0001193125-18-323382.txt : 20181109
0001193125-18-323382.hdr.sgml : 20181109
20181109111144
ACCESSION NUMBER: 0001193125-18-323382
CONFORMED SUBMISSION TYPE: 485BPOS
PUBLIC DOCUMENT COUNT: 146
FILED AS OF DATE: 20181109
DATE AS OF CHANGE: 20181109
EFFECTIVENESS DATE: 20181109
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: HC CAPITAL TRUST
CENTRAL INDEX KEY: 0000934563
IRS NUMBER: 000000000
STATE OF INCORPORATION: DE
FISCAL YEAR END: 0630
FILING VALUES:
FORM TYPE: 485BPOS
SEC ACT: 1933 Act
SEC FILE NUMBER: 033-87762
FILM NUMBER: 181171877
BUSINESS ADDRESS:
STREET 1: 300 BARR HARBOR DRIVE, SUITE 500
CITY: WEST CONSHOHOCKEN
STATE: PA
ZIP: 19428
BUSINESS PHONE: 610-828-7200
MAIL ADDRESS:
STREET 1: 300 BARR HARBOR DRIVE, SUITE 500
CITY: WEST CONSHOHOCKEN
STATE: PA
ZIP: 19428
FORMER COMPANY:
FORMER CONFORMED NAME: HIRTLE CALLAGHAN TRUST
DATE OF NAME CHANGE: 20100305
FORMER COMPANY:
FORMER CONFORMED NAME: HC CAPITAL TRUST
DATE OF NAME CHANGE: 20100305
FORMER COMPANY:
FORMER CONFORMED NAME: HIRTLE CALLAGHAN TRUST
DATE OF NAME CHANGE: 19941222
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: HC CAPITAL TRUST
CENTRAL INDEX KEY: 0000934563
IRS NUMBER: 000000000
STATE OF INCORPORATION: DE
FISCAL YEAR END: 0630
FILING VALUES:
FORM TYPE: 485BPOS
SEC ACT: 1940 Act
SEC FILE NUMBER: 811-08918
FILM NUMBER: 181171876
BUSINESS ADDRESS:
STREET 1: 300 BARR HARBOR DRIVE, SUITE 500
CITY: WEST CONSHOHOCKEN
STATE: PA
ZIP: 19428
BUSINESS PHONE: 610-828-7200
MAIL ADDRESS:
STREET 1: 300 BARR HARBOR DRIVE, SUITE 500
CITY: WEST CONSHOHOCKEN
STATE: PA
ZIP: 19428
FORMER COMPANY:
FORMER CONFORMED NAME: HIRTLE CALLAGHAN TRUST
DATE OF NAME CHANGE: 20100305
FORMER COMPANY:
FORMER CONFORMED NAME: HC CAPITAL TRUST
DATE OF NAME CHANGE: 20100305
FORMER COMPANY:
FORMER CONFORMED NAME: HIRTLE CALLAGHAN TRUST
DATE OF NAME CHANGE: 19941222
0000934563
S000009376
The Intermediate Term Municipal Bond Portfolio
C000025691
HC Strategic Shares
HCIMX
C000085455
HC Advisors Shares
HCIBX
0000934563
S000009378
The Value Equity Portfolio
C000025693
HC Strategic Shares
HCVEX
C000085457
HC Advisors Shares
HCVPX
0000934563
S000009379
The Growth Equity Portfolio
C000025694
HC Strategic Shares
HCEGX
C000085458
HC Advisors Shares
HCGWX
0000934563
S000009380
The Small Capitalization - Mid Capitalization Equity Portfolio
C000025695
HC Strategic Shares
HCCEX
C000085459
HC Advisors Shares
HCSAX
0000934563
S000009381
The International Equity Portfolio
C000025696
HC Strategic Shares
HCIEX
C000085460
HC Advisors Shares
HCIAX
0000934563
S000009382
The Core Fixed Income Portfolio
C000025697
HC Strategic Shares
HCIIX
C000085461
HC Advisors Shares
HCFNX
0000934563
S000009383
The Fixed Income Opportunity Portfolio
C000025698
HC Strategic Shares
HCHYX
C000085462
HC Advisors Shares
HCFOX
0000934563
S000009384
The Short-Term Municipal Bond Portfolio
C000025699
HC Strategic Shares
HCSBX
C000085463
HC Advisors Shares
HCSTX
0000934563
S000021772
The Institutional Value Equity Portfolio
C000062555
HC Strategic Shares
HCIVX
C000085464
HC Advisors Shares
HCEIX
0000934563
S000021773
The Institutional Growth Equity Portfolio
C000062556
HC Strategic Shares
HCIGX
C000085465
HC Advisors Shares
HCIWX
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S000022549
The Institutional Small Capitalization - Mid Capitalization Equity Portfolio
C000065217
HC Strategic Shares
HCSCX
C000085466
HC Advisors Shares
HCISX
0000934563
S000022550
The Institutional International Equity Portfolio
C000065218
HC Strategic Shares
HCINX
C000085467
HC Advisors Shares
HCITX
0000934563
S000022579
The Emerging Markets Portfolio
C000065289
HC Strategic Shares
HCEMX
C000085468
HC Advisors Shares
HCEPX
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S000023669
The Real Estate Securities Portfolio
C000069687
HC Strategic Shares
HCREX
C000085469
HC Advisors Shares
HCRSX
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S000028077
THE INTERMEDIATE TERM MUNICIPAL BOND II PORTFOLIO
C000085451
HC STRATEGIC SHARES
HCBSX
C000085452
HC ADVISORS SHARES
HCBAX
0000934563
S000028206
The Commodity Returns Strategy Portfolio
C000086271
HC Advisors Shares
HCCAX
C000086272
HC Strategic Shares
HCCSX
0000934563
S000029852
The U.S. Government Fixed Income Securities Portfolio
C000091786
HC Strategic Shares
HCUSX
C000091787
HC Advisors Shares
HCUAX
0000934563
S000029853
The U.S. Corporate Fixed Income Securities Portfolio
C000091788
HC Strategic Shares
HCXSX
C000091789
HC Advisors Shares
HCXAX
0000934563
S000029854
The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio
C000091790
HC Strategic Shares
HCASX
C000091791
HC Advisors Shares
HCAAX
0000934563
S000044187
The Inflation Protected Securities Portfolio
C000137339
HC Strategic Shares
HCPBX
C000137340
HC Advisors Shares
HCPAX
0000934563
S000049974
The ESG Growth Portfolio
C000157800
HC Strategic Shares
HCESX
C000157801
HC Advisors Shares
HCSGX
0000934563
S000052277
The Catholic SRI Growth Portfolio
C000164402
HC Advisors Shares
HCSVX
C000164403
HC Strategic Shares
HCSRX
485BPOS
1
d610192d485bpos.htm
HC CAPITAL TRUST
HC Capital Trust
As filed with the Securities and Exchange Commission on November 9, 2018
1933 Act Registration No. 033-87762
1940 Act Registration No. 811-08918
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-1A
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
☒
Pre-Effective Amendment No.
☐
Post-Effective Amendment No. 87
☒
and/or
REGISTRATION STATEMENT
UNDER
THE INVESTMENT COMPANY ACT OF 1940
☒
Amendment No. 88
☒
HC Capital Trust
(Exact
Name of Registrant as Specified in Charter)
Five Tower
Bridge, 300 Barr Harbor, 5th Floor
West Conshohocken, PA 19428-2970
(Address of Principal Executive Offices) (Zip Code)
Registrants Telephone Number, including Area Code:
610-828-7200
Copies of
communications to:
Michael P. OHare, Partner
Stradley Ronon Stevens & Young, LLP
2005 Market Street, Suite 2600
Philadelphia, PA 19103-7018
(With Copy To):
Marguerite C. Bateman, Partner
Schiff Hardin LLP
901 K
Street NW
Suite 700
Washington, DC 20001
(Name and Address of Agent for Service)
It is proposed that this filing will become effective (check appropriate box):
☒
Immediately upon filing pursuant to paragraph (b)
☐
On November 1, 2018 pursuant to paragraph (b)
☐
60 days after filing pursuant to paragraph (a)(1)
☐
On (date) pursuant to paragraph (a)(1)
☐
75 days after filing pursuant to paragraph (a)(2)
☐
On (date) pursuant to paragraph (a)(2) of Rule 485.
If appropriate, check the following box:
☐
This post-effective amendment designates a new effective date for a previously filed post-effective amendment.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the
requirements for effectiveness of this Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933 and has caused this Post-Effective Amendment to its Registration Statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of West Conshohocken and Commonwealth of Pennsylvania on the 9th day of November, 2018.
HC Capital Trust
*
Jonathan J. Hirtle
President and Chief Executive Officer
Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the
following persons in the capacities and on the date indicated.
*
Trustee
November 9, 2018
Laura Anne Corsell
*
Trustee
November 9, 2018
Jarrett Burt Kling
*
Trustee
November 9, 2018
Harvey Magarick
*
Trustee
November 9, 2018
R. Richard Williams
*
Trustee
November 9, 2018
Richard W. Wortham, III
*By:
/s/ Colette Bergman
Colette Bergman
As Attorney-in-fact and Treasurer
November 9, 2018
Exhibit Index
EXHIBIT NUMBER
DESCRIPTION
EX-101.INS
XBRL Instance Document
EX-101.SCH
XBRL Taxonomy Extension Schema Document
EX-101.CAL
XBRL Taxonomy Extension Calculation Linkbase
EX-101.DEF
XBRL Taxonomy Extension Definition Linkbase
EX-101.LAB
XBRL Taxonomy Extension Labels Linkbase
EX-101.PRE
XBRL Taxonomy Extension Presentation Linkbase
EX-101.INS
2
hct-20181026.xml
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CAPITAL TRUST0000934563false2018-10-262018-11-01<b>The Value Equity Portfolio</b><b>Investment Objective </b>The investment objective of The Value Equity Portfolio is to provide total return consisting of capital appreciation and current income.<b>Fees and Expenses </b>The fee and expense tables below describe the fees and expenses that you may pay if you buy and hold HC Advisors Shares of the Portfolio.<b>Shareholder Fees</b><br/>(fees paid directly from your investment)<b>Annual Operating Expenses</b><br/>(expenses that you pay each year as a percentage of the value of your investment)<b>Example</b>:This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s Total Annual Operating Expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your cost would be:<b>Portfolio Turnover </b>The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” investments in its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in the Total Annual Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover was 58.60% of the average value of its portfolio.<b>Principal Investment Strategies </b>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 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 $2.5 billion and $34.7 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 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.<br/><br/>Additionally, a portion of the Portfolio may be managed using a “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. <br/><br/>The Portfolio is authorized to operate on a multi-manager basis. This means that a single Portfolio may be managed by more than one investment subadviser (“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.<b>Principal Investment Risks </b>Investing in the Portfolio involves risks common to any investment in securities. There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio. All mutual funds, including the Portfolio, are subject to <b>Management Risk –</b> the risk that the investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments and <b>Market Risk –</b> the risk that the value of the securities held by a portfolio may decline in response to general market and economic conditions, or conditions that affect specific market sectors or individual companies. <br/><br/>There are also risks associated with the overall structure of the Portfolio. These include: <ul type="square"><li> <b>Multi-Manager Risk – </b>the Portfolio’s multi-manager structure involves the risk that the Specialist Managers serving the Portfolio do not achieve favorable investment results relative to other investments or that the Portfolio’s assets are not effectively allocated among Specialist Managers in a manner that enhances the Portfolio’s total return or reduces the volatility that might be expected of any one management style. Additionally, the multi-manager structure may, under certain circumstances, cause the Portfolio to incur higher trading costs than might occur in a fund served by a single investment adviser. </li></ul><ul type="square"><li> <b>Passive Investing Risk – </b>a portion of the Portfolio employs a passive investment approach, which attempts to approximate as closely as practicable, before expenses, the performance of one or more different segments of the Portfolio’s investment universe, as deemed appropriate by the Adviser, regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Portfolio’s return to be lower than if the Portfolio employed an active strategy. In addition, the Portfolio’s return may not match or achieve a high degree of correlation with the return of the target investment pool due to operating expenses, transaction costs, and cash flows.</li></ul>Additionally, the range of securities in which the Portfolio may invest, and the several investment strategies that may be used in seeking to achieve the Portfolio’s objective, involve additional risks. These are summarized below.<ul type="square"><li> <b>Equity Risks.</b> Investment in equity securities involves the following risks:</li></ul><blockquote><ul type="square"><li><b>Equity Market Risk – </b>The market value of an equity security and the equity markets in general can be volatile.</li></ul><ul type="square"><li> <b>Value Investing Risk – </b>An investment in the Portfolio cannot assure moderation of investment risk. There is no guarantee that a value stock is, in fact, undervalued, or that the market will ever recognize its true value. </li></ul><ul type="square"><li> <b>Mid Cap Risk – </b>Mid-cap companies may be more vulnerable to adverse business or economic developments than larger capitalization companies. Securities issued by these companies may be less liquid and/or more volatile than securities of larger companies or the overall securities markets. Mid-cap companies may be adversely affected during periods when investors prefer to hold securities of large capitalization companies.</li></ul><ul type="square"><li> <b>Exchange-Traded Funds Risk – </b>An investment in securities issued by an ETF may be subject to the following risks: (1) shares of the ETF may trade at a discount to its net asset value; (2) an active trading market for the ETF’s shares may not develop; (3) the exchange on which the ETF is listed may, under certain circumstances, suspend trading of the ETF’s shares; and (4) to the extent that an ETF is acquired in order to track a specific asset or index, the ETF may fail to effectively accomplish that goal.</li></ul><ul type="square"><li> <b>Investment in Other Investment Companies Risk – </b>As with other investments, investments in other investment companies are subject to market and selection risk. To the extent that the Portfolio acquires shares of investment companies, shareholders bear both their proportionate share of expenses in the Portfolio (including management and advisory fees) and, indirectly, the expenses of the acquired investment companies.</li></ul></blockquote><ul type="square"><li><b>Foreign Investment Risk.</b> Investment in foreign securities involves the following risks:</li></ul><blockquote><ul type="square"><li><b>Foreign Securities Risk – </b>Investments in securities issued by non-U.S. companies and/or non-U.S. governments and their agencies, may be adversely affected by the lack of timely or reliable financial information, political, social and/or economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices. Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar and transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities.</li></ul><ul type="square"><li> <b>Foreign Currency Risk –</b> Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar. Currency exchange rates can be volatile and can be affected by, among other factors, the general economics of a country, or the actions of the U.S. or foreign governments or central banks. In addition, transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities.</li></ul></blockquote><ul type="square"><li><b>Fixed Income Risk.</b> Investments in fixed income securities may involve the following risks, depending on the instrument involved:</li></ul><blockquote><ul type="square"><li><b>Credit Risk – </b>An investment in the Portfolio also involves the risk that the issuer of a fixed income security that the Portfolio holds will fail to make timely payments of interest or principal, or go bankrupt, or that the value of the securities will decline because of a market perception that the issuer may not make payments on time, thus potentially reducing the Portfolio’s return. Changes in economic conditions are likely to cause issuers of these fixed income securities to be unable to meet their obligations. The lower the rating of a debt security, the higher its credit risk. In addition, the securities of many U.S. Government agencies, authorities or instrumentalities in which the Portfolio may invest are neither issued nor guaranteed by the U.S. Government, and may be supported only by the ability of the issuer to borrow from the U.S. Treasury or by the credit of the issuer.</li></ul><ul type="square"><li> <b>Interest Rate Risk – </b>The value of fixed income securities held in the Portfolio, including U.S. Government securities, may decline with changes in interest rates. Prices of fixed income securities with longer effective maturities are more sensitive to interest rate changes than those with shorter effective maturities. U.S. Government securities can exhibit price movements resulting from changes in interest rates. During low interest rate environments, the risk that interest rates will rise is increased. Such increases may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. These risks are greater when a low interest rate environment has existed for an extended period of time.</li></ul></blockquote><ul type="square"><li><b>Risks Associated with Investments in Derivatives.</b> The Portfolio is permitted to invest in derivative instruments, including options, futures and options on futures. Investment in derivatives depends largely on the performance of an underlying reference instrument or rate and the Specialist Manager’s ability to predict correctly the direction of securities prices, interest rates, currency exchange rates and/or other economic factors. Derivatives involve additional costs and often have risks similar to an investment in the reference instrument in addition to other risks, such as:</li></ul><blockquote><ul type="square"><li><b>General Derivative Risks – </b>The value of derivative instruments may rise or fall more rapidly than other investments, and there is a risk that the Portfolio may lose more than the original amount invested in the derivative instrument. Derivative instruments also involve the risk that other parties to the derivative contract may fail to meet their obligations, which could cause losses to the Portfolio.</li></ul><ul type="square"><li> <b>Counterparty Risk – </b>The Portfolio will be subject to counterparty credit risk with respect to derivative contracts entered into by the Portfolio or held by special purpose or structured vehicles in which the Portfolio invests, including other investment companies. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Portfolio may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Portfolio may obtain only a limited recovery or may obtain no recovery in such circumstances.</li></ul><ul type="square"><li> <b>Derivatives Tax Risk – </b>Compared to other types of investments, derivatives may be harder to value and may also be less tax efficient. In addition, changes in government regulation of derivative instruments could affect the character, timing and amount of the Portfolio’s taxable income or gains, and may limit or prevent the Portfolio from using certain types of derivative instruments as a part of its investment strategy, which could make the investment strategy more costly to implement or require the Portfolio to change its investment strategy. To the extent that the Portfolio uses derivatives for hedging or to gain or limit exposure to a particular market or market segment, there may be imperfect correlation between the value of the derivative instrument and the value of the instrument being hedged or the relevant market or market segment, in which case the Portfolio may not realize the intended benefits. The Portfolio’s use of derivatives may be limited by the requirements for taxation of the Portfolio as a regulated investment company.</li></ul></blockquote>There is no guarantee that the Portfolio will meet its goals. It is possible to lose money by investing in the Portfolio.<b>Performance Bar Chart and Table</b><br/><br/><b>Performance.</b>The chart and table below show how The Value Equity Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s HC Advisors Shares yearly performance for each full calendar year since the Portfolio’s HC Advisors Shares inception on July 6, 2010. The table accompanying the bar chart compares the Portfolio’s performance over time on a before and after-tax basis to that of a broad based market index. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.<b>Year-by-Year Total Returns as of 12/31</b>The Portfolio’s HC Advisors Shares before-tax return for the period from January 1, 2018 through September 30, 2018 (non-annualized) was 3.70%.<br/><br/><table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse; " align="center"> <tr> <td width="35%"></td> <td valign="bottom" width="13%"></td> <td width="18%"></td> <td valign="bottom" width="19%"></td> <td></td> <td></td> <td valign="bottom" width="9%"></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-top:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Best quarter:</div></td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-top:1px solid #000000">1st Qtr. 2013</td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000" align="right">13.00</td> <td valign="bottom" style="border-top:1px solid #000000">% </td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-bottom:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Worst quarter:</div></td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-bottom:1px solid #000000">3rd Qtr. 2011</td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">-17.06</td> <td valign="bottom" style="border-bottom:1px solid #000000">% </td></tr> </table><b>Average Annual Total Returns</b><br/>(for the periods ended 12/31/17)After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio.The chart and table below show how The Value Equity Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s HC Advisors Shares yearly performance for each full calendar year since the Portfolio’s HC Advisors Shares inception on July 6, 2010.Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.<div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualFundOperatingExpenses000013 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualTotalReturnsBarChart000016 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleExpenseExample000014 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAverageAnnualTotalReturnsTransposed000017 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleShareholderFees000012 column period compact * ~</div><b>The Institutional Value Equity Portfolio </b><b>Investment Objective </b>The investment objective of The Institutional Value Equity Portfolio is to provide total return consisting of capital appreciation and current income.<b>Fees and Expenses </b>The fee and expense tables below describe the fees and expenses that you may pay if you buy and hold HC Advisors Shares of the Portfolio.<b>Shareholder Fees </b><br/>(fees paid directly from your investment)<b>Annual Operating Expenses</b><br/>(expenses that you pay each year as a percentage of the value of your investment)<b>Example</b>:This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s Total Annual Operating Expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your cost would be:<b>Portfolio Turnover </b>The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” investments in its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in the Total Annual Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover was 68.39% of the average value of its portfolio.<b>Principal Investment Strategies </b>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 $2.5 billion and $34.7 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 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 option or futures contracts 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. <br/><br/>Additionally, a portion of the Portfolio may be managed using a “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. <br/><br/>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.<b>Principal Investment Risks </b>Investing in the Portfolio involves risks common to any investment in securities. There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio. All mutual funds, including the Portfolio, are subject to <b>Management Risk –</b> the risk that the investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments and <b>Market Risk –</b> the risk that the value of the securities held by a portfolio may decline in response to general market and economic conditions, or conditions that affect specific market sectors or individual companies.<br/><br/>There are also risks associated with the overall structure of the Portfolio. These include:<ul type="square"><li> <b>Multi-Manager Risk –</b> the Portfolio’s multi-manager structure involves the risk that the Specialist Managers serving the Portfolio do not achieve favorable investment results relative to other investments or that the Portfolio’s assets are not effectively allocated among Specialist Managers in a manner that enhances the Portfolio’s total return or reduces the volatility that might be expected of any one management style. Additionally, the multi-manager structure may, under certain circumstances, cause the Portfolio to incur higher trading costs than might occur in a fund served by a single investment adviser.</li></ul><ul type="square"><li> <b>Passive Investing Risk –</b> a portion of the Portfolio employs a passive investment approach, which attempts to approximate as closely as practicable, before expenses, the performance of one or more different segments of the Portfolio’s investment universe, as deemed appropriate by the Adviser, regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Portfolio’s return to be lower than if the Portfolio employed an active strategy. In addition, the Portfolio’s return may not match or achieve a high degree of correlation with the return of the target investment pool due to operating expenses, transaction costs, and cash flows.</li></ul>Additionally, the range of securities in which the Portfolio may invest, and the several investment strategies that may be used in seeking to achieve the Portfolio’s objective, involve additional risks. These are summarized below.<ul type="square"><li> <b>Equity Risks.</b> Investment in equity securities involves the following risks:</li></ul><blockquote><ul type="square"><li><b>Equity Market Risk –</b> The market value of an equity security and the equity markets in general can be volatile.</li></ul><ul type="square"><li> <b>Value Investing Risk –</b> An investment in the Portfolio cannot assure moderation of investment risk. There is no guarantee that a value stock is, in fact, undervalued, or that the market will ever recognize its true value.</li></ul><ul type="square"><li> <b>Mid Cap Risk –</b> Mid-cap companies may be more vulnerable to adverse business or economic developments than larger capitalization companies. Securities issued by these companies may be less liquid and/or more volatile than securities of larger companies or the overall securities markets. Mid-cap companies may be adversely affected during periods when investors prefer to hold securities of large capitalization companies.</li></ul><ul type="square"><li> <b>Exchange-Traded Funds Risk –</b> An investment in securities issued by an ETF may be subject to the following risks: (1) shares of the ETF may trade at a discount to its net asset value; (2) an active trading market for the ETF’s shares may not develop; (3) the exchange on which the ETF is listed may, under certain circumstances, suspend trading of the ETF’s shares; and (4) to the extent that an ETF is acquired in order to track a specific asset or index, the ETF may fail to effectively accomplish that goal.</li></ul><ul type="square"><li> <b>Investment in Other Investment Companies Risk –</b> As with other investments, investments in other investment companies are subject to market and selection risk. To the extent that the Portfolio acquires shares of investment companies, shareholders bear both their proportionate share of expenses in the Portfolio (including management and advisory fees) and, indirectly, the expenses of the acquired investment companies.</li></ul></blockquote><ul type="square"><li><b>Foreign Investment Risk.</b> Investment in foreign securities involves the following risks:</li></ul><blockquote><ul type="square"><li><b>Foreign Securities Risk –</b> Investments in securities issued by non-U.S. companies and/or non-U.S. governments and their agencies, may be adversely affected by the lack of timely or reliable financial information, political, social and/or economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices. Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar and transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities.</li></ul><ul type="square"><li> <b>Foreign Currency Risk –</b> Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar. Currency exchange rates can be volatile and can be affected by, among other factors, the general economics of a country, or the actions of the U.S. or foreign governments or central banks. In addition, transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities.</li></ul></blockquote><ul type="square"><li><b>Fixed Income Risk.</b> Investments in fixed income securities may involve the following risks, depending on the instrument involved:</li></ul><blockquote><ul type="square"><li><b>Credit Risk –</b> An investment in the Portfolio also involves the risk that the issuer of a fixed income security that the Portfolio holds will fail to make timely payments of interest or principal, or go bankrupt, or that the value of the securities will decline because of a market perception that the issuer may not make payments on time, thus potentially reducing the Portfolio’s return. Changes in economic conditions are likely to cause issuers of these fixed income securities to be unable to meet their obligations. The lower the rating of a debt security, the higher its credit risk. In addition, the securities of many U.S. Government agencies, authorities or instrumentalities in which the Portfolio may invest are neither issued nor guaranteed by the U.S. Government, and may be supported only by the ability of the issuer to borrow from the U.S. Treasury or by the credit of the issuer.</li></ul><ul type="square"><li><b>Interest Rate Risk –</b> The value of fixed income securities held in the Portfolio, including U.S. Government securities, may decline with changes in interest rates. Prices of fixed income securities with longer effective maturities are more sensitive to interest rate changes than those with shorter effective maturities. U.S. Government securities can exhibit price movements resulting from changes in interest rates. During low interest rate environments, the risk that interest rates will rise is increased. Such increases may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. These risks are greater when a low interest rate environment has existed for an extended period of time.</li></ul></blockquote><ul type="square"><li> <b>Risks Associated with Investments in Derivatives.</b> The Portfolio is permitted to invest in derivative instruments, including options, futures and options on futures. Investment in derivatives depends largely on the performance of an underlying reference instrument or rate and the Specialist Manager’s ability to predict correctly the direction of securities prices, interest rates, currency exchange rates and/or other economic factors. Derivatives involve additional costs and often have risks similar to an investment in the reference instrument in addition to other risks, such as:</li></ul><blockquote><ul type="square"><li> <b>General Derivative Risks –</b> The value of derivative instruments may rise or fall more rapidly than other investments, and there is a risk that the Portfolio may lose more than the original amount invested in the derivative instrument. Derivative instruments also involve the risk that other parties to the derivative contract may fail to meet their obligations, which could cause losses to the Portfolio.</li></ul><ul type="square"><li> <b>Counterparty Risk –</b> The Portfolio will be subject to counterparty credit risk with respect to derivative contracts entered into by the Portfolio or held by special purpose or structured vehicles in which the Portfolio invests, including other investment companies. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Portfolio may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Portfolio may obtain only a limited recovery or may obtain no recovery in such circumstances.</li></ul><ul type="square"><li> <b>Derivatives Tax Risk –</b> Compared to other types of investments, derivatives may be harder to value and may also be less tax efficient. In addition, changes in government regulation of derivative instruments could affect the character, timing and amount of the Portfolio’s taxable income or gains, and may limit or prevent the Portfolio from using certain types of derivative instruments as a part of its investment strategy, which could make the investment strategy more costly to implement or require the Portfolio to change its investment strategy. To the extent that the Portfolio uses derivatives for hedging or to gain or limit exposure to a particular market or market segment, there may be imperfect correlation between the value of the derivative instrument and the value of the instrument being hedged or the relevant market or market segment, in which case the Portfolio may not realize the intended benefits. The Portfolio’s use of derivatives may be limited by the requirements for taxation of the Portfolio as a regulated investment company.</li></ul></blockquote><ul type="square"><li><b>Other Risks</b></li></ul><blockquote><ul type="square"><li><b>Liquidity Risk –</b> At times, certain securities may be difficult or impossible to sell at the price that would normally prevail in the market. The seller may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Portfolio management or performance. This includes the risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in less advantageous investments.</li></ul></blockquote>There is no guarantee that the Portfolio will meet its goals. It is possible to lose money by investing in the Portfolio.<b>Performance Bar Chart and Table</b><br/><br/><b>Performance.</b>The chart and table below show how The Institutional Value Equity Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s HC Advisors Shares yearly performance for each full calendar year since the Portfolio’s HC Advisors Shares inception on July 6, 2010. The table accompanying the bar chart compares the Portfolio’s performance over time on a before and after-tax basis to that of a broad based market index. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.<b>Year-by-Year Total Returns as of 12/31</b>The Portfolio’s HC Advisors Shares before-tax return for the period from January 1, 2018 through September 30, 2018 (non-annualized) was 3.96%. <br/><br/><table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse; " align="center"> <tr> <td width="35%"></td> <td valign="bottom" width="13%"></td> <td width="18%"></td> <td valign="bottom" width="19%"></td> <td></td> <td></td> <td valign="bottom" width="9%"></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-top:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Best quarter:</div></td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-top:1px solid #000000">1st Qtr. 2013</td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000" align="right">13.08</td> <td valign="bottom" style="border-top:1px solid #000000">% </td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-bottom:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Worst quarter:</div></td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-bottom:1px solid #000000">3rd Qtr. 2011</td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">-16.85</td> <td valign="bottom" style="border-bottom:1px solid #000000">% </td></tr> </table><b>Average Annual Total Returns</b><br/>(for the periods ended 12/31/17)After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio.The chart and table below show how The Institutional Value Equity Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s HC Advisors Shares yearly performance for each full calendar year since the Portfolio’s HC Advisors Shares inception on July 6, 2010.Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.2010-07-062010-07-062010-07-06Best quarter:before-tax return2018-09-302013-03-31<div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualFundOperatingExpenses000023 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualTotalReturnsBarChart000026 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleExpenseExample000024 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAverageAnnualTotalReturnsTransposed000027 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleShareholderFees000022 column period compact * ~</div><b>The Growth Equity Portfolio</b><b>Investment Objective </b>The investment objective of The Growth Equity Portfolio is to provide capital appreciation,with income as a secondary consideration.<b>Fees and Expenses </b>The fee and expense tables below describe the fees and expenses that you may pay if you buy and hold HC Advisors Shares of the Portfolio.<b>Shareholder Fees </b><br/> (fees paid directly from your investment)<b>Annual Operating Expenses </b><br/> (expenses that you pay each year as a percentage of the value of your investment)<b>Example</b>:This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s Total Annual Operating Expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your cost would be:<b>Portfolio Turnover </b>The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” investments in its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in the Total Annual Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover was 39.77% of the average value of its portfolio.<b>Principal Investment Strategies </b>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 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 $2.5 billion and $34.7 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 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. <br/><br/>Additionally, a portion of the Portfolio may be managed using a “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. <br/><br/>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.<b>Principal Investment Risks </b>Investing in the Portfolio involves risks common to any investment in securities. There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio. All mutual funds, including the Portfolio, are subject to <b>Management Risk –</b> the risk that the investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments and <b>Market Risk –</b> the risk that the value of the securities held by a portfolio may decline in response to general market and economic conditions, or conditions that affect specific market sectors or individual companies. <br/><br/>There are also risks associated with the overall structure of the Portfolio. These include: <ul type="square"><li> <b>Multi-Manager Risk –</b> the Portfolio’s multi-manager structure involves the risk that the Specialist Managers serving the Portfolio do not achieve favorable investment results relative to other investments or that the Portfolio’s assets are not effectively allocated among Specialist Managers in a manner that enhances the Portfolio’s total return or reduces the volatility that might be expected of any one management style. Additionally, the multi-manager structure may, under certain circumstances, cause the Portfolio to incur higher trading costs than might occur in a fund served by a single investment adviser. </li></ul><ul type="square"><li> <b>Passive Investing Risk –</b> a portion of the Portfolio employs a passive investment approach, which attempts to approximate as closely as practicable, before expenses, the performance of one or more different segments of the Portfolio’s investment universe, as deemed appropriate by the Adviser, regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Portfolio’s return to be lower than if the Portfolio employed an active strategy. In addition, the Portfolio’s return may not match or achieve a high degree of correlation with the return of the target investment pool due to operating expenses, transaction costs, and cash flows. </li></ul>Additionally, the range of securities in which the Portfolio may invest, and the several investment strategies that may be used in seeking to achieve the Portfolio’s objective, involve additional risks. These are summarized below.<ul type="square"><li> <b>Equity Risks. </b>Investment in equity securities involves the following risks: </li></ul><blockquote><ul type="square"><li><b>Equity Market Risk –</b> The market value of an equity security and the equity markets in general can be volatile. </li></ul><ul type="square"><li> <b>Growth Investing Risk –</b> An investment in growth stocks may be susceptible to rapid price swings, especially during periods of economic uncertainty. Growth stocks typically have little or no dividend income to cushion the effect of adverse market conditions. In addition, growth stocks may be particularly volatile in the event of earnings disappointments or other financial difficulties experienced by the issuer.</li></ul><ul type="square"><li> <b>Mid Cap Risk –</b> Mid-cap companies may be more vulnerable to adverse business or economic developments than larger capitalization companies. Securities issued by these companies may be less liquid and/or more volatile than securities of larger companies or the overall securities markets. Mid-cap companies may be adversely affected during periods when investors prefer to hold securities of large capitalization companies. </li></ul><ul type="square"><li> <b>Exchange-Traded Funds Risk –</b> An investment in securities issued by an ETF may be subject to the following risks: (1) shares of the ETF may trade at a discount to its net asset value; (2) an active trading market for the ETF’s shares may not develop; (3) the exchange on which the ETF is listed may, under certain circumstances, suspend trading of the ETF’s shares; and (4) to the extent that an ETF is acquired in order to track a specific asset or index, the ETF may fail to effectively accomplish that goal. </li></ul><ul type="square"><li> <b>Investment in Other Investment Companies Risk –</b> As with other investments, investments in other investment companies are subject to market and selection risk. To the extent that the Portfolio acquires shares of investment companies, shareholders bear both their proportionate share of expenses in the Portfolio (including management and advisory fees) and, indirectly, the expenses of the acquired investment companies. </li></ul></blockquote><ul type="square"><li><b>Foreign Investment Risk. </b>Investment in foreign securities involves the following risks: </li></ul><blockquote><ul type="square"><li><b>Foreign Securities Risk –</b> Investments in securities issued by non-U.S. companies and/or non-U.S. governments and their agencies, may be adversely affected by the lack of timely or reliable financial information, political, social and/or economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices. Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar and transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities.</li></ul><ul type="square"><li> <b>Foreign Currency Risk –</b> Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar. Currency exchange rates can be volatile and can be affected by, among other factors, the general economics of a country, or the actions of the U.S. or foreign governments or central banks. In addition, transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities. </li></ul></blockquote><ul type="square"><li> <b>Fixed Income Risk. </b>Investments in fixed income securities may involve the following risks, depending on the instrument involved: </li></ul><blockquote><ul type="square"><li><b>Credit Risk –</b> An investment in the Portfolio also involves the risk that the issuer of a fixed income security that the Portfolio holds will fail to make timely payments of interest or principal, or go bankrupt, or that the value of the securities will decline because of a market perception that the issuer may not make payments on time, thus potentially reducing the Portfolio’s return. Changes in economic conditions are likely to cause issuers of these fixed income securities to be unable to meet their obligations. The lower the rating of a debt security, the higher its credit risk. In addition, the securities of many U.S. Government agencies, authorities or instrumentalities in which the Portfolio may invest are neither issued nor guaranteed by the U.S. Government, and may be supported only by the ability of the issuer to borrow from the U.S. Treasury or by the credit of the issuer. </li></ul><ul type="square"><li> <b>Interest Rate Risk –</b> The value of fixed income securities held in the Portfolio, including U.S. Government securities, may decline with changes in interest rates. Prices of fixed income securities with longer effective maturities are more sensitive to interest rate changes than those with shorter effective maturities. U.S. Government securities can exhibit price movements resulting from changes in interest rates. During low interest rate environments, the risk that interest rates will rise is increased. Such increases may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. These risks are greater when a low interest rate environment has existed for an extended period of time. </li></ul></blockquote><ul type="square"><li> <b>Risks Associated with Investments in Derivatives. </b>The Portfolio is permitted to invest in derivative instruments, including options, futures and options on futures. Investment in derivatives depends largely on the performance of an underlying reference instrument or rate and the Specialist Manager’s ability to predict correctly the direction of securities prices, interest rates, currency exchange rates and/or other economic factors. Derivatives involve additional costs and often have risks similar to an investment in the reference instrument in addition to other risks, such as: </li></ul><blockquote><ul type="square"><li><b>General Derivative Risks –</b> The value of derivative instruments may rise or fall more rapidly than other investments, and there is a risk that the Portfolio may lose more than the original amount invested in the derivative instrument. Derivative instruments also involve the risk that other parties to the derivative contract may fail to meet their obligations, which could cause losses to the Portfolio. </li></ul><ul type="square"><li> <b>Counterparty Risk –</b> The Portfolio will be subject to counterparty credit risk with respect to derivative contracts entered into by the Portfolio or held by special purpose or structured vehicles in which the Portfolio invests, including other investment companies. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Portfolio may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Portfolio may obtain only a limited recovery or may obtain no recovery in such circumstances. </li></ul><ul type="square"><li> <b>Derivatives Tax Risk –</b> Compared to other types of investments, derivatives may be harder to value and may also be less tax efficient. In addition, changes in government regulation of derivative instruments could affect the character, timing and amount of the Portfolio’s taxable income or gains, and may limit or prevent the Portfolio from using certain types of derivative instruments as a part of its investment strategy, which could make the investment strategy more costly to implement or require the Portfolio to change its investment strategy. To the extent that the Portfolio uses derivatives for hedging or to gain or limit exposure to a particular market or market segment, there may be imperfect correlation between the value of the derivative instrument and the value of the instrument being hedged or the relevant market or market segment, in which case the Portfolio may not realize the intended benefits. The Portfolio’s use of derivatives may be limited by the requirements for taxation of the Portfolio as a regulated investment company.</li></ul></blockquote>There is no guarantee that the Portfolio will meet its goals. It is possible to lose money by investing in the Portfolio.<b>Performance Bar Chart and Table </b><br/><br/><b>Performance.</b>The chart and table below show how The Growth Equity Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s HC Advisors Shares yearly performance for each full calendar year since the Portfolio’s HC Advisors Shares inception on July 6, 2010. The table accompanying the bar chart compares the Portfolio’s performance over time on a before and after-tax basis to that of a broad based market index. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.<b>Year-by-Year Total Returns as of 12/31</b>The Portfolio’s HC Advisors Shares before-tax return for the period from January 1, 2018 through September 30, 2018 (non-annualized) was 16.60%.<br/><br/><table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse; " align="center"> <tr> <td width="35%"></td> <td valign="bottom" width="13%"></td> <td width="18%"></td> <td valign="bottom" width="19%"></td> <td></td> <td></td> <td valign="bottom" width="9%"></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-top:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Best quarter:</div></td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-top:1px solid #000000">1st Qtr. 2012</td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000" align="right">15.13</td> <td valign="bottom" style="border-top:1px solid #000000">% </td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-bottom:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Worst quarter:</div></td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-bottom:1px solid #000000">3rd Qtr. 2011</td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">-11.77</td> <td valign="bottom" style="border-bottom:1px solid #000000">% </td></tr> </table><b>Average Annual Total Returns </b><br/> (for the periods ended 12/31/17)After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio.The chart and table below show how The Growth Equity Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s HC Advisors Shares yearly performance for each full calendar year since the Portfolio’s HC Advisors Shares inception on July 6, 2010.Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.2010-07-06Worst quarter:2011-09-302010-07-062010-07-062010-07-06Best quarter:before-tax return2018-09-302013-03-312010-07-06Worst quarter:2011-09-30<div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualFundOperatingExpenses000033 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualTotalReturnsBarChart000036 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleExpenseExample000034 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAverageAnnualTotalReturnsTransposed000037 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleShareholderFees000032 column period compact * ~</div><b>The Institutional Growth Equity Portfolio </b><b>Investment Objective </b>The investment objective of The Institutional Growth Equity Portfolio is to provide capital appreciation,with income as a secondary consideration.<b>Fees and Expenses </b>The fee and expense tables below describe the fees and expenses that you may pay if you buy and hold HC Advisors Shares of the Portfolio.<b>Shareholder Fees </b><br/> (fees paid directly from your investment)<b>Annual Operating Expenses </b><br/> (expenses that you pay each year as a percentage of the value of your investment)<b>Example</b>:This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s Total Annual Operating Expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your cost would be:<b>Portfolio Turnover </b>The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” investments in its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in the Total Annual Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover was 43.36% of the average value of its portfolio.<b>Principal Investment Strategies </b>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 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 $2.5 billion and $34.7 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 option or futures contracts 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. <br/><br/>Additionally, a portion of the Portfolio may be managed using a “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. <br/><br/>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.<b>Principal Investment Risks </b>Investing in the Portfolio involves risks common to any investment in securities. There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio. All mutual funds, including the Portfolio, are subject to <b>Management Risk –</b> the risk that the investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments and <b>Market Risk –</b> the risk that the value of the securities held by a portfolio may decline in response to general market and economic conditions, or conditions that affect specific market sectors or individual companies. <br/><br/>There are also risks associated with the overall structure of the Portfolio. These include: <ul type="square"><li> <b>Multi-Manager Risk – </b>the Portfolio’s multi-manager structure involves the risk that the Specialist Managers serving the Portfolio do not achieve favorable investment results relative to other investments or that the Portfolio’s assets are not effectively allocated among Specialist Managers in a manner that enhances the Portfolio’s total return or reduces the volatility that might be expected of any one management style. Additionally, the multi-manager structure may, under certain circumstances, cause the Portfolio to incur higher trading costs than might occur in a fund served by a single investment adviser. </li></ul><ul type="square"><li> <b>Passive Investing Risk – </b>a portion of the Portfolio employs a passive investment approach, which attempts to approximate as closely as practicable, before expenses, the performance of one or more different segments of the Portfolio’s investment universe, as deemed appropriate by the Adviser, regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Portfolio’s return to be lower than if the Portfolio employed an active strategy. In addition, the Portfolio’s return may not match or achieve a high degree of correlation with the return of the target investment pool due to operating expenses, transaction costs, and cash flows. </li></ul>Additionally, the range of securities in which the Portfolio may invest, and the several investment strategies that may be used in seeking to achieve the Portfolio’s objective, involve additional risks. These are summarized below. <ul type="square"><li> <b>Equity Risks.</b> Investment in equity securities involves the following risks:</li></ul><blockquote><ul type="square"><li><b>Equity Market Risk – </b>The market value of an equity security and the equity markets in general can be volatile. </li></ul><ul type="square"><li> <b>Growth Investing Risk – </b>An investment in growth stocks may be susceptible to rapid price swings, especially during periods of economic uncertainty. Growth stocks typically have little or no dividend income to cushion the effect of adverse market conditions. In addition, growth stocks may be particularly volatile in the event of earnings disappointments or other financial difficulties experienced by the issuer. </li></ul><ul type="square"><li> <b>Mid Cap Risk – </b>Mid-cap companies may be more vulnerable to adverse business or economic developments than larger capitalization companies. Securities issued by these companies may be less liquid and/or more volatile than securities of larger companies or the overall securities markets. Mid-cap companies may be adversely affected during periods when investors prefer to hold securities of large capitalization companies. </li></ul><ul type="square"><li> <b>Exchange-Traded Funds Risk – </b>An investment in securities issued by an ETF may be subject to the following risks: (1) shares of the ETF may trade at a discount to its net asset value; (2) an active trading market for the ETF’s shares may not develop; (3) the exchange on which the ETF is listed may, under certain circumstances, suspend trading of the ETF’s shares; and (4) to the extent that an ETF is acquired in order to track a specific asset or index, the ETF may fail to effectively accomplish that goal. </li></ul><ul type="square"><li> <b>Investment in Other Investment Companies Risk – </b>As with other investments, investments in other investment companies are subject to market and selection risk. To the extent that the Portfolio acquires shares of investment companies, shareholders bear both their proportionate share of expenses in the Portfolio (including management and advisory fees) and, indirectly, the expenses of the acquired investment companies.</li></ul></blockquote><ul type="square"><li><b>Foreign Investment Risk.</b> Investment in foreign securities involves the following risks: </li></ul><blockquote><ul type="square"><li><b>Foreign Securities Risk – </b>Investments in securities issued by non-U.S. companies and/or non-U.S. governments and their agencies, may be adversely affected by the lack of timely or reliable financial information, political, social and/or economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices. Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar and transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities.</li></ul><ul type="square"><li> <b>Foreign Currency Risk – </b>Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar. Currency exchange rates can be volatile and can be affected by, among other factors, the general economics of a country, or the actions of the U.S. or foreign governments or central banks. In addition, transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities. </li></ul></blockquote><ul type="square"><li> <b>Fixed Income Risk.</b> Investments in fixed income securities may involve the following risks, depending on the instrument involved: </li></ul><blockquote><ul type="square"><li><b>Credit Risk – </b>An investment in the Portfolio also involves the risk that the issuer of a fixed income security that the Portfolio holds will fail to make timely payments of interest or principal, or go bankrupt, or that the value of the securities will decline because of a market perception that the issuer may not make payments on time, thus potentially reducing the Portfolio’s return. Changes in economic conditions are likely to cause issuers of these fixed income securities to be unable to meet their obligations. The lower the rating of a debt security, the higher its credit risk. In addition, the securities of many U.S. Government agencies, authorities or instrumentalities in which the Portfolio may invest are neither issued nor guaranteed by the U.S. Government, and may be supported only by the ability of the issuer to borrow from the U.S. Treasury or by the credit of the issuer. </li></ul><ul type="square"><li> <b>Interest Rate Risk – </b>The value of fixed income securities held in the Portfolio, including U.S. Government securities, may decline with changes in interest rates. Prices of fixed income securities with longer effective maturities are more sensitive to interest rate changes than those with shorter effective maturities. U.S. Government securities can exhibit price movements resulting from changes in interest rates. During low interest rate environments, the risk that interest rates will rise is increased. Such increases may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. These risks are greater when a low interest rate environment has existed for an extended period of time. </li></ul></blockquote><ul type="square"><li> <b>Risks Associated with Investments in Derivatives.</b> The Portfolio is permitted to invest in derivative instruments, including options, futures and options on futures. Investment in derivatives depends largely on the performance of an underlying reference instrument or rate and the Specialist Manager’s ability to predict correctly the direction of securities prices, interest rates, currency exchange rates and/or other economic factors. Derivatives involve additional costs and often have risks similar to an investment in the reference instrument in addition to other risks, such as: </li></ul><blockquote><ul type="square"><li><b>General Derivative Risks – </b>The value of derivative instruments may rise or fall more rapidly than other investments, and there is a risk that the Portfolio may lose more than the original amount invested in the derivative instrument. Derivative instruments also involve the risk that other parties to the derivative contract may fail to meet their obligations, which could cause losses to the Portfolio. </li></ul><ul type="square"><li> <b>Counterparty Risk – </b>The Portfolio will be subject to counterparty credit risk with respect to derivative contracts entered into by the Portfolio or held by special purpose or structured vehicles in which the Portfolio invests, including other investment companies. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Portfolio may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Portfolio may obtain only a limited recovery or may obtain no recovery in such circumstances. </li></ul><ul type="square"><li> <b>Derivatives Tax Risk – </b>Compared to other types of investments, derivatives may be harder to value and may also be less tax efficient. In addition, changes in government regulation of derivative instruments could affect the character, timing and amount of the Portfolio’s taxable income or gains, and may limit or prevent the Portfolio from using certain types of derivative instruments as a part of its investment strategy, which could make the investment strategy more costly to implement or require the Portfolio to change its investment strategy. To the extent that the Portfolio uses derivatives for hedging or to gain or limit exposure to a particular market or market segment, there may be imperfect correlation between the value of the derivative instrument and the value of the instrument being hedged or the relevant market or market segment, in which case the Portfolio may not realize the intended benefits. The Portfolio’s use of derivatives may be limited by the requirements for taxation of the Portfolio as a regulated investment company.</li></ul></blockquote><ul type="square"><li> <b>Other Risks</b> </li></ul><blockquote><ul type="square"><li>Liquidity Risk – At times, certain securities may be difficult or impossible to sell at the price that would normally prevail in the market. The seller may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Portfolio management or performance. This includes the risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in less advantageous investments.</li></ul></blockquote>There is no guarantee that the Portfolio will meet its goals. It is possible to lose money by investing in the Portfolio.<b>Performance Bar Chart and Table </b><br/><br/><b>Performance.</b>The chart and table below show how The Institutional Growth Equity Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s HC Advisors Shares yearly performance for each full calendar year since the Portfolio’s HC Advisors Shares inception on July 6, 2010. The table accompanying the bar chart compares the Portfolio’s performance over time on a before and after-tax basis to that of a broad based market index. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.<b>Year-by-Year Total Returns as of 12/31</b>The Portfolio’s HC Advisors Shares before-tax return for the period from January 1, 2018 through September 30, 2018 (non-annualized) was 15.96%.<br/><br/><table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse; " align="center"> <tr> <td width="35%"></td> <td valign="bottom" width="13%"></td> <td width="18%"></td> <td valign="bottom" width="19%"></td> <td></td> <td></td> <td valign="bottom" width="9%"></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-top:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Best quarter:</div></td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-top:1px solid #000000">1st Qtr. 2012</td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000" align="right">15.28</td> <td valign="bottom" style="border-top:1px solid #000000">% </td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-bottom:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Worst quarter:</div></td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-bottom:1px solid #000000">3rd Qtr. 2011</td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">-12.50</td> <td valign="bottom" style="border-bottom:1px solid #000000">% </td></tr> </table><b>Average Annual Total Returns </b><br/> (for the periods ended 12/31/17)After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio.The chart and table below show how The Institutional Growth Equity Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s HC Advisors Shares yearly performance for each full calendar year since the Portfolio’s HC Advisors Shares inception on July 6, 2010.Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.2010-07-062010-07-062010-07-06before-tax return2018-09-30Best quarter:2012-03-312010-07-06Worst quarter:2011-09-302010-07-06<div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualFundOperatingExpenses000043 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualTotalReturnsBarChart000046 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleExpenseExample000044 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAverageAnnualTotalReturnsTransposed000047 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleShareholderFees000042 column period compact * ~</div><b>The Small Capitalization – Mid Capitalization Equity Portfolio</b><b>Investment Objective </b>The investment objective of The Small Capitalization-Mid Capitalization Equity Portfolio is to provide long-term capital appreciation.<b>Fees and Expenses </b>The fee and expense tables below describe the fees and expenses that you may pay if you buy and hold HC Advisors Shares of the Portfolio.<b>Shareholder Fees </b><br/>(fees paid directly from your investment)<b>Annual Operating Expenses </b><br/>(expenses that you pay each year as a percentage of the value of your investment)<b>Example</b>:This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s Total Annual Operating Expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your cost would be:<b>Portfolio Turnover </b>The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” investments in its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in the Total Annual Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover was 61.65% of the average value of its portfolio.<b>Principal Investment Strategies </b>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<sup>®</sup> 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 the date of this Prospectus, the market capitalization range of companies in the Russell 3000<sup>®</sup> Index that were classified as “Small” or “Medium” was between approximately $159 million and $34.7 billion. <br/><br/>Additionally, a portion of the Portfolio may be managed using a “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. <br/><br/>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.<b>Principal Investment Risks </b>Investing in the Portfolio involves risks common to any investment in securities. There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio. All mutual funds, including the Portfolio, are subject to <b>Management Risk –</b> the risk that the investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments and <b>Market Risk –</b> the risk that the value of the securities held by a portfolio may decline in response to general market and economic conditions, or conditions that affect specific market sectors or individual companies. <br/><br/>There are also risks associated with the overall structure of the Portfolio. These include: <ul type="square"><li> <b>Multi-Manager Risk –</b> the Portfolio’s multi-manager structure involves the risk that the Specialist Managers serving the Portfolio do not achieve favorable investment results relative to other investments or that the Portfolio’s assets are not effectively allocated among Specialist Managers in a manner that enhances the Portfolio’s total return or reduces the volatility that might be expected of any one management style. Additionally, the multi-manager structure may, under certain circumstances, cause the Portfolio to incur higher trading costs than might occur in a fund served by a single investment adviser. </li></ul><ul type="square"><li> <b>Passive Investing Risk –</b> a portion of the Portfolio employs a passive investment approach, which attempts to approximate as closely as practicable, before expenses, the performance of one or more different segments of the Portfolio’s investment universe, as deemed appropriate by the Adviser, regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Portfolio’s return to be lower than if the Portfolio employed an active strategy. In addition, the Portfolio’s return may not match or achieve a high degree of correlation with the return of the target investment pool due to operating expenses, transaction costs, and cash flows.</li></ul>Additionally, the range of securities in which the Portfolio may invest, and the several investment strategies that may be used in seeking to achieve the Portfolio’s objective, involve additional risks. These are summarized below.<ul type="square"><li> <b>Equity Risks.</b> Investment in equity securities involves the following risks:</li></ul><blockquote><ul type="square"><li><b>Equity Market Risk –</b> The market value of an equity security and the equity markets in general can be volatile.</li></ul><ul type="square"><li><b>Small/Mid Cap Risk –</b> Small and mid-cap companies may be more vulnerable to adverse business or economic developments than larger capitalization companies. Securities issued by these companies may be less liquid and/or more volatile than securities of larger companies or the overall securities markets. Small and mid-cap companies may be adversely affected during periods when investors prefer to hold securities of large capitalization companies.</li></ul><ul type="square"><li><b>Exchange-Traded Funds Risk –</b> An investment in securities issued by an ETF may be subject to the following risks: (1) shares of the ETF may trade at a discount to its net asset value; (2) an active trading market for the ETF’s shares may not develop; (3) the exchange on which the ETF is listed may, under certain circumstances, suspend trading of the ETF’s shares; and (4) to the extent that an ETF is acquired in order to track a specific asset or index, the ETF may fail to effectively accomplish that goal.</li></ul><ul type="square"><li><b>Investment in Other Investment Companies Risk –</b> As with other investments, investments in other investment companies are subject to market and selection risk. To the extent that the Portfolio acquires shares of investment companies, shareholders bear both their proportionate share of expenses in the Portfolio (including management and advisory fees) and, indirectly, the expenses of the acquired investment companies. </li></ul></blockquote><ul type="square"><li> <b>Risks Associated with Investments in Derivatives.</b> The Portfolio is permitted to invest in derivative instruments, including options, futures and options on futures. Investment in derivatives depends largely on the performance of an underlying reference instrument or rate and the Specialist Manager’s ability to predict correctly the direction of securities prices, interest rates, currency exchange rates and/or other economic factors. Derivatives involve additional costs and often have risks similar to an investment in the reference instrument in addition to other risks, such as:</li></ul><blockquote><ul type="square"><li><b>General Derivative Risks –</b> The value of derivative instruments may rise or fall more rapidly than other investments, and there is a risk that the Portfolio may lose more than the original amount invested in the derivative instrument. Derivative instruments also involve the risk that other parties to the derivative contract may fail to meet their obligations, which could cause losses to the Portfolio.</li></ul><ul type="square"><li><b>Counterparty Risk –</b> The Portfolio will be subject to counterparty credit risk with respect to derivative contracts entered into by the Portfolio or held by special purpose or structured vehicles in which the Portfolio invests, including other investment companies. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Portfolio may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Portfolio may obtain only a limited recovery or may obtain no recovery in such circumstances.</li></ul><ul type="square"><li><b>Derivatives Tax Risk –</b> Compared to other types of investments, derivatives may be harder to value and may also be less tax efficient. In addition, changes in government regulation of derivative instruments could affect the character, timing and amount of the Portfolio’s taxable income or gains, and may limit or prevent the Portfolio from using certain types of derivative instruments as a part of its investment strategy, which could make the investment strategy more costly to implement or require the Portfolio to change its investment strategy. To the extent that the Portfolio uses derivatives for hedging or to gain or limit exposure to a particular market or market segment, there may be imperfect correlation between the value of the derivative instrument and the value of the instrument being hedged or the relevant market or market segment, in which case the Portfolio may not realize the intended benefits. The Portfolio’s use of derivatives may be limited by the requirements for taxation of the Portfolio as a regulated investment company.</li></ul></blockquote>There is no guarantee that the Portfolio will meet its goals. It is possible to lose money by investing in the Portfolio.<b>Performance Bar Chart and Table </b><br/><br/><b>Performance.</b>The chart and table below show how The Small Capitalization-Mid Capitalization Equity Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s HC Advisors Shares yearly performance for each full calendar year since the Portfolio’s HC Advisors Shares inception on July 6, 2010. The table accompanying the bar chart compares the Portfolio’s performance over time on a before and after-tax basis to that of a broad based market index. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.<b>Year-by-Year Total Returns as of 12/31</b>The Portfolio’s HC Advisors Shares before-tax return for the period from January 1, 2018 through September 30, 2018 (non-annualized) was 14.30%.<br/><br/><table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse; " align="center"> <tr> <td width="35%"></td> <td valign="bottom" width="13%"></td> <td width="18%"></td> <td valign="bottom" width="19%"></td> <td></td> <td></td> <td valign="bottom" width="9%"></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-top:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Best quarter:</div></td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-top:1px solid #000000">4th Qtr. 2011</td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000" align="right">13.84</td> <td valign="bottom" style="border-top:1px solid #000000">% </td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-bottom:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Worst quarter:</div></td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-bottom:1px solid #000000">3rd Qtr. 2011</td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">-21.02</td> <td valign="bottom" style="border-bottom:1px solid #000000">% </td></tr> </table><b>Average Annual Total Returns </b><br/>(for the periods ended 12/31/17)After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio.The chart and table below show how The Small Capitalization-Mid Capitalization Equity Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s HC Advisors Shares yearly performance for each full calendar year since the Portfolio’s HC Advisors Shares inception on July 6, 2010.Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.2010-07-062010-07-06before-tax return2018-09-30Best quarter:2012-03-312010-07-06Worst quarter:2011-09-302010-07-062010-07-06<div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualFundOperatingExpenses000053 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualTotalReturnsBarChart000056 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleExpenseExample000054 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAverageAnnualTotalReturnsTransposed000057 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleShareholderFees000052 column period compact * ~</div><b>The Institutional Small Capitalization – Mid Capitalization Equity Portfolio </b><b>Investment Objective </b>The investment objective of The Institutional Small Capitalization-Mid Capitalization Equity Portfolio is to provide long-term capital appreciation.<b>Fees and Expenses </b>The fee table below describes the fees and expenses that you may pay if you buy and hold HC Advisors Shares of the Portfolio.<b>Shareholder Fees </b><br/>(fees paid directly from your investment)<b>Annual Operating Expenses </b><br/>(expenses that you pay each year as a percentage of the value of your investment)<b>Example</b>:This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s Total Annual Operating Expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your costs would be:<b>Portfolio Turnover </b>The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” investments in its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in the Total Annual Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover was 95.15% of the average value of its portfolio.<b>Principal Investment Strategies </b>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<sup>®</sup> 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, 2018, the market capitalization range of companies in the Russell 3000<sup>®</sup> Index that were classified as “Small” or “Medium” was between approximately $159 million and $34.7 billion. <br/><br/>Additionally, a portion of the Portfolio may be managed using a “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. <br/><br/>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.<b>Principal Investment Risks </b>Investing in the Portfolio involves risks common to any investment in securities. There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio. All mutual funds, including the Portfolio, are subject to <b>Management Risk –</b> the risk that the investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments and <b>Market Risk –</b> the risk that the value of the securities held by a portfolio may decline in response to general market and economic conditions, or conditions that affect specific market sectors or individual companies. <br/><br/>There are also risks associated with the overall structure of the Portfolio. These include: <ul type="square"><li> <b>Multi-Manager Risk –</b> the Portfolio’s multi-manager structure involves the risk that the Specialist Managers serving the Portfolio do not achieve favorable investment results relative to other investments or that the Portfolio’s assets are not effectively allocated among Specialist Managers in a manner that enhances the Portfolio’s total return or reduces the volatility that might be expected of any one management style. Additionally, the multi-manager structure may, under certain circumstances, cause the Portfolio to incur higher trading costs than might occur in a fund served by a single investment adviser. </li></ul><ul type="square"><li> <b>Passive Investing Risk –</b> a portion of the Portfolio employs a passive investment approach, which attempts to approximate as closely as practicable, before expenses, the performance of one or more different segments of the Portfolio’s investment universe, as deemed appropriate by the Adviser, regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Portfolio’s return to be lower than if the Portfolio employed an active strategy. In addition, the Portfolio’s return may not match or achieve a high degree of correlation with the return of the target investment pool due to operating expenses, transaction costs, and cash flows.</li></ul>Additionally, the range of securities in which the Portfolio may invest, and the several investment strategies that may be used in seeking to achieve the Portfolio’s objective, involve additional risks. These are summarized below. <ul type="square"><li> <b>Equity Risks.</b> Investment in equity securities involves the following risks:</li></ul><blockquote><ul type="square"><li><b>Equity Market Risk –</b> The market value of an equity security and the equity markets in general can be volatile.</li></ul><ul type="square"><li><b>Small/Mid Cap Risk –</b> Small and mid-cap companies may be more vulnerable to adverse business or economic developments than larger capitalization companies. Securities issued by these companies may be less liquid and/or more volatile than securities of larger companies or the overall securities markets. Small and mid-cap companies may be adversely affected during periods when investors prefer to hold securities of large capitalization companies.</li></ul><ul type="square"><li><b>Exchange-Traded Funds Risk –</b> An investment in securities issued by an ETF may be subject to the following risks: (1) shares of the ETF may trade at a discount to its net asset value; (2) an active trading market for the ETF’s shares may not develop; (3) the exchange on which the ETF is listed may, under certain circumstances, suspend trading of the ETF’s shares; and (4) to the extent that an ETF is acquired in order to track a specific asset or index, the ETF may fail to effectively accomplish that goal.</li></ul><ul type="square"><li><b>Investment in Other Investment Companies Risk –</b> As with other investments, investments in other investment companies are subject to market and selection risk. To the extent that the Portfolio acquires shares of investment companies, shareholders bear both their proportionate share of expenses in the Portfolio (including management and advisory fees) and, indirectly, the expenses of the acquired investment companies. </li></ul></blockquote><ul type="square"><li> <b>Risks Associated with Investments in Derivatives.</b> The Portfolio is permitted to invest in derivative instruments, including options, futures and options on futures. Investment in derivatives depends largely on the performance of an underlying reference instrument or rate and the Specialist Manager’s ability to predict correctly the direction of securities prices, interest rates, currency exchange rates and/or other economic factors. Derivatives involve additional costs and often have risks similar to an investment in the reference instrument in addition to other risks, such as:</li></ul><blockquote><ul type="square"><li><b>General Derivative Risks –</b> The value of derivative instruments may rise or fall more rapidly than other investments, and there is a risk that the Portfolio may lose more than the original amount invested in the derivative instrument. Derivative instruments also involve the risk that other parties to the derivative contract may fail to meet their obligations, which could cause losses to the Portfolio.</li></ul><ul type="square"><li><b>Counterparty Risk –</b> The Portfolio will be subject to counterparty credit risk with respect to derivative contracts entered into by the Portfolio or held by special purpose or structured vehicles in which the Portfolio invests, including other investment companies. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Portfolio may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Portfolio may obtain only a limited recovery or may obtain no recovery in such circumstances.</li></ul><ul type="square"><li><b>Derivatives Tax Risk –</b> Compared to other types of investments, derivatives may be harder to value and may also be less tax efficient. In addition, changes in government regulation of derivative instruments could affect the character, timing and amount of the Portfolio’s taxable income or gains, and may limit or prevent the Portfolio from using certain types of derivative instruments as a part of its investment strategy, which could make the investment strategy more costly to implement or require the Portfolio to change its investment strategy. To the extent that the Portfolio uses derivatives for hedging or to gain or limit exposure to a particular market or market segment, there may be imperfect correlation between the value of the derivative instrument and the value of the instrument being hedged or the relevant market or market segment, in which case the Portfolio may not realize the intended benefits. The Portfolio’s use of derivatives may be limited by the requirements for taxation of the Portfolio as a regulated investment company. </li></ul></blockquote>There is no guarantee that the Portfolio will meet its goals. It is possible to lose money by investing in the Portfolio.<b>Performance Bar Chart and Table </b><br/><br/><b>Performance.</b>The chart and table below show how The Institutional Small Capitalization-Mid Capitalization Equity Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s HC Advisors Shares yearly performance for each full calendar year since the Portfolio’s HC Advisors Shares inception on July 6, 2010. The table accompanying the bar chart compares the Portfolio’s performance over time on a before and after-tax basis to that of a broad based market index. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.<b>Year-by-Year Total Returns as of 12/31</b>The Portfolio’s HC Advisors Shares before-tax return for the period from January 1, 2018 through September 30, 2018 (non-annualized) was 15.55%.<br/><br/><table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse; " align="center"> <tr> <td width="35%"></td> <td valign="bottom" width="13%"></td> <td width="18%"></td> <td valign="bottom" width="19%"></td> <td></td> <td></td> <td valign="bottom" width="9%"></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-top:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Best quarter:</div></td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-top:1px solid #000000">1st Qtr. 2012</td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000" align="right">14.85</td> <td valign="bottom" style="border-top:1px solid #000000">% </td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-bottom:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Worst quarter:</div></td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-bottom:1px solid #000000">3rd Qtr. 2011</td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">-20.63</td> <td valign="bottom" style="border-bottom:1px solid #000000">% </td></tr> </table><b>Average Annual Total Returns </b><br/>(for the periods ended 12/31/17)After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio.The chart and table below show how The Institutional Small Capitalization-Mid Capitalization Equity Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s HC Advisors Shares yearly performance for each full calendar year since the Portfolio’s HC Advisors Shares inception on July 6, 2010.Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.2010-07-062010-07-06before-tax return2018-09-30Best quarter:2011-12-312010-07-062010-07-062010-07-06Worst quarter:2011-09-302010-07-06<div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualFundOperatingExpenses000063 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualTotalReturnsBarChart000066 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleExpenseExample000064 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAverageAnnualTotalReturnsTransposed000067 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleShareholderFees000062 column period compact * ~</div><b>The Real Estate Securities Portfolio</b><b>Investment Objective </b>The investment objective of The Real Estate Securities Portfolio is to provide total return consisting of both capital appreciation and current income.<b>Fees and Expenses </b>The fee and expense tables below describe the fees and expenses that you may pay if you buy and hold HC Advisors Shares of the Portfolio.<b>Shareholder Fees </b><br/>(fees paid directly from your investment)<b>Annual Operating Expenses </b><br/>(expenses that you pay each year as a percentage of the value of your investment)<b>Example</b>:This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s Total Annual Operating Expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your cost would be:<b>Portfolio Turnover </b>The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” investments in its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in the Total Annual Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover was 49.59% of the average value of its portfolio.<b>Principal Investment Strategies </b>Under normal circumstances, the Portfolio seeks to achieve its objective by investing primarily (i.e., at least 80% of its net assets) in a portfolio of equity and debt securities issued by U.S. and non-U.S. real estate-related companies. Companies known as real estate investment trusts (REITs) and other real estate operating companies whose value is derived from ownership, development and management of underlying real estate properties are considered to be real estate-related companies. 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’s permissible investments include equity and equity-related securities of real estate-related companies, including common stock, preferred stock, convertible securities, warrants, options, depositary receipts and other similar equity equivalents. The Portfolio also may invest in fixed income securities, including debt securities, mortgage-backed securities and high yield debt (“junk bonds”). The Portfolio may invest in securities issued by other investment companies, including ETFs, that invest in securities issued by real estate-related companies. The Portfolio may also invest in companies which are located in emerging markets countries, as well as companies of any market capitalization. <br/><br/>Consistent with its investment style, the Portfolio’s Specialist Manager 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. <br/><br/>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. <br/><br/>The Portfolio is classified as a non-diversified fund, which means that the Portfolio is permitted to invest a greater portion of its assets in a limited number of issuers than would be the case if the Portfolio were classified as diversified.<b>Principal Investment Risks </b>Investing in the Portfolio involves risks common to any investment in securities. There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio. All mutual funds, including the Portfolio, are subject to <b>Management Risk –</b> the risk that the investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments and <b>Market Risk –</b> the risk that the value of the securities held by a portfolio may decline in response to general market and economic conditions, or conditions that affect specific market sectors or individual companies. <br/><br/>There are also risks associated with the overall structure of the Portfolio. These include: <ul type="square"><li> <b>Multi-Manager Risk –</b> the Portfolio’s multi-manager structure involves the risk that the Specialist Managers serving the Portfolio do not achieve favorable investment results relative to other investments or that the Portfolio’s assets are not effectively allocated among Specialist Managers in a manner that enhances the Portfolio’s total return or reduces the volatility that might be expected of any one management style. Additionally, the multi-manager structure may, under certain circumstances, cause the Portfolio to incur higher trading costs than might occur in a fund served by a single investment adviser. </li></ul><ul type="square"><li> <b>Passive Investing Risk –</b> a portion of the Portfolio employs a passive investment approach, which attempts to approximate as closely as practicable, before expenses, the performance of one or more different segments of the Portfolio’s investment universe, as deemed appropriate by the Adviser, regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Portfolio’s return to be lower than if the Portfolio employed an active strategy. In addition, the Portfolio’s return may not match or achieve a high degree of correlation with the return of the target investment pool due to operating expenses, transaction costs, and cash flows. </li></ul><ul type="square"><li> <b>Non-Diversification Risk –</b> The Portfolio is classified as a non-diversified management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). This means that the Portfolio may invest a greater portion of its assets in a limited number of issuers than would be the case if the Portfolio were classified as a diversified management investment company. Because the Portfolio may invest a relatively high percentage of its assets in a limited number of positions, the Portfolio’s performance may be more vulnerable to changes in the market value of a single position and more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund. </li></ul>Additionally, the range of securities in which the Portfolio may invest, and the several investment strategies that may be used in seeking to achieve the Portfolio’s objective, involve additional risks. These are summarized below.<ul type="square"><li> <b>Equity Risks.</b> Investment in equity securities involves the following risks: </li></ul><blockquote><ul type="square"><li> <b>Equity Market Risk –</b> The market value of an equity security and the equity markets in general can be volatile.</li></ul> <ul type="square"><li> <b>Small/Mid Cap Risk –</b> Small and mid-cap companies may be more vulnerable to adverse business or economic developments than larger capitalization companies. Securities issued by these companies may be less liquid and/or more volatile than securities of larger companies or the overall securities markets. Small and mid-cap companies may be adversely affected during periods when investors prefer to hold securities of large capitalization companies. </li></ul><ul type="square"><li> <b>Exchange-Traded Funds Risk –</b> An investment in securities issued by an ETF may be subject to the following risks: (1) shares of the ETF may trade at a discount to its net asset value; (2) an active trading market for the ETF’s shares may not develop; (3) the exchange on which the ETF is listed may, under certain circumstances, suspend trading of the ETF’s shares; and (4) to the extent that an ETF is acquired in order to track a specific asset or index, the ETF may fail to effectively accomplish that goal. <br/><br/><b>Investment in Other Investment Companies Risk –</b> As with other investments, investments in other investment companies are subject to market and selection risk. To the extent that the Portfolio acquires shares of investment companies, shareholders bear both their proportionate share of expenses in the Portfolio (including management and advisory fees) and, indirectly, the expenses of the acquired investment companies. </li></ul></blockquote><ul type="square"><li> <b>Real Estate Investing Risk.</b> </li></ul><blockquote><ul type="square"><li> <b>Real Estate Markets and REIT Risk –</b> Investments in the Portfolio will be closely linked to the performance of the real estate markets. Property values may fall due to increasing vacancies or declining rents resulting from unanticipated economic, legal, cultural or technological developments. REIT prices may also fall because of the failure of borrowers to pay their loans and/or poor management. The value of real estate (and real estate securities) may also be affected by increases in property taxes and changes in tax laws and interest rates. The value of securities of companies that service the real estate industry may also be affected by such risks. To the extent that the Portfolio invests in REITs and real estate partnerships, shareholders bear both their proportionate share of expenses in the Portfolio (including management and advisory fees) and, indirectly, the expenses of the acquired REITs and real estate partnerships. Investments in REITs and real estate partnerships (if any) may cause a greater portion of the Portfolio’s distributions to be taxable as ordinary income. </li></ul><ul type="square"><li> <b>Industry Concentration Risk –</b> Because the Portfolio concentrates its investments in real estate securities, it may be subject to greater risks of loss as a result of economic, business or other developments than a fund representing a broader range of industries. The Portfolio may be subject to risks associated with direct ownership of real estate, such as changes in economic conditions, interest rates, availability of mortgage funds, property values, increases in property taxes and operating expenses, increased competition, environmental problems, changes in zoning laws and natural disasters. </li></ul></blockquote><ul type="square"><li> <b>Foreign Investment Risk.</b> Investment in foreign securities involves the following risks: </li></ul><blockquote><ul type="square"><li> <b>Foreign Securities Risk –</b> Investments in securities issued by non-U.S. companies and/or non-U.S. governments and their agencies, may be adversely affected by the lack of timely or reliable financial information, political, social and/or economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices. Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar and transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities. </li></ul><ul type="square"><li> <b>Foreign Currency Risk –</b> Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar. Currency exchange rates can be volatile and can be affected by, among other factors, the general economics of a country, or the actions of the U.S. or foreign governments or central banks. In addition, transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities. </li></ul><ul type="square"><li> <b>Emerging Markets Risk –</b> Risks associated with foreign investments may be intensified in the case of investments in emerging market countries, whose political, legal and economic systems are less developed and less stable than those of more developed nations. Such investments are often less liquid and/or more volatile than securities issued by companies located in developed nations, such as the United States, Canada and those included in the Morgan Stanley Capital International Europe, Australasia and Far East (“MSCI EAFE”) Index. Certain types of securities, including emerging market securities, are subject to the risk that the securities may not be sold at the quoted market price within a reasonable period of time. </li></ul></blockquote><ul type="square"><li><b>Fixed Income Risk.</b> Investments in fixed income securities may involve the following risks, depending on the instrument involved: </li></ul><blockquote><ul type="square"><li><b>Asset-Backed/Mortgage-Backed Security Risk –</b> The market value and yield of asset-backed and mortgage-backed securities can vary due to market interest rate fluctuations and early prepayments of underlying instruments. Although these securities may offer yields higher than those available from other types of securities, these securities may be less effective than other types of securities as a means of “locking in” attractive long-term rates because of the prepayment feature. During periods of difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, such securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. Mortgage-backed securities may be particularly susceptible to Prepayment Risk. </li></ul><ul type="square"><li> <b>Credit Risk –</b> An investment in the Portfolio also involves the risk that the issuer of a fixed income security that the Portfolio holds will fail to make timely payments of interest or principal, or go bankrupt, or that the value of the securities will decline because of a market perception that the issuer may not make payments on time, thus potentially reducing the Portfolio’s return. Changes in economic conditions are likely to cause issuers of these fixed income securities to be unable to meet their obligations. The lower the rating of a debt security, the higher its credit risk. In addition, the securities of many U.S. Government agencies, authorities or instrumentalities in which the Portfolio may invest are neither issued nor guaranteed by the U.S. Government, and may be supported only by the ability of the issuer to borrow from the U.S. Treasury or by the credit of the issuer. </li></ul><ul type="square"><li> <b>Interest Rate Risk –</b> The value of fixed income securities held in the Portfolio, including U.S. Government securities, may decline with changes in interest rates. Prices of fixed income securities with longer effective maturities are more sensitive to interest rate changes than those with shorter effective maturities. U.S. Government securities can exhibit price movements resulting from changes in interest rates. During low interest rate environments, the risk that interest rates will rise is increased. Such increases may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. These risks are greater when a low interest rate environment has existed for an extended period of time. </li></ul><ul type="square"><li> <b>Extension Risk –</b> Fixed income securities held by the Portfolio are subject to the risk that payment on the loans underlying the securities held by the Portfolio will be made more slowly when interest rates are rising. This could cause the market value of the securities to decline. </li></ul><ul type="square"><li> <b>Call/Prepayment Risk –</b> When interest rates are declining, issuers of fixed income securities held by the Portfolio may prepay principal earlier than scheduled. As a result of this risk, the Portfolio may have to reinvest these prepayments at those lower rates, thus reducing its income. Mortgage-backed and asset-backed securities are especially sensitive to prepayment. </li></ul><ul type="square"><li> <b>High Yield Bond Risk –</b> High yield bonds, commonly referred to as “junk bonds,” are considered speculative under traditional investment standards. Prices of these securities will rise and fall primarily in response to changes in the issuer’s financial health, although changes in market interest rates also will affect prices. High yield bonds may also experience reduced liquidity, and sudden and substantial decreases in price, during certain market conditions. </li></ul></blockquote><ul type="square"><li><b>Risks Associated with Investments in Derivatives.</b> The Portfolio is permitted to invest in derivative instruments, including options, futures and options on futures. Investment in derivatives depends largely on the performance of an underlying reference instrument or rate and the Specialist Manager’s ability to predict correctly the direction of securities prices, interest rates, currency exchange rates and/or other economic factors. Derivatives involve additional costs and often have risks similar to an investment in the reference instrument in addition to other risks, such as: </li></ul><blockquote><ul type="square"><li> <b>General Derivative Risks –</b> The value of derivative instruments may rise or fall more rapidly than other investments, and there is a risk that the Portfolio may lose more than the original amount invested in the derivative instrument. Derivative instruments also involve the risk that other parties to the derivative contract may fail to meet their obligations, which could cause losses to the Portfolio. </li></ul><ul type="square"><li> <b>Counterparty Risk –</b> The Portfolio will be subject to counterparty credit risk with respect to derivative contracts entered into by the Portfolio or held by special purpose or structured vehicles in which the Portfolio invests, including other investment companies. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Portfolio may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Portfolio may obtain only a limited recovery or may obtain no recovery in such circumstances. </li></ul><ul type="square"><li> <b>Derivatives Tax Risk –</b> Compared to other types of investments, derivatives may be harder to value and may also be less tax efficient. In addition, changes in government regulation of derivative instruments could affect the character, timing and amount of the Portfolio’s taxable income or gains, and may limit or prevent the Portfolio from using certain types of derivative instruments as a part of its investment strategy, which could make the investment strategy more costly to implement or require the Portfolio to change its investment strategy. To the extent that the Portfolio uses derivatives for hedging or to gain or limit exposure to a particular market or market segment, there may be imperfect correlation between the value of the derivative instrument and the value of the instrument being hedged or the relevant market or market segment, in which case the Portfolio may not realize the intended benefits. The Portfolio’s use of derivatives may be limited by the requirements for taxation of the Portfolio as a regulated investment company. </li></ul></blockquote><ul type="square"><li> <b>Other Risks</b> </li></ul><blockquote><ul type="square"><li> <b>Liquidity Risk –</b> At times, certain securities may be difficult or impossible to sell at the price that would normally prevail in the market. The seller may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Portfolio management or performance. This includes the risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in less advantageous investments. </li></ul></blockquote>There is no guarantee that the Portfolio will meet its goals. It is possible to lose money by investing in the Portfolio.<b>Performance Bar Chart and Table</b><br/><br/><b>Performance.</b>The chart and table below show how The Real Estate Securities Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s HC Advisors Shares yearly performance for each full calendar year since the Portfolio’s HC Advisors Shares inception on July 6, 2010 through December 31, 2012. Because the Portfolio’s HC Advisors Shares were redeemed in full on May 5, 2013 and no shares of the Portfolio’s HC Advisors Shares have since been sold, no performance information for 2013, 2014, 2015, 2016 and 2017 is shown in the bar chart (as the Portfolio was not active for a full calendar year in any of those years) or for the period from January 1, 2018 through September 30, 2018. The performance table shows the average annual total returns for the since inception period ended December 31, 2013 based on the actual one-year return and since inception annualized return calculated at April 30, 2013 and do not reflect the period of time when sales of shares and operations for the Portfolio’s HC Advisors Shares were active from May 1, 2013 through May 5, 2013. The table accompanying the bar chart compares the Portfolio’s performance over time on a before and after-tax basis to that of a broad based market index and includes index performance during the period when the Portfolio’s HC Advisors Shares were inactive. Accordingly, the Portfolio’s performance in the bar chart and table may not be comparable to the performance of other mutual funds. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.<b>Year-by-Year Total Returns as of 12/31</b>After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.<b>Average Annual Total Returns </b><br/>(for the periods ended 12/31/17)<table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse; " align="center"> <tr> <td width="35%"></td> <td valign="bottom" width="13%"></td> <td width="18%"></td> <td valign="bottom" width="19%"></td> <td></td> <td></td> <td valign="bottom" width="9%"></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-top:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Best quarter:</div></td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-top:1px solid #000000">4th Qtr. 2011</td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000" align="right">15.07</td> <td valign="bottom" style="border-top:1px solid #000000">% </td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-bottom:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Worst quarter:</div></td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-bottom:1px solid #000000">3rd Qtr. 2011</td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">-14.48</td> <td valign="bottom" style="border-bottom:1px solid #000000">% </td></tr> </table>Under normal circumstances, the Portfolio seeks to achieve its objective by investing primarily (i.e., at least 80% of its net assets) in a portfolio of equity and debt securities issued by U.S. and non-U.S. real estate-related companies. Companies known as real estate investment trusts (REITs) and other real estate operating companies whose value is derived from ownership, development and management of underlying real estate properties are considered to be real estate-related companies.There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio.<ul type="square"><li> <b>Non-Diversification Risk –</b> The Portfolio is classified as a non-diversified management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). This means that the Portfolio may invest a greater portion of its assets in a limited number of issuers than would be the case if the Portfolio were classified as a diversified management investment company. Because the Portfolio may invest a relatively high percentage of its assets in a limited number of positions, the Portfolio’s performance may be more vulnerable to changes in the market value of a single position and more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund. </li></ul>The chart and table below show how The Real Estate Securities Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s HC Advisors Shares yearly performance for each full calendar year since the Portfolio’s HC Advisors Shares inception on July 6, 2010 through December 31, 2012.Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.before-tax return2018-09-30Best quarter:2012-03-312010-07-062010-07-062010-07-062010-07-06Worst quarter:2011-09-302010-07-06<div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualFundOperatingExpenses000073 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualTotalReturnsBarChart000076 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleExpenseExample000074 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAverageAnnualTotalReturnsTransposed000077 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleShareholderFees000072 column period compact * ~</div><b>The Commodity Returns Strategy Portfolio</b><b>Investment Objective </b>The investment objective of The Commodity Returns Strategy Portfolio is to provide capital appreciation.<b>Fees and Expenses </b>The fee and expense tables below describe the fees and expenses that you may pay if you buy and hold HC Advisors Shares of the Portfolio.<b>Shareholder Fees </b><br/>(fees paid directly from your investment)<b>Annual Operating Expenses </b><br/>(expenses that you pay each year as a percentage of the value of your investment)<b>Example</b>:This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s Total Annual Operating Expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your costs would be:<b>Portfolio Turnover </b>The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” investments in its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in the Total Annual Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover was 28.82% of the average value of its portfolio.<b>Principal Investment Strategies </b>Under normal circumstances, the Portfolio seeks to achieve its objective by investing primarily in a diversified portfolio of commodity-related investments including securities issued by companies in commodity-related industries, commodity-linked structured notes (derivative debt instruments with principal and/or coupon payments linked to the performance of commodity indices) and other similar derivative instruments, investment vehicles that invest in commodities and commodity-related instruments. Securities of companies in commodities-related industries may include common stocks, depositary receipts, preferred securities, rights to subscribe for or purchase any such securities, warrants, convertible securities and other equity and commodity-linked securities issued by such companies. For this purpose, commodities are assets that have tangible properties, such as oil, metal and agricultural products. Commodity-related industries include, but are not limited to: (i) those directly engaged in the production of commodities, such as minerals, metals, agricultural commodities, chemicals, pulp and paper, building materials, oil and gas, other energy or natural resources, and (ii) companies that provide services to commodity producers. The Portfolio considers a company to be in a commodity-related industry if, as determined by the relevant Specialist Manager, at least 50% of the company’s assets, revenues or net income are derived from, or related to, such activities. The Portfolio will invest more than 25% of its assets in securities issued by companies in commodity-related industries. The Portfolio may invest without limitation in foreign securities, including securities issued by companies in emerging markets. 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. The Portfolio may invest in securities issued by other investment companies, including ETFs, that invest in commodity-related investments. The Portfolio also intends to gain exposure to commodity markets by investing a portion of its assets in two wholly-owned subsidiaries organized under the laws of the Cayman Islands (the “Subsidiaries”). The Subsidiaries may invest without limitation in commodity-linked derivative instruments, such as swaps, futures and options. The Portfolio may invest in commodity swap, interest rate swap, variance swap and total return swap agreements and the Portfolio maintains liquid assets sufficient to cover the full notional value of any such swap positions. The Subsidiaries may also invest in debt securities, some of which are intended to serve as margin or collateral for the Subsidiaries’ derivatives positions, and other investment vehicles that invest in commodities and commodity-related instruments. The Subsidiaries are managed by the same Specialist Managers that advise the Portfolio. <br/><br/>The Portfolio may invest in equity and fixed income securities and may invest in companies of any market capitalization. Additionally, a portion of the Portfolio may be managed using a “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. <br/><br/>The Portfolio is authorized to operate on a multi-manager basis. This means that the 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.<b>Principal Investment Risks </b>Investing in the Portfolio involves risks common to any investment in securities. There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio. All mutual funds, including the Portfolio, are subject to <b>Management Risk –</b> the risk that the investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments and <b>Market Risk –</b> the risk that the value of the securities held by a portfolio may decline in response to general market and economic conditions, or conditions that affect specific market sectors or individual companies. <br/><br/>There are also risks associated with the overall structure of the Portfolio. These include: <ul type="square"><li> <b>Multi-Manager Risk –</b> the Portfolio’s multi-manager structure involves the risk that the Specialist Managers serving the Portfolio do not achieve favorable investment results relative to other investments or that the Portfolio’s assets are not effectively allocated among Specialist Managers in a manner that enhances the Portfolio’s total return or reduces the volatility that might be expected of any one management style. Additionally, the multi-manager structure may, under certain circumstances, cause the Portfolio to incur higher trading costs than might occur in a fund served by a single investment adviser. </li></ul><ul type="square"><li> <b>Passive Investing Risk –</b> a portion of the Portfolio employs a passive investment approach, which attempts to approximate as closely as practicable, before expenses, the performance of one or more different segments of the Portfolio’s investment universe, as deemed appropriate by the Adviser, regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Portfolio’s return to be lower than if the Portfolio employed an active strategy. In addition, the Portfolio’s return may not match or achieve a high degree of correlation with the return of the target investment pool due to operating expenses, transaction costs, and cash flows. </li></ul>Additionally, the range of securities in which the Portfolio may invest, and the several investment strategies that may be used in seeking to achieve the Portfolio’s objective, involve additional risks. These are summarized below. <ul type="square"><li> <b>Equity Risks.</b> Investment in equity securities involves the following risks: </li></ul><blockquote><ul type="square"><li> <b>Equity Market Risk –</b> The market value of an equity security and the equity markets in general can be volatile. </li></ul><ul type="square"><li> <b>Small/Mid Cap Risk –</b> Small and mid-cap companies may be more vulnerable to adverse business or economic developments than larger capitalization companies. Securities issued by these companies may be less liquid and/or more volatile than securities of larger companies or the overall securities markets. Small and mid-cap companies may be adversely affected during periods when investors prefer to hold securities of large capitalization companies. </li></ul><ul type="square"><li> <b>Exchange-Traded Funds Risk –</b> An investment in securities issued by an ETF may be subject to the following risks: (1) shares of the ETF may trade at a discount to its net asset value; (2) an active trading market for the ETF’s shares may not develop; (3) the exchange on which the ETF is listed may, under certain circumstances, suspend trading of the ETF’s shares; and (4) to the extent that an ETF is acquired in order to track a specific asset or index, the ETF may fail to effectively accomplish that goal. </li></ul><ul type="square"><li> <b>Investment in Other Investment Companies Risk –</b> As with other investments, investments in other investment companies are subject to market and selection risk. To the extent that the Portfolio acquires shares of investment companies, shareholders bear both their proportionate share of expenses in the Portfolio (including management and advisory fees) and, indirectly, the expenses of the acquired investment companies. </li></ul></blockquote><ul type="square"><li><b>Commodity-Related Investing Risks.</b> Investment in commodity-related securities involves the following risks: </li></ul><blockquote><ul type="square"><li> <b>Commodity-Related Securities Risk –</b> The securities of companies in commodity-related industries may underperform the stock market as a whole. The stock prices of such companies may also experience greater price volatility than other types of common stocks. Securities issued by companies in commodity-related industries are sensitive to changes in the supply and demand for, and thus the prices of, commodities. Additionally, the values of securities issued by commodity-related companies may be affected by factors affecting a particular industry or commodity. </li></ul><ul type="square"><li> <b>Commodity-Related Investment Risk –</b> Exposure to the commodities markets may subject the Portfolio to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, interest rate changes or events affecting a particular commodity or industry, such as political instability or conflict, international economic and regulatory developments, embargoes and tariffs, and drought, floods and other weather-related events. </li></ul><ul type="square"><li> <b>Industry Concentration Risk –</b> The Portfolio concentrates its investments in commodity-related industries. The focus of the Portfolio on a specific group of related industries my present more risks than if the Portfolio were more broadly diversified over numerous unrelated industries. A downturn in commodity-related industries would have a larger impact on the Portfolio than on an investment company that does not concentrate in such industries. At times, the performance of the Portfolio’s investments in commodity-related industries may lag the performance of other industries or the broader market as a whole. </li></ul><ul type="square"><li> <b>Subsidiary Risk –</b> The commodity-related instruments held by the Subsidiaries are subject to the same risks that apply to similar investments if held directly by the Portfolio (see “Commodities Related Investment Risk” above). The Subsidiaries are not registered under the Investment Company Act and are not subject to all of the requirements and protections of that Act. However, the Portfolio wholly owns and controls the Subsidiaries, and the Board of Trustees has responsibility for overseeing the investment activities of the Portfolio, including its investment in the Subsidiaries. Changes in the laws of the United States and/or the Cayman Islands could adversely affect the Subsidiaries and/or the Portfolio. </li></ul><ul type="square"><li> <b>Commodity-Related Investment Tax Risk –</b> The tax treatment of commodity-linked derivative instruments may be adversely affected by changes in legislation, regulations or other legally binding authority. If, as a result of any such adverse action, the income of the Portfolio from certain commodity-linked derivatives was treated as non-qualifying income, the Portfolio might fail to qualify as a regulated investment company and/or be subject to federal income tax at the Portfolio level. Should the Internal Revenue Service (“IRS”) issue guidance, or Congress enact legislation, that adversely affects the tax treatment of commodity-linked notes or the Subsidiaries, it could, among other consequences, limit the Portfolio’s ability to pursue its investment strategy. For example, in September, 2016, the IRS released guidance stating that it would no longer issue rulings on any matter relating to the treatment of an entity as a Regulated Investment Company (“RIC”) if the matter would require a determination of whether a financial instrument or position is a security under the 1940 Act. To date, the Portfolio has not invested in any commodity-linked notes or other commodity-linked derivatives at the Portfolio level, although it retains the ability to make such investments in the future provided that such investments will not disqualify it for tax treatment as a RIC (or unless the Board determines that such disqualification is in the best interests of shareholders). </li></ul></blockquote><ul type="square"><li> <b>Foreign Investment Risk.</b> Investment in foreign securities involves the following risks: </li></ul><blockquote><ul type="square"><li> <b>Foreign Securities Risk –</b> Investments in securities issued by non-U.S. companies and/or non-U.S. governments and their agencies, may be adversely affected by the lack of timely or reliable financial information, political, social and/or economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices. Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar and transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities. </li></ul><ul type="square"><li> <b>Foreign Currency Risk –</b> Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar. Currency exchange rates can be volatile and can be affected by, among other factors, the general economics of a country, or the actions of the U.S. or foreign governments or central banks. In addition, transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities.</li></ul><ul type="square"><li> <b>Emerging Markets Risk –</b> Risks associated with foreign investments may be intensified in the case of investments in emerging market countries, whose political, legal and economic systems are less developed and less stable than those of more developed nations. Such investments are often less liquid and/or more volatile than securities issued by companies located in developed nations, such as the United States, Canada and those included in the MSCI EAFE Index. Certain types of securities, including emerging market securities, are subject to the risk that the securities may not be sold at the quoted market price within a reasonable period of time.</li></ul></blockquote><ul type="square"><li> <b>Fixed Income Risk.</b> Investments in fixed income securities may involve the following risks, depending on the instrument involved: </li></ul><blockquote><ul type="square"><li> <b>Credit Risk –</b> An investment in the Portfolio also involves the risk that the issuer of a fixed income security that the Portfolio holds will fail to make timely payments of interest or principal, or go bankrupt, or that the value of the securities will decline because of a market perception that the issuer may not make payments on time, thus potentially reducing the Portfolio’s return. Changes in economic conditions are likely to cause issuers of these fixed income securities to be unable to meet their obligations. The lower the rating of a debt security, the higher its credit risk. In addition, the securities of many U.S. Government agencies, authorities or instrumentalities in which the Portfolio may invest are neither issued nor guaranteed by the U.S. Government, and may be supported only by the ability of the issuer to borrow from the U.S. Treasury or by the credit of the issuer. </li></ul><ul type="square"><li> <b>Interest Rate Risk –</b> The value of fixed income securities held in the Portfolio, including U.S. Government securities, may decline with changes in interest rates. Prices of fixed income securities with longer effective maturities are more sensitive to interest rate changes than those with shorter effective maturities. U.S. Government securities can exhibit price movements resulting from changes in interest rates. During low interest rate environments, the risk that interest rates will rise is increased. Such increases may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. These risks are greater when a low interest rate environment has existed for an extended period of time. </li></ul><ul type="square"><li><b>Non-Investment Grade Securities Risk –</b> Non-investment grade securities are considered speculative under traditional investment standards. Prices of these securities will rise and fall primarily in response to changes in the issuer’s financial health, although changes in market interest rates also will affect prices. Such securities may also experience reduced liquidity, and sudden and substantial decreases in price, during certain market conditions. </li></ul></blockquote><ul type="square"><li><b>Risks Associated with Investments in Derivatives.</b> The Portfolio is permitted to invest in derivative instruments, including options, futures and options on futures, swaps, structured notes and currency forwards. Investment in derivatives depends largely on the performance of an underlying reference instrument or rate and the Specialist Manager’s ability to predict correctly the direction of securities prices, interest rates, currency exchange rates and/or other economic factors. Derivatives involve additional costs and often have risks similar to an investment in the reference instrument in addition to other risks, such as: </li></ul><blockquote><ul type="square"><li> <b>General Derivative Risks –</b> The value of derivative instruments may rise or fall more rapidly than other investments, and there is a risk that the Portfolio may lose more than the original amount invested in the derivative instrument. Derivative instruments also involve the risk that other parties to the derivative contract may fail to meet their obligations, which could cause losses to the Portfolio. </li></ul><ul type="square"><li> <b>Counterparty Risk –</b> The Portfolio will be subject to counterparty credit risk with respect to derivative contracts entered into by the Portfolio or held by special purpose or structured vehicles in which the Portfolio invests, including other investment companies. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Portfolio may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Portfolio may obtain only a limited recovery or may obtain no recovery in such circumstances. </li></ul><ul type="square"><li> <b>Swaps Risks –</b> The use of swaps is a highly specialized activity which involves investment techniques, risk analyses and tax planning different from those associated with ordinary portfolio securities transactions. Swap transactions can result in sizeable realized and unrealized capital gains and losses relative to the gains and losses from the Portfolio’s direct investments in securities and short sales. Transactions in swaps can involve greater risks than if the Portfolio had invested in securities directly since, in addition to general market risks, swaps may be leveraged and are also subject to liquidity risk, counterparty risk, credit risk and valuation risk. Regulators also may impose limits on an entity’s or group of entities’ positions in certain swaps. </li></ul><ul type="square"><li> <b>Derivatives Tax Risk –</b> Compared to other types of investments, derivatives may be harder to value and may also be less tax efficient. In addition, changes in government regulation of derivative instruments could affect the character, timing and amount of the Portfolio’s taxable income or gains, and may limit or prevent the Portfolio from using certain types of derivative instruments as a part of its investment strategy, which could make the investment strategy more costly to implement or require the Portfolio to change its investment strategy. To the extent that the Portfolio uses derivatives for hedging or to gain or limit exposure to a particular market or market segment, there may be imperfect correlation between the value of the derivative instrument and the value of the instrument being hedged or the relevant market or market segment, in which case the Portfolio may not realize the intended benefits. The Portfolio’s use of derivatives may be limited by the requirements for taxation of the Portfolio as a regulated investment company. </li></ul></blockquote><ul type="square"><li> <b>Other Risks</b></li></ul><blockquote><ul type="square"><li> <b>Liquidity Risk –</b> At times, certain securities may be difficult or impossible to sell at the price that would normally prevail in the market. The seller may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Portfolio management or performance. This includes the risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in less advantageous investments. </li></ul></blockquote>There is no guarantee that the Portfolio will meet its goals. It is possible to lose money by investing in the Portfolio.<b>Performance Bar Chart and Table</b><br/><br/><b>Performance.</b>The chart and table below show how The Commodity Returns Strategy Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s HC Advisors Shares yearly performance for each full calendar year since the Portfolio’s HC Advisors Shares inception on July 6, 2010. The table accompanying the bar chart compares the Portfolio’s performance over time on a before and after-tax basis to that of a broad based market index. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.<b>Year-by-Year Total Returns as of 12/31</b>The Portfolio’s HC Advisors Shares before-tax return for the period from January 1, 2018 through September 30, 2018 (non-annualized) was 3.42%.<br/><br/><table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse; " align="center"> <tr> <td width="35%"></td> <td valign="bottom" width="13%"></td> <td width="18%"></td> <td valign="bottom" width="19%"></td> <td></td> <td></td> <td valign="bottom" width="9%"></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-top:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Best quarter:</div></td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-top:1px solid #000000">3rd Qtr. 2012</td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000" align="right">9.60</td> <td valign="bottom" style="border-top:1px solid #000000">% </td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-bottom:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Worst quarter:</div></td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-bottom:1px solid #000000">3rd Qtr. 2011</td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">-20.69</td> <td valign="bottom" style="border-bottom:1px solid #000000">% </td></tr> </table><b>Average Annual Total Returns </b><br/>(for the periods ended 12/31/17)After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.Under normal circumstances, the Portfolio seeks to achieve its objective by investing primarily in a diversified portfolio of commodity-related investments including securities issued by companies in commodity-related industries, commodity-linked structured notes (derivative debt instruments with principal and/or coupon payments linked to the performance of commodity indices) and other similar derivative instruments, investment vehicles that invest in commodities and commodity-related instruments.There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio.The chart and table below show how The Commodity Returns Strategy Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s HC Advisors Shares yearly performance for each full calendar year since the Portfolio’s HC Advisors Shares inception on July 6, 2010.Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.Best quarter:2011-12-31Worst quarter:2011-09-302010-07-062010-07-062010-07-062010-07-06before-tax return2018-09-30Best quarter:2012-09-30<div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualFundOperatingExpenses000083 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualTotalReturnsBarChart000086 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleExpenseExample000084 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAverageAnnualTotalReturnsTransposed000087 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleShareholderFees000082 column period compact * ~</div><b>The ESG Growth Portfolio </b><b>Investment Objective </b>The ESG Growth Portfolio seeks to maximize total return while emphasizing environmental, social and governance (“ESG”) focused investments.<b>Fees and Expenses </b>The fee and expense tables below describe the fees and expenses that you may pay if you buy and hold HC Advisors Shares of the Portfolio.<b>Shareholder Fees </b><br/>(fees paid directly from your investment)<b>Annual Operating Expenses </b><br/>(expenses that you pay each year as a percentage of the value of your investment)<b>Example</b>:This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s Total Annual Operating Expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your cost would be:<b>Portfolio Turnover </b>The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” investments in its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in Total Annual Portfolio Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover was 15.54% of the average value of its portfolio.<b>Principal Investment Strategies </b>Under normal circumstances, the Portfolio seeks to achieve its total return objective, which includes a combination of capital appreciation and income, by investing primarily in equity securities. The Portfolio is permitted to invest in any equity security, which includes securities issued by other investment companies, including exchange traded funds (“ETFs”) and securities issued by one or more of the other portfolios of HC Capital Trust. The Portfolio may invest in companies of any market capitalization. <br/><br/>Further, under the supervision of the Adviser, environmental, social and governance criteria (“ESG Factors) will be integrated into the Portfolio’s security selection process through the application of non-financial criteria (“ESG Screens”). The ESG Screens used by the Portfolio are determined with the use of third party data and ESG rating agencies which take into account a company’s performance around environmental, social and corporate governance practices. These may include (but are not limited to) such themes as climate change, resource efficiency, labor standards, product and service safety, community engagement, board policies, and corporate structure. The Portfolio seeks to avoid investment in securities issued by companies that have not demonstrated a commitment to ESG issues. Additionally, the Portfolio’s ESG Screens may not necessarily be applied to investments in derivatives, certain fixed income investments and other investments where in the Advisor’s opinion ESG Factors are not applicable or it is not possible to implement them. The ESG Screens will be applied by the Specialist Managers that manage the Portfolio under the direction of the Adviser. The ESG Screens used by each Specialist Manager may differ from one another. <br/><br/>The Portfolio may also invest without limitation in fixed income securities of all types and without regard to duration or investment ratings. Fixed income investments may include corporate debt, including high yield or “junk bonds,” structured notes, asset backed securities and similar synthetic securities, U.S. treasuries and short-term money market instruments or other cash equivalents. <br/><br/>The Portfolio is permitted to invest in securities issued by companies domiciled anywhere in the world and denominated in any currency, without limitation. The Portfolio may also invest in securities, including privately placed and structured securities, for which there may be limited markets/thinly traded issues.<b>Principal Investment Risks </b>Investing in the Portfolio involves risks common to any investment in securities. There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio. All mutual funds, including the Portfolio, are subject to <b>Management Risk </b>– the risk that the investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments and <b>Market Risk</b> – the risk that the value of the securities held by a portfolio may decline in response to general market and economic conditions, or conditions that affect specific market sectors or individual companies.<br/><br/>There are also risks associated with the overall structure of the Portfolio. These include: <ul type="square"><li> <b>Multi-Manager Risk.</b> The Portfolio’s multi-manager structure involves the risk that the Specialist Managers serving the Portfolio do not achieve favorable investment results relative to other investments or that the Portfolio’s assets are not effectively allocated among Specialist Managers in a manner that enhances the Portfolio’s total return or reduces the volatility that might be expected of any one management style. Additionally, the multi-manager structure may, under certain circumstances, cause the Portfolio to incur higher trading costs than might occur in a fund served by a single investment adviser.</li></ul>Additionally, the broad range of securities in which the Portfolio may invest, and the several investment strategies that may be used in seeking to achieve the Portfolio’s objective, involve additional risks. These are summarized below. <ul type="square"><li> <b>Equity Risks.</b> Investment in equity securities involves the following risks:</li></ul><blockquote><ul type="square"><li> Equity Market Risk – The market value of an equity security and the equity markets in general can be volatile.</li></ul><ul type="square"><li> Small/Mid Cap Risk – Small and mid-cap companies may be more vulnerable to adverse business or economic developments. Securities issued by these companies may be less liquid and/or more volatile than securities of larger companies or the overall securities markets. Small and mid-cap companies may be adversely affected during periods when investors prefer to hold securities of large capitalization companies. </li></ul><ul type="square"><li> Investment in Other Investment Companies Risk – To the extent that the Portfolio acquires securities issued by other investment companies, shareholders bear both their proportionate share of expenses in the Portfolio (including management and advisory fees) and, indirectly, the expenses of the acquired investment companies. Securities issued by other investment companies, including ETFs, are also equity securities and, as such, are subject to Market Risk and Management Risk.</li></ul><ul type="square"><li> Exchange-Traded Funds Risk – An investment in securities issued by an ETF may be subject to the following risks: (1) shares of the ETF may trade at a discount to its net asset value; (2) an active trading market for the ETF’s shares may not develop; (3) the exchange on which the ETF is listed may, under certain circumstances, suspend trading of the ETF’s shares; and (4) to the extent that an ETF is acquired in order to track a specific asset or index, the ETF may fail to effectively do so. </li></ul></blockquote><ul type="square"><li> <b>ESG Investing Risk.</b> The Portfolio seeks to avoid investment in securities issued by companies that have not demonstrated a commitment to ESG issues. The Portfolio’s use of ESG Factors in making investment decisions may include the following risks. </li></ul><blockquote><ul type="square"><li> Risk of Excluding Performing Companies – The Portfolio’s ESG policy may cause it to perform differently than funds that do not have an ESG focus. The Portfolio’s ESG focus may result in the Portfolio foregoing opportunities to buy or sell certain securities when it might otherwise be advantageous to do so. </li></ul><ul type="square"><li> Information Risk – The ESG Screens used by the Portfolio are determined in part through the use of third party data and ESG rating agencies. Information relating to the ESG performance of the companies in which the Portfolio may invest may not be complete, accurate or readily available. This fact may negatively impact the effectiveness of the ESG Screens. </li></ul></blockquote><ul type="square"><li> <b>Foreign Investment Risk.</b> <b>–</b> Investment in foreign securities involves the following risks:</li></ul><blockquote><ul type="square"><li> Foreign Securities Risk – Investments in securities issued by non-U.S. companies and/or non-U.S. governments and their agencies, may be adversely affected by the lack of timely or reliable financial information, political, social and/or economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices. Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar and transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities. Additionally, risks associated with foreign investments may be intensified in the case of investments in emerging market countries, whose political, legal and economic systems are less developed and less stable than those of more developed nations. </li></ul><ul type="square"><li> Emerging Markets Risk – Risks associated with foreign investments may be intensified in the case of investments in emerging market countries, whose political, legal and economic systems are less developed and less stable than those of more developed nations. Such investments are often less liquid and/or more volatile than securities issued by companies located in developed nations, such as the United States, Canada and those included in the MSCI EAFE Index. Certain types of securities, including emerging market securities, are subject to the risk that the securities may not be sold at the quoted market price within a reasonable period of time. The Portfolio generally considers “emerging markets” countries to be those included in the MSCI Emerging Markets Index.</li></ul><ul type="square"><li> Foreign Currency Risk – Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar. Currency exchange rates can be volatile and can be affected by, among other factors, the general economics of a country, or the actions of the U.S. or foreign governments or central banks. In addition, transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities. </li></ul></blockquote><ul type="square"><li> <b>Fixed Income Risk.</b> Investments in fixed income securities may involve the following risks, depending on the instrument involved: </li></ul><blockquote><ul type="square"><li> Interest Rate Risk – The value of fixed income securities held in the Portfolio, including U.S. Government securities, may decline with changes in interest rates. Prices of fixed income securities with longer effective maturities are more sensitive to interest rate changes than those with shorter effective maturities. U.S. Government securities can exhibit price movements resulting from changes in interest rates. During low interest rate environments, the risk that interest rates will rise is increased. Such increases may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. These risks are greater when a low interest rate environment has existed for an extended period of time. </li></ul><ul type="square"><li> Call/Prepayment Risk – When interest rates are declining, issuers of fixed income securities held by the Portfolio may prepay principal earlier than scheduled. As a result of this risk, the Portfolio may have to reinvest these prepayments at those lower rates, thus reducing its income. </li></ul><ul type="square"><li> Extension Risk – Fixed income securities held by the Portfolio are subject to the risk that payment on the loans underlying the securities held by the Portfolio will be made more slowly when interest rates are rising. This could cause the market value of the securities to decline. </li></ul><ul type="square"><li> Credit Risk – An investment in the Portfolio also involves the risk that the issuer of a fixed income security that the Portfolio holds will fail to make timely payments of interest or principal, or go bankrupt, or that the value of the securities will decline because of a market perception that the issuer may not make payments on time, thus potentially reducing the Portfolio’s return. Changes in economic conditions are likely to cause issuers of these fixed income securities to be unable to meet their obligations. The lower the rating of a debt security, the higher its credit risk. In addition, the securities of many U.S. Government agencies, authorities or instrumentalities in which the Portfolio may invest are neither issued nor guaranteed by the U.S. Government, and may be supported only by the ability of the issuer to borrow from the U.S. Treasury or by the credit of the issuer. </li></ul><ul type="square"><li> High Yield Bond Risk – High yield bonds, commonly referred to as “junk bonds,” are considered speculative under traditional investment standards. Prices of these securities will rise and fall primarily in response to changes in the issuer’s financial health, although changes in market interest rates also will affect prices. High yield bonds may also experience reduced liquidity, and sudden and substantial decreases in price, during certain market conditions. </li></ul><ul type="square"><li> Asset-Backed/Mortgage-Backed Securities Risk – The market value and yield of asset-backed and mortgage-backed securities can vary due to market interest rate fluctuations and early prepayments of underlying instruments. Although these securities may offer yields higher than those available from other types of securities, these securities may be less effective than other types of securities as a means of “locking in” attractive long-term rates because of the prepayment feature. During periods of difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, such securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. Mortgage-backed securities may be particularly susceptible to Prepayment Risk. </li></ul></blockquote><ul type="square"><li> <b>Risks Associated with Investments in Futures.</b> The Portfolio is permitted to invest in futures. Investment in futures depends largely on the performance of an underlying reference instrument or rate and the Specialist Manager’s ability to predict correctly the direction of securities prices, interest rates, currency exchange rates and/or other economic factors. Futures involve additional costs and often have risks similar to an investment in the reference instrument in addition to other risks. <br/><br/>The value of futures may rise or fall more rapidly than other investments and there is a risk that the Portfolio may lose more than the original amount invested in futures. Futures also involve the risk that other parties to the futures contract may fail to meet their obligations, which could cause losses to the Portfolio. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Portfolio may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Portfolio may obtain only a limited recovery or may obtain no recovery in such circumstances. Compared to other types of investments, futures may be harder to value and may also be less tax efficient. To the extent that the Portfolio uses futures to gain or limit exposure to a particular market or market segment, there may be imperfect correlation between the value of the futures instrument and the value of the instrument being hedged or the relevant market or market segment, in which case the Portfolio may not realize the intended benefits. The Portfolio’s use of futures may be limited by the requirements for taxation of the Portfolio as a regulated investment company. </li></ul><ul type="square"><li> <b>Thinly traded Securities.</b> The Portfolio may invest in securities, including privately placed and structured securities, for which there may be limited markets/thinly traded issues. Investment in these securities involve the following risks:</li></ul><blockquote><ul type="square"><li> Liquidity Risk – At times, certain securities may be difficult or impossible to sell at the price that would normally prevail in the market. The seller may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Portfolio management or performance. This includes the risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in less advantageous investments. </li></ul><ul type="square"><li> Valuation Risk – When market quotations are not readily available or are deemed to be unreliable, the Portfolio values its investments at fair value as determined in good faith pursuant to policies and procedures approved by the Board of Trustees. Fair value pricing may require subjective determinations about the value of a security or other asset. As a result, there can be no assurance that fair value pricing will result in adjustments to the prices of securities or other assets, or that fair value pricing will reflect actual market value, and it is possible that the fair value determined for a security or other asset will be materially different from quoted or published prices, from the prices used by others for the same security or other asset and/or from the value that actually could be or is realized upon the sale of that security or other asset. </li></ul></blockquote><b>Performance Bar Chart and Table </b><br/><br/><b>Performance.</b>The chart and table below show how The ESG Growth Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s HC Advisors Shares yearly performance for each full calendar year since the Portfolio’s HC Advisors Shares inception on July 14, 2015. The table accompanying the bar chart compares the Portfolio’s performance over time on a before and after-tax basis to that of a broad based market index. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.<b>Year-by-Year Total Returns as of 12/31 </b>The Portfolio’s HC Advisors Shares before-tax return for the period from January 1, 2018 through September 30, 2018 (non-annualized) was 4.92%.<br/><br/><table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse; " align="center"> <tr> <td width="35%"></td> <td valign="bottom" width="13%"></td> <td width="18%"></td> <td valign="bottom" width="19%"></td> <td></td> <td></td> <td valign="bottom" width="9%"></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-top:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Best quarter:</div></td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-top:1px solid #000000">1st Qtr. 2017</td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000" align="right">6.77</td> <td valign="bottom" style="border-top:1px solid #000000">% </td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-bottom:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Worst quarter:</div></td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-bottom:1px solid #000000">4th Qtr. 2016</td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">0.29</td> <td valign="bottom" style="border-bottom:1px solid #000000">% </td></tr> </table><b>Average Annual Total Returns </b><br/>(for the periods ended 12/31/17)After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio.The chart and table below show how The ESG Growth Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s HC Advisors Shares yearly performance for each full calendar year since the Portfolio’s HC Advisors Shares inception on July 14, 2015.Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.<div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualFundOperatingExpenses000093 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualTotalReturnsBarChart000096 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleExpenseExample000094 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAverageAnnualTotalReturnsTransposed000097 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleShareholderFees000092 column period compact * ~</div><b>The Catholic SRI Growth Portfolio </b><b>Investment Objective </b>The Catholic SRI Growth Portfolio seeks to maximize total return subject to emphasizing socially responsible investments.<b>Fees and Expenses </b>The fee and expense tables below describe the fees and expenses that you may pay if you buy and hold HC Advisors Shares of the Portfolio.<b>Shareholder Fees </b><br/>(fees paid directly from your investment)<b>Annual Operating Expenses </b><br/>(expenses that you pay each year as a percentage of the value of your investment)<b>Example</b>:This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s Total Annual Operating Expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your costs would be:<b>Portfolio Turnover </b>The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” investments in its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in Total Annual Portfolio Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover was 17.01% of the average value of its portfolio.<b>Principal Investment Strategies </b>Under normal circumstances, the Portfolio seeks to achieve its objective, which includes a combination of capital appreciation and income, by investing primarily in equity securities while retaining the flexibility to invest in fixed income securities. In addition to equity and fixed income securities, the Portfolio may invest in other instruments, including, but not limited to, derivatives. The Portfolio is permitted to invest in any equity security, which includes securities issued by other investment companies, including exchange traded funds (“ETFs”) and securities issued by one or more of the other portfolios of HC Capital Trust. The Portfolio may invest in companies of any market capitalization. <br/><br/>Further, under the supervision of the Adviser, the Portfolio integrates a range of social and moral concerns into its security selection process. These issues may include protecting human life; promoting human dignity; reducing arms production; pursuing economic justice; protecting the environment, and encouraging corporate responsibility. This will be accomplished with reference to the principles contained in the United States Conference of Catholic Bishops’ (“USCCB”) Socially Responsible Investing Guidelines (“Social Guidelines”). Potential investments for the Portfolio are selected for financial soundness and evaluated according to the Portfolio’s social criteria. <br/><br/>The Portfolio may also invest without limitation in fixed income securities of all types and without regard to duration or investment ratings. Fixed income investments may include corporate debt, including high yield or “junk bonds,” structured notes, asset backed securities and similar synthetic securities, U.S. treasuries and short-term money market instruments or other cash equivalents. <br/><br/>The Portfolio is permitted to invest in securities issued by companies domiciled anywhere in the world and denominated in any currency, without limitation. The Portfolio may also invest in securities, including privately placed and structured securities, for which there may be limited markets/thinly traded issues. Additionally, in seeking to achieve its objective, the Portfolio is permitted to invest in derivative instruments, including options, futures and options on futures, swaps, structured notes and currency forwards. <br/><br/>The Portfolio is classified as a non-diversified fund, which means that the Portfolio is permitted to invest a greater portion of its assets in a limited number of issuers than would be the case if the Portfolio were classified as diversified. <br/><br/>The Portfolio is not authorized or sponsored by the Roman Catholic Church or the USCCB.<b>Principal Investment Risks </b>Investing in the Portfolio involves risks common to any investment in securities. There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio. All mutual funds, including the Portfolio, are subject to <b>Management Risk</b> – the risk that the investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments and <b>Market Risk</b> – the risk that the value of the securities held by a portfolio may decline in response to general market and economic conditions, or conditions that affect specific market sectors or individual companies. <br/><br/>There are also risks associated with the overall structure of the Portfolio. These include: <ul type="square"><li> <b>Non-diversification Risk. </b>A non-diversified fund, such as the Portfolio, is permitted to invest a greater portion of its assets in a limited number of issuers than would be the case if it were classified as diversified. As a non-diversified fund, the Portfolio’s performance may be more vulnerable to changes in the market value of a single position and risks associated with a single economic, political or regulatory occurrence than a diversified fund. </li></ul><ul type="square"><li> <b>Multi-Manager Risk.</b> The Portfolio’s multi-manager structure involves the risk that the Specialist Managers serving the Portfolio do not achieve favorable investment results relative to other investments or that the Portfolio’s assets are not effectively allocated among Specialist Managers in a manner that enhances the Portfolio’s total return or reduces the volatility that might be expected of any one management style. Additionally, the multi-manager structure may, under certain circumstances, cause the Portfolio to incur higher trading costs than might occur in a fund served by a single investment adviser.</li></ul>Additionally, the broad range of securities in which the Portfolio may invest, and the several investment strategies that may be used in seeking to achieve the Portfolio’s objective, involve additional risks. These are summarized below. <ul type="square"><li> <b>Equity Risks.</b> Investment in equity securities involves the following risks: </li></ul><blockquote><ul type="square"><li> Equity Market Risk – The market value of an equity security and the equity markets in general can be volatile. </li></ul><ul type="square"><li> Small/Mid Cap Risk – Small and mid-cap companies may be more vulnerable to adverse business or economic developments. Securities issued by these companies may be less liquid and/or more volatile than securities of larger companies or the overall securities markets. Small and mid-cap companies may be adversely affected during periods when investors prefer to hold securities of large capitalization companies. </li></ul><ul type="square"><li> Investment in Other Investment Companies Risk – To the extent that the Portfolio acquires securities issued by other investment companies, shareholders bear both their proportionate share of expenses in the Portfolio (including management and advisory fees) and, indirectly, the expenses of the acquired investment companies. Securities issued by other investment companies, including ETFs, are also equity securities and, as such, are subject to Market Risk and Management Risk. </li></ul><ul type="square"><li> Exchange-Traded Funds Risk – An investment in securities issued by an ETF may be subject to the following risks: (1) shares of the ETF may trade at a discount to its net asset value; (2) an active trading market for the ETF’s shares may not develop; (3) the exchange on which the ETF is listed may, under certain circumstances, suspend trading of the ETF’s shares; and (4) to the extent that an ETF is acquired in order to track a specific asset or index, the ETF may fail to effectively do so. </li></ul></blockquote><ul type="square"><li> <b>Socially Responsible Investing Risk.</b> The Portfolio considers the Social Guidelines in its investment process and may choose not to purchase, or may sell, otherwise profitable investments in companies which have been identified as being in conflict with the Social Guidelines. This means that the Portfolio may underperform other similar funds that do not consider the Social Guidelines when making investment decisions. </li></ul><ul type="square"><li> <b>Foreign Investment Risk.</b> Investment in foreign securities involves the following risks: </li></ul><blockquote><ul type="square"><li> Foreign Securities Risk – Investments in securities issued by non-U.S. companies and/or non-U.S. governments and their agencies, may be adversely affected by the lack of timely or reliable financial information, political, social and/or economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices. Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar and transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities. Additionally, risks associated with foreign investments may be intensified in the case of investments in emerging market countries, whose political, legal and economic systems are less developed and less stable than those of more developed nations. </li></ul><ul type="square"><li> Emerging Markets Risk – Risks associated with foreign investments may be intensified in the case of investments in emerging market countries, whose political, legal and economic systems are less developed and less stable than those of more developed nations. Such investments are often less liquid and/or more volatile than securities issued by companies located in developed nations, such as the United States, Canada and those included in the MSCI EAFE Index. Certain types of securities, including emerging market securities, are subject to the risk that the securities may not be sold at the quoted market price within a reasonable period of time. The Portfolio generally considers “emerging markets” countries to be those included in the MSCI Emerging Markets Index </li></ul><ul type="square"><li> Foreign Currency Risk – Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar. Currency exchange rates can be volatile and can be affected by, among other factors, the general economics of a country, or the actions of the U.S. or foreign governments or central banks. In addition, transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities. </li></ul></blockquote><ul type="square"><li> <b>Fixed Income Risk.</b> Investments in fixed income securities may involve the following risks, depending on the instrument involved: </li></ul><blockquote><ul type="square"><li> Interest Rate Risk – The value of fixed income securities held in the Portfolio, including U.S. Government securities, may decline with changes in interest rates. Prices of fixed income securities with longer effective maturities are more sensitive to interest rate changes than those with shorter effective maturities. U.S. Government securities can exhibit price movements resulting from changes in interest rates. During low interest rate environments, the risk that interest rates will rise is increased. Such increases may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. These risks are greater when a low interest rate environment has existed for an extended period of time. </li></ul><ul type="square"><li> Call/Prepayment Risk – When interest rates are declining, issuers of fixed income securities held by the Portfolio may prepay principal earlier than scheduled. As a result of this risk, the Portfolio may have to reinvest these prepayments at those lower rates, thus reducing its income. </li></ul><ul type="square"><li> Extension Risk – Fixed income securities held by the Portfolio are subject to the risk that payment on the loans underlying the securities held by the Portfolio will be made more slowly when interest rates are rising. This could cause the market value of the securities to decline. </li></ul><ul type="square"><li> Credit Risk – An investment in the Portfolio also involves the risk that the issuer of a fixed income security that the Portfolio holds will fail to make timely payments of interest or principal, or go bankrupt, or that the value of the securities will decline because of a market perception that the issuer may not make payments on time, thus potentially reducing the Portfolio’s return. Changes in economic conditions are likely to cause issuers of these fixed income securities to be unable to meet their obligations. The lower the rating of a debt security, the higher its credit risk. In addition, the securities of many U.S. Government agencies, authorities or instrumentalities in which the Portfolio may invest are neither issued nor guaranteed by the U.S. Government, and may be supported only by the ability of the issuer to borrow from the U.S. Treasury or by the credit of the issuer. </li></ul><ul type="square"><li> High Yield Bond Risk – High yield bonds, commonly referred to as “junk bonds,” are considered speculative under traditional investment standards. Prices of these securities will rise and fall primarily in response to changes in the issuer’s financial health, although changes in market interest rates also will affect prices. High yield bonds may also experience reduced liquidity, and sudden and substantial decreases in price, during certain market conditions. </li></ul><ul type="square"><li> Asset-Backed/Mortgage-Backed Securities Risk – The market value and yield of asset-backed and mortgage-backed securities can vary due to market interest rate fluctuations and early prepayments of underlying instruments. Although these securities may offer yields higher than those available from other types of securities, these securities may be less effective than other types of securities as a means of “locking in” attractive long-term rates because of the prepayment feature. During periods of difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, such securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. Mortgage-backed securities may be particularly susceptible to Prepayment Risk. </li></ul></blockquote><ul type="square"><li> <b>Risks Associated with Investments in Futures.</b> The Portfolio is permitted to invest in futures. Investment in futures depends largely on the performance of an underlying reference instrument or rate and the Specialist Manager’s ability to predict correctly the direction of securities prices, interest rates, currency exchange rates and/or other economic factors. Futures involve additional costs and often have risks similar to an investment in the reference instrument in addition to other risks. <br/><br/>The value of futures may rise or fall more rapidly than other investments and there is a risk that the Portfolio may lose more than the original amount invested in futures. Futures also involve the risk that other parties to the derivative contract may fail to meet their obligations, which could cause losses to the Portfolio. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Portfolio may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Portfolio may obtain only a limited recovery or may obtain no recovery in such circumstances. Compared to other types of investments, futures may be harder to value and may also be less tax efficient. To the extent that the Portfolio uses futures to gain or limit exposure to a particular market or market segment, there may be imperfect correlation between the value of the futures instrument and the value of the instrument being hedged or the relevant market or market segment, in which case the Portfolio may not realize the intended benefits. The Portfolio’s use of futures may be limited by the requirements for taxation of the Portfolio as a regulated investment company. </li></ul><ul type="square"><li> <b>Thinly traded Securities.</b> The Portfolio may invest in securities, including privately placed and structured securities and derivatives, for which there may be limited markets/thinly traded issues. Investment in these securities involve the following risks: </li></ul><blockquote><ul type="square"><li> Liquidity Risk – At times, certain securities may be difficult or impossible to sell at the price that would normally prevail in the market. The seller may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Portfolio management or performance. This includes the risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in less advantageous investments. </li></ul><ul type="square"><li> Valuation Risk – When market quotations are not readily available or are deemed to be unreliable, the Portfolio values its investments at fair value as determined in good faith pursuant to policies and procedures approved by the Board of Trustees. Fair value pricing may require subjective determinations about the value of a security or other asset. As a result, there can be no assurance that fair value pricing will result in adjustments to the prices of securities or other assets, or that fair value pricing will reflect actual market value, and it is possible that the fair value determined for a security or other asset will be materially different from quoted or published prices, from the prices used by others for the same security or other asset and/or from the value that actually could be or is realized upon the sale of that security or other asset. </li></ul></blockquote><b>Performance Bar Chart and Table </b><br/><br/><b>Performance.</b>The chart and table below show how The Catholic SRI Growth Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s HC Advisors Shares yearly performance for each full calendar year since the Portfolio’s HC Advisors Shares inception on January 12, 2016. The table accompanying the bar chart compares the Portfolio’s performance over time on a before and after-tax basis to that of a broad based market index. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.<b>Year-by-Year Total Returns as of 12/31 </b>The Portfolio’s HC Advisors Shares before-tax return for the period from January 1, 2018 through September 30, 2018 (non-annualized) was 4.29%.<br/><br/><table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse; " align="center"> <tr> <td width="35%"></td> <td valign="bottom" width="13%"></td> <td width="18%"></td> <td valign="bottom" width="19%"></td> <td></td> <td></td> <td valign="bottom" width="9%"></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-top:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Best quarter:</div></td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-top:1px solid #000000">4th Qtr. 2017</td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000" align="right">6.49</td> <td valign="bottom" style="border-top:1px solid #000000">% </td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-bottom:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Worst quarter:</div></td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-bottom:1px solid #000000">2nd Qtr. 2017</td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">3.63</td> <td valign="bottom" style="border-bottom:1px solid #000000">% </td></tr> </table><b>Average Annual Total Returns </b><br/>(for the periods ended 12/31/17)After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio.<ul type="square"><li> <b>Non-diversification Risk. </b>A non-diversified fund, such as the Portfolio, is permitted to invest a greater portion of its assets in a limited number of issuers than would be the case if it were classified as diversified. As a non-diversified fund, the Portfolio’s performance may be more vulnerable to changes in the market value of a single position and risks associated with a single economic, political or regulatory occurrence than a diversified fund. </li></ul>The chart and table below show how The Catholic SRI Growth Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s HC Advisors Shares yearly performance for each full calendar year since the Portfolio’s HC Advisors Shares inception on January 12, 2016.Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.2010-07-06Worst quarter:2011-09-302015-07-142015-07-142015-07-142015-07-14before-tax return2018-09-30Best quarter:2017-03-31Worst quarter:2016-12-312016-01-12<div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualFundOperatingExpenses000103 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualTotalReturnsBarChart000106 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleExpenseExample000104 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAverageAnnualTotalReturnsTransposed000107 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleShareholderFees000102 column period compact * ~</div><b>The International Equity Portfolio </b><b>Investment Objective </b>The investment objective of The International Equity Portfolio is to maximize total return.<b>Fees and Expenses </b>The fee and expense tables below describe the fees and expenses that you may pay if you buy and hold HC Advisors Shares of the Portfolio.<b>Shareholder Fees </b><br/>(fees paid directly from your investment)<b>Annual Operating Expenses </b><br/>(expenses that you pay each year as a percentage of the value of your investment)<b>Example</b>:This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s Total Annual Operating Expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your cost would be:<b>Portfolio Turnover</b>The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” investments in its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in the Total Annual Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover was 29.94% of the average value of its portfolio.<b>Principal Investment Strategies </b>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. <br/><br/>Additionally, a portion of the Portfolio may be managed using a “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. <br/><br/>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.<b>Principal Investment Risks </b>Investing in the Portfolio involves risks common to any investment in securities. There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio. All mutual funds, including the Portfolio, are subject to <b>Management Risk –</b> the risk that the investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments and <b>Market Risk –</b> the risk that the value of the securities held by a portfolio may decline in response to general market and economic conditions, or conditions that affect specific market sectors or individual companies. <br/><br/>There are also risks associated with the overall structure of the Portfolio. These include: <ul type="square"><li> <b>Multi-Manager Risk –</b> the Portfolio’s multi-manager structure involves the risk that the Specialist Managers serving the Portfolio do not achieve favorable investment results relative to other investments or that the Portfolio’s assets are not effectively allocated among Specialist Managers in a manner that enhances the Portfolio’s total return or reduces the volatility that might be expected of any one management style. Additionally, the multi-manager structure may, under certain circumstances, cause the Portfolio to incur higher trading costs than might occur in a fund served by a single investment adviser. </li></ul><ul type="square"><li> <b>Passive Investing Risk –</b> a portion of the Portfolio employs a passive investment approach, which attempts to approximate as closely as practicable, before expenses, the performance of one or more different segments of the Portfolio’s investment universe, as deemed appropriate by the Adviser, regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Portfolio’s return to be lower than if the Portfolio employed an active strategy. In addition, the Portfolio’s return may not match or achieve a high degree of correlation with the return of the target investment pool due to operating expenses, transaction costs, and cash flows. </li></ul>Additionally, the range of securities in which the Portfolio may invest, and the several investment strategies that may be used in seeking to achieve the Portfolio’s objective, involve additional risks. These are summarized below. <ul type="square"><li> <b>Equity Risks.</b> Investment in equity securities involves the following risks: </li></ul><blockquote><ul type="square"><li> <b>Equity Market Risk –</b> The market value of an equity security and the equity markets in general can be volatile. </li></ul><ul type="square"><li> <b>Exchange-Traded Funds Risk –</b> An investment in securities issued by an ETF may be subject to the following risks: (1) shares of the ETF may trade at a discount to its net asset value; (2) an active trading market for the ETF’s shares may not develop; (3) the exchange on which the ETF is listed may, under certain circumstances, suspend trading of the ETF’s shares; and (4) to the extent that an ETF is acquired in order to track a specific asset or index, the ETF may fail to effectively accomplish that goal.</li></ul><ul type="square"><li> <b>Investment in Other Investment Companies Risk –</b> As with other investments, investments in other investment companies are subject to market and selection risk. To the extent that the Portfolio acquires shares of investment companies, shareholders bear both their proportionate share of expenses in the Portfolio (including management and advisory fees) and, indirectly, the expenses of the acquired investment companies. </li></ul></blockquote><ul type="square"><li> <b>Foreign Investment Risk.</b> Investment in foreign securities involves the following risks: </li></ul><blockquote><ul type="square"><li> <b>Foreign Securities Risk –</b> Investments in securities issued by non-U.S. companies and/or non-U.S. governments and their agencies, may be adversely affected by the lack of timely or reliable financial information, political, social and/or economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices. Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar and transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities. </li></ul><ul type="square"><li> <b>Foreign Currency Risk –</b> Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar. Currency exchange rates can be volatile and can be affected by, among other factors, the general economics of a country, or the actions of the U.S. or foreign governments or central banks. In addition, transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities. </li></ul><ul type="square"><li> <b>Emerging Markets Risk –</b> Risks associated with foreign investments may be intensified in the case of investments in emerging market countries, whose political, legal and economic systems are less developed and less stable than those of more developed nations. Such investments are often less liquid and/or more volatile than securities issued by companies located in developed nations, such as the United States, Canada and those included in the MSCI EAFE Index. Certain types of securities, including emerging market securities, are subject to the risk that the securities may not be sold at the quoted market price within a reasonable period of time. </li></ul></blockquote><ul type="square"><li> <b>Risks Associated with Investments in Derivatives.</b> The Portfolio is permitted to invest in derivative instruments, including options, futures and options on futures, swaps, structured notes and currency forwards. Investment in derivatives depends largely on the performance of an underlying reference instrument or rate and the Specialist Manager’s ability to predict correctly the direction of securities prices, interest rates, currency exchange rates and/or other economic factors. Derivatives involve additional costs and often have risks similar to an investment in the reference instrument in addition to other risks, such as: </li></ul><blockquote><ul type="square"><li> <b>General Derivative Risks –</b> The value of derivative instruments may rise or fall more rapidly than other investments, and there is a risk that the Portfolio may lose more than the original amount invested in the derivative instrument. Derivative instruments also involve the risk that other parties to the derivative contract may fail to meet their obligations, which could cause losses to the Portfolio. </li></ul><ul type="square"><li> <b>Counterparty Risk –</b> The Portfolio will be subject to counterparty credit risk with respect to derivative contracts entered into by the Portfolio or held by special purpose or structured vehicles in which the Portfolio invests, including other investment companies. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Portfolio may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Portfolio may obtain only a limited recovery or may obtain no recovery in such circumstances.</li></ul><ul type="square"><li> <b>Derivatives Tax Risk –</b> Compared to other types of investments, derivatives may be harder to value and may also be less tax efficient. In addition, changes in government regulation of derivative instruments could affect the character, timing and amount of the Portfolio’s taxable income or gains, and may limit or prevent the Portfolio from using certain types of derivative instruments as a part of its investment strategy, which could make the investment strategy more costly to implement or require the Portfolio to change its investment strategy. To the extent that the Portfolio uses derivatives for hedging or to gain or limit exposure to a particular market or market segment, there may be imperfect correlation between the value of the derivative instrument and the value of the instrument being hedged or the relevant market or market segment, in which case the Portfolio may not realize the intended benefits. The Portfolio’s use of derivatives may be limited by the requirements for taxation of the Portfolio as a regulated investment company. </li></ul></blockquote>There is no guarantee that the Portfolio will meet its goals. It is possible to lose money by investing in the Portfolio.<b>Performance Bar Chart and Table </b><br/><br/><b>Performance.</b>The chart and table below show how The International Equity Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s HC Advisors Shares yearly performance for each full calendar year since the Portfolio’s HC Advisors Shares inception on July 6, 2010. The table accompanying the bar chart compares the Portfolio’s performance over time on a before and after-tax basis to that of a broad based market index. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.<b>Year-by-Year Total Returns as of 12/31 </b>The Portfolio’s HC Advisors Shares before-tax return for the period from January 1, 2018 through September 30, 2018 (non-annualized) was -2.54%.<br/><br/><table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse; " align="center"> <tr> <td width="35%"></td> <td valign="bottom" width="13%"></td> <td width="18%"></td> <td valign="bottom" width="19%"></td> <td></td> <td></td> <td valign="bottom" width="9%"></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-top:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Best quarter:</div></td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-top:1px solid #000000">1st Qtr. 2012</td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000" align="right">14.43</td> <td valign="bottom" style="border-top:1px solid #000000">% </td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-bottom:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Worst quarter:</div></td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-bottom:1px solid #000000">3rd Qtr. 2011</td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">-21.29</td> <td valign="bottom" style="border-bottom:1px solid #000000">% </td></tr> </table><b>Average Annual Total Returns </b><br/>(for the periods ended 12/31/17)After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio.The chart and table below show how The International Equity Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s HC Advisors Shares yearly performance for each full calendar year since the Portfolio’s HC Advisors Shares inception on July 6, 2010.Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.2016-01-122016-01-12before-tax return2018-09-30Best quarter:2017-12-312016-01-12Worst quarter:2017-06-302010-07-062010-07-062010-07-06<div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualFundOperatingExpenses000113 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualTotalReturnsBarChart000116 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleExpenseExample000114 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAverageAnnualTotalReturnsTransposed000117 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleShareholderFees000112 column period compact * ~</div><b>The Institutional International Equity Portfolio </b><b>Investment Objective </b>The investment objective of The Institutional International Equity Portfolio is to maximize total return.<b>Fees and Expenses </b>The fee and expense tables below describe the fees and expenses that you may pay if you buy and hold HC Advisors Shares of the Portfolio.<b>Shareholder Fees </b><br/>(fees paid directly from your investment)<b>Annual Operating Expenses </b><br/>(expenses that you pay each year as a percentage of the value of your investment)<b>Example</b>:This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s Total Annual Operating Expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your cost would be:<b>Portfolio Turnover </b>The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” investments in its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in the Total Annual Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover was 40.38% of the average value of its portfolio.<b>Principal Investment Strategies </b>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 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. <br/><br/>Additionally, a portion of the Portfolio may be managed using a “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. <br/><br/>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.<b>Principal Investment Risks </b>Investing in the Portfolio involves risks common to any investment in securities. There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio. All mutual funds, including the Portfolio, are subject to <b>Management Risk –</b> the risk that the investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments and <b>Market Risk –</b> the risk that the value of the securities held by a portfolio may decline in response to general market and economic conditions, or conditions that affect specific market sectors or individual companies.<br/><br/> There are also risks associated with the overall structure of the Portfolio. These include: <ul type="square"><li> <b>Multi-Manager Risk – </b>the Portfolio’s multi-manager structure involves the risk that the Specialist Managers serving the Portfolio do not achieve favorable investment results relative to other investments or that the Portfolio’s assets are not effectively allocated among Specialist Managers in a manner that enhances the Portfolio’s total return or reduces the volatility that might be expected of any one management style. Additionally, the multi-manager structure may, under certain circumstances, cause the Portfolio to incur higher trading costs than might occur in a fund served by a single investment adviser. </li></ul><ul type="square"><li> <b>Passive Investing Risk – </b>a portion of the Portfolio employs a passive investment approach, which attempts to approximate as closely as practicable, before expenses, the performance of one or more different segments of the Portfolio’s investment universe, as deemed appropriate by the Adviser, regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Portfolio’s return to be lower than if the Portfolio employed an active strategy. In addition, the Portfolio’s return may not match or achieve a high degree of correlation with the return of the target investment pool due to operating expenses, transaction costs, and cash flows. </li></ul>Additionally, the range of securities in which the Portfolio may invest, and the several investment strategies that may be used in seeking to achieve the Portfolio’s objective, involve additional risks. These are summarized below. <ul type="square"><li> <b>Equity Risks.</b> Investment in equity securities involves the following risks: </li></ul><blockquote><ul type="square"><li> <b>Equity Market Risk – </b>The market value of an equity security and the equity markets in general can be volatile. </li></ul><ul type="square"><li> <b>Exchange-Traded Funds Risk – </b>An investment in securities issued by an ETF may be subject to the following risks: (1) shares of the ETF may trade at a discount to its net asset value; (2) an active trading market for the ETF’s shares may not develop; (3) the exchange on which the ETF is listed may, under certain circumstances, suspend trading of the ETF’s shares; and (4) to the extent that an ETF is acquired in order to track a specific asset or index, the ETF may fail to effectively accomplish that goal.</li></ul><ul type="square"><li> <b>Investment in Other Investment Companies Risk – </b>As with other investments, investments in other investment companies are subject to market and selection risk. To the extent that the Portfolio acquires shares of investment companies, shareholders bear both their proportionate share of expenses in the Portfolio (including management and advisory fees) and, indirectly, the expenses of the acquired investment companies. </li></ul></blockquote><ul type="square"><li> <b>Foreign Investment Risk.</b> Investment in foreign securities involves the following risks: </li></ul><blockquote><ul type="square"><li> <b>Foreign Securities Risk – </b>Investments in securities issued by non-U.S. companies and/or non-U.S. governments and their agencies, may be adversely affected by the lack of timely or reliable financial information, political, social and/or economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices. Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar and transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities. </li></ul><ul type="square"><li> <b>Foreign Currency Risk – </b>Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar. Currency exchange rates can be volatile and can be affected by, among other factors, the general economics of a country, or the actions of the U.S. or foreign governments or central banks. In addition, transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities. </li></ul><ul type="square"><li> <b>Emerging Markets Risk – </b>Risks associated with foreign investments may be intensified in the case of investments in emerging market countries, whose political, legal and economic systems are less developed and less stable than those of more developed nations. Such investments are often less liquid and/or more volatile than securities issued by companies located in developed nations, such as the United States, Canada and those included in the MSCI EAFE Index. Certain types of securities, including emerging market securities, are subject to the risk that the securities may not be sold at the quoted market price within a reasonable period of time. </li></ul></blockquote><ul type="square"><li> <b>Risks Associated with Investments in Derivatives.</b> The Portfolio is permitted to invest in derivative instruments, including options, futures and options on futures, swaps, structured notes and currency forwards. Investment in derivatives depends largely on the performance of an underlying reference instrument or rate and the Specialist Manager’s ability to predict correctly the direction of securities prices, interest rates, currency exchange rates and/or other economic factors. Derivatives involve additional costs and often have risks similar to an investment in the reference instrument in addition to other risks, such as: </li></ul><blockquote><ul type="square"><li> <b>General Derivative Risks – </b>The value of derivative instruments may rise or fall more rapidly than other investments, and there is a risk that the Portfolio may lose more than the original amount invested in the derivative instrument. Derivative instruments also involve the risk that other parties to the derivative contract may fail to meet their obligations, which could cause losses to the Portfolio.</li></ul><ul type="square"><li> <b>Counterparty Risk – </b>The Portfolio will be subject to counterparty credit risk with respect to derivative contracts entered into by the Portfolio or held by special purpose or structured vehicles in which the Portfolio invests, including other investment companies. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Portfolio may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Portfolio may obtain only a limited recovery or may obtain no recovery in such circumstances.</li></ul><ul type="square"><li> <b>Derivatives Tax Risk – </b>Compared to other types of investments, derivatives may be harder to value and may also be less tax efficient. In addition, changes in government regulation of derivative instruments could affect the character, timing and amount of the Portfolio’s taxable income or gains, and may limit or prevent the Portfolio from using certain types of derivative instruments as a part of its investment strategy, which could make the investment strategy more costly to implement or require the Portfolio to change its investment strategy. To the extent that the Portfolio uses derivatives for hedging or to gain or limit exposure to a particular market or market segment, there may be imperfect correlation between the value of the derivative instrument and the value of the instrument being hedged or the relevant market or market segment, in which case the Portfolio may not realize the intended benefits. The Portfolio’s use of derivatives may be limited by the requirements for taxation of the Portfolio as a regulated investment company. </li></ul></blockquote>There is no guarantee that the Portfolio will meet its goals. It is possible to lose money by investing in the Portfolio.<b>Performance Bar Chart and Table </b><br/><br/><b>Performance.</b>The chart and table below show how The Institutional International Equity Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s HC Advisors Shares yearly performance for each full calendar year since the Portfolio’s HC Advisors Shares inception on July 6, 2010. The table accompanying the bar chart compares the Portfolio’s performance over time on a before and after-tax basis to that of a broad based market index. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.<b>Year-by-Year Total Returns as of 12/31</b>The Portfolio’s HC Advisors Shares before-tax return for the period from January 1, 2018 through September 30, 2018 (non-annualized) was -2.14%. <br/><br/><table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse; " align="center"> <tr> <td width="35%"></td> <td valign="bottom" width="13%"></td> <td width="18%"></td> <td valign="bottom" width="19%"></td> <td></td> <td></td> <td valign="bottom" width="9%"></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-top:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Best quarter:</div></td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-top:1px solid #000000">1st Qtr. 2012</td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000" align="right">14.01</td> <td valign="bottom" style="border-top:1px solid #000000">% </td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-bottom:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Worst quarter:</div></td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-bottom:1px solid #000000">3rd Qtr. 2011</td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">-20.89</td> <td valign="bottom" style="border-bottom:1px solid #000000">% </td></tr> </table><b>Average Annual Total Returns </b><br/>(for the periods ended 12/31/17)After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio.The chart and table below show how The Institutional International Equity Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s HC Advisors Shares yearly performance for each full calendar year since the Portfolio’s HC Advisors Shares inception on July 6, 2010.Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.2010-07-06before-tax return2018-09-30Best quarter:2012-03-31Worst quarter:2011-09-302010-07-062010-07-062010-07-062010-07-06before-tax return2018-09-30<div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualFundOperatingExpenses000123 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualTotalReturnsBarChart000126 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleExpenseExample000124 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAverageAnnualTotalReturnsTransposed000127 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleShareholderFees000122 column period compact * ~</div><b>The Emerging Markets Portfolio </b><b>Investment Objective </b>The investment objective of The Emerging Markets Portfolio is to provide maximum total return, primarily through capital appreciation.<b>Fees and Expenses </b>The fee and expense tables below describe the fees and expenses that you may pay if you buy and hold HC Advisors Shares of the Portfolio.<b>Shareholder Fees </b><br/>(fees paid directly from your investment)<b>Annual Operating Expenses </b><br/>(expenses that you pay each year as a percentage of the value of your investment)This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s Total Annual Operating Expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your cost would be:<b>Example</b>:<b>Portfolio Turnover </b>The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” investments in its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in the Total Annual Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover was 54.90% of the average value of its portfolio.<b>Principal Investment Strategies </b>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 of issuers domiciled or, in the view of the Specialist Manager, deemed to be doing material amounts of business in emerging market countries. The Portfolio, a diversified investment company, invests primarily in the Morgan Stanley Capital International<sup>®</sup> 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. <br/><br/>Additionally, a portion of the Portfolio may be managed using a “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. <br/><br/>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.<b>Principal Investment Risks </b>Investing in the Portfolio involves risks common to any investment in securities. There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio. All mutual funds, including the Portfolio, are subject to <b>Management Risk –</b> the risk that the investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments and <b>Market Risk –</b> the risk that the value of the securities held by a portfolio may decline in response to general market and economic conditions, or conditions that affect specific market sectors or individual companies. <br/><br/>There are also risks associated with the overall structure of the Portfolio. These include: <ul type="square"><li> <b>Multi-Manager Risk –</b> the Portfolio’s multi-manager structure involves the risk that the Specialist Managers serving the Portfolio do not achieve favorable investment results relative to other investments or that the Portfolio’s assets are not effectively allocated among Specialist Managers in a manner that enhances the Portfolio’s total return or reduces the volatility that might be expected of any one management style. Additionally, the multi-manager structure may, under certain circumstances, cause the Portfolio to incur higher trading costs than might occur in a fund served by a single investment adviser. </li></ul><ul type="square"><li> <b>Passive Investing Risk –</b> a portion of the Portfolio employs a passive investment approach, which attempts to approximate as closely as practicable, before expenses, the performance of one or more different segments of the Portfolio’s investment universe, as deemed appropriate by the Adviser, regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Portfolio’s return to be lower than if the Portfolio employed an active strategy. In addition, the Portfolio’s return may not match or achieve a high degree of correlation with the return of the target investment pool due to operating expenses, transaction costs, and cash flows. </li></ul>Additionally, the range of securities in which the Portfolio may invest, and the several investment strategies that may be used in seeking to achieve the Portfolio’s objective, involve additional risks. These are summarized below. <ul type="square"><li> <b>Equity Risks.</b> Investment in equity securities involves the following risks: </li></ul><blockquote><ul type="square"><li> <b>Equity Market Risk –</b> The market value of an equity security and the equity markets in general can be volatile. </li></ul><ul type="square"><li> <b>Small/Mid Cap Risk –</b> Small and mid-cap companies may be more vulnerable to adverse business or economic developments than larger capitalization companies. Securities issued by these companies may be less liquid and/or more volatile than securities of larger companies or the overall securities markets. Small and mid-cap companies may be adversely affected during periods when investors prefer to hold securities of large capitalization companies. </li></ul><ul type="square"><li> <b>Exchange-Traded Funds Risk –</b> An investment in securities issued by an ETF may be subject to the following risks: (1) shares of the ETF may trade at a discount to its net asset value; (2) an active trading market for the ETF’s shares may not develop; (3) the exchange on which the ETF is listed may, under certain circumstances, suspend trading of the ETF’s shares; and (4) to the extent that an ETF is acquired in order to track a specific asset or index, the ETF may fail to effectively accomplish that goal. </li></ul><ul type="square"><li> <b>Investment in Other Investment Companies Risk –</b> As with other investments, investments in other investment companies are subject to market and selection risk. To the extent that the Portfolio acquires shares of investment companies, shareholders bear both their proportionate share of expenses in the Portfolio (including management and advisory fees) and, indirectly, the expenses of the acquired investment companies. </li></ul></blockquote><ul type="square"><li> <b>Foreign Investment Risk.</b> Investment in foreign securities involves the following risks: </li></ul><blockquote><ul type="square"><li> <b>Emerging Markets Risk –</b> Risks associated with foreign investments may be intensified in the case of investments in emerging market countries, whose political, legal and economic systems are less developed and less stable than those of more developed nations. Such investments are often less liquid and/or more volatile than securities issued by companies located in developed nations, such as the United States, Canada and those included in the MSCI EAFE Index. Certain types of securities, including emerging market securities, are subject to the risk that the securities may not be sold at the quoted market price within a reasonable period of time. </li></ul><ul type="square"><li> <b>China Risk.</b> 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. </li></ul><ul type="square"><li> <b>Foreign Securities Risk –</b> Investments in securities issued by non-U.S. companies and/or non-U.S. governments and their agencies, may be adversely affected by the lack of timely or reliable financial information, political, social and/or economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices. Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar and transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities. </li></ul><ul type="square"><li> <b>Foreign Currency Risk –</b> Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar. Currency exchange rates can be volatile and can be affected by, among other factors, the general economics of a country, or the actions of the U.S. or foreign governments or central banks. In addition, transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities. </li></ul></blockquote><ul type="square"><li> <b>Risks Associated with Investments in Derivatives.</b> The Portfolio is permitted to invest in derivative instruments, including options, futures and options on futures, swaps, structured notes and currency forwards. Investment in derivatives depends largely on the performance of an underlying reference instrument or rate and the Specialist Manager’s ability to predict correctly the direction of securities prices, interest rates, currency exchange rates and/or other economic factors. Derivatives involve additional costs and often have risks similar to an investment in the reference instrument in addition to other risks, such as: </li></ul><blockquote><ul type="square"><li> <b>General Derivative Risks –</b> The value of derivative instruments may rise or fall more rapidly than other investments, and there is a risk that the Portfolio may lose more than the original amount invested in the derivative instrument. Derivative instruments also involve the risk that other parties to the derivative contract may fail to meet their obligations, which could cause losses to the Portfolio. </li></ul><ul type="square"><li> <b>Counterparty Risk –</b> The Portfolio will be subject to counterparty credit risk with respect to derivative contracts entered into by the Portfolio or held by special purpose or structured vehicles in which the Portfolio invests, including other investment companies. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Portfolio may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Portfolio may obtain only a limited recovery or may obtain no recovery in such circumstances. </li></ul><ul type="square"><li> <b>Derivatives Tax Risk –</b> Compared to other types of investments, derivatives may be harder to value and may also be less tax efficient. In addition, changes in government regulation of derivative instruments could affect the character, timing and amount of the Portfolio’s taxable income or gains, and may limit or prevent the Portfolio from using certain types of derivative instruments as a part of its investment strategy, which could make the investment strategy more costly to implement or require the Portfolio to change its investment strategy. To the extent that the Portfolio uses derivatives for hedging or to gain or limit exposure to a particular market or market segment, there may be imperfect correlation between the value of the derivative instrument and the value of the instrument being hedged or the relevant market or market segment, in which case the Portfolio may not realize the intended benefits. The Portfolio’s use of derivatives may be limited by the requirements for taxation of the Portfolio as a regulated investment company.</li></ul></blockquote>There is no guarantee that the Portfolio will meet its goals. It is possible to lose money by investing in the Portfolio.<b>Performance Bar Chart and Table </b><br/><br/><b>Performance.</b>The chart and table below show how The Emerging Markets Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s HC Advisors Shares yearly performance for each full calendar year since the Portfolio’s HC Advisors Shares inception on July 6, 2010. The table accompanying the bar chart compares the Portfolio’s performance over time on a before and after-tax basis to that of a broad based market index. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.<b>Year-by-Year Total Returns as of 12/31</b>The Portfolio’s HC Advisors Shares before-tax return for the period from January 1, 2018 through September 30, 2018 (non-annualized) was -8.80%. <br/><br/><table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse; " align="center"> <tr> <td width="35%"></td> <td valign="bottom" width="13%"></td> <td width="18%"></td> <td valign="bottom" width="19%"></td> <td></td> <td></td> <td valign="bottom" width="9%"></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-top:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Best quarter:</div></td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-top:1px solid #000000">1st Qtr. 2012</td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000" align="right">13.33</td> <td valign="bottom" style="border-top:1px solid #000000">% </td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-bottom:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Worst quarter:</div></td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-bottom:1px solid #000000">3rd Qtr. 2011</td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">-24.17</td> <td valign="bottom" style="border-bottom:1px solid #000000">% </td></tr> </table><b>Average Annual Total Returns </b><br/>(for the periods ended 12/31/17)After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio.The chart and table below show how The Emerging Markets Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s HC Advisors Shares yearly performance for each full calendar year since the Portfolio’s HC Advisors Shares inception on July 6, 2010.Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.Best quarter:2012-03-31Worst quarter:2011-09-302010-07-062010-07-062010-07-062010-07-06before-tax return2018-09-30Best quarter:2012-03-31Worst quarter:2011-09-30<div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualFundOperatingExpenses000133 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualTotalReturnsBarChart000136 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleExpenseExample000134 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAverageAnnualTotalReturnsTransposed000137 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleShareholderFees000132 column period compact * ~</div><b>The Core Fixed Income Portfolio </b><b>Investment Objective </b>The investment objective of The Core Fixed Income Portfolio is to provide a high level of current income consistent with the preservation of capital.<b>Fees and Expenses </b>The fee and expense tables below describe the fees and expenses that you may pay if you buy and hold HC Advisors Shares of the Portfolio.<b>Shareholder Fees </b><br/>(fees paid directly from your investment)<b>Annual Operating Expenses </b><br/>(expenses that you pay each year as a percentage of the value of your investment)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 Total Annual Operating Expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your cost would be:<b>Example</b>:<b>Portfolio Turnover </b>The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” investments in its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in the Total Annual Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover was 43.79% of the average value of its portfolio.<b>Principal Investment Strategies </b>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 (“Baa” or higher by Moodys, “BBB” or higher by Standard & Poor’s) 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. 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 Bloomberg Barclays U.S. Aggregate Bond Index, which range, as of June 30, 2018, was between 1 and 29 years. The weighted average maturity of the Bloomberg Barclays U.S. Aggregate Bond Index as of June 30, 2018 was 12.9 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. <br/><br/>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.<b>Principal Investment Risks </b>Investing in the Portfolio involves risks common to any investment in securities. There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio. All mutual funds, including the Portfolio, are subject to <b>Management Risk –</b> the risk that the investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments and <b>Market Risk –</b> the risk that the value of the securities held by a portfolio may decline in response to general market and economic conditions, or conditions that affect specific market sectors or individual companies. <br/><br/>There are also risks associated with the overall structure of the Portfolio. These include: <ul type="square"><li> <b>Multi-Manager Risk</b> <b>–</b> the Portfolio’s multi-manager structure involves the risk that the Specialist Managers serving the Portfolio do not achieve favorable investment results relative to other investments or that the Portfolio’s assets are not effectively allocated among Specialist Managers in a manner that enhances the Portfolio’s total return or reduces the volatility that might be expected of any one management style. Additionally, the multi-manager structure may, under certain circumstances, cause the Portfolio to incur higher trading costs than might occur in a fund served by a single investment adviser. </li></ul><ul type="square"><li> <b>High Turnover Risk –</b> High portfolio turnover will cause the Portfolio to incur additional transaction costs; higher transaction costs will reduce total return. High portfolio turnover also is likely to generate short-term capital gains, which, once distributed, is taxed to the shareholder as ordinary income and does not retain its character as short-term capital gain in the hands of a shareholder.</li></ul>Additionally, the range of securities in which the Portfolio may invest, and the several investment strategies that may be used in seeking to achieve the Portfolio’s objective, involve additional risks. These are summarized below. <ul type="square"><li> <b>Fixed Income Risk.</b> Investments in fixed income securities may involve the following risks, depending on the instrument involved: </li></ul><blockquote><ul type="square"><li> <b>Credit Risk –</b> An investment in the Portfolio also involves the risk that the issuer of a fixed income security that the Portfolio holds will fail to make timely payments of interest or principal, or go bankrupt, or that the value of the securities will decline because of a market perception that the issuer may not make payments on time, thus potentially reducing the Portfolio’s return. Changes in economic conditions are likely to cause issuers of these fixed income securities to be unable to meet their obligations. The lower the rating of a debt security, the higher its credit risk. In addition, the securities of many U.S. Government agencies, authorities or instrumentalities in which the Portfolio may invest are neither issued nor guaranteed by the U.S. Government, and may be supported only by the ability of the issuer to borrow from the U.S. Treasury or by the credit of the issuer. </li></ul><ul type="square"><li> <b>Interest Rate Risk –</b> The value of fixed income securities held in the Portfolio, including U.S. Government securities, may decline with changes in interest rates. Prices of fixed income securities with longer effective maturities are more sensitive to interest rate changes than those with shorter effective maturities. U.S. Government securities can exhibit price movements resulting from changes in interest rates. During low interest rate environments, the risk that interest rates will rise is increased. Such increases may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. These risks are greater when a low interest rate environment has existed for an extended period of time. </li></ul><ul type="square"><li> <b>Asset-Backed/Mortgage-Backed Security Risk –</b> The market value and yield of asset-backed and mortgage-backed securities can vary due to market interest rate fluctuations and early prepayments of underlying instruments. Although these securities may offer yields higher than those available from other types of securities, these securities may be less effective than other types of securities as a means of “locking in” attractive long-term rates because of the prepayment feature. During periods of difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, such securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. Mortgage-backed securities may be particularly susceptible to Prepayment Risk. </li></ul><ul type="square"><li> <b>Call/Prepayment Risk –</b> When interest rates are declining, issuers of securities held by the Portfolio may prepay principal earlier than scheduled. As a result of this risk, the Portfolio may have to reinvest these prepayments at those lower rates, thus reducing its income. Mortgage-backed and asset-backed securities are especially sensitive to prepayment. </li></ul><ul type="square"><li> <b>Extension Risk –</b> These securities are also subject to the risk that payment on the loans underlying the securities held by the Portfolio will be made more slowly when interest rates are rising. This could cause the market value of the securities to decline. </li></ul><ul type="square"><li> <b>Liquidity Risk –</b> At times, certain securities may be difficult or impossible to sell at the price that would normally prevail in the market. The seller may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Portfolio management or performance. This includes the risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in less advantageous investments. </li></ul><ul type="square"><li> <b>Municipal Bond Risk –</b> The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives, and the issuer’s regional economic conditions may affect the municipal security’s value, interest payments, repayment of principal and the Fund’s ability to sell the security. Failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security’s value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities. Portfolio dividends derived from certain “private activity” municipal securities generally will constitute an item of tax preference includable in alternative minimum taxable income for both corporate and non-corporate taxpayers. </li></ul><ul type="square"><li> <b>Exchange-Traded Funds Risk –</b> An investment in securities issued by an ETF may be subject to the following risks: (1) shares of the ETF may trade at a discount to its net asset value; (2) an active trading market for the ETF’s shares may not develop; (3) the exchange on which the ETF is listed may, under certain circumstances, suspend trading of the ETF’s shares; and (4) to the extent that an ETF is acquired in order to track a specific asset or index, the ETF may fail to effectively accomplish that goal. </li></ul><ul type="square"><li> <b>Investment in Other Investment Companies Risk –</b> As with other investments, investments in other investment companies are subject to market and selection risk. To the extent that the Portfolio acquires shares of investment companies, shareholders bear both their proportionate share of expenses in the Portfolio (including management and advisory fees) and, indirectly, the expenses of the acquired investment companies. </li></ul><ul type="square"><li> <b>High Yield Bond Risk –</b> High yield bonds, commonly referred to as “junk bonds,” are considered speculative under traditional investment standards. Prices of these securities will rise and fall primarily in response to changes in the issuer’s financial health, although changes in market interest rates also will affect prices. High yield bonds may also experience reduced liquidity, and sudden and substantial decreases in price, during certain market conditions. </li></ul></blockquote><ul type="square"><li> <b>Risks Associated with Investments in Derivatives.</b> The Portfolio is permitted to invest in derivative instruments, including options, futures and options on futures, swaps, structured notes and currency forwards. Investment in derivatives depends largely on the performance of an underlying reference instrument or rate and the Specialist Manager’s ability to predict correctly the direction of securities prices, interest rates, currency exchange rates and/or other economic factors. Derivatives involve additional costs and often have risks similar to an investment in the reference instrument in addition to other risks, such as: </li></ul><blockquote><ul type="square"><li> <b>General Derivative Risks –</b> The value of derivative instruments may rise or fall more rapidly than other investments, and there is a risk that the Portfolio may lose more than the original amount invested in the derivative instrument. Derivative instruments also involve the risk that other parties to the derivative contract may fail to meet their obligations, which could cause losses to the Portfolio. </li></ul><ul type="square"><li> <b>Counterparty Risk –</b> The Portfolio will be subject to counterparty credit risk with respect to derivative contracts entered into by the Portfolio or held by special purpose or structured vehicles in which the Portfolio invests, including other investment companies. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Portfolio may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Portfolio may obtain only a limited recovery or may obtain no recovery in such circumstances. </li></ul><ul type="square"><li> <b>Derivatives Tax Risk –</b> Compared to other types of investments, derivatives may be harder to value and may also be less tax efficient. In addition, changes in government regulation of derivative instruments could affect the character, timing and amount of the Portfolio’s taxable income or gains, and may limit or prevent the Portfolio from using certain types of derivative instruments as a part of its investment strategy, which could make the investment strategy more costly to implement or require the Portfolio to change its investment strategy. To the extent that the Portfolio uses derivatives for hedging or to gain or limit exposure to a particular market or market segment, there may be imperfect correlation between the value of the derivative instrument and the value of the instrument being hedged or the relevant market or market segment, in which case the Portfolio may not realize the intended benefits. The Portfolio’s use of derivatives may be limited by the requirements for taxation of the Portfolio as a regulated investment company. </li></ul></blockquote>There is no guarantee that the Portfolio will meet its goals. It is possible to lose money by investing in the Portfolio.<b>Performance Bar Chart and Table </b><br/><br/><b>Performance.</b>The chart and table below show how The Core Fixed Income Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s HC Advisors Shares yearly performance for each full calendar year since the Portfolio’s HC Advisors Shares inception on July 6, 2010. The table accompanying the bar chart compares the Portfolio’s performance over time on a before and after-tax basis to that of a broad based market index. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.<b>Year-by-Year Total Returns as of 12/31</b>The Portfolio’s HC Advisors Shares before-tax return for the period from January 1, 2018 through September 30, 2018 (non-annualized) was -1.90%. <br/><br/><table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse; " align="center"> <tr> <td width="35%"></td> <td valign="bottom" width="13%"></td> <td width="18%"></td> <td valign="bottom" width="19%"></td> <td></td> <td></td> <td valign="bottom" width="9%"></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-top:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Best quarter:</div></td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-top:1px solid #000000">3rd Qtr. 2011</td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000" align="right">4.15</td> <td valign="bottom" style="border-top:1px solid #000000">% </td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-bottom:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Worst quarter:</div></td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-bottom:1px solid #000000">4th Qtr. 2016</td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">-2.84</td> <td valign="bottom" style="border-bottom:1px solid #000000">% </td></tr> </table><b>Average Annual Total Returns </b><br/>(for the periods ended 12/31/17)After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio.The chart and table below show how The Core Fixed Income Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s HC Advisors Shares yearly performance for each full calendar year since the Portfolio’s HC Advisors Shares inception on July 6, 2010.Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.<div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualFundOperatingExpenses000143 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualTotalReturnsBarChart000146 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleExpenseExample000144 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAverageAnnualTotalReturnsTransposed000147 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleShareholderFees000142 column period compact * ~</div><b>The Fixed Income Opportunity Portfolio </b><b>Investment Objective </b>The investment objective of The Fixed Income Opportunity Portfolio is to achieve above-average total return by investing in high yield securities commonly referred to as “junk bonds.”<b>Fees and Expenses </b>The fee and expense tables below describe the fees and expenses that you may pay if you buy and hold HC Advisors Shares of the Portfolio.<b>Shareholder Fees </b><br/>(fees paid directly from your investment)<b>Annual Operating Expenses </b><br/>(expenses that you pay each year as a percentage of the value of your investment)<b>Example</b>: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 Total Annual Operating Expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your cost would be:<b>Portfolio Turnover </b>The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” investments in its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in the Total Annual Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover was 37.57% of the average value of its portfolio.<b>Principal Investment Strategies </b>Under normal circumstances, the Portfolio invests primarily (i.e., at least 80% of 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. A principal investment strategy of the Portfolio is to invest in high yield securities including “junk bonds.” Under normal circumstances, at least 50% of the Portfolio’s total assets will be invested in junk bonds. These securities are fixed income securities that are rated below the fourth highest category assigned by one of the major independent rating agencies or are, in the view of the Specialist Manager, deemed to be of comparable quality. Such securities may include: corporate bonds, collateralized loan obligations (CLOs), collateralized bond obligations (CBOs) and collateralized debt obligations (CDOs) (CDO investments are expected to be limited to less than 15% of the Portfolio), agency and non-agency mortgage-backed securities, collateralized mortgage obligations, commercial mortgage-backed securities and asset-backed securities, REITs, foreign fixed income securities, including emerging market debt, convertible bonds, preferred stocks, treasury inflation bonds, loan participations, swaps and fixed and floating rate loans. The Portfolio may invest in securities issued by other investment companies, including ETFs, that invest in fixed income securities. <br/><br/>The Portfolio may invest in U.S. government securities, including but not limited to treasuries, agencies and commercial paper. The Portfolio may also hold a portion of its assets in cash or money market instruments in order to maintain liquidity or in the event that the Specialist Manager determines that securities meeting the Portfolio’s investment objective and policies are not otherwise readily available for purchase. <br/><br/>Consistent with its investment policies, the Portfolio may purchase and sell high yield securities. Purchases and sales of securities may be effected without regard to the effect on portfolio turnover. 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 Bloomberg Barclays U.S. High Yield Ba/B 2% Issuer Capped Index, which range, as of June 30, 2018, was between 1 and 13 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. <br/><br/>The performance benchmark for this Portfolio is the Bloomberg Barclays U.S. High Yield Ba/B 2% Issuer Capped Index, an unmanaged index of high yield securities that is widely recognized as an indicator of the performance of such securities. The Specialist Managers actively manage the interest rate risk of the Portfolio relative to this benchmark. <br/><br/>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.<b>Principal Investment Risks </b>Investing in the Portfolio involves risks common to any investment in securities. There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio. All mutual funds, including the Portfolio, are subject to <b>Management Risk –</b> the risk that the investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments and <b>Market Risk –</b> the risk that the value of the securities held by a portfolio may decline in response to general market and economic conditions, or conditions that affect specific market sectors or individual companies. <br/><br/>There are also risks associated with the overall structure of the Portfolio. These include: <ul type="square"><li> <b>Multi-Manager Risk – </b>the Portfolio’s multi-manager structure involves the risk that the Specialist Managers serving the Portfolio do not achieve favorable investment results relative to other investments or that the Portfolio’s assets are not effectively allocated among Specialist Managers in a manner that enhances the Portfolio’s total return or reduces the volatility that might be expected of any one management style. Additionally, the multi-manager structure may, under certain circumstances, cause the Portfolio to incur higher trading costs than might occur in a fund served by a single investment adviser.</li></ul>Additionally, the range of securities in which the Portfolio may invest, and the several investment strategies that may be used in seeking to achieve the Portfolio’s objective, involve additional risks. These are summarized below. <ul type="square"><li> <b>Fixed Income Risk.</b> Investments in fixed income securities may involve the following risks, depending on the instrument involved: </li></ul><blockquote><ul type="square"><li> <b>Credit Risk – </b>An investment in the Portfolio also involves the risk that the issuer of a fixed income security that the Portfolio holds will fail to make timely payments of interest or principal, or go bankrupt, or that the value of the securities will decline because of a market perception that the issuer may not make payments on time, thus potentially reducing the Portfolio’s return. Changes in economic conditions are likely to cause issuers of these fixed income securities to be unable to meet their obligations. The lower the rating of a debt security, the higher its credit risk. In addition, the securities of many U.S. Government agencies, authorities or instrumentalities in which the Portfolio may invest are neither issued nor guaranteed by the U.S. Government, and may be supported only by the ability of the issuer to borrow from the U.S. Treasury or by the credit of the issuer. </li></ul><ul type="square"><li> <b>Interest Rate Risk – </b>The value of fixed income securities held in the Portfolio, including U.S. Government securities, may decline with changes in interest rates. Prices of fixed income securities with longer effective maturities are more sensitive to interest rate changes than those with shorter effective maturities. U.S. Government securities can exhibit price movements resulting from changes in interest rates. During low interest rate environments, the risk that interest rates will rise is increased. Such increases may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. These risks are greater when a low interest rate environment has existed for an extended period of time.</li></ul><ul type="square"><li> <b>Asset-Backed/Mortgage-Backed Security Risk</b> <b>–</b> The market value and yield of asset-backed and mortgage-backed securities can vary due to market interest rate fluctuations and early prepayments of underlying instruments. Although these securities may offer yields higher than those available from other types of securities, these securities may be less effective than other types of securities as a means of “locking in” attractive long-term rates because of the prepayment feature. During periods of difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, such securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. Mortgage-backed securities may be particularly susceptible to Prepayment Risk.</li></ul><ul type="square"><li> <b>Call/Prepayment Risk – </b>When interest rates are declining, issuers of securities held by the Portfolio may prepay principal earlier than scheduled. As a result of this risk, the Portfolio may have to reinvest these prepayments at those lower rates, thus reducing its income. Mortgage-backed and asset-backed securities are especially sensitive to prepayment.</li></ul><ul type="square"><li> <b>Extension Risk – </b>These securities are also subject to the risk that payment on the loans underlying the securities held by the Portfolio will be made more slowly when interest rates are rising. This could cause the market value of the securities to decline.</li></ul><ul type="square"><li> <b>Floating Rate Loans Risk – </b>The risks associated with floating rate loans are similar to the risks of below investment grade securities. Changes in economic conditions are likely to cause issuers of these securities to be unable to meet their obligations. In addition, the value of the collateral securing the loan may decline, causing a loan to be substantially unsecured. The sale and purchase of a bank loan are subject to the requirements of the underlying credit agreement governing such bank loan. These requirements may limit the eligible pool of potential bank loan holders by placing conditions or restrictions on sales and purchases of bank loans. Further, bank loans are not traded on an exchange and purchasers and sellers of bank loans rely on market makers, usually the administrative agent for a particular bank loan, to trade bank loans. These factors, in addition to overall market volatility, may negatively impact the liquidity of loans. Difficulty in selling a floating rate loan may result in a loss. Borrowers may pay back principal before the scheduled due date when interest rates decline, which may require the Portfolio to replace a particular loan with a lower-yielding security. There may be less extensive public information available with respect to loans than for rated, registered or exchange listed securities. The Portfolio may assume the credit risk of the primary lender in addition to the borrower, and investments in loan assignments may involve the risks of being a lender.</li></ul><ul type="square"><li> <b>Loan Participation Risk</b> <b>–</b> Loan participations typically will result in a Portfolio having a contractual relationship only with the lender, not with the borrower. In connection with purchasing loan participations, a Portfolio generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower, and a Portfolio may not benefit directly from any collateral supporting the loan in which it has purchased the participation. As a result, a Portfolio will assume the credit risk of both the borrower and the lender that is selling the participation. A Portfolio may have difficulty disposing of loan participations as the market for such instruments is not highly liquid.</li></ul><ul type="square"><li> <b>Liquidity Risk</b> <b>–</b> At times, certain securities may be difficult or impossible to sell at the price that would normally prevail in the market. The seller may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Portfolio management or performance. This includes the risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in less advantageous investments. </li></ul><ul type="square"><li> <b>High Yield Bond Risk</b> <b>–</b> High yield bonds, commonly referred to as “junk bonds,” are considered speculative under traditional investment standards. Prices of these securities will rise and fall primarily in response to changes in the issuer’s financial health, although changes in market interest rates also will affect prices. High yield bonds may also experience reduced liquidity, and sudden and substantial decreases in price, during certain market conditions.</li></ul><ul type="square"><li> <b>Exchange-Traded Funds Risk</b> <b>–</b> An investment in securities issued by an ETF may be subject to the following risks: (1) shares of the ETF may trade at a discount to its net asset value; (2) an active trading market for the ETF’s shares may not develop; (3) the exchange on which the ETF is listed may, under certain circumstances, suspend trading of the ETF’s shares; and (4) to the extent that an ETF is acquired in order to track a specific asset or index, the ETF may fail to effectively accomplish that goal.</li></ul><ul type="square"><li> <b>Investment in Other Investment Companies Risk</b> <b>–</b> As with other investments, investments in other investment companies are subject to market and selection risk. To the extent that the Portfolio acquires shares of investment companies, shareholders bear both their proportionate share of expenses in the Portfolio (including management and advisory fees) and, indirectly, the expenses of the acquired investment companies. </li></ul></blockquote><ul type="square"><li> <b>Foreign Investment Risk. </b>Investment in foreign securities involves the following risks:</li></ul><blockquote><ul type="square"><li> <b>Foreign Securities Risk</b> <b>–</b> Investments in securities issued by non-U.S. companies and/or non-U.S. governments and their agencies, may be adversely affected by the lack of timely or reliable financial information, political, social and/or economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices. Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar and transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities.</li></ul><ul type="square"><li> <b>Emerging Markets Risk</b> <b>–</b> Risks associated with foreign investments, including option and futures contracts, may be intensified in the case of investments in emerging market countries, whose political, legal and economic systems are less developed and less stable than those of more developed nations. Such investments are often less liquid and/or more volatile than securities issued by companies located in developed nations, such as the United States, Canada and those included in the MSCI EAFE Index. Certain types of securities, including emerging market securities, are subject to the risk that the securities may not be sold at the quoted market price within a reasonable period of time. </li></ul></blockquote><ul type="square"><li> <b>Risks Associated with Investments in Derivatives. </b>The Portfolio is permitted to invest in derivative instruments, including options, futures and options on futures, swaps, structured notes and currency forwards. Investment in derivatives depends largely on the performance of an underlying reference instrument or rate and the Specialist Manager’s ability to predict correctly the direction of securities prices, interest rates, currency exchange rates and/or other economic factors. Derivatives involve additional costs and often have risks similar to an investment in the reference instrument in addition to other risks, such as:</li></ul><blockquote><ul type="square"><li> <b>General Derivative Risks</b> <b>–</b> The value of derivative instruments may rise or fall more rapidly than other investments, and there is a risk that the Portfolio may lose more than the original amount invested in the derivative instrument. Derivative instruments also involve the risk that other parties to the derivative contract may fail to meet their obligations, which could cause losses to the Portfolio.</li></ul><ul type="square"><li> <b>Counterparty Risk</b> <b>–</b> The Portfolio will be subject to counterparty credit risk with respect to derivative contracts entered into by the Portfolio or held by special purpose or structured vehicles in which the Portfolio invests, including other investment companies. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Portfolio may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Portfolio may obtain only a limited recovery or may obtain no recovery in such circumstances.</li></ul><ul type="square"><li> <b>Derivatives Tax Risk –</b> Compared to other types of investments, derivatives may be harder to value and may also be less tax efficient. In addition, changes in government regulation of derivative instruments could affect the character, timing and amount of the Portfolio’s taxable income or gains, and may limit or prevent the Portfolio from using certain types of derivative instruments as a part of its investment strategy, which could make the investment strategy more costly to implement or require the Portfolio to change its investment strategy. To the extent that the Portfolio uses derivatives for hedging or to gain or limit exposure to a particular market or market segment, there may be imperfect correlation between the value of the derivative instrument and the value of the instrument being hedged or the relevant market or market segment, in which case the Portfolio may not realize the intended benefits. The Portfolio’s use of derivatives may be limited by the requirements for taxation of the Portfolio as a regulated investment company. </li></ul></blockquote><ul type="square"><li> <b>Other Risks</b></li></ul><blockquote><ul type="square"><li> <b>REIT Risk</b> <b>–</b> REIT prices may fall because of the failure of borrowers to pay their loans and/or poor management. The value of REITs may also be affected by increases in property taxes and changes in tax laws and interest rates.</li></ul></blockquote>There is no guarantee that the Portfolio will meet its goals. It is possible to lose money by investing in the Portfolio.<b>Performance Bar Chart and Table<br/><br/>Performance.</b>The chart and table below show how The Fixed Income Opportunity Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s HC Advisors Shares yearly performance for each full calendar year since the Portfolio’s HC Advisors Shares inception on July 6, 2010. The table accompanying the bar chart compares the Portfolio’s performance over time on a before and after-tax basis to that of a broad based market index. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.<b>Year-by-Year Total Returns as of 12/31 </b>The Portfolio’s HC Advisors Shares before-tax return for the period from January 1, 2018 through September 30, 2018 (non-annualized) was 2.98%.<br/><br/><table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse; " align="center"> <tr> <td width="35%"></td> <td valign="bottom" width="13%"></td> <td width="18%"></td> <td valign="bottom" width="19%"></td> <td></td> <td></td> <td valign="bottom" width="9%"></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-top:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Best quarter:</div></td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-top:1px solid #000000">1st Qtr. 2012</td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000" align="right">5.30</td> <td valign="bottom" style="border-top:1px solid #000000">% </td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-bottom:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Worst quarter:</div></td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-bottom:1px solid #000000">3rd Qtr. 2011</td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">-6.65</td> <td valign="bottom" style="border-bottom:1px solid #000000">% </td></tr> </table><b>Average Annual Total Returns </b><br/>(for the periods ended 12/31/17)After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio.The chart and table below show how The Fixed Income Opportunity Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s HC Advisors Shares yearly performance for each full calendar year since the Portfolio’s HC Advisors Shares inception on July 6, 2010.Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.2010-07-062010-07-062010-07-062010-07-06before-tax return2018-09-30<div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualFundOperatingExpenses000153 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualTotalReturnsBarChart000156 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleExpenseExample000154 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAverageAnnualTotalReturnsTransposed000157 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleShareholderFees000152 column period compact * ~</div><b>The U.S. Government Fixed Income Securities Portfolio </b><b>Investment Objective </b>The investment objective of The U.S. Government Fixed Income Securities Portfolio is to provide a moderate and sustainable level of current income, consistent with the preservation of capital by investing in a diversified portfolio of primarily U.S. Treasury and government related fixed income securities.<b>Fees and Expenses </b>The fee and expense tables below describe the fees and expenses that you may pay if you buy and hold HC Advisors Shares of the Portfolio.<b>Shareholder Fees </b><br/>(fees paid directly from your investment)<b>Annual Operating Expenses </b><br/>(expenses that you pay each year as a percentage of the value of your investment)<b>Example</b>:This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s Total Annual Operating Expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your cost would be:<b>Portfolio Turnover </b>The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” investments in its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in the Total Annual Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover was 32.58% of the average value of its portfolio.<b>Principal Investment Strategies </b>Under normal circumstances, the Portfolio seeks to achieve its objective by investing primarily (i.e., at least 80% of its net assets) in fixed income securities issued or fully guaranteed by the U.S. Government, Federal Agencies, or sponsored agencies. In the unlikely event that a change in this investment policy is adopted by the Board of Trustees, shareholders will receive at least 60 days prior written notice before such change is implemented. Securities in which the Portfolio may invest include bonds, notes and certificates of deposit. These may include securities issued by federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. Government. In general the portfolio will maintain aggregate characteristics similar to the Bloomberg Barclays U.S. Government Index. Securities held by the Portfolio will be rated investment grade or better by at least two rating agencies at the time of purchase if not rated by an agency, of comparable credit quality as determined by the Specialist Manager at the time of purchase. Overall credit quality of the Portfolio will be maintained at a level substantially equal to that of the Bloomberg Barclays U.S. Government Index. The Portfolio will attempt to be fully invested at all times in U.S. Government fixed income securities, but may hold cash positions at times to adjust the duration of the Portfolio to more closely approximate that of the Bloomberg Barclays U.S. Government Index, to replicate the interest rate sensitivity of the securities in the Bloomberg Barclays U.S. Government Index, or to approximate the exposure to cash in the Bloomberg Barclays U.S. Government Index from coupon payments, principal payments or called securities. The Portfolio intends to maintain an effective dollar weighted average portfolio maturity similar to that of the Bloomberg Barclays U.S. Government Index, which was 7.50 years as of June 30, 2018. The Portfolio may invest in securities issued by other investment companies, including ETFs, that invest in U.S. fixed income securities issued or fully guaranteed by the U.S. Government, Federal Agencies, or sponsored agencies. <br/><br/>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.<b>Principal Investment Risks </b>Investing in the Portfolio involves risks common to any investment in securities. There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio. All mutual funds, including the Portfolio, are subject to <b>Management Risk –</b> the risk that the investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments and <b>Market Risk –</b> the risk that the value of the securities held by a portfolio may decline in response to general market and economic conditions, or conditions that affect specific market sectors or individual companies. <br/><br/>Additionally, the range of securities in which the Portfolio may invest, and the several investment strategies that may be used in seeking to achieve the Portfolio’s objective, involve additional risks. These are summarized below. <ul type="square"><li> <b>Fixed Income Risk.</b> Investments in fixed income securities may involve the following risks, depending on the instrument involved: </li></ul><blockquote><ul type="square"><li> <b>Credit Risk –</b> An investment in the Portfolio also involves the risk that the issuer of a fixed income security that the Portfolio holds will fail to make timely payments of interest or principal, or go bankrupt, or that the value of the securities will decline because of a market perception that the issuer may not make payments on time, thus potentially reducing the Portfolio’s return. Changes in economic conditions are likely to cause issuers of these fixed income securities to be unable to meet their obligations. The lower the rating of a debt security, the higher its credit risk. In addition, the securities of many U.S. Government agencies, authorities or instrumentalities in which the Portfolio may invest are neither issued nor guaranteed by the U.S. Government, and may be supported only by the ability of the issuer to borrow from the U.S. Treasury or by the credit of the issuer.</li></ul><ul type="square"><li> <b>Interest Rate Risk – </b>The value of fixed income securities held in the Portfolio, including U.S. Government securities, may decline with changes in interest rates. Prices of fixed income securities with longer effective maturities are more sensitive to interest rate changes than those with shorter effective maturities. U.S. Government securities can exhibit price movements resulting from changes in interest rates. During low interest rate environments, the risk that interest rates will rise is increased. Such increases may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. These risks are greater when a low interest rate environment has existed for an extended period of time.</li></ul><ul type="square"><li> <b>Call/Prepayment Risk – </b>When interest rates are declining, issuers of securities held by the Portfolio may prepay principal earlier than scheduled. As a result of this risk, the Portfolio may have to reinvest these prepayments at those lower rates, thus reducing its income. This risk should be low for the Portfolio as it invests mainly in securities that are not callable.</li></ul><ul type="square"><li> <b>Exchange-Traded Funds Risk – </b>An investment in securities issued by an ETF may be subject to the following risks: (1) shares of the ETF may trade at a discount to its net asset value; (2) an active trading market for the ETF’s shares may not develop; (3) the exchange on which the ETF is listed may, under certain circumstances, suspend trading of the ETF’s shares; and (4) to the extent that an ETF is acquired in order to track a specific asset or index, the ETF may fail to effectively accomplish that goal.</li></ul><ul type="square"><li> <b>Investment in Other Investment Companies Risk – </b>As with other investments, investments in other investment companies are subject to market and selection risk. To the extent that the Portfolio acquires shares of investment companies, shareholders bear both their proportionate share of expenses in the Portfolio (including management and advisory fees) and, indirectly, the expenses of the acquired investment companies.</li></ul></blockquote>There is no guarantee that the Portfolio will meet its goals. It is possible to lose money by investing in the Portfolio.<b>Performance Bar Chart and Table<br/><br/>Performance.</b>The chart and table below show how The U.S. Government Fixed Income Securities Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s HC Strategic Shares yearly performance for each full calendar year since the Portfolio’s HC Strategic Shares inception on December 6, 2010. The table accompanying the bar chart compares the Portfolio’s performance over time on a before and after-tax basis to that of a broad based market index. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future. A full calendar year of performance is not yet available for the HC Advisors Shares class. The performance shown below is that of HC Strategic Shares and has not been adjusted to reflect HC Advisors Shares expenses, which are higher. If it had been adjusted, performance would have been lower.<b>Year-by-Year Total Returns as of 12/31 </b>The Portfolio’s HC Strategic Shares before-tax return for the period from January 1, 2018 through September 30, 2018 (non-annualized) was -1.79%.<br/><br/><table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse; " align="center"> <tr> <td width="35%"></td> <td valign="bottom" width="13%"></td> <td width="18%"></td> <td valign="bottom" width="19%"></td> <td></td> <td></td> <td valign="bottom" width="9%"></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-top:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Best quarter:</div></td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-top:1px solid #000000">3rd Qtr. 2011</td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000" align="right">5.82</td> <td valign="bottom" style="border-top:1px solid #000000">% </td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-bottom:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Worst quarter:</div></td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-bottom:1px solid #000000">4th Qtr. 2016</td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">-3.42</td> <td valign="bottom" style="border-bottom:1px solid #000000">% </td></tr> </table><b>Average Annual Total Returns </b><br/>(for the periods ended 12/31/17)After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio.The chart and table below show how The U.S. Government Fixed Income Securities Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s HC Strategic Shares yearly performance for each full calendar year since the Portfolio’s HC Strategic Shares inception on December 6, 2010.Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.A full calendar year of performance is not yet available for the HC Advisors Shares class.The performance shown below is that of HC Strategic Shares and has not been adjusted to reflect HC Advisors Shares expenses, which are higher. If it had been adjusted, performance would have been lower.After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.Best quarter:2011-09-30Worst quarter:2016-12-312010-07-062010-07-062010-07-06before-tax return2018-09-30Best quarter:2012-03-312010-07-06Worst quarter:2011-09-30<div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualFundOperatingExpenses000163 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualTotalReturnsBarChart000166 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleExpenseExample000164 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAverageAnnualTotalReturnsTransposed000167 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleShareholderFees000162 column period compact * ~</div><b>The Inflation Protected Securities Portfolio </b><b>Investment Objective </b>The investment objective of The Inflation Protected Securities Portfolio is to provide inflation protection and income consistent with investment in inflation-indexed securities.<b>Fees and Expenses </b>The fee and expense tables below describe the fees and expenses that you may pay if you buy and hold HC Advisors Shares of the Portfolio.<b>Shareholder Fees </b><br/>(fees paid directly from your investment)<b>Annual Operating Expenses </b><br/>(expenses that you pay each year as a percentage of the value of your investment)<b>Example</b>:This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s Total Annual Operating Expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your cost would be:<b>Portfolio Turnover </b>The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” investments in its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in the Total Annual Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover was 20.77% of the average value of its portfolio.<b>Principal Investment Strategies </b>Under normal circumstances, the Portfolio seeks to achieve its objective by investing primarily (i.e., at least 80% of its net assets) in inflation-indexed bonds issued by the U.S. government and non-U.S. governments, their agencies and instrumentalities and 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. The Portfolio may invest in non-investment grade securities (“junk bonds”). 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 Bloomberg Barclays U.S. Treasury Inflation Protected Securities Index (“Barclays US TIPS Index”), which range, as of June 30, 2018, was between 1 and 29 years. The weighted average maturity of the Barclays US TIPS Index as of June 30, 2018 was 8.3 years. The Portfolio may invest in securities issued by foreign corporations. The Portfolio’s investments in non-U.S. governments and corporations may include securities issued in emerging markets countries.<b>Principal Investment Risks </b>Investing in the Portfolio involves risks common to any investment in securities. There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio. All mutual funds, including the Portfolio, are subject to <b>Management Risk –</b> the risk that the investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments and <b>Market Risk –</b> the risk that the value of the securities held by a portfolio may decline in response to general market and economic conditions, or conditions that affect specific market sectors or individual companies. <br/><br/>Additionally, the range of securities in which the Portfolio may invest, and the several investment strategies that may be used in seeking to achieve the Portfolio’s objective, involve additional risks. These are summarized below. <ul type="square"><li> <b>Fixed Income Risk.</b> Investments in fixed income securities may involve the following risks, depending on the instrument involved:</li></ul><blockquote><ul type="square"><li> <b>Credit Risk –</b> An investment in the Portfolio also involves the risk that the issuer of a fixed income security that the Portfolio holds will fail to make timely payments of interest or principal, or go bankrupt, or that the value of the securities will decline because of a market perception that the issuer may not make payments on time, thus potentially reducing the Portfolio’s return. Changes in economic conditions are likely to cause issuers of these fixed income securities to be unable to meet their obligations. The lower the rating of a debt security, the higher its credit risk. In addition, the securities of many U.S. Government agencies, authorities or instrumentalities in which the Portfolio may invest are neither issued nor guaranteed by the U.S. Government, and may be supported only by the ability of the issuer to borrow from the U.S. Treasury or by the credit of the issuer.</li></ul><ul type="square"><li> <b>Interest Rate Risk –</b> The value of fixed income securities held in the Portfolio, including U.S. Government securities, may decline with changes in interest rates. Prices of fixed income securities with longer effective maturities are more sensitive to interest rate changes than those with shorter effective maturities. U.S. Government securities can exhibit price movements resulting from changes in interest rates. During low interest rate environments, the risk that interest rates will rise is increased. Such increases may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. These risks are greater when a low interest rate environment has existed for an extended period of time.</li></ul><ul type="square"><li> <b>Deflation Risk –</b> Deflation risk is the possibility that prices throughout the economy decline over time – the opposite of inflation. If inflation is negative, the principal and income of an inflation-protected bond will decline and could result in losses.</li></ul><ul type="square"><li> <b>Inflation Indexed Bonds Risk –</b> The principal value of an investment is not protected or otherwise guaranteed by virtue of the Portfolio’s investments in inflation-indexed bonds. Inflation-indexed bonds are fixed-income securities whose principal value is periodically adjusted according to the rate of inflation. If the index measuring inflation falls, the principal value of inflation-indexed bonds will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. <br/><br/>Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal value. <br/><br/>The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates are tied to the relationship between nominal interest rates and the rate of inflation. If nominal interest rates increase at a faster rate than inflation, real interest rates may rise, leading to a decrease in value of inflation-indexed bonds. Short-term increases in inflation may lead to a decline in value. Inflation-indexed bonds issued by non-U.S. governments would be expected to be indexed to the inflation rates prevailing in those countries.</li></ul><ul type="square"><li> <b>Inflation Indexed Bonds Tax Risk –</b> Any increase in the principal amount of an inflation-indexed security may be included for tax purposes in the Portfolio’s gross income, even though no cash attributable to such gross income has been received by the Portfolio. In such event, the Portfolio may be required to make annual distributions to shareholders that exceed the cash it has otherwise received. In order to pay such distributions, the Portfolio may be required to raise cash by selling portfolio investments. The sale of such investments could result in capital gains to the Portfolio and additional capital gain distributions to shareholders. In addition, adjustments during the taxable year for deflation to an inflation-indexed bond held by the Portfolio may cause amounts previously distributed to shareholders in the taxable year as income to be characterized as a return of capital.</li></ul><ul type="square"><li> <b>Non-Investment-Grade Securities –</b> Non-investment-grade securities, also referred to as “high-yield securities” or “junk bonds,” are debt securities that are rated lower than the four highest rating categories by a nationally recognized statistical rating organization (for example, lower than Baa3/P-2 by Moody’s Investors Service, Inc. (Moody’s) or below BBB–/A-2 by Standard & Poor’s) or are determined to be of comparable quality by the fund’s advisor. These securities are generally considered to be, on balance, predominantly speculative with respect to capacity to pay interest and repay principal in accordance with the terms of the obligation, and they will generally involve more credit risk than securities in the investment-grade categories. Non-investment-grade securities generally provide greater income and opportunity for capital appreciation than higher quality securities, but they also typically entail greater price volatility and principal and income risk.</li></ul><ul type="square"><li> <b>Exchange-Traded Funds Risk –</b> An investment in securities issued by an ETF may be subject to the following risks: (1) shares of the ETF may trade at a discount to its net asset value; (2) an active trading market for the ETF’s shares may not develop; (3) the exchange on which the ETF is listed may, under certain circumstances, suspend trading of the ETF’s shares; and (4) to the extent that an ETF is acquired in order to track a specific asset or index, the ETF may fail to effectively accomplish that goal.</li></ul><ul type="square"><li> <b>Investment in Other Investment Companies Risk –</b> As with other investments, investments in other investment companies are subject to market and selection risk. To the extent that the Portfolio acquires shares of investment companies, shareholders bear both their proportionate share of expenses in the Portfolio (including management and advisory fees) and, indirectly, the expenses of the acquired investment companies. </li></ul></blockquote><ul type="square"><li> <b>Foreign Investment Risk.</b> Investment in foreign securities involves the following risks:</li></ul><blockquote><ul type="square"><li> <b>Foreign Securities Risk –</b> Investments in securities issued by non-U.S. companies and/or non-U.S. governments and their agencies, may be adversely affected by the lack of timely or reliable financial information, political, social and/or economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices. Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar and transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities.</li></ul><ul type="square"><li> <b>Foreign Currency Risk –</b> Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar. Currency exchange rates can be volatile and can be affected by, among other factors, the general economics of a country, or the actions of the U.S. or foreign governments or central banks. In addition, transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities.</li></ul><ul type="square"><li> <b>Emerging Markets Risk –</b> Risks associated with foreign investments may be intensified in the case of investments in emerging market countries, whose political, legal and economic systems are less developed and less stable than those of more developed nations. Such investments are often less liquid and/or more volatile than securities issued by companies located in developed nations, such as the United States, Canada and those included in the Morgan Stanley Capital International Europe, Australasia and Far East (“MSCI EAFE”) Index. Certain types of securities, including emerging market securities, are subject to the risk that the securities may not be sold at the quoted market price within a reasonable period of time.</li></ul></blockquote>There is no guarantee that the Portfolio will meet its goals. It is possible to lose money by investing in the Portfolio.<b>Performance Bar Chart and Table </b><br/><br/><b>Performance.</b>The chart and table below show how The Inflation Protected Securities Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s HC Advisors Shares yearly performance for each full calendar year since the Portfolio’s HC Advisors Shares inception on April 3, 2014. The table accompanying the bar chart compares the Portfolio’s performance over time on a before and after-tax basis to that of a broad based market index. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.<b>Year-by-Year Total Returns as of 12/31 </b>The Portfolio’s HC Advisors Shares before-tax return for the period from January 1, 2018 through September 30, 2018 (non-annualized) was -1.08%.<br/><br/><table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse; " align="center"> <tr> <td width="35%"></td> <td valign="bottom" width="13%"></td> <td width="18%"></td> <td valign="bottom" width="19%"></td> <td></td> <td></td> <td valign="bottom" width="9%"></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-top:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Best quarter:</div></td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-top:1px solid #000000">1st Qtr. 2016</td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000" align="right">4.39</td> <td valign="bottom" style="border-top:1px solid #000000">% </td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-bottom:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Worst quarter:</div></td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-bottom:1px solid #000000">4th Qtr. 2016</td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">-2.45</td> <td valign="bottom" style="border-bottom:1px solid #000000">% </td></tr> </table><b>Average Annual Total Returns </b><br/>(for the periods ended 12/31/17)After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio.The chart and table below show how The Inflation Protected Securities Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s HC Advisors Shares yearly performance for each full calendar year since the Portfolio’s HC Advisors Shares inception on April 3, 2014.Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.2010-12-062010-12-062010-12-06before-tax return2018-09-30Best quarter:2011-09-302010-12-06Worst quarter:2016-12-312014-04-032014-04-03<div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualFundOperatingExpenses000173 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualTotalReturnsBarChart000176 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleExpenseExample000174 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAverageAnnualTotalReturnsTransposed000177 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleShareholderFees000172 column period compact * ~</div><b>The U.S. Corporate Fixed Income Securities Portfolio </b><b>Investment Objective </b>The investment objective of The U.S. Corporate Fixed Income Securities Portfolio is to provide a moderate and sustainable level of current income, consistent with the preservation of capital by investing primarily in a diversified portfolio of investment grade fixed income securities issued by U.S. corporations.<b>Fees and Expenses </b>The fee and expense tables below describe the fees and expenses that you may pay if you buy and hold HC Advisors Shares of the Portfolio.<b>Shareholder Fees </b><br/>(fees paid directly from your investment)<b>Annual Operating Expenses </b><br/>(expenses that you pay each year as a percentage of the value of your investment)<b>Example</b>:This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s Total Annual Operating Expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your cost would be:<b>Portfolio Turnover </b>The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” investments in its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in the Total Annual Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover was 44.69% of the average value of its portfolio.<b>Principal Investment Strategies </b>Under normal circumstances, the Portfolio seeks to achieve its objective by investing primarily (i.e. at least 80% of net assets) in 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 Bloomberg Barclays 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 Bloomberg Barclays U.S. Corporate Investment Grade Index, which range, as of June 30, 2018, was between 1 and 29 years. The weighted average maturity of the Bloomberg Barclays U.S. Corporate Investment Grade Index as of June 30, 2018 was 10.8 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. <br/><br/>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.<b>Principal Investment Risks </b>Investing in the Portfolio involves risks common to any investment in securities. There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio. All mutual funds, including the Portfolio, are subject to <b>Management Risk – </b>the risk that the investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments and <b>Market Risk – </b>the risk that the value of the securities held by a portfolio may decline in response to general market and economic conditions, or conditions that affect specific market sectors or individual companies. <br/><br/>There are also risks associated with the overall structure of the Portfolio. These include: <ul type="square"><li> <b>Multi-Manager Risk – </b> the Portfolio’s multi-manager structure involves the risk that the Specialist Managers serving the Portfolio do not achieve favorable investment results relative to other investments or that the Portfolio’s assets are not effectively allocated among Specialist Managers in a manner that enhances the Portfolio’s total return or reduces the volatility that might be expected of any one management style. Additionally, the multi-manager structure may, under certain circumstances, cause the Portfolio to incur higher trading costs than might occur in a fund served by a single investment adviser.</li></ul>Additionally, the range of securities in which the Portfolio may invest, and the several investment strategies that may be used in seeking to achieve the Portfolio’s objective, involve additional risks. These are summarized below.<ul type="square"><li> <b>Fixed Income Risk.</b> Investments in fixed income securities may involve the following risks, depending on the instrument involved:</li></ul><blockquote><ul type="square"><li> <b>Credit Risk – </b>An investment in the Portfolio also involves the risk that the issuer of a fixed income security that the Portfolio holds will fail to make timely payments of interest or principal, or go bankrupt, or that the value of the securities will decline because of a market perception that the issuer may not make payments on time, thus potentially reducing the Portfolio’s return. Changes in economic conditions are likely to cause issuers of these fixed income securities to be unable to meet their obligations. The lower the rating of a debt security, the higher its credit risk. In addition, the securities of many U.S. Government agencies, authorities or instrumentalities in which the Portfolio may invest are neither issued nor guaranteed by the U.S. Government, and may be supported only by the ability of the issuer to borrow from the U.S. Treasury or by the credit of the issuer.</li></ul><ul type="square"><li> <b>Interest Rate Risk – </b>The value of fixed income securities held in the Portfolio, including U.S. Government securities, may decline with changes in interest rates. Prices of fixed income securities with longer effective maturities are more sensitive to interest rate changes than those with shorter effective maturities. U.S. Government securities can exhibit price movements resulting from changes in interest rates. During low interest rate environments, the risk that interest rates will rise is increased. Such increases may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. These risks are greater when a low interest rate environment has existed for an extended period of time.</li></ul><ul type="square"><li> <b>Call/Prepayment Risk – </b>When interest rates are declining, issuers of securities held by the Portfolio may prepay principal earlier than scheduled. As a result of this risk, the Portfolio may have to reinvest these prepayments at those lower rates, thus reducing its income. Mortgage-backed and asset-backed securities are especially sensitive to prepayment.</li></ul><ul type="square"><li> <b>Liquidity Risk – </b>At times, certain securities may be difficult or impossible to sell at the price that would normally prevail in the market. The seller may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Portfolio management or performance. This includes the risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in less advantageous investments.</li></ul><ul type="square"><li> <b>Municipal Bond Risk – </b>The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives, and the issuer’s regional economic conditions may affect the municipal security’s value, interest payments, repayment of principal and the Fund’s ability to sell the security. Failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security’s value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities.</li></ul><ul type="square"><li> <b>Exchange-Traded Funds Risk – </b>An investment in securities issued by an ETF may be subject to the following risks: (1) shares of the ETF may trade at a discount to its net asset value; (2) an active trading market for the ETF’s shares may not develop; (3) the exchange on which the ETF is listed may, under certain circumstances, suspend trading of the ETF’s shares; and (4) to the extent that an ETF is acquired in order to track a specific asset or index, the ETF may fail to effectively accomplish that goal.</li></ul><ul type="square"><li> <b>Investment in Other Investment Companies Risk – </b>As with other investments, investments in other investment companies are subject to market and selection risk. To the extent that the Portfolio acquires shares of investment companies, shareholders bear both their proportionate share of expenses in the Portfolio (including management and advisory fees) and, indirectly, the expenses of the acquired investment companies. </li></ul></blockquote><ul type="square"><li> <b>Foreign Investment Risk.</b> Investment in foreign securities involves the following risks:</li></ul><blockquote><ul type="square"><li> <b>Foreign Securities Risk – </b>Investments in securities issued by non-U.S. companies and/or non-U.S. governments and their agencies, may be adversely affected by the lack of timely or reliable financial information, political, social and/or economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices. Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar and transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities.</li></ul><ul type="square"><li> <b>Foreign Currency Risk – </b>Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar. Currency exchange rates can be volatile and can be affected by, among other factors, the general economics of a country, or the actions of the U.S. or foreign governments or central banks. In addition, transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities. </li></ul></blockquote>There is no guarantee that the Portfolio will meet its goals. It is possible to lose money by investing in the Portfolio.<b>Performance Bar Chart and Table </b><br/><br/><b>Performance.</b>The chart and table below show how The U.S. Corporate Fixed Income Securities Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s HC Strategic Shares yearly performance for each full calendar year since the Portfolio’s HC Strategic Shares inception on December 6, 2010. The table accompanying the bar chart compares the Portfolio’s performance over time on a before and after-tax basis to that of a broad based market index. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future. A full calendar year of performance is not yet available for the HC Advisors Shares class. The performance shown below is that of HC Strategic Shares and has not been adjusted to reflect HC Advisors Shares expenses, which are higher. If it had been adjusted, performance would have been lower.<b>Year-by-Year Total Returns as of 12/31</b>The Portfolio’s HC Strategic Shares before-tax return for the period from January 1, 2018 through September 30, 2018 (non-annualized) was -2.47%.<br/><br/><table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse; " align="center"> <tr> <td width="35%"></td> <td valign="bottom" width="13%"></td> <td width="18%"></td> <td valign="bottom" width="19%"></td> <td></td> <td></td> <td valign="bottom" width="9%"></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-top:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Best quarter:</div></td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-top:1px solid #000000">3rd Qtr. 2011</td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000" align="right">4.37</td> <td valign="bottom" style="border-top:1px solid #000000">% </td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-bottom:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Worst quarter:</div></td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-bottom:1px solid #000000">2nd Qtr. 2013</td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">-4.03</td> <td valign="bottom" style="border-bottom:1px solid #000000">% </td></tr> </table><b>Average Annual Total Returns </b><br/>(for the periods ended 12/31/17)There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio.The chart and table below show how The U.S. Corporate Fixed Income Securities Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s HC Strategic Shares yearly performance for each full calendar year since the Portfolio’s HC Strategic Shares inception on December 6, 2010.Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.A full calendar year of performance is not yet available for the HC Advisors Shares class.The performance shown below is that of HC Strategic Shares and has not been adjusted to reflect HC Advisors Shares expenses, which are higher. If it had been adjusted, performance would have been lower.After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.2014-04-032014-04-03before-tax return2018-09-30Best quarter:2016-03-312010-12-062010-12-062010-12-06Worst quarter:2016-12-312010-12-06<div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualFundOperatingExpenses000183 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualTotalReturnsBarChart000186 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleExpenseExample000184 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAverageAnnualTotalReturnsTransposed000187 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleShareholderFees000182 column period compact * ~</div><b>The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio </b><b>Investment Objective </b>The investment objective of The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio is to seek to provide a moderate and sustainable level of current income, consistent with the preservation of capital by investing primarily in a diversified portfolio of publicly issued mortgage and asset backed securities.<b>Fees and Expenses </b>The fee and expense tables below describe the fees and expenses that you may pay if you buy and hold HC Advisors Shares of the Portfolio.<b>Shareholder Fees </b><br/>(fees paid directly from your investment)<b>Annual Operating Expenses </b><br/>(expenses that you pay each year as a percentage of the value of your investment)<b>Example</b>:This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s Total Annual Operating Expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your cost would be:<b>Portfolio Turnover </b>The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” investments in its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in the Total Annual Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover was 17.13% of the average value of its portfolio.<b>Principal Investment Strategies </b>Under normal circumstances, the Portfolio seeks to achieve its objective by investing primarily (i.e. at least 80% of net assets) in 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 Bloomberg Barclays 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. Income from MBS, ABS, CMO, REMIC and SMBS investments of the Portfolio will be taxed as ordinary income when distributed to shareholders unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account. 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 Bloomberg Barclays U.S. Securitized Index, which has a weighted average maturity of 7.2 years as of June 30, 2018 and can vary between 1 and 9 years. <br/><br/>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.<b>Principal Investment Risks </b>Investing in the Portfolio involves risks common to any investment in securities. There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio. All mutual funds, including the Portfolio, are subject to <b>Management Risk –</b> the risk that the investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments and <b>Market Risk –</b> the risk that the value of the securities held by a portfolio may decline in response to general market and economic conditions, or conditions that affect specific market sectors or individual companies. <br/><br/>Additionally, the range of securities in which the Portfolio may invest, and the several investment strategies that may be used in seeking to achieve the Portfolio’s objective, involve additional risks. These are summarized below. <ul type="square"><li> <b>Fixed Income Risk.</b> Investments in fixed income securities may involve the following risks, depending on the instrument involved:</li></ul><blockquote><ul type="square"><li> <b>Credit Risk – </b>An investment in the Portfolio also involves the risk that the issuer of a fixed income security that the Portfolio holds will fail to make timely payments of interest or principal, or go bankrupt, or that the value of the securities will decline because of a market perception that the issuer may not make payments on time, thus potentially reducing the Portfolio’s return. Changes in economic conditions are likely to cause issuers of these fixed income securities to be unable to meet their obligations. The lower the rating of a debt security, the higher its credit risk. In addition, the securities of many U.S. Government agencies, authorities or instrumentalities in which the Portfolio may invest are neither issued nor guaranteed by the U.S. Government, and may be supported only by the ability of the issuer to borrow from the U.S. Treasury or by the credit of the issuer.</li></ul><ul type="square"><li> <b>Interest Rate Risk – </b>The value of fixed income securities held in the Portfolio, including U.S. Government securities, may decline with changes in interest rates. Prices of fixed income securities with longer effective maturities are more sensitive to interest rate changes than those with shorter effective maturities. U.S. Government securities can exhibit price movements resulting from changes in interest rates. During low interest rate environments, the risk that interest rates will rise is increased. Such increases may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. These risks are greater when a low interest rate environment has existed for an extended period of time.</li></ul><ul type="square"><li> <b>Asset-Backed/Mortgage-Backed Security Risk – </b>The market value and yield of asset-backed and mortgage-backed securities can vary due to market interest rate fluctuations and early prepayments of underlying instruments. Although these securities may offer yields higher than those available from other types of securities, these securities may be less effective than other types of securities as a means of “locking in” attractive long-term rates because of the prepayment feature. During periods of difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, such securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. Mortgage-backed securities may be particularly susceptible to Prepayment Risk.</li></ul><ul type="square"><li> <b>Call/Prepayment Risk – </b>When interest rates are declining, issuers of securities held by the Portfolio may prepay principal earlier than scheduled. As a result of this risk, the Portfolio may have to reinvest these prepayments at those lower rates, thus reducing its income. Mortgage-backed and asset-backed securities are especially sensitive to prepayment.</li></ul><ul type="square"><li> <b>Liquidity Risk – </b>At times, certain securities may be difficult or impossible to sell at the price that would normally prevail in the market. The seller may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Portfolio management or performance. This includes the risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in less advantageous investments.</li></ul><ul type="square"><li> <b>Exchange-Traded Funds Risk – </b>An investment in securities issued by an ETF may be subject to the following risks: (1) shares of the ETF may trade at a discount to its net asset value; (2) an active trading market for the ETF’s shares may not develop; (3) the exchange on which the ETF is listed may, under certain circumstances, suspend trading of the ETF’s shares; and (4) to the extent that an ETF is acquired in order to track a specific asset or index, the ETF may fail to effectively accomplish that goal.</li></ul><ul type="square"><li> <b>Investment in Other Investment Companies Risk – </b>As with other investments, investments in other investment companies are subject to market and selection risk. To the extent that the Portfolio acquires shares of investment companies, shareholders bear both their proportionate share of expenses in the Portfolio (including management and advisory fees) and, indirectly, the expenses of the acquired investment companies. </li></ul></blockquote><ul type="square"><li> <b>Foreign Investment Risk.</b> Investment in foreign securities involves the following risks:</li></ul><blockquote><ul type="square"><li> <b>Foreign Securities Risk – </b>Investments in securities issued by non-U.S. companies and/or non-U.S. governments and their agencies, may be adversely affected by the lack of timely or reliable financial information, political, social and/or economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices. Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar and transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities.</li></ul><ul type="square"><li> <b>Foreign Currency Risk – </b>Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar. Currency exchange rates can be volatile and can be affected by, among other factors, the general economics of a country, or the actions of the U.S. or foreign governments or central banks. In addition, transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities. </li></ul></blockquote><ul type="square"><li> <b>Risks Associated with Investments in Derivatives.</b> The Portfolio is permitted to invest in derivative instruments, including options, futures and options on futures, swaps, structured notes and currency forwards. Investment in derivatives depends largely on the performance of an underlying reference instrument or rate and the Specialist Manager’s ability to predict correctly the direction of securities prices, interest rates, currency exchange rates and/or other economic factors. Derivatives involve additional costs and often have risks similar to an investment in the reference instrument in addition to other risks, such as:</li></ul><blockquote><ul type="square"><li> <b>General Derivative Risks – </b>The value of derivative instruments may rise or fall more rapidly than other investments, and there is a risk that the Portfolio may lose more than the original amount invested in the derivative instrument. Derivative instruments also involve the risk that other parties to the derivative contract may fail to meet their obligations, which could cause losses to the Portfolio.</li></ul><ul type="square"><li> <b>Counterparty Risk – </b>The Portfolio will be subject to counterparty credit risk with respect to derivative contracts entered into by the Portfolio or held by special purpose or structured vehicles in which the Portfolio invests, including other investment companies. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Portfolio may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Portfolio may obtain only a limited recovery or may obtain no recovery in such circumstances.</li></ul><ul type="square"><li> <b>Derivatives Tax Risk – </b>Compared to other types of investments, derivatives may be harder to value and may also be less tax efficient. In addition, changes in government regulation of derivative instruments could affect the character, timing and amount of the Portfolio’s taxable income or gains, and may limit or prevent the Portfolio from using certain types of derivative instruments as a part of its investment strategy, which could make the investment strategy more costly to implement or require the Portfolio to change its investment strategy. To the extent that the Portfolio uses derivatives for hedging or to gain or limit exposure to a particular market or market segment, there may be imperfect correlation between the value of the derivative instrument and the value of the instrument being hedged or the relevant market or market segment, in which case the Portfolio may not realize the intended benefits. The Portfolio’s use of derivatives may be limited by the requirements for taxation of the Portfolio as a regulated investment company.</li></ul></blockquote>There is no guarantee that the Portfolio will meet its goals. It is possible to lose money by investing in the Portfolio.<b>Performance Bar Chart and Table </b><br/><br/><b>Performance.</b>The chart and table below show how The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s HC Strategic Shares yearly performance for each full calendar year since the Portfolio’s HC Strategic Shares inception on December 6, 2010. The table accompanying the bar chart compares the Portfolio’s performance over time on a before and after-tax basis to that of a broad based market index. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future. A full calendar year of performance is not yet available for the HC Advisors Shares class. The performance shown below is that of HC Strategic Shares and has not been adjusted to reflect HC Advisors Shares expenses, which are higher. If it had been adjusted, performance would have been lower.<b>Year-by-Year Total Returns as of 12/31</b>The Portfolio’s HC Strategic Shares before-tax return for the period from January 1, 2018 through September 30, 2018 (non-annualized) was -1.28%.<br/><br/><table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse; " align="center"> <tr> <td width="35%"></td> <td valign="bottom" width="13%"></td> <td width="18%"></td> <td valign="bottom" width="19%"></td> <td></td> <td></td> <td valign="bottom" width="9%"></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-top:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Best quarter:</div></td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-top:1px solid #000000">2nd Qtr. 2011</td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000" align="right">2.25</td> <td valign="bottom" style="border-top:1px solid #000000">% </td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-bottom:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Worst quarter:</div></td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-bottom:1px solid #000000">4th Qtr. 2016</td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">-2.04</td> <td valign="bottom" style="border-bottom:1px solid #000000">% </td></tr> </table><b>Average Annual Total Returns </b><br/>(for the periods ended 12/31/17)After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio.The chart and table below show how The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s HC Strategic Shares yearly performance for each full calendar year since the Portfolio’s HC Strategic Shares inception on December 6, 2010.Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.A full calendar year of performance is not yet available for the HC Advisors Shares class.The performance shown below is that of HC Strategic Shares and has not been adjusted to reflect HC Advisors Shares expenses, which are higher. If it had been adjusted, performance would have been lower.After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.before-tax return2018-09-30Best quarter:2011-09-302010-12-062010-12-062010-12-06Worst quarter:2013-06-302010-12-06before-tax return2018-09-30Best quarter:2011-06-30<div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualFundOperatingExpenses000193 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualTotalReturnsBarChart000196 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleExpenseExample000194 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAverageAnnualTotalReturnsTransposed000197 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleShareholderFees000192 column period compact * ~</div><b>The Short-Term Municipal Bond Portfolio</b><b>Investment Objective </b>The investment objective of The Short-Term Municipal Bond Portfolio is to provide a high level of current income exempt from Federal income tax, consistent with the preservation of capital.<b>Fees and Expenses </b>The fee and expense tables below describe the fees and expenses that you may pay if you buy and hold HC Advisors Shares of the Portfolio.<b>Shareholder Fees </b><br/>(fees paid directly from your investment)<b>Annual Operating Expenses </b><br/>(expenses that you pay each year as a percentage of the value of your investment)<b>Example</b>:This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s Total Annual Operating Expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your cost would be:<b>Portfolio Turnover </b>The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” investments in its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in the Total Annual Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover was 18.84% of the average value of its portfolio.<b>Principal Investment Strategies </b>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 (“Baa” or higher by Moodys, “BBB” or higher by Standard & Poor’s) 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. <br/><br/>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.<b>Principal Investment Risks </b>Investing in the Portfolio involves risks common to any investment in securities. There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio. All mutual funds, including the Portfolio, are subject to <b>Management Risk –</b> the risk that the investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments and <b>Market Risk –</b> the risk that the value of the securities held by a portfolio may decline in response to general market and economic conditions, or conditions that affect specific market sectors or individual companies.<br/><br/>There are also risks associated with the overall structure of the Portfolio. These include: <ul type="square"><li> <b>Tax Risk –</b> Changes in Federal tax laws or regulations could change the tax-exempt status of income from any or all of the Portfolio’s municipal securities. In addition, short-term capital gains and a portion of any gain attributable to bonds purchased at market discount will be treated as ordinary income for Federal tax purposes.</li></ul>Additionally, the range of securities in which the Portfolio may invest, and the several investment strategies that may be used in seeking to achieve the Portfolio’s objective, involve additional risks. These are summarized below. <ul type="square"><li> <b>Fixed Income Risk. </b>Investments in fixed income securities may involve the following risks, depending on the instrument involved:</li></ul><blockquote><ul type="square"><li> <b>Credit Risk –</b> An investment in the Portfolio also involves the risk that the issuer of a fixed income security that the Portfolio holds will fail to make timely payments of interest or principal, or go bankrupt, or that the value of the securities will decline because of a market perception that the issuer may not make payments on time, thus potentially reducing the Portfolio’s return. Changes in economic conditions are likely to cause issuers of these fixed income securities to be unable to meet their obligations. The lower the rating of a debt security, the higher its credit risk. In addition, the securities of many U.S. Government agencies, authorities or instrumentalities in which the Portfolio may invest are neither issued nor guaranteed by the U.S. Government, and may be supported only by the ability of the issuer to borrow from the U.S. Treasury or by the credit of the issuer.</li></ul><ul type="square"><li> <b>Interest Rate Risk –</b> The value of fixed income securities held in the Portfolio, including U.S. Government securities, may decline with changes in interest rates. Prices of fixed income securities with longer effective maturities are more sensitive to interest rate changes than those with shorter effective maturities. U.S. Government securities can exhibit price movements resulting from changes in interest rates. During low interest rate environments, the risk that interest rates will rise is increased. Such increases may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. These risks are greater when a low interest rate environment has existed for an extended period of time. </li></ul><ul type="square"><li> <b>Call/Prepayment Risk –</b> Municipal securities held by the Portfolio may be called (prepaid) before their maturity dates. This usually occurs as interest rates are declining. As a result of this risk, the Portfolio may have to reinvest these prepayments at those lower rates, thus reducing its income. In addition, the Portfolio may lose price appreciation if a bond it holds is called earlier than scheduled. </li></ul><ul type="square"><li> <b>Extension Risk –</b> These securities are also subject to the risk that payment on the loans underlying the securities held by the Portfolio will be made more slowly when interest rates are rising. This could cause the market value of the securities to decline. </li></ul><ul type="square"><li> <b>Municipal Bond Risk –</b> The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives, and the issuer’s regional economic conditions may affect the municipal security’s value, interest payments, repayment of principal and the Fund’s ability to sell the security. Failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security’s value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities. </li></ul><ul type="square"><li> <b>Exchange-Traded Funds Risk –</b> An investment in securities issued by an ETF may be subject to the following risks: (1) shares of the ETF may trade at a discount to its net asset value; (2) an active trading market for the ETF’s shares may not develop; (3) the exchange on which the ETF is listed may, under certain circumstances, suspend trading of the ETF’s shares; and (4) to the extent that an ETF is acquired in order to track a specific asset or index, the ETF may fail to effectively accomplish that goal. </li></ul><ul type="square"><li> <b>Investment in Other Investment Companies Risk –</b> As with other investments, investments in other investment companies are subject to market and selection risk. To the extent that the Portfolio acquires shares of investment companies, shareholders bear both their proportionate share of expenses in the Portfolio (including management and advisory fees) and, indirectly, the expenses of the acquired investment companies.</li></ul></blockquote>There is no guarantee that the Portfolio will meet its goals. It is possible to lose money by investing in the Portfolio.<b>Performance Bar Chart and Table </b><br/><br/> <b>Performance.</b>The chart and table below show how The Short-Term Municipal Bond Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s HC Strategic Shares yearly performance for each full calendar year since the Portfolio’s HC Strategic Shares inception on March 1, 2006. The table accompanying the bar chart compares the Portfolio’s performance over time on a before and after-tax basis to that of a broad based market index. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future. A full calendar year of performance is not yet available for the HC Advisors Shares class. The performance shown below is that of HC Strategic Shares and has not been adjusted to reflect HC Advisors Shares expenses, which are higher. If it had been adjusted, performance would have been lower.<b>Year-by-Year Total Returns as of 12/31</b>The Portfolio’s HC Strategic Shares before-tax return for the period from January 1, 2018 through September 30, 2018 (non-annualized) was 0.40%.<br/><br/><table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse; " align="center"> <tr> <td width="35%"></td> <td valign="bottom" width="13%"></td> <td width="18%"></td> <td valign="bottom" width="19%"></td> <td></td> <td></td> <td valign="bottom" width="9%"></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-top:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Best quarter:</div></td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-top:1px solid #000000">4th Qtr. 2008</td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000" align="right">2.56</td> <td valign="bottom" style="border-top:1px solid #000000">% </td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-bottom:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Worst quarter:</div></td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-bottom:1px solid #000000">4th Qtr. 2010</td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">-0.83</td> <td valign="bottom" style="border-bottom:1px solid #000000">% </td></tr> </table><b>Average Annual Total Returns </b><br/>(for the periods ended 12/31/17)After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio.The chart and table below show how The Short-Term Municipal Bond Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s HC Strategic Shares yearly performance for each full calendar year since the Portfolio’s HC Strategic Shares inception on March 1, 2006.Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.A full calendar year of performance is not yet available for the HC Advisors Shares class.The performance shown below is that of HC Strategic Shares and has not been adjusted to reflect HC Advisors Shares expenses, which are higher. If it had been adjusted, performance would have been lower.After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.<div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualFundOperatingExpenses000203 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualTotalReturnsBarChart000206 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleExpenseExample000204 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAverageAnnualTotalReturnsTransposed000207 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleShareholderFees000202 column period compact * ~</div><b>The Intermediate Term Municipal Bond Portfolio </b><b>Investment Objective </b>The investment objective of The Intermediate Term Municipal Bond Portfolio is to provide a high level of current income exempt from Federal income tax, consistent with the preservation of capital.<b>Fees and Expenses </b>The fee and expense tables below describe the fees and expenses that you may pay if you buy and hold HC Advisors Shares of the Portfolio.<b>Shareholder Fees </b><br/>(fees paid directly from your investment)<b>Annual Operating Expenses </b><br/>(expenses that you pay each year as a percentage of the value of your investment)<b>Example</b>: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, that your investment has a 5% return each year and that the Portfolio’s Total Annual Operating Expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your cost would be:<b>Portfolio Turnover </b>The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in the Total Annual Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover was 26.27% of the average value of its portfolio.<b>Principal Investment Strategies </b>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 Bloomberg Barclays 3-15 Year Blend Municipal Bond Index, currently 2 to 20 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 (“A” or higher by Moodys, or Standard & Poor’s), 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. The Portfolio is also authorized to invest in securities issued by other investment companies, such as ETFs and closed-end funds, that invest in Municipal Securities. Also, the Portfolio is authorized to invest up to 20% of its net assets in taxable instruments. <br/><br/>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.<b>Principal Investment Risks </b>Investing in the Portfolio involves risks common to any investment in securities. There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio. All mutual funds, including the Portfolio, are subject to <b>Management Risk –</b> the risk that the investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments and <b>Market Risk –</b> the risk that the value of the securities held by a portfolio may decline in response to general market and economic conditions, or conditions that affect specific market sectors or individual companies. <br/><br/>There are also risks associated with the overall structure of the Portfolio. These include: <ul type="square"><li> <b>Tax Risk –</b> Changes in Federal tax laws or regulations could change the tax-exempt status of income from any or all of the Portfolio’s municipal securities. In addition, short-term capital gains and a portion of any gain attributable to bonds purchased at market discount will be treated as ordinary income for Federal tax purposes.</li></ul>Additionally, the range of securities in which the Portfolio may invest, and the several investment strategies that may be used in seeking to achieve the Portfolio’s objective, involve additional risks. These are summarized below.<ul type="square"><li> <b>Fixed Income Risk. </b>Investments in fixed income securities may involve the following risks, depending on the instrument involved: </li></ul><blockquote><ul type="square"><li> <b>Credit Risk –</b> An investment in the Portfolio also involves the risk that the issuer of a fixed income security that the Portfolio holds will fail to make timely payments of interest or principal, or go bankrupt, or that the value of the securities will decline because of a market perception that the issuer may not make payments on time, thus potentially reducing the Portfolio’s return. Changes in economic conditions are likely to cause issuers of these fixed income securities to be unable to meet their obligations. The lower the rating of a debt security, the higher its credit risk. In addition, the securities of many U.S. Government agencies, authorities or instrumentalities in which the Portfolio may invest are neither issued nor guaranteed by the U.S. Government, and may be supported only by the ability of the issuer to borrow from the U.S. Treasury or by the credit of the issuer. </li></ul><ul type="square"><li> <b>Interest Rate Risk –</b> The value of fixed income securities held in the Portfolio, including U.S. Government securities, may decline with changes in interest rates. Prices of fixed income securities with longer effective maturities are more sensitive to interest rate changes than those with shorter effective maturities. U.S. Government securities can exhibit price movements resulting from changes in interest rates. During low interest rate environments, the risk that interest rates will rise is increased. Such increases may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. These risks are greater when a low interest rate environment has existed for an extended period of time. </li></ul><ul type="square"><li> <b>Call/Prepayment Risk –</b> Municipal securities held by the Portfolio may be called (prepaid) before their maturity dates. This usually occurs as interest rates are declining. As a result of this risk, the Portfolio may have to reinvest these prepayments at those lower rates, thus reducing its income. In addition, the Portfolio may lose price appreciation if a bond it holds is called earlier than scheduled. </li></ul><ul type="square"><li> <b>Extension Risk –</b> These securities are also subject to the risk that payment on the loans underlying the securities held by the Portfolio will be made more slowly when interest rates are rising. This could cause the market value of the securities to decline. </li></ul><ul type="square"><li> <b>High Yield Bond Risk –</b> High yield bonds, commonly referred to as “junk bonds,” are considered speculative under traditional investment standards. The prices of these securities will rise and fall primarily in response to changes in the issuer’s financial health. Change in market interest rates will also affect prices. High yield bonds may also experience reduced liquidity, and sudden and substantial decreases in price, during certain market conditions. </li></ul><ul type="square"><li> <b>Liquidity Risk –</b> At times, certain securities may be difficult or impossible to sell at the price that would normally prevail in the market. The seller may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Portfolio management or performance. This includes the risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in less advantageous investments. </li></ul><ul type="square"><li> <b>Municipal Bond Risk –</b> The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives, and the issuer’s regional economic conditions may affect the municipal security’s value, interest payments, repayment of principal and the Fund’s ability to sell the security. Failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security’s value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities. </li></ul><ul type="square"><li> <b>Exchange-Traded Funds Risk –</b> An investment in securities issued by an ETF may be subject to the following risks: (1) shares of the ETF may trade at a discount to its net asset value; (2) an active trading market for the ETF’s shares may not develop; (3) the exchange on which the ETF is listed may, under certain circumstances, suspend trading of the ETF’s shares; and (4) to the extent that an ETF is acquired in order to track a specific asset or index, the ETF may fail to effectively accomplish that goal. </li></ul><ul type="square"><li> <b>Investment in Other Investment Companies Risk –</b> As with other investments, investments in other investment companies are subject to market and selection risk. To the extent that the Portfolio acquires shares of investment companies, shareholders bear both their proportionate share of expenses in the Portfolio (including management and advisory fees) and, indirectly, the expenses of the acquired investment companies.</li></ul></blockquote>There is no guarantee that the Portfolio will meet its goals. It is possible to lose money by investing in the Portfolio.<b>Performance Bar Chart and Table </b><br/><br/><b>Performance.</b>The chart and table below show how The Intermediate Term Municipal Bond Portfolio has performed, and how its performance has varied from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s HC Advisors Shares yearly performance for each full calendar year since the Portfolio’s HC Advisors Shares inception on July 6, 2010. The table accompanying the bar chart compares the Portfolio’s performance over time on a before and after-tax basis to that of a broad based market index. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.<b>Year-by-Year Total Returns as of 12/31</b>The Portfolio’s HC Advisors Shares before-tax return for the period from January 1, 2018 through September 30, 2018 (non-annualized) was -0.26%.<br/><br/><table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse; " align="center"> <tr> <td width="35%"></td> <td valign="bottom" width="13%"></td> <td width="18%"></td> <td valign="bottom" width="19%"></td> <td></td> <td></td> <td valign="bottom" width="9%"></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-top:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Best quarter:</div></td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-top:1px solid #000000">2nd Qtr. 2011</td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000" align="right">3.68</td> <td valign="bottom" style="border-top:1px solid #000000">% </td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-bottom:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Worst quarter:</div></td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-bottom:1px solid #000000">4th Qtr. 2016</td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">-2.51</td> <td valign="bottom" style="border-bottom:1px solid #000000">% </td></tr> </table><b>Average Annual Total Returns </b><br/>(for the periods ended 12/31/17)After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio.The chart and table below show how The Intermediate Term Municipal Bond Portfolio has performed, and how its performance has varied from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s HC Advisors Shares yearly performance for each full calendar year since the Portfolio’s HC Advisors Shares inception on July 6, 2010.Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.Worst quarter:2016-12-31before-tax return2018-09-30Best quarter:2008-12-31Worst quarter:2010-12-31<div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualFundOperatingExpenses000213 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualTotalReturnsBarChart000216 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleExpenseExample000214 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAverageAnnualTotalReturnsTransposed000217 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleShareholderFees000212 column period compact * ~</div><b>The Intermediate Term Municipal Bond II Portfolio </b><b>Investment Objective </b>The investment objective of The Intermediate Term Municipal Bond II Portfolio is to provide as high a level of current income exempt from Federal income tax, as is consistent with the preservation of capital.<b>Fees and Expenses </b>The fee and expense tables below describe the fees and expenses that you may pay if you buy and hold HC Advisors Shares of the Portfolio.<b>Shareholder Fees </b><br/>(fees paid directly from your investment)<b>Annual Operating Expenses </b><br/>(expenses that you pay each year as a percentage of the value of your investment)<b>Example</b>:This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s Total Annual Operating Expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your cost would be:<b>Portfolio Turnover </b>The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” investments in its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in the Total Annual Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover was 21.56% of the average value of its portfolio.<b>Principal Investment Strategies </b>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, 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 “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 (“Baa” or higher by Moodys, “BBB” or higher by Standard & Poor’s) or, if unrated, that are determined by the Specialist Manager to be of comparable quality. 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 Bloomberg Barclays 3-15 Year Blend Municipal Bond Index, currently 2 to 10 years. The Portfolio may invest in securities issued by other investment companies, including ETFs and closed-end funds, that invest in Municipal Securities. <br/><br/>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.<b>Principal Investment Risks </b>Investing in the Portfolio involves risks common to any investment in securities. There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio. All mutual funds, including the Portfolio, are subject to <b>Management Risk –</b> the risk that the investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments and <b>Market Risk –</b> the risk that the value of the securities held by a portfolio may decline in response to general market and economic conditions, or conditions that affect specific market sectors or individual companies. <br/><br/>There are also risks associated with the overall structure of the Portfolio. These include: <ul type="square"><li> <b>Tax Risk –</b> Changes in Federal tax laws or regulations could change the tax-exempt status of income from any or all of the Portfolio’s municipal securities. In addition, short-term capital gains and a portion of any gain attributable to bonds purchased at market discount will be treated as ordinary income for Federal tax purposes. </li></ul>Additionally, the range of securities in which the Portfolio may invest, and the several investment strategies that may be used in seeking to achieve the Portfolio’s objective, involve additional risks. These are summarized below. <ul type="square"><li> <b>Fixed Income Risk. </b>Investments in fixed income securities may involve the following risks, depending on the instrument involved: </li></ul><blockquote><ul type="square"><li> <b>Credit Risk –</b> An investment in the Portfolio also involves the risk that the issuer of a fixed income security that the Portfolio holds will fail to make timely payments of interest or principal, or go bankrupt, or that the value of the securities will decline because of a market perception that the issuer may not make payments on time, thus potentially reducing the Portfolio’s return. Changes in economic conditions are likely to cause issuers of these fixed income securities to be unable to meet their obligations. The lower the rating of a debt security, the higher its credit risk. In addition, the securities of many U.S. Government agencies, authorities or instrumentalities in which the Portfolio may invest are neither issued nor guaranteed by the U.S. Government, and may be supported only by the ability of the issuer to borrow from the U.S. Treasury or by the credit of the issuer. </li></ul><ul type="square"><li> <b>Interest Rate Risk –</b> The value of fixed income securities held in the Portfolio, including U.S. Government securities, may decline with changes in interest rates. Prices of fixed income securities with longer effective maturities are more sensitive to interest rate changes than those with shorter effective maturities. U.S. Government securities can exhibit price movements resulting from changes in interest rates. During low interest rate environments, the risk that interest rates will rise is increased. Such increases may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. These risks are greater when a low interest rate environment has existed for an extended period of time. </li></ul><ul type="square"><li> <b>Call/Prepayment Risk –</b> Municipal Securities held by the Portfolio may be called (prepaid) before their maturity dates. This usually occurs as interest rates are declining. As a result of this risk, the Portfolio may have to reinvest these prepayments at those lower rates, thus reducing its income. In addition, the Portfolio may lose price appreciation if a bond it holds is called earlier than scheduled. </li></ul><ul type="square"><li> <b>Extension Risk –</b> These securities are also subject to the risk that payment on the loans underlying the securities held by the Portfolio will be made more slowly when interest rates are rising. This could cause the market value of the securities to decline. </li></ul><ul type="square"><li> <b>Liquidity Risk –</b> At times, certain securities may be difficult or impossible to sell at the price that would normally prevail in the market. The seller may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Portfolio management or performance. This includes the risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in less advantageous investments. </li></ul><ul type="square"><li> <b>Municipal Bond Risk –</b> The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives, and the issuer’s regional economic conditions may affect the municipal security’s value, interest payments, repayment of principal and the Fund’s ability to sell the security. Failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security’s value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities. </li></ul><ul type="square"><li> <b>Revenue Bonds Risk –</b> Payments of interest and principal are made only from the revenues generated by a particular facility, class of facilities or the proceeds of a special tax, or other revenue source, and depends on the money earned by that source. </li></ul><ul type="square"><li> <b>Private Activity Bonds Risk –</b> Municipalities and other public authorities issue private activity bonds to finance development of industrial facilities for use by a private enterprise. The private enterprise pays the principal and interest on the bond, and the issuer does not pledge its faith, credit and taxing power for repayment. The Portfolio’s investments may consist of private activity bonds that may subject certain shareholders to an alternative minimum tax. </li></ul><ul type="square"><li> <b>Exchange-Traded Funds Risk –</b> An investment in securities issued by an ETF may be subject to the following risks: (1) shares of the ETF may trade at a discount to its net asset value; (2) an active trading market for the ETF’s shares may not develop; (3) the exchange on which the ETF is listed may, under certain circumstances, suspend trading of the ETF’s shares; and (4) to the extent that an ETF is acquired in order to track a specific asset or index, the ETF may fail to effectively accomplish that goal. </li></ul><ul type="square"><li> <b>Investment in Other Investment Companies Risk –</b> As with other investments, investments in other investment companies are subject to market and selection risk. To the extent that the Portfolio acquires shares of investment companies, shareholders bear both their proportionate share of expenses in the Portfolio (including management and advisory fees) and, indirectly, the expenses of the acquired investment companies. </li></ul></blockquote>There is no guarantee that the Portfolio will meet its goals. It is possible to lose money by investing in the Portfolio.<b>Performance Bar Chart and Table </b><br/><br/><b>Performance.</b>The chart and table below show how The Intermediate Term Municipal Bond II Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s HC Advisors Shares yearly performance for each full calendar year since the Portfolio’s HC Advisors Shares inception on October 5, 2010. The table accompanying the bar chart compares the Portfolio’s performance over time on a before and after-tax basis to that of a broad based market index. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.<b>Year-by-Year Total Returns as of 12/31</b>The Portfolio’s HC Advisors Shares before-tax return for the period from January 1, 2018 through September 30, 2018 (non-annualized) was -0.40%.<br/><br/><table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse; " align="center"> <tr> <td width="35%"></td> <td valign="bottom" width="13%"></td> <td width="18%"></td> <td valign="bottom" width="19%"></td> <td></td> <td></td> <td valign="bottom" width="9%"></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-top:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Best quarter:</div></td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-top:1px solid #000000">2nd Qtr. 2011</td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000" align="right">3.26</td> <td valign="bottom" style="border-top:1px solid #000000">% </td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-bottom:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Worst quarter:</div></td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-bottom:1px solid #000000">4th Qtr. 2016</td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">-2.44</td> <td valign="bottom" style="border-bottom:1px solid #000000">% </td></tr> </table><b>Average Annual Total Returns </b><br/>(for the periods ended 12/31/17)After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio.The chart and table below show how The Intermediate Term Municipal Bond II Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s HC Advisors Shares yearly performance for each full calendar year since the Portfolio’s HC Advisors Shares inception on October 5, 2010.Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.2010-07-062010-07-062010-07-062010-07-06before-tax return2018-09-30Best quarter:2011-06-30Worst quarter:2016-12-312010-10-05<div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualFundOperatingExpenses000223 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualTotalReturnsBarChart000226 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleExpenseExample000224 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAverageAnnualTotalReturnsTransposed000227 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleShareholderFees000222 column period compact * ~</div><b>The Value Equity Portfolio </b><b>Investment Objective </b>The investment objective of The Value Equity Portfolio is to provide total return consisting of capital appreciation and current income.<b>Fees and Expenses </b>The fee and expense tables below describe the fees and expenses that you may pay if you buy and hold HC Strategic Shares of the Portfolio.<b>Shareholder Fees </b><br/>(fees paid directly from your investment)<b>Annual Operating Expenses </b><br/>(expenses that you pay each year as a percentage of the value of your investment)<b>Example</b>:This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s Total Annual Operating Expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your cost would be:<b>Portfolio Turnover </b>The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” investments in its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in the Total Annual Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover was 58.60% of the average value of its portfolio.<b>Principal Investment Strategies </b>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 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 $2.5 billion and $34.7 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 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. <br/><br/>Additionally, a portion of the Portfolio may be managed using a “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.<br/><br/>The Portfolio is authorized to operate on a multi-manager basis. This means that a single Portfolio may be managed by more than one investment subadviser (“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.<b>Principal Investment Risks </b>Investing in the Portfolio involves risks common to any investment in securities. There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio. All mutual funds, including the Portfolio, are subject to <b>Management Risk –</b> the risk that the investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments and <b>Market Risk –</b> the risk that the value of the securities held by a portfolio may decline in response to general market and economic conditions, or conditions that affect specific market sectors or individual companies. <br/><br/>There are also risks associated with the overall structure of the Portfolio. These include: <ul type="square"><li> <b>Multi-Manager Risk –</b> the Portfolio’s multi-manager structure involves the risk that the Specialist Managers serving the Portfolio do not achieve favorable investment results relative to other investments or that the Portfolio’s assets are not effectively allocated among Specialist Managers in a manner that enhances the Portfolio’s total return or reduces the volatility that might be expected of any one management style. Additionally, the multi-manager structure may, under certain circumstances, cause the Portfolio to incur higher trading costs than might occur in a fund served by a single investment adviser. </li></ul><ul type="square"><li> <b>Passive Investing Risk –</b> a portion of the Portfolio employs a passive investment approach, which attempts to approximate as closely as practicable, before expenses, the performance of one or more different segments of the Portfolio’s investment universe, as deemed appropriate by the Adviser, regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Portfolio’s return to be lower than if the Portfolio employed an active strategy. In addition, the Portfolio’s return may not match or achieve a high degree of correlation with the return of the target investment pool due to operating expenses, transaction costs, and cash flows. </li></ul>Additionally, the range of securities in which the Portfolio may invest, and the several investment strategies that may be used in seeking to achieve the Portfolio’s objective, involve additional risks. These are summarized below. <ul type="square"><li> <b>Equity Risks.</b> Investment in equity securities involves the following risks: </li></ul><blockquote><ul type="square"><li> <b>Equity Market Risk – </b>The market value of an equity security and the equity markets in general can be volatile. </li></ul><ul type="square"><li> <b>Value Investing Risk – </b>An investment in the Portfolio cannot assure moderation of investment risk. There is no guarantee that a value stock is, in fact, undervalued, or that the market will ever recognize its true value. </li></ul><ul type="square"><li> <b>Mid Cap Risk – </b>Mid-cap companies may be more vulnerable to adverse business or economic developments than larger capitalization companies. Securities issued by these companies may be less liquid and/or more volatile than securities of larger companies or the overall securities markets. Mid-cap companies may be adversely affected during periods when investors prefer to hold securities of large capitalization companies. </li></ul><ul type="square"><li> <b>Exchange-Traded Funds Risk – </b>An investment in securities issued by an ETF may be subject to the following risks: (1) shares of the ETF may trade at a discount to its net asset value; (2) an active trading market for the ETF’s shares may not develop; (3) the exchange on which the ETF is listed may, under certain circumstances, suspend trading of the ETF’s shares; and (4) to the extent that an ETF is acquired in order to track a specific asset or index, the ETF may fail to effectively accomplish that goal. </li></ul><ul type="square"><li> <b>Investment in Other Investment Companies Risk – </b>As with other investments, investments in other investment companies are subject to market and selection risk. To the extent that the Portfolio acquires shares of investment companies, shareholders bear both their proportionate share of expenses in the Portfolio (including management and advisory fees) and, indirectly, the expenses of the acquired investment companies. </li></ul></blockquote><ul type="square"><li> <b>Foreign Investment Risk.</b> Investment in foreign securities involves the following risks: </li></ul><blockquote><ul type="square"><li> <b>Foreign Securities Risk –</b> Investments in securities issued by non-U.S. companies and/or non-U.S. governments and their agencies, may be adversely affected by the lack of timely or reliable financial information, political, social and/or economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices. Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar and transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities. </li></ul><ul type="square"><li> <b>Foreign Currency Risk – </b>Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar. Currency exchange rates can be volatile and can be affected by, among other factors, the general economics of a country, or the actions of the U.S. or foreign governments or central banks. In addition, transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities. </li></ul></blockquote><ul type="square"><li> <b>Fixed Income Risk.</b> Investments in fixed income securities may involve the following risks, depending on the instrument involved: </li></ul><blockquote><ul type="square"><li> <b>Credit Risk – </b>An investment in the Portfolio also involves the risk that the issuer of a fixed income security that the Portfolio holds will fail to make timely payments of interest or principal, or go bankrupt, or that the value of the securities will decline because of a market perception that the issuer may not make payments on time, thus potentially reducing the Portfolio’s return. Changes in economic conditions are likely to cause issuers of these fixed income securities to be unable to meet their obligations. The lower the rating of a debt security, the higher its credit risk. In addition, the securities of many U.S. Government agencies, authorities or instrumentalities in which the Portfolio may invest are neither issued nor guaranteed by the U.S. Government, and may be supported only by the ability of the issuer to borrow from the U.S. Treasury or by the credit of the issuer. </li></ul><ul type="square"><li> <b>Interest Rate Risk – </b>The value of fixed income securities held in the Portfolio, including U.S. Government securities, may decline with changes in interest rates. Prices of fixed income securities with longer effective maturities are more sensitive to interest rate changes than those with shorter effective maturities. U.S. Government securities can exhibit price movements resulting from changes in interest rates. During low interest rate environments, the risk that interest rates will rise is increased. Such increases may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. These risks are greater when a low interest rate environment has existed for an extended period of time. </li></ul></blockquote><ul type="square"><li> <b>Risks Associated with Investments in Derivatives.</b> The Portfolio is permitted to invest in derivative instruments, including options, futures and options on futures. Investment in derivatives depends largely on the performance of an underlying reference instrument or rate and the Specialist Manager’s ability to predict correctly the direction of securities prices, interest rates, currency exchange rates and/or other economic factors. Derivatives involve additional costs and often have risks similar to an investment in the reference instrument in addition to other risks, such as: </li></ul><blockquote><ul type="square"><li> <b>General Derivative Risks – </b>The value of derivative instruments may rise or fall more rapidly than other investments, and there is a risk that the Portfolio may lose more than the original amount invested in the derivative instrument. Derivative instruments also involve the risk that other parties to the derivative contract may fail to meet their obligations, which could cause losses to the Portfolio. </li></ul><ul type="square"><li> <b>Counterparty Risk –</b> The Portfolio will be subject to counterparty credit risk with respect to derivative contracts entered into by the Portfolio or held by special purpose or structured vehicles in which the Portfolio invests, including other investment companies. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Portfolio may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Portfolio may obtain only a limited recovery or may obtain no recovery in such circumstances. </li></ul><ul type="square"><li> <b>Derivatives Tax Risk – </b>Compared to other types of investments, derivatives may be harder to value and may also be less tax efficient. In addition, changes in government regulation of derivative instruments could affect the character, timing and amount of the Portfolio’s taxable income or gains, and may limit or prevent the Portfolio from using certain types of derivative instruments as a part of its investment strategy, which could make the investment strategy more costly to implement or require the Portfolio to change its investment strategy. To the extent that the Portfolio uses derivatives for hedging or to gain or limit exposure to a particular market or market segment, there may be imperfect correlation between the value of the derivative instrument and the value of the instrument being hedged or the relevant market or market segment, in which case the Portfolio may not realize the intended benefits. The Portfolio’s use of derivatives may be limited by the requirements for taxation of the Portfolio as a regulated investment company.</li></ul></blockquote>There is no guarantee that the Portfolio will meet its goals. It is possible to lose money by investing in the Portfolio.<b>Performance Bar Chart and Table </b><br/><br/><b>Performance.</b>The chart and table below show how The Value Equity Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s yearly performance for each of the last ten full calendar years. The table accompanying the bar chart compares the Portfolio’s performance over time on a before and after-tax basis to that of a broad based market index. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.<b>Year-by-Year Total Returns as of 12/31</b>The Portfolio’s HC Strategic Shares before-tax return for the period from January 1, 2018 through September 30, 2018 (non-annualized) was 3.65%.<br/><br/><table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse; " align="center"> <tr> <td width="35%"></td> <td valign="bottom" width="13%"></td> <td width="18%"></td> <td valign="bottom" width="19%"></td> <td></td> <td></td> <td valign="bottom" width="9%"></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-top:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Best quarter:</div></td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-top:1px solid #000000">3rd Qtr. 2009</td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000" align="right">18.27</td> <td valign="bottom" style="border-top:1px solid #000000">% </td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-bottom:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Worst quarter:</div></td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-bottom:1px solid #000000">4th Qtr. 2008</td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">-22.66</td> <td valign="bottom" style="border-bottom:1px solid #000000">% </td></tr> </table><b>Average Annual Total Returns </b><br/>(for the periods ended 12/31/17)After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio.The chart and table below show how The Value Equity Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s yearly performance for each of the last ten full calendar years.Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.2010-10-052010-10-052010-10-05before-tax return2018-09-30Best quarter:2011-06-30Worst quarter:2016-12-31<div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualFundOperatingExpenses000233 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualTotalReturnsBarChart000236 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleExpenseExample000234 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAverageAnnualTotalReturnsTransposed000237 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleShareholderFees000232 column period compact * ~</div><b>The Institutional Value Equity Portfolio </b><b>Investment Objective </b>The investment objective of The Institutional Value Equity Portfolio is to provide total return consisting of capital appreciation and current income.<b>Fees and Expenses </b>The fee and expense tables below describe the fees and expenses that you may pay if you buy and hold HC Strategic Shares of the Portfolio.<b>Shareholder Fees </b><br/>(fees paid directly from your investment)<b>Annual Operating Expenses </b><br/>(expenses that you pay each year as a percentage of the value of your investment)<b>Example</b>:This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s Total Annual Operating Expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your cost would be:<b>Portfolio Turnover </b>The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” investments in its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in the Total Annual Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover was 68.39% of the average value of its portfolio.<b>Principal Investment Strategies </b>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 $2.5 billion and $34.7 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 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 option or futures contracts 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. <br/><br/>Additionally, a portion of the Portfolio may be managed using a “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. <br/><br/>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.<b>Principal Investment Risks </b>Investing in the Portfolio involves risks common to any investment in securities. There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio. All mutual funds, including the Portfolio, are subject to <b>Management Risk –</b> the risk that the investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments and <b>Market Risk –</b> the risk that the value of the securities held by a portfolio may decline in response to general market and economic conditions, or conditions that affect specific market sectors or individual companies. <br/><br/>There are also risks associated with the overall structure of the Portfolio. These include: <ul type="square"><li> <b>Multi-Manager Risk –</b> the Portfolio’s multi-manager structure involves the risk that the Specialist Managers serving the Portfolio do not achieve favorable investment results relative to other investments or that the Portfolio’s assets are not effectively allocated among Specialist Managers in a manner that enhances the Portfolio’s total return or reduces the volatility that might be expected of any one management style. Additionally, the multi-manager structure may, under certain circumstances, cause the Portfolio to incur higher trading costs than might occur in a fund served by a single investment adviser. </li></ul><ul type="square"><li> <b>Passive Investing Risk –</b> a portion of the Portfolio employs a passive investment approach, which attempts to approximate as closely as practicable, before expenses, the performance of one or more different segments of the Portfolio’s investment universe, as deemed appropriate by the Adviser, regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Portfolio’s return to be lower than if the Portfolio employed an active strategy. In addition, the Portfolio’s return may not match or achieve a high degree of correlation with the return of the target investment pool due to operating expenses, transaction costs, and cash flows.</li></ul>Additionally, the range of securities in which the Portfolio may invest, and the several investment strategies that may be used in seeking to achieve the Portfolio’s objective, involve additional risks. These are summarized below. <ul type="square"><li> <b>Equity Risks.</b> Investment in equity securities involves the following risks: </li></ul><blockquote><ul type="square"><li> <b>Equity Market Risk –</b> The market value of an equity security and the equity markets in general can be volatile. </li></ul><ul type="square"><li> <b>Value Investing Risk –</b> An investment in the Portfolio cannot assure moderation of investment risk. There is no guarantee that a value stock is, in fact, undervalued, or that the market will ever recognize its true value. </li></ul><ul type="square"><li> <b>Mid Cap Risk – </b>Mid-cap companies may be more vulnerable to adverse business or economic developments than larger capitalization companies. Securities issued by these companies may be less liquid and/or more volatile than securities of larger companies or the overall securities markets. Mid-cap companies may be adversely affected during periods when investors prefer to hold securities of large capitalization companies. </li></ul><ul type="square"><li> <b>Exchange-Traded Funds Risk –</b> An investment in securities issued by an ETF may be subject to the following risks: (1) shares of the ETF may trade at a discount to its net asset value; (2) an active trading market for the ETF’s shares may not develop; (3) the exchange on which the ETF is listed may, under certain circumstances, suspend trading of the ETF’s shares; and (4) to the extent that an ETF is acquired in order to track a specific asset or index, the ETF may fail to effectively accomplish that goal. </li></ul><ul type="square"><li> <b>Investment in Other Investment Companies Risk – </b>As with other investments, investments in other investment companies are subject to market and selection risk. To the extent that the Portfolio acquires shares of investment companies, shareholders bear both their proportionate share of expenses in the Portfolio (including management and advisory fees) and, indirectly, the expenses of the acquired investment companies. </li></ul></blockquote><ul type="square"><li> <b>Foreign Investment Risk.</b> Investment in foreign securities involves the following risks: </li></ul><blockquote><ul type="square"><li> <b>Foreign Securities Risk –</b> Investments in securities issued by non-U.S. companies and/or non-U.S. governments and their agencies, may be adversely affected by the lack of timely or reliable financial information, political, social and/or economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices. Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar and transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities. </li></ul><ul type="square"><li> <b>Foreign Currency Risk –</b> Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar. Currency exchange rates can be volatile and can be affected by, among other factors, the general economics of a country, or the actions of the U.S. or foreign governments or central banks. In addition, transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities. </li></ul></blockquote><ul type="square"><li> <b>Fixed Income Risk.</b> Investments in fixed income securities may involve the following risks, depending on the instrument involved: </li></ul><blockquote><ul type="square"><li> <b>Credit Risk –</b> An investment in the Portfolio also involves the risk that the issuer of a fixed income security that the Portfolio holds will fail to make timely payments of interest or principal, or go bankrupt, or that the value of the securities will decline because of a market perception that the issuer may not make payments on time, thus potentially reducing the Portfolio’s return. Changes in economic conditions are likely to cause issuers of these fixed income securities to be unable to meet their obligations. The lower the rating of a debt security, the higher its credit risk. In addition, the securities of many U.S. Government agencies, authorities or instrumentalities in which the Portfolio may invest are neither issued nor guaranteed by the U.S. Government, and may be supported only by the ability of the issuer to borrow from the U.S. Treasury or by the credit of the issuer. </li></ul><ul type="square"><li> <b>Interest Rate Risk –</b> The value of fixed income securities held in the Portfolio, including U.S. Government securities, may decline with changes in interest rates. Prices of fixed income securities with longer effective maturities are more sensitive to interest rate changes than those with shorter effective maturities. U.S. Government securities can exhibit price movements resulting from changes in interest rates. During low interest rate environments, the risk that interest rates will rise is increased. Such increases may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. These risks are greater when a low interest rate environment has existed for an extended period of time. </li></ul></blockquote><ul type="square"><li> <b>Risks Associated with Investments in Derivatives.</b> The Portfolio is permitted to invest in derivative instruments, including options, futures and options on futures. Investment in derivatives depends largely on the performance of an underlying reference instrument or rate and the Specialist Manager’s ability to predict correctly the direction of securities prices, interest rates, currency exchange rates and/or other economic factors. Derivatives involve additional costs and often have risks similar to an investment in the reference instrument in addition to other risks, such as: </li></ul><blockquote><ul type="square"><li> <b>General Derivative Risks –</b> The value of derivative instruments may rise or fall more rapidly than other investments, and there is a risk that the Portfolio may lose more than the original amount invested in the derivative instrument. Derivative instruments also involve the risk that other parties to the derivative contract may fail to meet their obligations, which could cause losses to the Portfolio. </li></ul><ul type="square"><li> <b>Counterparty Risk –</b> The Portfolio will be subject to counterparty credit risk with respect to derivative contracts entered into by the Portfolio or held by special purpose or structured vehicles in which the Portfolio invests, including other investment companies. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Portfolio may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Portfolio may obtain only a limited recovery or may obtain no recovery in such circumstances. </li></ul><ul type="square"><li> <b>Derivatives Tax Risk –</b> Compared to other types of investments, derivatives may be harder to value and may also be less tax efficient. In addition, changes in government regulation of derivative instruments could affect the character, timing and amount of the Portfolio’s taxable income or gains, and may limit or prevent the Portfolio from using certain types of derivative instruments as a part of its investment strategy, which could make the investment strategy more costly to implement or require the Portfolio to change its investment strategy. To the extent that the Portfolio uses derivatives for hedging or to gain or limit exposure to a particular market or market segment, there may be imperfect correlation between the value of the derivative instrument and the value of the instrument being hedged or the relevant market or market segment, in which case the Portfolio may not realize the intended benefits. The Portfolio’s use of derivatives may be limited by the requirements for taxation of the Portfolio as a regulated investment company. </li></ul></blockquote><ul type="square"><li> <b>Other Risks</b> </li></ul><blockquote><ul type="square"><li> <b>Liquidity Risk –</b> At times, certain securities may be difficult or impossible to sell at the price that would normally prevail in the market. The seller may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Portfolio management or performance. This includes the risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in less advantageous investments. </li></ul></blockquote>There is no guarantee that the Portfolio will meet its goals. It is possible to lose money by investing in the Portfolio.<b>Performance Bar Chart and Table </b><br/><br/><b>Performance.</b>The chart and table below show how The Institutional Value Equity Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s yearly performance for each full calendar year since the Portfolio’s inception on July 18, 2008. The table accompanying the bar chart compares the Portfolio’s performance over time on a before and after-tax basis to that of a broad based market index. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.<b>Year-by-Year Total Returns as of 12/31</b>The Portfolio’s HC Strategic Shares before-tax return for the period from January 1, 2018 through September 30, 2018 (non-annualized) was 3.88%. <br/><br/><table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse; " align="center"> <tr> <td width="35%"></td> <td valign="bottom" width="13%"></td> <td width="18%"></td> <td valign="bottom" width="19%"></td> <td></td> <td></td> <td valign="bottom" width="9%"></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-top:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Best quarter:</div></td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-top:1px solid #000000">3rd Qtr. 2009</td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000" align="right">18.31</td> <td valign="bottom" style="border-top:1px solid #000000">% </td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-bottom:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Worst quarter:</div></td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-bottom:1px solid #000000">3rd Qtr. 2011</td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">-16.86</td> <td valign="bottom" style="border-bottom:1px solid #000000">% </td></tr> </table><b>Average Annual Total Returns </b><br/>(for the periods ended 12/31/17)After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio.The chart and table below show how The Institutional Value Equity Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s yearly performance for each full calendar year since the Portfolio’s inception on July 18, 2008.Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.before-tax return2018-09-30Best quarter:2009-09-302008-07-182008-07-182008-07-18<div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualFundOperatingExpenses000243 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualTotalReturnsBarChart000246 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleExpenseExample000244 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAverageAnnualTotalReturnsTransposed000247 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleShareholderFees000242 column period compact * ~</div><b>The Growth Equity Portfolio</b><b>Investment Objective </b>The investment objective of The Growth Equity Portfolio is to provide capital appreciation,<b>Fees and Expenses </b>The fee and expense tables below describe the fees and expenses that you may pay if you buy and hold HC Strategic Shares of the Portfolio.<b>Shareholder Fees</b><br/>(fees paid directly from your investment)<b>Annual Operating Expenses</b><br/>(expenses that you pay each year as a percentage of the value of your investment)<b>Example</b>:This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s Total Annual Operating Expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your cost would be:<b>Portfolio Turnover </b>The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” investments in its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in the Total Annual Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover was 39.77% of the average value of its portfolio.<b>Principal Investment Strategies</b>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 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 $2.5 billion and $34.7 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 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.<br/><br/>Additionally, a portion of the Portfolio may be managed using a “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. <br/><br/>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.<b>Principal Investment Risks </b>Investing in the Portfolio involves risks common to any investment in securities. There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio. All mutual funds, including the Portfolio, are subject to <b>Management Risk –</b> the risk that the investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments and <b>Market Risk –</b> the risk that the value of the securities held by a portfolio may decline in response to general market and economic conditions, or conditions that affect specific market sectors or individual companies. <br/><br/>There are also risks associated with the overall structure of the Portfolio. These include: <ul type="square"><li> <b>Multi-Manager Risk – </b>the Portfolio’s multi-manager structure involves the risk that the Specialist Managers serving the Portfolio do not achieve favorable investment results relative to other investments or that the Portfolio’s assets are not effectively allocated among Specialist Managers in a manner that enhances the Portfolio’s total return or reduces the volatility that might be expected of any one management style. Additionally, the multi-manager structure may, under certain circumstances, cause the Portfolio to incur higher trading costs than might occur in a fund served by a single investment adviser. </li></ul><ul type="square"><li> <b>Passive Investing Risk – </b>a portion of the Portfolio employs a passive investment approach, which attempts to approximate as closely as practicable, before expenses, the performance of one or more different segments of the Portfolio’s investment universe, as deemed appropriate by the Adviser, regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Portfolio’s return to be lower than if the Portfolio employed an active strategy. In addition, the Portfolio’s return may not match or achieve a high degree of correlation with the return of the target investment pool due to operating expenses, transaction costs, and cash flows. </li></ul>Additionally, the range of securities in which the Portfolio may invest, and the several investment strategies that may be used in seeking to achieve the Portfolio’s objective, involve additional risks. These are summarized below. <ul type="square"><li> <b>Equity Risks.</b> Investment in equity securities involves the following risks: </li></ul><blockquote><ul type="square"><li> <b>Equity Market Risk –</b> The market value of an equity security and the equity markets in general can be volatile. </li></ul><ul type="square"><li> <b>Growth Investing Risk –</b> An investment in growth stocks may be susceptible to rapid price swings, especially during periods of economic uncertainty. Growth stocks typically have little or no dividend income to cushion the effect of adverse market conditions. In addition, growth stocks may be particularly volatile in the event of earnings disappointments or other financial difficulties experienced by the issuer. </li></ul><ul type="square"><li> <b>Mid Cap Risk – </b>Mid-cap companies may be more vulnerable to adverse business or economic developments than larger capitalization companies. Securities issued by these companies may be less liquid and/or more volatile than securities of larger companies or the overall securities markets. Mid-cap companies may be adversely affected during periods when investors prefer to hold securities of large capitalization companies. </li></ul><ul type="square"><li> <b>Exchange-Traded Funds Risk – </b>An investment in securities issued by an ETF may be subject to the following risks: (1) shares of the ETF may trade at a discount to its net asset value; (2) an active trading market for the ETF’s shares may not develop; (3) the exchange on which the ETF is listed may, under certain circumstances, suspend trading of the ETF’s shares; and (4) to the extent that an ETF is acquired in order to track a specific asset or index, the ETF may fail to effectively accomplish that goal. </li></ul><ul type="square"><li> <b>Investment in Other Investment Companies Risk –</b> As with other investments, investments in other investment companies are subject to market and selection risk. To the extent that the Portfolio acquires shares of investment companies, shareholders bear both their proportionate share of expenses in the Portfolio (including management and advisory fees) and, indirectly, the expenses of the acquired investment companies. </li></ul></blockquote><ul type="square"><li> <b>Foreign Investment Risk.</b> Investment in foreign securities involves the following risks: </li></ul><blockquote><ul type="square"><li> <b>Foreign Securities Risk – </b>Investments in securities issued by non-U.S. companies and/or non-U.S. governments and their agencies, may be adversely affected by the lack of timely or reliable financial information, political, social and/or economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices. Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar and transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities.</li></ul><ul type="square"><li> <b>Foreign Currency Risk –</b> Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar. Currency exchange rates can be volatile and can be affected by, among other factors, the general economics of a country, or the actions of the U.S. or foreign governments or central banks. In addition, transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities. </li></ul></blockquote><ul type="square"><li> <b>Fixed Income Risk.</b> Investments in fixed income securities may involve the following risks, depending on the instrument involved: </li></ul><blockquote><ul type="square"><li> <b>Credit Risk –</b> An investment in the Portfolio also involves the risk that the issuer of a fixed income security that the Portfolio holds will fail to make timely payments of interest or principal, or go bankrupt, or that the value of the securities will decline because of a market perception that the issuer may not make payments on time, thus potentially reducing the Portfolio’s return. Changes in economic conditions are likely to cause issuers of these fixed income securities to be unable to meet their obligations. The lower the rating of a debt security, the higher its credit risk. In addition, the securities of many U.S. Government agencies, authorities or instrumentalities in which the Portfolio may invest are neither issued nor guaranteed by the U.S. Government, and may be supported only by the ability of the issuer to borrow from the U.S. Treasury or by the credit of the issuer. </li></ul><ul type="square"><li> <b>Interest Rate Risk –</b> The value of fixed income securities held in the Portfolio, including U.S. Government securities, may decline with changes in interest rates. Prices of fixed income securities with longer effective maturities are more sensitive to interest rate changes than those with shorter effective maturities. U.S. Government securities can exhibit price movements resulting from changes in interest rates. During low interest rate environments, the risk that interest rates will rise is increased. Such increases may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. These risks are greater when a low interest rate environment has existed for an extended period of time. </li></ul></blockquote><ul type="square"><li> <b>Risks Associated with Investments in Derivatives.</b> The Portfolio is permitted to invest in derivative instruments, including options, futures and options on futures. Investment in derivatives depends largely on the performance of an underlying reference instrument or rate and the Specialist Manager’s ability to predict correctly the direction of securities prices, interest rates, currency exchange rates and/or other economic factors. Derivatives involve additional costs and often have risks similar to an investment in the reference instrument in addition to other risks, such as: </li></ul><blockquote><ul type="square"><li> <b>General Derivative Risks –</b> The value of derivative instruments may rise or fall more rapidly than other investments, and there is a risk that the Portfolio may lose more than the original amount invested in the derivative instrument. Derivative instruments also involve the risk that other parties to the derivative contract may fail to meet their obligations, which could cause losses to the Portfolio. </li></ul><ul type="square"><li> <b>Counterparty Risk –</b> The Portfolio will be subject to counterparty credit risk with respect to derivative contracts entered into by the Portfolio or held by special purpose or structured vehicles in which the Portfolio invests, including other investment companies. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Portfolio may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Portfolio may obtain only a limited recovery or may obtain no recovery in such circumstances. </li></ul><ul type="square"><li> <b>Derivatives Tax Risk –</b> Compared to other types of investments, derivatives may be harder to value and may also be less tax efficient. In addition, changes in government regulation of derivative instruments could affect the character, timing and amount of the Portfolio’s taxable income or gains, and may limit or prevent the Portfolio from using certain types of derivative instruments as a part of its investment strategy, which could make the investment strategy more costly to implement or require the Portfolio to change its investment strategy. To the extent that the Portfolio uses derivatives for hedging or to gain or limit exposure to a particular market or market segment, there may be imperfect correlation between the value of the derivative instrument and the value of the instrument being hedged or the relevant market or market segment, in which case the Portfolio may not realize the intended benefits. The Portfolio’s use of derivatives may be limited by the requirements for taxation of the Portfolio as a regulated investment company. </li></ul></blockquote>There is no guarantee that the Portfolio will meet its goals. It is possible to lose money by investing in the Portfolio.<b>Performance Bar Chart and Table </b><br/><br/> <b>Performance.</b>The chart and table below show how The Growth Equity Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s yearly performance for each of the last ten full calendar years. The table accompanying the bar chart compares the Portfolio’s performance over time on a before and after-tax basis to that of a broad based market index. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.<b>Year-by-Year Total Returns as of 12/31</b>The Portfolio’s HC Strategic Shares before-tax return for the period from January 1, 2018 through September 30, 2018 (non-annualized) was 16.57%.<br/><br/><table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse; " align="center"> <tr> <td width="35%"></td> <td valign="bottom" width="13%"></td> <td width="18%"></td> <td valign="bottom" width="19%"></td> <td></td> <td></td> <td valign="bottom" width="9%"></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-top:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Best quarter:</div></td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-top:1px solid #000000">1st Qtr. 2012</td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000" align="right">15.19</td> <td valign="bottom" style="border-top:1px solid #000000">% </td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-bottom:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Worst quarter:</div></td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-bottom:1px solid #000000">4th Qtr. 2008</td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">-23.87</td> <td valign="bottom" style="border-bottom:1px solid #000000">% </td></tr> </table><b>Average Annual Total Returns</b><br/>(for the periods ended 12/31/17)After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.with income as a secondary consideration.There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio.The chart and table below show how The Growth Equity Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s yearly performance for each of the last ten full calendar years.Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.Worst quarter:2008-12-312008-07-18before-tax return2018-09-30Best quarter:2009-09-30Worst quarter:2011-09-30<div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualFundOperatingExpenses000253 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualTotalReturnsBarChart000256 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleExpenseExample000254 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAverageAnnualTotalReturnsTransposed000257 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleShareholderFees000252 column period compact * ~</div><b>The Institutional Growth Equity Portfolio</b><b>Investment Objective </b>The investment objective of The Institutional Growth Equity Portfolio is to provide capital appreciation,<b>Fees and Expenses </b>The fee and expense tables below describe the fees and expenses that you may pay if you buy and hold HC Strategic Shares of the Portfolio.<b>Shareholder Fees</b><br/>(fees paid directly from your investment)<b>Annual Operating Expenses</b><br/>(expenses that you pay each year as a percentage of the value of your investment)<b>Example</b>:This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s Total Annual Operating Expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your cost would be:<b>Portfolio Turnover </b>The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” investments in its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in the Total Annual Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover was 43.36% of the average value of its portfolio.<b>Principal Investment Strategies</b>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 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 $2.5 billion and $34.7 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 option or futures contracts 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.<br/><br/>Additionally, a portion of the Portfolio may be managed using a “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.<br/><br/>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.<b>Principal Investment Risks </b>Investing in the Portfolio involves risks common to any investment in securities. There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio. All mutual funds, including the Portfolio, are subject to <b>Management Risk –</b> the risk that the investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments and <b>Market Risk –</b> the risk that the value of the securities held by a portfolio may decline in response to general market and economic conditions, or conditions that affect specific market sectors or individual companies. <br/><br/>There are also risks associated with the overall structure of the Portfolio. These include: <ul type="square"><li> <b>Multi-Manager Risk –</b> the Portfolio’s multi-manager structure involves the risk that the Specialist Managers serving the Portfolio do not achieve favorable investment results relative to other investments or that the Portfolio’s assets are not effectively allocated among Specialist Managers in a manner that enhances the Portfolio’s total return or reduces the volatility that might be expected of any one management style. Additionally, the multi-manager structure may, under certain circumstances, cause the Portfolio to incur higher trading costs than might occur in a fund served by a single investment adviser. </li></ul><ul type="square"><li> <b>Passive Investing Risk –</b> a portion of the Portfolio employs a passive investment approach, which attempts to approximate as closely as practicable, before expenses, the performance of one or more different segments of the Portfolio’s investment universe, as deemed appropriate by the Adviser, regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Portfolio’s return to be lower than if the Portfolio employed an active strategy. In addition, the Portfolio’s return may not match or achieve a high degree of correlation with the return of the target investment pool due to operating expenses, transaction costs, and cash flows.</li></ul>Additionally, the range of securities in which the Portfolio may invest, and the several investment strategies that may be used in seeking to achieve the Portfolio’s objective, involve additional risks. These are summarized below. <ul type="square"><li> <b>Equity Risks.</b> Investment in equity securities involves the following risks: </li></ul><blockquote><ul type="square"><li> <b>Equity Market Risk –</b> The market value of an equity security and the equity markets in general can be volatile. </li></ul><ul type="square"><li> <b>Growth Investing Risk –</b> An investment in growth stocks may be susceptible to rapid price swings, especially during periods of economic uncertainty. Growth stocks typically have little or no dividend income to cushion the effect of adverse market conditions. In addition, growth stocks may be particularly volatile in the event of earnings disappointments or other financial difficulties experienced by the issuer. </li></ul><ul type="square"><li> <b>Mid Cap Risk –</b> Mid-cap companies may be more vulnerable to adverse business or economic developments than larger capitalization companies. Securities issued by these companies may be less liquid and/or more volatile than securities of larger companies or the overall securities markets. Mid-cap companies may be adversely affected during periods when investors prefer to hold securities of large capitalization companies. </li></ul><ul type="square"><li> <b>Exchange-Traded Funds Risk –</b> An investment in securities issued by an ETF may be subject to the following risks: (1) shares of the ETF may trade at a discount to its net asset value; (2) an active trading market for the ETF’s shares may not develop; (3) the exchange on which the ETF is listed may, under certain circumstances, suspend trading of the ETF’s shares; and (4) to the extent that an ETF is acquired in order to track a specific asset or index, the ETF may fail to effectively accomplish that goal. </li></ul><ul type="square"><li> <b>Investment in Other Investment Companies Risk –</b> As with other investments, investments in other investment companies are subject to market and selection risk. To the extent that the Portfolio acquires shares of investment companies, shareholders bear both their proportionate share of expenses in the Portfolio (including management and advisory fees) and, indirectly, the expenses of the acquired investment companies. </li></ul></blockquote><ul type="square"><li> <b>Foreign Investment Risk.</b> Investment in foreign securities involves the following risks: </li></ul><blockquote><ul type="square"><li> <b>Foreign Securities Risk –</b> Investments in securities issued by non-U.S. companies and/or non-U.S. governments and their agencies, may be adversely affected by the lack of timely or reliable financial information, political, social and/or economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices. Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar and transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities. </li></ul><ul type="square"><li> <b>Foreign Currency Risk –</b> Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar. Currency exchange rates can be volatile and can be affected by, among other factors, the general economics of a country, or the actions of the U.S. or foreign governments or central banks. In addition, transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities. </li></ul></blockquote><ul type="square"><li> <b>Fixed Income Risk.</b> Investments in fixed income securities may involve the following risks, depending on the instrument involved: </li></ul><blockquote><ul type="square"><li> <b>Credit Risk –</b> An investment in the Portfolio also involves the risk that the issuer of a fixed income security that the Portfolio holds will fail to make timely payments of interest or principal, or go bankrupt, or that the value of the securities will decline because of a market perception that the issuer may not make payments on time, thus potentially reducing the Portfolio’s return. Changes in economic conditions are likely to cause issuers of these fixed income securities to be unable to meet their obligations. The lower the rating of a debt security, the higher its credit risk. In addition, the securities of many U.S. Government agencies, authorities or instrumentalities in which the Portfolio may invest are neither issued nor guaranteed by the U.S. Government, and may be supported only by the ability of the issuer to borrow from the U.S. Treasury or by the credit of the issuer. </li></ul><ul type="square"><li> <b>Interest Rate Risk –</b> The value of fixed income securities held in the Portfolio, including U.S. Government securities, may decline with changes in interest rates. Prices of fixed income securities with longer effective maturities are more sensitive to interest rate changes than those with shorter effective maturities. U.S. Government securities can exhibit price movements resulting from changes in interest rates. During low interest rate environments, the risk that interest rates will rise is increased. Such increases may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. These risks are greater when a low interest rate environment has existed for an extended period of time. </li></ul></blockquote><ul type="square"><li> <b>Risks Associated with Investments in Derivatives.</b> The Portfolio is permitted to invest in derivative instruments, including options, futures and options on futures. Investment in derivatives depends largely on the performance of an underlying reference instrument or rate and the Specialist Manager’s ability to predict correctly the direction of securities prices, interest rates, currency exchange rates and/or other economic factors. Derivatives involve additional costs and often have risks similar to an investment in the reference instrument in addition to other risks, such as: </li></ul><blockquote><ul type="square"><li> <b>General Derivative Risks –</b> The value of derivative instruments may rise or fall more rapidly than other investments, and there is a risk that the Portfolio may lose more than the original amount invested in the derivative instrument. Derivative instruments also involve the risk that other parties to the derivative contract may fail to meet their obligations, which could cause losses to the Portfolio. </li></ul><ul type="square"><li> <b>Counterparty Risk –</b> The Portfolio will be subject to counterparty credit risk with respect to derivative contracts entered into by the Portfolio or held by special purpose or structured vehicles in which the Portfolio invests, including other investment companies. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Portfolio may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Portfolio may obtain only a limited recovery or may obtain no recovery in such circumstances. </li></ul><ul type="square"><li> <b>Derivatives Tax Risk –</b> Compared to other types of investments, derivatives may be harder to value and may also be less tax efficient. In addition, changes in government regulation of derivative instruments could affect the character, timing and amount of the Portfolio’s taxable income or gains, and may limit or prevent the Portfolio from using certain types of derivative instruments as a part of its investment strategy, which could make the investment strategy more costly to implement or require the Portfolio to change its investment strategy. To the extent that the Portfolio uses derivatives for hedging or to gain or limit exposure to a particular market or market segment, there may be imperfect correlation between the value of the derivative instrument and the value of the instrument being hedged or the relevant market or market segment, in which case the Portfolio may not realize the intended benefits. The Portfolio’s use of derivatives may be limited by the requirements for taxation of the Portfolio as a regulated investment company. </li></ul></blockquote><ul type="square"><li> <b>Other Risks</b> </li></ul><blockquote><ul type="square"><li> <b>Liquidity Risk –</b> At times, certain securities may be difficult or impossible to sell at the price that would normally prevail in the market. The seller may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Portfolio management or performance. This includes the risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in less advantageous investments. </li></ul></blockquote>There is no guarantee that the Portfolio will meet its goals. It is possible to lose money by investing in the Portfolio.<b>Performance Bar Chart and Table </b><br/><br/> <b>Performance.</b>The chart and table below show how The Institutional Growth Equity Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s yearly performance for each full calendar year since the Portfolio’s inception on August 8, 2008. The table accompanying the bar chart compares the Portfolio’s performance over time on a before and after-tax basis to that of a broad based market index. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.<b>Year-by-Year Total Returns as of 12/31</b>The Portfolio’s HC Strategic Shares before-tax return for the period from January 1, 2018 through September 30, 2018 (non-annualized) was 16.03%.<br/><br/><table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse; " align="center"> <tr> <td width="35%"></td> <td valign="bottom" width="13%"></td> <td width="18%"></td> <td valign="bottom" width="19%"></td> <td></td> <td></td> <td valign="bottom" width="9%"></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-top:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Best quarter:</div></td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-top:1px solid #000000">1st Qtr. 2012</td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000" align="right">15.20</td> <td valign="bottom" style="border-top:1px solid #000000">% </td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-bottom:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Worst quarter:</div></td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-bottom:1px solid #000000">2nd Qtr. 2010</td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">-12.58</td> <td valign="bottom" style="border-bottom:1px solid #000000">% </td></tr> </table><b>Average Annual Total Returns</b><br/>(for the periods ended 12/31/17)After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.with income as a secondary consideration.There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio.The chart and table below show how The Institutional Growth Equity Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s yearly performance for each full calendar year since the Portfolio’s inception on August 8, 2008Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes.before-tax return2018-09-30Best quarter:2012-03-312008-08-08<div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualFundOperatingExpenses000263 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualTotalReturnsBarChart000266 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleExpenseExample000264 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAverageAnnualTotalReturnsTransposed000267 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleShareholderFees000262 column period compact * ~</div><b>The Small Capitalization – Mid Capitalization Equity Portfolio </b><b>Investment Objective </b>The investment objective of The Small Capitalization – Mid Capitalization Equity Portfolio is to provide long-term capital appreciation.<b>Fees and Expenses </b>The fee and expense tables below describe the fees and expenses that you may pay if you buy and hold HC Strategic Shares of the Portfolio.<b>Shareholder Fees</b><br/>(fees paid directly from your investment)<b>Annual Operating Expenses </b><br/>(expenses that you pay each year as a percentage of the value of your investment)<b>Example</b>:This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s Total Annual Operating Expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your cost would be:<b>Portfolio Turnover </b>The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” investments in its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in the Total Annual Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover was 61.65% of the average value of its portfolio.<b>Principal Investment Strategies </b>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<sup>®</sup> 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 the date of this Prospectus, the market capitalization range of companies in the Russell 3000<sup>®</sup> Index that were classified as “Small” or “Medium” was between approximately $159 million and $34.7 billion. <br/><br/>Additionally, a portion of the Portfolio may be managed using a “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. <br/><br/>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.<b>Principal Investment Risks </b>Investing in the Portfolio involves risks common to any investment in securities. There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio. All mutual funds, including the Portfolio, are subject to <b>Management Risk –</b> the risk that the investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments and <b>Market Risk –</b> the risk that the value of the securities held by a portfolio may decline in response to general market and economic conditions, or conditions that affect specific market sectors or individual companies. <br/><br/>There are also risks associated with the overall structure of the Portfolio. These include: <ul type="square"><li> <b>Multi-Manager Risk –</b> the Portfolio’s multi-manager structure involves the risk that the Specialist Managers serving the Portfolio do not achieve favorable investment results relative to other investments or that the Portfolio’s assets are not effectively allocated among Specialist Managers in a manner that enhances the Portfolio’s total return or reduces the volatility that might be expected of any one management style. Additionally, the multi-manager structure may, under certain circumstances, cause the Portfolio to incur higher trading costs than might occur in a fund served by a single investment adviser. </li></ul><ul type="square"><li> <b>Passive Investing Risk –</b> a portion of the Portfolio employs a passive investment approach, which attempts to approximate as closely as practicable, before expenses, the performance of one or more different segments of the Portfolio’s investment universe, as deemed appropriate by the Adviser, regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Portfolio’s return to be lower than if the Portfolio employed an active strategy. In addition, the Portfolio’s return may not match or achieve a high degree of correlation with the return of the target investment pool due to operating expenses, transaction costs, and cash flows. </li></ul>Additionally, the range of securities in which the Portfolio may invest, and the several investment strategies that may be used in seeking to achieve the Portfolio’s objective, involve additional risks. These are summarized below. <ul type="square"><li> <b>Equity Risks.</b> Investment in equity securities involves the following risks: </li></ul><blockquote><ul type="square"><li> <b>Equity Market Risk –</b> The market value of an equity security and the equity markets in general can be volatile. </li></ul><ul type="square"><li> <b>Small/Mid Cap Risk –</b> Small and mid-cap companies may be more vulnerable to adverse business or economic developments than larger capitalization companies. Securities issued by these companies may be less liquid and/or more volatile than securities of larger companies or the overall securities markets. Small and mid-cap companies may be adversely affected during periods when investors prefer to hold securities of large capitalization companies. </li></ul><ul type="square"><li> <b>Exchange-Traded Funds Risk –</b> An investment in securities issued by an ETF may be subject to the following risks: (1) shares of the ETF may trade at a discount to its net asset value; (2) an active trading market for the ETF’s shares may not develop; (3) the exchange on which the ETF is listed may, under certain circumstances, suspend trading of the ETF’s shares; and (4) to the extent that an ETF is acquired in order to track a specific asset or index, the ETF may fail to effectively accomplish that goal. </li></ul><ul type="square"><li> <b>Investment in Other Investment Companies Risk –</b> As with other investments, investments in other investment companies are subject to market and selection risk. To the extent that the Portfolio acquires shares of investment companies, shareholders bear both their proportionate share of expenses in the Portfolio (including management and advisory fees) and, indirectly, the expenses of the acquired investment companies. </li></ul></blockquote><ul type="square"><li> <b>Risks Associated with Investments in Derivatives.</b> The Portfolio is permitted to invest in derivative instruments, including options, futures and options on futures. Investment in derivatives depends largely on the performance of an underlying reference instrument or rate and the Specialist Manager’s ability to predict correctly the direction of securities prices, interest rates, currency exchange rates and/or other economic factors. <br/><br/>Derivatives involve additional costs and often have risks similar to an investment in the reference instrument in addition to other risks, such as: </li></ul><blockquote><ul type="square"><li> <b>General Derivative Risks –</b> The value of derivative instruments may rise or fall more rapidly than other investments, and there is a risk that the Portfolio may lose more than the original amount invested in the derivative instrument. Derivative instruments also involve the risk that other parties to the derivative contract may fail to meet their obligations, which could cause losses to the Portfolio. </li></ul><ul type="square"><li> <b>Counterparty Risk –</b> The Portfolio will be subject to counterparty credit risk with respect to derivative contracts entered into by the Portfolio or held by special purpose or structured vehicles in which the Portfolio invests, including other investment companies. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Portfolio may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Portfolio may obtain only a limited recovery or may obtain no recovery in such circumstances. </li></ul><ul type="square"><li> <b>Derivatives Tax Risk –</b> Compared to other types of investments, derivatives may be harder to value and may also be less tax efficient. In addition, changes in government regulation of derivative instruments could affect the character, timing and amount of the Portfolio’s taxable income or gains, and may limit or prevent the Portfolio from using certain types of derivative instruments as a part of its investment strategy, which could make the investment strategy more costly to implement or require the Portfolio to change its investment strategy. To the extent that the Portfolio uses derivatives for hedging or to gain or limit exposure to a particular market or market segment, there may be imperfect correlation between the value of the derivative instrument and the value of the instrument being hedged or the relevant market or market segment, in which case the Portfolio may not realize the intended benefits. The Portfolio’s use of derivatives may be limited by the requirements for taxation of the Portfolio as a regulated investment company.</li></ul></blockquote>There is no guarantee that the Portfolio will meet its goals. It is possible to lose money by investing in the Portfolio.<b>Performance Bar Chart and Table </b> <br/><br/><b>Performance.</b>The chart and table below show how The Small Capitalization – Mid Capitalization Equity Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s yearly performance for each of the last ten full calendar years. The table accompanying the bar chart compares the Portfolio’s performance over time on a before and after-tax basis to that of a broad based market index. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.<b>Year-by-Year Total Returns as of 12/31</b>The Portfolio’s HC Strategic Shares before-tax return for the period from January 1, 2018 through September 30, 2018 (non-annualized) was 14.29%. <br/><br/><table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse; " align="center"> <tr> <td width="35%"></td> <td valign="bottom" width="13%"></td> <td width="18%"></td> <td valign="bottom" width="19%"></td> <td></td> <td></td> <td valign="bottom" width="9%"></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-top:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Best quarter:</div></td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-top:1px solid #000000">2nd Qtr. 2009</td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000" align="right">20.14</td> <td valign="bottom" style="border-top:1px solid #000000">% </td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-bottom:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Worst quarter:</div></td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-bottom:1px solid #000000">4th Qtr. 2008</td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">-26.29</td> <td valign="bottom" style="border-bottom:1px solid #000000">% </td></tr> </table><b>Average Annual Total Returns </b><br/>(for the periods ended 12/31/17)After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio.The chart and table below show how The Small Capitalization – Mid Capitalization Equity Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s yearly performance for each of the last ten full calendar years.Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.2008-08-082008-08-08Worst quarter:2008-12-312008-08-08before-tax return2018-09-30Best quarter:2012-03-31<div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualFundOperatingExpenses000273 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualTotalReturnsBarChart000276 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleExpenseExample000274 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAverageAnnualTotalReturnsTransposed000277 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleShareholderFees000272 column period compact * ~</div><b>The Institutional Small Capitalization – Mid Capitalization Equity Portfolio </b><b>Investment Objective </b>The investment objective of The Institutional Small Capitalization – Mid Capitalization Equity Portfolio is to provide long-term capital appreciation.<b>Fees and Expenses </b>The fee table below describes the fees and expenses that you may pay if you buy and hold HC Strategic Shares of the Portfolio.<b>Shareholder Fees </b><br/>(fees paid directly from your investment)<b>Annual Operating Expenses </b><br/>(expenses that you pay each year as a percentage of the value of your investment)<b>Example</b>:This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s Total Annual Operating Expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your costs would be:<b>Portfolio Turnover </b>The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” investments in its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in the Total Annual Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover was 95.15% of the average value of its portfolio.<b>Principal Investment Strategies </b>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<sup>®</sup> 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, 2018, the market capitalization range of companies in the Russell 3000<sup>®</sup> Index that were classified as “Small” or “Medium” was between approximately $159 million and $34.7 billion. <br/><br/>Additionally, a portion of the Portfolio may be managed using a “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. <br/><br/>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.<b>Principal Investment Risks </b>Investing in the Portfolio involves risks common to any investment in securities. There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio. All mutual funds, including the Portfolio, are subject to <b>Management Risk –</b> the risk that the investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments and <b>Market Risk –</b> the risk that the value of the securities held by a portfolio may decline in response to general market and economic conditions, or conditions that affect specific market sectors or individual companies. <br/><br/>There are also risks associated with the overall structure of the Portfolio. These include: <ul type="square"><li> <b>Multi-Manager Risk –</b> the Portfolio’s multi-manager structure involves the risk that the Specialist Managers serving the Portfolio do not achieve favorable investment results relative to other investments or that the Portfolio’s assets are not effectively allocated among Specialist Managers in a manner that enhances the Portfolio’s total return or reduces the volatility that might be expected of any one management style. Additionally, the multi-manager structure may, under certain circumstances, cause the Portfolio to incur higher trading costs than might occur in a fund served by a single investment adviser. </li></ul><ul type="square"><li> <b>Passive Investing Risk –</b> a portion of the Portfolio employs a passive investment approach, which attempts to approximate as closely as practicable, before expenses, the performance of one or more different segments of the Portfolio’s investment universe, as deemed appropriate by the Adviser, regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Portfolio’s return to be lower than if the Portfolio employed an active strategy. In addition, the Portfolio’s return may not match or achieve a high degree of correlation with the return of the target investment pool due to operating expenses, transaction costs, and cash flows. </li></ul>Additionally, the range of securities in which the Portfolio may invest, and the several investment strategies that may be used in seeking to achieve the Portfolio’s objective, involve additional risks. These are summarized below. <ul type="square"><li> <b>Equity Risks.</b> Investment in equity securities involves the following risks: </li></ul><blockquote><ul type="square"><li> <b>Equity Market Risk –</b> The market value of an equity security and the equity markets in general can be volatile. </li></ul><ul type="square"><li> <b>Small/Mid Cap Risk –</b> Small and mid-cap companies may be more vulnerable to adverse business or economic developments than larger capitalization companies. Securities issued by these companies may be less liquid and/or more volatile than securities of larger companies or the overall securities markets. Small and mid-cap companies may be adversely affected during periods when investors prefer to hold securities of large capitalization companies. </li></ul><ul type="square"><li> <b>Exchange-Traded Funds Risk –</b> An investment in securities issued by an ETF may be subject to the following risks: (1) shares of the ETF may trade at a discount to its net asset value; (2) an active trading market for the ETF’s shares may not develop; (3) the exchange on which the ETF is listed may, under certain circumstances, suspend trading of the ETF’s shares; and (4) to the extent that an ETF is acquired in order to track a specific asset or index, the ETF may fail to effectively accomplish that goal. </li></ul><ul type="square"><li> <b>Investment in Other Investment Companies Risk –</b> As with other investments, investments in other investment companies are subject to market and selection risk. To the extent that the Portfolio acquires shares of investment companies, shareholders bear both their proportionate share of expenses in the Portfolio (including management and advisory fees) and, indirectly, the expenses of the acquired investment companies. </li></ul></blockquote><ul type="square"><li> <b>Risks Associated with Investments in Derivatives.</b> The Portfolio is permitted to invest in derivative instruments, including options, futures and options on futures. Investment in derivatives depends largely on the performance of an underlying reference instrument or rate and the Specialist Manager’s ability to predict correctly the direction of securities prices, interest rates, currency exchange rates and/or other economic factors. <br/><br/>Derivatives involve additional costs and often have risks similar to an investment in the reference instrument in addition to other risks, such as: </li></ul><blockquote><ul type="square"><li> <b>General Derivative Risks –</b> The value of derivative instruments may rise or fall more rapidly than other investments, and there is a risk that the Portfolio may lose more than the original amount invested in the derivative instrument. Derivative instruments also involve the risk that other parties to the derivative contract may fail to meet their obligations, which could cause losses to the Portfolio. </li></ul><ul type="square"><li> <b>Counterparty Risk –</b> The Portfolio will be subject to counterparty credit risk with respect to derivative contracts entered into by the Portfolio or held by special purpose or structured vehicles in which the Portfolio invests, including other investment companies. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Portfolio may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Portfolio may obtain only a limited recovery or may obtain no recovery in such circumstances. </li></ul><ul type="square"><li> <b>Derivatives Tax Risk –</b> Compared to other types of investments, derivatives may be harder to value and may also be less tax efficient. In addition, changes in government regulation of derivative instruments could affect the character, timing and amount of the Portfolio’s taxable income or gains, and may limit or prevent the Portfolio from using certain types of derivative instruments as a part of its investment strategy, which could make the investment strategy more costly to implement or require the Portfolio to change its investment strategy. To the extent that the Portfolio uses derivatives for hedging or to gain or limit exposure to a particular market or market segment, there may be imperfect correlation between the value of the derivative instrument and the value of the instrument being hedged or the relevant market or market segment, in which case the Portfolio may not realize the intended benefits. The Portfolio’s use of derivatives may be limited by the requirements for taxation of the Portfolio as a regulated investment company. </li></ul></blockquote>There is no guarantee that the Portfolio will meet its goals. It is possible to lose money by investing in the Portfolio.<b>Performance Bar Chart and Table </b><br/><br/> <b>Performance.</b>The chart and table below show how The Institutional Small Capitalization – Mid Capitalization Equity Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s yearly performance for each full calendar year since the Portfolio’s inception on August 15, 2008. The table accompanying the bar chart compares the Portfolio’s performance over time on a before and after-tax basis to that of a broad based market index. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.<b>Year-by-Year Total Returns as of 12/31</b>The Portfolio’s HC Strategic Shares before-tax return for the period from January 1, 2018 through September 30, 2018 (non-annualized) was 15.55%. <br/><br/><table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse; " align="center"> <tr> <td width="35%"></td> <td valign="bottom" width="13%"></td> <td width="18%"></td> <td valign="bottom" width="19%"></td> <td></td> <td></td> <td valign="bottom" width="9%"></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-top:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Best quarter:</div></td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-top:1px solid #000000">2nd Qtr. 2009</td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000" align="right">19.99</td> <td valign="bottom" style="border-top:1px solid #000000">% </td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-bottom:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Worst quarter:</div></td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-bottom:1px solid #000000">3rd Qtr. 2011</td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">-20.63</td> <td valign="bottom" style="border-bottom:1px solid #000000">% </td></tr> </table><b>Average Annual Total Returns </b><br/>(for the periods ended 12/31/17)After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio.The chart and table below show how The Institutional Small Capitalization – Mid Capitalization Equity Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s yearly performance for each full calendar year since the Portfolio’s inception on August 15, 2008.Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.Worst quarter:2010-06-30before-tax return2018-09-30Best quarter:2009-06-30Worst quarter:2008-12-312008-08-152008-08-15<div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualFundOperatingExpenses000283 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualTotalReturnsBarChart000286 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleExpenseExample000284 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAverageAnnualTotalReturnsTransposed000287 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleShareholderFees000282 column period compact * ~</div><b>The Real Estate Securities Portfolio </b><b>Investment Objective </b>The investment objective of The Real Estate Securities Portfolio is to provide total return consisting of both capital appreciation and current income.<b>Fees and Expenses </b>The fee and expense tables below describe the fees and expenses that you may pay if you buy and hold HC Strategic Shares of the Portfolio.<b>Shareholder Fees </b><br/>(fees paid directly from your investment)<b>Annual Operating Expenses </b><br/>(expenses that you pay each year as a percentage of the value of your investment)<b>Example</b>:This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s Total Annual Operating Expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your cost would be:<b>Portfolio Turnover </b>The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” investments in its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in the Total Annual Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover was 49.59% of the average value of its portfolio.<b>Principal Investment Strategies </b>Under normal circumstances, the Portfolio seeks to achieve its objective by investing primarily (i.e., at least 80% of its net assets) in a portfolio of equity and debt securities issued by U.S. and non-U.S. real estate-related companies. Companies known as real estate investment trusts (REITs) and other real estate operating companies whose value is derived from ownership, development and management of underlying real estate properties are considered to be real estate-related companies. 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’s permissible investments include equity and equity-related securities of real estate-related companies, including common stock, preferred stock, convertible securities, warrants, options, depositary receipts and other similar equity equivalents. The Portfolio also may invest in fixed income securities, including debt securities, mortgage-backed securities and high yield debt (“junk bonds”). The Portfolio may invest in securities issued by other investment companies, including ETFs, that invest in securities issued by real estate-related companies. The Portfolio may also invest in companies which are located in emerging markets countries, as well as companies of any market capitalization. <br/><br/> Consistent with its investment style, the Portfolio’s Specialist Manager 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. <br/><br/> 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. <br/><br/> The Portfolio is classified as a non-diversified fund, which means that the Portfolio is permitted to invest a greater portion of its assets in a limited number of issuers than would be the case if the Portfolio were classified as diversified.<b>Principal Investment Risks </b>Investing in the Portfolio involves risks common to any investment in securities. There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio. All mutual funds, including the Portfolio, are subject to <b>Management Risk –</b> the risk that the investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments and <b>Market Risk –</b> the risk that the value of the securities held by a portfolio may decline in response to general market and economic conditions, or conditions that affect specific market sectors or individual companies. <br/><br/>There are also risks associated with the overall structure of the Portfolio. These include: <ul type="square"><li> <b>Multi-Manager Risk –</b> the Portfolio’s multi-manager structure involves the risk that the Specialist Managers serving the Portfolio do not achieve favorable investment results relative to other investments or that the Portfolio’s assets are not effectively allocated among Specialist Managers in a manner that enhances the Portfolio’s total return or reduces the volatility that might be expected of any one management style. Additionally, the multi-manager structure may, under certain circumstances, cause the Portfolio to incur higher trading costs than might occur in a fund served by a single investment adviser. </li></ul><ul type="square"><li> <b>Passive Investing Risk –</b> a portion of the Portfolio employs a passive investment approach, which attempts to approximate as closely as practicable, before expenses, the performance of one or more different segments of the Portfolio’s investment universe, as deemed appropriate by the Adviser, regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Portfolio’s return to be lower than if the Portfolio employed an active strategy. In addition, the Portfolio’s return may not match or achieve a high degree of correlation with the return of the target investment pool due to operating expenses, transaction costs, and cash flows. </li></ul><ul type="square"><li> <b>Non-Diversification Risk –</b> The Portfolio is classified as a non-diversified management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). This means that the Portfolio may invest a greater portion of its assets in a limited number of issuers than would be the case if the Portfolio were classified as a diversified management investment company. Because the Portfolio may invest a relatively high percentage of its assets in a limited number of positions, the Portfolio’s performance may be more vulnerable to changes in the market value of a single position and more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund. </li></ul>Additionally, the range of securities in which the Portfolio may invest, and the several investment strategies that may be used in seeking to achieve the Portfolio’s objective, involve additional risks. These are summarized below. <ul type="square"><li> <b>Equity Risks.</b> Investment in equity securities involves the following risks: </li></ul><blockquote><ul type="square"><li> <b>Equity Market Risk –</b> The market value of an equity security and the equity markets in general can be volatile. </li></ul><ul type="square"><li> <b>Small/Mid Cap Risk –</b> Small and mid-cap companies may be more vulnerable to adverse business or economic developments than larger capitalization companies. Securities issued by these companies may be less liquid and/or more volatile than securities of larger companies or the overall securities markets. Small and mid-cap companies may be adversely affected during periods when investors prefer to hold securities of large capitalization companies. </li></ul><ul type="square"><li> <b>Exchange-Traded Funds Risk –</b> An investment in securities issued by an ETF may be subject to the following risks: (1) shares of the ETF may trade at a discount to its net asset value; (2) an active trading market for the ETF’s shares may not develop; (3) the exchange on which the ETF is listed may, under certain circumstances, suspend trading of the ETF’s shares; and (4) to the extent that an ETF is acquired in order to track a specific asset or index, the ETF may fail to effectively accomplish that goal. </li></ul><ul type="square"><li> <b>Investment in Other Investment Companies Risk –</b> As with other investments, investments in other investment companies are subject to market and selection risk. To the extent that the Portfolio acquires shares of investment companies, shareholders bear both their proportionate share of expenses in the Portfolio (including management and advisory fees) and, indirectly, the expenses of the acquired investment companies.</li></ul></blockquote><ul type="square"><li> <b>Real Estate Investing Risk</b>. </li></ul><blockquote><ul type="square"><li> <b>Real Estate Markets and REIT Risk –</b> Investments in the Portfolio will be closely linked to the performance of the real estate markets. Property values may fall due to increasing vacancies or declining rents resulting from unanticipated economic, legal, cultural or technological developments. REIT prices may also fall because of the failure of borrowers to pay their loans and/or poor management. The value of real estate (and real estate securities) may also be affected by increases in property taxes and changes in tax laws and interest rates. The value of securities of companies that service the real estate industry may also be affected by such risks. To the extent that the Portfolio invests in REITs and real estate partnerships, shareholders bear both their proportionate share of expenses in the Portfolio (including management and advisory fees) and, indirectly, the expenses of the acquired REITs and real estate partnerships. Investments in REITs and real estate partnerships (if any) may cause a greater portion of the Portfolio’s distributions to be taxable as ordinary income. </li></ul><ul type="square"><li> <b>Industry Concentration Risk –</b> Because the Portfolio concentrates its investments in real estate securities, it may be subject to greater risks of loss as a result of economic, business or other developments than a fund representing a broader range of industries. The Portfolio may be subject to risks associated with direct ownership of real estate, such as changes in economic conditions, interest rates, availability of mortgage funds, property values, increases in property taxes and operating expenses, increased competition, environmental problems, changes in zoning laws and natural disasters. </li></ul></blockquote><ul type="square"><li> <b>Foreign Investment Risk.</b> Investment in foreign securities involves the following risks: </li></ul><blockquote><ul type="square"><li> <b>Foreign Securities Risk –</b> Investments in securities issued by non-U.S. companies and/or non-U.S. governments and their agencies, may be adversely affected by the lack of timely or reliable financial information, political, social and/or economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices. Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar and transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities. </li></ul><ul type="square"><li> <b>Foreign Currency Risk –</b> Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar. Currency exchange rates can be volatile and can be affected by, among other factors, the general economics of a country, or the actions of the U.S. or foreign governments or central banks. In addition, transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities. </li></ul><ul type="square"><li> <b>Emerging Markets Risk –</b> Risks associated with foreign investments may be intensified in the case of investments in emerging market countries, whose political, legal and economic systems are less developed and less stable than those of more developed nations. Such investments are often less liquid and/or more volatile than securities issued by companies located in developed nations, such as the United States, Canada and those included in the Morgan Stanley Capital International Europe, Australasia and Far East (“MSCI EAFE”) Index. Certain types of securities, including emerging market securities, are subject to the risk that the securities may not be sold at the quoted market price within a reasonable period of time. </li></ul></blockquote><ul type="square"><li> <b>Fixed Income Risk.</b> Investments in fixed income securities may involve the following risks, depending on the instrument involved: </li></ul><blockquote><ul type="square"><li> <b>Asset-Backed/Mortgage-Backed Security Risk – </b>The market value and yield of asset-backed and mortgage-backed securities can vary due to market interest rate fluctuations and early prepayments of underlying instruments. Although these securities may offer yields higher than those available from other types of securities, these securities may be less effective than other types of securities as a means of “locking in” attractive long-term rates because of the prepayment feature. During periods of difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, such securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. Mortgage-backed securities may be particularly susceptible to Prepayment Risk. </li></ul><ul type="square"><li> <b>Credit Risk –</b> An investment in the Portfolio also involves the risk that the issuer of a fixed income security that the Portfolio holds will fail to make timely payments of interest or principal, or go bankrupt, or that the value of the securities will decline because of a market perception that the issuer may not make payments on time, thus potentially reducing the Portfolio’s return. Changes in economic conditions are likely to cause issuers of these fixed income securities to be unable to meet their obligations. The lower the rating of a debt security, the higher its credit risk. In addition, the securities of many U.S. Government agencies, authorities or instrumentalities in which the Portfolio may invest are neither issued nor guaranteed by the U.S. Government, and may be supported only by the ability of the issuer to borrow from the U.S. Treasury or by the credit of the issuer. </li></ul><ul type="square"><li> <b>Interest Rate Risk –</b> The value of fixed income securities held in the Portfolio, including U.S. Government securities, may decline with changes in interest rates. Prices of fixed income securities with longer effective maturities are more sensitive to interest rate changes than those with shorter effective maturities. U.S. Government securities can exhibit price movements resulting from changes in interest rates. During low interest rate environments, the risk that interest rates will rise is increased. Such increases may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. These risks are greater when a low interest rate environment has existed for an extended period of time. </li></ul><ul type="square"><li> <b>Extension Risk –</b> Fixed income securities held by the Portfolio are subject to the risk that payment on the loans underlying the securities held by the Portfolio will be made more slowly when interest rates are rising. This could cause the market value of the securities to decline. </li></ul><ul type="square"><li> <b>Call/Prepayment Risk –</b> When interest rates are declining, issuers of fixed income securities held by the Portfolio may prepay principal earlier than scheduled. As a result of this risk, the Portfolio may have to reinvest these prepayments at those lower rates, thus reducing its income. Mortgage-backed and asset-backed securities are especially sensitive to prepayment. </li></ul><ul type="square"><li> <b>High Yield Bond Risk –</b> High yield bonds, commonly referred to as “junk bonds,” are considered speculative under traditional investment standards. Prices of these securities will rise and fall primarily in response to changes in the issuer’s financial health, although changes in market interest rates also will affect prices. High yield bonds may also experience reduced liquidity, and sudden and substantial decreases in price, during certain market conditions. </li></ul></blockquote><ul type="square"><li> <b>Risks Associated with Investments in Derivatives.</b> The Portfolio is permitted to invest in derivative instruments, including options, futures and options on futures. Investment in derivatives depends largely on the performance of an underlying reference instrument or rate and the Specialist Manager’s ability to predict correctly the direction of securities prices, interest rates, currency exchange rates and/or other economic factors. Derivatives involve additional costs and often have risks similar to an investment in the reference instrument in addition to other risks, such as: </li></ul><blockquote><ul type="square"><li> <b>General Derivative Risks –</b> The value of derivative instruments may rise or fall more rapidly than other investments, and there is a risk that the Portfolio may lose more than the original amount invested in the derivative instrument. Derivative instruments also involve the risk that other parties to the derivative contract may fail to meet their obligations, which could cause losses to the Portfolio. </li></ul><ul type="square"><li> <b>Counterparty Risk –</b> The Portfolio will be subject to counterparty credit risk with respect to derivative contracts entered into by the Portfolio or held by special purpose or structured vehicles in which the Portfolio invests, including other investment companies. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Portfolio may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Portfolio may obtain only a limited recovery or may obtain no recovery in such circumstances. </li></ul><ul type="square"><li> <b>Derivatives Tax Risk –</b> Compared to other types of investments, derivatives may be harder to value and may also be less tax efficient. In addition, changes in government regulation of derivative instruments could affect the character, timing and amount of the Portfolio’s taxable income or gains, and may limit or prevent the Portfolio from using certain types of derivative instruments as a part of its investment strategy, which could make the investment strategy more costly to implement or require the Portfolio to change its investment strategy. To the extent that the Portfolio uses derivatives for hedging or to gain or limit exposure to a particular market or market segment, there may be imperfect correlation between the value of the derivative instrument and the value of the instrument being hedged or the relevant market or market segment, in which case the Portfolio may not realize the intended benefits. The Portfolio’s use of derivatives may be limited by the requirements for taxation of the Portfolio as a regulated investment company.</li></ul></blockquote><ul type="square"><li> <b>Other Risks</b> </li></ul><blockquote><ul type="square"><li> <b>Liquidity Risk –</b> At times, certain securities may be difficult or impossible to sell at the price that would normally prevail in the market. The seller may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Portfolio management or performance. This includes the risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in less advantageous investments. </li></ul></blockquote>There is no guarantee that the Portfolio will meet its goals. It is possible to lose money by investing in the Portfolio.<b>Performance Bar Chart and Table</b><br/><br/><b>Performance.</b>The chart and table below show how The Real Estate Securities Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s yearly performance for each calendar year since the Portfolio’s inception on May 21, 2009 through December 31, 2013. Because the Portfolio was redeemed in full on June 30, 2013 and was reactivated on September 12, 2013, the performance information shown in the bar chart for 2013 reflects the combination of cumulative returns for each period when the Strategic Shares had operations. The performance table also shows the average annual total returns for the one- year, five-year and since inception periods (May 21, 2009) ended December 31, 2015 and reflects returns for the periods when the Strategic Shares had operations. Accordingly, the Portfolio’s performance in the bar chart and table may not be comparable to the performance of other mutual funds. The table accompanying the bar chart compares the Portfolio’s performance over time on a before and after-tax basis to that of a broad based market index. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.<b>Year-by-Year Total Returns as of 12/31</b>The Portfolio’s HC Strategic Shares before-tax return for the period from January 1, 2018 through September 30, 2018 (non-annualized) was 2.32%. <br/><br/><table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse; " align="center"> <tr> <td width="35%"></td> <td valign="bottom" width="13%"></td> <td width="18%"></td> <td valign="bottom" width="19%"></td> <td></td> <td></td> <td valign="bottom" width="9%"></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-top:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Best quarter:</div></td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-top:1px solid #000000">4th Qtr. 2011</td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000" align="right">15.07</td> <td valign="bottom" style="border-top:1px solid #000000">% </td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-bottom:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Worst quarter:</div></td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-bottom:1px solid #000000">3rd Qtr. 2011</td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">-14.48</td> <td valign="bottom" style="border-bottom:1px solid #000000">% </td></tr> </table><b>Average Annual Total Returns </b><br/>(for the periods ended 12/31/17)After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.Under normal circumstances, the Portfolio seeks to achieve its objective by investing primarily (i.e., at least 80% of its net assets) in a portfolio of equity and debt securities issued by U.S. and non-U.S. real estate-related companies. Companies known as real estate investment trusts (REITs) and other real estate operating companies whose value is derived from ownership, development and management of underlying real estate properties are considered to be real estate-related companies.There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio.<ul type="square"><li> <b>Non-Diversification Risk –</b> The Portfolio is classified as a non-diversified management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). This means that the Portfolio may invest a greater portion of its assets in a limited number of issuers than would be the case if the Portfolio were classified as a diversified management investment company. Because the Portfolio may invest a relatively high percentage of its assets in a limited number of positions, the Portfolio’s performance may be more vulnerable to changes in the market value of a single position and more susceptible to risks associated with a single economic, political or regulatory occurrence than a diversified fund. </li></ul>The chart and table below show how The Real Estate Securities Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s yearly performance for each calendar year since the Portfolio’s inception on May 21, 2009 through December 31, 2013.Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.2008-08-152008-08-15before-tax return2018-09-30Best quarter:2009-06-30Worst quarter:2011-09-302009-05-212009-05-212009-05-21<div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualFundOperatingExpenses000293 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualTotalReturnsBarChart000296 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleExpenseExample000294 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAverageAnnualTotalReturnsTransposed000297 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleShareholderFees000292 column period compact * ~</div><b>The Commodity Returns Strategy Portfolio</b><b>Investment Objective</b>The investment objective of The Commodity Returns Strategy Portfolio is to provide capital appreciation.<b>Fees and Expenses</b>The fee and expense tables below describe the fees and expenses that you may pay if you buy and hold HC Strategic Shares of the Portfolio.<b>Shareholder Fees</b><br/>(fees paid directly from your investment)<b>Annual Operating Expenses</b><br/>(expenses that you pay each year as a percentage of the value of your investment)<b>Example</b>:This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s Total Annual Operating Expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your costs would be:<b>Portfolio Turnover</b>The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” investments in its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in the Total Annual Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover was 28.82% of the average value of its portfolio.<b>Principal Investment Strategies</b>Under normal circumstances, the Portfolio seeks to achieve its objective by investing primarily in a diversified portfolio of commodity-related investments including securities issued by companies in commodity-related industries, commodity-linked structured notes (derivative debt instruments with principal and/or coupon payments linked to the performance of commodity indices) and other similar derivative instruments, investment vehicles that invest in commodities and commodity-related instruments. Securities of companies in commodities-related industries may include common stocks, depositary receipts, preferred securities, rights to subscribe for or purchase any such securities, warrants, convertible securities and other equity and commodity-linked securities issued by such companies. For this purpose, commodities are assets that have tangible properties, such as oil, metal and agricultural products. Commodity-related industries include, but are not limited to: (i) those directly engaged in the production of commodities, such as minerals, metals, agricultural commodities, chemicals, pulp and paper, building materials, oil and gas, other energy or natural resources, and (ii) companies that provide services to commodity producers. The Portfolio considers a company to be in a commodity-related industry if, as determined by the relevant Specialist Manager, at least 50% of the company’s assets, revenues or net income are derived from, or related to, such activities. The Portfolio will invest more than 25% of its assets in securities issued by companies in commodity-related industries. The Portfolio may invest without limitation in foreign securities, including securities issued by companies in emerging markets. 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. The Portfolio may invest in securities issued by other investment companies, including ETFs, that invest in commodity-related investments. The Portfolio also intends to gain exposure to commodity markets by investing a portion of its assets in two wholly-owned subsidiaries organized under the laws of the Cayman Islands (the “Subsidiaries”).<br/><br/>The Subsidiaries may invest without limitation in commodity-linked derivative instruments, such as swaps, futures and options. The Portfolio may invest in commodity swap, interest rate swap, variance swap and total return swap agreements and the Portfolio maintains liquid assets sufficient to cover the full notional value of any such swap positions. The Subsidiaries may also invest in debt securities, some of which are intended to serve as margin or collateral for the Subsidiaries’ derivatives positions, and other investment vehicles that invest in commodities and commodity-related instruments. The Subsidiaries are managed by the same Specialist Managers that advise the Portfolio.<br/><br/>The Portfolio may invest in equity and fixed income securities and may invest in companies of any market capitalization. Additionally, a portion of the Portfolio may be managed using a “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.<br/><br/>The Portfolio is authorized to operate on a multi-manager basis. This means that the 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.<b>Principal Investment Risks</b>Investing in the Portfolio involves risks common to any investment in securities. There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio. All mutual funds, including the Portfolio, are subject to <b>Management Risk –</b> the risk that the investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments and <b>Market Risk –</b> the risk that the value of the securities held by a portfolio may decline in response to general market and economic conditions, or conditions that affect specific market sectors or individual companies.<br/><br/>There are also risks associated with the overall structure of the Portfolio. These include:<ul type="square"><li> <b>Multi-Manager Risk –</b> the Portfolio’s multi-manager structure involves the risk that the Specialist Managers serving the Portfolio do not achieve favorable investment results relative to other investments or that the Portfolio’s assets are not effectively allocated among Specialist Managers in a manner that enhances the Portfolio’s total return or reduces the volatility that might be expected of any one management style. Additionally, the multi-manager structure may, under certain circumstances, cause the Portfolio to incur higher trading costs than might occur in a fund served by a single investment adviser.</li></ul><ul type="square"><li> <b>Passive Investing Risk –</b> a portion of the Portfolio employs a passive investment approach, which attempts to approximate as closely as practicable, before expenses, the performance of one or more different segments of the Portfolio’s investment universe, as deemed appropriate by the Adviser, regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Portfolio’s return to be lower than if the Portfolio employed an active strategy. In addition, the Portfolio’s return may not match or achieve a high degree of correlation with the return of the target investment pool due to operating expenses, transaction costs, and cash flows.</li></ul>Additionally, the range of securities in which the Portfolio may invest, and the several investment strategies that may be used in seeking to achieve the Portfolio’s objective, involve additional risks. These are summarized below.<ul type="square"><li> <b>Equity Risks.</b> Investment in equity securities involves the following risks:</li></ul><blockquote><ul type="square"><li> <b>Equity Market Risk –</b> The market value of an equity security and the equity markets in general can be volatile.</li></ul><ul type="square"><li> <b>Small/Mid Cap Risk –</b> Small and mid-cap companies may be more vulnerable to adverse business or economic developments than larger capitalization companies. Securities issued by these companies may be less liquid and/or more volatile than securities of larger companies or the overall securities markets. Small and mid-cap companies may be adversely affected during periods when investors prefer to hold securities of large capitalization companies.</li></ul><ul type="square"><li> <b>Exchange-Traded Funds Risk –</b> An investment in securities issued by an ETF may be subject to the following risks: (1) shares of the ETF may trade at a discount to its net asset value; (2) an active trading market for the ETF’s shares may not develop; (3) the exchange on which the ETF is listed may, under certain circumstances, suspend trading of the ETF’s shares; and (4) to the extent that an ETF is acquired in order to track a specific asset or index, the ETF may fail to effectively accomplish that goal.</li></ul><ul type="square"><li> <b>Investment in Other Investment Companies Risk –</b> As with other investments, investments in other investment companies are subject to market and selection risk. To the extent that the Portfolio acquires shares of investment companies, shareholders bear both their proportionate share of expenses in the Portfolio (including management and advisory fees) and, indirectly, the expenses of the acquired investment companies.</li></ul></blockquote><ul type="square"><li> <b>Commodity-Related Investing Risks.</b> Investment in commodity-related securities involves the following risks:</li></ul><blockquote><ul type="square"><li> <b>Commodity-Related Securities Risk –</b> The securities of companies in commodity-related industries may underperform the stock market as a whole. The stock prices of such companies may also experience greater price volatility than other types of common stocks. Securities issued by companies in commodity-related industries are sensitive to changes in the supply and demand for, and thus the prices of, commodities. Additionally, the values of securities issued by commodity-related companies may be affected by factors affecting a particular industry or commodity.</li></ul><ul type="square"><li> <b>Commodity-Related Investment Risk –</b> Exposure to the commodities markets may subject the Portfolio to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, interest rate changes or events affecting a particular commodity or industry, such as political instability or conflict, international economic and regulatory developments, embargoes and tariffs, and drought, floods and other weather-related events.</li></ul><ul type="square"><li> <b>Industry Concentration Risk –</b> The Portfolio concentrates its investments in commodity-related industries. The focus of the Portfolio on a specific group of related industries my present more risks than if the Portfolio were more broadly diversified over numerous unrelated industries. A downturn in commodity-related industries would have a larger impact on the Portfolio than on an investment company that does not concentrate in such industries. At times, the performance of the Portfolio’s investments in commodity-related industries may lag the performance of other industries or the broader market as a whole.</li></ul><ul type="square"><li> <b>Subsidiary Risk –</b> The commodity-related instruments held by the Subsidiaries are subject to the same risks that apply to similar investments if held directly by the Portfolio (see “Commodities Related Investment Risk” above). The Subsidiaries are not registered under the Investment Company Act and are not subject to all of the requirements and protections of that Act. However, the Portfolio wholly owns and controls the Subsidiaries, and the Board of Trustees has responsibility for overseeing the investment activities of the Portfolio, including its investment in the Subsidiaries. Changes in the laws of the United States and/or the Cayman Islands could adversely affect the Subsidiaries and/or the Portfolio.</li></ul><ul type="square"><li> <b>Commodity-Related Investment Tax Risk –</b> The tax treatment of commodity-linked derivative instruments may be adversely affected by changes in legislation, regulations or other legally binding authority. If, as a result of any such adverse action, the income of the Portfolio from certain commodity-linked derivatives was treated as non-qualifying income, the Portfolio might fail to qualify as a regulated investment company and/or be subject to federal income tax at the Portfolio level. Should the Internal Revenue Service (“IRS”) issue guidance, or Congress enact legislation, that adversely affects the tax treatment of commodity-linked notes or the Subsidiaries, it could, among other consequences, limit the Portfolio’s ability to pursue its investment strategy. For example, in September, 2016, the IRS released guidance stating that it would no longer issue rulings on any matter relating to the treatment of an entity as a Regulated Investment Company (“RIC”) if the matter would require a determination of whether a financial instrument or position is a security under the 1940 Act. To date, the Portfolio has not invested in any commodity-linked notes or other commodity-linked derivatives at the Portfolio level, although it retains the ability to make such investments in the future provided that such investments will not disqualify it for tax treatment as a RIC (or unless the Board determines that such disqualification is in the best interests of shareholders).</li></ul></blockquote><ul type="square"><li> <b>Foreign Investment Risk.</b> Investment in foreign securities involves the following risks:</li></ul><blockquote><ul type="square"><li> <b>Foreign Securities Risk –</b> Investments in securities issued by non-U.S. companies and/or non-U.S. governments and their agencies, may be adversely affected by the lack of timely or reliable financial information, political, social and/or economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices. Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar and transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities.</li></ul><ul type="square"><li> <b>Foreign Currency Risk –</b> Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar. Currency exchange rates can be volatile and can be affected by, among other factors, the general economics of a country, or the actions of the U.S. or foreign governments or central banks. In addition, transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities.</li></ul><ul type="square"><li> <b>Emerging Markets Risk –</b> Risks associated with foreign investments may be intensified in the case of investments in emerging market countries, whose political, legal and economic systems are less developed and less stable than those of more developed nations. Such investments are often less liquid and/or more volatile than securities issued by companies located in developed nations, such as the United States, Canada and those included in the MSCI EAFE Index. Certain types of securities, including emerging market securities, are subject to the risk that the securities may not be sold at the quoted market price within a reasonable period of time.</li></ul></blockquote><ul type="square"><li> <b>Fixed Income Risk.</b> Investments in fixed income securities may involve the following risks, depending on the instrument involved:</li></ul><blockquote><ul type="square"><li> <b>Credit Risk –</b> An investment in the Portfolio also involves the risk that the issuer of a fixed income security that the Portfolio holds will fail to make timely payments of interest or principal, or go bankrupt, or that the value of the securities will decline because of a market perception that the issuer may not make payments on time, thus potentially reducing the Portfolio’s return. Changes in economic conditions are likely to cause issuers of these fixed income securities to be unable to meet their obligations. The lower the rating of a debt security, the higher its credit risk. In addition, the securities of many U.S. Government agencies, authorities or instrumentalities in which the Portfolio may invest are neither issued nor guaranteed by the U.S. Government, and may be supported only by the ability of the issuer to borrow from the U.S. Treasury or by the credit of the issuer.</li></ul><ul type="square"><li> <b>Interest Rate Risk –</b> The value of fixed income securities held in the Portfolio, including U.S. Government securities, may decline with changes in interest rates. Prices of fixed income securities with longer effective maturities are more sensitive to interest rate changes than those with shorter effective maturities. U.S. Government securities can exhibit price movements resulting from changes in interest rates. During low interest rate environments, the risk that interest rates will rise is increased. Such increases may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. These risks are greater when a low interest rate environment has existed for an extended period of time.</li></ul><ul type="square"><li> <b>Non-Investment Grade Securities Risk –</b> Non-investment grade securities are considered speculative under traditional investment standards. Prices of these securities will rise and fall primarily in response to changes in the issuer’s financial health, although changes in market interest rates also will affect prices. Such securities may also experience reduced liquidity, and sudden and substantial decreases in price, during certain market conditions.</li></ul></blockquote><ul type="square"><li> <b>Risks Associated with Investments in Derivatives.</b> The Portfolio is permitted to invest in derivative instruments, including options, futures and options on futures, swaps, structured notes and currency forwards. Investment in derivatives depends largely on the performance of an underlying reference instrument or rate and the Specialist Manager’s ability to predict correctly the direction of securities prices, interest rates, currency exchange rates and/or other economic factors. Derivatives involve additional costs and often have risks similar to an investment in the reference instrument in addition to other risks, such as:</li></ul><blockquote><ul type="square"><li> <b>General Derivative Risks –</b> The value of derivative instruments may rise or fall more rapidly than other investments, and there is a risk that the Portfolio may lose more than the original amount invested in the derivative instrument. Derivative instruments also involve the risk that other parties to the derivative contract may fail to meet their obligations, which could cause losses to the Portfolio.</li></ul><ul type="square"><li> <b>Counterparty Risk –</b> The Portfolio will be subject to counterparty credit risk with respect to derivative contracts entered into by the Portfolio or held by special purpose or structured vehicles in which the Portfolio invests, including other investment companies. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Portfolio may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Portfolio may obtain only a limited recovery or may obtain no recovery in such circumstances.</li></ul><ul type="square"><li> <b>Swaps Risks –</b> The use of swaps is a highly specialized activity which involves investment techniques, risk analyses and tax planning different from those associated with ordinary portfolio securities transactions. Swap transactions can result in sizeable realized and unrealized capital gains and losses relative to the gains and losses from the Portfolio’s direct investments in securities and short sales. Transactions in swaps can involve greater risks than if the Portfolio had invested in securities directly since, in addition to general market risks, swaps may be leveraged and are also subject to liquidity risk, counterparty risk, credit risk and valuation risk. Regulators also may impose limits on an entity’s or group of entities’ positions in certain swaps.</li></ul><ul type="square"><li> <b>Derivatives Tax Risk –</b> Compared to other types of investments, derivatives may be harder to value and may also be less tax efficient. In addition, changes in government regulation of derivative instruments could affect the character, timing and amount of the Portfolio’s taxable income or gains, and may limit or prevent the Portfolio from using certain types of derivative instruments as a part of its investment strategy, which could make the investment strategy more costly to implement or require the Portfolio to change its investment strategy. To the extent that the Portfolio uses derivatives for hedging or to gain or limit exposure to a particular market or market segment, there may be imperfect correlation between the value of the derivative instrument and the value of the instrument being hedged or the relevant market or market segment, in which case the Portfolio may not realize the intended benefits. The Portfolio’s use of derivatives may be limited by the requirements for taxation of the Portfolio as a regulated investment company.</li></ul></blockquote><ul type="square"><li> <b>Other Risks</b></li></ul><blockquote><ul type="square"><li> <b>Liquidity Risk –</b> At times, certain securities may be difficult or impossible to sell at the price that would normally prevail in the market. The seller may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Portfolio management or performance. This includes the risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in less advantageous investments.</li></ul></blockquote>There is no guarantee that the Portfolio will meet its goals. It is possible to lose money by investing in the Portfolio.<b>Performance Bar Chart and Table<br/><br/>Performance.</b>The chart and table below show how The Commodity Returns Strategy Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s yearly performance for each full calendar year since the Portfolio’s inception on June 8, 2010. The table accompanying the bar chart compares the Portfolio’s performance over time on a before and after-tax basis to that of a broad based market index. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.<b>Year-by-Year Total Returns as of 12/31</b>The Portfolio’s HC Strategic Shares before-tax return for the period from January 1, 2018 through September 30, 2018 (non-annualized) was 3.41%.<br/><br/><table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse; " align="center"> <tr> <td width="35%"></td> <td valign="bottom" width="13%"></td> <td width="18%"></td> <td valign="bottom" width="19%"></td> <td></td> <td></td> <td valign="bottom" width="9%"></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-top:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Best quarter:</div></td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-top:1px solid #000000">3rd Qtr. 2012</td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000" align="right">9.60</td> <td valign="bottom" style="border-top:1px solid #000000">% </td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-bottom:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Worst quarter:</div></td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-bottom:1px solid #000000">3rd Qtr. 2011</td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">-20.69</td> <td valign="bottom" style="border-bottom:1px solid #000000">% </td></tr> </table><b>Average Annual Total Returns</b><br/>(for the periods ended 12/31/17)After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.Under normal circumstances, the Portfolio seeks to achieve its objective by investing primarily in a diversified portfolio of commodity-related investments including securities issued by companies in commodity-related industries, commodity-linked structured notes (derivative debt instruments with principal and/or coupon payments linked to the performance of commodity indices) and other similar derivative instruments, investment vehicles that invest in commodities and commodity-related instruments.There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio.The chart and table below show how The Commodity Returns Strategy Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s yearly performance for each full calendar year since the Portfolio’s inception on June 8, 2010.Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.2009-05-21before-tax return2018-09-30Best quarter:2011-12-31Worst quarter:2011-09-302010-06-082010-06-082010-06-082010-06-08<div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualFundOperatingExpenses000303 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualTotalReturnsBarChart000306 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleExpenseExample000304 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAverageAnnualTotalReturnsTransposed000307 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleShareholderFees000302 column period compact * ~</div><b>The ESG Growth Portfolio</b><b>Investment Objective</b>The ESG Growth Portfolio seeks to maximize total return while emphasizing environmental, social and governance (“ESG”) focused investments.<b>Fees and Expenses</b>The fee and expense tables below describe the fees and expenses that you may pay if you buy and hold HC Strategic Shares of the Portfolio.<b>Shareholder Fees</b><br/>(fees paid directly from your investment)<b>Annual Operating Expenses</b><br/>(expenses that you pay each year as a percentage of the value of your investment)<b>Example</b>:This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s Total Annual Operating Expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your cost would be:<b>Portfolio Turnover </b>The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” investments in its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in Total Annual Portfolio Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover was 15.54% of the average value of its portfolio.<b>Principal Investment Strategies</b>Under normal circumstances, the Portfolio seeks to achieve its total return objective, which includes a combination of capital appreciation and income, by investing primarily in equity securities. The Portfolio is permitted to invest in any equity security, which includes securities issued by other investment companies, including exchange traded funds (“ETFs”) and securities issued by one or more of the other portfolios of HC Capital Trust. The Portfolio may invest in companies of any market capitalization. Further, under the supervision of the Adviser, environmental, social and governance criteria (“ESG Factors) will be integrated into the Portfolio’s security selection process through the application of non-financial criteria (“ESG Screens”). The ESG Screens used by the Portfolio are determined with the use of third party data and ESG rating agencies which take into account a company’s performance around environmental, social and corporate governance practices. These may include (but are not limited to) such themes as climate change, resource efficiency, labor standards, product and service safety, community engagement, board policies, and corporate structure. The Portfolio seeks to avoid investment in securities issued by companies that have not demonstrated a commitment to ESG issues. Additionally, the Portfolio’s ESG Screens may not necessarily be applied to investments in derivatives, certain fixed income investments and other investments where in the Advisor’s opinion ESG Factors are not applicable or it is not possible to implement them. The ESG Screens will be applied by the Specialist Managers that manage the Portfolio under the direction of the Adviser. The ESG Screens used by each Specialist Manager may differ from one another.<br/><br/>The Portfolio may also invest without limitation in fixed income securities of all types and without regard to duration or investment ratings. Fixed income investments may include corporate debt, including high yield or “junk bonds,” structured notes, asset backed securities and similar synthetic securities, U.S. treasuries and short-term money market instruments or other cash equivalents.<br/><br/>The Portfolio is permitted to invest in securities issued by companies domiciled anywhere in the world and denominated in any currency, without limitation. The Portfolio may also invest in securities, including privately placed and structured securities, for which there may be limited markets/thinly traded issues.<b>Principal Investment Risks</b>Investing in the Portfolio involves risks common to any investment in securities. There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio. All mutual funds, including the Portfolio, are subject to <b>Management Risk –</b> the risk that the investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments and <b>Market Risk</b> <b>–</b> the risk that the value of the securities held by a portfolio may decline in response to general market and economic conditions, or conditions that affect specific market sectors or individual companies.<br/><br/>There are also risks associated with the overall structure of the Portfolio. These include:<ul type="square"><li> <b>Multi-Manager Risk.</b> The Portfolio’s multi-manager structure involves the risk that the Specialist Managers serving the Portfolio do not achieve favorable investment results relative to other investments or that the Portfolio’s assets are not effectively allocated among Specialist Managers in a manner that enhances the Portfolio’s total return or reduces the volatility that might be expected of any one management style. Additionally, the multi-manager structure may, under certain circumstances, cause the Portfolio to incur higher trading costs than might occur in a fund served by a single investment adviser.</li></ul>Additionally, the broad range of securities in which the Portfolio may invest, and the several investment strategies that may be used in seeking to achieve the Portfolio’s objective, involve additional risks. These are summarized below.<ul type="square"><li> <b>Equity Risks.</b> Investment in equity securities involves the following risks:</li></ul><blockquote><ul type="square"><li> Equity Market Risk – The market value of an equity security and the equity markets in general can be volatile.</li></ul><ul type="square"><li> Small/Mid Cap Risk – Small and mid-cap companies may be more vulnerable to adverse business or economic developments. Securities issued by these companies may be less liquid and/or more volatile than securities of larger companies or the overall securities markets. Small and mid-cap companies may be adversely affected during periods when investors prefer to hold securities of large capitalization companies.</li></ul><ul type="square"><li> Investment in Other Investment Companies Risk – To the extent that the Portfolio acquires securities issued by other investment companies, shareholders bear both their proportionate share of expenses in the Portfolio (including management and advisory fees) and, indirectly, the expenses of the acquired investment companies. Securities issued by other investment companies, including ETFs, are also equity securities and, as such, are subject to Market Risk and Management Risk.</li></ul><ul type="square"><li> Exchange-Traded Funds Risk – An investment in securities issued by an ETF may be subject to the following risks: (1) shares of the ETF may trade at a discount to its net asset value; (2) an active trading market for the ETF’s shares may not develop; (3) the exchange on which the ETF is listed may, under certain circumstances, suspend trading of the ETF’s shares; and (4) to the extent that an ETF is acquired in order to track a specific asset or index, the ETF may fail to effectively do so.</li></ul></blockquote><ul type="square"><li> <b>ESG Investing Risk.</b> The Portfolio seeks to avoid investment in securities issued by companies that have not demonstrated a commitment to ESG issues. The Portfolio’s use of ESG Factors in making investment decisions may include the following risks.</li></ul><blockquote><ul type="square"><li> Risk of Excluding Performing Companies – The Portfolio’s ESG policy may cause it to perform differently than funds that do not have an ESG focus. The Portfolio’s ESG focus may result in the Portfolio foregoing opportunities to buy or sell certain securities when it might otherwise be advantageous to do so.</li></ul><ul type="square"><li> Information Risk – The ESG Screens used by the Portfolio are determined in part through the use of third party data and ESG rating agencies. Information relating to the ESG performance of the companies in which the Portfolio may invest may not be complete, accurate or readily available. This fact may negatively impact the effectiveness of the ESG Screens.</li></ul></blockquote><ul type="square"><li> <b>Foreign Investment Risk. –</b> Investment in foreign securities involves the following risks:</li></ul><blockquote><ul type="square"><li> Foreign Securities Risk<b> </b>–<b> </b>Investments in securities issued by non-U.S. companies and/or non-U.S. governments and their agencies, may be adversely affected by the lack of timely or reliable financial information, political, social and/or economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices. Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar and transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities. Additionally, risks associated with foreign investments may be intensified in the case of investments in emerging market countries, whose political, legal and economic systems are less developed and less stable than those of more developed nations.</li></ul><ul type="square"><li> Emerging Markets Risk – Risks associated with foreign investments may be intensified in the case of investments in emerging market countries, whose political, legal and economic systems are less developed and less stable than those of more developed nations. Such investments are often less liquid and/or more volatile than securities issued by companies located in developed nations, such as the United States, Canada and those included in the MSCI EAFE Index. Certain types of securities, including emerging market securities, are subject to the risk that the securities may not be sold at the quoted market price within a reasonable period of time. The Portfolio generally considers “emerging markets” countries to be those included in the MSCI Emerging Markets Index.</li></ul><ul type="square"><li> Foreign Currency Risk<b> </b>–<b> </b>Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar. Currency exchange rates can be volatile and can be affected by, among other factors, the general economics of a country, or the actions of the U.S. or foreign governments or central banks. In addition, transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities.</li></ul></blockquote><ul type="square"><li> <b>Fixed Income Risk.</b> Investments in fixed income securities may involve the following risks, depending on the instrument involved:</li></ul><blockquote><ul type="square"><li> Interest Rate Risk – The value of fixed income securities held in the Portfolio, including U.S. Government securities, may decline with changes in interest rates. Prices of fixed income securities with longer effective maturities are more sensitive to interest rate changes than those with shorter effective maturities. U.S. Government securities can exhibit price movements resulting from changes in interest rates. During low interest rate environments, the risk that interest rates will rise is increased. Such increases may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. These risks are greater when a low interest rate environment has existed for an extended period of time.</li></ul><ul type="square"><li> Call/Prepayment Risk – When interest rates are declining, issuers of fixed income securities held by the Portfolio may prepay principal earlier than scheduled. As a result of this risk, the Portfolio may have to reinvest these prepayments at those lower rates, thus reducing its income.</li></ul><ul type="square"><li> Extension Risk – Fixed income securities held by the Portfolio are subject to the risk that payment on the loans underlying the securities held by the Portfolio will be made more slowly when interest rates are rising. This could cause the market value of the securities to decline.</li></ul><ul type="square"><li> Credit Risk – An investment in the Portfolio also involves the risk that the issuer of a fixed income security that the Portfolio holds will fail to make timely payments of interest or principal, or go bankrupt, or that the value of the securities will decline because of a market perception that the issuer may not make payments on time, thus potentially reducing the Portfolio’s return. Changes in economic conditions are likely to cause issuers of these fixed income securities to be unable to meet their obligations. The lower the rating of a debt security, the higher its credit risk. In addition, the securities of many U.S. Government agencies, authorities or instrumentalities in which the Portfolio may invest are neither issued nor guaranteed by the U.S. Government, and may be supported only by the ability of the issuer to borrow from the U.S. Treasury or by the credit of the issuer.</li></ul><ul type="square"><li> High Yield Bond Risk – High yield bonds, commonly referred to as “junk bonds,” are considered speculative under traditional investment standards. Prices of these securities will rise and fall primarily in response to changes in the issuer’s financial health, although changes in market interest rates also will affect prices. High yield bonds may also experience reduced liquidity, and sudden and substantial decreases in price, during certain market conditions.</li></ul><ul type="square"><li> Asset-Backed/Mortgage-Backed Securities Risk – The market value and yield of asset-backed and mortgage-backed securities can vary due to market interest rate fluctuations and early prepayments of underlying instruments. Although these securities may offer yields higher than those available from other types of securities, these securities may be less effective than other types of securities as a means of “locking in” attractive long-term rates because of the prepayment feature. During periods of difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, such securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. Mortgage-backed securities may be particularly susceptible to Prepayment Risk.</li></ul></blockquote><ul type="square"><li> <b>Risks Associated with Investments in Futures.</b> The Portfolio is permitted to invest in futures. Investment in futures depends largely on the performance of an underlying reference instrument or rate and the Specialist Manager’s ability to predict correctly the direction of securities prices, interest rates, currency exchange rates and/or other economic factors. Futures involve additional costs and often have risks similar to an investment in the reference instrument in addition to other risks.<br/><br/>The value of futures may rise or fall more rapidly than other investments and there is a risk that the Portfolio may lose more than the original amount invested in futures. Futures also involve the risk that other parties to the futures contract may fail to meet their obligations, which could cause losses to the Portfolio. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Portfolio may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Portfolio may obtain only a limited recovery or may obtain no recovery in such circumstances. Compared to other types of investments, futures may be harder to value and may also be less tax efficient. To the extent that the Portfolio uses futures to gain or limit exposure to a particular market or market segment, there may be imperfect correlation between the value of the futures instrument and the value of the instrument being hedged or the relevant market or market segment, in which case the Portfolio may not realize the intended benefits. The Portfolio’s use of futures may be limited by the requirements for taxation of the Portfolio as a regulated investment company.</li></ul><ul type="square"><li> <b>Thinly traded Securities.</b> The Portfolio may invest in securities, including privately placed and structured securities, for which there may be limited markets/thinly traded issues. Investment in these securities involve the following risks:</li></ul><blockquote><ul type="square"><li> Liquidity Risk – At times, certain securities may be difficult or impossible to sell at the price that would normally prevail in the market. The seller may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Portfolio management or performance. This includes the risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in less advantageous investments.</li></ul><ul type="square"><li> Valuation Risk – When market quotations are not readily available or are deemed to be unreliable, the Portfolio values its investments at fair value as determined in good faith pursuant to policies and procedures approved by the Board of Trustees. Fair value pricing may require subjective determinations about the value of a security or other asset. As a result, there can be no assurance that fair value pricing will result in adjustments to the prices of securities or other assets, or that fair value pricing will reflect actual market value, and it is possible that the fair value determined for a security or other asset will be materially different from quoted or published prices, from the prices used by others for the same security or other asset and/or from the value that actually could be or is realized upon the sale of that security or other asset.</li></ul></blockquote><b>Performance.</b>The chart and table below show how The ESG Growth Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s HC Strategic Shares yearly performance for each full calendar year since the Portfolio’s HC Strategic Shares inception on July 14, 2015. The table accompanying the bar chart compares the Portfolio’s performance over time on a before and after-tax basis to that of a broad based market index. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.<b>Year-by-Year Total Returns as of 12/31</b>The Portfolio’s HC Strategic Shares before-tax return for the period from January 1, 2018 through September 30, 2018 (non-annualized) was 4.92%.<br/><br/><table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse; " align="center"> <tr> <td width="35%"></td> <td valign="bottom" width="13%"></td> <td width="18%"></td> <td valign="bottom" width="19%"></td> <td></td> <td></td> <td valign="bottom" width="9%"></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-top:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Best quarter:</div></td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-top:1px solid #000000">1st Qtr. 2017 </td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000" align="right">6.77</td> <td valign="bottom" style="border-top:1px solid #000000">% </td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-bottom:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Worst quarter:</div></td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-bottom:1px solid #000000">4th Qtr. 2016</td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">0.29</td> <td valign="bottom" style="border-bottom:1px solid #000000">% </td></tr> </table><b>Average Annual Total Returns</b><br/>(for the periods ended 12/31/17)After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio.The chart and table below show how The ESG Growth Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s HC Strategic Shares yearly performance for each full calendar year since the Portfolio’s HC Strategic Shares inception on July 14, 2015.Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.<div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualFundOperatingExpenses000313 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualTotalReturnsBarChart000316 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleExpenseExample000314 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAverageAnnualTotalReturnsTransposed000317 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleShareholderFees000312 column period compact * ~</div><b>The Catholic SRI Growth Portfolio</b><b>Investment Objective</b>The Catholic SRI Growth Portfolio seeks to maximize total return subject to emphasizing socially responsible investments.<b>Fees and Expenses</b>The fee and expense tables below describe the fees and expenses that you may pay if you buy and hold HC Strategic Shares of the Portfolio.<b>Shareholder Fees</b><br/>(fees paid directly from your investment)<b>Annual Operating Expenses</b><br/>(expenses that you pay each year as a percentage of the value of your investment)<b>Example:</b>This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s Total Annual Operating Expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your costs would be:<b>Portfolio Turnover</b>The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” investments in its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in Total Annual Portfolio Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover was 17.01% of the average value of its portfolio.<b>Principal Investment Strategies</b>Under normal circumstances, the Portfolio seeks to achieve its objective, which includes a combination of capital appreciation and income, by investing primarily in equity securities while retaining the flexibility to invest in fixed income securities. In addition to equity and fixed income securities, the Portfolio may invest in other instruments, including, but not limited to, derivatives. The Portfolio is permitted to invest in any equity security, which includes securities issued by other investment companies, including exchange traded funds (“ETFs”) and securities issued by one or more of the other portfolios of HC Capital Trust. The Portfolio may invest in companies of any market capitalization.<br/><br/>Further, under the supervision of the Adviser, the Portfolio integrates a range of social and moral concerns into its security selection process. These issues may include protecting human life; promoting human dignity; reducing arms production; pursuing economic justice; protecting the environment, and encouraging corporate responsibility. This will be accomplished with reference to the principles contained in the United States Conference of Catholic Bishops’ (“USCCB”) Socially Responsible Investing Guidelines (“Social Guidelines”). Potential investments for the Portfolio are selected for financial soundness and evaluated according to the Portfolio’s social criteria.<br/><br/>The Portfolio may also invest without limitation in fixed income securities of all types and without regard to duration or investment ratings. Fixed income investments may include corporate debt, including high yield or “junk bonds,” structured notes, asset backed securities and similar synthetic securities, U.S. treasuries and short-term money market instruments or other cash equivalents.<br/><br/>The Portfolio is permitted to invest in securities issued by companies domiciled anywhere in the world and denominated in any currency, without limitation. The Portfolio may also invest in securities, including privately placed and structured securities, for which there may be limited markets/thinly traded issues. Additionally, in seeking to achieve its objective, the Portfolio is permitted to invest in derivative instruments, including options, futures and options on futures, swaps, structured notes and currency forwards.<br/><br/>The Portfolio is classified as a non-diversified fund, which means that the Portfolio is permitted to invest a greater portion of its assets in a limited number of issuers than would be the case if the Portfolio were classified as diversified.<br/><br/>The Portfolio is not authorized or sponsored by the Roman Catholic Church or the USCCB.<b>Principal Investment Risks</b>Investing in the Portfolio involves risks common to any investment in securities. There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio. All mutual funds, including the Portfolio, are subject to <b>Management Risk</b> – the risk that the investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments and <b>Market Risk</b> – the risk that the value of the securities held by a portfolio may decline in response to general market and economic conditions, or conditions that affect specific market sectors or individual companies.<br/><br/>There are also risks associated with the overall structure of the Portfolio. These include:<ul type="square"><li> <b>Non-diversification Risk. </b>A non-diversified fund, such as the Portfolio, is permitted to invest a greater portion of its assets in a limited number of issuers than would be the case if it were classified as diversified. As a non-diversified fund, the Portfolio’s performance may be more vulnerable to changes in the market value of a single position and risks associated with a single economic, political or regulatory occurrence than a diversified fund.</li></ul><ul type="square"><li> <b>Multi-Manager Risk.</b> The Portfolio’s multi-manager structure involves the risk that the Specialist Managers serving the Portfolio do not achieve favorable investment results relative to other investments or that the Portfolio’s assets are not effectively allocated among Specialist Managers in a manner that enhances the Portfolio’s total return or reduces the volatility that might be expected of any one management style. Additionally, the multi-manager structure may, under certain circumstances, cause the Portfolio to incur higher trading costs than might occur in a fund served by a single investment adviser.</li></ul>Additionally, the broad range of securities in which the Portfolio may invest, and the several investment strategies that may be used in seeking to achieve the Portfolio’s objective, involve additional risks. These are summarized below.<ul type="square"><li> <b>Equity Risks.</b> Investment in equity securities involves the following risks:</li></ul><blockquote><ul type="square"><li> Equity Market Risk – The market value of an equity security and the equity markets in general can be volatile.</li></ul><ul type="square"><li> Small/Mid Cap Risk – Small and mid-cap companies may be more vulnerable to adverse business or economic developments. Securities issued by these companies may be less liquid and/or more volatile than securities of larger companies or the overall securities markets. Small and mid-cap companies may be adversely affected during periods when investors prefer to hold securities of large capitalization companies.</li></ul><ul type="square"><li> Investment in Other Investment Companies Risk – To the extent that the Portfolio acquires securities issued by other investment companies, shareholders bear both their proportionate share of expenses in the Portfolio (including management and advisory fees) and, indirectly, the expenses of the acquired investment companies. Securities issued by other investment companies, including ETFs, are also equity securities and, as such, are subject to Market Risk and Management Risk.</li></ul><ul type="square"><li> Exchange-Traded Funds Risk – An investment in securities issued by an ETF may be subject to the following risks: (1) shares of the ETF may trade at a discount to its net asset value; (2) an active trading market for the ETF’s shares may not develop; (3) the exchange on which the ETF is listed may, under certain circumstances, suspend trading of the ETF’s shares; and (4) to the extent that an ETF is acquired in order to track a specific asset or index, the ETF may fail to effectively do so.</li></ul></blockquote><ul type="square"><li> <b>Socially Responsible Investing Risk.</b> The Portfolio considers the Social Guidelines in its investment process and may choose not to purchase, or may sell, otherwise profitable investments in companies which have been identified as being in conflict with the Social Guidelines. This means that the Portfolio may underperform other similar funds that do not consider the Social Guidelines when making investment decisions.</li></ul><ul type="square"><li> <b>Foreign Investment Risk.</b> Investment in foreign securities involves the following risks:</li></ul><blockquote><ul type="square"><li> Foreign Securities Risk<b> </b>–<b> </b>Investments in securities issued by non-U.S. companies and/or non-U.S. governments and their agencies, may be adversely affected by the lack of timely or reliable financial information, political, social and/or economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices. Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar and transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities. Additionally, risks associated with foreign investments may be intensified in the case of investments in emerging market countries, whose political, legal and economic systems are less developed and less stable than those of more developed nations.</li></ul><ul type="square"><li> Emerging Markets Risk<b> </b>–<b> </b>Risks associated with foreign investments may be intensified in the case of investments in emerging market countries, whose political, legal and economic systems are less developed and less stable than those of more developed nations. Such investments are often less liquid and/or more volatile than securities issued by companies located in developed nations, such as the United States, Canada and those included in the MSCI EAFE Index. Certain types of securities, including emerging market securities, are subject to the risk that the securities may not be sold at the quoted market price within a reasonable period of time. The Portfolio generally considers “emerging markets” countries to be those included in the MSCI Emerging Markets Index</li></ul><ul type="square"><li> Foreign Currency Risk<b> </b>–<b> </b>Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar. Currency exchange rates can be volatile and can be affected by, among other factors, the general economics of a country, or the actions of the U.S. or foreign governments or central banks. In addition, transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities.</li></ul></blockquote><ul type="square"><li> <b>Fixed Income Risk.</b> Investments in fixed income securities may involve the following risks, depending on the instrument involved:</li></ul><blockquote><ul type="square"><li> Interest Rate Risk<b> </b>–<b> </b>The value of fixed income securities held in the Portfolio, including U.S. Government securities, may decline with changes in interest rates. Prices of fixed income securities with longer effective maturities are more sensitive to interest rate changes than those with shorter effective maturities. U.S. Government securities can exhibit price movements resulting from changes in interest rates. During low interest rate environments, the risk that interest rates will rise is increased. Such increases may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. These risks are greater when a low interest rate environment has existed for an extended period of time.</li></ul><ul type="square"><li> Call/Prepayment Risk<b> </b>–<b> </b>When interest rates are declining, issuers of fixed income securities held by the Portfolio may prepay principal earlier than scheduled. As a result of this risk, the Portfolio may have to reinvest these prepayments at those lower rates, thus reducing its income.</li></ul><ul type="square"><li> Extension Risk – Fixed income securities held by the Portfolio are subject to the risk that payment on the loans underlying the securities held by the Portfolio will be made more slowly when interest rates are rising. This could cause the market value of the securities to decline.</li></ul><ul type="square"><li> Credit Risk<b> </b>– An investment in the Portfolio also involves the risk that the issuer of a fixed income security that the Portfolio holds will fail to make timely payments of interest or principal, or go bankrupt, or that the value of the securities will decline because of a market perception that the issuer may not make payments on time, thus potentially reducing the Portfolio’s return. Changes in economic conditions are likely to cause issuers of these fixed income securities to be unable to meet their obligations. The lower the rating of a debt security, the higher its credit risk. In addition, the securities of many U.S. Government agencies, authorities or instrumentalities in which the Portfolio may invest are neither issued nor guaranteed by the U.S. Government, and may be supported only by the ability of the issuer to borrow from the U.S. Treasury or by the credit of the issuer.</li></ul><ul type="square"><li> High Yield Bond Risk – High yield bonds, commonly referred to as “junk bonds,” are considered speculative under traditional investment standards. Prices of these securities will rise and fall primarily in response to changes in the issuer’s financial health, although changes in market interest rates also will affect prices. High yield bonds may also experience reduced liquidity, and sudden and substantial decreases in price, during certain market conditions.</li></ul><ul type="square"><li> Asset-Backed/Mortgage-Backed Securities Risk – The market value and yield of asset-backed and mortgage-backed securities can vary due to market interest rate fluctuations and early prepayments of underlying instruments. Although these securities may offer yields higher than those available from other types of securities, these securities may be less effective than other types of securities as a means of “locking in” attractive long-term rates because of the prepayment feature. During periods of difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, such securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. Mortgage-backed securities may be particularly susceptible to Prepayment Risk.</li></ul></blockquote><ul type="square"><li> <b>Risks Associated with Investments in Futures.</b> The Portfolio is permitted to invest in futures. Investment in futures depends largely on the performance of an underlying reference instrument or rate and the Specialist Manager’s ability to predict correctly the direction of securities prices, interest rates, currency exchange rates and/or other economic factors. Futures involve additional costs and often have risks similar to an investment in the reference instrument in addition to other risks.<br/><br/>The value of futures may rise or fall more rapidly than other investments and there is a risk that the Portfolio may lose more than the original amount invested in futures. Futures also involve the risk that other parties to the derivative contract may fail to meet their obligations, which could cause losses to the Portfolio. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Portfolio may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Portfolio may obtain only a limited recovery or may obtain no recovery in such circumstances. Compared to other types of investments, futures may be harder to value and may also be less tax efficient. To the extent that the Portfolio uses futures to gain or limit exposure to a particular market or market segment, there may be imperfect correlation between the value of the futures instrument and the value of the instrument being hedged or the relevant market or market segment, in which case the Portfolio may not realize the intended benefits. The Portfolio’s use of futures may be limited by the requirements for taxation of the Portfolio as a regulated investment company.</li></ul><ul type="square"><li> <b>Thinly traded Securities.</b> The Portfolio may invest in securities, including privately placed and structured securities and derivatives, for which there may be limited markets/thinly traded issues. Investment in these securities involve the following risks:</li></ul><blockquote><ul type="square"><li> Liquidity Risk<b> </b>–<b> </b>At times, certain securities may be difficult or impossible to sell at the price that would normally prevail in the market. The seller may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Portfolio management or performance. This includes the risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in less advantageous investments.</li></ul><ul type="square"><li> Valuation Risk – When market quotations are not readily available or are deemed to be unreliable, the Portfolio values its investments at fair value as determined in good faith pursuant to policies and procedures approved by the Board of Trustees. Fair value pricing may require subjective determinations about the value of a security or other asset. As a result, there can be no assurance that fair value pricing will result in adjustments to the prices of securities or other assets, or that fair value pricing will reflect actual market value, and it is possible that the fair value determined for a security or other asset will be materially different from quoted or published prices, from the prices used by others for the same security or other asset and/or from the value that actually could be or is realized upon the sale of that security or other asset.</li></ul></blockquote><b>Performance.</b>The chart and table below show how The Catholic SRI Growth Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s HC Strategic Shares yearly performance for each full calendar year since the Portfolio’s HC Strategic Shares inception on January 12, 2016. The table accompanying the bar chart compares the Portfolio’s performance over time on a before and after-tax basis to that of a broad based market index. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.<b>Year-by-Year Total Returns as of 12/31</b>The Portfolio’s HC Strategic Shares before-tax return for the period from January 1, 2018 through September 30, 2018 (non-annualized) was 4.30%.<br/><br/><table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse; " align="center"> <tr> <td width="35%"></td> <td valign="bottom" width="13%"></td> <td width="18%"></td> <td valign="bottom" width="19%"></td> <td></td> <td></td> <td valign="bottom" width="9%"></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-top:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Best quarter:</div></td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-top:1px solid #000000">4th Qtr. 2017</td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000" align="right">6.41</td> <td valign="bottom" style="border-top:1px solid #000000">% </td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-bottom:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Worst quarter:</div></td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-bottom:1px solid #000000">2nd Qtr. 2017</td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">3.64</td> <td valign="bottom" style="border-bottom:1px solid #000000">% </td></tr> </table><b>Average Annual Total Returns</b><br/>(for the periods ended 12/31/17)After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio.<ul type="square"><li> <b>Non-diversification Risk. </b>A non-diversified fund, such as the Portfolio, is permitted to invest a greater portion of its assets in a limited number of issuers than would be the case if it were classified as diversified. As a non-diversified fund, the Portfolio’s performance may be more vulnerable to changes in the market value of a single position and risks associated with a single economic, political or regulatory occurrence than a diversified fund.</li></ul>The chart and table below show how The Catholic SRI Growth Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s HC Strategic Shares yearly performance for each full calendar year since the Portfolio’s HC Strategic Shares inception on January 12, 2016.Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.2010-06-08before-tax return2018-09-30Best quarter:2012-09-30Worst quarter:2011-09-302015-07-142015-07-142015-07-142015-07-14before-tax return2018-09-30Best quarter:2017-03-31<div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualFundOperatingExpenses000323 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualTotalReturnsBarChart000326 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleExpenseExample000324 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAverageAnnualTotalReturnsTransposed000327 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleShareholderFees000322 column period compact * ~</div><b>The International Equity Portfolio</b><b>Investment Objective</b>The investment objective of The International Equity Portfolio is to maximize total return.<b>Fees and Expenses</b>The fee and expense tables below describe the fees and expenses that you may pay if you buy and hold HC Strategic Shares of the Portfolio.<b>Shareholder Fees</b><br/>(fees paid directly from your investment)<b>Annual Operating Expenses</b><br/>(expenses that you pay each year as a percentage of the value of your investment)<b>Example</b>:This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s Total Annual Operating Expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your cost would be:<b>Portfolio Turnover</b>The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” investments in its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in the Total Annual Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover was 29.94% of the average value of its portfolio.<b>Principal Investment Strategies</b>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.<br/><br/>Additionally, a portion of the Portfolio may be managed using a “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 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.<b>Principal Investment Risks</b>Investing in the Portfolio involves risks common to any investment in securities. There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio. All mutual funds, including the Portfolio, are subject to <b>Management Risk –</b> the risk that the investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments and <b>Market Risk –</b> the risk that the value of the securities held by a portfolio may decline in response to general market and economic conditions, or conditions that affect specific market sectors or individual companies.<br/><br/>There are also risks associated with the overall structure of the Portfolio. These include:<ul type="square"><li> <b>Multi-Manager Risk –</b> the Portfolio’s multi-manager structure involves the risk that the Specialist Managers serving the Portfolio do not achieve favorable investment results relative to other investments or that the Portfolio’s assets are not effectively allocated among Specialist Managers in a manner that enhances the Portfolio’s total return or reduces the volatility that might be expected of any one management style. Additionally, the multi-manager structure may, under certain circumstances, cause the Portfolio to incur higher trading costs than might occur in a fund served by a single investment adviser.</li></ul><ul type="square"><li> <b>Passive Investing Risk –</b> a portion of the Portfolio employs a passive investment approach, which attempts to approximate as closely as practicable, before expenses, the performance of one or more different segments of the Portfolio’s investment universe, as deemed appropriate by the Adviser, regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Portfolio’s return to be lower than if the Portfolio employed an active strategy. In addition, the Portfolio’s return may not match or achieve a high degree of correlation with the return of the target investment pool due to operating expenses, transaction costs, and cash flows.</li></ul>Additionally, the range of securities in which the Portfolio may invest, and the several investment strategies that may be used in seeking to achieve the Portfolio’s objective, involve additional risks. These are summarized below.<ul type="square"><li> <b>Equity Risks.</b> Investment in equity securities involves the following risks:</li></ul><blockquote><ul type="square"><li> <b>Equity Market Risk –</b> The market value of an equity security and the equity markets in general can be volatile.</li></ul><ul type="square"><li> <b>Exchange-Traded Funds Risk –</b> An investment in securities issued by an ETF may be subject to the following risks: (1) shares of the ETF may trade at a discount to its net asset value; (2) an active trading market for the ETF’s shares may not develop; (3) the exchange on which the ETF is listed may, under certain circumstances, suspend trading of the ETF’s shares; and (4) to the extent that an ETF is acquired in order to track a specific asset or index, the ETF may fail to effectively accomplish that goal.</li></ul><ul type="square"><li> <b>Investment in Other Investment Companies Risk –</b> As with other investments, investments in other investment companies are subject to market and selection risk. To the extent that the Portfolio acquires shares of investment companies, shareholders bear both their proportionate share of expenses in the Portfolio (including management and advisory fees) and, indirectly, the expenses of the acquired investment companies.</li></ul></blockquote><ul type="square"><li> <b>Foreign Investment Risk.</b> Investment in foreign securities involves the following risks:</li></ul><blockquote><ul type="square"><li> <b>Foreign Securities Risk –</b> Investments in securities issued by non-U.S. companies and/or non-U.S. governments and their agencies, may be adversely affected by the lack of timely or reliable financial information, political, social and/or economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices. Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar and transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities.</li></ul><ul type="square"><li> <b>Foreign Currency Risk –</b> Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar. Currency exchange rates can be volatile and can be affected by, among other factors, the general economics of a country, or the actions of the U.S. or foreign governments or central banks. In addition, transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities.</li></ul><ul type="square"><li> <b>Emerging Markets Risk –</b> Risks associated with foreign investments may be intensified in the case of investments in emerging market countries, whose political, legal and economic systems are less developed and less stable than those of more developed nations. Such investments are often less liquid and/or more volatile than securities issued by companies located in developed nations, such as the United States, Canada and those included in the MSCI EAFE Index. Certain types of securities, including emerging market securities, are subject to the risk that the securities may not be sold at the quoted market price within a reasonable period of time.</li></ul></blockquote><ul type="square"><li> <b>Risks Associated with Investments in Derivatives.</b> The Portfolio is permitted to invest in derivative instruments, including options, futures and options on futures, swaps, structured notes and currency forwards. Investment in derivatives depends largely on the performance of an underlying reference instrument or rate and the Specialist Manager’s ability to predict correctly the direction of securities prices, interest rates, currency exchange rates and/or other economic factors. Derivatives involve additional costs and often have risks similar to an investment in the reference instrument in addition to other risks, such as:</li></ul><blockquote><ul type="square"><li> <b>General Derivative Risks –</b> The value of derivative instruments may rise or fall more rapidly than other investments, and there is a risk that the Portfolio may lose more than the original amount invested in the derivative instrument. Derivative instruments also involve the risk that other parties to the derivative contract may fail to meet their obligations, which could cause losses to the Portfolio.</li></ul><ul type="square"><li> <b>Counterparty Risk –</b> The Portfolio will be subject to counterparty credit risk with respect to derivative contracts entered into by the Portfolio or held by special purpose or structured vehicles in which the Portfolio invests, including other investment companies. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Portfolio may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Portfolio may obtain only a limited recovery or may obtain no recovery in such circumstances.</li></ul><ul type="square"><li> <b>Derivatives Tax Risk –</b> Compared to other types of investments, derivatives may be harder to value and may also be less tax efficient. In addition, changes in government regulation of derivative instruments could affect the character, timing and amount of the Portfolio’s taxable income or gains, and may limit or prevent the Portfolio from using certain types of derivative instruments as a part of its investment strategy, which could make the investment strategy more costly to implement or require the Portfolio to change its investment strategy. To the extent that the Portfolio uses derivatives for hedging or to gain or limit exposure to a particular market or market segment, there may be imperfect correlation between the value of the derivative instrument and the value of the instrument being hedged or the relevant market or market segment, in which case the Portfolio may not realize the intended benefits. The Portfolio’s use of derivatives may be limited by the requirements for taxation of the Portfolio as a regulated investment company.</li></ul></blockquote>There is no guarantee that the Portfolio will meet its goals. It is possible to lose money by investing in the Portfolio.<b>Performance Bar Chart and Table<br/><br/>Performance.</b>The chart and table below show how The International Equity Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s yearly performance for each of the last ten full calendar years. The table accompanying the bar chart compares the Portfolio’s performance over time on a before and after-tax basis to that of a broad based market index. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.<b>Year-by-Year Total Returns as of 12/31</b>The Portfolio’s HC Strategic Shares before-tax return for the period from January 1, 2018 through September 30, 2018 (non-annualized) was -2.63%.<br/><br/><table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse; " align="center"> <tr> <td width="35%"></td> <td valign="bottom" width="13%"></td> <td width="18%"></td> <td valign="bottom" width="19%"></td> <td></td> <td></td> <td valign="bottom" width="9%"></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-top:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Best quarter:</div></td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-top:1px solid #000000">2nd Qtr. 2009</td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000" align="right">20.93</td> <td valign="bottom" style="border-top:1px solid #000000">% </td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-bottom:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Worst quarter:</div></td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-bottom:1px solid #000000">3rd Qtr. 2011</td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">-21.22</td> <td valign="bottom" style="border-bottom:1px solid #000000">% </td></tr> </table><b>Average Annual Total Returns</b><br/>(for the periods ended 12/31/17)After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio.The chart and table below show how The International Equity Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s yearly performance for each of the last ten full calendar years.Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.Worst quarter:2016-12-312016-01-122016-01-122016-01-122016-01-12before-tax return2018-09-30Best quarter:2017-12-31Worst quarter:2017-06-30<div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualFundOperatingExpenses000333 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualTotalReturnsBarChart000336 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleExpenseExample000334 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAverageAnnualTotalReturnsTransposed000337 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleShareholderFees000332 column period compact * ~</div><b>The Institutional International Equity Portfolio</b><b>Investment Objective</b>The investment objective of The Institutional International Equity Portfolio is to maximize total return.<b>Fees and Expenses</b>The fee and expense tables below describe the fees and expenses that you may pay if you buy and hold HC Strategic Shares of the Portfolio.<b>Shareholder Fees</b><br/>(fees paid directly from your investment)<b>Annual Operating Expenses</b><br/>(expenses that you pay each year as a percentage of the value of your investment)<b>Example</b>:This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s Total Annual Operating Expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your cost would be:<b>Portfolio Turnover</b>The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” investments in its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in the Total Annual Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover was 40.38% of the average value of its portfolio.<b>Principal Investment Strategies</b>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 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.<br/><br/>Additionally, a portion of the Portfolio may be managed using a “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.<br/><br/>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.<b>Principal Investment Risks</b>Investing in the Portfolio involves risks common to any investment in securities. There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio. All mutual funds, including the Portfolio, are subject to <b>Management Risk –</b> the risk that the investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments and <b>Market Risk –</b> the risk that the value of the securities held by a portfolio may decline in response to general market and economic conditions, or conditions that affect specific market sectors or individual companies.<br/><br/>There are also risks associated with the overall structure of the Portfolio. These include:<ul type="square"><li> <b>Multi-Manager Risk –</b> the Portfolio’s multi-manager structure involves the risk that the Specialist Managers serving the Portfolio do not achieve favorable investment results relative to other investments or that the Portfolio’s assets are not effectively allocated among Specialist Managers in a manner that enhances the Portfolio’s total return or reduces the volatility that might be expected of any one management style. Additionally, the multi-manager structure may, under certain circumstances, cause the Portfolio to incur higher trading costs than might occur in a fund served by a single investment adviser.</li></ul><ul type="square"><li> <b>Passive Investing Risk –</b> a portion of the Portfolio employs a passive investment approach, which attempts to approximate as closely as practicable, before expenses, the performance of one or more different segments of the Portfolio’s investment universe, as deemed appropriate by the Adviser, regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Portfolio’s return to be lower than if the Portfolio employed an active strategy. In addition, the Portfolio’s return may not match or achieve a high degree of correlation with the return of the target investment pool due to operating expenses, transaction costs, and cash flows.</li></ul>Additionally, the range of securities in which the Portfolio may invest, and the several investment strategies that may be used in seeking to achieve the Portfolio’s objective, involve additional risks. These are summarized below.<ul type="square"><li> <b>Equity Risks.</b> Investment in equity securities involves the following risks:</li></ul><blockquote><ul type="square"><li> <b>Equity Market Risk –</b> The market value of an equity security and the equity markets in general can be volatile.</li></ul><ul type="square"><li> <b>Exchange-Traded Funds Risk –</b> An investment in securities issued by an ETF may be subject to the following risks: (1) shares of the ETF may trade at a discount to its net asset value; (2) an active trading market for the ETF’s shares may not develop; (3) the exchange on which the ETF is listed may, under certain circumstances, suspend trading of the ETF’s shares; and (4) to the extent that an ETF is acquired in order to track a specific asset or index, the ETF may fail to effectively accomplish that goal.</li></ul><ul type="square"><li> <b>Investment in Other Investment Companies Risk –</b> As with other investments, investments in other investment companies are subject to market and selection risk. To the extent that the Portfolio acquires shares of investment companies, shareholders bear both their proportionate share of expenses in the Portfolio (including management and advisory fees) and, indirectly, the expenses of the acquired investment companies.</li></ul></blockquote><ul type="square"><li> <b>Foreign Investment Risk.</b> Investment in foreign securities involves the following risks:</li></ul><blockquote><ul type="square"><li> <b>Foreign Securities Risk –</b> Investments in securities issued by non-U.S. companies and/or non-U.S. governments and their agencies, may be adversely affected by the lack of timely or reliable financial information, political, social and/or economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices. Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar and transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities.</li></ul><ul type="square"><li> <b>Foreign Currency Risk –</b> Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar. Currency exchange rates can be volatile and can be affected by, among other factors, the general economics of a country, or the actions of the U.S. or foreign governments or central banks. In addition, transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities.</li></ul><ul type="square"><li> <b>Emerging Markets Risk –</b> Risks associated with foreign investments may be intensified in the case of investments in emerging market countries, whose political, legal and economic systems are less developed and less stable than those of more developed nations. Such investments are often less liquid and/or more volatile than securities issued by companies located in developed nations, such as the United States, Canada and those included in the MSCI EAFE Index. Certain types of securities, including emerging market securities, are subject to the risk that the securities may not be sold at the quoted market price within a reasonable period of time.</li></ul></blockquote><ul type="square"><li> <b>Risks Associated with Investments in Derivatives.</b> The Portfolio is permitted to invest in derivative instruments, including options, futures and options on futures, swaps, structured notes and currency forwards. Investment in derivatives depends largely on the performance of an underlying reference instrument or rate and the Specialist Manager’s ability to predict correctly the direction of securities prices, interest rates, currency exchange rates and/or other economic factors. Derivatives involve additional costs and often have risks similar to an investment in the reference instrument in addition to other risks, such as:</li></ul><blockquote><ul type="square"><li> <b>General Derivative Risks –</b> The value of derivative instruments may rise or fall more rapidly than other investments, and there is a risk that the Portfolio may lose more than the original amount invested in the derivative instrument. Derivative instruments also involve the risk that other parties to the derivative contract may fail to meet their obligations, which could cause losses to the Portfolio.</li></ul><ul type="square"><li> <b>Counterparty Risk –</b> The Portfolio will be subject to counterparty credit risk with respect to derivative contracts entered into by the Portfolio or held by special purpose or structured vehicles in which the Portfolio invests, including other investment companies. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Portfolio may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Portfolio may obtain only a limited recovery or may obtain no recovery in such circumstances.</li></ul><ul type="square"><li> <b>Derivatives Tax Risk –</b> Compared to other types of investments, derivatives may be harder to value and may also be less tax efficient. In addition, changes in government regulation of derivative instruments could affect the character, timing and amount of the Portfolio’s taxable income or gains, and may limit or prevent the Portfolio from using certain types of derivative instruments as a part of its investment strategy, which could make the investment strategy more costly to implement or require the Portfolio to change its investment strategy. To the extent that the Portfolio uses derivatives for hedging or to gain or limit exposure to a particular market or market segment, there may be imperfect correlation between the value of the derivative instrument and the value of the instrument being hedged or the relevant market or market segment, in which case the Portfolio may not realize the intended benefits. The Portfolio’s use of derivatives may be limited by the requirements for taxation of the Portfolio as a regulated investment company.</li></ul></blockquote>There is no guarantee that the Portfolio will meet its goals. It is possible to lose money by investing in the Portfolio.<b>Performance Bar Chart and Table<br/><br/>Performance.</b>The chart and table below show how The Institutional International Equity Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s yearly performance for each full calendar year since the Portfolio’s inception on November 20, 2009. The table accompanying the bar chart compares the Portfolio’s performance over time on a before and after-tax basis to that of a broad based market index. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.<b>Year-by-Year Total Returns as of 12/31</b>The Portfolio’s HC Strategic Shares before-tax return for the period from January 1, 2018 through September 30, 2018 (non-annualized) was -2.05%.<br/><br/><table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse; " align="center"> <tr> <td width="35%"></td> <td valign="bottom" width="13%"></td> <td width="18%"></td> <td valign="bottom" width="19%"></td> <td></td> <td></td> <td valign="bottom" width="9%"></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-top:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Best quarter:</div></td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-top:1px solid #000000">3rd Qtr. 2010 </td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000" align="right">16.22</td> <td valign="bottom" style="border-top:1px solid #000000">% </td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-bottom:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Worst quarter:</div></td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-bottom:1px solid #000000">3rd Qtr. 2011</td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">-20.97</td> <td valign="bottom" style="border-bottom:1px solid #000000">% </td></tr> </table><b>Average Annual Total Returns</b><br/>(for the periods ended 12/31/17)After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio.The chart and table below show how The Institutional International Equity Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s yearly performance for each full calendar year since the Portfolio’s inception on November 20, 2009.Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.before-tax return2018-09-30Best quarter:2009-06-302009-11-202009-11-202009-11-20Worst quarter:2011-09-302009-11-20before-tax return2018-09-30Best quarter:2010-09-30<div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualFundOperatingExpenses000343 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualTotalReturnsBarChart000346 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleExpenseExample000344 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAverageAnnualTotalReturnsTransposed000347 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleShareholderFees000342 column period compact * ~</div><b>The Emerging Markets Portfolio</b><b>Investment Objective </b>The investment objective of The Emerging Markets Portfolio is to provide maximum total return, primarily through capital appreciation.<b>Fees and Expenses </b>The fee and expense tables below describe the fees and expenses that you may pay if you buy and hold HC Strategic Shares of the Portfolio.<b>Shareholder Fees</b><br/>(fees paid directly from your investment)<b>Annual Operating Expenses</b><br/>(expenses that you pay each year as a percentage of the value of your investment)<b>Example</b>:This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s Total Annual Operating Expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your cost would be:<b>Portfolio Turnover </b>The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” investments in its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in the Total Annual Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover was 54.90% of the average value of its portfolio.<b>Principal Investment Strategies </b>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 of issuers domiciled or, in the view of the Specialist Manager, deemed to be doing material amounts of business in emerging market countries. The Portfolio, a diversified investment company, invests primarily in the Morgan Stanley Capital International<sup>®</sup> 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. <br/><br/>Additionally, a portion of the Portfolio may be managed using a “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. <br/><br/>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.<b>Principal Investment Risks </b>Investing in the Portfolio involves risks common to any investment in securities. There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio. All mutual funds, including the Portfolio, are subject to <b>Management Risk –</b> the risk that the investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments and <b>Market Risk –</b> the risk that the value of the securities held by a portfolio may decline in response to general market and economic conditions, or conditions that affect specific market sectors or individual companies. <br/><br/>There are also risks associated with the overall structure of the Portfolio. These include: <ul type="square"><li> <b>Multi-Manager Risk –</b> the Portfolio’s multi-manager structure involves the risk that the Specialist Managers serving the Portfolio do not achieve favorable investment results relative to other investments or that the Portfolio’s assets are not effectively allocated among Specialist Managers in a manner that enhances the Portfolio’s total return or reduces the volatility that might be expected of any one management style. Additionally, the multi-manager structure may, under certain circumstances, cause the Portfolio to incur higher trading costs than might occur in a fund served by a single investment adviser. </li></ul><ul type="square"><li> <b>Passive Investing Risk –</b> a portion of the Portfolio employs a passive investment approach, which attempts to approximate as closely as practicable, before expenses, the performance of one or more different segments of the Portfolio’s investment universe, as deemed appropriate by the Adviser, regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Portfolio’s return to be lower than if the Portfolio employed an active strategy. In addition, the Portfolio’s return may not match or achieve a high degree of correlation with the return of the target investment pool due to operating expenses, transaction costs, and cash flows. </li></ul>Additionally, the range of securities in which the Portfolio may invest, and the several investment strategies that may be used in seeking to achieve the Portfolio’s objective, involve additional risks. These are summarized below. <ul type="square"><li> <b>Equity Risks.</b> Investment in equity securities involves the following risks: </li></ul><blockquote><ul type="square"><li> <b>Equity Market Risk –</b> The market value of an equity security and the equity markets in general can be volatile. </li></ul><ul type="square"><li> <b>Small/Mid Cap Risk –</b> Small and mid-cap companies may be more vulnerable to adverse business or economic developments than larger capitalization companies. Securities issued by these companies may be less liquid and/or more volatile than securities of larger companies or the overall securities markets. Small and mid-cap companies may be adversely affected during periods when investors prefer to hold securities of large capitalization companies. </li></ul><ul type="square"><li> <b>Exchange-Traded Funds Risk –</b> An investment in securities issued by an ETF may be subject to the following risks: (1) shares of the ETF may trade at a discount to its net asset value; (2) an active trading market for the ETF’s shares may not develop; (3) the exchange on which the ETF is listed may, under certain circumstances, suspend trading of the ETF’s shares; and (4) to the extent that an ETF is acquired in order to track a specific asset or index, the ETF may fail to effectively accomplish that goal. </li></ul><ul type="square"><li> <b>Investment in Other Investment Companies Risk –</b> As with other investments, investments in other investment companies are subject to market and selection risk. To the extent that the Portfolio acquires shares of investment companies, shareholders bear both their proportionate share of expenses in the Portfolio (including management and advisory fees) and, indirectly, the expenses of the acquired investment companies. </li></ul></blockquote><ul type="square"><li> <b>Foreign Investment Risk.</b> Investment in foreign securities involves the following risks: </li></ul><blockquote><ul type="square"><li> <b>Emerging Markets Risk –</b> Risks associated with foreign investments may be intensified in the case of investments in emerging market countries, whose political, legal and economic systems are less developed and less stable than those of more developed nations. Such investments are often less liquid and/or more volatile than securities issued by companies located in developed nations, such as the United States, Canada and those included in the MSCI EAFE Index. Certain types of securities, including emerging market securities, are subject to the risk that the securities may not be sold at the quoted market price within a reasonable period of time. </li></ul><ul type="square"><li> <b>China Risk.</b> 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. </li></ul><ul type="square"><li> <b>Foreign Securities Risk –</b> Investments in securities issued by non-U.S. companies and/or non-U.S. governments and their agencies, may be adversely affected by the lack of timely or reliable financial information, political, social and/or economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices. Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar and transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities. </li></ul><ul type="square"><li> <b>Foreign Currency Risk –</b> Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar. Currency exchange rates can be volatile and can be affected by, among other factors, the general economics of a country, or the actions of the U.S. or foreign governments or central banks. In addition, transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities. </li></ul></blockquote><ul type="square"><li> <b>Risks Associated with Investments in Derivatives.</b> The Portfolio is permitted to invest in derivative instruments, including options, futures and options on futures, swaps, structured notes and currency forwards. Investment in derivatives depends largely on the performance of an underlying reference instrument or rate and the Specialist Manager’s ability to predict correctly the direction of securities prices, interest rates, currency exchange rates and/or other economic factors. Derivatives involve additional costs and often have risks similar to an investment in the reference instrument in addition to other risks, such as: </li></ul><blockquote><ul type="square"><li> <b>General Derivative Risks –</b> The value of derivative instruments may rise or fall more rapidly than other investments, and there is a risk that the Portfolio may lose more than the original amount invested in the derivative instrument. Derivative instruments also involve the risk that other parties to the derivative contract may fail to meet their obligations, which could cause losses to the Portfolio. </li></ul><ul type="square"><li> <b>Counterparty Risk –</b> The Portfolio will be subject to counterparty credit risk with respect to derivative contracts entered into by the Portfolio or held by special purpose or structured vehicles in which the Portfolio invests, including other investment companies. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Portfolio may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Portfolio may obtain only a limited recovery or may obtain no recovery in such circumstances. </li></ul><ul type="square"><li> <b>Derivatives Tax Risk –</b> Compared to other types of investments, derivatives may be harder to value and may also be less tax efficient. In addition, changes in government regulation of derivative instruments could affect the character, timing and amount of the Portfolio’s taxable income or gains, and may limit or prevent the Portfolio from using certain types of derivative instruments as a part of its investment strategy, which could make the investment strategy more costly to implement or require the Portfolio to change its investment strategy. To the extent that the Portfolio uses derivatives for hedging or to gain or limit exposure to a particular market or market segment, there may be imperfect correlation between the value of the derivative instrument and the value of the instrument being hedged or the relevant market or market segment, in which case the Portfolio may not realize the intended benefits. The Portfolio’s use of derivatives may be limited by the requirements for taxation of the Portfolio as a regulated investment company.</li></ul></blockquote>There is no guarantee that the Portfolio will meet its goals. It is possible to lose money by investing in the Portfolio.<b>Performance Bar Chart and Table<br/><br/>Performance.</b>The chart and table below show how The Emerging Markets Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s yearly performance for each full calendar year since the Portfolio’s inception on December 10, 2009. The table accompanying the bar chart compares the Portfolio’s performance over time on a before and after-tax basis to that of a broad based market index. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.<b>Year-by-Year Total Returns as of 12/31</b>The Portfolio’s HC Strategic Shares before-tax return for the period from January 1, 2018 through September 30, 2018 (non-annualized) was -8.80%.<br/><br/><table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse; " align="center"> <tr> <td width="35%"></td> <td valign="bottom" width="13%"></td> <td width="18%"></td> <td valign="bottom" width="19%"></td> <td></td> <td></td> <td valign="bottom" width="9%"></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-top:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Best quarter:</div></td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-top:1px solid #000000">3rd Qtr. 2010</td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000" align="right">18.88</td> <td valign="bottom" style="border-top:1px solid #000000">% </td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-bottom:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Worst quarter:</div></td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-bottom:1px solid #000000">3rd Qtr. 2011</td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">-24.13</td> <td valign="bottom" style="border-bottom:1px solid #000000">% </td></tr> </table><b>Average Annual Total Returns</b><br/>(for the periods ended 12/31/17)After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio.The chart and table below show how The Emerging Markets Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s yearly performance for each full calendar year since the Portfolio’s inception on December 10, 2009.Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.<div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualFundOperatingExpenses000353 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualTotalReturnsBarChart000356 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleExpenseExample000354 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAverageAnnualTotalReturnsTransposed000357 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleShareholderFees000352 column period compact * ~</div><b>The Core Fixed Income Portfolio </b><b>Investment Objective </b>The investment objective of The Core Fixed Income Portfolio is to provide a high level of current income consistent with the preservation of capital.<b>Fees and Expenses </b>The fee and expense tables below describe the fees and expenses that you may pay if you buy and hold HC Strategic Shares of the Portfolio.<b>Shareholder Fees</b><br/>(fees paid directly from your investment)<b>Annual Operating Expenses</b><br/>(expenses that you pay each year as a percentage of the value of your investment)<b>Example</b>: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 Total Annual Operating Expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your cost would be:<b>Portfolio Turnover </b>The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” investments in its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in the Total Annual Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover was 43.79% of the average value of its portfolio.<b>Principal Investment Strategies </b>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 (“Baa” or higher by Moodys, “BBB” or higher by Standard & Poor’s) 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. 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 Bloomberg Barclays U.S. Aggregate Bond Index, which range, as of June 30, 2018, was between 1 and 29 years. The weighted average maturity of the Bloomberg Barclays U.S. Aggregate Bond Index as of June 30, 2018 was 12.9 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.<br/><br/>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.<b>Principal Investment Risks </b>Investing in the Portfolio involves risks common to any investment in securities. There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio. All mutual funds, including the Portfolio, are subject to <b>Management Risk –</b> the risk that the investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments and <b>Market Risk –</b> the risk that the value of the securities held by a portfolio may decline in response to general market and economic conditions, or conditions that affect specific market sectors or individual companies. <br/><br/>There are also risks associated with the overall structure of the Portfolio. These include: <ul type="square"><li> <b>Multi-Manager Risk –</b> the Portfolio’s multi-manager structure involves the risk that the Specialist Managers serving the Portfolio do not achieve favorable investment results relative to other investments or that the Portfolio’s assets are not effectively allocated among Specialist Managers in a manner that enhances the Portfolio’s total return or reduces the volatility that might be expected of any one management style. Additionally, the multi-manager structure may, under certain circumstances, cause the Portfolio to incur higher trading costs than might occur in a fund served by a single investment adviser. </li></ul><ul type="square"><li> <b>High Turnover Risk –</b> High portfolio turnover will cause the Portfolio to incur additional transaction costs; higher transaction costs will reduce total return. High portfolio turnover also is likely to generate short-term capital gains, which, once distributed, is taxed to the shareholder as ordinary income and does not retain its character as short-term capital gain in the hands of a shareholder. </li></ul>Additionally, the range of securities in which the Portfolio may invest, and the several investment strategies that may be used in seeking to achieve the Portfolio’s objective, involve additional risks. These are summarized below. <ul type="square"><li> <b>Fixed Income Risk.</b> Investments in fixed income securities may involve the following risks, depending on the instrument involved:</li></ul><blockquote><ul type="square"><li> <b>Credit Risk –</b> An investment in the Portfolio also involves the risk that the issuer of a fixed income security that the Portfolio holds will fail to make timely payments of interest or principal, or go bankrupt, or that the value of the securities will decline because of a market perception that the issuer may not make payments on time, thus potentially reducing the Portfolio’s return. Changes in economic conditions are likely to cause issuers of these fixed income securities to be unable to meet their obligations. The lower the rating of a debt security, the higher its credit risk. In addition, the securities of many U.S. Government agencies, authorities or instrumentalities in which the Portfolio may invest are neither issued nor guaranteed by the U.S. Government, and may be supported only by the ability of the issuer to borrow from the U.S. Treasury or by the credit of the issuer.</li></ul><ul type="square"><li> <b>Interest Rate Risk –</b> The value of fixed income securities held in the Portfolio, including U.S. Government securities, may decline with changes in interest rates. Prices of fixed income securities with longer effective maturities are more sensitive to interest rate changes than those with shorter effective maturities. U.S. Government securities can exhibit price movements resulting from changes in interest rates. During low interest rate environments, the risk that interest rates will rise is increased. Such increases may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. These risks are greater when a low interest rate environment has existed for an extended period of time. </li></ul><ul type="square"><li> <b>Asset-Backed/Mortgage-Backed Security Risk –</b> The market value and yield of asset-backed and mortgage-backed securities can vary due to market interest rate fluctuations and early prepayments of underlying instruments. Although these securities may offer yields higher than those available from other types of securities, these securities may be less effective than other types of securities as a means of “locking in” attractive long-term rates because of the prepayment feature. During periods of difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, such securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. Mortgage-backed securities may be particularly susceptible to Prepayment Risk. </li></ul><ul type="square"><li> <b>Call/Prepayment Risk –</b> When interest rates are declining, issuers of securities held by the Portfolio may prepay principal earlier than scheduled. As a result of this risk, the Portfolio may have to reinvest these prepayments at those lower rates, thus reducing its income. Mortgage-backed and asset-backed securities are especially sensitive to prepayment. </li></ul><ul type="square"><li> <b>Extension Risk –</b> These securities are also subject to the risk that payment on the loans underlying the securities held by the Portfolio will be made more slowly when interest rates are rising. This could cause the market value of the securities to decline. </li></ul><ul type="square"><li> <b>Liquidity Risk –</b> At times, certain securities may be difficult or impossible to sell at the price that would normally prevail in the market. The seller may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Portfolio management or performance. This includes the risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in less advantageous investments. </li></ul><ul type="square"><li> <b>Municipal Bond Risk –</b> The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives, and the issuer’s regional economic conditions may affect the municipal security’s value, interest payments, repayment of principal and the Fund’s ability to sell the security. Failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security’s value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities. Portfolio dividends derived from certain “private activity” municipal securities generally will constitute an item of tax preference includable in alternative minimum taxable income for both corporate and non-corporate taxpayers. </li></ul><ul type="square"><li> <b>Exchange-Traded Funds Risk –</b> An investment in securities issued by an ETF may be subject to the following risks: (1) shares of the ETF may trade at a discount to its net asset value; (2) an active trading market for the ETF’s shares may not develop; (3) the exchange on which the ETF is listed may, under certain circumstances, suspend trading of the ETF’s shares; and (4) to the extent that an ETF is acquired in order to track a specific asset or index, the ETF may fail to effectively accomplish that goal. </li></ul><ul type="square"><li> <b>Investment in Other Investment Companies Risk –</b> As with other investments, investments in other investment companies are subject to market and selection risk. To the extent that the Portfolio acquires shares of investment companies, shareholders bear both their proportionate share of expenses in the Portfolio (including management and advisory fees) and, indirectly, the expenses of the acquired investment companies.</li></ul><ul type="square"><li> <b>High Yield Bond Risk –</b> High yield bonds, commonly referred to as “junk bonds,” are considered speculative under traditional investment standards. Prices of these securities will rise and fall primarily in response to changes in the issuer’s financial health, although changes in market interest rates also will affect prices. High yield bonds may also experience reduced liquidity, and sudden and substantial decreases in price, during certain market conditions. </li></ul></blockquote><ul type="square"><li> <b>Risks Associated with Investments in Derivatives.</b> The Portfolio is permitted to invest in derivative instruments, including options, futures and options on futures, swaps, structured notes and currency forwards. Investment in derivatives depends largely on the performance of an underlying reference instrument or rate and the Specialist Manager’s ability to predict correctly the direction of securities prices, interest rates, currency exchange rates and/or other economic factors. Derivatives involve additional costs and often have risks similar to an investment in the reference instrument in addition to other risks, such as: </li></ul><blockquote><ul type="square"><li> <b>General Derivative Risks –</b> The value of derivative instruments may rise or fall more rapidly than other investments, and there is a risk that the Portfolio may lose more than the original amount invested in the derivative instrument. Derivative instruments also involve the risk that other parties to the derivative contract may fail to meet their obligations, which could cause losses to the Portfolio. </li></ul><ul type="square"><li> <b>Counterparty Risk –</b> The Portfolio will be subject to counterparty credit risk with respect to derivative contracts entered into by the Portfolio or held by special purpose or structured vehicles in which the Portfolio invests, including other investment companies. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Portfolio may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Portfolio may obtain only a limited recovery or may obtain no recovery in such circumstances. </li></ul><ul type="square"><li> <b>Derivatives Tax Risk –</b> Compared to other types of investments, derivatives may be harder to value and may also be less tax efficient. In addition, changes in government regulation of derivative instruments could affect the character, timing and amount of the Portfolio’s taxable income or gains, and may limit or prevent the Portfolio from using certain types of derivative instruments as a part of its investment strategy, which could make the investment strategy more costly to implement or require the Portfolio to change its investment strategy. To the extent that the Portfolio uses derivatives for hedging or to gain or limit exposure to a particular market or market segment, there may be imperfect correlation between the value of the derivative instrument and the value of the instrument being hedged or the relevant market or market segment, in which case the Portfolio may not realize the intended benefits. The Portfolio’s use of derivatives may be limited by the requirements for taxation of the Portfolio as a regulated investment company. </li></ul></blockquote>There is no guarantee that the Portfolio will meet its goals. It is possible to lose money by investing in the Portfolio.<b>Performance Bar Chart and Table</b><br/><br/><b>Performance.</b>The chart and table below show how The Core Fixed Income Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s yearly performance for each of the last ten full calendar years. The table accompanying the bar chart compares the Portfolio’s performance over time on a before and after-tax basis to that of a broad based market index. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.<b>Year-by-Year Total Returns as of 12/31</b>The Portfolio’s HC Strategic Shares before-tax return for the period from January 1, 2018 through September 30, 2018 (non-annualized) was -1.90%.<br/><br/><table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse; " align="center"> <tr> <td width="35%"></td> <td valign="bottom" width="13%"></td> <td width="18%"></td> <td valign="bottom" width="19%"></td> <td></td> <td></td> <td valign="bottom" width="9%"></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-top:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Best quarter:</div></td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-top:1px solid #000000">3rd Qtr. 2009</td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000" align="right">4.49</td> <td valign="bottom" style="border-top:1px solid #000000">% </td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-bottom:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Worst quarter:</div></td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-bottom:1px solid #000000">3rd Qtr. 2008</td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">-2.91</td> <td valign="bottom" style="border-bottom:1px solid #000000">% </td></tr> </table><b>Average Annual Total Returns</b><br/>(for the periods ended 12/31/17)After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio.The chart and table below show how The Core Fixed Income Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s yearly performance for each of the last ten full calendar years.Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.2009-12-102009-12-10<div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualFundOperatingExpenses000363 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualTotalReturnsBarChart000366 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleExpenseExample000364 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAverageAnnualTotalReturnsTransposed000367 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleShareholderFees000362 column period compact * ~</div><b>The Fixed Income Opportunity Portfolio </b><b>Investment Objective </b>The investment objective of The Fixed Income Opportunity Portfolio is to achieve above-average total return by investing in high yield securities commonly referred to as “junk bonds.”<b>Fees and Expenses </b>The fee and expense tables below describe the fees and expenses that you may pay if you buy and hold HC Strategic Shares of the Portfolio.<b>Shareholder Fees</b><br/>(fees paid directly from your investment)<b>Annual Operating Expenses</b><br/>(expenses that you pay each year as a percentage of the value of your investment)<b>Example</b>: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 Total Annual Operating Expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your cost would be:<b>Portfolio Turnover </b>The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” investments in its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in the Total Annual Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover was 37.57% of the average value of its portfolio.<b>Principal Investment Strategies </b>Under normal circumstances, the Portfolio invests primarily (i.e., at least 80% of 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. A principal investment strategy of the Portfolio is to invest in high yield securities including “junk bonds.” Under normal circumstances, at least 50% of the Portfolio’s total assets will be invested in junk bonds. These securities are fixed income securities that are rated below the fourth highest category assigned by one of the major independent rating agencies or are, in the view of the Specialist Manager, deemed to be of comparable quality. Such securities may include: corporate bonds, collateralized loan obligations (CLOs), collateralized bond obligations (CBOs) and collateralized debt obligations (CDOs) (CDO investments are expected to be limited to less than 15% of the Portfolio), agency and non-agency mortgage-backed securities, collateralized mortgage obligations, commercial mortgage-backed securities and asset-backed securities, REITs, foreign fixed income securities, including emerging market debt, convertible bonds, preferred stocks, treasury inflation bonds, loan participations, swaps and fixed and floating rate loans. The Portfolio may invest in securities issued by other investment companies, including ETFs, that invest in fixed income securities. <br/><br/>The Portfolio may invest in U.S. government securities, including but not limited to treasuries, agencies and commercial paper. The Portfolio may also hold a portion of its assets in cash or money market instruments in order to maintain liquidity or in the event that the Specialist Manager determines that securities meeting the Portfolio’s investment objective and policies are not otherwise readily available for purchase. <br/><br/>Consistent with its investment policies, the Portfolio may purchase and sell high yield securities. Purchases and sales of securities may be effected without regard to the effect on portfolio turnover. 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 Bloomberg Barclays U.S. High Yield Ba/B 2% Issuer Capped Index, which range, as of June 30, 2018, was between 1 and 13 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. <br/><br/>The performance benchmark for this Portfolio is the Bloomberg Barclays U.S. High Yield Ba/B 2% Issuer Capped Index, an unmanaged index of high yield securities that is widely recognized as an indicator of the performance of such securities. The Specialist Managers actively manage the interest rate risk of the Portfolio relative to this benchmark. <br/><br/>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.<b>Principal Investment Risks </b>Investing in the Portfolio involves risks common to any investment in securities. There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio. All mutual funds, including the Portfolio, are subject to <b>Management Risk –</b> the risk that the investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments and <b>Market Risk –</b> the risk that the value of the securities held by a portfolio may decline in response to general market and economic conditions, or conditions that affect specific market sectors or individual companies. <br/><br/>There are also risks associated with the overall structure of the Portfolio. These include: <ul type="square"><li> <b>Multi-Manager Risk – </b>the Portfolio’s multi-manager structure involves the risk that the Specialist Managers serving the Portfolio do not achieve favorable investment results relative to other investments or that the Portfolio’s assets are not effectively allocated among Specialist Managers in a manner that enhances the Portfolio’s total return or reduces the volatility that might be expected of any one management style. Additionally, the multi-manager structure may, under certain circumstances, cause the Portfolio to incur higher trading costs than might occur in a fund served by a single investment adviser.</li></ul>Additionally, the range of securities in which the Portfolio may invest, and the several investment strategies that may be used in seeking to achieve the Portfolio’s objective, involve additional risks. These are summarized below. <ul type="square"><li> <b>Fixed Income Risk.</b> Investments in fixed income securities may involve the following risks, depending on the instrument involved: </li></ul><blockquote><ul type="square"><li> <b>Credit Risk – </b>An investment in the Portfolio also involves the risk that the issuer of a fixed income security that the Portfolio holds will fail to make timely payments of interest or principal, or go bankrupt, or that the value of the securities will decline because of a market perception that the issuer may not make payments on time, thus potentially reducing the Portfolio’s return. Changes in economic conditions are likely to cause issuers of these fixed income securities to be unable to meet their obligations. The lower the rating of a debt security, the higher its credit risk. In addition, the securities of many U.S. Government agencies, authorities or instrumentalities in which the Portfolio may invest are neither issued nor guaranteed by the U.S. Government, and may be supported only by the ability of the issuer to borrow from the U.S. Treasury or by the credit of the issuer. </li></ul><ul type="square"><li> <b>Interest Rate Risk – </b>The value of fixed income securities held in the Portfolio, including U.S. Government securities, may decline with changes in interest rates. Prices of fixed income securities with longer effective maturities are more sensitive to interest rate changes than those with shorter effective maturities. U.S. Government securities can exhibit price movements resulting from changes in interest rates. During low interest rate environments, the risk that interest rates will rise is increased. Such increases may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. These risks are greater when a low interest rate environment has existed for an extended period of time.</li></ul><ul type="square"><li> <b>Asset-Backed/Mortgage-Backed Security Risk</b> <b>–</b> The market value and yield of asset-backed and mortgage-backed securities can vary due to market interest rate fluctuations and early prepayments of underlying instruments. Although these securities may offer yields higher than those available from other types of securities, these securities may be less effective than other types of securities as a means of “locking in” attractive long-term rates because of the prepayment feature. During periods of difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, such securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. Mortgage-backed securities may be particularly susceptible to Prepayment Risk.</li></ul><ul type="square"><li> <b>Call/Prepayment Risk – </b>When interest rates are declining, issuers of securities held by the Portfolio may prepay principal earlier than scheduled. As a result of this risk, the Portfolio may have to reinvest these prepayments at those lower rates, thus reducing its income. Mortgage-backed and asset-backed securities are especially sensitive to prepayment.</li></ul><ul type="square"><li> <b>Extension Risk – </b>These securities are also subject to the risk that payment on the loans underlying the securities held by the Portfolio will be made more slowly when interest rates are rising. This could cause the market value of the securities to decline.</li></ul><ul type="square"><li> <b>Floating Rate Loans Risk – </b>The risks associated with floating rate loans are similar to the risks of below investment grade securities. Changes in economic conditions are likely to cause issuers of these securities to be unable to meet their obligations. In addition, the value of the collateral securing the loan may decline, causing a loan to be substantially unsecured. The sale and purchase of a bank loan are subject to the requirements of the underlying credit agreement governing such bank loan. These requirements may limit the eligible pool of potential bank loan holders by placing conditions or restrictions on sales and purchases of bank loans. Further, bank loans are not traded on an exchange and purchasers and sellers of bank loans rely on market makers, usually the administrative agent for a particular bank loan, to trade bank loans. These factors, in addition to overall market volatility, may negatively impact the liquidity of loans. Difficulty in selling a floating rate loan may result in a loss. Borrowers may pay back principal before the scheduled due date when interest rates decline, which may require the Portfolio to replace a particular loan with a lower-yielding security. There may be less extensive public information available with respect to loans than for rated, registered or exchange listed securities. The Portfolio may assume the credit risk of the primary lender in addition to the borrower, and investments in loan assignments may involve the risks of being a lender.</li></ul><ul type="square"><li> <b>Loan Participation Risk</b> <b>–</b> Loan participations typically will result in a Portfolio having a contractual relationship only with the lender, not with the borrower. In connection with purchasing loan participations, a Portfolio generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower, and a Portfolio may not benefit directly from any collateral supporting the loan in which it has purchased the participation. As a result, a Portfolio will assume the credit risk of both the borrower and the lender that is selling the participation. A Portfolio may have difficulty disposing of loan participations as the market for such instruments is not highly liquid.</li></ul><ul type="square"><li> <b>Liquidity Risk</b> <b>–</b> At times, certain securities may be difficult or impossible to sell at the price that would normally prevail in the market. The seller may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Portfolio management or performance. This includes the risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in less advantageous investments. </li></ul><ul type="square"><li> <b>High Yield Bond Risk</b> <b>–</b> High yield bonds, commonly referred to as “junk bonds,” are considered speculative under traditional investment standards. Prices of these securities will rise and fall primarily in response to changes in the issuer’s financial health, although changes in market interest rates also will affect prices. High yield bonds may also experience reduced liquidity, and sudden and substantial decreases in price, during certain market conditions.</li></ul><ul type="square"><li> <b>Exchange-Traded Funds Risk</b> <b>–</b> An investment in securities issued by an ETF may be subject to the following risks: (1) shares of the ETF may trade at a discount to its net asset value; (2) an active trading market for the ETF’s shares may not develop; (3) the exchange on which the ETF is listed may, under certain circumstances, suspend trading of the ETF’s shares; and (4) to the extent that an ETF is acquired in order to track a specific asset or index, the ETF may fail to effectively accomplish that goal.</li></ul><ul type="square"><li> <b>Investment in Other Investment Companies Risk</b> <b>–</b> As with other investments, investments in other investment companies are subject to market and selection risk. To the extent that the Portfolio acquires shares of investment companies, shareholders bear both their proportionate share of expenses in the Portfolio (including management and advisory fees) and, indirectly, the expenses of the acquired investment companies. </li></ul></blockquote><ul type="square"><li> <b>Foreign Investment Risk. </b>Investment in foreign securities involves the following risks:</li></ul><blockquote><ul type="square"><li> <b>Foreign Securities Risk</b> <b>–</b> Investments in securities issued by non-U.S. companies and/or non-U.S. governments and their agencies, may be adversely affected by the lack of timely or reliable financial information, political, social and/or economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices. Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar and transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities.</li></ul><ul type="square"><li> <b>Emerging Markets Risk</b> <b>–</b> Risks associated with foreign investments, including option and futures contracts, may be intensified in the case of investments in emerging market countries, whose political, legal and economic systems are less developed and less stable than those of more developed nations. Such investments are often less liquid and/or more volatile than securities issued by companies located in developed nations, such as the United States, Canada and those included in the MSCI EAFE Index. Certain types of securities, including emerging market securities, are subject to the risk that the securities may not be sold at the quoted market price within a reasonable period of time. </li></ul></blockquote><ul type="square"><li> <b>Risks Associated with Investments in Derivatives. </b>The Portfolio is permitted to invest in derivative instruments, including options, futures and options on futures, swaps, structured notes and currency forwards. Investment in derivatives depends largely on the performance of an underlying reference instrument or rate and the Specialist Manager’s ability to predict correctly the direction of securities prices, interest rates, currency exchange rates and/or other economic factors. Derivatives involve additional costs and often have risks similar to an investment in the reference instrument in addition to other risks, such as:</li></ul><blockquote><ul type="square"><li> <b>General Derivative Risks</b> <b>–</b> The value of derivative instruments may rise or fall more rapidly than other investments, and there is a risk that the Portfolio may lose more than the original amount invested in the derivative instrument. Derivative instruments also involve the risk that other parties to the derivative contract may fail to meet their obligations, which could cause losses to the Portfolio.</li></ul><ul type="square"><li> <b>Counterparty Risk</b> <b>–</b> The Portfolio will be subject to counterparty credit risk with respect to derivative contracts entered into by the Portfolio or held by special purpose or structured vehicles in which the Portfolio invests, including other investment companies. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Portfolio may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Portfolio may obtain only a limited recovery or may obtain no recovery in such circumstances.</li></ul><ul type="square"><li> <b>Derivatives Tax Risk –</b> Compared to other types of investments, derivatives may be harder to value and may also be less tax efficient. In addition, changes in government regulation of derivative instruments could affect the character, timing and amount of the Portfolio’s taxable income or gains, and may limit or prevent the Portfolio from using certain types of derivative instruments as a part of its investment strategy, which could make the investment strategy more costly to implement or require the Portfolio to change its investment strategy. To the extent that the Portfolio uses derivatives for hedging or to gain or limit exposure to a particular market or market segment, there may be imperfect correlation between the value of the derivative instrument and the value of the instrument being hedged or the relevant market or market segment, in which case the Portfolio may not realize the intended benefits. The Portfolio’s use of derivatives may be limited by the requirements for taxation of the Portfolio as a regulated investment company. </li></ul></blockquote><ul type="square"><li> <b>Other Risks</b></li></ul><blockquote><ul type="square"><li> <b>REIT Risk</b> <b>–</b> REIT prices may fall because of the failure of borrowers to pay their loans and/or poor management. The value of REITs may also be affected by increases in property taxes and changes in tax laws and interest rates.</li></ul></blockquote>There is no guarantee that the Portfolio will meet its goals. It is possible to lose money by investing in the Portfolio.<b>Performance Bar Chart and Table<br/><br/>Performance.</b>The chart and table below show how The Fixed Income Opportunity Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s yearly performance for each of the last ten full calendar years. The table accompanying the bar chart compares the Portfolio’s performance over time on a before and after-tax basis to that of a broad based market index. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.<b>Year-by-Year Total Returns as of 12/31</b>The Portfolio’s HC Strategic Shares before-tax return for the period from January 1, 2018 through September 30, 2018 (non-annualized) was 2.98%.<br/><br/><table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse; " align="center"> <tr> <td width="35%"></td> <td valign="bottom" width="13%"></td> <td width="18%"></td> <td valign="bottom" width="19%"></td> <td></td> <td></td> <td valign="bottom" width="9%"></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-top:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Best quarter:</div></td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-top:1px solid #000000">2nd Qtr. 2009</td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000" align="right">11.28</td> <td valign="bottom" style="border-top:1px solid #000000">% </td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-bottom:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Worst quarter:</div></td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-bottom:1px solid #000000">4th Qtr. 2008</td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">-13.06</td> <td valign="bottom" style="border-bottom:1px solid #000000">% </td></tr> </table><b>Average Annual Total Returns</b><br/>(for the periods ended 12/31/17)After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio.The chart and table below show how The Fixed Income Opportunity Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s yearly performance for each of the last ten full calendar years.Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.2009-12-10Worst quarter:2011-09-302009-12-10before-tax return2018-09-30Best quarter:2010-09-30Worst quarter:2011-09-30before-tax return2018-09-30<div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualFundOperatingExpenses000373 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualTotalReturnsBarChart000376 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleExpenseExample000374 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAverageAnnualTotalReturnsTransposed000377 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleShareholderFees000372 column period compact * ~</div><b>The U.S. Government Fixed Income Securities Portfolio </b><b>Investment Objective </b>The investment objective of The U.S. Government Fixed Income Securities Portfolio is to provide a moderate and sustainable level of current income, consistent with the preservation of capital by investing in a diversified portfolio of primarily U.S. Treasury and government related fixed income securities.<b>Fees and Expenses </b>The fee and expense tables below describe the fees and expenses that you may pay if you buy and hold HC Strategic Shares of the Portfolio.<b>Shareholder Fees</b><br/>(fees paid directly from your investment)<b>Annual Operating Expenses</b><br/>(expenses that you pay each year as a percentage of the value of your investment)<b>Example</b>:This Example is intended to help you compare the cost of investing in the HC Strategic Shares of the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s Total Annual Operating Expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your cost would be:<b>Portfolio Turnover </b>The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” investments in its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in the Total Annual Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover was 32.58% of the average value of its portfolio.<b>Principal Investment Strategies </b>Under normal circumstances, the Portfolio seeks to achieve its objective by investing primarily (i.e., at least 80% of its net assets) in fixed income securities issued or fully guaranteed by the U.S. Government, Federal Agencies, or sponsored agencies. In the unlikely event that a change in this investment policy is adopted by the Board of Trustees, shareholders will receive at least 60 days prior written notice before such change is implemented. Securities in which the Portfolio may invest include bonds, notes and certificates of deposit. These may include securities issued by federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. Government. In general the portfolio will maintain aggregate characteristics similar to the Bloomberg Barclays U.S. Government Index. Securities held by the Portfolio will be rated investment grade or better by at least two rating agencies at the time of purchase if not rated by an agency, of comparable credit quality as determined by the Specialist Manager at the time of purchase. Overall credit quality of the Portfolio will be maintained at a level substantially equal to that of the Bloomberg Barclays U.S. Government Index. The Portfolio will attempt to be fully invested at all times in U.S. Government fixed income securities, but may hold cash positions at times to adjust the duration of the Portfolio to more closely approximate that of the Bloomberg Barclays U.S. Government Index, to replicate the interest rate sensitivity of the securities in the Bloomberg Barclays U.S. Government Index, or to approximate the exposure to cash in the Bloomberg Barclays U.S. Government Index from coupon payments, principal payments or called securities. The Portfolio intends to maintain an effective dollar weighted average portfolio maturity similar to that of the Bloomberg Barclays U.S. Government Index, which was 7.50 years as of June 30, 2018. The Portfolio may invest in securities issued by other investment companies, including ETFs, that invest in U.S. fixed income securities issued or fully guaranteed by the U.S. Government, Federal Agencies, or sponsored agencies. <br/><br/>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.<b>Principal Investment Risks </b>Investing in the Portfolio involves risks common to any investment in securities. There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio. All mutual funds, including the Portfolio, are subject to <b>Management Risk –</b> the risk that the investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments and <b>Market Risk –</b> the risk that the value of the securities held by a portfolio may decline in response to general market and economic conditions, or conditions that affect specific market sectors or individual companies. <br/><br/>Additionally, the range of securities in which the Portfolio may invest, and the several investment strategies that may be used in seeking to achieve the Portfolio’s objective, involve additional risks. These are summarized below. <ul type="square"><li> <b>Fixed Income Risk.</b> Investments in fixed income securities may involve the following risks, depending on the instrument involved: </li></ul><blockquote><ul type="square"><li> <b>Credit Risk –</b> An investment in the Portfolio also involves the risk that the issuer of a fixed income security that the Portfolio holds will fail to make timely payments of interest or principal, or go bankrupt, or that the value of the securities will decline because of a market perception that the issuer may not make payments on time, thus potentially reducing the Portfolio’s return. Changes in economic conditions are likely to cause issuers of these fixed income securities to be unable to meet their obligations. The lower the rating of a debt security, the higher its credit risk. In addition, the securities of many U.S. Government agencies, authorities or instrumentalities in which the Portfolio may invest are neither issued nor guaranteed by the U.S. Government, and may be supported only by the ability of the issuer to borrow from the U.S. Treasury or by the credit of the issuer.</li></ul><ul type="square"><li> <b>Interest Rate Risk – </b>The value of fixed income securities held in the Portfolio, including U.S. Government securities, may decline with changes in interest rates. Prices of fixed income securities with longer effective maturities are more sensitive to interest rate changes than those with shorter effective maturities. U.S. Government securities can exhibit price movements resulting from changes in interest rates. During low interest rate environments, the risk that interest rates will rise is increased. Such increases may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. These risks are greater when a low interest rate environment has existed for an extended period of time.</li></ul><ul type="square"><li> <b>Call/Prepayment Risk – </b>When interest rates are declining, issuers of securities held by the Portfolio may prepay principal earlier than scheduled. As a result of this risk, the Portfolio may have to reinvest these prepayments at those lower rates, thus reducing its income. This risk should be low for the Portfolio as it invests mainly in securities that are not callable.</li></ul><ul type="square"><li> <b>Exchange-Traded Funds Risk – </b>An investment in securities issued by an ETF may be subject to the following risks: (1) shares of the ETF may trade at a discount to its net asset value; (2) an active trading market for the ETF’s shares may not develop; (3) the exchange on which the ETF is listed may, under certain circumstances, suspend trading of the ETF’s shares; and (4) to the extent that an ETF is acquired in order to track a specific asset or index, the ETF may fail to effectively accomplish that goal.</li></ul><ul type="square"><li> <b>Investment in Other Investment Companies Risk – </b>As with other investments, investments in other investment companies are subject to market and selection risk. To the extent that the Portfolio acquires shares of investment companies, shareholders bear both their proportionate share of expenses in the Portfolio (including management and advisory fees) and, indirectly, the expenses of the acquired investment companies.</li></ul></blockquote>There is no guarantee that the Portfolio will meet its goals. It is possible to lose money by investing in the Portfolio.<b>Performance Bar Chart and Table<br/><br/>Performance.</b>The chart and table below show how The U.S. Government Fixed Income Securities Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s yearly performance for each full calendar year since the Portfolio’s inception on December 6, 2010. The table accompanying the bar chart compares the Portfolio’s performance over time on a before and after-tax basis to that of a broad based market index. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.<b>Year-by-Year Total Returns as of 12/31</b>The Portfolio’s HC Strategic Shares before-tax return for the period from January 1, 2018 through September 30, 2018 (non-annualized) was -1.79%.<br/><br/><table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse; " align="center"> <tr> <td width="35%"></td> <td valign="bottom" width="13%"></td> <td width="18%"></td> <td valign="bottom" width="19%"></td> <td></td> <td></td> <td valign="bottom" width="9%"></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-top:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Best quarter:</div></td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-top:1px solid #000000">3rd Qtr. 2011</td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000" align="right">5.82</td> <td valign="bottom" style="border-top:1px solid #000000">% </td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-bottom:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Worst quarter:</div></td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-bottom:1px solid #000000">4th Qtr. 2016</td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">-3.42</td> <td valign="bottom" style="border-bottom:1px solid #000000">% </td></tr> </table><b>Average Annual Total Returns</b><br/>(for the periods ended 12/31/17)After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio.The chart and table below show how The U.S. Government Fixed Income Securities Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s yearly performance for each full calendar year since the Portfolio’s inception on December 6, 2010.Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.Best quarter:2009-09-30Worst quarter:2008-09-30before-tax return2018-09-30Best quarter:2009-06-302010-12-062010-12-062010-12-06Worst quarter:2008-12-312010-12-06<div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualFundOperatingExpenses000383 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualTotalReturnsBarChart000386 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleExpenseExample000384 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAverageAnnualTotalReturnsTransposed000387 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleShareholderFees000382 column period compact * ~</div><b>The Inflation Protected Securities Portfolio </b><b>Investment Objective </b>The investment objective of The Inflation Protected Securities Portfolio is to provide inflation protection and income consistent with investment in inflation-indexed securities.<b>Fees and Expenses </b>The fee and expense tables below describe the fees and expenses that you may pay if you buy and hold HC Strategic Shares of the Portfolio.<b>Shareholder Fees</b><br/>(fees paid directly from your investment)<b>Annual Operating Expenses</b><br/>(expenses that you pay each year as a percentage of the value of your investment)<b>Example</b>:This Example is intended to help you compare the cost of investing in the HC Strategic Shares of the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s Total Annual Operating Expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your cost would be:<b>Portfolio Turnover </b>The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” investments in its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in the Total Annual Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover was 20.77% of the average value of its portfolio.<b>Principal Investment Strategies </b>Under normal circumstances, the Portfolio seeks to achieve its objective by investing primarily (i.e., at least 80% of its net assets) in inflation-indexed bonds issued by the U.S. government and non-U.S. governments, their agencies and instrumentalities and 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. The Portfolio may invest in non-investment grade securities (“junk bonds”). 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 Bloomberg Barclays U.S. Treasury Inflation Protected Securities Index (“Barclays US TIPS Index”), which range, as of June 30, 2018, was between 1 and 29 years. The weighted average maturity of the Barclays US TIPS Index as of June 30, 2018 was 8.3 years. The Portfolio may invest in securities issued by foreign corporations. The Portfolio’s investments in non-U.S. governments and corporations may include securities issued in emerging markets countries.<b>Principal Investment Risks </b>Investing in the Portfolio involves risks common to any investment in securities. There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio. All mutual funds, including the Portfolio, are subject to <b>Management Risk –</b> the risk that the investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments and <b>Market Risk –</b> the risk that the value of the securities held by a portfolio may decline in response to general market and economic conditions, or conditions that affect specific market sectors or individual companies. <br/><br/>Additionally, the range of securities in which the Portfolio may invest, and the several investment strategies that may be used in seeking to achieve the Portfolio’s objective, involve additional risks. These are summarized below. <ul type="square"><li> <b>Fixed Income Risk.</b> Investments in fixed income securities may involve the following risks, depending on the instrument involved: </li></ul><blockquote><ul type="square"><li> <b>Credit Risk</b> <b>–</b> An investment in the Portfolio also involves the risk that the issuer of a fixed income security that the Portfolio holds will fail to make timely payments of interest or principal, or go bankrupt, or that the value of the securities will decline because of a market perception that the issuer may not make payments on time, thus potentially reducing the Portfolio’s return. Changes in economic conditions are likely to cause issuers of these fixed income securities to be unable to meet their obligations. The lower the rating of a debt security, the higher its credit risk. In addition, the securities of many U.S. Government agencies, authorities or instrumentalities in which the Portfolio may invest are neither issued nor guaranteed by the U.S. Government, and may be supported only by the ability of the issuer to borrow from the U.S. Treasury or by the credit of the issuer. </li></ul><ul type="square"><li> <b>Interest Rate Risk</b> <b>–</b> The value of fixed income securities held in the Portfolio, including U.S. Government securities, may decline with changes in interest rates. Prices of fixed income securities with longer effective maturities are more sensitive to interest rate changes than those with shorter effective maturities. U.S. Government securities can exhibit price movements resulting from changes in interest rates. During low interest rate environments, the risk that interest rates will rise is increased. Such increases may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. These risks are greater when a low interest rate environment has existed for an extended period of time. </li></ul><ul type="square"><li> <b>Deflation Risk</b> <b>–</b> Deflation risk is the possibility that prices throughout the economy decline over time – the opposite of inflation. If inflation is negative, the principal and income of an inflation-protected bond will decline and could result in losses. </li></ul><ul type="square"><li> <b>Inflation Indexed Bonds Risk</b> <b>–</b> The principal value of an investment is not protected or otherwise guaranteed by virtue of the Portfolio’s investments in inflation-indexed bonds. Inflation-indexed bonds are fixed-income securities whose principal value is periodically adjusted according to the rate of inflation. If the index measuring inflation falls, the principal value of inflation-indexed bonds will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. <br/><br/>Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal value. <br/><br/>The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates are tied to the relationship between nominal interest rates and the rate of inflation. If nominal interest rates increase at a faster rate than inflation, real interest rates may rise, leading to a decrease in value of inflation-indexed bonds. Short-term increases in inflation may lead to a decline in value. Inflation-indexed bonds issued by non-U.S. governments would be expected to be indexed to the inflation rates prevailing in those countries. </li></ul><ul type="square"><li> <b>Inflation Indexed Bonds Tax Risk</b> <b>–</b> Any increase in the principal amount of an inflation-indexed security may be included for tax purposes in the Portfolio’s gross income, even though no cash attributable to such gross income has been received by the Portfolio. In such event, the Portfolio may be required to make annual distributions to shareholders that exceed the cash it has otherwise received. In order to pay such distributions, the Portfolio may be required to raise cash by selling portfolio investments. The sale of such investments could result in capital gains to the Portfolio and additional capital gain distributions to shareholders. In addition, adjustments during the taxable year for deflation to an inflation-indexed bond held by the Portfolio may cause amounts previously distributed to shareholders in the taxable year as income to be characterized as a return of capital. </li></ul><ul type="square"><li> <b>Non-Investment-Grade Securities –</b> Non-investment-grade securities, also referred to as “high-yield securities” or “junk bonds,” are debt securities that are rated lower than the four highest rating categories by a nationally recognized statistical rating organization (for example, lower than Baa3/P-2 by Moody’s Investors Service, Inc. (Moody’s) or below BBB–/A-2 by Standard & Poor’s) or are determined to be of comparable quality by the fund’s advisor. These securities are generally considered to be, on balance, predominantly speculative with respect to capacity to pay interest and repay principal in accordance with the terms of the obligation, and they will generally involve more credit risk than securities in the investment-grade categories. Non-investment-grade securities generally provide greater income and opportunity for capital appreciation than higher quality securities, but they also typically entail greater price volatility and principal and income risk. </li></ul><ul type="square"><li> <b>Exchange-Traded Funds Risk –</b> An investment in securities issued by an ETF may be subject to the following risks: (1) shares of the ETF may trade at a discount to its net asset value; (2) an active trading market for the ETF’s shares may not develop; (3) the exchange on which the ETF is listed may, under certain circumstances, suspend trading of the ETF’s shares; and (4) to the extent that an ETF is acquired in order to track a specific asset or index, the ETF may fail to effectively accomplish that goal. </li></ul><ul type="square"><li> <b>Investment in Other Investment Companies Risk</b> <b>–</b> As with other investments, investments in other investment companies are subject to market and selection risk. To the extent that the Portfolio acquires shares of investment companies, shareholders bear both their proportionate share of expenses in the Portfolio (including management and advisory fees) and, indirectly, the expenses of the acquired investment companies. </li></ul></blockquote><ul type="square"><li> <b>Foreign Investment Risk.</b> Investment in foreign securities involves the following risks: </li></ul><blockquote><ul type="square"><li> <b>Foreign Securities Risk</b> <b>–</b> Investments in securities issued by non-U.S. companies and/or non-U.S. governments and their agencies, may be adversely affected by the lack of timely or reliable financial information, political, social and/or economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices. Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar and transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities. </li></ul><ul type="square"><li> <b>Foreign Currency Risk</b> <b>–</b> Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar. Currency exchange rates can be volatile and can be affected by, among other factors, the general economics of a country, or the actions of the U.S. or foreign governments or central banks. In addition, transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities. </li></ul><ul type="square"><li> <b>Emerging Markets Risk</b> <b>–</b> Risks associated with foreign investments may be intensified in the case of investments in emerging market countries, whose political, legal and economic systems are less developed and less stable than those of more developed nations. Such investments are often less liquid and/or more volatile than securities issued by companies located in developed nations, such as the United States, Canada and those included in the Morgan Stanley Capital International Europe, Australasia and Far East (“MSCI EAFE”) Index. Certain types of securities, including emerging market securities, are subject to the risk that the securities may not be sold at the quoted market price within a reasonable period of time. </li></ul></blockquote>There is no guarantee that the Portfolio will meet its goals. It is possible to lose money by investing in the Portfolio.<b>Performance Bar Chart and Table </b><br/><br/><b>Performance.</b>The chart and table below show how The Inflation Protected Securities Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s HC Strategic Shares yearly performance for each full calendar year since the Portfolio’s HC Strategic Shares inception on April 3, 2014. The table accompanying the bar chart compares the Portfolio’s performance over time on a before and after-tax basis to that of a broad based market index. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.<b>Year-by-Year Total Returns as of 12/31</b>The Portfolio’s HC Strategic Shares before-tax return for the period from January 1, 2018 through September 30, 2018 (non-annualized) was -1.08%.<br/><br/><table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse; " align="center"> <tr> <td width="35%"></td> <td valign="bottom" width="13%"></td> <td width="18%"></td> <td valign="bottom" width="19%"></td> <td></td> <td></td> <td valign="bottom" width="9%"></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-top:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Best quarter:</div></td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-top:1px solid #000000">1st Qtr. 2016</td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000" align="right">4.39</td> <td valign="bottom" style="border-top:1px solid #000000">% </td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-bottom:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Worst quarter:</div></td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-bottom:1px solid #000000">4th Qtr. 2016</td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">-2.45</td> <td valign="bottom" style="border-bottom:1px solid #000000">% </td></tr> </table><b>Average Annual Total Returns </b><br/>(for the periods ended 12/31/17)After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio.The chart and table below show how The Inflation Protected Securities Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s HC Strategic Shares yearly performance for each full calendar year since the Portfolio’s HC Strategic Shares inception on April 3, 2014.Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.<div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualFundOperatingExpenses000393 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualTotalReturnsBarChart000396 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleExpenseExample000394 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAverageAnnualTotalReturnsTransposed000397 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleShareholderFees000392 column period compact * ~</div><b>The U.S. Corporate Fixed Income Securities Portfolio</b><b>Investment Objective </b>The investment objective of The U.S. Corporate Fixed Income Securities Portfolio is to provide a moderate and sustainable level of current income, consistent with the preservation of capital by investing primarily in a diversified portfolio of investment grade fixed income securities issued by U.S. corporations.<b>Fees and Expenses </b>The fee and expense tables below describe the fees and expenses that you may pay if you buy and hold HC Strategic Shares of the Portfolio.<b>Shareholder Fees </b><br/>(fees paid directly from your investment)<b>Annual Operating Expenses </b><br/>(expenses that you pay each year as a percentage of the value of your investment)<b>Example</b>:This Example is intended to help you compare the cost of investing in the HC Strategic Shares of the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s Total Annual Operating Expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your cost would be:<b>Portfolio Turnover </b>The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” investments in its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in the Total Annual Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover was 44.69% of the average value of its portfolio.<b>Principal Investment Strategies </b>Under normal circumstances, the Portfolio seeks to achieve its objective by investing primarily (i.e. at least 80% of net assets) in 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 Bloomberg Barclays 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 Bloomberg Barclays U.S. Corporate Investment Grade Index, which range, as of June 30, 2018, was between 1 and 29 years. The weighted average maturity of the Bloomberg Barclays U.S. Corporate Investment Grade Index as of June 30, 2018 was 10.80 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. <br/><br/>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.<b>Principal Investment Risks </b>Investing in the Portfolio involves risks common to any investment in securities. There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio. All mutual funds, including the Portfolio, are subject to <b>Management Risk –</b> the risk that the investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments and <b>Market Risk –</b> the risk that the value of the securities held by a portfolio may decline in response to general market and economic conditions, or conditions that affect specific market sectors or individual companies. <br/><br/>There are also risks associated with the overall structure of the Portfolio. These include: <ul type="square"><li> <b>Multi-Manager Risk –</b> the Portfolio’s multi-manager structure involves the risk that the Specialist Managers serving the Portfolio do not achieve favorable investment results relative to other investments or that the Portfolio’s assets are not effectively allocated among Specialist Managers in a manner that enhances the Portfolio’s total return or reduces the volatility that might be expected of any one management style. Additionally, the multi-manager structure may, under certain circumstances, cause the Portfolio to incur higher trading costs than might occur in a fund served by a single investment adviser.</li></ul>Additionally, the range of securities in which the Portfolio may invest, and the several investment strategies that may be used in seeking to achieve the Portfolio’s objective, involve additional risks. These are summarized below. <ul type="square"><li> <b>Fixed Income Risk.</b> Investments in fixed income securities may involve the following risks, depending on the instrument involved: </li></ul><blockquote><ul type="square"><li> <b>Credit Risk –</b> An investment in the Portfolio also involves the risk that the issuer of a fixed income security that the Portfolio holds will fail to make timely payments of interest or principal, or go bankrupt, or that the value of the securities will decline because of a market perception that the issuer may not make payments on time, thus potentially reducing the Portfolio’s return. Changes in economic conditions are likely to cause issuers of these fixed income securities to be unable to meet their obligations. The lower the rating of a debt security, the higher its credit risk. In addition, the securities of many U.S. Government agencies, authorities or instrumentalities in which the Portfolio may invest are neither issued nor guaranteed by the U.S. Government, and may be supported only by the ability of the issuer to borrow from the U.S. Treasury or by the credit of the issuer. </li></ul><ul type="square"><li> <b>Interest Rate Risk –</b> The value of fixed income securities held in the Portfolio, including U.S. Government securities, may decline with changes in interest rates. Prices of fixed income securities with longer effective maturities are more sensitive to interest rate changes than those with shorter effective maturities. U.S. Government securities can exhibit price movements resulting from changes in interest rates. During low interest rate environments, the risk that interest rates will rise is increased. Such increases may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. These risks are greater when a low interest rate environment has existed for an extended period of time. </li></ul><ul type="square"><li> <b>Call/Prepayment Risk –</b> When interest rates are declining, issuers of securities held by the Portfolio may prepay principal earlier than scheduled. As a result of this risk, the Portfolio may have to reinvest these prepayments at those lower rates, thus reducing its income. Mortgage-backed and asset-backed securities are especially sensitive to prepayment. </li></ul><ul type="square"><li> <b>Liquidity Risk –</b> At times, certain securities may be difficult or impossible to sell at the price that would normally prevail in the market. The seller may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Portfolio management or performance. This includes the risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in less advantageous investments. </li></ul><ul type="square"><li> <b>Municipal Bond Risk –</b> The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives, and the issuer’s regional economic conditions may affect the municipal security’s value, interest payments, repayment of principal and the Fund’s ability to sell the security. Failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security’s value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities. </li></ul><ul type="square"><li> <b>Exchange-Traded Funds Risk –</b> An investment in securities issued by an ETF may be subject to the following risks: (1) shares of the ETF may trade at a discount to its net asset value; (2) an active trading market for the ETF’s shares may not develop; (3) the exchange on which the ETF is listed may, under certain circumstances, suspend trading of the ETF’s shares; and (4) to the extent that an ETF is acquired in order to track a specific asset or index, the ETF may fail to effectively accomplish that goal. </li></ul><ul type="square"><li> <b>Investment in Other Investment Companies Risk –</b> As with other investments, investments in other investment companies are subject to market and selection risk. To the extent that the Portfolio acquires shares of investment companies, shareholders bear both their proportionate share of expenses in the Portfolio (including management and advisory fees) and, indirectly, the expenses of the acquired investment companies. </li></ul></blockquote><ul type="square"><li> <b>Foreign Investment Risk.</b> Investment in foreign securities involves the following risks: </li></ul><blockquote><ul type="square"><li> <b>Foreign Securities Risk –</b> Investments in securities issued by non-U.S. companies and/or non-U.S. governments and their agencies, may be adversely affected by the lack of timely or reliable financial information, political, social and/or economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices. Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar and transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities. </li></ul><ul type="square"><li> <b>Foreign Currency Risk –</b> Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar. Currency exchange rates can be volatile and can be affected by, among other factors, the general economics of a country, or the actions of the U.S. or foreign governments or central banks. In addition, transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities. </li></ul></blockquote>There is no guarantee that the Portfolio will meet its goals. It is possible to lose money by investing in the Portfolio.<b>Performance Bar Chart and Table </b><br/><br/><b>Performance. </b>The chart and table below show how The U.S. Corporate Fixed Income Securities Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s yearly performance for each full calendar year since the Portfolio’s inception on December 6, 2010. The table accompanying the bar chart compares the Portfolio’s performance over time on a before and after-tax basis to that of a broad based market index. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.<b>Year-by-Year Total Returns as of 12/31</b>The Portfolio’s HC Strategic Shares before-tax return for the period from January 1, 2018 through September 30, 2018 (non-annualized) was -2.47%. <br/><br/><table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse; " align="center"> <tr> <td width="35%"></td> <td valign="bottom" width="13%"></td> <td width="18%"></td> <td valign="bottom" width="19%"></td> <td></td> <td></td> <td valign="bottom" width="9%"></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-top:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Best quarter:</div></td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-top:1px solid #000000">3rd Qtr. 2011</td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000" align="right">4.37</td> <td valign="bottom" style="border-top:1px solid #000000">% </td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-bottom:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Worst quarter:</div></td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-bottom:1px solid #000000">2nd Qtr. 2013</td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">-4.03</td> <td valign="bottom" style="border-bottom:1px solid #000000">% </td></tr> </table><b>Average Annual Total Returns </b><br/>(for the periods ended 12/31/17)After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio.The chart and table below show how The U.S. Corporate Fixed Income Securities Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s yearly performance for each full calendar year since the Portfolio’s inception on December 6, 2010.Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.before-tax return2018-09-30Best quarter:2011-09-30Worst quarter:2016-12-312014-04-032014-04-032014-04-032014-04-03before-tax return2018-09-30<div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualFundOperatingExpenses000403 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualTotalReturnsBarChart000406 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleExpenseExample000404 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAverageAnnualTotalReturnsTransposed000407 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleShareholderFees000402 column period compact * ~</div><b>The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio</b><b>Investment Objective </b>The investment objective of The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio is to seek to provide a moderate and sustainable level of current income, consistent with the preservation of capital by investing primarily in a diversified portfolio of publicly issued mortgage and asset backed securities.<b>Fees and Expenses </b>The fee and expense tables below describe the fees and expenses that you may pay if you buy and hold HC Strategic Shares of the Portfolio.<b>Shareholder Fees </b><br/>(fees paid directly from your investment)<b>Annual Operating Expenses </b><br/>(expenses that you pay each year as a percentage of the value of your investment)This Example is intended to help you compare the cost of investing in the HC Strategic Shares of the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s Total Annual Operating Expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your cost would be:<b>Example</b>:<b>Portfolio Turnover </b>The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” investments in its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in the Total Annual Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover was 17.13% of the average value of its portfolio.<b>Principal Investment Strategies </b>Under normal circumstances, the Portfolio seeks to achieve its objective by investing primarily (i.e. at least 80% of net assets) in 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 Bloomberg Barclays 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. Income from MBS, ABS, CMO, REMIC and SMBS investments of the Portfolio will be taxed as ordinary income when distributed to shareholders unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account. 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 Bloomberg Barclays U.S. Securitized Index, which has a weighted average maturity of 7.2 years as of June 30, 2018 and can vary between 1 and 9 years. <br/><br/>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.<b>Principal Investment Risks </b>Investing in the Portfolio involves risks common to any investment in securities. There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio. All mutual funds, including the Portfolio, are subject to <b>Management Risk –</b> the risk that the investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments and <b>Market Risk –</b> the risk that the value of the securities held by a portfolio may decline in response to general market and economic conditions, or conditions that affect specific market sectors or individual companies. <br/><br/>Additionally, the range of securities in which the Portfolio may invest, and the several investment strategies that may be used in seeking to achieve the Portfolio’s objective, involve additional risks. These are summarized below. <ul type="square"><li> <b>Fixed Income Risk.</b> Investments in fixed income securities may involve the following risks, depending on the instrument involved: </li></ul><blockquote><ul type="square"><li> <b>Credit Risk –</b> An investment in the Portfolio also involves the risk that the issuer of a fixed income security that the Portfolio holds will fail to make timely payments of interest or principal, or go bankrupt, or that the value of the securities will decline because of a market perception that the issuer may not make payments on time, thus potentially reducing the Portfolio’s return. Changes in economic conditions are likely to cause issuers of these fixed income securities to be unable to meet their obligations. The lower the rating of a debt security, the higher its credit risk. In addition, the securities of many U.S. Government agencies, authorities or instrumentalities in which the Portfolio may invest are neither issued nor guaranteed by the U.S. Government, and may be supported only by the ability of the issuer to borrow from the U.S. Treasury or by the credit of the issuer. </li></ul><ul type="square"><li> <b>Interest Rate Risk –</b> The value of fixed income securities held in the Portfolio, including U.S. Government securities, may decline with changes in interest rates. Prices of fixed income securities with longer effective maturities are more sensitive to interest rate changes than those with shorter effective maturities. U.S. Government securities can exhibit price movements resulting from changes in interest rates. During low interest rate environments, the risk that interest rates will rise is increased. Such increases may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. These risks are greater when a low interest rate environment has existed for an extended period of time. </li></ul><ul type="square"><li> <b>Asset-Backed/Mortgage-Backed Security Risk – </b> The market value and yield of asset-backed and mortgage-backed securities can vary due to market interest rate fluctuations and early prepayments of underlying instruments. Although these securities may offer yields higher than those available from other types of securities, these securities may be less effective than other types of securities as a means of “locking in” attractive long-term rates because of the prepayment feature. During periods of difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, such securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. Mortgage-backed securities may be particularly susceptible to Prepayment Risk. </li></ul><ul type="square"><li> <b>Call/Prepayment Risk –</b> When interest rates are declining, issuers of securities held by the Portfolio may prepay principal earlier than scheduled. As a result of this risk, the Portfolio may have to reinvest these prepayments at those lower rates, thus reducing its income. Mortgage-backed and asset-backed securities are especially sensitive to prepayment. </li></ul><ul type="square"><li> <b>Liquidity Risk –</b> At times, certain securities may be difficult or impossible to sell at the price that would normally prevail in the market. The seller may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Portfolio management or performance. This includes the risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in less advantageous investments. </li></ul><ul type="square"><li> <b>Exchange-Traded Funds Risk –</b> An investment in securities issued by an ETF may be subject to the following risks: (1) shares of the ETF may trade at a discount to its net asset value; (2) an active trading market for the ETF’s shares may not develop; (3) the exchange on which the ETF is listed may, under certain circumstances, suspend trading of the ETF’s shares; and (4) to the extent that an ETF is acquired in order to track a specific asset or index, the ETF may fail to effectively accomplish that goal. </li></ul><ul type="square"><li> <b>Investment in Other Investment Companies Risk –</b> As with other investments, investments in other investment companies are subject to market and selection risk. To the extent that the Portfolio acquires shares of investment companies, shareholders bear both their proportionate share of expenses in the Portfolio (including management and advisory fees) and, indirectly, the expenses of the acquired investment companies. </li></ul></blockquote><ul type="square"><li> <b>Foreign Investment Risk.</b> Investment in foreign securities involves the following risks: </li></ul><blockquote><ul type="square"><li> <b>Foreign Securities Risk –</b> Investments in securities issued by non-U.S. companies and/or non-U.S. governments and their agencies, may be adversely affected by the lack of timely or reliable financial information, political, social and/or economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices. Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar and transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities. </li></ul><ul type="square"><li> <b>Foreign Currency Risk –</b> Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar. Currency exchange rates can be volatile and can be affected by, among other factors, the general economics of a country, or the actions of the U.S. or foreign governments or central banks. In addition, transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities. </li></ul></blockquote><ul type="square"><li> <b>Risks Associated with Investments in Derivatives.</b> The Portfolio is permitted to invest in derivative instruments, including options, futures and options on futures, swaps, structured notes and currency forwards. Investment in derivatives depends largely on the performance of an underlying reference instrument or rate and the Specialist Manager’s ability to predict correctly the direction of securities prices, interest rates, currency exchange rates and/or other economic factors. Derivatives involve additional costs and often have risks similar to an investment in the reference instrument in addition to other risks, such as: </li></ul><blockquote><ul type="square"><li> <b>General Derivative Risks –</b> The value of derivative instruments may rise or fall more rapidly than other investments, and there is a risk that the Portfolio may lose more than the original amount invested in the derivative instrument. Derivative instruments also involve the risk that other parties to the derivative contract may fail to meet their obligations, which could cause losses to the Portfolio. </li></ul><ul type="square"><li> <b>Counterparty Risk –</b> The Portfolio will be subject to counterparty credit risk with respect to derivative contracts entered into by the Portfolio or held by special purpose or structured vehicles in which the Portfolio invests, including other investment companies. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Portfolio may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Portfolio may obtain only a limited recovery or may obtain no recovery in such circumstances. </li></ul><ul type="square"><li> <b>Derivatives Tax Risk –</b> Compared to other types of investments, derivatives may be harder to value and may also be less tax efficient. In addition, changes in government regulation of derivative instruments could affect the character, timing and amount of the Portfolio’s taxable income or gains, and may limit or prevent the Portfolio from using certain types of derivative instruments as a part of its investment strategy, which could make the investment strategy more costly to implement or require the Portfolio to change its investment strategy. To the extent that the Portfolio uses derivatives for hedging or to gain or limit exposure to a particular market or market segment, there may be imperfect correlation between the value of the derivative instrument and the value of the instrument being hedged or the relevant market or market segment, in which case the Portfolio may not realize the intended benefits. The Portfolio’s use of derivatives may be limited by the requirements for taxation of the Portfolio as a regulated investment company. </li></ul></blockquote>There is no guarantee that the Portfolio will meet its goals. It is possible to lose money by investing in the Portfolio.<b>Performance Bar Chart and Table </b><br/><br/><b>Performance.</b>The chart and table below show how The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s yearly performance for each full calendar year since the Portfolio’s inception on December 6, 2010. The table accompanying the bar chart compares the Portfolio’s performance over time on a before and after-tax basis to that of a broad based market index. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.<b>Year-by-Year Total Returns as of 12/31</b>The Portfolio’s HC Strategic Shares before-tax return for the period from January 1, 2018 through September 30, 2018 (non-annualized) was -1.28%. <br/><br/><table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse; " align="center"> <tr> <td width="35%"></td> <td valign="bottom" width="13%"></td> <td width="18%"></td> <td valign="bottom" width="19%"></td> <td></td> <td></td> <td valign="bottom" width="9%"></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-top:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Best quarter:</div></td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-top:1px solid #000000">2nd Qtr. 2011</td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000" align="right">2.25</td> <td valign="bottom" style="border-top:1px solid #000000">% </td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-bottom:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Worst quarter:</div></td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-bottom:1px solid #000000">4th Qtr. 2016</td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">-2.04</td> <td valign="bottom" style="border-bottom:1px solid #000000">% </td></tr> </table><b>Average Annual Total Returns </b><br/>(for the periods ended 12/31/17)After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio.The chart and table below show how The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s yearly performance for each full calendar year since the Portfolio’s inception on December 6, 2010.Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.Best quarter:2016-03-31Worst quarter:2016-12-312010-12-062010-12-062010-12-062010-12-06before-tax return2018-09-30Best quarter:2011-09-30Worst quarter:2013-06-30<div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualFundOperatingExpenses000413 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualTotalReturnsBarChart000416 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleExpenseExample000414 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAverageAnnualTotalReturnsTransposed000417 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleShareholderFees000412 column period compact * ~</div><b>The Short-Term Municipal Bond Portfolio </b><b>Investment Objective </b>The investment objective of The Short-Term Municipal Bond Portfolio is to provide a high level of current income exempt from Federal income tax, consistent with the preservation of capital.<b>Fees and Expenses </b>The fee and expense tables below describe the fees and expenses that you may pay if you buy and hold HC Strategic Shares of the Portfolio.<b>Shareholder Fees </b><br/>(fees paid directly from your investment)<b>Annual Operating Expenses </b><br/>(expenses that you pay each year as a percentage of the value of your investment)<b>Example</b>:This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s Total Annual Operating Expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your cost would be:<b>Portfolio Turnover </b>The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” investments in its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in the Total Annual Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover was 18.84% of the average value of its portfolio.<b>Principal Investment Strategies </b>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 (“Baa” or higher by Moodys, “BBB” or higher by Standard & Poor’s) 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. <br/><br/>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.<b>Principal Investment Risks </b>Investing in the Portfolio involves risks common to any investment in securities. There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio. All mutual funds, including the Portfolio, are subject to <b>Management Risk –</b> the risk that the investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments and <b>Market Risk –</b> the risk that the value of the securities held by a portfolio may decline in response to general market and economic conditions, or conditions that affect specific market sectors or individual companies. <br/><br/>There are also risks associated with the overall structure of the Portfolio. These include: <ul type="square"><li> <b>Tax Risk –</b> Changes in Federal tax laws or regulations could change the tax-exempt status of income from any or all of the Portfolio’s municipal securities. In addition, short-term capital gains and a portion of any gain attributable to bonds purchased at market discount will be treated as ordinary income for Federal tax purposes. </li></ul>Additionally, the range of securities in which the Portfolio may invest, and the several investment strategies that may be used in seeking to achieve the Portfolio’s objective, involve additional risks. These are summarized below.<ul type="square"><li> <b>Fixed Income Risk.</b> Investments in fixed income securities may involve the following risks, depending on the instrument involved: </li></ul><blockquote> <ul type="square"><li> <b>Credit Risk –</b> An investment in the Portfolio also involves the risk that the issuer of a fixed income security that the Portfolio holds will fail to make timely payments of interest or principal, or go bankrupt, or that the value of the securities will decline because of a market perception that the issuer may not make payments on time, thus potentially reducing the Portfolio’s return. Changes in economic conditions are likely to cause issuers of these fixed income securities to be unable to meet their obligations. The lower the rating of a debt security, the higher its credit risk. In addition, the securities of many U.S. Government agencies, authorities or instrumentalities in which the Portfolio may invest are neither issued nor guaranteed by the U.S. Government, and may be supported only by the ability of the issuer to borrow from the U.S. Treasury or by the credit of the issuer. </li></ul><ul type="square"><li> <b>Interest Rate Risk –</b> The value of fixed income securities held in the Portfolio, including U.S. Government securities, may decline with changes in interest rates. Prices of fixed income securities with longer effective maturities are more sensitive to interest rate changes than those with shorter effective maturities. U.S. Government securities can exhibit price movements resulting from changes in interest rates. During low interest rate environments, the risk that interest rates will rise is increased. Such increases may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. These risks are greater when a low interest rate environment has existed for an extended period of time.</li></ul><ul type="square"><li> <b>Call/Prepayment Risk –</b> Municipal securities held by the Portfolio may be called (prepaid) before their maturity dates. This usually occurs as interest rates are declining. As a result of this risk, the Portfolio may have to reinvest these prepayments at those lower rates, thus reducing its income. In addition, the Portfolio may lose price appreciation if a bond it holds is called earlier than scheduled. </li></ul><ul type="square"><li> <b>Extension Risk –</b> These securities are also subject to the risk that payment on the loans underlying the securities held by the Portfolio will be made more slowly when interest rates are rising. This could cause the market value of the securities to decline. </li></ul><ul type="square"><li> <b>Municipal Bond Risk –</b> The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives, and the issuer’s regional economic conditions may affect the municipal security’s value, interest payments, repayment of principal and the Fund’s ability to sell the security. Failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security’s value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities. </li></ul><ul type="square"><li> <b>Exchange-Traded Funds Risk –</b> An investment in securities issued by an ETF may be subject to the following risks: (1) shares of the ETF may trade at a discount to its net asset value; (2) an active trading market for the ETF’s shares may not develop; (3) the exchange on which the ETF is listed may, under certain circumstances, suspend trading of the ETF’s shares; and (4) to the extent that an ETF is acquired in order to track a specific asset or index, the ETF may fail to effectively accomplish that goal. </li></ul><ul type="square"><li> <b>Investment in Other Investment Companies Risk –</b> As with other investments, investments in other investment companies are subject to market and selection risk. To the extent that the Portfolio acquires shares of investment companies, shareholders bear both their proportionate share of expenses in the Portfolio (including management and advisory fees) and, indirectly, the expenses of the acquired investment companies. </li></ul></blockquote>There is no guarantee that the Portfolio will meet its goals. It is possible to lose money by investing in the Portfolio.<b>Performance Bar Chart and Table </b><br/><br/><b>Performance.</b>The chart and table below show how The Short-Term Municipal Bond Portfolio has performed, and how its performance has varied from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s yearly performance for each full calendar year since the Portfolio’s inception on March 1, 2006. The table accompanying the bar chart compares the Portfolio’s performance over time on a before and after-tax basis to that of a broad based market index. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.<b>Year-by-Year Total Returns as of 12/31</b>The Portfolio’s HC Strategic Shares before-tax return for the period from January 1, 2018 through September 30, 2018 (non-annualized) was 0.40%.<br/><br/><table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse; " align="center"> <tr> <td width="35%"></td> <td valign="bottom" width="13%"></td> <td width="18%"></td> <td valign="bottom" width="19%"></td> <td></td> <td></td> <td valign="bottom" width="9%"></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-top:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Best quarter:</div></td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-top:1px solid #000000">4th Qtr. 2008</td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000" align="right">2.56</td> <td valign="bottom" style="border-top:1px solid #000000">% </td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-bottom:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Worst quarter:</div></td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-bottom:1px solid #000000">4th Qtr. 2010</td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">-0.83</td> <td valign="bottom" style="border-bottom:1px solid #000000">% </td></tr> </table><b>Average Annual Total Returns </b><br/>(for the periods ended 12/31/17)After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio.The chart and table below show how The Short-Term Municipal Bond Portfolio has performed, and how its performance has varied from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s yearly performance for each full calendar year since the Portfolio’s inception on March 1, 2006.Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.2010-12-062010-12-062010-12-062010-12-06before-tax return2018-09-30<div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualFundOperatingExpenses000423 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualTotalReturnsBarChart000426 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleExpenseExample000424 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAverageAnnualTotalReturnsTransposed000427 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleShareholderFees000422 column period compact * ~</div><b>The Intermediate Term Municipal Bond Portfolio </b><b>Investment Objective </b>The investment objective of The Intermediate Term Municipal Bond Portfolio is to provide a high level of current income exempt from Federal income tax, consistent with the preservation of capital.<b>Fees and Expenses </b>The fee and expense tables below describe the fees and expenses that you may pay if you buy and hold HC Strategic Shares of the Portfolio.<b>Shareholder Fees </b><br/>(fees paid directly from your investment)<b>Annual Operating Expenses </b><br/>(expenses that you pay each year as a percentage of the value of your investment)<b>Example</b>: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, that your investment has a 5% return each year and that the Portfolio’s Total Annual Operating Expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your cost would be:<b>Portfolio Turnover </b>The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in the Total Annual Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover was 26.27% of the average value of its portfolio.<b>Principal Investment Strategies </b>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 Bloomberg Barclays 3-15 Year Blend Municipal Bond Index, currently 2 to 20 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 (“A” or higher by Moodys, or Standard & Poor’s), 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. The Portfolio is also authorized to invest in securities issued by other investment companies, such as ETFs and closed-end funds, that invest in Municipal Securities. Also, the Portfolio is authorized to invest up to 20% of its net assets in taxable instruments. <br/><br/>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.<b>Principal Investment Risks </b>Investing in the Portfolio involves risks common to any investment in securities. There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio. All mutual funds, including the Portfolio, are subject to <b>Management Risk –</b> the risk that the investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments and <b>Market Risk –</b> the risk that the value of the securities held by a portfolio may decline in response to general market and economic conditions, or conditions that affect specific market sectors or individual companies. <br/><br/>There are also risks associated with the overall structure of the Portfolio. These include: <ul type="square"><li> <b>Tax Risk –</b> Changes in Federal tax laws or regulations could change the tax-exempt status of income from any or all of the Portfolio’s municipal securities. In addition, short-term capital gains and a portion of any gain attributable to bonds purchased at market discount will be treated as ordinary income for Federal tax purposes. </li></ul>Additionally, the range of securities in which the Portfolio may invest, and the several investment strategies that may be used in seeking to achieve the Portfolio’s objective, involve additional risks. These are summarized below.<ul type="square"><li> <b>Fixed Income Risk.</b> Investments in fixed income securities may involve the following risks, depending on the instrument involved:</li></ul><blockquote><ul type="square"><li> <b>Credit Risk –</b> An investment in the Portfolio also involves the risk that the issuer of a fixed income security that the Portfolio holds will fail to make timely payments of interest or principal, or go bankrupt, or that the value of the securities will decline because of a market perception that the issuer may not make payments on time, thus potentially reducing the Portfolio’s return. Changes in economic conditions are likely to cause issuers of these fixed income securities to be unable to meet their obligations. The lower the rating of a debt security, the higher its credit risk. In addition, the securities of many U.S. Government agencies, authorities or instrumentalities in which the Portfolio may invest are neither issued nor guaranteed by the U.S. Government, and may be supported only by the ability of the issuer to borrow from the U.S. Treasury or by the credit of the issuer. </li></ul><ul type="square"><li> <b>Interest Rate Risk –</b> The value of fixed income securities held in the Portfolio, including U.S. Government securities, may decline with changes in interest rates. Prices of fixed income securities with longer effective maturities are more sensitive to interest rate changes than those with shorter effective maturities. U.S. Government securities can exhibit price movements resulting from changes in interest rates. During low interest rate environments, the risk that interest rates will rise is increased. Such increases may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. These risks are greater when a low interest rate environment has existed for an extended period of time. </li></ul><ul type="square"><li> <b>Call/Prepayment Risk –</b> Municipal securities held by the Portfolio may be called (prepaid) before their maturity dates. This usually occurs as interest rates are declining. As a result of this risk, the Portfolio may have to reinvest these prepayments at those lower rates, thus reducing its income. In addition, the Portfolio may lose price appreciation if a bond it holds is called earlier than scheduled. </li></ul><ul type="square"><li> <b>Extension Risk –</b> These securities are also subject to the risk that payment on the loans underlying the securities held by the Portfolio will be made more slowly when interest rates are rising. This could cause the market value of the securities to decline. </li></ul><ul type="square"><li> <b>High Yield Bond Risk –</b> High yield bonds, commonly referred to as “junk bonds,” are considered speculative under traditional investment standards. The prices of these securities will rise and fall primarily in response to changes in the issuer’s financial health. Change in market interest rates will also affect prices. High yield bonds may also experience reduced liquidity, and sudden and substantial decreases in price, during certain market conditions. </li></ul><ul type="square"><li> <b>Liquidity Risk –</b> At times, certain securities may be difficult or impossible to sell at the price that would normally prevail in the market. The seller may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Portfolio management or performance. This includes the risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in less advantageous investments. </li></ul><ul type="square"><li> <b>Municipal Bond Risk –</b> The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives, and the issuer’s regional economic conditions may affect the municipal security’s value, interest payments, repayment of principal and the Fund’s ability to sell the security. Failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security’s value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities. </li></ul><ul type="square"><li> <b>Exchange-Traded Funds Risk –</b> An investment in securities issued by an ETF may be subject to the following risks: (1) shares of the ETF may trade at a discount to its net asset value; (2) an active trading market for the ETF’s shares may not develop; (3) the exchange on which the ETF is listed may, under certain circumstances, suspend trading of the ETF’s shares; and (4) to the extent that an ETF is acquired in order to track a specific asset or index, the ETF may fail to effectively accomplish that goal.</li></ul><ul type="square"><li> <b>Investment in Other Investment Companies Risk –</b> As with other investments, investments in other investment companies are subject to market and selection risk. To the extent that the Portfolio acquires shares of investment companies, shareholders bear both their proportionate share of expenses in the Portfolio (including management and advisory fees) and, indirectly, the expenses of the acquired investment companies. </li></ul></blockquote>There is no guarantee that the Portfolio will meet its goals. It is possible to lose money by investing in the Portfolio.<b>Performance Bar Chart and Table </b><br/><br/><b>Performance.</b>The chart and table below show how The Intermediate Term Municipal Bond Portfolio has performed, and how its performance has varied from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s yearly performance for each of the last ten full calendar years. The table accompanying the bar chart compares the Portfolio’s performance over time on a before and after-tax basis to that of a broad based market index. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.<b>Year-by-Year Total Returns as of 12/31</b>The Portfolio’s HC Strategic Shares before-tax return for the period from January 1, 2018 through September 30, 2018 (non-annualized) was -0.26%.<br/><br/><table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse; " align="center"> <tr> <td width="35%"></td> <td valign="bottom" width="13%"></td> <td width="18%"></td> <td valign="bottom" width="19%"></td> <td></td> <td></td> <td valign="bottom" width="9%"></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-top:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Best quarter:</div></td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-top:1px solid #000000">3rd Qtr. 2009</td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000" align="right">6.12</td> <td valign="bottom" style="border-top:1px solid #000000">% </td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-bottom:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Worst quarter:</div></td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-bottom:1px solid #000000">4th Qtr. 2010</td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">-3.36</td> <td valign="bottom" style="border-bottom:1px solid #000000">% </td></tr> </table><b>Average Annual Total Returns </b><br/>(for the periods ended 12/31/17)After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio.The chart and table below show how The Intermediate Term Municipal Bond Portfolio has performed, and how its performance has varied from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s yearly performance for each of the last ten full calendar years.Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.Best quarter:2011-06-30Worst quarter:2016-12-31before-tax return2018-09-30Best quarter:2008-12-31Worst quarter:2010-12-31before-tax return2018-09-30Best quarter:2009-09-30Worst quarter:2010-12-31<div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualFundOperatingExpenses000433 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualTotalReturnsBarChart000436 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleExpenseExample000434 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAverageAnnualTotalReturnsTransposed000437 column period compact * ~</div><div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleShareholderFees000432 column period compact * ~</div><b>The Intermediate Term Municipal Bond II Portfolio</b><b>Investment Objective </b>The investment objective of The Intermediate Term Municipal Bond II Portfolio is to provide as high a level of current income exempt from Federal income tax, as is consistent with the preservation of capital.<b>Fees and Expenses </b>The fee and expense tables below describe the fees and expenses that you may pay if you buy and hold HC Strategic Shares of the Portfolio.<b>Shareholder Fees </b><br/>(fees paid directly from your investment)<b>Annual Operating Expenses </b><br/>(expenses that you pay each year as a percentage of the value of your investment)<b>Example</b>:This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s Total Annual Operating Expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your cost would be:<b>Portfolio Turnover </b>The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” investments in its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in the Total Annual Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover was 21.56% of the average value of its portfolio.<b>Principal Investment Strategies </b>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, 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 “ 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 (“Baa” or higher by Moodys, “BBB” or higher by Standard & Poor’s) or, if unrated, that are determined by the Specialist Manager to be of comparable quality. 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 Bloomberg Barclays 3-15 Year Blend Municipal Bond Index, currently 2 to 10 years. The Portfolio may invest in securities issued by other investment companies, including ETFs and closed-end funds, that invest in Municipal Securities. <br/><br/>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.<b>Principal Investment Risks </b>Investing in the Portfolio involves risks common to any investment in securities. There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio. All mutual funds, including the Portfolio, are subject to <b>Management Risk –</b> the risk that the investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments and <b>Market Risk –</b> the risk that the value of the securities held by a portfolio may decline in response to general market and economic conditions, or conditions that affect specific market sectors or individual companies. <br/><br/>There are also risks associated with the overall structure of the Portfolio. These include: <ul type="square"><li> <b>Tax Risk –</b> Changes in Federal tax laws or regulations could change the tax-exempt status of income from any or all of the Portfolio’s municipal securities. In addition, short-term capital gains and a portion of any gain attributable to bonds purchased at market discount will be treated as ordinary income for Federal tax purposes. </li></ul>Additionally, the range of securities in which the Portfolio may invest, and the several investment strategies that may be used in seeking to achieve the Portfolio’s objective, involve additional risks. These are summarized below. <ul type="square"><li> <b>Fixed Income Risk.</b> Investments in fixed income securities may involve the following risks, depending on the instrument involved: </li></ul><blockquote><ul type="square"><li> <b>Credit Risk –</b> An investment in the Portfolio also involves the risk that the issuer of a fixed income security that the Portfolio holds will fail to make timely payments of interest or principal, or go bankrupt, or that the value of the securities will decline because of a market perception that the issuer may not make payments on time, thus potentially reducing the Portfolio’s return. Changes in economic conditions are likely to cause issuers of these fixed income securities to be unable to meet their obligations. The lower the rating of a debt security, the higher its credit risk. In addition, the securities of many U.S. Government agencies, authorities or instrumentalities in which the Portfolio may invest are neither issued nor guaranteed by the U.S. Government, and may be supported only by the ability of the issuer to borrow from the U.S. Treasury or by the credit of the issuer. </li></ul><ul type="square"><li> <b>Interest Rate Risk –</b> The value of fixed income securities held in the Portfolio, including U.S. Government securities, may decline with changes in interest rates. Prices of fixed income securities with longer effective maturities are more sensitive to interest rate changes than those with shorter effective maturities. U.S. Government securities can exhibit price movements resulting from changes in interest rates. During low interest rate environments, the risk that interest rates will rise is increased. Such increases may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. These risks are greater when a low interest rate environment has existed for an extended period of time. </li></ul><ul type="square"><li> <b>Call/Prepayment Risk –</b> Municipal Securities held by the Portfolio may be called (prepaid) before their maturity dates. This usually occurs as interest rates are declining. As a result of this risk, the Portfolio may have to reinvest these prepayments at those lower rates, thus reducing its income. In addition, the Portfolio may lose price appreciation if a bond it holds is called earlier than scheduled. </li></ul><ul type="square"><li> <b>Extension Risk –</b> These securities are also subject to the risk that payment on the loans underlying the securities held by the Portfolio will be made more slowly when interest rates are rising. This could cause the market value of the securities to decline. </li></ul><ul type="square"><li> <b>Liquidity Risk –</b> At times, certain securities may be difficult or impossible to sell at the price that would normally prevail in the market. The seller may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Portfolio management or performance. This includes the risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in less advantageous investments. </li></ul><ul type="square"><li> <b>Municipal Bond Risk –</b> The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives, and the issuer’s regional economic conditions may affect the municipal security’s value, interest payments, repayment of principal and the Fund’s ability to sell the security. Failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security’s value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities.</li></ul><ul type="square"><li> <b>Revenue Bonds Risk –</b> Payments of interest and principal are made only from the revenues generated by a particular facility, class of facilities or the proceeds of a special tax, or other revenue source, and depends on the money earned by that source. </li></ul><ul type="square"><li> <b>Private Activity Bonds Risk –</b> Municipalities and other public authorities issue private activity bonds to finance development of industrial facilities for use by a private enterprise. The private enterprise pays the principal and interest on the bond, and the issuer does not pledge its faith, credit and taxing power for repayment. The Portfolio’s investments may consist of private activity bonds that may subject certain shareholders to an alternative minimum tax. </li></ul><ul type="square"><li> <b>Exchange-Traded Funds Risk –</b> An investment in securities issued by an ETF may be subject to the following risks: (1) shares of the ETF may trade at a discount to its net asset value; (2) an active trading market for the ETF’s shares may not develop; (3) the exchange on which the ETF is listed may, under certain circumstances, suspend trading of the ETF’s shares; and (4) to the extent that an ETF is acquired in order to track a specific asset or index, the ETF may fail to effectively accomplish that goal. </li></ul><ul type="square"><li> <b>Investment in Other Investment Companies Risk –</b> As with other investments, investments in other investment companies are subject to market and selection risk. To the extent that the Portfolio acquires shares of investment companies, shareholders bear both their proportionate share of expenses in the Portfolio (including management and advisory fees) and, indirectly, the expenses of the acquired investment companies. </li></ul></blockquote>There is no guarantee that the Portfolio will meet its goals. It is possible to lose money by investing in the Portfolio.<b>Performance Bar Chart and Table</b><br/><br/><b>Performance.</b>The chart and table below show how The Intermediate Term Municipal Bond II Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s yearly performance for each full calendar year since the Portfolio’s inception on July 13, 2010. The table accompanying the bar chart compares the Portfolio’s performance over time on a before and after-tax basis to that of a broad based market index. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.<b>Year-by-Year Total Returns as of 12/31</b>The Portfolio’s HC Strategic Shares before-tax return for the period from January 1, 2018 through September 30, 2018 (non-annualized) was -0.40%.<br/><br/><table cellspacing="0" cellpadding="0" width="100%" border="0" style="border-collapse:collapse; " align="center"> <tr> <td width="35%"></td> <td valign="bottom" width="13%"></td> <td width="18%"></td> <td valign="bottom" width="19%"></td> <td></td> <td></td> <td valign="bottom" width="9%"></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-top:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Best quarter:</div></td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-top:1px solid #000000">2nd Qtr. 2011</td> <td valign="bottom" style=" border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000"> </td> <td valign="bottom" style="border-top:1px solid #000000" align="right">3.26</td> <td valign="bottom" style="border-top:1px solid #000000">% </td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" style="border-bottom:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; ">Worst quarter:</div></td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" align="right" style="border-bottom:1px solid #000000">4th Qtr. 2016</td> <td valign="bottom" style=" border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000"> </td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right">-2.54</td> <td valign="bottom" style="border-bottom:1px solid #000000">% </td></tr> </table><b>Average Annual Total Returns </b><br/>(for the periods ended 12/31/17)After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio.The chart and table below show how The Intermediate Term Municipal Bond II Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s yearly performance for each full calendar year since the Portfolio’s inception on July 13, 2010.Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.2010-07-132010-07-132010-07-132010-07-13before-tax return2018-09-30Best quarter:2011-06-30Worst quarter:2016-12-31<div style="display:none">~ http://www.hccapitalsolutions.com/role/ScheduleAnnualFundOperatingExpenses000443 column period compact * 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shown on a calendar year basis; the Portfolio’s fiscal year, however, is June 30.Results shown on a calendar year basis; the Portfolio’s fiscal year, however, is June 30. No performance information is shown for 2013, 2014, 2015, 2016 and 2017 calendar years and for the period from January 1, 2018 through September 30, 2018 because the HC Advisors Shares of the Portfolio were inactive for each of those periods.HC Advisors Shares’ returns are calculated at April 30, 2013 and do not reflect the period when the Portfolio was active from May 1, 2013 through May 5, 2013. No performance information is shown for the HC Advisors Shares’ and the Index’s one- and five-year returns shown in the table because the Portfolio was inactive for the 2017 calendar year. Index return since inception excludes performance during the period when the Portfolio’s HC Advisors Shares were inactive.Represents annualized return from July 6, 2010 through April 30, 2013.Results shown on a calendar year basis; the Portfolio’s fiscal year, however, is June 30.Results shown on a calendar year basis; the Portfolio’s fiscal year, however, is June 30.Results shown on a calendar year basis; the Portfolio’s fiscal year, however, is June 30.Results shown on a calendar year basis; the Portfolio’s fiscal year, however, is June 30.Results shown on a calendar year basis; the Portfolio’s fiscal year, however, is June 30.Results shown on a calendar year basis; the Portfolio’s fiscal year, however, is June 30.Results shown on a calendar year basis; the Portfolio’s fiscal year, however, is June 30.Results shown on a calendar year basis; the Portfolio’s fiscal year, however, is June 30.Results shown on a calendar year basis; the Portfolio’s fiscal year, however, is June 30.Results shown on a calendar year basis; the Portfolio’s fiscal year, however, is June 30.Results shown on a calendar year basis; the Portfolio’s fiscal year, however, is June 30.Results shown on a calendar year basis; the Portfolio’s fiscal year, however, is June 30.Results shown on a calendar year basis; the Portfolio’s fiscal year, however, is June 30.Results shown on a calendar year basis; the Portfolio’s fiscal year, however, is June 30.Results shown on a calendar year basis; the Portfolio’s fiscal year, however, is June 30.Results shown on a calendar year basis; the Portfolio’s fiscal year, however, is June 30.Results shown on a calendar year basis; the Portfolio’s fiscal year, however, is June 30.Results shown on a calendar year basis; the Portfolio’s fiscal year, however, is June 30.Results shown on a calendar year basis; the Portfolio’s fiscal year, however, is June 30.Results shown on a calendar year basis; the Portfolio’s fiscal year, however, is June 30.Results shown on a calendar year basis; the Portfolio’s fiscal year, however, is June 30.Results shown on a calendar year basis; the Portfolio’s fiscal year, however, is June 30. The 2013 return reflects the combination of cumulative returns for each period when the Strategic Shares had operations: 1/1/13 through 6/30/13 and 9/12/13 through 12/31/13.Represents annualized returns for the periods when the Strategic Shares had operations: 1/1/10 through 6/30/13 and 9/12/13 through 12/31/17.Represents annualized returns for the periods when the Strategic Shares had operations: 5/21/09 through 6/30/13 and 9/12/13 through 12/31/17.Results shown on a calendar year basis; the Portfolio’s fiscal year, however, is June 30.Includes performance during the period when the Strategic Shares were inactive: 7/1/13 through 9/11/13. Returns for periods 1/1/13 – 6/30/13, 5/21/09 – 6/30/13 and 9/12/13 – 12/31/17 were 5.68%, 26.19% and 10.27%, respectively.Results shown on a calendar year basis; the Portfolio’s fiscal year, however, is June 30.Results shown on a calendar year basis; the Portfolio’s fiscal year, however, is June 30.Results shown on a calendar year basis; the Portfolio’s fiscal year, however, is June 30.Results shown on a calendar year basis; the Portfolio’s fiscal year, however, is June 30.Results shown on a calendar year basis; the Portfolio’s fiscal year, however, is June 30.Results shown on a calendar year basis; the Portfolio’s fiscal year, however, is June 30.Results shown on a calendar year basis; the Portfolio’s fiscal year, however, is June 30.Results shown on a calendar year basis; the Portfolio’s fiscal year, however, is June 30.Results shown on a calendar year basis; the Portfolio’s fiscal year, however, is June 30.Results shown on a calendar year basis; the Portfolio’s fiscal year, however, is June 30.Results shown on a calendar year basis; the Portfolio’s fiscal year, however, is June 30.Results shown on a calendar year basis; the Portfolio’s fiscal year, however, is June 30.Results shown on a calendar year basis; the Portfolio’s fiscal year, however, is June 30.Results shown on a calendar year basis; the Portfolio’s fiscal year, however, is June 30.Results shown on a calendar year basis; the Portfolio’s fiscal year, however, is June 30.Results shown on a calendar year basis; the Portfolio’s fiscal year, however, is June 30.Results shown on a calendar year basis; the Portfolio’s fiscal year, however, is June 30.EX-101.SCH
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Schedule - Average Annual Total Returns {Transposed}link:presentationLinklink:calculationLinklink:definitionLink000128 - Document - Risk/Return Detail {Unlabeled} - The Institutional International Equity Portfolio (HC Advisors Shares)link:presentationLinklink:calculationLinklink:definitionLink000129 - Disclosure - Risk/Return Detail Data {Elements} - The Institutional International Equity Portfolio - HC Advisors Shareslink:presentationLinklink:calculationLinklink:definitionLink000131 - Document - Risk/Return Summary {Unlabeled} - The Emerging Markets Portfolio - HC Advisors Shareslink:presentationLinklink:calculationLinklink:definitionLink000132 - Schedule - Shareholder Feeslink:presentationLinklink:calculationLinklink:definitionLink000133 - Schedule - Annual Fund Operating Expenseslink:presentationLinklink:calculationLinklink:definitionLink000134 - Schedule - Expense Examplelink:presentationLinklink:calculationLinklink:definitionLink000135 - Schedule - Expense Example, No Redemptionlink:presentationLinklink:calculationLinklink:definitionLink000136 - Schedule - Annual Total Returns - The Emerging Markets Portfolio (HC Advisors Shares) [BarChart]link:presentationLinklink:calculationLinklink:definitionLink000137 - Schedule - Average Annual Total Returns {Transposed}link:presentationLinklink:calculationLinklink:definitionLink000138 - Document - Risk/Return Detail {Unlabeled} - The Emerging Markets Portfolio (HC Advisors Shares)link:presentationLinklink:calculationLinklink:definitionLink000139 - Disclosure - Risk/Return Detail Data {Elements} - The Emerging Markets Portfolio - HC Advisors Shareslink:presentationLinklink:calculationLinklink:definitionLink000141 - Document - Risk/Return Summary {Unlabeled} - The Core Fixed Income Portfolio - HC Advisors Shareslink:presentationLinklink:calculationLinklink:definitionLink000142 - Schedule - Shareholder Feeslink:presentationLinklink:calculationLinklink:definitionLink000143 - Schedule - Annual Fund Operating Expenseslink:presentationLinklink:calculationLinklink:definitionLink000144 - Schedule - Expense Examplelink:presentationLinklink:calculationLinklink:definitionLink000145 - Schedule - Expense Example, No Redemptionlink:presentationLinklink:calculationLinklink:definitionLink000146 - Schedule - Annual Total Returns - The Core Fixed Income Portfolio (HC Advisors Shares) [BarChart]link:presentationLinklink:calculationLinklink:definitionLink000147 - Schedule - Average Annual Total Returns {Transposed}link:presentationLinklink:calculationLinklink:definitionLink000148 - Document - Risk/Return Detail {Unlabeled} - The Core Fixed Income Portfolio (HC Advisors Shares)link:presentationLinklink:calculationLinklink:definitionLink000149 - Disclosure - Risk/Return Detail Data {Elements} - The Core Fixed Income Portfolio - HC Advisors Shareslink:presentationLinklink:calculationLinklink:definitionLink000151 - Document - Risk/Return Summary {Unlabeled} - The Fixed Income Opportunity Portfolio - HC Advisors Shareslink:presentationLinklink:calculationLinklink:definitionLink000152 - Schedule - Shareholder Feeslink:presentationLinklink:calculationLinklink:definitionLink000153 - Schedule - Annual Fund Operating Expenseslink:presentationLinklink:calculationLinklink:definitionLink000154 - Schedule - Expense Examplelink:presentationLinklink:calculationLinklink:definitionLink000155 - Schedule - Expense Example, No Redemptionlink:presentationLinklink:calculationLinklink:definitionLink000156 - Schedule - Annual Total Returns - The Fixed Income Opportunity Portfolio (HC Advisors Shares) [BarChart]link:presentationLinklink:calculationLinklink:definitionLink000157 - Schedule - Average Annual Total Returns {Transposed}link:presentationLinklink:calculationLinklink:definitionLink000158 - Document - Risk/Return Detail {Unlabeled} - The Fixed Income Opportunity Portfolio (HC Advisors Shares)link:presentationLinklink:calculationLinklink:definitionLink000159 - Disclosure - Risk/Return Detail Data {Elements} - The Fixed Income Opportunity Portfolio - HC Advisors Shareslink:presentationLinklink:calculationLinklink:definitionLink000161 - Document - Risk/Return Summary {Unlabeled} - The U.S. Government Fixed Income Securities Portfolio - HC Advisors Shareslink:presentationLinklink:calculationLinklink:definitionLink000162 - Schedule - Shareholder Feeslink:presentationLinklink:calculationLinklink:definitionLink000163 - Schedule - Annual Fund Operating Expenseslink:presentationLinklink:calculationLinklink:definitionLink000164 - Schedule - Expense Examplelink:presentationLinklink:calculationLinklink:definitionLink000165 - Schedule - Expense Example, No Redemptionlink:presentationLinklink:calculationLinklink:definitionLink000166 - Schedule - Annual Total Returns - The U.S. Government Fixed Income Securities Portfolio (HC Advisors Shares) [BarChart]link:presentationLinklink:calculationLinklink:definitionLink000167 - Schedule - Average Annual Total Returns {Transposed}link:presentationLinklink:calculationLinklink:definitionLink000168 - Document - Risk/Return Detail {Unlabeled} - The U.S. Government Fixed Income Securities Portfolio (HC Advisors Shares)link:presentationLinklink:calculationLinklink:definitionLink000169 - 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Document - Risk/Return Detail {Unlabeled} - The Inflation Protected Securities Portfolio (HC Advisors Shares)link:presentationLinklink:calculationLinklink:definitionLink000179 - Disclosure - Risk/Return Detail Data {Elements} - The Inflation Protected Securities Portfolio - HC Advisors Shareslink:presentationLinklink:calculationLinklink:definitionLink000181 - Document - Risk/Return Summary {Unlabeled} - The U.S. Corporate Fixed Income Securities Portfolio - HC Advisors Shareslink:presentationLinklink:calculationLinklink:definitionLink000182 - Schedule - Shareholder Feeslink:presentationLinklink:calculationLinklink:definitionLink000183 - Schedule - Annual Fund Operating Expenseslink:presentationLinklink:calculationLinklink:definitionLink000184 - Schedule - Expense Examplelink:presentationLinklink:calculationLinklink:definitionLink000185 - Schedule - Expense Example, No Redemptionlink:presentationLinklink:calculationLinklink:definitionLink000186 - Schedule - Annual Total Returns - The U.S. Corporate Fixed Income Securities Portfolio (HC Advisors Shares) [BarChart]link:presentationLinklink:calculationLinklink:definitionLink000187 - Schedule - Average Annual Total Returns {Transposed}link:presentationLinklink:calculationLinklink:definitionLink000188 - Document - Risk/Return Detail {Unlabeled} - The U.S. Corporate Fixed Income Securities Portfolio (HC Advisors Shares)link:presentationLinklink:calculationLinklink:definitionLink000189 - Disclosure - Risk/Return Detail Data {Elements} - The U.S. Corporate Fixed Income Securities Portfolio - HC Advisors Shareslink:presentationLinklink:calculationLinklink:definitionLink000191 - Document - Risk/Return Summary {Unlabeled} - The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio - HC Advisors Shareslink:presentationLinklink:calculationLinklink:definitionLink000192 - Schedule - Shareholder Feeslink:presentationLinklink:calculationLinklink:definitionLink000193 - Schedule - Annual Fund Operating Expenseslink:presentationLinklink:calculationLinklink:definitionLink000194 - Schedule - Expense Examplelink:presentationLinklink:calculationLinklink:definitionLink000195 - Schedule - Expense Example, No Redemptionlink:presentationLinklink:calculationLinklink:definitionLink000196 - Schedule - Annual Total Returns - The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio (HC Advisors Shares) [BarChart]link:presentationLinklink:calculationLinklink:definitionLink000197 - Schedule - Average Annual Total Returns {Transposed}link:presentationLinklink:calculationLinklink:definitionLink000198 - Document - Risk/Return Detail {Unlabeled} - The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio (HC Advisors Shares)link:presentationLinklink:calculationLinklink:definitionLink000199 - Disclosure - Risk/Return Detail Data {Elements} - The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio - HC Advisors Shareslink:presentationLinklink:calculationLinklink:definitionLink000201 - Document - Risk/Return Summary {Unlabeled} - The Short-Term Municipal Bond Portfolio - HC Advisors Shareslink:presentationLinklink:calculationLinklink:definitionLink000202 - Schedule - Shareholder Feeslink:presentationLinklink:calculationLinklink:definitionLink000203 - Schedule - Annual Fund Operating Expenseslink:presentationLinklink:calculationLinklink:definitionLink000204 - Schedule - Expense Examplelink:presentationLinklink:calculationLinklink:definitionLink000205 - Schedule - Expense Example, No Redemptionlink:presentationLinklink:calculationLinklink:definitionLink000206 - Schedule - Annual Total Returns - The Short-Term Municipal Bond Portfolio (HC Advisors Shares) [BarChart]link:presentationLinklink:calculationLinklink:definitionLink000207 - Schedule - Average Annual Total Returns {Transposed}link:presentationLinklink:calculationLinklink:definitionLink000208 - Document - Risk/Return Detail {Unlabeled} - The Short-Term Municipal Bond Portfolio (HC Advisors Shares)link:presentationLinklink:calculationLinklink:definitionLink000209 - Disclosure - Risk/Return Detail Data {Elements} - The Short-Term Municipal Bond Portfolio - HC Advisors Shareslink:presentationLinklink:calculationLinklink:definitionLink000211 - Document - Risk/Return Summary {Unlabeled} - The Intermediate Term Municipal Bond Portfolio - HC Advisors Shareslink:presentationLinklink:calculationLinklink:definitionLink000212 - Schedule - Shareholder Feeslink:presentationLinklink:calculationLinklink:definitionLink000213 - Schedule - Annual Fund Operating Expenseslink:presentationLinklink:calculationLinklink:definitionLink000214 - Schedule - Expense Examplelink:presentationLinklink:calculationLinklink:definitionLink000215 - Schedule - Expense Example, No Redemptionlink:presentationLinklink:calculationLinklink:definitionLink000216 - Schedule - Annual Total Returns - The Intermediate Term Municipal Bond Portfolio (HC Advisors Shares) [BarChart]link:presentationLinklink:calculationLinklink:definitionLink000217 - Schedule - Average Annual Total Returns {Transposed}link:presentationLinklink:calculationLinklink:definitionLink000218 - Document - Risk/Return Detail {Unlabeled} - The Intermediate Term Municipal Bond Portfolio (HC Advisors Shares)link:presentationLinklink:calculationLinklink:definitionLink000219 - Disclosure - Risk/Return Detail Data {Elements} - The Intermediate Term Municipal Bond Portfolio - HC Advisors Shareslink:presentationLinklink:calculationLinklink:definitionLink000221 - Document - Risk/Return Summary {Unlabeled} - THE INTERMEDIATE TERM MUNICIPAL BOND II PORTFOLIO - HC Advisors Shareslink:presentationLinklink:calculationLinklink:definitionLink000222 - Schedule - Shareholder Feeslink:presentationLinklink:calculationLinklink:definitionLink000223 - Schedule - Annual Fund Operating Expenseslink:presentationLinklink:calculationLinklink:definitionLink000224 - Schedule - Expense Examplelink:presentationLinklink:calculationLinklink:definitionLink000225 - Schedule - Expense Example, No Redemptionlink:presentationLinklink:calculationLinklink:definitionLink000226 - Schedule - Annual Total Returns - THE INTERMEDIATE TERM MUNICIPAL BOND II PORTFOLIO (HC Advisors Shares) [BarChart]link:presentationLinklink:calculationLinklink:definitionLink000227 - Schedule - Average Annual Total Returns {Transposed}link:presentationLinklink:calculationLinklink:definitionLink000228 - Document - Risk/Return Detail {Unlabeled} - THE INTERMEDIATE TERM MUNICIPAL BOND II PORTFOLIO (HC Advisors Shares)link:presentationLinklink:calculationLinklink:definitionLink000229 - Disclosure - Risk/Return Detail Data {Elements} - THE INTERMEDIATE TERM MUNICIPAL BOND II PORTFOLIO - HC Advisors Shareslink:presentationLinklink:calculationLinklink:definitionLink000231 - Document - Risk/Return Summary {Unlabeled} - The Value Equity Portfolio - HC Strategic Shareslink:presentationLinklink:calculationLinklink:definitionLink000232 - Schedule - Shareholder Feeslink:presentationLinklink:calculationLinklink:definitionLink000233 - Schedule - Annual Fund Operating Expenseslink:presentationLinklink:calculationLinklink:definitionLink000234 - Schedule - Expense Examplelink:presentationLinklink:calculationLinklink:definitionLink000235 - Schedule - Expense Example, No Redemptionlink:presentationLinklink:calculationLinklink:definitionLink000236 - Schedule - Annual Total Returns - The Value Equity Portfolio (HC Strategic Shares) [BarChart]link:presentationLinklink:calculationLinklink:definitionLink000237 - Schedule - Average Annual Total Returns {Transposed}link:presentationLinklink:calculationLinklink:definitionLink000238 - Document - Risk/Return Detail {Unlabeled} - The Value Equity Portfolio (HC Strategic Shares)link:presentationLinklink:calculationLinklink:definitionLink000239 - Disclosure - Risk/Return Detail Data {Elements} - The Value Equity Portfolio - HC Strategic Shareslink:presentationLinklink:calculationLinklink:definitionLink000241 - Document - Risk/Return Summary {Unlabeled} - The Institutional Value Equity Portfolio - HC Strategic Shareslink:presentationLinklink:calculationLinklink:definitionLink000242 - Schedule - Shareholder Feeslink:presentationLinklink:calculationLinklink:definitionLink000243 - Schedule - Annual Fund Operating Expenseslink:presentationLinklink:calculationLinklink:definitionLink000244 - Schedule - Expense Examplelink:presentationLinklink:calculationLinklink:definitionLink000245 - Schedule - Expense Example, No Redemptionlink:presentationLinklink:calculationLinklink:definitionLink000246 - Schedule - Annual Total Returns - The Institutional Value Equity Portfolio (HC Strategic Shares) [BarChart]link:presentationLinklink:calculationLinklink:definitionLink000247 - Schedule - Average Annual Total Returns {Transposed}link:presentationLinklink:calculationLinklink:definitionLink000248 - Document - Risk/Return Detail {Unlabeled} - The Institutional Value Equity Portfolio (HC Strategic Shares)link:presentationLinklink:calculationLinklink:definitionLink000249 - Disclosure - Risk/Return Detail Data {Elements} - The Institutional Value Equity Portfolio - HC Strategic Shareslink:presentationLinklink:calculationLinklink:definitionLink000251 - Document - Risk/Return Summary {Unlabeled} - The Growth Equity Portfolio - HC Strategic Shareslink:presentationLinklink:calculationLinklink:definitionLink000252 - Schedule - Shareholder Feeslink:presentationLinklink:calculationLinklink:definitionLink000253 - Schedule - Annual Fund Operating Expenseslink:presentationLinklink:calculationLinklink:definitionLink000254 - Schedule - Expense Examplelink:presentationLinklink:calculationLinklink:definitionLink000255 - Schedule - Expense Example, No Redemptionlink:presentationLinklink:calculationLinklink:definitionLink000256 - Schedule - Annual Total Returns - The Growth Equity Portfolio (HC Strategic Shares) [BarChart]link:presentationLinklink:calculationLinklink:definitionLink000257 - Schedule - Average Annual Total Returns {Transposed}link:presentationLinklink:calculationLinklink:definitionLink000258 - Document - Risk/Return Detail {Unlabeled} - The Growth Equity Portfolio (HC Strategic Shares)link:presentationLinklink:calculationLinklink:definitionLink000259 - Disclosure - Risk/Return Detail Data {Elements} - The Growth Equity Portfolio - HC Strategic Shareslink:presentationLinklink:calculationLinklink:definitionLink000261 - Document - Risk/Return Summary {Unlabeled} - The Institutional Growth Equity Portfolio - HC Strategic Shareslink:presentationLinklink:calculationLinklink:definitionLink000262 - Schedule - Shareholder Feeslink:presentationLinklink:calculationLinklink:definitionLink000263 - Schedule - Annual Fund Operating Expenseslink:presentationLinklink:calculationLinklink:definitionLink000264 - Schedule - Expense Examplelink:presentationLinklink:calculationLinklink:definitionLink000265 - Schedule - Expense Example, No Redemptionlink:presentationLinklink:calculationLinklink:definitionLink000266 - Schedule - Annual Total Returns - The Institutional Growth Equity Portfolio (HC Strategic Shares) [BarChart]link:presentationLinklink:calculationLinklink:definitionLink000267 - Schedule - Average Annual Total Returns {Transposed}link:presentationLinklink:calculationLinklink:definitionLink000268 - Document - Risk/Return Detail {Unlabeled} - The Institutional Growth Equity Portfolio (HC Strategic Shares)link:presentationLinklink:calculationLinklink:definitionLink000269 - Disclosure - Risk/Return Detail Data {Elements} - The Institutional Growth Equity Portfolio - HC Strategic Shareslink:presentationLinklink:calculationLinklink:definitionLink000271 - Document - Risk/Return Summary {Unlabeled} - The Small Capitalization - Mid Capitalization Equity Portfolio - HC Strategic Shareslink:presentationLinklink:calculationLinklink:definitionLink000272 - Schedule - Shareholder Feeslink:presentationLinklink:calculationLinklink:definitionLink000273 - Schedule - Annual Fund Operating Expenseslink:presentationLinklink:calculationLinklink:definitionLink000274 - Schedule - Expense Examplelink:presentationLinklink:calculationLinklink:definitionLink000275 - Schedule - Expense Example, No Redemptionlink:presentationLinklink:calculationLinklink:definitionLink000276 - Schedule - Annual Total Returns - The Small Capitalization - Mid Capitalization Equity Portfolio (HC Strategic Shares) [BarChart]link:presentationLinklink:calculationLinklink:definitionLink000277 - Schedule - Average Annual Total Returns {Transposed}link:presentationLinklink:calculationLinklink:definitionLink000278 - Document - Risk/Return Detail {Unlabeled} - The Small Capitalization - Mid Capitalization Equity Portfolio (HC Strategic Shares)link:presentationLinklink:calculationLinklink:definitionLink000279 - Disclosure - Risk/Return Detail Data {Elements} - The Small Capitalization - Mid Capitalization Equity Portfolio - HC Strategic Shareslink:presentationLinklink:calculationLinklink:definitionLink000281 - Document - Risk/Return Summary {Unlabeled} - The Institutional Small Capitalization - Mid Capitalization Equity Portfolio - HC Strategic Shareslink:presentationLinklink:calculationLinklink:definitionLink000282 - Schedule - Shareholder Feeslink:presentationLinklink:calculationLinklink:definitionLink000283 - Schedule - Annual Fund Operating Expenseslink:presentationLinklink:calculationLinklink:definitionLink000284 - Schedule - Expense Examplelink:presentationLinklink:calculationLinklink:definitionLink000285 - Schedule - Expense Example, No Redemptionlink:presentationLinklink:calculationLinklink:definitionLink000286 - Schedule - Annual Total Returns - The Institutional Small Capitalization - Mid Capitalization Equity Portfolio (HC Strategic Shares) [BarChart]link:presentationLinklink:calculationLinklink:definitionLink000287 - Schedule - Average Annual Total Returns {Transposed}link:presentationLinklink:calculationLinklink:definitionLink000288 - Document - Risk/Return Detail {Unlabeled} - The Institutional Small Capitalization - Mid Capitalization Equity Portfolio (HC Strategic Shares)link:presentationLinklink:calculationLinklink:definitionLink000289 - Disclosure - Risk/Return Detail Data {Elements} - The Institutional Small Capitalization - Mid Capitalization Equity Portfolio - HC Strategic Shareslink:presentationLinklink:calculationLinklink:definitionLink000291 - Document - Risk/Return Summary {Unlabeled} - The Real Estate Securities Portfolio - HC Strategic Shareslink:presentationLinklink:calculationLinklink:definitionLink000292 - Schedule - Shareholder Feeslink:presentationLinklink:calculationLinklink:definitionLink000293 - Schedule - Annual Fund Operating Expenseslink:presentationLinklink:calculationLinklink:definitionLink000294 - Schedule - Expense Examplelink:presentationLinklink:calculationLinklink:definitionLink000295 - Schedule - Expense Example, No Redemptionlink:presentationLinklink:calculationLinklink:definitionLink000296 - Schedule - Annual Total Returns - The Real Estate Securities Portfolio (HC Strategic Shares) [BarChart]link:presentationLinklink:calculationLinklink:definitionLink000297 - Schedule - Average Annual Total Returns {Transposed}link:presentationLinklink:calculationLinklink:definitionLink000298 - Document - Risk/Return Detail {Unlabeled} - The Real Estate Securities Portfolio (HC Strategic Shares)link:presentationLinklink:calculationLinklink:definitionLink000299 - Disclosure - Risk/Return Detail Data {Elements} - The Real Estate Securities Portfolio - HC Strategic Shareslink:presentationLinklink:calculationLinklink:definitionLink000301 - Document - Risk/Return Summary {Unlabeled} - The Commodity Returns Strategy Portfolio - HC Strategic Shareslink:presentationLinklink:calculationLinklink:definitionLink000302 - Schedule - Shareholder Feeslink:presentationLinklink:calculationLinklink:definitionLink000303 - Schedule - Annual Fund Operating Expenseslink:presentationLinklink:calculationLinklink:definitionLink000304 - Schedule - Expense Examplelink:presentationLinklink:calculationLinklink:definitionLink000305 - Schedule - Expense Example, No Redemptionlink:presentationLinklink:calculationLinklink:definitionLink000306 - Schedule - Annual Total Returns - The Commodity Returns Strategy Portfolio (HC Strategic Shares) [BarChart]link:presentationLinklink:calculationLinklink:definitionLink000307 - Schedule - Average Annual Total Returns {Transposed}link:presentationLinklink:calculationLinklink:definitionLink000308 - Document - Risk/Return Detail {Unlabeled} - The Commodity Returns Strategy Portfolio (HC Strategic Shares)link:presentationLinklink:calculationLinklink:definitionLink000309 - Disclosure - Risk/Return Detail Data {Elements} - The Commodity Returns Strategy Portfolio - HC Strategic Shareslink:presentationLinklink:calculationLinklink:definitionLink000311 - Document - Risk/Return Summary {Unlabeled} - The ESG Growth Portfolio - HC Strategic Shareslink:presentationLinklink:calculationLinklink:definitionLink000312 - Schedule - Shareholder Feeslink:presentationLinklink:calculationLinklink:definitionLink000313 - Schedule - Annual Fund Operating Expenseslink:presentationLinklink:calculationLinklink:definitionLink000314 - Schedule - Expense Examplelink:presentationLinklink:calculationLinklink:definitionLink000315 - Schedule - Expense Example, No Redemptionlink:presentationLinklink:calculationLinklink:definitionLink000316 - Schedule - Annual Total Returns - The ESG Growth Portfolio (HC Strategic Shares) [BarChart]link:presentationLinklink:calculationLinklink:definitionLink000317 - Schedule - Average Annual Total Returns {Transposed}link:presentationLinklink:calculationLinklink:definitionLink000318 - Document - Risk/Return Detail {Unlabeled} - The ESG Growth Portfolio (HC Strategic Shares)link:presentationLinklink:calculationLinklink:definitionLink000319 - Disclosure - Risk/Return Detail Data {Elements} - The ESG Growth Portfolio - HC Strategic Shareslink:presentationLinklink:calculationLinklink:definitionLink000321 - Document - Risk/Return Summary {Unlabeled} - The Catholic SRI Growth Portfolio - HC Strategic Shareslink:presentationLinklink:calculationLinklink:definitionLink000322 - Schedule - Shareholder Feeslink:presentationLinklink:calculationLinklink:definitionLink000323 - Schedule - Annual Fund Operating Expenseslink:presentationLinklink:calculationLinklink:definitionLink000324 - Schedule - Expense Examplelink:presentationLinklink:calculationLinklink:definitionLink000325 - Schedule - Expense Example, No Redemptionlink:presentationLinklink:calculationLinklink:definitionLink000326 - Schedule - Annual Total Returns - The Catholic SRI Growth Portfolio (HC Strategic Shares) [BarChart]link:presentationLinklink:calculationLinklink:definitionLink000327 - Schedule - Average Annual Total Returns {Transposed}link:presentationLinklink:calculationLinklink:definitionLink000328 - Document - Risk/Return Detail {Unlabeled} - The Catholic SRI Growth Portfolio (HC Strategic Shares)link:presentationLinklink:calculationLinklink:definitionLink000329 - Disclosure - Risk/Return Detail Data {Elements} - The Catholic SRI Growth Portfolio - HC Strategic Shareslink:presentationLinklink:calculationLinklink:definitionLink000331 - Document - Risk/Return Summary {Unlabeled} - The International Equity Portfolio - HC Strategic Shareslink:presentationLinklink:calculationLinklink:definitionLink000332 - Schedule - Shareholder Feeslink:presentationLinklink:calculationLinklink:definitionLink000333 - Schedule - Annual Fund Operating Expenseslink:presentationLinklink:calculationLinklink:definitionLink000334 - Schedule - Expense Examplelink:presentationLinklink:calculationLinklink:definitionLink000335 - Schedule - Expense Example, No Redemptionlink:presentationLinklink:calculationLinklink:definitionLink000336 - Schedule - Annual Total Returns - The International Equity Portfolio (HC Strategic Shares) [BarChart]link:presentationLinklink:calculationLinklink:definitionLink000337 - Schedule - Average Annual Total Returns {Transposed}link:presentationLinklink:calculationLinklink:definitionLink000338 - Document - Risk/Return Detail {Unlabeled} - The International Equity Portfolio (HC Strategic Shares)link:presentationLinklink:calculationLinklink:definitionLink000339 - Disclosure - Risk/Return Detail Data {Elements} - The International Equity Portfolio - HC Strategic Shareslink:presentationLinklink:calculationLinklink:definitionLink000341 - Document - Risk/Return Summary {Unlabeled} - The Institutional International Equity Portfolio - HC Strategic Shareslink:presentationLinklink:calculationLinklink:definitionLink000342 - Schedule - Shareholder Feeslink:presentationLinklink:calculationLinklink:definitionLink000343 - Schedule - Annual Fund Operating Expenseslink:presentationLinklink:calculationLinklink:definitionLink000344 - Schedule - Expense Examplelink:presentationLinklink:calculationLinklink:definitionLink000345 - Schedule - Expense Example, No Redemptionlink:presentationLinklink:calculationLinklink:definitionLink000346 - Schedule - Annual Total Returns - The Institutional International Equity Portfolio (HC Strategic Shares) [BarChart]link:presentationLinklink:calculationLinklink:definitionLink000347 - Schedule - Average Annual Total Returns {Transposed}link:presentationLinklink:calculationLinklink:definitionLink000348 - Document - Risk/Return Detail {Unlabeled} - The Institutional International Equity Portfolio (HC Strategic Shares)link:presentationLinklink:calculationLinklink:definitionLink000349 - Disclosure - Risk/Return Detail Data {Elements} - The Institutional International Equity Portfolio - HC Strategic Shareslink:presentationLinklink:calculationLinklink:definitionLink000351 - Document - Risk/Return Summary {Unlabeled} - The Emerging Markets Portfolio - HC Strategic Shareslink:presentationLinklink:calculationLinklink:definitionLink000352 - Schedule - Shareholder Feeslink:presentationLinklink:calculationLinklink:definitionLink000353 - Schedule - Annual Fund Operating Expenseslink:presentationLinklink:calculationLinklink:definitionLink000354 - Schedule - Expense Examplelink:presentationLinklink:calculationLinklink:definitionLink000355 - Schedule - Expense Example, No Redemptionlink:presentationLinklink:calculationLinklink:definitionLink000356 - Schedule - Annual Total Returns - The Emerging Markets Portfolio (HC Strategic Shares) [BarChart]link:presentationLinklink:calculationLinklink:definitionLink000357 - Schedule - Average Annual Total Returns {Transposed}link:presentationLinklink:calculationLinklink:definitionLink000358 - Document - Risk/Return Detail {Unlabeled} - The Emerging Markets Portfolio (HC Strategic Shares)link:presentationLinklink:calculationLinklink:definitionLink000359 - Disclosure - Risk/Return Detail Data {Elements} - The Emerging Markets Portfolio - HC Strategic Shareslink:presentationLinklink:calculationLinklink:definitionLink000361 - Document - Risk/Return Summary {Unlabeled} - The Core Fixed Income Portfolio - HC Strategic Shareslink:presentationLinklink:calculationLinklink:definitionLink000362 - Schedule - 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Document - Risk/Return Summary {Unlabeled} - The Fixed Income Opportunity Portfolio - HC Strategic Shareslink:presentationLinklink:calculationLinklink:definitionLink000372 - Schedule - Shareholder Feeslink:presentationLinklink:calculationLinklink:definitionLink000373 - Schedule - Annual Fund Operating Expenseslink:presentationLinklink:calculationLinklink:definitionLink000374 - Schedule - Expense Examplelink:presentationLinklink:calculationLinklink:definitionLink000375 - Schedule - Expense Example, No Redemptionlink:presentationLinklink:calculationLinklink:definitionLink000376 - Schedule - Annual Total Returns - The Fixed Income Opportunity Portfolio (HC Strategic Shares) [BarChart]link:presentationLinklink:calculationLinklink:definitionLink000377 - Schedule - Average Annual Total Returns {Transposed}link:presentationLinklink:calculationLinklink:definitionLink000378 - Document - Risk/Return Detail {Unlabeled} - The Fixed Income Opportunity Portfolio (HC Strategic Shares)link:presentationLinklink:calculationLinklink:definitionLink000379 - Disclosure - Risk/Return Detail Data {Elements} - The Fixed Income Opportunity Portfolio - HC Strategic Shareslink:presentationLinklink:calculationLinklink:definitionLink000381 - Document - Risk/Return Summary {Unlabeled} - The U.S. Government Fixed Income Securities Portfolio - HC Strategic Shareslink:presentationLinklink:calculationLinklink:definitionLink000382 - Schedule - Shareholder Feeslink:presentationLinklink:calculationLinklink:definitionLink000383 - Schedule - Annual Fund Operating Expenseslink:presentationLinklink:calculationLinklink:definitionLink000384 - Schedule - Expense Examplelink:presentationLinklink:calculationLinklink:definitionLink000385 - Schedule - Expense Example, No Redemptionlink:presentationLinklink:calculationLinklink:definitionLink000386 - Schedule - Annual Total Returns - The U.S. Government Fixed Income Securities Portfolio (HC Strategic Shares) [BarChart]link:presentationLinklink:calculationLinklink:definitionLink000387 - Schedule - Average Annual Total Returns {Transposed}link:presentationLinklink:calculationLinklink:definitionLink000388 - 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The Inflation Protected Securities Portfolio (HC Strategic Shares) [BarChart]link:presentationLinklink:calculationLinklink:definitionLink000397 - Schedule - Average Annual Total Returns {Transposed}link:presentationLinklink:calculationLinklink:definitionLink000398 - Document - Risk/Return Detail {Unlabeled} - The Inflation Protected Securities Portfolio (HC Strategic Shares)link:presentationLinklink:calculationLinklink:definitionLink000399 - Disclosure - Risk/Return Detail Data {Elements} - The Inflation Protected Securities Portfolio - HC Strategic Shareslink:presentationLinklink:calculationLinklink:definitionLink000401 - Document - Risk/Return Summary {Unlabeled} - The U.S. Corporate Fixed Income Securities Portfolio - HC Strategic Shareslink:presentationLinklink:calculationLinklink:definitionLink000402 - Schedule - Shareholder Feeslink:presentationLinklink:calculationLinklink:definitionLink000403 - Schedule - Annual Fund Operating Expenseslink:presentationLinklink:calculationLinklink:definitionLink000404 - 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hct-20181026_cal.xml
XBRL TAXONOMY EXTENSION CALCULATION LINKBASE
EX-101.DEF
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hct-20181026_def.xml
XBRL TAXONOMY EXTENSION DEFINITION LINKBASE
EX-101.LAB
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hct-20181026_lab.xml
XBRL TAXONOMY EXTENSION LABEL LINKBASE
EX-101.PRE
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hct-20181026_pre.xml
XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
GRAPHIC
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The date the document was made available and submitted, in CCYY-MM-DD format. The date of submission, date of acceptance by the recipient, and the document effective date are all potentially different.
