:

2. The following replaces the “Portfolio Managers” section of the Investment Subadviser regarding Mellon Capital Management Corporation (“Mellon Capital”) on page 75 of the Prospectus with respect to The Fixed Income Opportunity Portfolio:

3. The following replaces the “Portfolio Managers” section of the Investment Subadviser regarding Mellon Capital Management Corporation (“Mellon Capital”) on page 79 of the Prospectus with respect to The U.S. Government Fixed Income Securities Portfolio:

Mellon Capital: David C. Kwan and Gregg Lee have co-managed the Portfolio since December, 2010 and Paul Benson has co-managed the Portfolio since March 2016.

4. The following replaces the “Portfolio Managers” section of the Investment Subadviser regarding Mellon Capital Management Corporation (“Mellon Capital”) on page 84 of the Prospectus with respect to The Inflation Protected Securities Portfolio:

Mellon Capital: David C. Kwan, CFA and Wyatt Cerny have co-managed the Portfolio since the Portfolio’s inception in February 2014 and Paul Benson has co-managed the Portfolio since March 2016.

5. The following replaces the “Portfolio Managers” section of the Investment Subadviser regarding Mellon Capital Management Corporation (“Mellon Capital”) on page 89 of the Prospectus with respect to The U.S. Corporate Fixed Income Securities Portfolio:

6. The following replaces the “Portfolio Managers” section of the Investment Subadviser regarding Mellon Capital Management Corporation (“Mellon Capital”) on page 94 of the Prospectus with respect to The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio:

Mellon Capital: Mr. David C. Kwan and Mr. Gregg Lee have co-managed the Portfolio since December, 2012 and Paul Benson has co-managed the Portfolio since March 2016.

7. The following replaces the Mellon Capital Management Corporation section of the “Specialist Manager Guide” on page 177 of the Prospectus:

Mellon Capital Management Corporation (“Mellon Capital”) serves as a Specialist Manager for The Value Equity Portfolio, The Institutional Value Equity Portfolio, The Growth Equity Portfolio, The Institutional Growth Equity Portfolio, The Small Capitalization—Mid Capitalization Equity Portfolio, The Institutional Small Capitalization—Mid Capitalization Equity Portfolio, The Real Estate Securities Portfolio, The Commodity Returns Strategy Portfolio, The International Equity Portfolio, The Institutional International Equity Portfolio, The Emerging Markets Portfolio, The Core Fixed income Portfolio, The Fixed Income Opportunity Portfolio, The Inflation Protected Securities Portfolio and The U.S. Corporate Fixed Income Securities Portfolio. Mellon Capital, which was organized as a Delaware corporation in 1983, is headquartered at 50 Fremont Street, Suite 3900, San Francisco, CA 94105. Mellon Capital is a wholly-owned indirect subsidiary of The Bank of New York Mellon Corporation (“BNY Mellon”).

For its services to The International Equity Portfolio and The Institutional International Equity Portfolio Mellon Capital receives a fee from each Portfolio calculated based on the average daily net assets of that portion of the assets of the Portfolio managed by it, at an annual rate of 0.10% for those assets allocated to developed markets strategies and at an annual rate of 0.13% for those assets allocated to emerging markets strategies, so long as the aggregate assets allocated to Mellon Capital for all of its passive equity mandates (including accounts for other clients of the Adviser and certain of its affiliates besides the Trust) exceed $2 billion. Should these aggregate assets fall below $2 billion, the fee will be calculated an annual rate of 0.11% for those assets allocated to developed markets strategies and at an annual rate of 0.15% for those assets allocated to emerging markets strategies. During the fiscal year ended June 30, 2015, Mellon received fees of 0.13% of the average daily net assets for each portion of The International Equity Portfolio and The Institutional International Equity Portfolio allocated to Mellon Capital.

For its services to The Emerging Markets Portfolio, Mellon Capital receives a fee from each Portfolio calculated based on the average daily net assets of that portion of the assets of the Portfolio managed by it, at an annual rate of 0.13% so long as the aggregate assets allocated to Mellon Capital for all of its passive equity mandates (including accounts for other clients of the Adviser and certain of its affiliates besides the Trust) exceed $2 billion. Should these aggregate assets fall below $2 billion, the fee will be calculated at an annual rate of 0.15%. During the fiscal year ended June 30, 2015, Mellon Capital received fees of 0.13% of the average daily net assets for the portion of The Emerging Markets Portfolio allocated to Mellon Capital.

For its services to The Core Fixed Income Portfolio (for assets allocated to corporate securities strategies) and the U.S. Corporate Fixed Income Securities Portfolio, Mellon Capital receives a fee, based on the average daily net asset value of that portion of the assets of each Portfolio managed by it, at an annual rate of 0.15% of that portion of each Portfolio dedicated to investments in U.S. corporate fixed income securities. During the fiscal year ended June 30, 2015, Mellon Capital received fees of 0.15% of the average daily net assets for the portion of The Core Fixed Income Portfolio allocated (to corporate securities strategies) to Mellon Capital. Mellon Capital did not manage any assets in The U.S. Corporate Fixed Income Securities Portfolio during the fiscal year ended June 30, 2015.