The date when a document, upon receipt and acceptance, becomes officially effective, in CCYY-MM-DD format. Usually it is a system-assigned date time value, but it may be declared by the submitter in some cases.
The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.
The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.
One of: N-1A (Mutual Fund), N-1 (Open-End Separate Account with No Variable Annuities), N-2 (Closed-End Investment Company), N-3 (Separate Account Registered as Open-End Management Investment Company), N-4 (Variable Annuity UIT Separate Account), N-5 (Small Business Investment Company), N-6 (Variable Life UIT Separate Account), S-1 or S-3 (Face Amount Certificate Company), S-6 (UIT, Non-Insurance Product).
This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s Total Annual Operating Expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your cost would be:
The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” investments in its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in the Total Annual Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover was 58.60% of the average value of its portfolio.
<b>Principal Investment Strategies </b>
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 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 $2.5 billion and $34.7 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 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 “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 Portfolio is authorized to operate on a multi-manager basis. This means that a single Portfolio may be managed by more than one investment subadviser (“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.
<b>Principal Investment Risks </b>
Investing in the Portfolio involves risks common to any investment in securities. There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio. All mutual funds, including the Portfolio, are subject to Management Risk – the risk that the investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments and Market Risk – the risk that the value of the securities held by a portfolio may decline in response to general market and economic conditions, or conditions that affect specific market sectors or individual companies.
There are also risks associated with the overall structure of the Portfolio. These include:
Multi-Manager Risk – the Portfolio’s multi-manager structure involves the risk that the Specialist Managers serving the Portfolio do not achieve favorable investment results relative to other investments or that the Portfolio’s assets are not effectively allocated among Specialist Managers in a manner that enhances the Portfolio’s total return or reduces the volatility that might be expected of any one management style. Additionally, the multi-manager structure may, under certain circumstances, cause the Portfolio to incur higher trading costs than might occur in a fund served by a single investment adviser.
Passive Investing Risk – a portion of the Portfolio employs a passive investment approach, which attempts to approximate as closely as practicable, before expenses, the performance of one or more different segments of the Portfolio’s investment universe, as deemed appropriate by the Adviser, regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Portfolio’s return to be lower than if the Portfolio employed an active strategy. In addition, the Portfolio’s return may not match or achieve a high degree of correlation with the return of the target investment pool due to operating expenses, transaction costs, and cash flows.
Additionally, the range of securities in which the Portfolio may invest, and the several investment strategies that may be used in seeking to achieve the Portfolio’s objective, involve additional risks. These are summarized below.
Equity Risks. Investment in equity securities involves the following risks:
Equity Market Risk – The market value of an equity security and the equity markets in general can be volatile.
Value Investing Risk – An investment in the Portfolio cannot assure moderation of investment risk. There is no guarantee that a value stock is, in fact, undervalued, or that the market will ever recognize its true value.
Mid Cap Risk – Mid-cap companies may be more vulnerable to adverse business or economic developments than larger capitalization companies. Securities issued by these companies may be less liquid and/or more volatile than securities of larger companies or the overall securities markets. Mid-cap companies may be adversely affected during periods when investors prefer to hold securities of large capitalization companies.
Exchange-Traded Funds Risk – An investment in securities issued by an ETF may be subject to the following risks: (1) shares of the ETF may trade at a discount to its net asset value; (2) an active trading market for the ETF’s shares may not develop; (3) the exchange on which the ETF is listed may, under certain circumstances, suspend trading of the ETF’s shares; and (4) to the extent that an ETF is acquired in order to track a specific asset or index, the ETF may fail to effectively accomplish that goal.
Investment in Other Investment Companies Risk – As with other investments, investments in other investment companies are subject to market and selection risk. To the extent that the Portfolio acquires shares of investment companies, shareholders bear both their proportionate share of expenses in the Portfolio (including management and advisory fees) and, indirectly, the expenses of the acquired investment companies.
Foreign Investment Risk. Investment in foreign securities involves the following risks:
Foreign Securities Risk – Investments in securities issued by non-U.S. companies and/or non-U.S. governments and their agencies, may be adversely affected by the lack of timely or reliable financial information, political, social and/or economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices. Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar and transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities.
Foreign Currency Risk – Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar. Currency exchange rates can be volatile and can be affected by, among other factors, the general economics of a country, or the actions of the U.S. or foreign governments or central banks. In addition, transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities.
Fixed Income Risk. Investments in fixed income securities may involve the following risks, depending on the instrument involved:
Credit Risk – An investment in the Portfolio also involves the risk that the issuer of a fixed income security that the Portfolio holds will fail to make timely payments of interest or principal, or go bankrupt, or that the value of the securities will decline because of a market perception that the issuer may not make payments on time, thus potentially reducing the Portfolio’s return. Changes in economic conditions are likely to cause issuers of these fixed income securities to be unable to meet their obligations. The lower the rating of a debt security, the higher its credit risk. In addition, the securities of many U.S. Government agencies, authorities or instrumentalities in which the Portfolio may invest are neither issued nor guaranteed by the U.S. Government, and may be supported only by the ability of the issuer to borrow from the U.S. Treasury or by the credit of the issuer.
Interest Rate Risk – The value of fixed income securities held in the Portfolio, including U.S. Government securities, may decline with changes in interest rates. Prices of fixed income securities with longer effective maturities are more sensitive to interest rate changes than those with shorter effective maturities. U.S. Government securities can exhibit price movements resulting from changes in interest rates. During low interest rate environments, the risk that interest rates will rise is increased. Such increases may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. These risks are greater when a low interest rate environment has existed for an extended period of time.
Risks Associated with Investments in Derivatives. The Portfolio is permitted to invest in derivative instruments, including options, futures and options on futures. Investment in derivatives depends largely on the performance of an underlying reference instrument or rate and the Specialist Manager’s ability to predict correctly the direction of securities prices, interest rates, currency exchange rates and/or other economic factors. Derivatives involve additional costs and often have risks similar to an investment in the reference instrument in addition to other risks, such as:
General Derivative Risks – The value of derivative instruments may rise or fall more rapidly than other investments, and there is a risk that the Portfolio may lose more than the original amount invested in the derivative instrument. Derivative instruments also involve the risk that other parties to the derivative contract may fail to meet their obligations, which could cause losses to the Portfolio.
Counterparty Risk – The Portfolio will be subject to counterparty credit risk with respect to derivative contracts entered into by the Portfolio or held by special purpose or structured vehicles in which the Portfolio invests, including other investment companies. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Portfolio may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Portfolio may obtain only a limited recovery or may obtain no recovery in such circumstances.
Derivatives Tax Risk – Compared to other types of investments, derivatives may be harder to value and may also be less tax efficient. In addition, changes in government regulation of derivative instruments could affect the character, timing and amount of the Portfolio’s taxable income or gains, and may limit or prevent the Portfolio from using certain types of derivative instruments as a part of its investment strategy, which could make the investment strategy more costly to implement or require the Portfolio to change its investment strategy. To the extent that the Portfolio uses derivatives for hedging or to gain or limit exposure to a particular market or market segment, there may be imperfect correlation between the value of the derivative instrument and the value of the instrument being hedged or the relevant market or market segment, in which case the Portfolio may not realize the intended benefits. The Portfolio’s use of derivatives may be limited by the requirements for taxation of the Portfolio as a regulated investment company.
There is no guarantee that the Portfolio will meet its goals. It is possible to lose money by investing in the Portfolio.
<b>Performance Bar Chart and Table</b><br/><br/><b>Performance.</b>
The chart and table below show how The Value Equity Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s HC Advisors Shares yearly performance for each full calendar year since the Portfolio’s HC Advisors Shares inception on July 6, 2010. The table accompanying the bar chart compares the Portfolio’s performance over time on a before and after-tax basis to that of a broad based market index. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.
<b>Year-by-Year Total Returns as of 12/31</b>
[1]
Results shown on a calendar year basis; the Portfolio’s fiscal year, however, is June 30.
The Portfolio’s HC Advisors Shares before-tax return for the period from January 1, 2018 through September 30, 2018 (non-annualized) was 3.70%.
Best quarter:
1st Qtr. 2013
13.00
%
Worst quarter:
3rd Qtr. 2011
-17.06
%
<b>Average Annual Total Returns</b><br/>(for the periods ended 12/31/17)
Average Annual Total Returns - HC Advisors Shares - The Value Equity Portfolio
After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
Distribution [and/or Service] (12b-1) Fees" include all distribution or other expenses incurred during the most recent fiscal year under a plan adopted pursuant to rule 12b-1 [17 CFR 270.12b-1]. Under an appropriate caption or a subcaption of "Other Expenses," disclose the amount of any distribution or similar expenses deducted from the Fund's assets other than pursuant to a rule 12b-1 plan.
The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.
The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.
The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.
The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.
Risk/Return Summary Fee Table Includes the following information, in plain English under rule 421(d) under the Securities Act, after Item 2 Fees and expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shared of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $[_____] in [name of fund family] funds. Shareholder Fees (fees paid directly from your investment) Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be You would pay the following expenses if you did not redeem your shares The Example does not reflect sales charges (loads) on reinvested dividends [and other distributions]. If these sales charges (loads) were included, your costs would be higher. Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was __% of the average value of its whole portfolio. Instructions. A.3.instructions.6 New Funds. For purposes of this Item, a "New Fund" is a Fund that does not include in Form N-1A financial statements reporting operating results or that includes financial statements for the Fund's initial fiscal year reporting operating results for a period of 6 months or less. The following Instructions apply to New Funds.
This table describes the fees and expenses that you may pay if you buy and hold shared of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $[_____] in [name of fund family] funds. Include the narrative explanations in the order indicated. A Fund may modify the narrative explanations if the explanation contains comparable information to that shown. The narrative explanation regarding sales charge discounts is only required by a Fund that offers such discounts and should specify the minimum level of investment required to qualify for a discount. Modify the narrative explanation to state that Fund shares are sold on a national securities exchange at the end of the time periods indicated, and that brokerage commissions for buying and selling Fund shares through a broker are not reflected.
Total Annual Fund Operating Expenses. If the Fund is a Feeder Fund, reflect the aggregate expenses of the Feeder Fund and the Master Fund in a single fee table using the captions provided. In a footnote to the fee table, state that the table and Example reflect the expenses of both the Feeder and Master Funds. If the prospectus offers more than one Class of a Multiple Class Fund or more than one Feeder Fund that invests in the same Master Fund, provide a separate response for each Class or Feeder Fund. Base the percentages of "Annual Fund Operating Expenses" on amounts incurred during the Fund's most recent fiscal year, but include in expenses amounts that would have been incurred absent expense reimbursement or fee waiver arrangements. If the Fund has changed its fiscal year and, as a result, the most recent fiscal year is less than three months, use the fiscal year prior to the most recent fiscal year as the basis for determining "Annual Fund Operating Expenses."
Management Fees include investment advisory fees (including any fees based on the Fund's performance), any other management fees payable to the investment adviser or its affiliates, and administrative fees payable to the investment adviser or its affiliates that are not included as "Other Expenses."
Maximum Deferred Sales Charge (Load) (as a percentage of ____) A.3.instructions.2.a.i "Maximum Deferred Sales Charge (Load)" includes the maximum total deferred sales charge (load) payable upon redemption, in installments, or both, expressed as a percentage of the amount or amounts stated in response to Item 7(a), except that, for a sales charge (load) based on net asset value at the time of purchase, show the sales charge (load) as a percentage of the offering price at the time of purchase. A Fund may include in a footnote to the table, if applicable, a tabular presentation showing the amount of deferred sales charges (loads) over time or a narrative explanation of the sales charges (loads) (e.g., __% in the first year after purchase, declining to __% in the __ year and eliminated thereafter). A.3.instructions.2.a.ii If more than one type of sales charge (load) is imposed (e.g., a deferred sales charge (load) and a front-end sales charge (load)), the first caption in the table should read "Maximum Sales Charge (Load)" and show the maximum cumulative percentage. Show the percentage amounts and the terms of each sales charge (load) comprising that figure on separate lines below.
Investment Objectives/Goals. Disclose the Fund's investment objectives or goals. A Fund also may identify its type or category (e.g., that it is a Money Market Fund or a balanced fund).
Investment Objectives/Goals. Disclose the Fund's investment objectives or goals. A Fund also may identify its type or category (e.g., that it is a Money Market Fund or a balanced fund).
"Other Expenses" include all expenses not otherwise disclosed in the table that are deducted from the Fund's assets or charged to all shareholder accounts. The amount of expenses deducted from the Fund's assets are the amounts shown as expenses in the Fund's statement of operations (including increases resulting from complying with paragraph 2(g) of rule 6-07 of Regulation S-X [17 CFR 210.6-07]). "Other Expenses" do not include extraordinary expenses as determined under generally accepted accounting principles (see Accounting Principles Board Opinion No. 30). If extraordinary expenses were incurred that materially affected the Fund's "Other Expenses," disclose in a footnote to the table what "Other Expenses" would have been had the extraordinary expenses been included.
This item represents Average Annual Total Returns. If a Multiple Class Fund offers a Class in the prospectus that converts into another Class after a stated period, compute average annual total returns in the table by using the returns of the other Class for the period after conversion.
If the Fund has annual returns for at least one calendar year, provide a table showing the Fund's (A) average annual total return; (B) average annual total return (after taxes on distributions); and (C) average annual total return (after taxes on distributions and redemption). A Money Market Fund should show only the returns described in clause (A) of the preceding sentence. All returns should be shown for 1-, 5-, and 10- calendar year periods ending on the date of the most recently completed calendar year (or for the life of the Fund, if shorter), but only for periods subsequent to the effective date of the Fund's registration statement. The table also should show the returns of an appropriate broad-based securities market index as defined in Instruction 5 to Item 22(b)(7) for the same periods. A Fund that has been in existence for more than 10 years also may include returns for the life of the Fund. A Money Market Fund may provide the Fund's 7-day yield ending on the date of the most recent calendar year or disclose a toll-free (or collect) telephone number that investors can use to obtain the Fund's current 7-day yield. For a Fund (other than a Money Market Fund or a Fund described in General Instruction C.3.(d)(iii)), provide the information in the following table with the specified captions AVERAGE ANNUAL TOTAL RETURNS (For the periods ended December 31, _____). For a Fund that provides annual total returns for only one calendar year or for a Fund that does not include the bar chart because it does not have annual returns for a full calendar year, modify, as appropriate, the narrative explanation required by paragraph (c)(2)(i) (e.g., by stating that the information gives some indication of the risks of an investment in the Fund by comparing the Fund's performance with a broad measure of market performance).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph iv
Disclose the portfolio turnover rate provided in response to Item 14(a) for the most recent fiscal year (or for such shorter period as the Fund has been in operation). Disclose the period for which the information is provided if less than a full fiscal year. A Fund that is a Money Market Fund may omit the portfolio turnover information required by this Item.
Disclose the portfolio turnover rate provided in response to Item 14(a) for the most recent fiscal year (or for such shorter period as the Fund has been in operation). Disclose the period for which the information is provided if less than a full fiscal year. A Fund that is a Money Market Fund may omit the portfolio turnover information required by this Item.
"Redemption Fee" (as a percentage of amount redeemed, if applicable) If the Fund is an Exchange-Traded Fund and issues or redeems shares in creation units of not less than 25,000 shares each, exclude any fees charged for the purchase and redemption of the Fund's creation units. "Redemption Fee" includes a fee charged for any redemption of the Fund's shares, but does not include a deferred sales charge (load) imposed upon redemption.
Narrative Risk Disclosure. A Fund may, in responding to this Item, describe the types of investors for whom the Fund is intended or the types of investment goals that may be consistent with an investment in the Fund.
Risk/Return Summary Investment Objectives/Goals Include the following information, in plain English under rule 421(d) under the Securities Act, in the order and subject matter indicated
Principal investment strategies of the Fund. Summarize how the Fund intends to achieve its investment objectives by identifying the Fund's principal investment strategies (including the type or types of securities in which the Fund invests or will invest principally) and any policy to concentrate in securities of issuers in a particular industry or group of industries.
Principal investment strategies of the Fund. Summarize how the Fund intends to achieve its investment objectives by identifying the Fund's principal investment strategies (including the type or types of securities in which the Fund invests or will invest principally) and any policy to concentrate in securities of issuers in a particular industry or group of industries.
The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” investments in its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in the Total Annual Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover was 58.60% of the average value of its portfolio.
This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s Total Annual Operating Expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your cost would be:
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 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 $2.5 billion and $34.7 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 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 “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 Portfolio is authorized to operate on a multi-manager basis. This means that a single Portfolio may be managed by more than one investment subadviser (“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.
Investing in the Portfolio involves risks common to any investment in securities. There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio. All mutual funds, including the Portfolio, are subject to Management Risk – the risk that the investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments and Market Risk – the risk that the value of the securities held by a portfolio may decline in response to general market and economic conditions, or conditions that affect specific market sectors or individual companies.
There are also risks associated with the overall structure of the Portfolio. These include:
Multi-Manager Risk – the Portfolio’s multi-manager structure involves the risk that the Specialist Managers serving the Portfolio do not achieve favorable investment results relative to other investments or that the Portfolio’s assets are not effectively allocated among Specialist Managers in a manner that enhances the Portfolio’s total return or reduces the volatility that might be expected of any one management style. Additionally, the multi-manager structure may, under certain circumstances, cause the Portfolio to incur higher trading costs than might occur in a fund served by a single investment adviser.
Passive Investing Risk – a portion of the Portfolio employs a passive investment approach, which attempts to approximate as closely as practicable, before expenses, the performance of one or more different segments of the Portfolio’s investment universe, as deemed appropriate by the Adviser, regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Portfolio’s return to be lower than if the Portfolio employed an active strategy. In addition, the Portfolio’s return may not match or achieve a high degree of correlation with the return of the target investment pool due to operating expenses, transaction costs, and cash flows.
Additionally, the range of securities in which the Portfolio may invest, and the several investment strategies that may be used in seeking to achieve the Portfolio’s objective, involve additional risks. These are summarized below.
Equity Risks. Investment in equity securities involves the following risks:
Equity Market Risk – The market value of an equity security and the equity markets in general can be volatile.
Value Investing Risk – An investment in the Portfolio cannot assure moderation of investment risk. There is no guarantee that a value stock is, in fact, undervalued, or that the market will ever recognize its true value.
Mid Cap Risk – Mid-cap companies may be more vulnerable to adverse business or economic developments than larger capitalization companies. Securities issued by these companies may be less liquid and/or more volatile than securities of larger companies or the overall securities markets. Mid-cap companies may be adversely affected during periods when investors prefer to hold securities of large capitalization companies.
Exchange-Traded Funds Risk – An investment in securities issued by an ETF may be subject to the following risks: (1) shares of the ETF may trade at a discount to its net asset value; (2) an active trading market for the ETF’s shares may not develop; (3) the exchange on which the ETF is listed may, under certain circumstances, suspend trading of the ETF’s shares; and (4) to the extent that an ETF is acquired in order to track a specific asset or index, the ETF may fail to effectively accomplish that goal.
Investment in Other Investment Companies Risk – As with other investments, investments in other investment companies are subject to market and selection risk. To the extent that the Portfolio acquires shares of investment companies, shareholders bear both their proportionate share of expenses in the Portfolio (including management and advisory fees) and, indirectly, the expenses of the acquired investment companies.
Foreign Investment Risk. Investment in foreign securities involves the following risks:
Foreign Securities Risk – Investments in securities issued by non-U.S. companies and/or non-U.S. governments and their agencies, may be adversely affected by the lack of timely or reliable financial information, political, social and/or economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices. Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar and transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities.
Foreign Currency Risk – Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar. Currency exchange rates can be volatile and can be affected by, among other factors, the general economics of a country, or the actions of the U.S. or foreign governments or central banks. In addition, transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities.
Fixed Income Risk. Investments in fixed income securities may involve the following risks, depending on the instrument involved:
Credit Risk – An investment in the Portfolio also involves the risk that the issuer of a fixed income security that the Portfolio holds will fail to make timely payments of interest or principal, or go bankrupt, or that the value of the securities will decline because of a market perception that the issuer may not make payments on time, thus potentially reducing the Portfolio’s return. Changes in economic conditions are likely to cause issuers of these fixed income securities to be unable to meet their obligations. The lower the rating of a debt security, the higher its credit risk. In addition, the securities of many U.S. Government agencies, authorities or instrumentalities in which the Portfolio may invest are neither issued nor guaranteed by the U.S. Government, and may be supported only by the ability of the issuer to borrow from the U.S. Treasury or by the credit of the issuer.
Interest Rate Risk – The value of fixed income securities held in the Portfolio, including U.S. Government securities, may decline with changes in interest rates. Prices of fixed income securities with longer effective maturities are more sensitive to interest rate changes than those with shorter effective maturities. U.S. Government securities can exhibit price movements resulting from changes in interest rates. During low interest rate environments, the risk that interest rates will rise is increased. Such increases may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. These risks are greater when a low interest rate environment has existed for an extended period of time.
Risks Associated with Investments in Derivatives. The Portfolio is permitted to invest in derivative instruments, including options, futures and options on futures. Investment in derivatives depends largely on the performance of an underlying reference instrument or rate and the Specialist Manager’s ability to predict correctly the direction of securities prices, interest rates, currency exchange rates and/or other economic factors. Derivatives involve additional costs and often have risks similar to an investment in the reference instrument in addition to other risks, such as:
General Derivative Risks – The value of derivative instruments may rise or fall more rapidly than other investments, and there is a risk that the Portfolio may lose more than the original amount invested in the derivative instrument. Derivative instruments also involve the risk that other parties to the derivative contract may fail to meet their obligations, which could cause losses to the Portfolio.
Counterparty Risk – The Portfolio will be subject to counterparty credit risk with respect to derivative contracts entered into by the Portfolio or held by special purpose or structured vehicles in which the Portfolio invests, including other investment companies. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Portfolio may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Portfolio may obtain only a limited recovery or may obtain no recovery in such circumstances.
Derivatives Tax Risk – Compared to other types of investments, derivatives may be harder to value and may also be less tax efficient. In addition, changes in government regulation of derivative instruments could affect the character, timing and amount of the Portfolio’s taxable income or gains, and may limit or prevent the Portfolio from using certain types of derivative instruments as a part of its investment strategy, which could make the investment strategy more costly to implement or require the Portfolio to change its investment strategy. To the extent that the Portfolio uses derivatives for hedging or to gain or limit exposure to a particular market or market segment, there may be imperfect correlation between the value of the derivative instrument and the value of the instrument being hedged or the relevant market or market segment, in which case the Portfolio may not realize the intended benefits. The Portfolio’s use of derivatives may be limited by the requirements for taxation of the Portfolio as a regulated investment company.
There is no guarantee that the Portfolio will meet its goals. It is possible to lose money by investing in the Portfolio.
There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio.
The chart and table below show how The Value Equity Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s HC Advisors Shares yearly performance for each full calendar year since the Portfolio’s HC Advisors Shares inception on July 6, 2010. The table accompanying the bar chart compares the Portfolio’s performance over time on a before and after-tax basis to that of a broad based market index. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.
The chart and table below show how The Value Equity Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s HC Advisors Shares yearly performance for each full calendar year since the Portfolio’s HC Advisors Shares inception on July 6, 2010.
After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes.
Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.
After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
Distribution [and/or Service] (12b-1) Fees" include all distribution or other expenses incurred during the most recent fiscal year under a plan adopted pursuant to rule 12b-1 [17 CFR 270.12b-1]. Under an appropriate caption or a subcaption of "Other Expenses," disclose the amount of any distribution or similar expenses deducted from the Fund's assets other than pursuant to a rule 12b-1 plan.
The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.
The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.
The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.
The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.
Risk/Return Summary Fee Table Includes the following information, in plain English under rule 421(d) under the Securities Act, after Item 2 Fees and expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shared of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $[_____] in [name of fund family] funds. Shareholder Fees (fees paid directly from your investment) Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be You would pay the following expenses if you did not redeem your shares The Example does not reflect sales charges (loads) on reinvested dividends [and other distributions]. If these sales charges (loads) were included, your costs would be higher. Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was __% of the average value of its whole portfolio. Instructions. A.3.instructions.6 New Funds. For purposes of this Item, a "New Fund" is a Fund that does not include in Form N-1A financial statements reporting operating results or that includes financial statements for the Fund's initial fiscal year reporting operating results for a period of 6 months or less. The following Instructions apply to New Funds.
This table describes the fees and expenses that you may pay if you buy and hold shared of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $[_____] in [name of fund family] funds. Include the narrative explanations in the order indicated. A Fund may modify the narrative explanations if the explanation contains comparable information to that shown. The narrative explanation regarding sales charge discounts is only required by a Fund that offers such discounts and should specify the minimum level of investment required to qualify for a discount. Modify the narrative explanation to state that Fund shares are sold on a national securities exchange at the end of the time periods indicated, and that brokerage commissions for buying and selling Fund shares through a broker are not reflected.
Total Annual Fund Operating Expenses. If the Fund is a Feeder Fund, reflect the aggregate expenses of the Feeder Fund and the Master Fund in a single fee table using the captions provided. In a footnote to the fee table, state that the table and Example reflect the expenses of both the Feeder and Master Funds. If the prospectus offers more than one Class of a Multiple Class Fund or more than one Feeder Fund that invests in the same Master Fund, provide a separate response for each Class or Feeder Fund. Base the percentages of "Annual Fund Operating Expenses" on amounts incurred during the Fund's most recent fiscal year, but include in expenses amounts that would have been incurred absent expense reimbursement or fee waiver arrangements. If the Fund has changed its fiscal year and, as a result, the most recent fiscal year is less than three months, use the fiscal year prior to the most recent fiscal year as the basis for determining "Annual Fund Operating Expenses."
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
Management Fees include investment advisory fees (including any fees based on the Fund's performance), any other management fees payable to the investment adviser or its affiliates, and administrative fees payable to the investment adviser or its affiliates that are not included as "Other Expenses."
Maximum Deferred Sales Charge (Load) (as a percentage of ____) A.3.instructions.2.a.i "Maximum Deferred Sales Charge (Load)" includes the maximum total deferred sales charge (load) payable upon redemption, in installments, or both, expressed as a percentage of the amount or amounts stated in response to Item 7(a), except that, for a sales charge (load) based on net asset value at the time of purchase, show the sales charge (load) as a percentage of the offering price at the time of purchase. A Fund may include in a footnote to the table, if applicable, a tabular presentation showing the amount of deferred sales charges (loads) over time or a narrative explanation of the sales charges (loads) (e.g., __% in the first year after purchase, declining to __% in the __ year and eliminated thereafter). A.3.instructions.2.a.ii If more than one type of sales charge (load) is imposed (e.g., a deferred sales charge (load) and a front-end sales charge (load)), the first caption in the table should read "Maximum Sales Charge (Load)" and show the maximum cumulative percentage. Show the percentage amounts and the terms of each sales charge (load) comprising that figure on separate lines below.
Investment Objectives/Goals. Disclose the Fund's investment objectives or goals. A Fund also may identify its type or category (e.g., that it is a Money Market Fund or a balanced fund).
Investment Objectives/Goals. Disclose the Fund's investment objectives or goals. A Fund also may identify its type or category (e.g., that it is a Money Market Fund or a balanced fund).
"Other Expenses" include all expenses not otherwise disclosed in the table that are deducted from the Fund's assets or charged to all shareholder accounts. The amount of expenses deducted from the Fund's assets are the amounts shown as expenses in the Fund's statement of operations (including increases resulting from complying with paragraph 2(g) of rule 6-07 of Regulation S-X [17 CFR 210.6-07]). "Other Expenses" do not include extraordinary expenses as determined under generally accepted accounting principles (see Accounting Principles Board Opinion No. 30). If extraordinary expenses were incurred that materially affected the Fund's "Other Expenses," disclose in a footnote to the table what "Other Expenses" would have been had the extraordinary expenses been included.
Include the bar chart and table required by paragraphs (b)(2)(ii) and (iii) of this section. Provide a brief explanation of how the information illustrates the variability of the Fund's returns (e.g., by stating that the information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for 1, 5, and 10 years compare with those of a broad measure of market performance). Provide a statement to the effect that the Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph i
Include the bar chart and table required by paragraphs (b)(2)(ii) and (iii) of this section. Provide a brief explanation of how the information illustrates the variability of the Fund's returns (e.g., by stating that the information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for 1, 5, and 10 years compare with those of a broad measure of market performance). Provide a statement to the effect that the Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph i
This item represents Average Annual Total Returns. If a Multiple Class Fund offers a Class in the prospectus that converts into another Class after a stated period, compute average annual total returns in the table by using the returns of the other Class for the period after conversion.
If the Fund has annual returns for at least one calendar year, provide a table showing the Fund's (A) average annual total return; (B) average annual total return (after taxes on distributions); and (C) average annual total return (after taxes on distributions and redemption). A Money Market Fund should show only the returns described in clause (A) of the preceding sentence. All returns should be shown for 1-, 5-, and 10- calendar year periods ending on the date of the most recently completed calendar year (or for the life of the Fund, if shorter), but only for periods subsequent to the effective date of the Fund's registration statement. The table also should show the returns of an appropriate broad-based securities market index as defined in Instruction 5 to Item 22(b)(7) for the same periods. A Fund that has been in existence for more than 10 years also may include returns for the life of the Fund. A Money Market Fund may provide the Fund's 7-day yield ending on the date of the most recent calendar year or disclose a toll-free (or collect) telephone number that investors can use to obtain the Fund's current 7-day yield. For a Fund (other than a Money Market Fund or a Fund described in General Instruction C.3.(d)(iii)), provide the information in the following table with the specified captions AVERAGE ANNUAL TOTAL RETURNS (For the periods ended December 31, _____). For a Fund that provides annual total returns for only one calendar year or for a Fund that does not include the bar chart because it does not have annual returns for a full calendar year, modify, as appropriate, the narrative explanation required by paragraph (c)(2)(i) (e.g., by stating that the information gives some indication of the risks of an investment in the Fund by comparing the Fund's performance with a broad measure of market performance).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph iv
Provide a brief explanation that the actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph iv -Clause B
Provide a brief explanation that after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph iii
Disclose the portfolio turnover rate provided in response to Item 14(a) for the most recent fiscal year (or for such shorter period as the Fund has been in operation). Disclose the period for which the information is provided if less than a full fiscal year. A Fund that is a Money Market Fund may omit the portfolio turnover information required by this Item.
This element represents the rate of portfolio turnover presented as a percentage (SEC Form N-1A 2006-09-14 A.3.example.3 Portfolio Turnover A.3.instructions.5 Portfolio Turnover).
Disclose the portfolio turnover rate provided in response to Item 14(a) for the most recent fiscal year (or for such shorter period as the Fund has been in operation). Disclose the period for which the information is provided if less than a full fiscal year. A Fund that is a Money Market Fund may omit the portfolio turnover information required by this Item.
"Redemption Fee" (as a percentage of amount redeemed, if applicable) If the Fund is an Exchange-Traded Fund and issues or redeems shares in creation units of not less than 25,000 shares each, exclude any fees charged for the purchase and redemption of the Fund's creation units. "Redemption Fee" includes a fee charged for any redemption of the Fund's shares, but does not include a deferred sales charge (load) imposed upon redemption.
Summarize the principal risks of investing in the Fund, including the risks to which the Fund's portfolio as a whole is subject and the circumstances reasonably likely to affect adversely the Fund's net asset value, yield, and total return. Unless the Fund is a Money Market Fund, disclose that loss of money is a risk of investing in the Fund. If the Fund is a Money Market Fund, include the following statement: "You could lose money by investing in the Fund."
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 1 -Subparagraph i
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 1 -Subparagraph ii -Clause A
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 1 -Subparagraph ii -Clause B
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 1 -Subparagraph ii -Clause C
Narrative Risk Disclosure. A Fund may, in responding to this Item, describe the types of investors for whom the Fund is intended or the types of investment goals that may be consistent with an investment in the Fund.
Risk/Return Summary Investment Objectives/Goals Include the following information, in plain English under rule 421(d) under the Securities Act, in the order and subject matter indicated
Principal investment strategies of the Fund. Summarize how the Fund intends to achieve its investment objectives by identifying the Fund's principal investment strategies (including the type or types of securities in which the Fund invests or will invest principally) and any policy to concentrate in securities of issuers in a particular industry or group of industries.
Principal investment strategies of the Fund. Summarize how the Fund intends to achieve its investment objectives by identifying the Fund's principal investment strategies (including the type or types of securities in which the Fund invests or will invest principally) and any policy to concentrate in securities of issuers in a particular industry or group of industries.
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s Total Annual Operating Expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your cost would be:
The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” investments in its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in the Total Annual Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover was 68.39% of the average value of its portfolio.
<b>Principal Investment Strategies </b>
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 $2.5 billion and $34.7 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 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 option or futures contracts 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 “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 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.
<b>Principal Investment Risks </b>
Investing in the Portfolio involves risks common to any investment in securities. There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio. All mutual funds, including the Portfolio, are subject to Management Risk – the risk that the investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments and Market Risk – the risk that the value of the securities held by a portfolio may decline in response to general market and economic conditions, or conditions that affect specific market sectors or individual companies.
There are also risks associated with the overall structure of the Portfolio. These include:
Multi-Manager Risk – the Portfolio’s multi-manager structure involves the risk that the Specialist Managers serving the Portfolio do not achieve favorable investment results relative to other investments or that the Portfolio’s assets are not effectively allocated among Specialist Managers in a manner that enhances the Portfolio’s total return or reduces the volatility that might be expected of any one management style. Additionally, the multi-manager structure may, under certain circumstances, cause the Portfolio to incur higher trading costs than might occur in a fund served by a single investment adviser.
Passive Investing Risk – a portion of the Portfolio employs a passive investment approach, which attempts to approximate as closely as practicable, before expenses, the performance of one or more different segments of the Portfolio’s investment universe, as deemed appropriate by the Adviser, regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Portfolio’s return to be lower than if the Portfolio employed an active strategy. In addition, the Portfolio’s return may not match or achieve a high degree of correlation with the return of the target investment pool due to operating expenses, transaction costs, and cash flows.
Additionally, the range of securities in which the Portfolio may invest, and the several investment strategies that may be used in seeking to achieve the Portfolio’s objective, involve additional risks. These are summarized below.
Equity Risks. Investment in equity securities involves the following risks:
Equity Market Risk – The market value of an equity security and the equity markets in general can be volatile.
Value Investing Risk – An investment in the Portfolio cannot assure moderation of investment risk. There is no guarantee that a value stock is, in fact, undervalued, or that the market will ever recognize its true value.
Mid Cap Risk – Mid-cap companies may be more vulnerable to adverse business or economic developments than larger capitalization companies. Securities issued by these companies may be less liquid and/or more volatile than securities of larger companies or the overall securities markets. Mid-cap companies may be adversely affected during periods when investors prefer to hold securities of large capitalization companies.
Exchange-Traded Funds Risk – An investment in securities issued by an ETF may be subject to the following risks: (1) shares of the ETF may trade at a discount to its net asset value; (2) an active trading market for the ETF’s shares may not develop; (3) the exchange on which the ETF is listed may, under certain circumstances, suspend trading of the ETF’s shares; and (4) to the extent that an ETF is acquired in order to track a specific asset or index, the ETF may fail to effectively accomplish that goal.
Investment in Other Investment Companies Risk – As with other investments, investments in other investment companies are subject to market and selection risk. To the extent that the Portfolio acquires shares of investment companies, shareholders bear both their proportionate share of expenses in the Portfolio (including management and advisory fees) and, indirectly, the expenses of the acquired investment companies.
Foreign Investment Risk. Investment in foreign securities involves the following risks:
Foreign Securities Risk – Investments in securities issued by non-U.S. companies and/or non-U.S. governments and their agencies, may be adversely affected by the lack of timely or reliable financial information, political, social and/or economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices. Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar and transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities.
Foreign Currency Risk – Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar. Currency exchange rates can be volatile and can be affected by, among other factors, the general economics of a country, or the actions of the U.S. or foreign governments or central banks. In addition, transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities.
Fixed Income Risk. Investments in fixed income securities may involve the following risks, depending on the instrument involved:
Credit Risk – An investment in the Portfolio also involves the risk that the issuer of a fixed income security that the Portfolio holds will fail to make timely payments of interest or principal, or go bankrupt, or that the value of the securities will decline because of a market perception that the issuer may not make payments on time, thus potentially reducing the Portfolio’s return. Changes in economic conditions are likely to cause issuers of these fixed income securities to be unable to meet their obligations. The lower the rating of a debt security, the higher its credit risk. In addition, the securities of many U.S. Government agencies, authorities or instrumentalities in which the Portfolio may invest are neither issued nor guaranteed by the U.S. Government, and may be supported only by the ability of the issuer to borrow from the U.S. Treasury or by the credit of the issuer.
Interest Rate Risk – The value of fixed income securities held in the Portfolio, including U.S. Government securities, may decline with changes in interest rates. Prices of fixed income securities with longer effective maturities are more sensitive to interest rate changes than those with shorter effective maturities. U.S. Government securities can exhibit price movements resulting from changes in interest rates. During low interest rate environments, the risk that interest rates will rise is increased. Such increases may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. These risks are greater when a low interest rate environment has existed for an extended period of time.
Risks Associated with Investments in Derivatives. The Portfolio is permitted to invest in derivative instruments, including options, futures and options on futures. Investment in derivatives depends largely on the performance of an underlying reference instrument or rate and the Specialist Manager’s ability to predict correctly the direction of securities prices, interest rates, currency exchange rates and/or other economic factors. Derivatives involve additional costs and often have risks similar to an investment in the reference instrument in addition to other risks, such as:
General Derivative Risks – The value of derivative instruments may rise or fall more rapidly than other investments, and there is a risk that the Portfolio may lose more than the original amount invested in the derivative instrument. Derivative instruments also involve the risk that other parties to the derivative contract may fail to meet their obligations, which could cause losses to the Portfolio.
Counterparty Risk – The Portfolio will be subject to counterparty credit risk with respect to derivative contracts entered into by the Portfolio or held by special purpose or structured vehicles in which the Portfolio invests, including other investment companies. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Portfolio may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Portfolio may obtain only a limited recovery or may obtain no recovery in such circumstances.
Derivatives Tax Risk – Compared to other types of investments, derivatives may be harder to value and may also be less tax efficient. In addition, changes in government regulation of derivative instruments could affect the character, timing and amount of the Portfolio’s taxable income or gains, and may limit or prevent the Portfolio from using certain types of derivative instruments as a part of its investment strategy, which could make the investment strategy more costly to implement or require the Portfolio to change its investment strategy. To the extent that the Portfolio uses derivatives for hedging or to gain or limit exposure to a particular market or market segment, there may be imperfect correlation between the value of the derivative instrument and the value of the instrument being hedged or the relevant market or market segment, in which case the Portfolio may not realize the intended benefits. The Portfolio’s use of derivatives may be limited by the requirements for taxation of the Portfolio as a regulated investment company.
Other Risks
Liquidity Risk – At times, certain securities may be difficult or impossible to sell at the price that would normally prevail in the market. The seller may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Portfolio management or performance. This includes the risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in less advantageous investments.
There is no guarantee that the Portfolio will meet its goals. It is possible to lose money by investing in the Portfolio.
<b>Performance Bar Chart and Table</b><br/><br/><b>Performance.</b>
The chart and table below show how The Institutional Value Equity Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s HC Advisors Shares yearly performance for each full calendar year since the Portfolio’s HC Advisors Shares inception on July 6, 2010. The table accompanying the bar chart compares the Portfolio’s performance over time on a before and after-tax basis to that of a broad based market index. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.
<b>Year-by-Year Total Returns as of 12/31</b>
[1]
Results shown on a calendar year basis; the Portfolio’s fiscal year, however, is June 30.
The Portfolio’s HC Advisors Shares before-tax return for the period from January 1, 2018 through September 30, 2018 (non-annualized) was 3.96%.
Best quarter:
1st Qtr. 2013
13.08
%
Worst quarter:
3rd Qtr. 2011
-16.85
%
<b>Average Annual Total Returns</b><br/>(for the periods ended 12/31/17)
Average Annual Total Returns - HC Advisors Shares - The Institutional Value Equity Portfolio
After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
Distribution [and/or Service] (12b-1) Fees" include all distribution or other expenses incurred during the most recent fiscal year under a plan adopted pursuant to rule 12b-1 [17 CFR 270.12b-1]. Under an appropriate caption or a subcaption of "Other Expenses," disclose the amount of any distribution or similar expenses deducted from the Fund's assets other than pursuant to a rule 12b-1 plan.
The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.
The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.
The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.
The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.
Risk/Return Summary Fee Table Includes the following information, in plain English under rule 421(d) under the Securities Act, after Item 2 Fees and expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shared of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $[_____] in [name of fund family] funds. Shareholder Fees (fees paid directly from your investment) Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be You would pay the following expenses if you did not redeem your shares The Example does not reflect sales charges (loads) on reinvested dividends [and other distributions]. If these sales charges (loads) were included, your costs would be higher. Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was __% of the average value of its whole portfolio. Instructions. A.3.instructions.6 New Funds. For purposes of this Item, a "New Fund" is a Fund that does not include in Form N-1A financial statements reporting operating results or that includes financial statements for the Fund's initial fiscal year reporting operating results for a period of 6 months or less. The following Instructions apply to New Funds.
This table describes the fees and expenses that you may pay if you buy and hold shared of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $[_____] in [name of fund family] funds. Include the narrative explanations in the order indicated. A Fund may modify the narrative explanations if the explanation contains comparable information to that shown. The narrative explanation regarding sales charge discounts is only required by a Fund that offers such discounts and should specify the minimum level of investment required to qualify for a discount. Modify the narrative explanation to state that Fund shares are sold on a national securities exchange at the end of the time periods indicated, and that brokerage commissions for buying and selling Fund shares through a broker are not reflected.
Total Annual Fund Operating Expenses. If the Fund is a Feeder Fund, reflect the aggregate expenses of the Feeder Fund and the Master Fund in a single fee table using the captions provided. In a footnote to the fee table, state that the table and Example reflect the expenses of both the Feeder and Master Funds. If the prospectus offers more than one Class of a Multiple Class Fund or more than one Feeder Fund that invests in the same Master Fund, provide a separate response for each Class or Feeder Fund. Base the percentages of "Annual Fund Operating Expenses" on amounts incurred during the Fund's most recent fiscal year, but include in expenses amounts that would have been incurred absent expense reimbursement or fee waiver arrangements. If the Fund has changed its fiscal year and, as a result, the most recent fiscal year is less than three months, use the fiscal year prior to the most recent fiscal year as the basis for determining "Annual Fund Operating Expenses."
Management Fees include investment advisory fees (including any fees based on the Fund's performance), any other management fees payable to the investment adviser or its affiliates, and administrative fees payable to the investment adviser or its affiliates that are not included as "Other Expenses."
Maximum Deferred Sales Charge (Load) (as a percentage of ____) A.3.instructions.2.a.i "Maximum Deferred Sales Charge (Load)" includes the maximum total deferred sales charge (load) payable upon redemption, in installments, or both, expressed as a percentage of the amount or amounts stated in response to Item 7(a), except that, for a sales charge (load) based on net asset value at the time of purchase, show the sales charge (load) as a percentage of the offering price at the time of purchase. A Fund may include in a footnote to the table, if applicable, a tabular presentation showing the amount of deferred sales charges (loads) over time or a narrative explanation of the sales charges (loads) (e.g., __% in the first year after purchase, declining to __% in the __ year and eliminated thereafter). A.3.instructions.2.a.ii If more than one type of sales charge (load) is imposed (e.g., a deferred sales charge (load) and a front-end sales charge (load)), the first caption in the table should read "Maximum Sales Charge (Load)" and show the maximum cumulative percentage. Show the percentage amounts and the terms of each sales charge (load) comprising that figure on separate lines below.
Investment Objectives/Goals. Disclose the Fund's investment objectives or goals. A Fund also may identify its type or category (e.g., that it is a Money Market Fund or a balanced fund).
Investment Objectives/Goals. Disclose the Fund's investment objectives or goals. A Fund also may identify its type or category (e.g., that it is a Money Market Fund or a balanced fund).
"Other Expenses" include all expenses not otherwise disclosed in the table that are deducted from the Fund's assets or charged to all shareholder accounts. The amount of expenses deducted from the Fund's assets are the amounts shown as expenses in the Fund's statement of operations (including increases resulting from complying with paragraph 2(g) of rule 6-07 of Regulation S-X [17 CFR 210.6-07]). "Other Expenses" do not include extraordinary expenses as determined under generally accepted accounting principles (see Accounting Principles Board Opinion No. 30). If extraordinary expenses were incurred that materially affected the Fund's "Other Expenses," disclose in a footnote to the table what "Other Expenses" would have been had the extraordinary expenses been included.
This item represents Average Annual Total Returns. If a Multiple Class Fund offers a Class in the prospectus that converts into another Class after a stated period, compute average annual total returns in the table by using the returns of the other Class for the period after conversion.
If the Fund has annual returns for at least one calendar year, provide a table showing the Fund's (A) average annual total return; (B) average annual total return (after taxes on distributions); and (C) average annual total return (after taxes on distributions and redemption). A Money Market Fund should show only the returns described in clause (A) of the preceding sentence. All returns should be shown for 1-, 5-, and 10- calendar year periods ending on the date of the most recently completed calendar year (or for the life of the Fund, if shorter), but only for periods subsequent to the effective date of the Fund's registration statement. The table also should show the returns of an appropriate broad-based securities market index as defined in Instruction 5 to Item 22(b)(7) for the same periods. A Fund that has been in existence for more than 10 years also may include returns for the life of the Fund. A Money Market Fund may provide the Fund's 7-day yield ending on the date of the most recent calendar year or disclose a toll-free (or collect) telephone number that investors can use to obtain the Fund's current 7-day yield. For a Fund (other than a Money Market Fund or a Fund described in General Instruction C.3.(d)(iii)), provide the information in the following table with the specified captions AVERAGE ANNUAL TOTAL RETURNS (For the periods ended December 31, _____). For a Fund that provides annual total returns for only one calendar year or for a Fund that does not include the bar chart because it does not have annual returns for a full calendar year, modify, as appropriate, the narrative explanation required by paragraph (c)(2)(i) (e.g., by stating that the information gives some indication of the risks of an investment in the Fund by comparing the Fund's performance with a broad measure of market performance).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph iv
Disclose the portfolio turnover rate provided in response to Item 14(a) for the most recent fiscal year (or for such shorter period as the Fund has been in operation). Disclose the period for which the information is provided if less than a full fiscal year. A Fund that is a Money Market Fund may omit the portfolio turnover information required by this Item.
Disclose the portfolio turnover rate provided in response to Item 14(a) for the most recent fiscal year (or for such shorter period as the Fund has been in operation). Disclose the period for which the information is provided if less than a full fiscal year. A Fund that is a Money Market Fund may omit the portfolio turnover information required by this Item.
"Redemption Fee" (as a percentage of amount redeemed, if applicable) If the Fund is an Exchange-Traded Fund and issues or redeems shares in creation units of not less than 25,000 shares each, exclude any fees charged for the purchase and redemption of the Fund's creation units. "Redemption Fee" includes a fee charged for any redemption of the Fund's shares, but does not include a deferred sales charge (load) imposed upon redemption.
Narrative Risk Disclosure. A Fund may, in responding to this Item, describe the types of investors for whom the Fund is intended or the types of investment goals that may be consistent with an investment in the Fund.
Risk/Return Summary Investment Objectives/Goals Include the following information, in plain English under rule 421(d) under the Securities Act, in the order and subject matter indicated
Principal investment strategies of the Fund. Summarize how the Fund intends to achieve its investment objectives by identifying the Fund's principal investment strategies (including the type or types of securities in which the Fund invests or will invest principally) and any policy to concentrate in securities of issuers in a particular industry or group of industries.
Principal investment strategies of the Fund. Summarize how the Fund intends to achieve its investment objectives by identifying the Fund's principal investment strategies (including the type or types of securities in which the Fund invests or will invest principally) and any policy to concentrate in securities of issuers in a particular industry or group of industries.
The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” investments in its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in the Total Annual Operating Expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s turnover was 68.39% of the average value of its portfolio.
This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s Total Annual Operating Expenses remain the same. Although your actual cost may be higher or lower, based on these assumptions, your cost would be:
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 $2.5 billion and $34.7 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 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 option or futures contracts 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 “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 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.
Investing in the Portfolio involves risks common to any investment in securities. There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio. All mutual funds, including the Portfolio, are subject to Management Risk – the risk that the investment strategies employed in the investment selection process may not result in an increase in the value of your investment or in overall performance equal to other investments and Market Risk – the risk that the value of the securities held by a portfolio may decline in response to general market and economic conditions, or conditions that affect specific market sectors or individual companies.
There are also risks associated with the overall structure of the Portfolio. These include:
Multi-Manager Risk – the Portfolio’s multi-manager structure involves the risk that the Specialist Managers serving the Portfolio do not achieve favorable investment results relative to other investments or that the Portfolio’s assets are not effectively allocated among Specialist Managers in a manner that enhances the Portfolio’s total return or reduces the volatility that might be expected of any one management style. Additionally, the multi-manager structure may, under certain circumstances, cause the Portfolio to incur higher trading costs than might occur in a fund served by a single investment adviser.
Passive Investing Risk – a portion of the Portfolio employs a passive investment approach, which attempts to approximate as closely as practicable, before expenses, the performance of one or more different segments of the Portfolio’s investment universe, as deemed appropriate by the Adviser, regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Portfolio’s return to be lower than if the Portfolio employed an active strategy. In addition, the Portfolio’s return may not match or achieve a high degree of correlation with the return of the target investment pool due to operating expenses, transaction costs, and cash flows.
Additionally, the range of securities in which the Portfolio may invest, and the several investment strategies that may be used in seeking to achieve the Portfolio’s objective, involve additional risks. These are summarized below.
Equity Risks. Investment in equity securities involves the following risks:
Equity Market Risk – The market value of an equity security and the equity markets in general can be volatile.
Value Investing Risk – An investment in the Portfolio cannot assure moderation of investment risk. There is no guarantee that a value stock is, in fact, undervalued, or that the market will ever recognize its true value.
Mid Cap Risk – Mid-cap companies may be more vulnerable to adverse business or economic developments than larger capitalization companies. Securities issued by these companies may be less liquid and/or more volatile than securities of larger companies or the overall securities markets. Mid-cap companies may be adversely affected during periods when investors prefer to hold securities of large capitalization companies.
Exchange-Traded Funds Risk – An investment in securities issued by an ETF may be subject to the following risks: (1) shares of the ETF may trade at a discount to its net asset value; (2) an active trading market for the ETF’s shares may not develop; (3) the exchange on which the ETF is listed may, under certain circumstances, suspend trading of the ETF’s shares; and (4) to the extent that an ETF is acquired in order to track a specific asset or index, the ETF may fail to effectively accomplish that goal.
Investment in Other Investment Companies Risk – As with other investments, investments in other investment companies are subject to market and selection risk. To the extent that the Portfolio acquires shares of investment companies, shareholders bear both their proportionate share of expenses in the Portfolio (including management and advisory fees) and, indirectly, the expenses of the acquired investment companies.
Foreign Investment Risk. Investment in foreign securities involves the following risks:
Foreign Securities Risk – Investments in securities issued by non-U.S. companies and/or non-U.S. governments and their agencies, may be adversely affected by the lack of timely or reliable financial information, political, social and/or economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices. Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar and transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities.
Foreign Currency Risk – Securities denominated in foreign currencies are subject to the risk that the value of the foreign currency will decline in relation to the U.S. dollar. Currency exchange rates can be volatile and can be affected by, among other factors, the general economics of a country, or the actions of the U.S. or foreign governments or central banks. In addition, transaction expenses related to foreign securities, including custody fees, are generally more costly than transaction expenses for domestic securities.
Fixed Income Risk. Investments in fixed income securities may involve the following risks, depending on the instrument involved:
Credit Risk – An investment in the Portfolio also involves the risk that the issuer of a fixed income security that the Portfolio holds will fail to make timely payments of interest or principal, or go bankrupt, or that the value of the securities will decline because of a market perception that the issuer may not make payments on time, thus potentially reducing the Portfolio’s return. Changes in economic conditions are likely to cause issuers of these fixed income securities to be unable to meet their obligations. The lower the rating of a debt security, the higher its credit risk. In addition, the securities of many U.S. Government agencies, authorities or instrumentalities in which the Portfolio may invest are neither issued nor guaranteed by the U.S. Government, and may be supported only by the ability of the issuer to borrow from the U.S. Treasury or by the credit of the issuer.
Interest Rate Risk – The value of fixed income securities held in the Portfolio, including U.S. Government securities, may decline with changes in interest rates. Prices of fixed income securities with longer effective maturities are more sensitive to interest rate changes than those with shorter effective maturities. U.S. Government securities can exhibit price movements resulting from changes in interest rates. During low interest rate environments, the risk that interest rates will rise is increased. Such increases may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. These risks are greater when a low interest rate environment has existed for an extended period of time.
Risks Associated with Investments in Derivatives. The Portfolio is permitted to invest in derivative instruments, including options, futures and options on futures. Investment in derivatives depends largely on the performance of an underlying reference instrument or rate and the Specialist Manager’s ability to predict correctly the direction of securities prices, interest rates, currency exchange rates and/or other economic factors. Derivatives involve additional costs and often have risks similar to an investment in the reference instrument in addition to other risks, such as:
General Derivative Risks – The value of derivative instruments may rise or fall more rapidly than other investments, and there is a risk that the Portfolio may lose more than the original amount invested in the derivative instrument. Derivative instruments also involve the risk that other parties to the derivative contract may fail to meet their obligations, which could cause losses to the Portfolio.
Counterparty Risk – The Portfolio will be subject to counterparty credit risk with respect to derivative contracts entered into by the Portfolio or held by special purpose or structured vehicles in which the Portfolio invests, including other investment companies. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Portfolio may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Portfolio may obtain only a limited recovery or may obtain no recovery in such circumstances.
Derivatives Tax Risk – Compared to other types of investments, derivatives may be harder to value and may also be less tax efficient. In addition, changes in government regulation of derivative instruments could affect the character, timing and amount of the Portfolio’s taxable income or gains, and may limit or prevent the Portfolio from using certain types of derivative instruments as a part of its investment strategy, which could make the investment strategy more costly to implement or require the Portfolio to change its investment strategy. To the extent that the Portfolio uses derivatives for hedging or to gain or limit exposure to a particular market or market segment, there may be imperfect correlation between the value of the derivative instrument and the value of the instrument being hedged or the relevant market or market segment, in which case the Portfolio may not realize the intended benefits. The Portfolio’s use of derivatives may be limited by the requirements for taxation of the Portfolio as a regulated investment company.
Other Risks
Liquidity Risk – At times, certain securities may be difficult or impossible to sell at the price that would normally prevail in the market. The seller may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Portfolio management or performance. This includes the risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in less advantageous investments.
There is no guarantee that the Portfolio will meet its goals. It is possible to lose money by investing in the Portfolio.
There is no guarantee that the Portfolio will achieve its investment objective and, as is the case with any investment, you may lose money on your investment in the Portfolio.
The chart and table below show how The Institutional Value Equity Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s HC Advisors Shares yearly performance for each full calendar year since the Portfolio’s HC Advisors Shares inception on July 6, 2010. The table accompanying the bar chart compares the Portfolio’s performance over time on a before and after-tax basis to that of a broad based market index. Of course, past performance, before and after taxes, does not indicate how the Portfolio will perform in the future.
The chart and table below show how The Institutional Value Equity Portfolio has performed, and how its performance has varied, from year to year. The bar chart shows returns on a before-tax basis and gives some indication of risk by showing changes in the Portfolio’s HC Advisors Shares yearly performance for each full calendar year since the Portfolio’s HC Advisors Shares inception on July 6, 2010.
After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes.
Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.
After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements, such as qualified retirement plans.
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
Distribution [and/or Service] (12b-1) Fees" include all distribution or other expenses incurred during the most recent fiscal year under a plan adopted pursuant to rule 12b-1 [17 CFR 270.12b-1]. Under an appropriate caption or a subcaption of "Other Expenses," disclose the amount of any distribution or similar expenses deducted from the Fund's assets other than pursuant to a rule 12b-1 plan.
The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.
The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.
The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.
The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.
Risk/Return Summary Fee Table Includes the following information, in plain English under rule 421(d) under the Securities Act, after Item 2 Fees and expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shared of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $[_____] in [name of fund family] funds. Shareholder Fees (fees paid directly from your investment) Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be You would pay the following expenses if you did not redeem your shares The Example does not reflect sales charges (loads) on reinvested dividends [and other distributions]. If these sales charges (loads) were included, your costs would be higher. Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was __% of the average value of its whole portfolio. Instructions. A.3.instructions.6 New Funds. For purposes of this Item, a "New Fund" is a Fund that does not include in Form N-1A financial statements reporting operating results or that includes financial statements for the Fund's initial fiscal year reporting operating results for a period of 6 months or less. The following Instructions apply to New Funds.
This table describes the fees and expenses that you may pay if you buy and hold shared of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $[_____] in [name of fund family] funds. Include the narrative explanations in the order indicated. A Fund may modify the narrative explanations if the explanation contains comparable information to that shown. The narrative explanation regarding sales charge discounts is only required by a Fund that offers such discounts and should specify the minimum level of investment required to qualify for a discount. Modify the narrative explanation to state that Fund shares are sold on a national securities exchange at the end of the time periods indicated, and that brokerage commissions for buying and selling Fund shares through a broker are not reflected.
Total Annual Fund Operating Expenses. If the Fund is a Feeder Fund, reflect the aggregate expenses of the Feeder Fund and the Master Fund in a single fee table using the captions provided. In a footnote to the fee table, state that the table and Example reflect the expenses of both the Feeder and Master Funds. If the prospectus offers more than one Class of a Multiple Class Fund or more than one Feeder Fund that invests in the same Master Fund, provide a separate response for each Class or Feeder Fund. Base the percentages of "Annual Fund Operating Expenses" on amounts incurred during the Fund's most recent fiscal year, but include in expenses amounts that would have been incurred absent expense reimbursement or fee waiver arrangements. If the Fund has changed its fiscal year and, as a result, the most recent fiscal year is less than three months, use the fiscal year prior to the most recent fiscal year as the basis for determining "Annual Fund Operating Expenses."
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii
Management Fees include investment advisory fees (including any fees based on the Fund's performance), any other management fees payable to the investment adviser or its affiliates, and administrative fees payable to the investment adviser or its affiliates that are not included as "Other Expenses."
Maximum Deferred Sales Charge (Load) (as a percentage of ____) A.3.instructions.2.a.i "Maximum Deferred Sales Charge (Load)" includes the maximum total deferred sales charge (load) payable upon redemption, in installments, or both, expressed as a percentage of the amount or amounts stated in response to Item 7(a), except that, for a sales charge (load) based on net asset value at the time of purchase, show the sales charge (load) as a percentage of the offering price at the time of purchase. A Fund may include in a footnote to the table, if applicable, a tabular presentation showing the amount of deferred sales charges (loads) over time or a narrative explanation of the sales charges (loads) (e.g., __% in the first year after purchase, declining to __% in the __ year and eliminated thereafter). A.3.instructions.2.a.ii If more than one type of sales charge (load) is imposed (e.g., a deferred sales charge (load) and a front-end sales charge (load)), the first caption in the table should read "Maximum Sales Charge (Load)" and show the maximum cumulative percentage. Show the percentage amounts and the terms of each sales charge (load) comprising that figure on separate lines below.
Investment Objectives/Goals. Disclose the Fund's investment objectives or goals. A Fund also may identify its type or category (e.g., that it is a Money Market Fund or a balanced fund).
Investment Objectives/Goals. Disclose the Fund's investment objectives or goals. A Fund also may identify its type or category (e.g., that it is a Money Market Fund or a balanced fund).
"Other Expenses" include all expenses not otherwise disclosed in the table that are deducted from the Fund's assets or charged to all shareholder accounts. The amount of expenses deducted from the Fund's assets are the amounts shown as expenses in the Fund's statement of operations (including increases resulting from complying with paragraph 2(g) of rule 6-07 of Regulation S-X [17 CFR 210.6-07]). "Other Expenses" do not include extraordinary expenses as determined under generally accepted accounting principles (see Accounting Principles Board Opinion No. 30). If extraordinary expenses were incurred that materially affected the Fund's "Other Expenses," disclose in a footnote to the table what "Other Expenses" would have been had the extraordinary expenses been included.
Include the bar chart and table required by paragraphs (b)(2)(ii) and (iii) of this section. Provide a brief explanation of how the information illustrates the variability of the Fund's returns (e.g., by stating that the information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for 1, 5, and 10 years compare with those of a broad measure of market performance). Provide a statement to the effect that the Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph i
Include the bar chart and table required by paragraphs (b)(2)(ii) and (iii) of this section. Provide a brief explanation of how the information illustrates the variability of the Fund's returns (e.g., by stating that the information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for 1, 5, and 10 years compare with those of a broad measure of market performance). Provide a statement to the effect that the Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph i
This item represents Average Annual Total Returns. If a Multiple Class Fund offers a Class in the prospectus that converts into another Class after a stated period, compute average annual total returns in the table by using the returns of the other Class for the period after conversion.
If the Fund has annual returns for at least one calendar year, provide a table showing the Fund's (A) average annual total return; (B) average annual total return (after taxes on distributions); and (C) average annual total return (after taxes on distributions and redemption). A Money Market Fund should show only the returns described in clause (A) of the preceding sentence. All returns should be shown for 1-, 5-, and 10- calendar year periods ending on the date of the most recently completed calendar year (or for the life of the Fund, if shorter), but only for periods subsequent to the effective date of the Fund's registration statement. The table also should show the returns of an appropriate broad-based securities market index as defined in Instruction 5 to Item 22(b)(7) for the same periods. A Fund that has been in existence for more than 10 years also may include returns for the life of the Fund. A Money Market Fund may provide the Fund's 7-day yield ending on the date of the most recent calendar year or disclose a toll-free (or collect) telephone number that investors can use to obtain the Fund's current 7-day yield. For a Fund (other than a Money Market Fund or a Fund described in General Instruction C.3.(d)(iii)), provide the information in the following table with the specified captions AVERAGE ANNUAL TOTAL RETURNS (For the periods ended December 31, _____). For a Fund that provides annual total returns for only one calendar year or for a Fund that does not include the bar chart because it does not have annual returns for a full calendar year, modify, as appropriate, the narrative explanation required by paragraph (c)(2)(i) (e.g., by stating that the information gives some indication of the risks of an investment in the Fund by comparing the Fund's performance with a broad measure of market performance).
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph iv
Provide a brief explanation that the actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph iv -Clause B
Provide a brief explanation that after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph iii
Disclose the portfolio turnover rate provided in response to Item 14(a) for the most recent fiscal year (or for such shorter period as the Fund has been in operation). Disclose the period for which the information is provided if less than a full fiscal year. A Fund that is a Money Market Fund may omit the portfolio turnover information required by this Item.
This element represents the rate of portfolio turnover presented as a percentage (SEC Form N-1A 2006-09-14 A.3.example.3 Portfolio Turnover A.3.instructions.5 Portfolio Turnover).
Disclose the portfolio turnover rate provided in response to Item 14(a) for the most recent fiscal year (or for such shorter period as the Fund has been in operation). Disclose the period for which the information is provided if less than a full fiscal year. A Fund that is a Money Market Fund may omit the portfolio turnover information required by this Item.
"Redemption Fee" (as a percentage of amount redeemed, if applicable) If the Fund is an Exchange-Traded Fund and issues or redeems shares in creation units of not less than 25,000 shares each, exclude any fees charged for the purchase and redemption of the Fund's creation units. "Redemption Fee" includes a fee charged for any redemption of the Fund's shares, but does not include a deferred sales charge (load) imposed upon redemption.
Summarize the principal risks of investing in the Fund, including the risks to which the Fund's portfolio as a whole is subject and the circumstances reasonably likely to affect adversely the Fund's net asset value, yield, and total return. Unless the Fund is a Money Market Fund, disclose that loss of money is a risk of investing in the Fund. If the Fund is a Money Market Fund, include the following statement: "You could lose money by investing in the Fund."
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 1 -Subparagraph i
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 1 -Subparagraph ii -Clause A
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 1 -Subparagraph ii -Clause B
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 1 -Subparagraph ii -Clause C
Narrative Risk Disclosure. A Fund may, in responding to this Item, describe the types of investors for whom the Fund is intended or the types of investment goals that may be consistent with an investment in the Fund.
Risk/Return Summary Investment Objectives/Goals Include the following information, in plain English under rule 421(d) under the Securities Act, in the order and subject matter indicated
Principal investment strategies of the Fund. Summarize how the Fund intends to achieve its investment objectives by identifying the Fund's principal investment strategies (including the type or types of securities in which the Fund invests or will invest principally) and any policy to concentrate in securities of issuers in a particular industry or group of industries.
Principal investment strategies of the Fund. Summarize how the Fund intends to achieve its investment objectives by identifying the Fund's principal investment strategies (including the type or types of securities in which the Fund invests or will invest principally) and any policy to concentrate in securities of issuers in a particular industry or group of industries.
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection b -Paragraph 2 -Subparagraph ii