William Cazalet, CAIA is a Managing Director and Head of Active Equity Portfolio Management at Mellon Capital. He has an M.S.M from Stanford University Graduate School of Business and an M.A. from Cambridge University. Mr. Cazalet has 21 years of investment experience and joined Mellon Capital in 2013. Mr. Cazalet manages the entire team of portfolio managers and researchers for all U.S. and international active equity strategies.

Kristin Crawford is a Director and Senior Portfolio Manager for the Active Equity Strategies. Ms. Crawford has 21 years of investment experience with tenure of 13 years between Mellon Capital and Franklin Portfolio Associates. She has an M.B.A. from Suffolk University and a B.S. from Smith College. Prior to joining Mellon Capital, she was a vice president and portfolio manager at Franklin Portfolio Associates.

Day-to-day investment decisions for the portions of The Core Fixed Income Portfolio and The U.S. Government Fixed Income Securities Portfolio allocated to Mellon Capital are the responsibility of David C. Kwan, CFA, Paul Benson, CFA, CAIA and Gregg Lee, CFA. Mr. Kwan is a Managing Director, Fixed Income Management of Mellon Capital with 24 years of investment experience at the firm. He earned both a B.S. and an M.B.A. at the University of California at Berkeley. Mr. Benson is Managing Director and Head of Fixed Income Portfolio Management at Mellon Capital with 20 years of investment experience and 10 years at the firm. He earned a B.A.at the University of Michigan at Ann Arbor. Mr. Lee is a Vice President, Senior Portfolio Manager at Mellon Capital with 25 years of finance and investment experience and 25 years at the firm. He earned a B.S. at University of California at Davis.

Day-to-day investment decisions for the portion of The Fixed Income Opportunity Portfolio allocated to Mellon Capital are the responsibility of David Kwan, John DiRe, Manual Hayes, Paul Benson, CFA, CAIA and Stephanie Shu. Mr. Kwan is a Managing Director, Fixed Income Management of Mellon Capital with 24 years of investment experience at the firm. He earned both a B.S. and an M.B.A. at the University of California at Berkeley. Mr. DiRe is a Director, Senior Portfolio Manager with 21 years of investment experience and 10 years at the firm. He earned a B.S at the University of Illinois, Chicago and an M.B.A. at University of California at Los Angeles. Mr. Hayes is a Senior Portfolio Manager with 10 years investment experience and 5 years at the firm. He earned a B.S at the University of California at Berkeley. Ms. Shu is a Director, Senior Portfolio Manager with 16 years of investment experience and 14 years at the firm. She earned a M.S. at Texas A&M University.

Day-to-day investment decisions for the portion of The U.S. Corporate Fixed Income Securities Portfolio allocated to Mellon Capital are the responsibility of David C. Kwan, CFA, Paul Benson, CFA, CAIA , John DiRe, and Manual Hayes. Mr. Kwan is a Managing Director, Fixed Income Management of Mellon Capital with 24 years of investment experience at the firm. He earned both a B.S. and an M.B.A. at the University of California at Berkeley. Mr. Benson is Managing Director and Head of Fixed Income Portfolio Management at Mellon Capital with 20 years of investment experience and 10 years at the firm. He earned a B.A.at the University of Michigan at Ann Arbor. Mr. DiRe is a Director, Senior Portfolio Manager with 21 years of investment experience and 10 years at the firm. He earned a B.S at the University of Illinois, Chicago and an M.B.A. at University of California at Los Angeles. Mr. Hayes is a Senior Portfolio Manager with 10 years investment experience and 5 years at the firm. He earned a B.S at the University of California at Berkeley.

The Portfolio Managers for The Inflation Protected Securities Portfolio are David C. Kwan, CFA, Paul Benson, CFA, CAIA and Wyatt Cerny. Mr. Kwan is a Managing Director, Fixed Income Management of Mellon Capital with 24 years of investment experience at the firm. He earned both a B.S. and an M.B.A. at the University of California at Berkeley. Mr. Benson is Managing Director and Head of Fixed Income Portfolio Management at Mellon Capital with 20 years of investment experience and 10 years at the firm. He earned a B.A.at the University of Michigan at Ann Arbor. Mr. Cerny is a Portfolio Manager of Fixed Income Management of Mellon Capital with 6 years of investment experience at the firm. He earned his B.S. at Georgetown University.

As of June 30, 2015, Mellon Capital had assets under management totaling approximately $392 billion, which includes overlay strategies.

1. The following replaces the “TBCAM” paragraph under the “Portfolio Managers” section of the Investment SubAdvisers, regarding the Portfolio on page 62 of the Prospectus:

TBCAM: Warren Skillman has co-managed the portion of the Portfolio allocated to TBCAM since March, 2010.

2. The following replaces the first two paragraphs of The Boston Company Asset Management LLC section of the “Specialist Manager Guide” on page 118 of the Prospectus:

The International Equity Portfolio and Institutional International Equity Portfolio (the “Portfolios”) (From the Supplement Filed on February 18, 2016): The sections relating to the City of London Investment Management Company Limited (“CLIM”) Investment Selection Process under “More Information About Fund Investments and Risks; Specialist Managers” on page 129 for The International Equity Portfolio and page 132 for The Institutional International Equity Portfolio are each deleted in its entirety and replaced by the following: