HC CAPITAL TRUST

The Value Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks — 99.29%
		Aerospace & Defense — 2.18%
	717	General Dynamics Corp.	$	121
	515	Harris Corp.		82
	3,065	HEICO Corp.		291
	1,168	Hexcel Corp.		81
	491	Huntington Ingalls Industries, Inc.		102
	438	L3 Technologies, Inc.		90
	5,411	Lockheed Martin Corp.		1,624
	999	Raytheon Co.		182
	19,966	Spirit Aerosystems Holdings, Inc., Class – A		1,827
	200	Teledyne Technologies, Inc. (a)		47
	4,149	Textron, Inc.		210
	6,070	The Boeing Co.		2,316
	5,010	TransDigm Group, Inc. (a)		2,274
	22,378	United Technologies Corp.		2,885
				12,132
		Air Freight & Logistics — 0.62%
	305	Expeditors International of Washington, Inc.		23
	5,255	FedEx Corp.		953
	22,229	United Parcel Service, Inc., Class – B		2,484
				3,460
		Airlines — 0.36%
	10,770	Alaska Air Group, Inc.		604
	3,048	American Airlines Group, Inc.		97
	1,209	Copa Holdings SA, Class – A		97
	20,199	Delta Air Lines, Inc.		1,044
	1,556	United Continental Holdings, Inc. (a)		124
				1,966
		Auto Components — 0.71%
	120,720	Garrett Motion, Inc. (a)		1,778
	585	Gentex Corp.		12
	12,566	Lear Corp.		1,705
	9,332	Magna International, Inc., ADR		454
				3,949
		Automobiles — 0.25%
	35,065	General Motors Co.		1,301
	366	Tesla Motors, Inc. (a)		102
				1,403
		Banks — 5.13%
	279,806	Bank of America Corp.		7,719
	3,269	Bank OZK		95
	47,982	BB&T Corp.		2,233
	35,236	Citigroup, Inc.		2,192
	8,615	Citizens Financial Group, Inc.		280
	2,863	Comerica, Inc.		210
	541	Commerce Bancshares, Inc.		31
	1,552	Cullen/Frost Bankers, Inc.		151
	3,104	East West Bancorp, Inc.		149
	7,338	First Horizon National Corp.		103
	2,026	First Republic Bank		204
	53,746	FNB Corp.		570
	55,151	JPMorgan Chase & Co.		5,583
	6,213	KeyCorp		98
	2,877	PacWest Bancorp		108
	11,647	Pinnacle Financial Partners, Inc.		637
	8,315	PNC Financial Services Group, Inc.		1,020
	1,149	Signature Bank		147
	5,462	Sterling Bancorp/DE		102
	1,872	SunTrust Banks, Inc.		111
	710	SVB Financial Group (a)		158

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Banks (continued)
	3,448	Synovus Financial Corp.	$	118
	8,480	Texas Capital Bancshares, Inc. (a)		463
	4,006	U.S. Bancorp		193
	91,377	Wells Fargo & Co.		4,415
	32,863	Western Alliance Bancorp (a)		1,349
	2,420	Zions Bancorp		110
				28,549
		Beverages — 1.52%
	7,189	Brown-Forman Corp., Class – B		379
	656	Constellation Brands, Inc., Class – A		115
	1,703	Keurig Dr Pepper, Inc.		48
	2,815	Monster Beverage Corp. (a)		154
	28,839	PepsiCo, Inc.		3,534
	90,702	The Coca-Cola Co.		4,250
				8,480
		Biotechnology — 2.67%
	28,832	AbbVie, Inc.		2,324
	1,755	Agios Pharmaceuticals, Inc. (a)		118
	6,002	Alexion Pharmaceuticals, Inc. (a)		811
	3,211	Alkermes PLC (a)		117
	14,278	Amgen, Inc.		2,714
	1,850	Biogen Idec, Inc. (a)		437
	730	Bluebird Bio, Inc. (a)		115
	15,110	Celgene Corp. (a)		1,425
	71,616	Exelixis, Inc. (a)		1,704
	27,064	Gilead Sciences, Inc.		1,759
	764	Regeneron Pharmaceuticals, Inc. (a)		314
	8,247	Seattle Genetics, Inc. (a)		604
	13,207	Vertex Pharmaceuticals, Inc. (a)		2,429
				14,871
		Building Products — 0.28%
	18,210	A.O. Smith Corp.		971
	1,055	Allegion PLC		96
	270	Lennox International, Inc.		71
	6,549	Masco Corp.		257
	2,249	Owens Corning, Inc.		106
	1,421	USG Corp.		62
				1,563
		Capital Markets — 2.03%
	12,581	Affiliated Managers Group, Inc.		1,348
	2,506	Ameriprise Financial, Inc.		321
	26,231	Bank of New York Mellon Corp.		1,323
	4,869	BlackRock, Inc., Class – A		2,080
	1,669	CME Group, Inc.		275
	1,544	E*Trade Financial Corp.		72
	7,506	Goldman Sachs Group, Inc.		1,441
	427	Interactive Brokers Group, Inc., Class – A		22
	1,491	Intercontinental Exchange Group, Inc.		114
	8,723	Invesco Ltd.		168
	2,794	Legg Mason, Inc.		76
	34,763	Morgan Stanley		1,467
	593	S&P Global, Inc.		125
	7,845	State Street Corp.		516
	7,780	T. Rowe Price Group, Inc.		779
	162	TD Ameritrade Holding Corp.		8
	25,864	The Charles Schwab Corp.		1,106
	629	The Nasdaq OMX Group, Inc.		55
	902	Virtu Financial, Inc., Class – A		21
				11,317

HC CAPITAL TRUST

The Value Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Chemicals — 1.82%
	10,282	Air Products & Chemicals, Inc.	$	1,963
	349	Ashland Global Holdings, Inc.		27
	4,544	Axalta Coating Systems Ltd. (a)		115
	2,274	Cabot Corp.		95
	1,640	Celanese Corp., Series A		162
	53,440	CF Industries Holdings, Inc.		2,185
	44,829	DowDuPont, Inc.		2,390
	6,722	Huntsman Corp.		151
	3,028	International Flavors & Fragrances, Inc.		390
	651	Linde PLC		115
	11,278	LyondellBasell Industries N.V., Class – A		948
	249	NewMarket Corp.		108
	10,412	PPG Industries, Inc.		1,175
	2,274	The Mosaic Co.		62
	1,538	The Scotts Miracle-Gro Co.		121
	1,540	W.R. Grace & Co.		120
				10,127
		Commercial Services & Supplies — 0.82%
	7,281	ADT, Inc.		47
	12,305	Clean Harbors, Inc. (a)		880
	32,475	Copart, Inc. (a)		1,967
	3,003	KAR Auction Services, Inc.		154
	4,420	Republic Services, Inc., Class – A		355
	2,641	Stericycle, Inc. (a)		144
	9,860	Waste Management, Inc.		1,025
				4,572
		Communications Equipment — 1.90%
	6,905	Arista Networks, Inc. (a)		2,171
	7,451	Arris International PLC (a)		236
	142,120	Cisco Systems, Inc.		7,672
	15,141	Juniper Networks, Inc.		401
	774	Motorola Solutions, Inc.		109
				10,589
		Construction & Engineering — 0.09%
	3,578	AECOM Technology Corp. (a)		106
	841	Arcosa, Inc.		26
	3,016	Fluor Corp.		111
	717	Jacobs Engineering Group, Inc.		54
	2,295	Quanta Services, Inc.		87
	883	Valmont Industries, Inc.		114
				498
		Construction Materials — 0.15%
	6,799	Eagle Materials, Inc., Class – A		573
	1,351	Martin Marietta Materials, Inc.		272
				845
		Consumer Finance — 1.14%
	22,738	American Express Co.		2,485
	39,194	Capital One Financial Corp.		3,202
	6	Credit Acceptance Corp. (a)		3
	14,450	OneMain Holdings, Inc.		459
	6,482	SLM Corp.		64
	4,013	Synchrony Financial		128
				6,341
		Containers & Packaging — 0.51%
	262	AptarGroup, Inc.		28
	27	Avery Dennison Corp.		3
	22,939	Ball Corp.		1,327
	3,441	Bemis Company, Inc.		191

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Containers & Packaging (continued)
	2,060	Berry Plastics Group, Inc. (a)	$	111
	10,608	International Paper Co.		491
	2,050	Packaging Corporation of America		204
	3,363	Sealed Air Corp.		155
	3,067	Silgan Holdings		91
	2,452	Sonoco Products Co.		151
	2,384	WestRock Co.		91
				2,843
		Distributors — 0.11%
	4,284	Genuine Parts Co.		480
	3,967	LKQ Corp. (a)		113
				593
		Diversified Consumer Services — 0.45%
	12,786	Bright Horizons Family Solutions, Inc. (a)		1,624
	1,046	Graham Holdings Co.		715
	4,910	H&R Block, Inc.		118
	957	ServiceMaster Global Holdings, Inc. (a)		45
				2,502
		Diversified Financial Services — 1.18%
	32,449	Berkshire Hathaway, Inc., Class – B (a)		6,518
	973	Voya Financial, Inc.		49
				6,567
		Diversified Telecommunication Services — 1.76%
	117,437	AT&T, Inc.		3,683
	103,505	Verizon Communications, Inc.		6,120
				9,803
		Electric Utilities — 1.96%
	1,604	Alliant Energy Corp.		76
	31,281	American Electric Power, Inc.		2,620
	21,660	Duke Energy Corp.		1,949
	1,914	Edison International		119
	2,737	Evergy, Inc.		159
	9,746	Eversource Energy		691
	9,276	Exelon Corp.		465
	2,818	FirstEnergy Corp.		117
	8,870	NextEra Energy, Inc.		1,715
	2,414	OGE Energy Corp.		104
	32,518	PPL Corp.		1,032
	32,159	The Southern Co.		1,662
	4,017	Xcel Energy, Inc.		226
				10,935
		Electrical Equipment — 0.65%
	3,350	AMETEK, Inc.		278
	12,355	Eaton Corp. PLC		996
	16,658	Emerson Electric Co.		1,141
	40,037	GrafTech International Ltd.		512
	11,151	nVent Electric PLC		300
	3,984	Regal-Beloit Corp.		326
				3,553
		Electronic Equipment, Instruments & Components — 0.17%
	769	Arrow Electronics, Inc. (a)		59
	23,513	Corning, Inc.		778
	512	Dolby Laboratories, Inc., Class – A		32
	1,050	Keysight Technologies, Inc. (a)		92
				961

HC CAPITAL TRUST

The Value Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Energy Equipment & Services — 0.52%
	3,331	Apergy Corp. (a)	$	137
	11,051	Baker Hughes, Inc.		306
	54,386	Halliburton Co.		1,594
	38,640	Nabors Industries Ltd.		133
	8,218	National Oilwell Varco, Inc.		219
	8,210	Patterson-UTI Energy, Inc.		115
	43,517	Transocean Ltd. (a)		379
				2,883
		Entertainment — 1.31%
	4,863	Cinemark Holdings, Inc.		194
	6,384	Electronic Arts, Inc. (a)		649
	4,986	Netflix, Inc. (a)		1,778
	92	The Madison Square Garden Co., Class – A (a)		27
	41,888	The Walt Disney Co.		4,651
				7,299
		Equity Real Estate Investment Trusts — 3.61%
	992	Alexandria Real Estate Equities, Inc.		141
	17,907	American Campus Communities, Inc.		852
	1,289	American Homes 4 Rent, Class – A		29
	5,297	American Tower Corp.		1,044
	2,532	Apartment Investment & Manageament Co. (a)		127
	6,634	AvalonBay Communities, Inc.		1,332
	857	Boston Properties, Inc.		115
	4,843	Brixmor Property Group, Inc.		89
	6,970	Camden Property Trust		707
	1,673	Columbia Property Trust, Inc.		38
	2,473	Crown Castle International Corp.		317
	2,592	CubeSmart		83
	1,028	CyrusOne, Inc.		54
	1,798	Digital Realty Trust, Inc.		214
	1,889	Douglas Emmett, Inc.		76
	3,821	Duke Realty Corp.		117
	10,057	EPR Properties		773
	282	Equinix, Inc.		128
	1,061	Equity Lifestyle Properties, Inc.		121
	1,516	Equity Residential		114
	3,943	Essex Property Trust, Inc.		1,140
	1,604	Extra Space Storage, Inc.		163
	6,599	Federal Realty Investment Trust		910
	3,157	Gaming & Leisure Properties, Inc.		122
	3,643	HCP, Inc.		114
	28,861	Healthcare Trust of America, Inc., Class – A		825
	2,729	Hospitality Properties Trust		72
	3,203	Iron Mountain, Inc.		114
	1,138	JBG SMITH Properties		47
	1,552	Kilroy Realty Corp.		118
	6,452	Kimco Realty Corp.		119
	846	Lamar Advertising Co., Class – A		67
	2,212	Liberty Property Trust		107
	770	Life Storage, Inc.		75
	6,040	Medical Properties Trust, Inc.		112
	1,065	Mid-America Apartment Communities, Inc.		116
	2,155	National Retail Properties, Inc.		119
	2,890	OMEGA Healthcare Investors, Inc.		110
	2,375	Outfront Media, Inc.		56
	3,591	Parks Hotels & Resorts, Inc.		112
	9,049	Prologis, Inc.		651
	1,410	Public Storage		307
	19,572	Realty Income Corp.		1,440
	13,636	Regency Centers Corp.		920

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Equity Real Estate Investment Trusts (continued)
	3,691	Retail Properties of America, Inc., Class – A	$	45
	3,863	Simon Property Group, Inc.		704
	3,191	Store Capital Corp.		107
	1,367	Sun Communities, Inc.		162
	30,032	Tanger Factory Outlet Centers, Inc.		630
	21,341	UDR, Inc.		970
	6,835	Ventas, Inc.		436
	13,942	VEREIT, Inc.		117
	12,680	Vornado Realty Trust		855
	20,258	Welltower, Inc.		1,573
	1,573	WP Carey, Inc.		123
				20,129
		Food & Staples Retailing — 1.73%
	3,254	Casey’s General Stores, Inc.		419
	905	Sprouts Farmers Market, Inc. (a)		19
	9,412	Sysco Corp.		628
	3,726	The Kroger Co.		92
	1,201	US Foods Holding Corp. (a)		42
	47,270	Walgreens Boots Alliance, Inc.		2,991
	56,023	Wal-Mart Stores, Inc.		5,464
				9,655
		Food Products — 0.83%
	13,854	Archer-Daniels-Midland Co.		598
	16,807	ConAgra Foods, Inc.		466
	5,689	Flowers Foods, Inc.		121
	12,760	General Mills, Inc.		660
	1,964	Hershey Co.		226
	2,450	Hormel Foods Corp.		110
	1,521	Ingredion, Inc.		144
	641	Lamb Weston Holding, Inc.		48
	6,262	Mondelez International, Inc., Class – A		313
	6,350	The Hain Celestial Group, Inc. (a)		147
	14,694	The Kraft Heinz Co.		480
	13,702	TreeHouse Foods, Inc. (a)		884
	6,256	Tyson Foods, Inc., Class – A		434
				4,631
		Gas Utilities — 0.02%
	808	Atmos Energy Corp.		83
	707	UGI Corp.		39
				122
		Health Care Equipment & Supplies — 2.43%
	48,674	Abbott Laboratories		3,890
	5,062	Abiomed, Inc. (a)		1,446
	2,461	Baxter International, Inc.		200
	457	Becton, Dickinson & Co.		114
	1,235	Cantel Medical Corp.		83
	3,475	Danaher Corp.		459
	4,703	Dentsply Sirona, Inc.		233
	25	Hill-Rom Holdings, Inc.		3
	1,653	IDEXX Laboratories, Inc. (a)		370
	57,830	Medtronic PLC		5,267
	5,537	Penumbra, Inc. (a)		814
	597	STERIS PLC		76
	212	Teleflex, Inc.		64
	59	The Cooper Companies, Inc.		17
	4,253	Zimmer Holdings, Inc.		543
				13,579
		Health Care Providers & Services — 2.27%
	3,929	Acadia Healthcare Company, Inc. (a)		115

HC CAPITAL TRUST

The Value Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Health Care Providers & Services (continued)
	4,792	Anthem, Inc.	$	1,375
	41,593	Cardinal Health, Inc.		2,003
	5,968	Centene Corp. (a)		317
	5,548	Cigna Corp.		892
	31,160	CVS Caremark Corp.		1,680
	2,707	DaVita Healthcare Partners, Inc. (a)		147
	1,525	HCA Holdings, Inc.		199
	2,978	Humana, Inc.		792
	2,102	Laboratory Corporation of America Holdings (a)		322
	4,035	McKesson Corp.		472
	3,092	MEDNAX, Inc. (a)		84
	9,357	Patterson Companies, Inc.		204
	10,226	Premier, Inc., Class – A (a)		353
	2,834	Quest Diagnostics, Inc.		255
	12,842	UnitedHealth Group, Inc.		3,175
	836	Universal Health Services, Inc., Class – B		112
	611	WellCare Health Plans, Inc. (a)		165
				12,662
		Health Care Technology — 0.42%
	1,939	Cerner Corp. (a)		111
	17,515	Veeva Systems, Inc. (a)		2,222
				2,333
		Hotels, Restaurants & Leisure — 2.28%
	21,292	Carnival Corp., Class – A		1,080
	2,249	Darden Restaurants, Inc.		273
	1,258	Domino’s Pizza, Inc.		325
	6,289	Extended Stay America, Inc.		113
	148	Hilton Worldwide Holdings, Inc.		12
	13,907	Las Vegas Sands Corp.		848
	29,228	McDonald’s Corp.		5,551
	7,762	Royal Caribbean Cruises Ltd.		890
	1,711	Six Flags Entertainment Corp.		84
	46,240	Starbucks Corp.		3,438
	2,948	Wyndham Worldwide Corp.		119
				12,733
		Household Durables — 0.28%
	3,443	D.R. Horton, Inc.		142
	3,999	Garmin Ltd.		345
	6,069	Leggett & Platt, Inc.		256
	6,165	Lennar Corp., Class – A		302
	83	Lennar Corp., Class – B		3
	773	Mohawk Industries, Inc. (a)		98
	4,132	PulteGroup, Inc.		116
	2,180	Whirlpool Corp.		290
				1,552
		Household Products — 1.96%
	2,171	Church & Dwight Co., Inc.		155
	18,737	Kimberly-Clark Corp.		2,322
	1,218	The Clorox Co.		195
	79,387	The Procter & Gamble Co.		8,260
				10,932
		Independent Power and Renewable Electricity Producers — 0.04%
	1,358	NRG Energy, Inc., Class – C		58
	7,130	The AES Corp.		129
	1,390	Vistra Energy Corp.		36
				223

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Industrial Conglomerates — 1.49%
	18,619	3M Co.	$	3,869
	186,122	General Electric Co.		1,859
	16,050	Honeywell International, Inc.		2,551
	41	Roper Industries, Inc.		14
				8,293
		Insurance — 2.86%
	23,599	Aflac, Inc.		1,180
	36,052	Allstate Corp.		3,396
	16,390	American International Group, Inc.		706
	3,483	Arthur J. Gallagher & Co.		272
	1,195	Assurant, Inc.		113
	2,180	AXIS Capital Holdings Ltd.		119
	3,112	Brighthouse Financial, Inc. (a)		113
	1,344	Brown & Brown, Inc.		40
	19,960	Chubb Ltd.		2,797
	4,986	Cincinnati Financial Corp.		428
	522	Erie Indemnity Co., Class – A		93
	3,189	Everest Re Group Ltd.		689
	76,774	FNF Group		2,807
	7,691	Hartford Financial Services Group, Inc.		382
	48	Markel Corp. (a)		48
	1,035	Mercury General Corp.		52
	38,652	MetLife, Inc.		1,646
	6,178	Old Republic International Corp.		129
	9,015	Principal Financial Group, Inc.		452
	728	Reinsurance Group of America		103
	3,226	Unum Group		109
	1,443	W.R. Berkley Corp.		122
	118	White Mountains Insurance Group Ltd.		109
				15,905
		Interactive Media & Services — 4.09%
	6,867	Alphabet, Inc., Class – A (a)		8,082
	4,583	Alphabet, Inc., Class – C (a)		5,377
	55,740	Facebook, Inc., Class – A (a)		9,291
	312	TripAdvisor, Inc. (a)		16
				22,766
		Internet & Direct Marketing Retail — 3.26%
	9,726	Amazon.com, Inc. (a)		17,320
	22,272	eBay, Inc.		827
				18,147
		IT Services — 4.98%
	2,831	Accenture PLC, Class – A		498
	2,108	Akamai Technologies, Inc. (a)		151
	4,072	Cognizant Technology Solutions Corp.		295
	5,122	DXC Technology Co.		329
	11,864	EPAM Systems, Inc. (a)		2,007
	642	Fidelity National Information Services, Inc.		73
	24,374	GoDaddy, Inc., Class – A (a)		1,833
	16,668	International Business Machines Corp.		2,352
	1,829	Leidos Holdings, Inc.		117
	26,753	MasterCard, Inc., Class – A		6,299
	22,424	Okta, Inc. (a)		1,855
	6,910	Paychex, Inc.		554
	41,866	PayPal Holdings, Inc. (a)		4,347
	5,574	Sabre Corp.		119
	27,170	Square, Inc., Class – A (a)		2,036
	692	Teradata Corp. (a)		30
	5,412	VeriSign, Inc. (a)		983
	23,246	Visa, Inc., Class – A		3,631
	10,501	Western Union Co.		194

HC CAPITAL TRUST

The Value Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		IT Services (continued)
	43	WEX, Inc. (a)	$	8
				27,711
		Leisure Products — 0.04%
	1,201	Hasbro, Inc.		102
	7,821	Mattel, Inc. (a)		102
				204
		Life Sciences Tools & Services — 0.96%
	4,371	Agilent Technologies, Inc.		351
	398	Bio-Rad Laboratories, Inc., Class – A (a)		122
	1,294	Bruker Biosciences Corp.		50
	438	Charles River Laboratories International, Inc. (a)		64
	1,110	Illumina, Inc. (a)		345
	337	IQVIA Holdings, Inc. (a)		48
	2,796	Mettler-Toledo International, Inc. (a)		2,021
	485	PerkinElmer, Inc.		47
	10,132	PRA Health Sciences, Inc. (a)		1,117
	881	Qiagen N.V. (a)		36
	3,428	Thermo Electron Corp.		938
	722	Waters Corp. (a)		182
				5,321
		Machinery — 2.02%
	11,677	AGCO Corp.		812
	12,196	Caterpillar, Inc.		1,652
	4,760	Colfax Corp. (a)		141
	5,428	Cummins, Inc.		857
	53	Donaldson Company, Inc.		3
	4,752	Dover Corp.		446
	3,214	Fortive Corp.		270
	28	IDEX Corp.		4
	7,831	Ingersoll-Rand PLC		845
	1,442	ITT, Inc.		84
	1,244	Nordson, Inc.		165
	30,632	Oshkosh Corp.		2,300
	987	Snap-on, Inc.		154
	1,272	Terex Corp.		41
	6,496	The Middleby Corp. (a)		845
	2,583	The Timken Co.		113
	4,811	Trinity Industries, Inc.		105
	13,385	WABCO Holdings, Inc. (a)		1,765
	997	Wabtec Corp.		73
	33,989	Welbilt, Inc. (a)		557
	485	Xylem, Inc.		38
				11,270
		Media — 1.53%
	453	AMC Networks, Inc. (a)		26
	314	Charter Communications, Inc., Class – A (a)		109
	160,478	Comcast Corp., Class – A		6,416
	2,118	Dish Network Corp. (a)		67
	28,334	Fox Corp., Class – A (a)		1,040
	31	Fox Corp., Class – B (a)		1
	4,394	Omnicom Group, Inc.		321
	411	Sirius XM Holdings, Inc.		2
	21,377	The Interpublic Group of Companies, Inc.		449
	2,002	Tribune Media Co., Class – A		92
				8,523
		Metals & Mining — 0.30%
	18,629	Newmont Mining Corp.		666
	10,724	Nucor Corp.		626

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Metals & Mining (continued)
	1,400	Royal Gold, Inc.	$	127
	3,293	Southern Copper Corp.		131
	2,971	Steel Dynamics, Inc.		105
				1,655
		Mortgage Real Estate Investment Trusts — 0.14%
	7,133	AGNC Investment Corp.		128
	19,665	Annaly Capital Management, Inc.		197
	5,771	Chimera Investment Corp.		108
	17,704	MFA Financial, Inc.		129
	4,912	Starwood Property Trust, Inc.		110
	7,866	Two Harbors Investment Corp.		106
				778
		Multiline Retail — 0.49%
	952	Dollar General Corp.		114
	4,191	Dollar Tree, Inc. (a)		440
	6,793	Kohl’s Corp.		467
	6,743	Macy’s, Inc.		162
	2,624	Nordstrom, Inc.		116
	17,745	Target Corp.		1,425
				2,724
		Multi-Utilities — 1.26%
	2,674	Ameren Corp.		197
	1,937	CMS Energy Corp.		108
	1,350	Consolidated Edison, Inc.		114
	24,990	Dominion Resources, Inc.		1,916
	1,043	DTE Energy Co.		130
	93,689	NiSource, Inc.		2,685
	5,865	Public Service Enterprise Group, Inc.		348
	951	Sempra Energy		120
	17,371	WEC Energy Group, Inc.		1,374
				6,992
		Oil, Gas & Consumable Fuels — 4.77%
	8,221	Apache Corp.		285
	58,978	Chevron Corp.		7,266
	2,023	Cimarex Energy Co.		141
	1,006	Concho Resources, Inc.		112
	14,704	ConocoPhillips		981
	999	Continental Resources, Inc. (a)		45
	3,962	Devon Energy Corp.		125
	2,976	Diamondback Energy, Inc.		302
	15,897	Encana Corp.		115
	29,642	EOG Resources, Inc.		2,822
	5,697	EQT Corp.		118
	4,971	Equitrans Midstream Corp.		108
	87,444	Exxon Mobil Corp.		7,066
	16,993	Hess Corp.		1,023
	2,849	HollyFrontier Corp.		140
	70,023	Kinder Morgan, Inc.		1,401
	9,878	Marathon Oil Corp.		165
	21,237	Marathon Petroleum Corp.		1,271
	3,793	Murphy Oil Corp.		111
	6,401	ONEOK, Inc.		447
	3,630	PBF Energy, Inc., Class – A		113
	9,271	Phillips 66		882
	10,931	Range Resources Corp.		123
	16,585	Valero Energy Corp.		1,407
				26,569
		Personal Products — 0.08%
	10,936	Coty, Inc., Class – A ^		126

HC CAPITAL TRUST

The Value Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Personal Products (continued)
	1,025	Herbalife Ltd. (a)	$	54
	1,700	The Estee Lauder Companies, Inc., Class – A		281
				461
		Pharmaceuticals — 4.80%
	4,070	Bristol-Myers Squibb Co.		194
	19,272	Eli Lilly & Co.		2,501
	48,537	Johnson & Johnson		6,785
	88,455	Merck & Co., Inc.		7,357
	5,844	Mylan N.V. (a)		166
	2,666	Perrigo Co. PLC		128
	184,193	Pfizer, Inc.		7,822
	113,000	Teva Pharmaceutical Industries Ltd., ADR (a)		1,772
				26,725
		Professional Services — 0.79%
	4,444	CoStar Group, Inc. (a)		2,073
	1,081	Equifax, Inc.		128
	950	IHS Markit Ltd. (a)		52
	4,225	Nielsen Holdings PLC		100
	825	Robert Half International, Inc.		54
	15,150	Versik Analytics, Inc., Class – A		2,015
				4,422
		Real Estate Management & Development — 0.02%
	1,691	CBRE Group, Inc., Class – A (a)		84
	2,931	Newmark Group, Inc., Class – A		24
				108
		Road & Rail — 1.04%
	1,388	AMERCO, Inc.		516
	809	CSX Corp.		61
	9,369	Genesee & Wyoming, Inc., Class – A (a)		816
	1,873	Hunt (JB) Transportation Services, Inc.		190
	5,345	Norfolk Southern Corp.		999
	975	Old Dominion Freight Line, Inc.		141
	18,473	Union Pacific Corp.		3,088
				5,811
		Semiconductors & Semiconductor Equipment — 3.21%
	21,151	Applied Materials, Inc.		839
	3,233	Broadcom, Inc.		972
	147,059	Intel Corp.		7,897
	3,302	KLA-Tencor Corp.		394
	1,129	Lam Research Corp.		202
	6,026	Marvell Technology Group Ltd.		120
	5,918	Maxim Integrated Products, Inc.		315
	13,257	Micron Technology, Inc. (a)		548
	12,565	NVIDIA Corp.		2,256
	7,213	Qualcomm, Inc.		411
	3,902	Skyworks Solutions, Inc.		322
	23,905	Texas Instruments, Inc.		2,536
	6,964	Universal Display Corp.		1,064
	115	Xilinx, Inc.		15
				17,891
		Software — 7.25%
	16,180	Adobe Systems, Inc. (a)		4,312
	14,588	Autodesk, Inc. (a)		2,273
	2,785	CDK Global, Inc.		164
	284	Guidewire Software, Inc. (a)		28
	681	LogMeln, Inc.		55

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Software (continued)
	29,183	Manhattan Associates, Inc. (a)	$	1,608
	144,589	Microsoft Corp.		17,054
	6,281	Nuance Communications, Inc. (a)		106
	105,310	Oracle Corp.		5,657
	11,384	Paycom Software, Inc. (a)		2,153
	15,646	Proofpoint, Inc. (a)		1,900
	18,193	RingCentral, Inc., Class – A (a)		1,961
	1,472	Salesforce.com, Inc. (a)		233
	11,142	ServiceNow, Inc. (a)		2,746
	668	Synopsys, Inc. (a)		77
	479	VMware, Inc., Class – A		86
				40,413
		Specialty Retail — 1.62%
	1,250	Advance Auto Parts, Inc.		213
	2,829	AutoNation, Inc. (a)		101
	22	AutoZone, Inc. (a)		23
	7,757	Best Buy Co., Inc.		551
	172	Burlington Stores, Inc. (a)		27
	1,830	CarMax, Inc. (a)		128
	2,881	Dick’s Sporting Goods, Inc.		106
	45,768	Floor & Decor Holdings, Inc., Class – A (a)		1,887
	4,308	Foot Locker, Inc.		261
	4,355	Gap, Inc.		114
	4,780	L Brands, Inc.		132
	1,041	Lowe’s Companies, Inc.		114
	1,901	O’Reilly Automotive, Inc. (a)		738
	1,144	Ross Stores, Inc.		107
	15,162	The Home Depot, Inc.		2,908
	21,249	The TJX Companies, Inc.		1,131
	2,540	Tiffany & Co.		268
	1,459	Urban Outfitters, Inc. (a)		43
	3,016	Williams-Sonoma, Inc.		170
				9,022
		Technology Hardware, Storage & Peripherals — 4.01%
	100,447	Apple, Inc.		19,080
	899	Dell Technologies, Inc. (a)		53
	147,510	HP, Inc.		2,866
	285	NetApp, Inc.		20
	6,333	Western Digital Corp.		304
				22,323
		Textiles, Apparel & Luxury Goods — 0.51%
	3,126	Capri Holdings Ltd. (a)		143
	9,111	NIKE, Inc., Class – B		767
	1,646	PVH Corp.		201
	6,211	Tapestry, Inc.		202
	38,285	Under Armour, Inc., Class – C (a)		722
	9,131	V.F. Corp.		794
				2,829
		Tobacco — 0.85%
	36,600	Altria Group, Inc.		2,102
	30,006	Philip Morris International, Inc.		2,652
				4,754
		Trading Companies & Distributors — 0.21%
	10,024	Fastenal Co.		645
	4,912	HD Supply Holdings, Inc. (a)		213
	1,960	MSC Industrial Direct Co., Inc., Class – A		162
	17	W.W. Grainger, Inc.		5

HC CAPITAL TRUST

The Value Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Trading Companies & Distributors (continued)
	1,158	Watsco, Inc.	$	166
				1,191
		Transportation Infrastructure — 0.04%
	5,918	Macquarie Infrastructure Corp.		244
		Water Utilities — 0.02%
	1,178	American Water Works Co., Inc.		123
		Wireless Telecommunication Services — 0.49%
	8,547	Sprint Nextel Corp. (a)		48
	3,124	Telephone & Data Systems, Inc.		96
	37,701	T-Mobile USA, Inc. (a)		2,605
				2,749
		Total Common Stocks		553,076
		Investment Companies — 0.59%
	544,855	Dreyfus Treasury Securities Cash Management, Institutional Shares, 2.27% (b)		545
	7,708	Federated Treasury Obligations Fund, Institutional Shares, 2.29%^^ (b)		8
	2,734,824	State Street Institutional Treasury Plus Money Market Fund, Premier Class, 2.30% (b)		2,734
		Total Investment Companies		3,287
Principal Amount (000)
		Repurchase Agreement — 0.01%
	$28	Jefferies LLC, 2.60%, 4/1/19 (Purchased on 3/29/19, proceeds at maturity $27,548 collateralized by U.S. Treasury Obligations, 2.40% - 2.97%, 8/15/19 - 2/15/47 fair value $28,093)^^		28
		Total Repurchase Agreement		28
		Total Investments (cost $429,507) — 99.89%		556,391
		Other assets in excess of liabilities — 0.11%		605
		Net Assets—100.00%	$	556,996

^ All or part of this security was on loan as of March 31, 2019. The total value of securities on loan as of March 31, 2019, was $35 (amount in thousands).

^^ Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for securities that were sold on or before March 31, 2019.

(a) Represents non-income producing security.

(b) The rate disclosed is the rate in effect on March 31, 2019.

ADR — American Depositary Receipt

HC CAPITAL TRUST

The Value Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

The following table reflects the percentage of total net assets of the Portfolio attributable to each Specialist Manager as of March 31, 2019.

The Value Equity Portfolio	Parametric Portfolio Associates, LLC			HC Capital Solutions			Total
Common Stocks		99.29	%		—			99.29	%
Investment Companies		0.59	%		0.00	%		0.59	%
Repurchase Agreement		0.01	%		—			0.01	%
Other Assets (Liabilities)		0.11	%		0.00	%		0.11	%
Total Net Assets		100.00	%		0.00	%		100.00	%

Amounts designated as “—” indicate the Specialist Manager did not manage any holdings in that category.

The following table reflects the open derivative positions held by the Portfolio as of March 31, 2019.

Futures Contracts Purchased^

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value and Unrealized Appreciation/ (Depreciation) (000)
E-Mini S&P 500 Future		15		6/21/19	$	2,129	$	52
E-Mini S&P Midcap 400 Future		2		6/21/19		380		8
					$	2,509	$	60
		Total Unrealized Appreciation					$	60
		Total Unrealized Depreciation						—
		Total Net Unrealized Appreciation/(Depreciation)					$	60

^ Cash has been pledged as collateral for futures contracts held by the Portfolio.

Amounts designated as “—” are $0 or have been rounded to $0.

HC CAPITAL TRUST

The Institutional Value Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks — 83.69%
		Aerospace & Defense — 1.66%
	1,153	AAR Corp.	$	37
	18,489	Arconic, Inc.		353
	2,710	BWX Technologies, Inc.		134
	2,310	Curtiss-Wright Corp.		262
	9,505	General Dynamics Corp.		1,609
	1,801	Harris Corp.		288
	1,032	HEICO Corp.		98
	744	HEICO Corp., Class – A		63
	4,412	Hexcel Corp.		305
	625	Huntington Ingalls Industries, Inc.		130
	3,468	L3 Technologies, Inc.		716
	6,035	Lockheed Martin Corp.		1,811
	809	Moog, Inc., Class – A		70
	4,396	Northrop Grumman Corp.		1,185
	5,414	Raytheon Co.		986
	1,429	Spirit Aerosystems Holdings, Inc., Class – A		131
	2,059	Teledyne Technologies, Inc. (a)		488
	9,733	Textron, Inc.		493
	10,079	The Boeing Co.		3,844
	1,021	TransDigm Group, Inc. (a)		464
	2,055	Triumph Group, Inc.		39
	35,751	United Technologies Corp.		4,608
				18,114
		Air Freight & Logistics — 0.27%
	946	Atlas Air Worldwide Holdings, Inc. (a)		48
	4,543	C.H. Robinson Worldwide, Inc.		395
	6,227	Expeditors International of Washington, Inc.		473
	2,403	FedEx Corp.		436
	1,396	Hub Group, Inc., Class – A (a)		57
	13,235	United Parcel Service, Inc., Class – B		1,479
	1,213	XPO Logistics, Inc. (a)		65
				2,953
		Airlines — 0.39%
	5,756	Alaska Air Group, Inc.		323
	264	Allegiant Travel Co.		34
	25,103	American Airlines Group, Inc.		797
	1,378	Copa Holdings SA, Class – A		111
	23,816	Delta Air Lines, Inc.		1,230
	13,635	JetBlue Airways Corp. (a)		223
	1,297	SkyWest, Inc.		70
	10,683	Southwest Airlines Co.		555
	455	Spirit Airlines, Inc. (a)		24
	11,027	United Continental Holdings, Inc. (a)		880
				4,247
		Auto Components — 0.19%
	6,800	Adient PLC		88
	3,644	Aptiv PLC		290
	9,256	BorgWarner, Inc.		356
	3,009	Cooper Tire & Rubber Co.		90
	427	Cooper-Standard Holding, Inc. (a)		20
	4,519	Dana Holding Corp.		80
	932	Dorman Products, Inc. (a)		82
	1,877	Garrett Motion, Inc. (a)		28
	9,842	Gentex Corp.		204
	11,582	Goodyear Tire & Rubber Co.		210
	3,157	Lear Corp.		428
	1,532	Tenneco, Inc.		34

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Auto Components (continued)
	1,311	Visteon Corp. (a)	$	88
				1,998
		Automobiles — 0.59%
	251,154	Ford Motor Co.		2,205
	84,570	General Motors Co.		3,138
	9,530	Harley-Davidson, Inc.		340
	2,224	Tesla Motors, Inc. (a)		622
	1,345	Thor Industries, Inc.		84
				6,389
		Banks — 5.60%
	7,259	Associated Banc-Corp.		155
	400,124	Bank of America Corp.		11,038
	1,792	Bank of Hawaii Corp.		141
	5,096	Bank OZK		148
	4,465	BankUnited, Inc.		149
	33,928	BB&T Corp.		1,579
	1,197	BOK Financial Corp.		98
	6,645	CIT Group, Inc.		319
	105,558	Citigroup, Inc.		6,567
	20,725	Citizens Financial Group, Inc.		674
	7,075	Comerica, Inc.		519
	4,969	Commerce Bancshares, Inc.		289
	2,439	Cullen/Frost Bankers, Inc.		237
	5,825	East West Bancorp, Inc.		279
	33,845	Fifth Third Bancorp		854
	321	First Citizens BancShares, Inc., Class – A		131
	6,132	First Hawaiian, Inc.		160
	14,787	First Horizon National Corp.		207
	8,228	First Republic Bank		827
	13,847	FNB Corp.		147
	638	Glacier BanCorp, Inc.		26
	46,915	Huntington Bancshares, Inc.		595
	146,194	JPMorgan Chase & Co.		14,798
	45,342	KeyCorp		714
	6,285	M&T Bank Corp.		987
	5,357	PacWest Bancorp		201
	16,484	People’s United Financial, Inc.		271
	2,172	Pinnacle Financial Partners, Inc.		119
	20,430	PNC Financial Services Group, Inc.		2,506
	4,999	Popular, Inc.		261
	2,853	Prosperity Bancshares, Inc.		197
	47,963	Regions Financial Corp.		679
	1,206	Signature Bank		154
	10,240	Sterling Bancorp/DE		191
	19,929	SunTrust Banks, Inc.		1,181
	924	SVB Financial Group (a)		205
	5,264	Synovus Financial Corp.		181
	7,188	TCF Financial Corp.		149
	1,029	Texas Capital Bancshares, Inc. (a)		56
	66,663	U.S. Bancorp		3,212
	10,098	Umpqua Holdings Corp.		167
	616	United Bankshares, Inc.		22
	4,486	Webster Financial Corp.		227
	183,571	Wells Fargo & Co.		8,869
	2,269	Western Alliance Bancorp (a)		93
	2,565	Wintrust Financial Corp.		173
	8,300	Zions Bancorp		377
				61,129
		Beverages — 1.25%
	482	Brown-Forman Corp., Class – A		25
	6,731	Brown-Forman Corp., Class – B		355

HC CAPITAL TRUST

The Institutional Value Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Beverages (continued)
	1,280	Coca-Cola European Partners PLC	$	66
	2,095	Constellation Brands, Inc., Class – A		367
	4,796	Keurig Dr Pepper, Inc.		134
	7,786	Molson Coors Brewing Co., Class – B		464
	4,758	Monster Beverage Corp. (a)		260
	44,656	PepsiCo, Inc.		5,473
	349	The Boston Beer Co., Inc., Class – A (a)		103
	134,800	The Coca-Cola Co.		6,317
				13,564
		Biotechnology — 1.04%
	21,338	AbbVie, Inc.		1,720
	633	Agios Pharmaceuticals, Inc. (a)		43
	4,123	Alexion Pharmaceuticals, Inc. (a)		557
	1,508	Alkermes PLC (a)		55
	1,213	Alnylam Pharmaceuticals, Inc. (a)		113
	9,981	Amgen, Inc.		1,896
	3,600	Biogen Idec, Inc. (a)		851
	2,935	BioMarin Pharmaceutical, Inc. (a)		261
	1,199	Bluebird Bio, Inc. (a)		189
	10,645	Celgene Corp. (a)		1,004
	1,160	Exact Sciences Corp. (a)		100
	2,875	Exelixis, Inc. (a)		68
	35,937	Gilead Sciences, Inc.		2,337
	2,931	Incyte Corp. (a)		252
	1,210	Ionis Pharmaceuticals, Inc. (a)		98
	246	Moderna, Inc. (a)		5
	4,326	Myriad Genetics, Inc. (a)		144
	864	Neurocrine Biosciences, Inc. (a)		76
	1,108	Regeneron Pharmaceuticals, Inc. (a)		455
	446	Sage Therapeutics, Inc. (a)		71
	643	Sarepta Therapeutics, Inc. (a)		77
	1,039	Seattle Genetics, Inc. (a)		76
	2,751	United Therapeutics Corp. (a)		323
	2,534	Vertex Pharmaceuticals, Inc. (a)		466
				11,237
		Building Products — 0.31%
	2,642	A.O. Smith Corp.		141
	1,424	Allegion PLC		129
	1,498	Armstrong World Industries, Inc.		119
	4,037	Fortune Brands Home & Security, Inc.		192
	43,704	Johnson Controls International PLC		1,614
	1,304	Lennox International, Inc.		345
	9,152	Masco Corp.		360
	541	Masonite International Corp. (a)		27
	4,705	Owens Corning, Inc.		222
	2,722	Resideo Technologies, Inc. (a)		53
	1,454	Universal Forest Products, Inc.		43
	4,116	USG Corp.		178
				3,423
		Capital Markets — 2.10%
	2,745	Affiliated Managers Group, Inc.		294
	5,329	Ameriprise Financial, Inc.		683
	40,152	Bank of New York Mellon Corp.		2,025
	11,121	BGC Partners, Inc., Class – A		59
	5,347	BlackRock, Inc., Class – A		2,285
	1,336	CBOE Holdings, Inc.		128
	17,572	CME Group, Inc.		2,892
	9,555	E*Trade Financial Corp.		444
	1,136	Eaton Vance Corp.		46
	396	Evercore Partners, Inc., Class – A		36
	899	FactSet Research Systems, Inc.		223

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Capital Markets (continued)
	1,798	Federated Investors, Inc., Class – B	$	53
	18,066	Franklin Resources, Inc.		599
	15,352	Goldman Sachs Group, Inc.		2,946
	1,200	Interactive Brokers Group, Inc., Class – A		62
	17,099	Intercontinental Exchange Group, Inc.		1,302
	17,643	Invesco Ltd.		341
	1,527	Lazard Ltd., Class – A		55
	6,094	Legg Mason, Inc.		167
	3,934	LPL Financial Holdings, Inc.		274
	355	MarketAxess Holdings, Inc.		87
	2,193	Moody’s Corp.		397
	53,514	Morgan Stanley		2,258
	583	Morningstar, Inc.		73
	2,161	MSCI, Inc. Common		430
	7,207	Northern Trust Corp.		652
	4,352	Raymond James Financial, Inc.		350
	3,232	S&P Global, Inc.		680
	2,998	SEI Investments Co.		157
	15,734	State Street Corp.		1,035
	4,831	T. Rowe Price Group, Inc.		484
	2,733	TD Ameritrade Holding Corp.		137
	11,920	The Charles Schwab Corp.		510
	5,796	The Nasdaq OMX Group, Inc.		507
	470	Virtu Financial, Inc., Class – A		11
	6,349	Waddell & Reed Financial, Inc., Class – A		110
				22,792
		Chemicals — 1.93%
	10,551	Air Products & Chemicals, Inc.		2,015
	4,634	Albemarle Corp.		380
	3,101	Ashland Global Holdings, Inc.		242
	7,420	Axalta Coating Systems Ltd. (a)		187
	2,765	Cabot Corp.		115
	3,546	Celanese Corp., Series A		350
	15,051	CF Industries Holdings, Inc.		615
	101,311	DowDuPont, Inc.		5,400
	6,110	Eastman Chemical Co.		464
	9,843	Ecolab, Inc.		1,738
	5,796	Element Solutions, Inc. (a)		59
	4,797	FMC Corp.		369
	10,134	Huntsman Corp.		228
	768	Innophos Holdings, Inc.		23
	426	Innospec, Inc.		36
	3,620	International Flavors & Fragrances, Inc.		466
	15,214	Linde PLC		2,677
	565	Livent Corp. (a)		7
	21,287	LyondellBasell Industries N.V., Class – A		1,790
	328	NewMarket Corp.		142
	7,155	Olin Corp.		166
	1,581	PolyOne Corp.		46
	11,759	PPG Industries, Inc.		1,327
	6,930	RPM International, Inc.		402
	849	Sensient Technologies Corp.		58
	1,748	The Chemours Co.		65
	29,156	The Mosaic Co.		796
	1,859	The Scotts Miracle-Gro Co.		146
	808	The Sherwin-Williams Co.		348
	584	Trinseo SA		26
	8,369	Valvoline, Inc.		155
	2,231	W.R. Grace & Co.		174
	511	Westlake Chemical Corp.		35
				21,047

HC CAPITAL TRUST

The Institutional Value Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Commercial Services & Supplies — 0.42%
	2,909	ABM Industries, Inc.	$	106
	3,633	ADT, Inc.		23
	1,004	Advanced Disposal Services, Inc. (a)		28
	541	Brady Corp., Class – A		25
	2,318	Cintas Corp.		468
	2,504	Clean Harbors, Inc. (a)		179
	7,482	Copart, Inc. (a)		453
	4,222	Covanta Holding Corp.		73
	851	Deluxe Corp.		37
	1,507	Healthcare Services Group, Inc.		50
	1,326	Herman Miller, Inc.		47
	909	HNI Corp.		33
	3,446	KAR Auction Services, Inc.		177
	321	MSA Safety, Inc.		33
	13,890	Pitney Bowes, Inc.		95
	1,456	Quad Graphics, Inc.		17
	11,704	Republic Services, Inc., Class – A		942
	4,238	Rollins, Inc.		176
	2,916	Steelcase, Inc., Class – A		42
	4,640	Stericycle, Inc. (a)		253
	1,227	Waste Connections, Inc.		109
	11,138	Waste Management, Inc.		1,158
				4,524
		Communications Equipment — 1.40%
	1,921	ADTRAN, Inc.		26
	552	Arista Networks, Inc. (a)		174
	8,459	Arris International PLC (a)		267
	966	Ciena Corp. (a)		36
	217,088	Cisco Systems, Inc.		11,722
	7,924	Commscope Holding, Inc. (a)		172
	2,164	EchoStar Corp., Class – A (a)		79
	937	F5 Networks, Inc. (a)		147
	21,769	Juniper Networks, Inc.		576
	12,200	Motorola Solutions, Inc.		1,713
	606	NETGEAR, Inc. (a)		20
	916	Palo Alto Networks, Inc. (a)		222
	1,134	Plantronics, Inc.		52
	421	Ubiquiti Networks, Inc.		63
				15,269
		Construction & Engineering — 0.18%
	7,583	AECOM Technology Corp. (a)		225
	2,182	Arcosa, Inc.		67
	425	Comfort Systems USA, Inc.		22
	10,523	Fluor Corp.		387
	7,962	Jacobs Engineering Group, Inc.		599
	8,725	KBR, Inc.		167
	7,376	Quanta Services, Inc.		278
	1,878	Tutor Perini Corp. (a)		32
	1,115	Valmont Industries, Inc.		145
				1,922
		Construction Materials — 0.04%
	633	Eagle Materials, Inc., Class – A		53
	786	Martin Marietta Materials, Inc.		158
	1,544	Vulcan Materials Co.		183
				394
		Consumer Finance — 0.63%
	27,727	Ally Financial, Inc.		762
	17,268	American Express Co.		1,887
	21,633	Capital One Financial Corp.		1,767
	222	Credit Acceptance Corp. (a)		100

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Consumer Finance (continued)
	10,590	Discover Financial Services	$	754
	514	Firstcash, Inc.		44
	20,490	Navient Corp.		237
	3,173	OneMain Holdings, Inc.		101
	1,073	PRA Group, Inc. (a)		29
	7,279	Santander Consumer USA Holdings, Inc.		154
	18,648	SLM Corp.		185
	23,509	Synchrony Financial		750
	452	World Acceptance Corp. (a)		53
				6,823
		Containers & Packaging — 0.44%
	4,242	AptarGroup, Inc.		451
	807	Ardagh Group SA		10
	1,865	Avery Dennison Corp.		211
	16,194	Ball Corp.		938
	7,011	Bemis Company, Inc.		389
	3,303	Berry Plastics Group, Inc. (a)		178
	2,930	Crown Holdings, Inc. (a)		160
	16,275	Graphic Packaging Holding Co.		206
	16,497	International Paper Co.		763
	9,172	Owens-Illinois, Inc.		174
	906	Packaging Corporation of America		90
	4,425	Sealed Air Corp.		204
	4,739	Silgan Holdings		140
	6,946	Sonoco Products Co.		427
	10,902	WestRock Co.		418
				4,759
		Distributors — 0.14%
	1,773	Core-Mark Holding Co., Inc.		66
	8,343	Genuine Parts Co.		935
	12,366	LKQ Corp. (a)		351
	1,227	Pool Corp.		202
				1,554
		Diversified Consumer Services — 0.13%
	2,257	Adtalem Global Education, Inc. (a)		105
	1,647	Bright Horizons Family Solutions, Inc. (a)		209
	1,046	Frontdoor, Inc. (a)		36
	327	Graham Holdings Co.		223
	463	Grand Canyon Education, Inc. (a)		53
	12,845	H&R Block, Inc.		308
	3,068	Houghton Mifflin Harcourt Co. (a)		22
	1,512	Regis Corp. (a)		30
	7,366	Service Corporation International		296
	3,304	ServiceMaster Global Holdings, Inc. (a)		154
	728	Sotheby’s (a)		27
				1,463
		Diversified Financial Services — 1.51%
	8,936	AXA Equitable Holdings, Inc.		180
	77,211	Berkshire Hathaway, Inc., Class – B (a)		15,511
	12,998	Jefferies Financial Group, Inc.		244
	10,624	Voya Financial, Inc.		531
				16,466
		Diversified Telecommunication Services — 2.59%
	388,497	AT&T, Inc.		12,183
	69,611	CenturyLink, Inc.		835
	2,494	Consolidated Communications Holdings, Inc.		27
	254,369	Verizon Communications, Inc.		15,041

HC CAPITAL TRUST

The Institutional Value Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Diversified Telecommunication Services (continued)
	2,328	Zayo Group Holdings, Inc. (a)	$	66
				28,152
		Electric Utilities — 2.29%
	341	ALLETE, Inc.		28
	11,465	Alliant Energy Corp.		540
	23,654	American Electric Power, Inc.		1,981
	2,450	Avangrid, Inc.		123
	34,173	Duke Energy Corp.		3,075
	14,028	Edison International		869
	10,660	Entergy Corp.		1,019
	11,656	Evergy, Inc.		677
	14,976	Eversource Energy		1,063
	59,537	Exelon Corp.		2,985
	26,012	FirstEnergy Corp.		1,082
	6,855	Hawaiian Electric Industries, Inc.		279
	310	IDACORP, Inc.		31
	22,919	NextEra Energy, Inc.		4,430
	9,822	OGE Energy Corp.		424
	23,078	PG&E Corp. (a)		411
	5,383	Pinnacle West Capital Corp.		515
	590	PNM Resources, Inc.		28
	567	Portland General Electric Co.		29
	38,045	PPL Corp.		1,208
	54,735	The Southern Co.		2,829
	24,281	Xcel Energy, Inc.		1,365
				24,991
		Electrical Equipment — 0.43%
	1,863	Acuity Brands, Inc.		224
	8,565	AMETEK, Inc.		711
	19,373	Eaton Corp. PLC		1,561
	16,452	Emerson Electric Co.		1,125
	411	Encore Wire Corp.		24
	1,693	Generac Holdings, Inc. (a)		87
	2,730	GrafTech International Ltd.		35
	1,389	Hubbell, Inc.		164
	6,925	nVent Electric PLC		187
	2,165	Regal-Beloit Corp.		177
	1,854	Rockwell Automation, Inc.		325
	4,197	Sensata Technologies Holding PLC (a)		189
				4,809
		Electronic Equipment, Instruments & Components — 0.63%
	2,863	Amphenol Corp., Class – A		270
	1,192	Anixter International, Inc. (a)		67
	5,434	Arrow Electronics, Inc. (a)		419
	9,174	Avnet, Inc.		398
	2,169	Benchmark Electronics, Inc.		57
	3,889	CDW Corporation of Delaware		375
	1,603	Cognex Corp.		82
	455	Coherent, Inc. (a)		64
	63,565	Corning, Inc.		2,104
	3,730	Dolby Laboratories, Inc., Class – A		235
	7,388	FLIR Systems, Inc.		352
	1,091	Insight Enterprises, Inc. (a)		60
	349	IPG Photonics Corp. (a)		53
	10,630	Jabil Circuit, Inc.		283
	9,590	Keysight Technologies, Inc. (a)		836
	363	Littelfuse, Inc.		66
	1,867	National Instruments Corp.		83
	891	Plexus Corp. (a)		54
	2,679	Sanmina Corp. (a)		77

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Electronic Equipment, Instruments & Components (continued)
	718	ScanSource, Inc. (a)	$	26
	344	SYNNEX Corp.		33
	1,466	Tech Data Corp. (a)		150
	11,143	Trimble Navigation Ltd. (a)		450
	4,780	Vishay Intertechnology, Inc.		88
	893	Zebra Technologies Corp., Class – A (a)		187
				6,869
		Energy Equipment & Services — 0.55%
	3,155	Apergy Corp. (a)		130
	4,010	Archrock, Inc. Com		39
	24,568	Baker Hughes, Inc.		681
	2,945	Diamond Offshore Drilling, Inc. (a)		31
	2,255	Dril-Quip, Inc. (a)		103
	4,752	Ensco PLC, Class – A, ADR		19
	8,474	Halliburton Co.		248
	5,522	Helix Energy Solutions Group, Inc. (a)		44
	5,299	Helmerich & Payne, Inc.		294
	2,828	McDermott International, Inc. (a)		21
	28,264	Nabors Industries Ltd.		97
	28,249	National Oilwell Varco, Inc.		753
	6,018	Oceaneering International, Inc. (a)		95
	2,747	Oil States International, Inc. (a)		47
	12,590	Patterson-UTI Energy, Inc.		177
	10,049	Rowan Cos. PLC, Class – A (a)		108
	1,631	RPC, Inc.		19
	61,128	Schlumberger Ltd.		2,662
	9,886	Superior Energy Services, Inc. (a)		46
	32,351	Transocean Ltd. (a)		281
	1,605	Unit Corp. (a)		23
	33,811	Weatherford International PLC (a)		24
				5,942
		Entertainment — 1.19%
	7,310	Activision Blizzard, Inc.		333
	1,895	AMC Entertainment Holdings, Inc., Class – A		28
	7,516	Cinemark Holdings, Inc.		301
	3,156	Electronic Arts, Inc. (a)		321
	949	Liberty Media Group, Class – A (a)		32
	8,470	Liberty Media Group, Class – C (a)		297
	2,372	Lions Gate Entertainment Corp., Class – A		37
	4,754	Lions Gate Entertainment Corp., Class – B		72
	2,230	Live Nation Entertainment, Inc. (a)		142
	5,862	Netflix, Inc. (a)		2,090
	2,685	Take-Two Interactive Software, Inc. (a)		253
	1,043	The Madison Square Garden Co., Class – A (a)		306
	67,503	The Walt Disney Co.		7,494
	389	Viacom, Inc., Class – A		13
	35,528	Viacom, Inc., Class – B		997
	38,319	Zynga, Inc. (a)		204
				12,920
		Equity Real Estate Investment Trusts — 4.11%
	1,753	Acadia Realty Trust		48
	5,635	Alexandria Real Estate Equities, Inc.		803
	8,898	American Campus Communities, Inc.		423
	15,938	American Homes 4 Rent, Class – A		362
	7,141	American Tower Corp.		1,407
	9,322	Apartment Investment & Management Co. (a)		469
	14,992	Apple Hospitality REIT, Inc.		244

HC CAPITAL TRUST

The Institutional Value Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Equity Real Estate Investment Trusts (continued)
	7,479	AvalonBay Communities, Inc.	$	1,501
	8,495	Boston Properties, Inc.		1,137
	11,457	Brandywine Realty Trust		182
	22,604	Brixmor Property Group, Inc.		415
	6,497	Brookfield Property REIT, Inc., Class – A		133
	5,777	Camden Property Trust		586
	34,154	Colony Capital, Inc.		182
	9,349	Columbia Property Trust, Inc.		210
	3,808	CoreCivic, Inc.		74
	360	Coresite Realty Corp.		39
	6,359	Corporate Office Properties Trust		174
	10,803	Crown Castle International Corp.		1,383
	11,459	CubeSmart		367
	5,307	CyrusOne, Inc.		278
	10,760	Digital Realty Trust, Inc.		1,280
	8,843	Douglas Emmett, Inc.		357
	22,628	Duke Realty Corp.		692
	314	EastGroup Properties, Inc.		35
	5,885	Empire State Realty Trust, Inc., Class – A		93
	4,522	EPR Properties		348
	980	Equinix, Inc.		444
	8,500	Equity Commonwealth		278
	1,962	Equity Lifestyle Properties, Inc.		224
	22,390	Equity Residential		1,686
	3,538	Essex Property Trust, Inc.		1,023
	3,580	Extra Space Storage, Inc.		365
	4,430	Federal Realty Investment Trust		611
	1,090	First Industrial Realty Trust, Inc.		39
	8,506	Gaming & Leisure Properties, Inc.		328
	28,417	HCP, Inc.		889
	2,561	Healthcare Realty Trust, Inc.		82
	12,262	Healthcare Trust of America, Inc., Class – A		351
	5,931	Highwoods Properties, Inc.		277
	10,865	Hospitality Properties Trust		286
	35,966	Host Hotels & Resorts, Inc.		680
	7,798	Hudson Pacific Property, Inc.		268
	12,853	Invitation Homes, Inc.		313
	16,790	Iron Mountain, Inc.		595
	5,201	JBG SMITH Properties		215
	5,318	Kilroy Realty Corp.		404
	25,196	Kimco Realty Corp.		466
	2,784	Kite Realty Group Trust		45
	3,669	Lamar Advertising Co., Class – A		291
	6,970	Lexington Realty Trust		63
	9,919	Liberty Property Trust		480
	2,820	Life Storage, Inc.		274
	2,575	Mack-Cali Realty Corp.		57
	23,358	Medical Properties Trust, Inc.		432
	1,009	MGM Growth Properties LLC, Class – A		33
	5,483	Mid-America Apartment Communities, Inc.		599
	724	National Health Investors, Inc.		57
	9,876	National Retail Properties, Inc.		547
	12,808	OMEGA Healthcare Investors, Inc.		489
	11,507	Outfront Media, Inc.		269
	13,796	Paramount Group, Inc.		196
	12,220	Parks Hotels & Resorts, Inc.		380
	2,758	Physicians Realty Trust		52
	4,734	Piedmont Office Realty Trust, Inc., Class – A		99
	33,026	Prologis, Inc.		2,377
	470	PS Business Parks, Inc.		74
	3,144	Public Storage		685
	8,401	Rayonier, Inc.		265
	15,854	Realty Income Corp.		1,166

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Equity Real Estate Investment Trusts (continued)
	9,007	Regency Centers Corp.	$	608
	1,583	Retail Opportunity Investments Corp.		27
	17,244	Retail Properties of America, Inc., Class – A		210
	562	Retail Value, Inc.		18
	1,307	RLJ Lodging Trust		23
	991	Ryman Hospitality Properties, Inc.		81
	2,982	Sabra Healthcare REIT, Inc.		58
	1,346	SBA Communications Corp. (a)		269
	20,530	Senior Housing Properties Trust		242
	8,046	Simon Property Group, Inc.		1,466
	12,689	SITE Centers Corp.		173
	4,638	SL Green Realty Corp.		417
	6,585	Spirit Realty Capital, Inc.		262
	1,060	STAG Industrial, Inc.		31
	11,393	Store Capital Corp.		382
	5,068	Sun Communities, Inc.		601
	2,592	Tanger Factory Outlet Centers, Inc.		54
	1,600	Taubman Centers, Inc.		85
	8,455	The Macerich Co.		367
	17,045	UDR, Inc.		775
	7,034	Uniti Group, Inc.		79
	20,551	Ventas, Inc.		1,311
	58,990	VEREIT, Inc.		494
	20,673	VICI Properties, Inc.		452
	9,739	Vornado Realty Trust		657
	11,034	Washington Prime Group, Inc.		62
	1,280	Washington Real Estate Investment Trust		36
	7,163	Weingarten Realty Investors		210
	21,883	Welltower, Inc.		1,699
	36,194	Weyerhaeuser Co.		953
	9,722	WP Carey, Inc.		762
	2,747	Xenia Hotels & Resorts, Inc.		60
				44,900
		Food & Staples Retailing — 1.87%
	3,192	Casey’s General Stores, Inc.		411
	12,661	Costco Wholesale Corp.		3,066
	3,333	Performance Food Group Co. (a)		132
	4,985	Sprouts Farmers Market, Inc. (a)		107
	15,775	Sysco Corp.		1,053
	70,608	The Kroger Co.		1,737
	3,083	United Natural Foods, Inc. (a)		41
	12,655	US Foods Holding Corp. (a)		442
	41,315	Walgreens Boots Alliance, Inc.		2,614
	110,271	Wal-Mart Stores, Inc.		10,755
	562	Weis Markets, Inc.		23
				20,381
		Food Products — 1.57%
	43,195	Archer-Daniels-Midland Co.		1,863
	1,660	B&G Foods, Inc., Class – A		41
	13,446	Bunge Ltd.		714
	1,836	Cal-Maine Foods, Inc.		82
	6,430	Campbell Soup Co.		245
	25,241	ConAgra Foods, Inc.		700
	2,120	Darling Ingredients, Inc. (a)		46
	13,381	Flowers Foods, Inc.		285
	969	Fresh Del Monte Produce, Inc.		26
	37,136	General Mills, Inc.		1,922
	3,937	Hershey Co.		452
	16,257	Hormel Foods Corp.		728
	3,819	Ingredion, Inc.		362
	198	J&J Snack Foods Corp.		31
	10,363	Kellogg Co.		595

HC CAPITAL TRUST

The Institutional Value Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Food Products (continued)
	9,012	Lamb Weston Holding, Inc.	$	675
	788	Lancaster Colony Corp.		123
	7,177	McCormick & Company, Inc.		1,081
	68,292	Mondelez International, Inc., Class – A		3,409
	2,773	Pilgrim’s Pride Corp. (a)		62
	2,158	Post Holdings, Inc. (a)		236
	1,511	Sanderson Farms, Inc.		199
	13	Seaboard Corp.		56
	4,167	The Hain Celestial Group, Inc. (a)		96
	6,593	The J.M. Smucker Co.		768
	26,206	The Kraft Heinz Co.		856
	4,073	TreeHouse Foods, Inc. (a)		263
	16,777	Tyson Foods, Inc., Class – A		1,165
				17,081
		Gas Utilities — 0.13%
	5,674	Atmos Energy Corp.		583
	4,061	National Fuel Gas Co.		248
	560	New Jersey Resources Corp.		28
	327	One Gas, Inc.		29
	323	Southwest Gas Corp.		27
	541	Spire, Inc.		45
	8,239	UGI Corp.		456
				1,416
		Health Care Equipment & Supplies — 2.95%
	82,160	Abbott Laboratories		6,569
	414	Abiomed, Inc. (a)		118
	769	Align Technology, Inc. (a)		219
	27,732	Baxter International, Inc.		2,255
	13,012	Becton, Dickinson & Co.		3,249
	29,731	Boston Scientific Corp. (a)		1,141
	364	Cantel Medical Corp.		24
	33,276	Danaher Corp.		4,394
	10,040	Dentsply Sirona, Inc.		498
	847	Dexcom, Inc. (a)		101
	2,037	Edwards Lifesciences Corp. (a)		390
	1,818	Hill-Rom Holdings, Inc.		192
	13,810	Hologic, Inc. (a)		668
	154	ICU Medical, Inc. (a)		37
	833	IDEXX Laboratories, Inc. (a)		186
	573	Insulet Corp. (a)		54
	1,203	Integra LifeSciences Holdings Corp. (a)		67
	1,892	Intuitive Surgical, Inc. (a)		1,080
	1,136	Masimo Corp. (a)		157
	59,677	Medtronic PLC		5,436
	302	Penumbra, Inc. (a)		44
	3,926	ResMed, Inc.		408
	4,180	STERIS PLC		535
	5,647	Stryker Corp.		1,115
	1,989	Teleflex, Inc.		601
	2,610	The Cooper Companies, Inc.		773
	1,132	Varian Medical Systems, Inc. (a)		160
	3,138	West Pharmaceutical Services, Inc.		346
	9,715	Zimmer Holdings, Inc.		1,241
				32,058
		Health Care Providers & Services — 2.18%
	3,565	Acadia Healthcare Company, Inc. (a)		104
	2,480	AmerisourceBergen Corp.		197
	16,451	Anthem, Inc.		4,721
	6,737	Brookdale Senior Living, Inc. (a)		44
	19,728	Cardinal Health, Inc.		950
	7,094	Centene Corp. (a)		377

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Health Care Providers & Services (continued)
	734	Chemed Corp.	$	235
	13,276	Cigna Corp.		2,135
	2,394	Covetrus, Inc. (a)		76
	100,959	CVS Caremark Corp.		5,446
	5,396	DaVita Healthcare Partners, Inc. (a)		293
	2,487	Encompass Health Corp.		145
	9,447	HCA Holdings, Inc.		1,232
	8,547	Henry Schein, Inc. (a)		514
	3,348	Humana, Inc.		891
	4,856	Laboratory Corporation of America Holdings (a)		743
	1,167	Magellan Health Services, Inc. (a)		77
	8,895	McKesson Corp.		1,041
	6,468	MEDNAX, Inc. (a)		176
	1,263	Molina Heathcare, Inc. (a)		179
	2,938	Patterson Companies, Inc.		64
	2,760	Premier, Inc., Class – A (a)		95
	7,794	Quest Diagnostics, Inc.		701
	2,776	Select Medical Holdings Corp. (a)		39
	7,125	Tenet Healthcare Corp. (a)		205
	9,429	UnitedHealth Group, Inc.		2,331
	3,930	Universal Health Services, Inc., Class – B		526
	933	WellCare Health Plans, Inc. (a)		252
				23,789
		Health Care Technology — 0.06%
	9,187	Cerner Corp. (a)		525
	1,227	Veeva Systems, Inc. (a)		156
				681
		Hotels, Restaurants & Leisure — 1.95%
	12,913	Aramark		382
	2,713	Bloomin’ Brands, Inc.		55
	6,453	Brinker International, Inc.		286
	25,200	Caesars Entertainment Corp. (a)		219
	17,576	Carnival Corp., Class – A		892
	759	Chipotle Mexican Grill, Inc. (a)		539
	322	Choice Hotels International, Inc.		25
	631	Churchill Downs, Inc.		57
	1,028	Cracker Barrel Old Country Store, Inc.		166
	5,467	Darden Restaurants, Inc.		664
	1,261	Domino’s Pizza, Inc.		325
	2,494	Dunkin’ Brands Group, Inc.		187
	7,223	Extended Stay America, Inc.		130
	995	Hilton Grand Vacations (a)		31
	2,918	Hilton Worldwide Holdings, Inc.		243
	1,941	Hyatt Hotels Corp., Class – A		141
	4,130	International Game Technology PLC		54
	1,145	Jack in the Box, Inc.		93
	11,112	Las Vegas Sands Corp.		677
	3,049	Marriott International, Inc., Class – A		381
	374	Marriott Vacations Worldwide Corp.		35
	43,715	McDonald’s Corp.		8,300
	20,481	MGM Resorts International		526
	9,608	Norwegian Cruise Line Holdings Ltd. (a)		528
	7,221	Royal Caribbean Cruises Ltd.		828
	6,279	SeaWorld Entertainment, Inc. (a)		162
	3,252	Six Flags Entertainment Corp.		160
	25,133	Starbucks Corp.		1,868
	1,004	Texas Roadhouse, Inc., Class – A		62
	4,018	The Cheesecake Factory, Inc.		197
	16,413	The Wendy’s Co.		294
	688	Vail Resorts, Inc.		150
	962	Wyndham Hotels & Resorts, Inc.		48

HC CAPITAL TRUST

The Institutional Value Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Hotels, Restaurants & Leisure (continued)
	2,882	Wyndham Worldwide Corp.	$	117
	1,213	Wynn Resorts Ltd.		145
	15,336	Yum China Holdings, Inc.		689
	15,086	YUM! Brands, Inc.		1,506
				21,162
		Household Durables — 0.32%
	8,106	D.R. Horton, Inc.		335
	4,903	Garmin Ltd.		423
	1,766	La-Z-Boy, Inc.		58
	8,494	Leggett & Platt, Inc.		360
	7,176	Lennar Corp., Class – A		352
	318	Lennar Corp., Class – B		12
	1,997	MDC Holdings, Inc.		58
	622	Meritage Homes Corp. (a)		28
	2,840	Mohawk Industries, Inc. (a)		358
	19,409	Newell Rubbermaid, Inc.		298
	88	NVR, Inc. (a)		243
	9,281	PulteGroup, Inc.		259
	1,258	Tempur Sealy International, Inc. (a)		73
	3,705	Toll Brothers, Inc.		134
	1,337	Tupperware Brands Corp.		34
	3,129	Whirlpool Corp.		417
				3,442
		Household Products — 1.89%
	8,159	Church & Dwight Co., Inc.		581
	42,433	Colgate-Palmolive Co.		2,908
	1,328	Energizer Holdings, Inc.		60
	10,078	Kimberly-Clark Corp.		1,249
	1,060	Spectrum Brands Holdings, Inc.		58
	3,504	The Clorox Co.		562
	145,380	The Procter & Gamble Co.		15,127
				20,545
		Independent Power and Renewable Electricity Producers — 0.22%
	15,093	NRG Energy, Inc., Class – C		641
	56,041	The AES Corp.		1,013
	26,512	Vistra Energy Corp.		690
				2,344
		Industrial Conglomerates — 1.12%
	14,889	3M Co.		3,094
	2,935	Carlisle Companies, Inc.		360
	414,434	General Electric Co.		4,140
	19,661	Honeywell International, Inc.		3,125
	4,241	Roper Industries, Inc.		1,450
				12,169
		Insurance — 3.11%
	47,259	Aflac, Inc.		2,363
	758	Alleghany Corp. (a)		464
	21,374	Allstate Corp.		2,013
	2,593	Ambac Financial Group, Inc. (a)		47
	3,823	American Financial Group, Inc.		368
	61,802	American International Group, Inc.		2,661
	511	American National Insurance Co.		62
	3,734	Aon PLC		637
	16,915	Arch Capital Group Ltd. (a)		547
	402	Argo Group International Holdings Ltd.		28
	9,761	Arthur J. Gallagher & Co.		762
	3,967	Assurant, Inc.		377
	5,303	Assured Guaranty Ltd.		236

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Insurance (continued)
	7,137	Athene Holding Ltd. (a)	$	291
	3,880	AXIS Capital Holdings Ltd.		213
	5,878	Brighthouse Financial, Inc. (a)		213
	14,150	Brown & Brown, Inc.		418
	24,179	Chubb Ltd.		3,387
	8,941	Cincinnati Financial Corp.		768
	1,268	CNA Financial Corp.		55
	3,314	CNO Financial Group, Inc.		54
	747	Erie Indemnity Co., Class – A		133
	1,278	Everest Re Group Ltd.		276
	6,906	First American Financial Corp.		356
	13,481	FNF Group		493
	21,244	Genworth Financial, Inc., Class – A (a)		81
	2,855	Hanover Insurance Group, Inc.		326
	15,807	Hartford Financial Services Group, Inc.		786
	603	James River Group Holdings		24
	1,601	Kemper Corp.		122
	10,051	Lincoln National Corp.		590
	17,187	Loews Corp.		824
	636	Markel Corp. (a)		634
	22,077	Marsh & McLennan Companies, Inc.		2,073
	4,878	MBIA, Inc. (a)		46
	2,682	Mercury General Corp.		134
	39,316	MetLife, Inc.		1,674
	1,117	National General Holdings Corp.		27
	12,854	Old Republic International Corp.		269
	272	Primerica, Inc.		33
	12,076	Principal Financial Group, Inc.		606
	1,197	ProAssurance Corp.		41
	18,354	Prudential Financial, Inc.		1,686
	2,750	Reinsurance Group of America		390
	1,836	RenaissanceRe Holdings Ltd.		263
	422	Selective Insurance Group, Inc.		27
	652	Stewart Information Services Corp.		28
	13,389	The Progressive Corp.		965
	19,316	The Travelers Companies, Inc.		2,649
	4,546	Torchmark Corp.		373
	8,998	Unum Group		304
	5,507	W.R. Berkley Corp.		467
	206	White Mountains Insurance Group Ltd.		191
	6,403	Willis Towers Watson PLC		1,125
				33,980
		Interactive Media & Services — 1.07%
	2,947	Alphabet, Inc., Class – A (a)		3,468
	2,999	Alphabet, Inc., Class – C (a)		3,519
	1,559	Cars.com, Inc. (a)		36
	23,460	Facebook, Inc., Class – A (a)		3,910
	1,236	Interactive Corp. (a)		260
	494	Match Group, Inc.		28
	1,728	TripAdvisor, Inc. (a)		89
	6,865	Twitter, Inc. (a)		226
	1,036	Zillow Group, Inc., Class – A (a)		35
	2,244	Zillow Group, Inc., Class – C (a)		78
				11,649
		Internet & Direct Marketing Retail — 1.13%
	5,286	Amazon.com, Inc. (a)		9,413
	483	Booking Holdings, Inc. (a)		843
	36,679	eBay, Inc.		1,362
	1,620	Expedia, Inc.		193
	875	GrubHub, Inc. (a)		61
	23,040	Qurate Retail, Inc. (a)		368

HC CAPITAL TRUST

The Institutional Value Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Internet & Direct Marketing Retail (continued)
	554	Wayfair, Inc., Class – A (a)	$	82
				12,322
		IT Services — 2.86%
	8,679	Accenture PLC, Class – A		1,528
	2,011	Akamai Technologies, Inc. (a)		144
	725	Alliance Data Systems Corp.		127
	7,864	Amdocs Ltd.		426
	6,266	Automatic Data Processing, Inc.		1,001
	1,377	Black Knight, Inc. (a)		75
	7,886	Booz Allen Hamilton Holding Corp.		458
	2,359	Broadridge Financial Solutions, Inc.		245
	1,001	CACI International, Inc., Class – A (a)		182
	7,877	Cognizant Technology Solutions Corp.		571
	16,302	Conduent, Inc. (a)		225
	1,825	CoreLogic, Inc. (a)		68
	12,428	DXC Technology Co.		799
	848	EPAM Systems, Inc. (a)		143
	1,554	Euronet Worldwide, Inc. (a)		222
	14,662	Fidelity National Information Services, Inc.		1,658
	7,921	First Data Corp. (a)		208
	7,575	Fiserv, Inc. (a)		669
	851	FleetCor Technologies, Inc. (a)		210
	1,928	Gartner Group, Inc. (a)		292
	9,061	Genpact Ltd.		319
	2,614	Global Payments, Inc.		357
	1,657	GoDaddy, Inc., Class – A (a)		125
	46,603	International Business Machines Corp.		6,575
	2,644	Jack Henry & Associates, Inc.		367
	6,117	Leidos Holdings, Inc.		392
	449	LiveRamp Holdings, Inc. (a)		25
	812	ManTech International Corp., Class – A		44
	15,067	MasterCard, Inc., Class – A		3,547
	842	Okta, Inc. (a)		70
	7,507	Paychex, Inc.		602
	15,968	PayPal Holdings, Inc. (a)		1,658
	6,867	Sabre Corp.		147
	691	Science Applications International Corp.		53
	2,941	Square, Inc., Class – A (a)		220
	101	Switch, Inc., Class – A		1
	730	Sykes Enterprises, Inc. (a)		21
	4,714	Teradata Corp. (a)		206
	2,523	Total System Services, Inc.		240
	918	Twilio, Inc., Class – A (a)		119
	2,417	VeriSign, Inc. (a)		439
	26,884	Visa, Inc., Class – A		4,198
	19,515	Western Union Co.		360
	400	WEX, Inc. (a)		77
	14,737	Worldpay, Inc., Class – A (a)		1,673
				31,086
		Leisure Products — 0.08%
	3,684	Brunswick Corp.		185
	2,782	Hasbro, Inc.		237
	25,020	Mattel, Inc. (a)		325
	591	Polaris Industries, Inc.		50
	845	Sturm, Ruger & Co., Inc.		45
				842
		Life Sciences Tools & Services — 1.00%
	15,428	Agilent Technologies, Inc.		1,240
	1,303	Bio-Rad Laboratories, Inc., Class – A (a)		398
	636	Bio-Techne Corp.		126
	4,625	Bruker Biosciences Corp.		178

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Life Sciences Tools & Services (continued)
	1,207	Charles River Laboratories International, Inc. (a)	$	175
	2,552	Illumina, Inc. (a)		793
	8,787	IQVIA Holdings, Inc. (a)		1,264
	431	Mettler-Toledo International, Inc. (a)		312
	5,695	PerkinElmer, Inc.		549
	958	PRA Health Sciences, Inc. (a)		106
	9,916	Qiagen N.V. (a)		403
	574	Syneos Health, Inc. (a)		30
	18,409	Thermo Electron Corp.		5,039
	1,062	Waters Corp. (a)		267
				10,880
		Machinery — 1.34%
	1,748	Actuant Corp., Class – A		43
	4,280	AGCO Corp.		298
	4,258	Allison Transmission Holdings, Inc.		191
	7,234	Caterpillar, Inc.		980
	3,958	Colfax Corp. (a)		117
	2,687	Crane Co.		227
	6,092	Cummins, Inc.		962
	7,607	Deere & Co.		1,216
	4,255	Donaldson Company, Inc.		213
	7,083	Dover Corp.		664
	6,015	Flowserve Corp.		272
	4,380	Fortive Corp.		367
	697	Franklin Electric Co., Inc.		36
	4,424	Gardner Denver Holdings, Inc. (a)		123
	1,544	Gates Industrial Corp. PLC (a)		22
	3,098	Graco, Inc.		153
	587	Hillenbrand, Inc.		24
	1,474	IDEX Corp.		224
	5,685	Illinois Tool Works, Inc.		816
	7,204	Ingersoll-Rand PLC		778
	5,368	ITT, Inc.		311
	1,903	Lincoln Electric Holdings, Inc.		160
	1,167	Mueller Industries, Inc.		37
	1,202	Nordson, Inc.		159
	3,322	Oshkosh Corp.		250
	16,450	PACCAR, Inc.		1,121
	5,841	Parker Hannifin Corp.		1,002
	6,878	Pentair PLC		306
	2,598	Snap-on, Inc.		407
	684	SPX FLOW, Inc. (a)		22
	6,746	Stanley Black & Decker, Inc.		919
	6,073	Terex Corp.		195
	2,153	The Greenbrier Companies, Inc.		69
	1,228	The Middleby Corp. (a)		160
	5,565	The Timken Co.		243
	3,024	The Toro Co.		208
	8,739	Trinity Industries, Inc.		190
	2,240	Wabash National Corp.		30
	1,201	WABCO Holdings, Inc. (a)		158
	5,017	Wabtec Corp.		370
	1,223	Welbilt, Inc. (a)		20
	391	Woodward, Inc.		37
	5,682	Xylem, Inc.		449
				14,549
		Marine — 0.02%
	2,446	Kirby Corp. (a)		184
		Media — 1.57%
	1,345	Altice USA, Inc.		29

HC CAPITAL TRUST

The Institutional Value Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Media (continued)
	1,352	AMC Networks, Inc. (a)	$	77
	141	Cable One, Inc.		138
	10,934	CBS Corp., Class – B		520
	4,063	Charter Communications, Inc., Class – A (a)		1,410
	217,117	Comcast Corp., Class – A		8,681
	11,337	Discovery Communications, Inc., Class – A (a)		306
	15,408	Discovery Communications, Inc., Class – C (a)		392
	9,766	Dish Network Corp. (a)		309
	25,580	Fox Corp., Class – A (a)		940
	7,099	Fox Corp., Class – B (a)		255
	7,063	Gannett Company, Inc.		74
	4,267	GCI Liberty, Inc., Class – A (a)		237
	1,906	John Wiley & Sons, Inc., Class – A		84
	1,166	Liberty Broadband, Class – A (a)		107
	4,862	Liberty Broadband, Class – C (a)		446
	3,639	Liberty SiriusXM Group, Class – A (a)		139
	15,480	Liberty SiriusXM Group, Class – C (a)		592
	2,076	New Media Investment Group, Inc.		22
	5,404	News Corp., Inc.		67
	24,542	News Corp., Inc., Class – A		305
	306	Nexstar Broadcasting Group, Inc., Class – A		33
	9,149	Omnicom Group, Inc.		668
	615	Scholastic Corp.		24
	1,428	Sinclair Broadcast Group, Inc., Class – A		55
	23,552	Sirius XM Holdings, Inc.		134
	6,269	TEGNA, Inc.		88
	24,384	The Interpublic Group of Companies, Inc.		512
	1,096	The New York Times Co., Class – A		36
	8,038	Tribune Media Co., Class – A		371
				17,051
		Metals & Mining — 0.43%
	13,070	Alcoa Corp. (a)		368
	4,364	Allegheny Technologies, Inc. (a)		112
	1,374	Carpenter Technology Corp.		63
	15,633	Cleveland- Cliffs, Inc.		156
	6,161	Commercial Metals Co.		105
	1,043	Compass Minerals International, Inc.		57
	69,998	Freeport-McMoRan Copper & Gold, Inc.		903
	704	Kaiser Aluminum Corp.		74
	584	Materion Corp.		33
	23,525	Newmont Mining Corp.		841
	13,639	Nucor Corp.		796
	4,242	Reliance Steel & Aluminum Co.		383
	1,918	Royal Gold, Inc.		174
	2,314	Schnitzer Steel Industries, Inc., Class – A		56
	820	Southern Copper Corp.		33
	8,565	Steel Dynamics, Inc.		302
	666	Ternium SA, ADR		19
	7,557	United States Steel Corp.		147
	936	Warrior Met Coal, Inc.		28
	595	Worthington Industries, Inc.		22
				4,672
		Mortgage Real Estate Investment Trusts — 0.31%
	28,186	AGNC Investment Corp.		508
	78,020	Annaly Capital Management, Inc.		780
	2,488	Apollo Commercial Real Estate Finance, Inc.		45
	2,366	Blackstone Mortgage Trust, Inc.		82
	15,126	Chimera Investment Corp.		283
	5,402	Invesco Mortgage Capital, Inc.		85

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Mortgage Real Estate Investment Trusts (continued)
	2,665	Ladder Capital Corp.	$	45
	30,611	MFA Financial, Inc.		223
	26,856	New Residential Investment Corp.		454
	2,170	Pennymac Mortgage Investment Trust		45
	4,293	Redwood Trust, Inc.		69
	19,239	Starwood Property Trust, Inc.		430
	21,532	Two Harbors Investment Corp.		291
				3,340
		Multiline Retail — 0.79%
	1,918	Big Lots, Inc.		73
	737	Dillard’s, Inc., Class – A		53
	10,394	Dollar General Corp.		1,240
	8,911	Dollar Tree, Inc. (a)		936
	14,762	Kohl’s Corp.		1,015
	30,826	Macy’s, Inc.		741
	5,893	Nordstrom, Inc.		262
	53,721	Target Corp.		4,311
				8,631
		Multi-Utilities — 1.15%
	11,910	Ameren Corp.		876
	406	Black Hills Corp.		30
	23,500	CenterPoint Energy, Inc.		721
	13,779	CMS Energy Corp.		765
	14,887	Consolidated Edison, Inc.		1,263
	36,630	Dominion Resources, Inc.		2,808
	8,556	DTE Energy Co.		1,067
	8,384	MDU Resources Group, Inc.		217
	16,113	NiSource, Inc.		462
	343	NorthWestern Corp.		24
	24,062	Public Service Enterprise Group, Inc.		1,430
	13,193	Sempra Energy		1,660
	15,049	WEC Energy Group, Inc.		1,190
				12,513
		Oil, Gas & Consumable Fuels — 6.00%
	16,286	Anadarko Petroleum Corp.		741
	6,131	Antero Resources Corp. (a)		54
	16,883	Apache Corp.		585
	8,204	Cabot Oil & Gas Corp.		214
	7,327	Centennial Resource Development, Inc., Class – A (a)		64
	4,741	Cheniere Energy, Inc. (a)		324
	38,033	Chesapeake Energy Corp. (a)		118
	100,150	Chevron Corp.		12,336
	3,810	Cimarex Energy Co.		266
	11,494	CNX Resources Corp. (a)		124
	7,718	Concho Resources, Inc.		856
	82,188	ConocoPhillips		5,485
	2,364	Continental Resources, Inc. (a)		106
	548	CVR Energy, Inc.		23
	22,134	Devon Energy Corp.		699
	6,038	Diamondback Energy, Inc.		613
	23,273	EOG Resources, Inc.		2,215
	11,217	EQT Corp.		233
	8,975	Equitrans Midstream Corp.		195
	4,014	Extraction Oil & Gas, Inc. (a)		17
	227,493	Exxon Mobil Corp.		18,382
	2,863	Green Plains, Inc.		48
	23,095	Hess Corp.		1,391
	18,948	HollyFrontier Corp.		934
	99,283	Kinder Morgan, Inc.		1,987
	9,308	Kosmos Energy Ltd.		58

HC CAPITAL TRUST

The Institutional Value Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Oil, Gas & Consumable Fuels (continued)
	62,278	Marathon Oil Corp.	$	1,041
	40,880	Marathon Petroleum Corp.		2,447
	12,219	Murphy Oil Corp.		358
	20,947	Noble Energy, Inc.		518
	5,210	Oasis Petroleum, Inc. (a)		31
	33,262	Occidental Petroleum Corp.		2,202
	15,051	ONEOK, Inc.		1,051
	5,224	Parsley Energy, Inc., Class – A (a)		101
	8,518	PBF Energy, Inc., Class – A		265
	1,839	Peabody Energy Corp.		52
	29,430	Phillips 66		2,801
	4,163	Pioneer Natural Resources Co.		634
	23,864	QEP Resources, Inc. (a)		186
	9,029	Range Resources Corp.		101
	10,422	SM Energy Co.		182
	11,051	Targa Resources Corp.		459
	58,151	The Williams Companies, Inc.		1,670
	31,963	Valero Energy Corp.		2,711
	9,421	Whiting Petroleum Corp. (a)		246
	2,902	World Fuel Services Corp.		84
	17,014	WPX Energy, Inc. (a)		223
				65,431
		Paper & Forest Products — 0.03%
	1,516	Boise Cascade Co.		41
	5,169	Domtar Corp.		257
	733	Schweitzer-Mauduit International, Inc.		28
				326
		Personal Products — 0.14%
	20,796	Coty, Inc., Class – A		239
	1,246	Edgewell Personal Care Co. (a)		55
	6,211	Herbalife Ltd. (a)		329
	4,754	Nu Skin Enterprises, Inc., Class – A		228
	4,122	The Estee Lauder Companies, Inc., Class – A		682
	346	USANA Health Sciences, Inc. (a)		29
				1,562
		Pharmaceuticals — 4.64%
	14,957	Allergan PLC		2,190
	42,305	Bristol-Myers Squibb Co.		2,018
	6,074	Catalent, Inc. (a)		247
	10,062	Elanco Animal Health, Inc. (a)		323
	23,768	Eli Lilly & Co.		3,084
	717	Jazz Pharmaceuticals PLC (a)		102
	127,060	Johnson & Johnson		17,762
	800	Mallinckrodt PLC (a)		17
	140,471	Merck & Co., Inc.		11,683
	22,728	Mylan N.V. (a)		644
	1,514	Nektar Therapeutics (a)		51
	5,525	Perrigo Co. PLC		266
	275,944	Pfizer, Inc.		11,719
	4,981	Zoetis, Inc.		501
				50,607
		Professional Services — 0.33%
	596	CoStar Group, Inc. (a)		278
	4,206	Equifax, Inc.		498
	1,589	FTI Consulting, Inc. (a)		122
	17,293	IHS Markit Ltd. (a)		940
	4,146	ManpowerGroup, Inc.		343
	16,296	Nielsen Holdings PLC		386
	2,989	Robert Half International, Inc.		195

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Professional Services (continued)
	3,079	TransUnion Holding Company, Inc.	$	206
	1,128	TrueBlue, Inc. (a)		27
	4,125	Versik Analytics, Inc., Class – A		548
				3,543
		Real Estate Management & Development — 0.09%
	8,541	CBRE Group, Inc., Class – A (a)		423
	1,303	Howard Hughes Corp. (a)		143
	1,959	Jones Lang LaSalle, Inc.		302
	5,742	Realogy Holdings Corp.		65
				933
		Road & Rail — 0.80%
	430	AMERCO, Inc.		160
	1,784	ArcBest Corp.		55
	3,092	Avis Budget Group, Inc. (a)		108
	26,731	CSX Corp.		2,000
	2,559	Genesee & Wyoming, Inc., Class – A (a)		223
	5,244	Hertz Global Holdings, Inc. (a)		91
	1,889	Hunt (JB) Transportation Services, Inc.		191
	4,383	Kansas City Southern		508
	5,943	Knight-Swift Transportation Holdings, Inc.		194
	1,348	Landstar System, Inc.		147
	12,967	Norfolk Southern Corp.		2,424
	993	Old Dominion Freight Line, Inc.		143
	2,239	Ryder System, Inc.		139
	1,824	Schneider National, Inc.		38
	13,427	Union Pacific Corp.		2,245
	1,070	Werner Enterprises, Inc.		37
				8,703
		Semiconductors & Semiconductor Equipment — 2.65%
	9,327	Advanced Micro Devices, Inc. (a)		238
	15,765	Analog Devices, Inc.		1,660
	12,150	Applied Materials, Inc.		482
	11,178	Broadcom, Inc.		3,361
	946	Cirrus Logic, Inc. (a)		40
	4,000	Cree, Inc. (a)		229
	8,006	Cypress Semiconductor Corp.		119
	3,517	First Solar, Inc. (a)		186
	1,865	Integrated Device Technology, Inc. (a)		91
	199,922	Intel Corp.		10,735
	2,537	KLA-Tencor Corp.		303
	1,528	Lam Research Corp.		274
	18,953	Marvell Technology Group Ltd.		377
	2,699	Maxim Integrated Products, Inc.		144
	2,231	Microchip Technology, Inc.		185
	19,656	Micron Technology, Inc. (a)		812
	532	MKS Instruments, Inc.		50
	399	Monolithic Power Systems, Inc.		54
	5,730	NVIDIA Corp.		1,029
	14,529	NXP Semiconductors N.V.		1,284
	4,106	ON Semiconductor Corp. (a)		84
	6,033	Qorvo, Inc. (a)		433
	66,105	Qualcomm, Inc.		3,770
	3,990	Skyworks Solutions, Inc.		329
	694	Synaptics, Inc. (a)		28
	7,362	Teradyne, Inc.		293
	14,725	Texas Instruments, Inc.		1,562
	419	Universal Display Corp.		64
	1,072	Versum Materials, Inc.		54
	4,832	Xilinx, Inc.		613
				28,883

HC CAPITAL TRUST

The Institutional Value Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Software — 2.79%
	514	2U, Inc. (a)	$	36
	678	ACI Worldwide, Inc. (a)		22
	6,704	Adobe Systems, Inc. (a)		1,787
	1,978	ANSYS, Inc. (a)		361
	1,376	Aspen Technology, Inc. (a)		143
	1,002	Atlassian Corp. PLC, Class – A (a)		113
	4,787	Autodesk, Inc. (a)		746
	6,489	Cadence Design Systems, Inc. (a)		412
	2,166	CDK Global, Inc.		127
	328	Ceridian HCM Holding, Inc. (a)		17
	1,936	Citrix Systems, Inc.		193
	689	Docusign, Inc. (a)		36
	79	Elastic NV (a)		6
	765	Fair Isaac Corp. (a)		208
	4,476	FireEye, Inc. (a)		75
	2,355	Fortinet, Inc. (a)		198
	775	Guidewire Software, Inc. (a)		75
	4,455	Intuit, Inc.		1,165
	1,089	LogMeln, Inc.		87
	1,705	Manhattan Associates, Inc. (a)		94
	106,497	Microsoft Corp.		12,561
	12,522	Nuance Communications, Inc. (a)		212
	1,348	Nutanix, Inc., Class – A (a)		51
	109,003	Oracle Corp.		5,855
	481	Paycom Software, Inc. (a)		91
	354	Pegasystems, Inc.		23
	510	Pluralsight, Inc., Class – A (a)		16
	494	Proofpoint, Inc. (a)		60
	1,832	PTC, Inc. (a)		169
	705	RealPage, Inc. (a)		43
	2,887	Red Hat, Inc. (a)		527
	662	RingCentral, Inc., Class – A (a)		71
	9,971	Salesforce.com, Inc. (a)		1,579
	1,758	ServiceNow, Inc. (a)		433
	246	Solarwinds Corp. (a)		5
	1,405	Splunk, Inc. (a)		175
	4,135	SS&C Technologies Holdings, Inc.		263
	33,855	Symantec Corp.		778
	7,190	Synopsys, Inc. (a)		828
	762	Tableau Software, Inc., Class – A (a)		97
	295	The Ultimate Software Group, Inc. (a)		97
	365	Tyler Technologies, Inc. (a)		75
	443	Verint Systems, Inc. (a)		27
	1,013	VMware, Inc., Class – A		183
	1,408	Workday, Inc., Class – A (a)		272
	1,020	Zendesk, Inc. (a)		87
				30,479
		Specialty Retail — 1.62%
	1,777	Aaron’s, Inc.		93
	6,276	Abercrombie & Fitch Co., Class – A		172
	3,037	Advance Auto Parts, Inc.		518
	16,428	American Eagle Outfitters, Inc.		364
	1,226	Asbury Automotive Group, Inc. (a)		85
	3,569	AutoNation, Inc. (a)		127
	884	AutoZone, Inc. (a)		905
	16,636	Bed Bath & Beyond, Inc.		283
	13,696	Best Buy Co., Inc.		973
	647	Burlington Stores, Inc. (a)		101
	1,551	Caleres, Inc.		38
	4,206	CarMax, Inc. (a)		294
	13,486	Chico’s FAS, Inc.		58
	5,259	Dick’s Sporting Goods, Inc.		194
	6,837	DSW, Inc., Class – A		152

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Specialty Retail (continued)
	569	Floor & Decor Holdings, Inc., Class – A (a)	$	23
	10,128	Foot Locker, Inc.		614
	6,478	GameStop Corp., Class – A		66
	20,472	Gap, Inc.		536
	1,617	Genesco, Inc. (a)		74
	1,065	Group 1 Automotive, Inc.		69
	3,941	Guess?, Inc.		77
	12,237	L Brands, Inc.		337
	18,619	Lowe’s Companies, Inc.		2,038
	3,897	Michaels Companies, Inc. The (a)		45
	2,027	Murphy USA, Inc. (a)		174
	24,813	Office Depot, Inc.		90
	2,630	O’Reilly Automotive, Inc. (a)		1,021
	2,282	Penske Automotive Group, Inc.		102
	216	Restoration Hardware Co. (a)		22
	6,950	Ross Stores, Inc.		647
	10,829	Sally Beauty Holdings, Inc. (a)		199
	1,851	Signet Jewelers Ltd.		50
	1,366	Sleep Number Corp. (a)		64
	2,579	The Buckle, Inc.		48
	285	The Children’s Place Retail Stores, Inc.		28
	17,664	The Home Depot, Inc.		3,390
	36,583	The TJX Companies, Inc.		1,947
	4,603	Tiffany & Co.		486
	2,982	Tractor Supply Co.		292
	1,155	Ulta Salon, Cosmetics & Fragrance, Inc. (a)		403
	3,625	Urban Outfitters, Inc. (a)		107
	6,671	Williams-Sonoma, Inc.		375
				17,681
		Technology Hardware, Storage & Peripherals — 1.50%
	56,921	Apple, Inc.		10,813
	6,423	Dell Technologies, Inc. (a)		377
	77,941	Hewlett Packard Enterprise Co.		1,203
	94,054	HP, Inc.		1,827
	1,757	NCR Corp. (a)		48
	2,542	NetApp, Inc.		176
	1,546	Pure Storage, Inc., Class – A (a)		34
	14,792	Seagate Technology Holdings, Inc.		708
	13,130	Western Digital Corp.		631
	15,963	Xerox Corp.		510
				16,327
		Textiles, Apparel & Luxury Goods — 0.54%
	3,830	Capri Holdings Ltd. (a)		175
	2,401	Carter’s, Inc.		242
	1,425	Columbia Sportswear Co.		148
	1,311	Deckers Outdoor Corp. (a)		193
	6,805	Fossil Group, Inc. (a)		93
	1,731	G-III Apparel Group Ltd. (a)		69
	8,746	Hanesbrands, Inc.		156
	951	Lululemon Athletica, Inc. (a)		155
	25,030	NIKE, Inc., Class – B		2,109
	3,277	PVH Corp.		400
	4,082	Ralph Lauren Corp.		529
	3,648	Skechers USA, Inc., Class – A (a)		123
	2,521	Steven Madden Ltd.		85
	10,475	Tapestry, Inc.		340
	5,688	Under Armour, Inc., Class – A (a)		120
	3,406	Under Armour, Inc., Class – C (a)		64
	9,501	V.F. Corp.		826
				5,827

HC CAPITAL TRUST

The Institutional Value Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Thrifts & Mortgage Finance — 0.03%
	2,007	Capitol Federal Financial, Inc.	$	27
	22,418	New York Community Bancorp, Inc.		259
	1,637	Northwest Bancshares, Inc.		28
	2,502	TFS Financial Corp.		41
				355
		Tobacco — 0.92%
	30,940	Altria Group, Inc.		1,777
	91,975	Philip Morris International, Inc.		8,130
	840	Universal Corp.		48
	2,750	Vector Group Ltd.		30
				9,985
		Trading Companies & Distributors — 0.26%
	3,930	Air Lease Corp.		135
	1,830	Aircastle Ltd.		37
	892	Applied Industrial Technologies, Inc.		53
	5,580	Fastenal Co.		359
	1,416	GATX Corp.		108
	9,426	HD Supply Holdings, Inc. (a)		409
	558	Kaman Corp.		33
	4,054	MRC Global, Inc. (a)		71
	3,266	MSC Industrial Direct Co., Inc., Class – A		270
	5,457	NOW, Inc. (a)		76
	909	Rush Enterprises, Inc., Class – A		38
	1,341	United Rentals, Inc. (a)		153
	4,579	Univar, Inc. (a)		101
	1,981	W.W. Grainger, Inc.		597
	1,329	Watsco, Inc.		190
	4,546	WESCO International, Inc. (a)		241
				2,871
		Transportation Infrastructure — 0.02%
	6,375	Macquarie Infrastructure Corp.		263
		Water Utilities — 0.11%
	8,683	American Water Works Co., Inc.		905
	7,871	Aqua America, Inc.		287
				1,192
		Wireless Telecommunication Services — 0.09%
	31,198	Sprint Nextel Corp. (a)		176
	7,138	Telephone & Data Systems, Inc.		219
	7,764	T-Mobile USA, Inc. (a)		537
	1,501	U.S. Cellular Corp. (a)		69
				1,001
		Total Common Stocks		911,386
Principal Amount (000)
		U.S. Treasury Obligation — 0.02%
$	165	U.S. Treasury Bill, 2.34%, 6/6/19 (b) (c)		164
		Total U.S. Treasury Obligation		164
Shares
		Exchange-Traded Fund — 0.09%
	6,408	iShares Russell 1000 ETF		1,008
		Total Exchange-Traded Fund		1,008

Shares		Security Description	Value (000)
		Investment Companies — 15.12%
	298,414	Dreyfus Treasury Securities Cash Management, Institutional Shares, 2.27% (d)	$	298
	164,393,008	State Street Institutional Treasury Plus Money Market Fund, Premier Class, 2.30% (d)		164,393
		Total Investment Companies		164,691
		Total Investments (cost $974,369) — 98.92%		1,077,249
		Other assets in excess of liabilities — 1.08%		11,730
		Net Assets—100.00%	$	1,088,979

(a) Represents non-income producing security.

(b) Rate disclosed represents effective yield at purchase.

(c) All or part of this security has been pledged as collateral for derivative instruments held by the Portfolio.

(d) The rate disclosed is the rate in effect on March 31, 2019.

ADR—American Depositary Receipt

ETF—Exchange-Traded Fund

REIT—Real Estate Investment Trust

HC CAPITAL TRUST

The Institutional Value Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

The following table reflects the percentage of total net assets of the Portfolio attributable to each Specialist Manager as of March 31, 2019.

The Institutional Value Equity Portfolio	Mellon Investments Corporation*			Pacific Investment Management Company, LLC			Parametric Portfolio Associates, LLC			HC Capital Solutions			Total
Common Stocks		64.96	%		18.73	%		—			—			83.69	%
U.S. Treasury Obligation		0.02	%		—			—			—			0.02	%
Exchange-Traded Fund		0.09	%		—			—			—			0.09	%
Investment Companies		0.22	%		—			13.31	%		1.59	%		15.12	%
Other Assets (Liabilities)		0.10	%		0.08	%		0.89	%		0.01	%		1.08	%
Total Net Assets		65.39	%		18.81	%		14.20	%		1.60	%		100.00	%

* Formerly BNY Mellon Asset Management North America Corporation.

Amounts designated as “—” indicate the Specialist Manager did not manage any holdings in that category.

The following table reflects the open derivative positions held by the Portfolio as of March 31, 2019.

Futures Contracts Purchased^

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value and Unrealized Appreciation/ (Depreciation) (000)
E-Mini S&P 500 Future		964		6/21/19	$	136,782	$	3,933
E-Mini S&P Midcap 400 Future		195		6/21/19		37,069		717
					$	173,851	$	4,650
				Total Unrealized Appreciation			$	4,650
				Total Unrealized Depreciation				—
				Total Net Unrealized Appreciation/(Depreciation)			$	4,650

^ Cash has been pledged as collateral for futures contracts held by the Portfolio.

Amounts designated as “—” are $0 or have been rounded to $0.

HC CAPITAL TRUST

The Growth Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks — 98.68%
		Aerospace & Defense — 2.49%
	42,345	Airbus SE, ADR	$	1,402
	890	BWX Technologies, Inc.		44
	6,271	General Dynamics Corp.		1,062
	2,732	Harris Corp.		436
	391	HEICO Corp.		37
	728	HEICO Corp., Class – A		61
	605	Hexcel Corp.		42
	360	Huntington Ingalls Industries, Inc.		75
	1,611	L3 Technologies, Inc.		332
	5,693	Lockheed Martin Corp.		1,709
	1,511	Northrop Grumman Corp.		407
	6,883	Raytheon Co.		1,253
	68,029	Safran SA, ADR		2,332
	20,394	The Boeing Co.		7,779
	475	TransDigm Group, Inc. (a)		216
	18,040	United Technologies Corp.		2,325
				19,512
		Air Freight & Logistics — 0.08%
	3,314	C.H. Robinson Worldwide, Inc.		288
	4,946	Expeditors International of Washington, Inc.		376
				664
		Airlines — 0.04%
	5,393	Southwest Airlines Co.		280
	12	Spirit Airlines, Inc. (a)		1
				281
		Automobiles — 0.78%
	253,378	Ford Motor Co.		2,225
	13,760	Tesla Motors, Inc. (a)		3,851
				6,076
		Banks — 2.11%
	99,079	Bank of America Corp.		2,734
	51,877	Bank OZK		1,503
	33,202	CIT Group, Inc.		1,593
	6,530	Citigroup, Inc.		406
	7,630	Citizens Financial Group, Inc.		248
	1,150	Cullen/Frost Bankers, Inc.		112
	65,896	Fifth Third Bancorp		1,662
	52,512	First Horizon National Corp.		734
	3,853	First Republic Bank		387
	27,297	FNB Corp.		289
	48,862	JPMorgan Chase & Co.		4,946
	368	SVB Financial Group (a)		82
	36,671	Wells Fargo & Co.		1,772
	394	Western Alliance Bancorp (a)		16
				16,484
		Beverages — 1.16%
	7,576	Brown-Forman Corp., Class – B		400
	8,931	Monster Beverage Corp. (a)		487
	29,046	PepsiCo, Inc.		3,560
	98,241	The Coca-Cola Co.		4,603
				9,050
		Biotechnology — 2.47%
	14,868	AbbVie, Inc.		1,198
	23,177	Alexion Pharmaceuticals, Inc. (a)		3,133
	24,435	Amgen, Inc.		4,643
	22,259	BioMarin Pharmaceutical, Inc. (a)		1,977

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Biotechnology (continued)
	6,529	Exact Sciences Corp. (a)	$	566
	7,181	Intercept Pharmaceuticals, Inc. (a)		803
	10,660	Ionis Pharmaceuticals, Inc. (a)		865
	14,463	Neurocrine Biosciences, Inc. (a)		1,274
	2,019	Regeneron Pharmaceuticals, Inc. (a)		829
	4,908	Sage Therapeutics, Inc. (a)		781
	1,014	Seattle Genetics, Inc. (a)		74
	17,338	Vertex Pharmaceuticals, Inc. (a)		3,189
				19,332
		Building Products — 0.36%
	24,229	A.O. Smith Corp.		1,292
	404	Armstrong World Industries, Inc.		32
	5,752	Lennox International, Inc.		1,521
				2,845
		Capital Markets — 1.64%
	171,858	BGC Partners, Inc., Class – A		913
	2,554	CBOE Holdings, Inc.		244
	6,242	CME Group, Inc.		1,027
	1,203	FactSet Research Systems, Inc.		299
	1,764	Federated Investors, Inc., Class – B		52
	4,446	Franklin Resources, Inc.		147
	2,582	Intercontinental Exchange Group, Inc.		197
	84,935	Invesco Ltd.		1,639
	50,482	Legg Mason, Inc.		1,381
	5,371	LPL Financial Holdings, Inc.		374
	349	MarketAxess Holdings, Inc.		86
	1,577	Moody’s Corp.		286
	390	Morningstar, Inc.		49
	838	MSCI, Inc. Common		167
	20,883	S&P Global, Inc.		4,396
	2,729	SEI Investments Co.		143
	5,465	T. Rowe Price Group, Inc.		547
	7,304	TD Ameritrade Holding Corp.		365
	8,409	The Charles Schwab Corp.		360
	6,545	Virtu Financial, Inc., Class – A		155
				12,827
		Chemicals — 1.48%
	3,430	Air Products & Chemicals, Inc.		655
	49,856	Ecolab, Inc.		8,801
	999	FMC Corp.		77
	1,601	International Flavors & Fragrances, Inc.		206
	934	Livent Corp. (a)		11
	1,388	LyondellBasell Industries N.V., Class – A		117
	25,185	The Chemours Co.		936
	1,773	The Sherwin-Williams Co.		764
				11,567
		Commercial Services & Supplies — 0.24%
	2,657	Cintas Corp.		536
	6,652	Copart, Inc. (a)		403
	1,301	KAR Auction Services, Inc.		67
	4,338	Rollins, Inc.		181
	3,677	Waste Connections, Inc.		326
	3,522	Waste Management, Inc.		366
				1,879
		Communications Equipment — 0.78%
	1,194	Arista Networks, Inc. (a)		375
	101,754	Cisco Systems, Inc.		5,494

HC CAPITAL TRUST

The Growth Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Communications Equipment (continued)
	885	F5 Networks, Inc. (a)	$	139
	153	Motorola Solutions, Inc.		21
	377	Palo Alto Networks, Inc. (a)		92
				6,121
		Construction & Engineering — 0.03%
	2,650	Jacobs Engineering Group, Inc.		199
	374	Quanta Services, Inc.		14
				213
		Consumer Finance — 0.47%
	95	Credit Acceptance Corp. (a)		43
	135,033	Navient Corp.		1,562
	65,833	Synchrony Financial		2,100
				3,705
		Containers & Packaging — 0.27%
	1,280	AptarGroup, Inc.		136
	747	Avery Dennison Corp.		84
	841	Packaging Corporation of America		84
	2,077	Sonoco Products Co.		128
	43,765	WestRock Co.		1,678
				2,110
		Distributors — 0.05%
	2,966	Genuine Parts Co.		332
	381	Pool Corp.		63
				395
		Diversified Consumer Services — 0.02%
	516	Bright Horizons Family Solutions, Inc. (a)		66
	1,727	Service Corporation International		69
	1,276	ServiceMaster Global Holdings, Inc. (a)		60
				195
		Diversified Financial Services — 0.77%
	18,079	AXA Equitable Holdings, Inc.		364
	28,293	Berkshire Hathaway, Inc., Class – B (a)		5,684
	99	Voya Financial, Inc.		5
				6,053
		Diversified Telecommunication Services — 0.71%
	65,735	AT&T, Inc.		2,061
	58,986	Verizon Communications, Inc.		3,488
				5,549
		Electric Utilities — 0.48%
	28,713	Edison International		1,778
	60,955	PPL Corp.		1,935
				3,713
		Electrical Equipment — 0.21%
	5,157	AMETEK, Inc.		428
	13,448	Emerson Electric Co.		921
	1,210	Hubbell, Inc.		143
	931	Rockwell Automation, Inc.		163
				1,655
		Electronic Equipment, Instruments & Components — 0.22%
	8,822	Amphenol Corp., Class – A		833
	1,465	CDW Corporation of Delaware		141
	2,490	Cognex Corp.		127

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Electronic Equipment, Instruments & Components (continued)
	1,015	Dolby Laboratories, Inc., Class – A	$	64
	3,517	FLIR Systems, Inc.		167
	289	IPG Photonics Corp. (a)		44
	3,147	National Instruments Corp.		140
	1,757	Trimble Navigation Ltd. (a)		71
	493	Zebra Technologies Corp., Class – A (a)		103
				1,690
		Energy Equipment & Services — 0.22%
	1,606	Apergy Corp. (a)		66
	2	Dril-Quip, Inc. (a)		—
	468,229	Nabors Industries Ltd.		1,611
				1,677
		Entertainment — 1.44%
	35,711	Activision Blizzard, Inc.		1,626
	24,761	Netflix, Inc. (a)		8,828
	7,392	The Walt Disney Co.		821
				11,275
		Equity Real Estate Investment Trusts — 2.55%
	8,008	American Tower Corp.		1,578
	7,111	Apple Hospitality REIT, Inc.		116
	88,860	Brixmor Property Group, Inc.		1,632
	217	CoreCivic, Inc.		4
	12,245	Crown Castle International Corp.		1,567
	16,745	Equinix, Inc.		7,589
	804	Equity Lifestyle Properties, Inc.		92
	59,134	Hospitality Properties Trust		1,556
	11,741	Outfront Media, Inc.		275
	28,781	Parks Hotels & Resorts, Inc.		895
	126,515	Senior Housing Properties Trust		1,490
	112,279	SITE Centers Corp.		1,529
	36,250	The Macerich Co.		1,571
				19,894
		Food & Staples Retailing — 1.43%
	25,873	Costco Wholesale Corp.		6,265
	54	Sprouts Farmers Market, Inc. (a)		1
	11,718	Sysco Corp.		782
	16,968	Walgreens Boots Alliance, Inc.		1,074
	31,287	Wal-Mart Stores, Inc.		3,051
				11,173
		Food Products — 1.55%
	70,463	ConAgra Foods, Inc.		1,954
	3,603	Flowers Foods, Inc.		77
	1,045	Hershey Co.		120
	5,224	Hormel Foods Corp.		234
	413	Lamb Weston Holding, Inc.		31
	2,546	McCormick & Company, Inc.		384
	142,800	Mondelez International, Inc., Class – A		7,128
	2,332	The J.M. Smucker Co.		272
	57,730	The Kraft Heinz Co.		1,885
				12,085
		Health Care Equipment & Supplies — 2.69%
	34,185	Abbott Laboratories		2,733
	398	Abiomed, Inc. (a)		114
	746	Align Technology, Inc. (a)		212
	11,112	Baxter International, Inc.		904
	6,721	Becton, Dickinson & Co.		1,678
	12,668	Boston Scientific Corp. (a)		486

HC CAPITAL TRUST

The Growth Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Health Care Equipment & Supplies (continued)
	23,794	Danaher Corp.	$	3,141
	813	Dexcom, Inc. (a)		97
	14,187	Edwards Lifesciences Corp. (a)		2,714
	584	Hill-Rom Holdings, Inc.		62
	2,690	IDEXX Laboratories, Inc. (a)		601
	8,582	Intuitive Surgical, Inc. (a)		4,898
	1,225	Medtronic PLC		112
	4,072	ResMed, Inc.		423
	9,642	Stryker Corp.		1,904
	85	Teleflex, Inc.		26
	332	The Cooper Companies, Inc.		98
	824	Varex Imaging Corp. (a)		28
	2,841	Varian Medical Systems, Inc. (a)		403
	3,346	Zimmer Holdings, Inc.		427
				21,061
		Health Care Providers & Services — 3.07%
	5,215	Anthem, Inc.		1,497
	418	Centene Corp. (a)		22
	2,061	Cigna Corp.		331
	1,313	Covetrus, Inc. (a)		42
	22,394	CVS Caremark Corp.		1,208
	10,019	HCA Holdings, Inc.		1,306
	3,283	Henry Schein, Inc. (a)		197
	1,265	Humana, Inc.		336
	1,952	Laboratory Corporation of America Holdings (a)		299
	4,595	McKesson Corp.		538
	2,799	Quest Diagnostics, Inc.		252
	72,079	UnitedHealth Group, Inc.		17,822
	389	WellCare Health Plans, Inc. (a)		105
				23,955
		Health Care Technology — 0.42%
	51,381	Cerner Corp. (a)		2,940
	2,596	Veeva Systems, Inc. (a)		329
				3,269
		Hotels, Restaurants & Leisure — 2.32%
	3,386	Chipotle Mexican Grill, Inc. (a)		2,405
	1,046	Choice Hotels International, Inc.		81
	419	Domino’s Pizza, Inc.		108
	874	Dunkin’ Brands Group, Inc.		66
	18,188	Marriott International, Inc., Class – A		2,275
	18,816	McDonald’s Corp.		3,574
	111,554	Starbucks Corp.		8,294
	1,032	The Wendy’s Co.		18
	310	Vail Resorts, Inc.		67
	7,868	Yum China Holdings, Inc.		353
	8,846	YUM! Brands, Inc.		883
				18,124
		Household Durables — 0.03%
	2,470	Garmin Ltd.		213
		Household Products — 1.13%
	5,143	Church & Dwight Co., Inc.		366
	17,683	Colgate-Palmolive Co.		1,212
	7,129	Kimberly-Clark Corp.		883
	30,424	Spectrum Brands Holdings, Inc.		1,667
	2,554	The Clorox Co.		410
	41,123	The Procter & Gamble Co.		4,279
				8,817

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Independent Power and Renewable Electricity Producers — 0.00%
	541	NRG Energy, Inc., Class – C	$	23
		Industrial Conglomerates — 1.02%
	12,543	3M Co.		2,606
	380,319	General Electric Co.		3,799
	4,278	Honeywell International, Inc.		680
	2,488	Roper Industries, Inc.		851
				7,936
		Insurance — 0.97%
	7,992	Aon PLC		1,364
	1,196	Arthur J. Gallagher & Co.		93
	10,152	Assurant, Inc.		964
	41,294	Brighthouse Financial, Inc. (a)		1,499
	4,821	Brown & Brown, Inc.		142
	171	Erie Indemnity Co., Class – A		31
	15,337	Marsh & McLennan Companies, Inc.		1,440
	5,631	The Progressive Corp.		406
	2,499	Torchmark Corp.		205
	44,581	Unum Group		1,507
				7,651
		Interactive Media & Services — 6.63%
	14,091	Alphabet, Inc., Class – A (a)		16,584
	15,389	Alphabet, Inc., Class – C (a)		18,056
	64,038	Facebook, Inc., Class – A (a)		10,674
	646	Interactive Corp. (a)		136
	344	Match Group, Inc.		19
	138,154	Tencent Holdings Ltd., ADR		6,352
	36	TripAdvisor, Inc. (a)		2
				51,823
		Internet & Direct Marketing Retail — 5.52%
	36,647	Alibaba Group Holding Ltd., ADR (a)		6,687
	16,954	Amazon.com, Inc. (a)		30,191
	3,568	Booking Holdings, Inc. (a)		6,226
				43,104
		IT Services — 11.13%
	12,377	Accenture PLC, Class – A		2,179
	77,419	Automatic Data Processing, Inc.		12,367
	1,297	Booz Allen Hamilton Holding Corp.		75
	3,472	Broadridge Financial Solutions, Inc.		360
	12,000	Cognizant Technology Solutions Corp.		869
	113,463	Conduent, Inc. (a)		1,569
	1,695	Fidelity National Information Services, Inc.		192
	4,581	First Data Corp. (a)		120
	4,024	Fiserv, Inc. (a)		355
	49,940	FleetCor Technologies, Inc. (a)		12,315
	3,976	Global Payments, Inc.		543
	1,209	GoDaddy, Inc., Class – A (a)		91
	17,954	International Business Machines Corp.		2,533
	2,207	Jack Henry & Associates, Inc.		306
	64,083	MasterCard, Inc., Class – A		15,088
	19,033	Okta, Inc. (a)		1,575
	6,384	Paychex, Inc.		512
	71,888	PayPal Holdings, Inc. (a)		7,465
	33,300	Square, Inc., Class – A (a)		2,495
	4,973	Total System Services, Inc.		472
	978	Twilio, Inc., Class – A (a)		126
	854	VeriSign, Inc. (a)		155
	158,651	Visa, Inc., Class – A		24,781
	304	WEX, Inc. (a)		58

HC CAPITAL TRUST

The Growth Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		IT Services (continued)
	2,790	Worldpay, Inc., Class – A (a)	$	317
				86,918
		Leisure Products — 0.02%
	1,422	Polaris Industries, Inc.		120
		Life Sciences Tools & Services — 1.03%
	754	Agilent Technologies, Inc.		61
	1,141	Bio-Techne Corp.		227
	440	Bruker Biosciences Corp.		17
	447	Charles River Laboratories International, Inc. (a)		65
	12,101	Illumina, Inc. (a)		3,759
	817	IQVIA Holdings, Inc. (a)		118
	785	Mettler-Toledo International, Inc. (a)		568
	239	PerkinElmer, Inc.		23
	9,568	Thermo Electron Corp.		2,618
	2,297	Waters Corp. (a)		578
				8,034
		Machinery — 0.98%
	14,552	Allison Transmission Holdings, Inc.		654
	4,926	Caterpillar, Inc.		667
	1,017	Crane Co.		86
	16,520	Deere & Co.		2,640
	2,856	Donaldson Company, Inc.		143
	3,369	Dover Corp.		316
	6,615	Fortive Corp.		555
	1,569	Graco, Inc.		78
	2,179	IDEX Corp.		331
	8,257	Illinois Tool Works, Inc.		1,184
	1,218	Ingersoll-Rand PLC		131
	506	Nordson, Inc.		67
	17	Snap-on, Inc.		3
	927	The Toro Co.		64
	491	WABCO Holdings, Inc. (a)		65
	4,073	Wabtec Corp.		300
	4,438	Xylem, Inc.		351
				7,635
		Marine — 0.01%
	1,159	Kirby Corp. (a)		87
		Media — 0.18%
	25,864	Comcast Corp., Class – A		1,034
	2,004	Discovery Communications, Inc., Class – C (a)		51
	182	Fox Corp., Class – A (a)		7
	66	Fox Corp., Class – B (a)		2
	4,801	Omnicom Group, Inc.		350
				1,444
		Metals & Mining — 0.00%
	369	Steel Dynamics, Inc.		13
		Mortgage Real Estate Investment Trusts — 1.42%
	92,405	AGNC Investment Corp.		1,663
	171,429	Annaly Capital Management, Inc.		1,712
	80,116	Chimera Investment Corp.		1,501
	209,459	MFA Financial, Inc.		1,523
	95,064	New Residential Investment Corp.		1,608
	70,033	Starwood Property Trust, Inc.		1,565

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Mortgage Real Estate Investment Trusts (continued)
	110,017	Two Harbors Investment Corp.	$	1,489
				11,061
		Multiline Retail — 0.11%
	939	Dollar General Corp.		112
	4,517	Dollar Tree, Inc. (a)		475
	3,752	Kohl’s Corp.		258
				845
		Multi-Utilities — 0.21%
	21,844	Dominion Resources, Inc.		1,675
		Oil, Gas & Consumable Fuels — 2.07%
	1,313	Cheniere Energy, Inc. (a)		90
	533,583	Chesapeake Energy Corp. (a)		1,654
	36,263	Chevron Corp.		4,467
	209,233	Encana Corp.		1,515
	77,509	EQT Corp.		1,608
	57,373	Exxon Mobil Corp.		4,635
	11,537	ONEOK, Inc.		806
	188,598	QEP Resources, Inc. (a)		1,469
				16,244
		Personal Products — 0.85%
	189,463	Coty, Inc., Class – A ^		2,179
	1,318	Herbalife Ltd. (a)		70
	26,361	The Estee Lauder Companies, Inc., Class – A		4,364
				6,613
		Pharmaceuticals — 3.37%
	95,523	AstraZeneca PLC, ADR		3,862
	35,929	Bristol-Myers Squibb Co.		1,714
	19,396	Eli Lilly & Co.		2,517
	37,835	Johnson & Johnson		5,289
	84,414	Merck & Co., Inc.		7,020
	56,590	Novo Nordisk A/S, Class – B, ADR		2,960
	57,042	Pfizer, Inc.		2,423
	4,788	Zoetis, Inc.		482
				26,267
		Professional Services — 0.21%
	331	CoStar Group, Inc. (a)		154
	2,353	Equifax, Inc.		279
	4,977	IHS Markit Ltd. (a)		271
	4,001	Robert Half International, Inc.		261
	1,517	TransUnion Holding Company, Inc.		101
	4,817	Versik Analytics, Inc., Class – A		641
				1,707
		Real Estate Management & Development — 0.19%
	1,272	CBRE Group, Inc., Class – A (a)		63
	128,120	Realogy Holdings Corp.		1,460
				1,523
		Road & Rail — 1.49%
	57,529	CSX Corp.		4,304
	1,303	Landstar System, Inc.		143
	1,128	Lyft, Inc., Class – A (a)		88
	375	Old Dominion Freight Line, Inc.		54
	42,229	Union Pacific Corp.		7,061
				11,650

HC CAPITAL TRUST

The Growth Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Semiconductors & Semiconductor Equipment — 2.72%
	96,872	Advanced Micro Devices, Inc. (a)	$	2,472
	7,262	Analog Devices, Inc.		764
	6,209	Applied Materials, Inc.		246
	12,720	Broadcom, Inc.		3,825
	94,338	Intel Corp.		5,067
	1,378	KLA-Tencor Corp.		165
	1,153	Lam Research Corp.		206
	28,189	Marvell Technology Group Ltd.		561
	2,547	Maxim Integrated Products, Inc.		135
	1,854	Microchip Technology, Inc.		154
	7,602	Micron Technology, Inc. (a)		314
	22,872	NVIDIA Corp.		4,108
	3,857	ON Semiconductor Corp. (a)		79
	30,091	Qualcomm, Inc.		1,716
	9,164	Texas Instruments, Inc.		972
	2,371	Versum Materials, Inc.		119
	2,830	Xilinx, Inc.		359
				21,262
		Software — 13.90%
	27,017	Adobe Systems, Inc. (a)		7,200
	1,974	ANSYS, Inc. (a)		361
	908	Atlassian Corp. PLC, Class – A (a)		102
	63,453	Autodesk, Inc. (a)		9,887
	3,967	Citrix Systems, Inc.		395
	1,303	Fortinet, Inc. (a)		109
	5,843	Intuit, Inc.		1,527
	321,225	Microsoft Corp.		37,886
	63,347	Oracle Corp.		3,402
	1,114	PTC, Inc. (a)		103
	65,031	Red Hat, Inc. (a)		11,881
	118,583	Salesforce.com, Inc. (a)		18,781
	66,571	SAP AG, ADR		7,686
	9,658	ServiceNow, Inc. (a)		2,381
	19,745	Splunk, Inc. (a)		2,460
	1,505	SS&C Technologies Holdings, Inc.		96
	151	Synopsys, Inc. (a)		17
	615	Tableau Software, Inc., Class – A (a)		78
	2,326	VMware, Inc., Class – A		420
	20,006	Workday, Inc., Class – A (a)		3,858
				108,630
		Specialty Retail — 4.28%
	1,357	Aaron’s, Inc.		71
	1,475	Advance Auto Parts, Inc.		252
	597	AutoZone, Inc. (a)		611
	6,005	Best Buy Co., Inc.		427
	376	Burlington Stores, Inc. (a)		59
	1,902	Dick’s Sporting Goods, Inc.		70
	77,792	Lowe’s Companies, Inc.		8,516
	1,946	O’Reilly Automotive, Inc. (a)		756
	9,045	Ross Stores, Inc.		842
	26,585	The Home Depot, Inc.		5,101
	159,890	The TJX Companies, Inc.		8,508
	2,234	Tiffany & Co.		236
	1,256	Tractor Supply Co.		123
	22,640	Ulta Salon, Cosmetics & Fragrance, Inc. (a)		7,895
				33,467
		Technology Hardware, Storage & Peripherals — 3.53%
	124,164	Apple, Inc.		23,584
	2,245	NetApp, Inc.		156
	38,672	Western Digital Corp.		1,859

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Technology Hardware, Storage & Peripherals (continued)
	62,681	Xerox Corp.	$	2,005
				27,604
		Textiles, Apparel & Luxury Goods — 2.25%
	51,148	Kering, ADR		2,935
	14,522	Lululemon Athletica, Inc. (a)		2,379
	132,322	NIKE, Inc., Class – B		11,145
	1,252	Ralph Lauren Corp.		162
	4,830	Tapestry, Inc.		157
	3,743	Under Armour, Inc., Class – A (a)		79
	3,770	Under Armour, Inc., Class – C (a)		71
	6,722	V.F. Corp.		584
				17,512
		Thrifts & Mortgage Finance — 0.22%
	146,301	New York Community Bancorp, Inc.		1,693
		Tobacco — 0.34%
	30,396	Philip Morris International, Inc.		2,687
		Trading Companies & Distributors — 0.12%
	7,224	Fastenal Co.		465
	983	MSC Industrial Direct Co., Inc., Class – A		81
	1,221	W.W. Grainger, Inc.		367
				913
		Transportation Infrastructure — 0.20%
	37,414	Macquarie Infrastructure Corp.		1,542
		Total Common Stocks		771,142
		Investment Companies — 0.88%
	480,479	Federated Treasury Obligations Fund, Institutional Shares, 2.29% ^^(b)		480
	6,379,207	State Street Institutional Treasury Plus Money Market Fund, Premier Class, 2.30% (b)		6,379
		Total Investment Companies		6,859
Principal Amount (000)
		Repurchase Agreement — 0.22%
$	1,717	Jefferies LLC, 2.60%, 4/1/19 (Purchased on 3/29/19, proceeds at maturity $1,717,143 collateralized by U.S. Treasury Obligations, 2.40% - 2.97%, 8/15/19 - 2/15/47 fair value $1,751,106) ^^		1,717
		Total Repurchase Agreement		1,717
		Total Investments (cost $398,124) — 99.78%		779,718
		Other assets in excess of liabilities — 0.22%		1,757
		Net Assets—100.00%	$	781,475

Amounts designated as “—” are $0 or have been rounded to $0.

HC CAPITAL TRUST

The Growth Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

^ All or part of this security was on loan as of March 31, 2019. The total value of securities on loan as of March 31, 2019, was $2,151 (amount in thousands).

^^ Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for securities that were sold on or before March 31, 2019.

(a) Represents non-income producing security.

(b) The rate disclosed is the rate in effect on March 31, 2019.

ADR—American Depositary Receipt

REIT—Real Estate Investment Trust

The following table reflects the percentage of total net assets of the Portfolio attributable to each Specialist Manager as of March 31, 2019.

The Growth Equity Portfolio	Jennison Associates, LLC			Parametric Portfolio Associates, LLC			HC Capital Solutions			Total
Common Stocks		24.83	%		73.85	%		—			98.68	%
Investment Companies		—			0.88	%		—			0.88	%
Repurchase Agreement		—			0.22	%		—			0.22	%
Other Assets (Liabilities)		0.38	%		-0.16	%		0.00	%		0.22	%
Total Net Assets		25.21	%		74.79	%		0.00	%		100.00	%

Amounts designated as “—” indicate the Specialist Manager did not manage any holdings in that category.

The following table reflects the open derivative positions held by the Portfolio as of March 31, 2019.

Futures Contracts Purchased^

Description	Number of Contracts	Expiration Date		Notional Amount (000)		Value and Unrealized Appreciation/ (Depreciation) (000)
E-Mini Nasdaq 100 Future	15		6/21/19	$	2,220	$	72
E-Mini S&P 500 Future	17		6/21/19		2,412		54
E-Mini S&P Midcap 400 Future	3		6/21/19		571		3
				$	5,203	$	129
	Total Unrealized Appreciation					$	129
	Total Unrealized Depreciation						—
	Total Net Unrealized Appreciation/(Depreciation)					$	129

^ Cash has been pledged as collateral for futures contracts held by the Portfolio.

Amounts designated as “—” are $0 or have been rounded to $0.

HC CAPITAL TRUST

The Institutional Growth Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks — 93.65%
		Aerospace & Defense — 2.89%
	62,653	Airbus SE, ADR	$	2,074
	1,576	Arconic, Inc.		30
	4,063	BWX Technologies, Inc.		201
	284	Curtiss-Wright Corp.		32
	5,243	General Dynamics Corp.		888
	5,382	Harris Corp.		860
	1,582	HEICO Corp.		150
	3,095	HEICO Corp., Class – A		260
	961	Hexcel Corp.		66
	1,463	Huntington Ingalls Industries, Inc.		303
	290	L3 Technologies, Inc.		60
	10,975	Lockheed Martin Corp.		3,294
	8,322	Northrop Grumman Corp.		2,244
	14,391	Raytheon Co.		2,620
	100,680	Safran SA, ADR		3,452
	4,349	Spirit Aerosystems Holdings, Inc., Class – A		398
	128	Teledyne Technologies, Inc. (a)		30
	27,116	Textron, Inc.		1,374
	47,970	The Boeing Co.		18,297
	4,603	TransDigm Group, Inc. (a)		2,090
	10,761	United Technologies Corp.		1,387
				40,110
		Air Freight & Logistics — 0.50%
	7,389	C.H. Robinson Worldwide, Inc.		643
	9,149	Expeditors International of Washington, Inc.		694
	10,008	FedEx Corp.		1,816
	31,815	United Parcel Service, Inc., Class – B		3,555
	5,078	XPO Logistics, Inc. (a)		273
				6,981
		Airlines — 0.31%
	438	Alaska Air Group, Inc.		25
	1,507	American Airlines Group, Inc.		48
	116	Copa Holdings SA, Class – A		9
	8,161	Delta Air Lines, Inc.		422
	1,151	JetBlue Airways Corp. (a)		19
	70,386	Southwest Airlines Co.		3,653
	891	United Continental Holdings, Inc. (a)		71
				4,247
		Auto Components — 0.07%
	350	Adient PLC		5
	9,391	Aptiv PLC		746
	762	BorgWarner, Inc.		29
	2,121	Garrett Motion, Inc. (a)		31
	7,910	Gentex Corp.		164
	873	Goodyear Tire & Rubber Co.		16
	546	Lear Corp.		74
	849	Visteon Corp. (a)		57
				1,122
		Automobiles — 0.55%
	14,723	Ford Motor Co.		129
	4,906	General Motors Co.		182
	607	Harley-Davidson, Inc.		22
	25,709	Tesla Motors, Inc. (a)		7,195
	1,752	Thor Industries, Inc.		109
				7,637
		Banks — 2.24%
	625	Associated Banc-Corp.		13

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Banks (continued)
	267,767	Bank of America Corp.	$	7,387
	155	Bank of Hawaii Corp.		12
	450	Bank OZK		13
	386	BankUnited, Inc.		13
	2,840	BB&T Corp.		132
	387	BOK Financial Corp.		32
	417	CIT Group, Inc.		20
	24,279	Citigroup, Inc.		1,511
	1,752	Citizens Financial Group, Inc.		57
	30,609	Comerica, Inc.		2,243
	362	Commerce Bancshares, Inc.		21
	22,993	Cullen/Frost Bankers, Inc.		2,232
	977	East West Bancorp, Inc.		47
	2,854	Fifth Third Bancorp		72
	30	First Citizens BancShares, Inc., Class – A		12
	560	First Hawaiian, Inc.		15
	1,193	First Horizon National Corp.		17
	593	First Republic Bank		60
	1,194	FNB Corp.		13
	3,991	Huntington Bancshares, Inc.		51
	115,788	JPMorgan Chase & Co.		11,720
	3,850	KeyCorp		61
	528	M&T Bank Corp.		83
	453	PacWest Bancorp		17
	1,362	People’s United Financial, Inc.		22
	1,462	Pinnacle Financial Partners, Inc.		80
	1,734	PNC Financial Services Group, Inc.		213
	42,927	Popular, Inc.		2,238
	246	Prosperity Bancshares, Inc.		17
	4,016	Regions Financial Corp.		57
	1,457	Signature Bank		187
	824	Sterling Bancorp/DE		15
	1,693	SunTrust Banks, Inc.		100
	1,704	SVB Financial Group (a)		379
	2,547	Synovus Financial Corp.		88
	610	TCF Financial Corp.		13
	1,302	Texas Capital Bancshares, Inc. (a)		71
	5,608	U.S. Bancorp		270
	810	Umpqua Holdings Corp.		13
	337	Webster Financial Corp.		17
	27,667	Wells Fargo & Co.		1,337
	2,559	Western Alliance Bancorp (a)		105
	206	Wintrust Financial Corp.		14
	699	Zions Bancorp		32
				31,122
		Beverages — 1.42%
	2,221	Brown-Forman Corp., Class – A		114
	13,967	Brown-Forman Corp., Class – B		737
	400	Coca-Cola European Partners PLC		21
	13,831	Constellation Brands, Inc., Class – A		2,425
	9,002	Keurig Dr Pepper, Inc.		252
	632	Molson Coors Brewing Co., Class – B		38
	16,302	Monster Beverage Corp. (a)		890
	63,296	PepsiCo, Inc.		7,756
	160,339	The Coca-Cola Co.		7,513
				19,746
		Biotechnology — 3.83%
	61,871	AbbVie, Inc.		4,986
	1,944	Agios Pharmaceuticals, Inc. (a)		131
	41,516	Alexion Pharmaceuticals, Inc. (a)		5,612
	6,290	Alkermes PLC (a)		229
	3,261	Alnylam Pharmaceuticals, Inc. (a)		305

HC CAPITAL TRUST

The Institutional Growth Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Biotechnology (continued)
	45,305	Amgen, Inc.	$	8,606
	17,662	Biogen Idec, Inc. (a)		4,175
	39,797	BioMarin Pharmaceutical, Inc. (a)		3,535
	1,516	Bluebird Bio, Inc. (a)		239
	28,642	Celgene Corp. (a)		2,702
	4,917	Exact Sciences Corp. (a)		426
	11,991	Exelixis, Inc. (a)		285
	94,847	Gilead Sciences, Inc.		6,166
	7,169	Incyte Corp. (a)		617
	5,096	Ionis Pharmaceuticals, Inc. (a)		414
	938	Moderna, Inc. (a)		19
	3,643	Neurocrine Biosciences, Inc. (a)		321
	10,253	Regeneron Pharmaceuticals, Inc. (a)		4,210
	9,263	Sage Therapeutics, Inc. (a)		1,473
	2,708	Sarepta Therapeutics, Inc. (a)		323
	4,372	Seattle Genetics, Inc. (a)		320
	158	United Therapeutics Corp. (a)		19
	43,109	Vertex Pharmaceuticals, Inc. (a)		7,930
				53,043
		Building Products — 0.13%
	5,812	A.O. Smith Corp.		310
	3,159	Allegion PLC		287
	1,842	Armstrong World Industries, Inc.		146
	2,613	Fortune Brands Home & Security, Inc.		124
	3,488	Johnson Controls International PLC		129
	1,333	Lennox International, Inc.		352
	8,983	Masco Corp.		354
	403	Owens Corning, Inc.		19
	3,280	Resideo Technologies, Inc. (a)		63
	301	USG Corp.		13
				1,797
		Capital Markets — 1.77%
	196	Affiliated Managers Group, Inc.		21
	1,344	Ameriprise Financial, Inc.		172
	3,372	Bank of New York Mellon Corp.		170
	1,006	BGC Partners, Inc., Class – A		5
	450	BlackRock, Inc., Class – A		192
	4,143	CBOE Holdings, Inc.		395
	5,034	CME Group, Inc.		828
	3,186	E*Trade Financial Corp.		148
	4,727	Eaton Vance Corp.		191
	1,653	Evercore Partners, Inc., Class – A		150
	1,481	FactSet Research Systems, Inc.		368
	1,147	Franklin Resources, Inc.		38
	1,291	Goldman Sachs Group, Inc.		248
	2,666	Interactive Brokers Group, Inc., Class – A		138
	15,345	Intercontinental Exchange Group, Inc.		1,168
	1,478	Invesco Ltd.		29
	4,377	Lazard Ltd., Class – A		158
	316	Legg Mason, Inc.		9
	3,613	LPL Financial Holdings, Inc.		252
	1,499	MarketAxess Holdings, Inc.		369
	6,733	Moody’s Corp.		1,219
	4,486	Morgan Stanley		189
	6,943	Morningstar, Inc.		875
	3,406	MSCI, Inc. Common		677
	31,028	Northern Trust Corp.		2,806
	1,910	Raymond James Financial, Inc.		154
	44,788	S&P Global, Inc.		9,431
	5,457	SEI Investments Co.		285
	2,265	State Street Corp.		149
	8,940	T. Rowe Price Group, Inc.		895

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Capital Markets (continued)
	11,359	TD Ameritrade Holding Corp.	$	568
	49,047	The Charles Schwab Corp.		2,097
	1,268	The Nasdaq OMX Group, Inc.		111
	1,596	Virtu Financial, Inc., Class – A		38
				24,543
		Chemicals — 0.99%
	811	Air Products & Chemicals, Inc.		155
	393	Albemarle Corp.		32
	12,884	Ashland Global Holdings, Inc.		1,007
	3,704	Axalta Coating Systems Ltd. (a)		93
	226	Cabot Corp.		9
	3,690	Celanese Corp., Series A		364
	58,743	CF Industries Holdings, Inc.		2,401
	26,285	DowDuPont, Inc.		1,401
	514	Eastman Chemical Co.		39
	6,808	Ecolab, Inc.		1,202
	4,963	Element Solutions, Inc. (a)		50
	2,422	FMC Corp.		186
	805	Huntsman Corp.		18
	2,140	International Flavors & Fragrances, Inc.		276
	14,188	Linde PLC		2,496
	6,735	LyondellBasell Industries N.V., Class – A		566
	306	NewMarket Corp.		133
	619	Olin Corp.		14
	1,434	PPG Industries, Inc.		162
	1,345	RPM International, Inc.		78
	7,214	The Chemours Co.		268
	1,279	The Mosaic Co.		35
	953	The Scotts Miracle-Gro Co.		75
	5,654	The Sherwin-Williams Co.		2,435
	706	Valvoline, Inc.		13
	2,148	W.R. Grace & Co.		168
	1,354	Westlake Chemical Corp.		92
				13,768
		Commercial Services & Supplies — 0.33%
	174	ADT, Inc.		1
	4,253	Cintas Corp.		860
	191	Clean Harbors, Inc. (a)		14
	8,290	Copart, Inc. (a)		502
	14,532	KAR Auction Services, Inc.		746
	3,260	Republic Services, Inc., Class – A		262
	5,928	Rollins, Inc.		247
	311	Stericycle, Inc. (a)		17
	200	Waste Connections, Inc.		18
	18,324	Waste Management, Inc.		1,903
				4,570
		Communications Equipment — 0.89%
	2,308	Arista Networks, Inc. (a)		726
	626	Arris International PLC (a)		20
	103,553	Cisco Systems, Inc.		5,590
	704	Commscope Holding, Inc. (a)		15
	179	EchoStar Corp., Class – A (a)		7
	18,824	F5 Networks, Inc. (a)		2,953
	12,307	Juniper Networks, Inc.		326
	4,334	Motorola Solutions, Inc.		609
	7,994	Palo Alto Networks, Inc. (a)		1,942
	752	Ubiquiti Networks, Inc.		113
				12,301
		Construction & Engineering — 0.01%
	589	AECOM Technology Corp. (a)		17

HC CAPITAL TRUST

The Institutional Growth Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Construction & Engineering (continued)
	237	Arcosa, Inc.	$	7
	525	Fluor Corp.		19
	472	Jacobs Engineering Group, Inc.		36
	2,153	Quanta Services, Inc.		82
	83	Valmont Industries, Inc.		11
				172
		Construction Materials — 0.09%
	1,594	Eagle Materials, Inc., Class – A		134
	2,373	Martin Marietta Materials, Inc.		477
	5,087	Vulcan Materials Co.		603
				1,214
		Consumer Finance — 0.43%
	1,541	Ally Financial, Inc.		42
	20,351	American Express Co.		2,224
	3,165	Capital One Financial Corp.		259
	425	Credit Acceptance Corp. (a)		192
	38,623	Discover Financial Services		2,749
	972	Navient Corp.		11
	286	OneMain Holdings, Inc.		9
	949	Santander Consumer USA Holdings, Inc.		20
	1,607	SLM Corp.		16
	12,036	Synchrony Financial		384
				5,906
		Containers & Packaging — 0.13%
	230	AptarGroup, Inc.		24
	30	Ardagh Group SA		–
	3,577	Avery Dennison Corp.		403
	1,599	Ball Corp.		93
	335	Bemis Company, Inc.		19
	2,754	Berry Plastics Group, Inc. (a)		148
	5,211	Crown Holdings, Inc. (a)		284
	2,667	Graphic Packaging Holding Co.		34
	3,123	International Paper Co.		145
	593	Owens-Illinois, Inc.		11
	3,820	Packaging Corporation of America		379
	3,781	Sealed Air Corp.		174
	1,437	Silgan Holdings		43
	368	Sonoco Products Co.		23
	926	WestRock Co.		36
				1,816
		Distributors — 0.11%
	1,376	Genuine Parts Co.		154
	39,231	LKQ Corp. (a)		1,113
	1,606	Pool Corp.		265
				1,532
		Diversified Consumer Services — 0.25%
	1,924	Bright Horizons Family Solutions, Inc. (a)		245
	3,372	Frontdoor, Inc. (a)		116
	15	Graham Holdings Co.		10
	1,941	Grand Canyon Education, Inc. (a)		222
	100,984	H&R Block, Inc.		2,418
	3,516	Service Corporation International		141
	5,551	ServiceMaster Global Holdings, Inc. (a)		259
				3,411
		Diversified Financial Services — 0.45%
	719	AXA Equitable Holdings, Inc.		14
	30,793	Berkshire Hathaway, Inc., Class – B (a)		6,186
	1,093	Jefferies Financial Group, Inc.		21

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Diversified Financial Services (continued)
	942	Voya Financial, Inc.	$	47
				6,268
		Diversified Telecommunication Services — 0.71%
	117,633	AT&T, Inc.		3,689
	217,410	CenturyLink, Inc.		2,607
	54,467	Verizon Communications, Inc.		3,221
	9,192	Zayo Group Holdings, Inc. (a)		261
				9,778
		Electric Utilities — 0.25%
	928	Alliant Energy Corp.		44
	1,851	American Electric Power, Inc.		155
	25,345	Avangrid, Inc.		1,276
	2,663	Duke Energy Corp.		240
	1,158	Edison International		72
	659	Entergy Corp.		63
	987	Evergy, Inc.		57
	1,154	Eversource Energy		82
	3,612	Exelon Corp.		181
	1,771	FirstEnergy Corp.		74
	400	Hawaiian Electric Industries, Inc.		16
	1,779	NextEra Energy, Inc.		344
	726	OGE Energy Corp.		31
	1,885	PG&E Corp. (a)		34
	407	Pinnacle West Capital Corp.		39
	2,655	PPL Corp.		84
	9,677	The Southern Co.		500
	1,924	Xcel Energy, Inc.		108
				3,400
		Electrical Equipment — 0.35%
	147	Acuity Brands, Inc.		18
	2,465	AMETEK, Inc.		205
	1,648	Eaton Corp. PLC		133
	18,719	Emerson Electric Co.		1,282
	160,360	GrafTech International Ltd.		2,050
	1,576	Hubbell, Inc.		186
	595	nVent Electric PLC		16
	160	Regal-Beloit Corp.		13
	4,907	Rockwell Automation, Inc.		861
	4,031	Sensata Technologies Holding PLC (a)		182
				4,946
		Electronic Equipment, Instruments & Components — 0.25%
	11,935	Amphenol Corp., Class – A		1,127
	317	Arrow Electronics, Inc. (a)		24
	432	Avnet, Inc.		19
	5,892	CDW Corporation of Delaware		568
	6,762	Cognex Corp.		344
	691	Coherent, Inc. (a)		98
	2,907	Corning, Inc.		96
	233	Dolby Laboratories, Inc., Class – A		15
	818	FLIR Systems, Inc.		39
	1,473	IPG Photonics Corp. (a)		224
	609	Jabil Circuit, Inc.		16
	682	Keysight Technologies, Inc. (a)		59
	839	Littelfuse, Inc.		153
	3,739	National Instruments Corp.		166
	908	Trimble Navigation Ltd. (a)		37
	2,157	Zebra Technologies Corp., Class – A (a)		452
				3,437

HC CAPITAL TRUST

The Institutional Growth Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Energy Equipment & Services — 0.10%
	294	Apergy Corp. (a)	$	12
	2,003	Baker Hughes, Inc.		56
	35,571	Halliburton Co.		1,042
	393	Helmerich & Payne, Inc.		22
	1,961	Nabors Industries Ltd.		7
	1,414	National Oilwell Varco, Inc.		38
	811	Patterson-UTI Energy, Inc.		11
	376	RPC, Inc.		4
	5,183	Schlumberger Ltd.		226
	2,134	Transocean Ltd. (a)		19
	1,637	Weatherford International PLC (a)		1
				1,438
		Entertainment — 2.77%
	83,206	Activision Blizzard, Inc.		3,788
	396	Cinemark Holdings, Inc.		16
	12,062	Electronic Arts, Inc. (a)		1,226
	41	Liberty Media Group, Class – A (a)		1
	727	Liberty Media Group, Class – C (a)		25
	327	Lions Gate Entertainment Corp., Class – A		5
	854	Lions Gate Entertainment Corp., Class – B		13
	5,627	Live Nation Entertainment, Inc. (a)		358
	53,534	Netflix, Inc. (a)		19,088
	14,245	Take-Two Interactive Software, Inc. (a)		1,344
	3,538	The Madison Square Garden Co., Class – A (a)		1,037
	103,726	The Walt Disney Co.		11,517
	16	Viacom, Inc., Class – A		1
	1,287	Viacom, Inc., Class – B		36
	2,850	Zynga, Inc. (a)		15
				38,470
		Equity Real Estate Investment Trusts — 2.27%
	698	Alexandria Real Estate Equities, Inc.		100
	501	American Campus Communities, Inc.		24
	953	American Homes 4 Rent, Class – A		22
	30,101	American Tower Corp.		5,931
	551	Apartment Investment & Management Co. (a)		28
	803	Apple Hospitality REIT, Inc.		13
	1,442	AvalonBay Communities, Inc.		289
	1,782	Boston Properties, Inc.		239
	655	Brandywine Realty Trust		10
	1,113	Brixmor Property Group, Inc.		20
	582	Brookfield Property REIT, Inc., Class – A		12
	323	Camden Property Trust		33
	1,811	Colony Capital, Inc.		10
	441	Columbia Property Trust, Inc.		10
	1,504	Coresite Realty Corp.		161
	385	Corporate Office Properties Trust		11
	32,865	Crown Castle International Corp.		4,207
	683	CubeSmart		22
	381	CyrusOne, Inc.		20
	1,750	Digital Realty Trust, Inc.		208
	591	Douglas Emmett, Inc.		24
	1,300	Duke Realty Corp.		40
	513	Empire State Realty Trust, Inc., Class – A		8
	271	EPR Properties		21
	3,557	Equinix, Inc.		1,612
	435	Equity Commonwealth		14
	3,493	Equity Lifestyle Properties, Inc.		399
	4,160	Equity Residential		313
	600	Essex Property Trust, Inc.		174
	28,732	Extra Space Storage, Inc.		2,928

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Equity Real Estate Investment Trusts (continued)
	266	Federal Realty Investment Trust	$	37
	3,420	Gaming & Leisure Properties, Inc.		132
	7,711	HCP, Inc.		241
	759	Healthcare Trust of America, Inc., Class – A		22
	375	Highwoods Properties, Inc.		18
	602	Hospitality Properties Trust		16
	2,668	Host Hotels & Resorts, Inc.		50
	1,119	Hudson Pacific Property, Inc.		39
	1,088	Invitation Homes, Inc.		26
	4,236	Iron Mountain, Inc.		150
	387	JBG SMITH Properties		16
	405	Kilroy Realty Corp.		31
	1,481	Kimco Realty Corp.		27
	3,111	Lamar Advertising Co., Class – A		247
	537	Liberty Property Trust		26
	260	Life Storage, Inc.		25
	1,336	Medical Properties Trust, Inc.		25
	576	Mid-America Apartment Communities, Inc.		63
	641	National Retail Properties, Inc.		36
	1,290	OMEGA Healthcare Investors, Inc.		49
	515	Outfront Media, Inc.		12
	771	Paramount Group, Inc.		11
	740	Parks Hotels & Resorts, Inc.		23
	5,468	Prologis, Inc.		393
	19,549	Public Storage		4,257
	476	Rayonier, Inc.		15
	2,792	Realty Income Corp.		205
	553	Regency Centers Corp.		37
	816	Retail Properties of America, Inc., Class – A		10
	25	Retail Value, Inc.		1
	4,619	SBA Communications Corp. (a)		922
	873	Senior Housing Properties Trust		10
	31,280	Simon Property Group, Inc.		5,699
	576	SITE Centers Corp.		8
	1,312	SL Green Realty Corp.		118
	317	Spirit Realty Capital, Inc.		13
	804	Store Capital Corp.		27
	337	Sun Communities, Inc.		40
	2,372	Taubman Centers, Inc.		125
	495	The Macerich Co.		21
	967	UDR, Inc.		44
	613	Uniti Group, Inc.		7
	5,168	Ventas, Inc.		330
	17,906	VEREIT, Inc.		150
	1,459	VICI Properties, Inc.		32
	2,045	Vornado Realty Trust		138
	443	Weingarten Realty Investors		13
	5,661	Welltower, Inc.		439
	5,887	Weyerhaeuser Co.		155
	576	WP Carey, Inc.		45
				31,479
		Food & Staples Retailing — 1.96%
	134	Casey’s General Stores, Inc.		17
	63,701	Costco Wholesale Corp.		15,425
	4,837	Sprouts Farmers Market, Inc. (a)		104
	66,038	Sysco Corp.		4,409
	26,986	The Kroger Co.		664
	3,870	US Foods Holding Corp. (a)		135
	52,003	Walgreens Boots Alliance, Inc.		3,290
	31,845	Wal-Mart Stores, Inc.		3,106
				27,150

HC CAPITAL TRUST

The Institutional Growth Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Food Products — 0.47%
	6,109	Archer-Daniels-Midland Co.	$	263
	5,739	Bunge Ltd.		305
	6,791	Campbell Soup Co.		259
	6,015	ConAgra Foods, Inc.		167
	675	Flowers Foods, Inc.		14
	10,138	General Mills, Inc.		525
	6,182	Hershey Co.		711
	3,598	Hormel Foods Corp.		161
	1,045	Ingredion, Inc.		99
	7,874	Kellogg Co.		452
	30,619	Lamb Weston Holding, Inc.		2,296
	1,330	McCormick & Company, Inc.		200
	5,282	Mondelez International, Inc., Class – A		264
	289	Pilgrim’s Pride Corp. (a)		6
	1,565	Post Holdings, Inc. (a)		171
	1	Seaboard Corp.		4
	357	The Hain Celestial Group, Inc. (a)		8
	2,132	The J.M. Smucker Co.		248
	2,279	The Kraft Heinz Co.		74
	202	TreeHouse Foods, Inc. (a)		13
	5,142	Tyson Foods, Inc., Class – A		357
				6,597
		Gas Utilities — 0.01%
	425	Atmos Energy Corp.		44
	299	National Fuel Gas Co.		18
	630	UGI Corp.		35
				97
		Health Care Equipment & Supplies — 2.22%
	6,378	Abbott Laboratories		510
	1,703	Abiomed, Inc. (a)		486
	3,200	Align Technology, Inc. (a)		910
	7,161	Baxter International, Inc.		582
	3,050	Becton, Dickinson & Co.		762
	44,222	Boston Scientific Corp. (a)		1,697
	1,547	Cantel Medical Corp.		103
	23,573	Danaher Corp.		3,112
	1,363	Dentsply Sirona, Inc.		68
	3,567	Dexcom, Inc. (a)		425
	20,981	Edwards Lifesciences Corp. (a)		4,014
	1,748	Hill-Rom Holdings, Inc.		185
	989	Hologic, Inc. (a)		48
	641	ICU Medical, Inc. (a)		153
	3,467	IDEXX Laboratories, Inc. (a)		775
	2,403	Insulet Corp. (a)		229
	2,361	Integra LifeSciences Holdings Corp. (a)		132
	12,786	Intuitive Surgical, Inc. (a)		7,296
	19,874	Masimo Corp. (a)		2,748
	20,443	Medtronic PLC		1,862
	1,260	Penumbra, Inc. (a)		185
	5,754	ResMed, Inc.		598
	305	STERIS PLC		39
	15,064	Stryker Corp.		2,975
	487	Teleflex, Inc.		147
	441	The Cooper Companies, Inc.		131
	3,746	Varian Medical Systems, Inc. (a)		531
	825	West Pharmaceutical Services, Inc.		91
	751	Zimmer Holdings, Inc.		96
				30,890
		Health Care Providers & Services — 2.06%
	322	Acadia Healthcare Company, Inc. (a)		9
	7,301	AmerisourceBergen Corp.		581

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Health Care Providers & Services (continued)
	4,128	Anthem, Inc.	$	1,185
	1,133	Cardinal Health, Inc.		55
	14,652	Centene Corp. (a)		778
	638	Chemed Corp.		204
	10,853	Cigna Corp.		1,745
	580	Covetrus, Inc. (a)		18
	50,683	CVS Caremark Corp.		2,733
	4,644	DaVita Healthcare Partners, Inc. (a)		252
	34,753	Encompass Health Corp.		2,030
	8,935	HCA Holdings, Inc.		1,165
	3,500	Henry Schein, Inc. (a)		210
	7,183	Humana, Inc.		1,911
	1,299	Laboratory Corporation of America Holdings (a)		199
	1,685	McKesson Corp.		197
	344	MEDNAX, Inc. (a)		9
	2,197	Molina Heathcare, Inc. (a)		312
	728	Premier, Inc., Class – A (a)		25
	2,285	Quest Diagnostics, Inc.		205
	57,493	UnitedHealth Group, Inc.		14,217
	309	Universal Health Services, Inc., Class – B		41
	1,862	WellCare Health Plans, Inc. (a)		502
				28,583
		Health Care Technology — 0.07%
	6,327	Cerner Corp. (a)		362
	5,082	Veeva Systems, Inc. (a)		645
				1,007
		Hotels, Restaurants & Leisure — 2.05%
	33,936	Aramark		1,003
	2,191	Caesars Entertainment Corp. (a)		19
	1,478	Carnival Corp., Class – A		75
	5,432	Chipotle Mexican Grill, Inc. (a)		3,858
	1,418	Choice Hotels International, Inc.		110
	3,858	Darden Restaurants, Inc.		469
	9,579	Domino’s Pizza, Inc.		2,472
	3,255	Dunkin’ Brands Group, Inc.		244
	4,913	Extended Stay America, Inc.		88
	3,949	Hilton Grand Vacations (a)		122
	23,294	Hilton Worldwide Holdings, Inc.		1,936
	158	Hyatt Hotels Corp., Class – A		11
	373	International Game Technology PLC		5
	9,290	Las Vegas Sands Corp.		566
	35,432	Marriott International, Inc., Class – A		4,432
	15,166	McDonald’s Corp.		2,880
	3,531	MGM Resorts International		91
	804	Norwegian Cruise Line Holdings Ltd. (a)		44
	15,922	Restaurant Brands International, Inc.		1,037
	607	Royal Caribbean Cruises Ltd.		70
	2,911	Six Flags Entertainment Corp.		144
	90,515	Starbucks Corp.		6,730
	7,683	The Wendy’s Co.		137
	1,639	Vail Resorts, Inc.		356
	4,007	Wyndham Hotels & Resorts, Inc.		200
	4,028	Wyndham Worldwide Corp.		163
	4,220	Wynn Resorts Ltd.		504
	2,359	Yum China Holdings, Inc.		106
	5,229	YUM! Brands, Inc.		522
				28,394
		Household Durables — 0.11%
	8,761	D.R. Horton, Inc.		362
	422	Garmin Ltd.		36

HC CAPITAL TRUST

The Institutional Growth Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Household Durables (continued)
	483	Leggett & Platt, Inc.	$	20
	6,730	Lennar Corp., Class – A		330
	322	Lennar Corp., Class – B		13
	227	Mohawk Industries, Inc. (a)		29
	1,599	Newell Rubbermaid, Inc.		25
	162	NVR, Inc. (a)		447
	3,999	PulteGroup, Inc.		112
	1,847	Tempur Sealy International, Inc. (a)		107
	3,174	Toll Brothers, Inc.		115
	231	Whirlpool Corp.		31
				1,627
		Household Products — 0.87%
	10,719	Church & Dwight Co., Inc.		764
	14,816	Colgate-Palmolive Co.		1,015
	1,572	Energizer Holdings, Inc.		71
	14,700	Kimberly-Clark Corp.		1,821
	743	Spectrum Brands Holdings, Inc.		41
	22,365	The Clorox Co.		3,589
	46,369	The Procter & Gamble Co.		4,824
				12,125
		Independent Power and Renewable Electricity Producers — 0.19%
	59,837	NRG Energy, Inc., Class – C		2,541
	2,409	The AES Corp.		44
	4,554	Vistra Energy Corp.		119
				2,704
		Industrial Conglomerates — 0.90%
	21,989	3M Co.		4,569
	217	Carlisle Companies, Inc.		27
	32,166	General Electric Co.		321
	44,940	Honeywell International, Inc.		7,142
	1,054	Roper Industries, Inc.		360
				12,419
		Insurance — 1.45%
	13,937	Aflac, Inc.		697
	302	Alleghany Corp. (a)		185
	6,538	Allstate Corp.		616
	1,049	American Financial Group, Inc.		101
	8,125	American International Group, Inc.		350
	40	American National Insurance Co.		5
	10,351	Aon PLC		1,767
	4,265	Arch Capital Group Ltd. (a)		138
	1,980	Arthur J. Gallagher & Co.		155
	687	Assurant, Inc.		65
	394	Assured Guaranty Ltd.		18
	579	Athene Holding Ltd. (a)		24
	938	AXIS Capital Holdings Ltd.		51
	444	Brighthouse Financial, Inc. (a)		16
	80,542	Brown & Brown, Inc.		2,376
	5,849	Chubb Ltd.		820
	2,153	Cincinnati Financial Corp.		185
	142	CNA Financial Corp.		6
	793	Erie Indemnity Co., Class – A		142
	708	Everest Re Group Ltd.		152
	400	First American Financial Corp.		21
	3,195	FNF Group		117
	156	Hanover Insurance Group, Inc.		18
	1,303	Hartford Financial Services Group, Inc.		65
	796	Lincoln National Corp.		47
	2,337	Loews Corp.		112

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Insurance (continued)
	184	Markel Corp. (a)	$	183
	13,955	Marsh & McLennan Companies, Inc.		1,309
	103	Mercury General Corp.		5
	71,175	MetLife, Inc.		3,029
	1,845	Old Republic International Corp.		39
	1,030	Principal Financial Group, Inc.		52
	1,531	Prudential Financial, Inc.		141
	232	Reinsurance Group of America		33
	257	RenaissanceRe Holdings Ltd.		37
	70,718	The Progressive Corp.		5,097
	9,382	The Travelers Companies, Inc.		1,287
	391	Torchmark Corp.		32
	755	Unum Group		26
	1,482	W.R. Berkley Corp.		126
	78	White Mountains Insurance Group Ltd.		72
	638	Willis Towers Watson PLC		112
				19,829
		Interactive Media & Services — 7.41%
	25,143	Alphabet, Inc., Class – A (a)		29,591
	24,658	Alphabet, Inc., Class – C (a)		28,931
	173,146	Facebook, Inc., Class – A (a)		28,862
	7,606	Interactive Corp. (a)		1,598
	43,248	Match Group, Inc.		2,448
	203,306	Tencent Holdings Ltd., ADR		9,348
	17,435	TripAdvisor, Inc. (a)		897
	28,895	Twitter, Inc. (a)		950
	1,704	Zillow Group, Inc., Class – A (a)		58
	3,511	Zillow Group, Inc., Class – C (a)		122
				102,805
		Internet & Direct Marketing Retail — 5.49%
	59,518	Alibaba Group Holding Ltd., ADR (a)		10,859
	32,698	Amazon.com, Inc. (a)		58,227
	2,424	Booking Holdings, Inc. (a)		4,230
	10,837	eBay, Inc.		402
	16,907	Etsy, Inc. (a)		1,136
	4,930	Expedia, Inc.		587
	3,587	GrubHub, Inc. (a)		249
	1,551	Qurate Retail, Inc. (a)		25
	2,265	Wayfair, Inc., Class – A (a)		336
				76,051
		IT Services — 8.28%
	48,816	Accenture PLC, Class – A		8,593
	6,210	Akamai Technologies, Inc. (a)		445
	1,916	Alliance Data Systems Corp.		335
	2,357	Amdocs Ltd.		128
	37,246	Automatic Data Processing, Inc.		5,950
	5,799	Black Knight, Inc. (a)		316
	5,217	Booz Allen Hamilton Holding Corp.		303
	28,441	Broadridge Financial Solutions, Inc.		2,949
	60,709	Cognizant Technology Solutions Corp.		4,398
	710	Conduent, Inc. (a)		10
	2,193	CoreLogic, Inc. (a)		82
	15,889	DXC Technology Co.		1,022
	2,085	EPAM Systems, Inc. (a)		353
	1,036	Euronet Worldwide, Inc. (a)		148
	2,190	Fidelity National Information Services, Inc.		248
	21,928	First Data Corp. (a)		576
	16,424	Fiserv, Inc. (a)		1,450
	7,926	FleetCor Technologies, Inc. (a)		1,954
	3,526	Gartner Group, Inc. (a)		535
	2,753	Genpact Ltd.		97

HC CAPITAL TRUST

The Institutional Growth Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		IT Services (continued)
	6,408	Global Payments, Inc.	$	875
	20,063	GoDaddy, Inc., Class – A (a)		1,509
	44,437	International Business Machines Corp.		6,270
	3,063	Jack Henry & Associates, Inc.		425
	521	Leidos Holdings, Inc.		33
	95,469	MasterCard, Inc., Class – A		22,478
	3,525	Okta, Inc. (a)		292
	14,835	Paychex, Inc.		1,190
	110,126	PayPal Holdings, Inc. (a)		11,435
	9,585	Sabre Corp.		205
	57,635	Square, Inc., Class – A (a)		4,318
	954	Switch, Inc., Class – A		10
	3,726	Teradata Corp. (a)		163
	7,255	Total System Services, Inc.		689
	3,635	Twilio, Inc., Class – A (a)		470
	18,982	VeriSign, Inc. (a)		3,446
	185,808	Visa, Inc., Class – A		29,021
	5,899	Western Union Co.		109
	1,669	WEX, Inc. (a)		320
	13,145	Worldpay, Inc., Class – A (a)		1,492
				114,642
		Leisure Products — 0.06%
	512	Brunswick Corp.		26
	4,637	Hasbro, Inc.		393
	12,445	Mattel, Inc. (a)		162
	2,436	Polaris Industries, Inc.		206
				787
		Life Sciences Tools & Services — 1.51%
	1,175	Agilent Technologies, Inc.		94
	8,290	Bio-Rad Laboratories, Inc., Class – A (a)		2,534
	1,531	Bio-Techne Corp.		304
	2,053	Bruker Biosciences Corp.		79
	3,691	Charles River Laboratories International, Inc. (a)		536
	31,743	Illumina, Inc. (a)		9,862
	8,205	IQVIA Holdings, Inc. (a)		1,180
	994	Mettler-Toledo International, Inc. (a)		719
	401	PerkinElmer, Inc.		39
	2,385	PRA Health Sciences, Inc. (a)		263
	808	Qiagen N.V. (a)		33
	17,085	Thermo Electron Corp.		4,677
	2,852	Waters Corp. (a)		718
				21,038
		Machinery — 1.10%
	247	AGCO Corp.		17
	56,326	Allison Transmission Holdings, Inc.		2,530
	21,740	Caterpillar, Inc.		2,945
	321	Colfax Corp. (a)		10
	188	Crane Co.		16
	2,601	Cummins, Inc.		411
	14,356	Deere & Co.		2,295
	4,988	Donaldson Company, Inc.		250
	536	Dover Corp.		50
	481	Flowserve Corp.		22
	11,144	Fortive Corp.		935
	2,023	Gardner Denver Holdings, Inc. (a)		56
	73	Gates Industrial Corp. PLC (a)		1
	6,805	Graco, Inc.		337
	2,965	IDEX Corp.		450
	13,539	Illinois Tool Works, Inc.		1,943
	5,845	Ingersoll-Rand PLC		630

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Machinery (continued)
	322	ITT, Inc.	$	19
	2,566	Lincoln Electric Holdings, Inc.		215
	2,144	Nordson, Inc.		284
	268	Oshkosh Corp.		20
	1,251	PACCAR, Inc.		85
	1,335	Parker Hannifin Corp.		229
	576	Pentair PLC		26
	208	Snap-on, Inc.		33
	563	Stanley Black & Decker, Inc.		77
	247	Terex Corp.		8
	1,325	The Middleby Corp. (a)		172
	256	The Timken Co.		11
	4,044	The Toro Co.		278
	540	Trinity Industries, Inc.		12
	2,179	WABCO Holdings, Inc. (a)		287
	1,636	Wabtec Corp.		121
	5,353	Welbilt, Inc. (a)		88
	4,379	Xylem, Inc.		346
				15,209
		Marine — 0.00%
	221	Kirby Corp. (a)		17
		Media — 0.76%
	44,046	AMC Networks, Inc. (a)		2,500
	179	Cable One, Inc.		176
	13,154	CBS Corp., Class – B		625
	7,944	Charter Communications, Inc., Class – A (a)		2,755
	42,634	Comcast Corp., Class – A		1,705
	567	Discovery Communications, Inc., Class – A (a)		15
	1,263	Discovery Communications, Inc., Class – C (a)		32
	809	Dish Network Corp. (a)		26
	2,315	Fox Corp., Class – A (a)		85
	593	Fox Corp., Class – B (a)		21
	372	GCI Liberty, Inc., Class – A (a)		21
	168	John Wiley & Sons, Inc., Class – A		7
	95	Liberty Broadband, Class – A (a)		9
	379	Liberty Broadband, Class – C (a)		35
	313	Liberty SiriusXM Group, Class – A (a)		12
	7,251	Liberty SiriusXM Group, Class – C (a)		277
	459	News Corp., Inc.		6
	1,409	News Corp., Inc., Class – A		18
	10,982	Nexstar Broadcasting Group, Inc., Class – A		1,190
	8,266	Omnicom Group, Inc.		603
	68,431	Sirius XM Holdings, Inc.		388
	3,138	The Interpublic Group of Companies, Inc.		66
	325	Tribune Media Co., Class – A		15
				10,587
		Metals & Mining — 0.04%
	687	Alcoa Corp. (a)		19
	5,274	Freeport-McMoRan Copper & Gold, Inc.		68
	1,942	Newmont Mining Corp.		69
	1,160	Nucor Corp.		68
	259	Reliance Steel & Aluminum Co.		23
	1,235	Royal Gold, Inc.		112
	3,352	Southern Copper Corp.		134
	2,102	Steel Dynamics, Inc.		74
	651	United States Steel Corp.		13
				580

HC CAPITAL TRUST

The Institutional Growth Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Mortgage Real Estate Investment Trusts — 0.03%
	7,613	AGNC Investment Corp.	$	137
	21,394	Annaly Capital Management, Inc.		215
	690	Chimera Investment Corp.		13
	1,659	MFA Financial, Inc.		12
	1,490	New Residential Investment Corp.		25
	958	Starwood Property Trust, Inc.		21
	910	Two Harbors Investment Corp.		12
				435
		Multiline Retail — 0.52%
	14,766	Dollar General Corp.		1,762
	2,287	Dollar Tree, Inc. (a)		240
	22,940	Kohl’s Corp.		1,578
	96,480	Macy’s, Inc.		2,318
	4,806	Nordstrom, Inc.		213
	14,249	Target Corp.		1,144
				7,255
		Multi-Utilities — 0.07%
	886	Ameren Corp.		65
	1,922	CenterPoint Energy, Inc.		59
	1,026	CMS Energy Corp.		57
	1,135	Consolidated Edison, Inc.		96
	2,845	Dominion Resources, Inc.		219
	659	DTE Energy Co.		82
	715	MDU Resources Group, Inc.		18
	1,321	NiSource, Inc.		38
	1,907	Public Service Enterprise Group, Inc.		113
	1,032	Sempra Energy		130
	1,150	WEC Energy Group, Inc.		91
				968
		Oil, Gas & Consumable Fuels — 2.21%
	8,135	Anadarko Petroleum Corp.		370
	5,654	Antero Resources Corp. (a)		50
	2,280	Apache Corp.		79
	13,064	Cabot Oil & Gas Corp.		341
	680	Centennial Resource Development, Inc., Class – A (a)		6
	6,736	Cheniere Energy, Inc. (a)		460
	10,090	Chesapeake Energy Corp. (a)		31
	51,980	Chevron Corp.		6,403
	856	Cimarex Energy Co.		60
	781	CNX Resources Corp. (a)		8
	1,646	Concho Resources, Inc.		183
	55,070	ConocoPhillips		3,675
	1,878	Continental Resources, Inc. (a)		84
	1,851	Devon Energy Corp.		58
	1,548	Diamondback Energy, Inc.		157
	4,576	EOG Resources, Inc.		436
	978	EQT Corp.		20
	783	Equitrans Midstream Corp.		17
	182	Extraction Oil & Gas, Inc. (a)		1
	103,749	Exxon Mobil Corp.		8,384
	966	Hess Corp.		58
	49,220	HollyFrontier Corp.		2,425
	7,153	Kinder Morgan, Inc.		143
	2,884	Kosmos Energy Ltd.		18
	3,101	Marathon Oil Corp.		52
	2,512	Marathon Petroleum Corp.		150
	606	Murphy Oil Corp.		18
	1,748	Noble Energy, Inc.		43
	34,655	Occidental Petroleum Corp.		2,294
	7,744	ONEOK, Inc.		541

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Oil, Gas & Consumable Fuels (continued)
	7,606	Parsley Energy, Inc., Class – A (a)	$	147
	440	PBF Energy, Inc., Class – A		14
	31,764	Phillips 66		3,023
	4,001	Pioneer Natural Resources Co.		609
	886	QEP Resources, Inc. (a)		7
	783	Range Resources Corp.		9
	415	SM Energy Co.		7
	907	Targa Resources Corp.		38
	4,585	The Williams Companies, Inc.		132
	1,569	Valero Energy Corp.		133
	334	Whiting Petroleum Corp. (a)		9
	1,463	WPX Energy, Inc. (a)		19
				30,712
		Paper & Forest Products — 0.00%
	233	Domtar Corp.		12
		Personal Products — 0.65%
	1,697	Coty, Inc., Class – A		20
	44,100	Herbalife Ltd. (a)		2,337
	831	Nu Skin Enterprises, Inc., Class – A		40
	39,677	The Estee Lauder Companies, Inc., Class – A		6,568
				8,965
		Pharmaceuticals — 3.99%
	1,268	Allergan PLC		186
	143,999	AstraZeneca PLC, ADR		5,821
	162,108	Bristol-Myers Squibb Co.		7,734
	1,628	Catalent, Inc. (a)		66
	7,700	Elanco Animal Health, Inc. (a)		247
	40,787	Eli Lilly & Co.		5,293
	10,814	Jazz Pharmaceuticals PLC (a)		1,546
	99,982	Johnson & Johnson		13,976
	87,971	Merck & Co., Inc.		7,317
	1,871	Mylan N.V. (a)		53
	6,418	Nektar Therapeutics (a)		216
	465	Perrigo Co. PLC		22
	176,557	Pfizer, Inc.		7,498
	52,051	Zoetis, Inc.		5,240
				55,215
		Professional Services — 0.45%
	1,462	CoStar Group, Inc. (a)		682
	1,590	Equifax, Inc.		188
	20,584	IHS Markit Ltd. (a)		1,118
	239	ManpowerGroup, Inc.		20
	2,494	Nielsen Holdings PLC		59
	42,763	Robert Half International, Inc.		2,787
	7,318	TransUnion Holding Company, Inc.		489
	6,474	Versik Analytics, Inc., Class – A		861
				6,204
		Real Estate Management & Development — 0.03%
	6,805	CBRE Group, Inc., Class – A (a)		337
	701	Howard Hughes Corp. (a)		77
	165	Jones Lang LaSalle, Inc.		25
	461	Realogy Holdings Corp.		5
				444
		Road & Rail — 1.08%
	26	AMERCO, Inc.		10
	60,671	CSX Corp.		4,539
	663	Genesee & Wyoming, Inc., Class – A (a)		58

HC CAPITAL TRUST

The Institutional Growth Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Road & Rail (continued)
	4,124	Hunt (JB) Transportation Services, Inc.	$	418
	373	Kansas City Southern		43
	476	Knight-Swift Transportation Holdings, Inc.		16
	1,712	Landstar System, Inc.		187
	1,669	Lyft, Inc., Class – A (a)		131
	999	Norfolk Southern Corp.		187
	2,614	Old Dominion Freight Line, Inc.		377
	194	Ryder System, Inc.		12
	540	Schneider National, Inc.		11
	54,072	Union Pacific Corp.		9,041
				15,030
		Semiconductors & Semiconductor Equipment — 2.83%
	37,959	Advanced Micro Devices, Inc. (a)		969
	3,469	Analog Devices, Inc.		365
	39,293	Applied Materials, Inc.		1,558
	24,283	Broadcom, Inc.		7,302
	9,957	Cypress Semiconductor Corp.		149
	303	First Solar, Inc. (a)		16
	115,508	Intel Corp.		6,203
	6,665	KLA-Tencor Corp.		796
	6,386	Lam Research Corp.		1,143
	7,487	Marvell Technology Group Ltd.		149
	11,370	Maxim Integrated Products, Inc.		605
	9,454	Microchip Technology, Inc.		784
	36,878	Micron Technology, Inc. (a)		1,524
	2,225	MKS Instruments, Inc.		207
	1,673	Monolithic Power Systems, Inc.		227
	50,672	NVIDIA Corp.		9,098
	12,164	NXP Semiconductors N.V.		1,075
	17,257	ON Semiconductor Corp. (a)		355
	460	Qorvo, Inc. (a)		33
	4,547	Qualcomm, Inc.		259
	5,347	Skyworks Solutions, Inc.		441
	1,629	Teradyne, Inc.		65
	39,145	Texas Instruments, Inc.		4,152
	1,738	Universal Display Corp.		266
	4,480	Versum Materials, Inc.		225
	10,418	Xilinx, Inc.		1,321
				39,287
		Software — 10.30%
	2,223	2U, Inc. (a)		157
	72,700	Adobe Systems, Inc. (a)		19,375
	3,445	ANSYS, Inc. (a)		629
	2,795	Aspen Technology, Inc. (a)		291
	4,024	Atlassian Corp. PLC, Class – A (a)		452
	13,679	Autodesk, Inc. (a)		2,131
	11,416	Cadence Design Systems, Inc. (a)		725
	5,109	CDK Global, Inc.		301
	1,506	Ceridian HCM Holding, Inc. (a)		77
	31,041	Citrix Systems, Inc.		3,094
	3,146	Docusign, Inc. (a)		163
	336	Elastic NV (a)		27
	1,127	Fair Isaac Corp. (a)		306
	5,144	FireEye, Inc. (a)		86
	5,725	Fortinet, Inc. (a)		481
	3,289	Guidewire Software, Inc. (a)		320
	23,562	Intuit, Inc.		6,159
	1,453	LogMeln, Inc.		116
	2,714	Manhattan Associates, Inc. (a)		150
	512,959	Microsoft Corp.		60,499
	1,053	Nuance Communications, Inc. (a)		18
	5,590	Nutanix, Inc., Class – A (a)		211

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Software (continued)
	17,844	Oracle Corp.	$	958
	2,039	Paycom Software, Inc. (a)		386
	1,475	Pegasystems, Inc.		96
	1,774	Pluralsight, Inc., Class – A (a)		56
	2,069	Proofpoint, Inc. (a)		251
	4,684	PTC, Inc. (a)		432
	2,894	RealPage, Inc. (a)		176
	26,037	Red Hat, Inc. (a)		4,757
	2,738	RingCentral, Inc., Class – A (a)		295
	105,496	Salesforce.com, Inc. (a)		16,708
	23,315	ServiceNow, Inc. (a)		5,747
	839	Solarwinds Corp. (a)		16
	34,105	Splunk, Inc. (a)		4,249
	24,423	SS&C Technologies Holdings, Inc.		1,556
	7,348	Symantec Corp.		169
	1,052	Synopsys, Inc. (a)		121
	2,985	Tableau Software, Inc., Class – A (a)		380
	1,219	The Ultimate Software Group, Inc. (a)		402
	1,553	Tyler Technologies, Inc. (a)		317
	16,716	VMware, Inc., Class – A		3,017
	33,687	Workday, Inc., Class – A (a)		6,497
	4,229	Zendesk, Inc. (a)		359
				142,713
		Specialty Retail — 2.50%
	1,508	Advance Auto Parts, Inc.		257
	206	AutoNation, Inc. (a)		7
	919	AutoZone, Inc. (a)		941
	41,815	Best Buy Co., Inc.		2,971
	2,646	Burlington Stores, Inc. (a)		415
	4,681	CarMax, Inc. (a)		327
	288	Dick’s Sporting Goods, Inc.		11
	2,514	Floor & Decor Holdings, Inc., Class – A (a)		104
	428	Foot Locker, Inc.		26
	1,264	Gap, Inc.		33
	2,459	L Brands, Inc.		68
	32,921	Lowe’s Companies, Inc.		3,604
	1,298	Michaels Companies, Inc. The (a)		15
	1,356	Murphy USA, Inc. (a)		116
	4,083	O’Reilly Automotive, Inc. (a)		1,585
	134	Penske Automotive Group, Inc.		6
	15,021	Ross Stores, Inc.		1,398
	93,333	The Home Depot, Inc.		17,909
	61,342	The TJX Companies, Inc.		3,264
	1,225	Tiffany & Co.		129
	4,983	Tractor Supply Co.		487
	2,287	Ulta Salon, Cosmetics & Fragrance, Inc. (a)		798
	2,898	Urban Outfitters, Inc. (a)		86
	1,007	Williams-Sonoma, Inc.		57
				34,614
		Technology Hardware, Storage & Peripherals — 4.91%
	325,327	Apple, Inc.		61,797
	922	Dell Technologies, Inc. (a)		54
	5,517	Hewlett Packard Enterprise Co.		85
	127,239	HP, Inc.		2,472
	4,122	NCR Corp. (a)		112
	48,537	NetApp, Inc.		3,367
	6,769	Pure Storage, Inc., Class – A (a)		147
	1,092	Western Digital Corp.		52
	821	Xerox Corp.		26
				68,112

HC CAPITAL TRUST

The Institutional Growth Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Textiles, Apparel & Luxury Goods — 1.74%
	3,203	Capri Holdings Ltd. (a)	$	147
	1,893	Carter’s, Inc.		191
	246	Columbia Sportswear Co.		26
	14,684	Hanesbrands, Inc.		263
	75,670	Kering, ADR		4,342
	23,203	Lululemon Athletica, Inc. (a)		3,802
	165,550	NIKE, Inc., Class – B		13,940
	278	PVH Corp.		34
	204	Ralph Lauren Corp.		26
	2,812	Skechers USA, Inc., Class – A (a)		95
	3,163	Tapestry, Inc.		103
	5,930	Under Armour, Inc., Class – A (a)		125
	6,060	Under Armour, Inc., Class – C (a)		114
	10,346	V.F. Corp.		899
				24,107
		Thrifts & Mortgage Finance — 0.00%
	1,758	New York Community Bancorp, Inc.		21
	81	TFS Financial Corp.		1
				22
		Tobacco — 0.79%
	161,128	Altria Group, Inc.		9,253
	18,983	Philip Morris International, Inc.		1,678
				10,931
		Trading Companies & Distributors — 0.33%
	599	Air Lease Corp.		21
	11,759	Fastenal Co.		756
	2,551	HD Supply Holdings, Inc. (a)		111
	916	MSC Industrial Direct Co., Inc., Class – A		76
	3,287	United Rentals, Inc. (a)		376
	876	Univar, Inc. (a)		19
	10,371	W.W. Grainger, Inc.		3,121
	1,085	Watsco, Inc.		155
	175	WESCO International, Inc. (a)		9
				4,644
		Transportation Infrastructure — 0.00%
	295	Macquarie Infrastructure Corp.		12
		Water Utilities — 0.01%
	658	American Water Works Co., Inc.		68
	655	Aqua America, Inc.		24
				92
		Wireless Telecommunication Services — 0.11%
	2,385	Sprint Nextel Corp. (a)		13
	363	Telephone & Data Systems, Inc.		11
	22,189	T-Mobile USA, Inc. (a)		1,534
	21	U.S. Cellular Corp. (a)		1
				1,559
		Total Common Stocks		1,298,725
Principal Amount (000)
		U.S. Treasury Obligation — 0.00%
$	50	U.S. Treasury Bill, 2.34%, 6/6/19 (b)(c)		50
		Total U.S. Treasury Obligation		50

Shares		Security Description	Value (000)
		Exchange-Traded Fund — 0.03%
	2,493	iShares Russell 1000 ETF	$	392
		Total Exchange-Traded Fund		392
		Investment Companies — 5.63%
	76,485,020	State Street Institutional Treasury Plus Money Market Fund, Premier Class, 2.30% (d)		76,485
	1,549,567	State Street Institutional Treasury Plus Money Market Fund, Trust Class, 2.30% (d)		1,550
		Total Investment Companies		78,035
		Total Investments (cost $1,014,285) — 99.31%		1,377,202
		Other assets in excess of liabilities — 0.69%		9,577
		Net Assets — 100.00%	$	1,386,779
	Amounts designated as “—” are $0 or have been rounded to $0.

(a) Represents non-income producing security.

(b) Rate disclosed represents effective yield at purchase.

(c) All or part of this security has been pledged as collateral for derivative instruments held by the Portfolio.

(d) The rate disclosed is the rate in effect on March 31, 2019.

ADR — American Depositary Receipt

ETF — Exchange-Traded Fund

REIT — Real Estate Investment Trust

HC CAPITAL TRUST

The Institutional Growth Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

The following table reflects the percentage of total net assets of the Portfolio attributable to each Specialist Manager as of March 31, 2019.

The Institutional Growth Equity Portfolio	Jennison Associates, LLC			Mellon Investments Corporation*			Parametric Portfolio Associates, LLC			HC Capital Solutions			Total
Common Stocks		20.68	%		72.97	%		—			—			93.65	%
U.S. Treasury Obligation		—			0.00	%		—			—			0.00	%
Exchange-Traded Fund		—			0.03	%		—			—			0.03	%
Investment Companies		—			0.19	%		4.68	%		0.76	%		5.63	%
Other Assets (Liabilities)		0.34	%		0.06	%		0.29	%		0.00	%		0.69	%
Total Net Assets		21.02	%		73.25	%		4.97	%		0.76	%		100.00	%

* Formerly BNY Mellon Asset Management North America Corporation.

Amounts designated as “—” indicate the Specialist Manager did not manage any holdings in that category.

The following table reflects the open derivative positions held by the Portfolio as of March 31, 2019.

Futures Contracts Purchased^

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value and Unrealized Appreciation/ (Depreciation) (000)
E-Mini Nasdaq 100 Future		249		6/21/19	$	36,854	$	1,722
E-Mini S&P 500 Future		359		6/21/19		50,939		1,473
E-Mini S&P Midcap 400 Future		19		6/21/19		3,612		70
					$	91,405	$	3,265
				Total Unrealized Appreciation			$	3,265
				Total Unrealized Depreciation				—
				Total Net Unrealized Appreciation/(Depreciation)			$	3,265

^ Cash has been pledged as collateral for futures contracts held by the Portfolio.

Amounts designated as “—” are $0 or have been rounded to $0.

HC CAPITAL TRUST

The Small Capitalization–Mid Capitalization Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks — 92.90%
		Aerospace & Defense — 0.99%
	3,133	Axon Enterprise, Inc. (a)	$	170
	7,000	CPI Aerostructures, Inc. (a)		46
	1,610	Curtiss-Wright Corp.		182
	118	Ducommun, Inc. (a)		5
	15,581	Kratos Defense & Security Solutions, Inc. (a)		244
	42	Mercury Systems, Inc. (a)		3
	26	National Presto Industries, Inc.		3
	850	Teledyne Technologies, Inc. (a)		201
	7,353	Wesco Aircraft Holdings, Inc. (a)		65
				919
		Air Freight & Logistics — 0.11%
	305	Atlas Air Worldwide Holdings, Inc. (a)		15
	1,032	Hub Group, Inc., Class – A (a)		42
	7,398	Radiant Logistics, Inc. (a)		47
				104
		Airlines — 3.19%
	458	Alaska Air Group, Inc.		26
	16,223	American Airlines Group, Inc.		515
	15,057	Azul SA, ADR (a)		440
	2,070	Hawaiian Holdings, Inc.		54
	15,456	JetBlue Airways Corp. (a)		253
	16,941	Mesa Air Group, Inc. (a)		141
	49	SkyWest, Inc.		3
	13,960	United Continental Holdings, Inc. (a)		1,114
	50,044	Volaris Aviation Holding Co., ADR (a)		426
				2,972
		Auto Components — 1.15%
	3,240	American Axle & Manufacturing Holdings, Inc. (a)		46
	2,600	Cooper Tire & Rubber Co.		78
	17,982	Dana Holding Corp.		318
	2,537	Fox Factory Holding Corp. (a)		177
	1,928	Garrett Motion, Inc. (a)		28
	475	Gentherm, Inc. (a)		18
	7,079	Modine Manufacturing Co. (a)		98
	3,584	Motorcar Parts of America, Inc. (a)		68
	420	Shiloh Industries, Inc. (a)		2
	439	Stoneridge, Inc. (a)		13
	5,587	Strattec Security Corp.		164
	5,037	Superior Industries, Inc.		24
	1,479	Tenneco, Inc.		33
	90	Tower International, Inc.		2
				1,069
		Automobiles — 0.00%
	88	Winnebago Industries, Inc.		3
		Banks — 5.34%
	52	1st Source, Inc.		2
	66	American National Bankshares, Inc.		2
	1,260	Ameris BanCorp		43
	11,900	Associated Banc-Corp.		255
	696	Bank of N.T. Butterfield & Son Ltd. (The)		25
	4,289	Banner Corp.		232
	1,370	Berkshire Hills BanCorp, Inc.		37
	2,659	Brookline BanCorp, Inc.		38
	38	C&F Financial Corp.		2
	4,697	Centerstate Bank Corp.		112
	56	Chemung Financial Corp.		3

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Banks (continued)
	36	City Holding Co.	$	3
	92	CNB Financial Corp.		2
	7,109	Columbia Banking System, Inc.		232
	1,119	Community Bankers Trust Corp.		8
	48	Community Trust Bancorp, Inc.		2
	2,202	Cullen/Frost Bankers, Inc.		214
	46	Eagle BanCorp, Inc. (a)		2
	2,709	Enterprise Financial Services Corp.		110
	210	FB Financial Corp.		7
	104	Fidelity Southern Corp.		3
	65	Financial Institutions, Inc.		2
	375	First Bancorp		13
	30,889	First BanCorp		355
	465	First Busey Corp.		11
	7	First Citizens BancShares, Inc., Class – A		3
	3,152	First Commonwealth Financial Corp.		40
	77	First Community Bancshares, Inc.		3
	106	First Financial BanCorp		3
	46	First Financial Corp.		2
	11,739	First Horizon National Corp.		164
	61	First Interstate BancSystem, Inc., Class – A		2
	8,529	First Midwest Bancorp, Inc.		175
	848	First Northwest BanCorp		13
	193	First United Corp.		3
	46	Great Southern Bancorp, Inc.		2
	63	Hancock Holding Co.		3
	48	Heartland Financial USA, Inc.		2
	1,239	Heritage Financial Corp.		37
	945	Hilltop Holdings, Inc.		17
	18,931	Hope Bancorp, Inc.		249
	148	Horizon Bancorp, Inc.		2
	2,191	Iberiabank Corp.		157
	116	Independent Bank Corp.		2
	63	International Bancshares Corp.		2
	6,730	Investors Bancorp, Inc.		80
	148	Lakeland Bancorp, Inc.		2
	50	National Bankshares, Inc.		2
	1,255	NBT Bancorp, Inc.		45
	61	Northrim BanCorp, Inc.		2
	557	OFG Bancorp		11
	133	Old National Bancorp		2
	2,304	Pacific Premier Bancorp, Inc.		61
	5,707	PacWest Bancorp		215
	444	Park National Corp.		42
	79	Peoples Bancorp, Inc.		2
	5,762	Popular, Inc.		300
	141	Premier Financial Bancorp, Inc.		2
	1,044	S & T BanCorp, Inc.		41
	1,171	Sandy Spring BanCorp, Inc.		37
	8,400	Seacoast Banking Corporation of Florida (a)		221
	102	Sierra Bancorp		2
	682	Southside Bancshares, Inc.		23
	936	Spirit of Texas Bancshares, Inc. (a)		20
	5,061	Synovus Financial Corp.		174
	6,923	TCF Financial Corp.		143
	2,752	Texas Capital Bancshares, Inc. (a)		150
	34	Tompkins TrustCo, Inc.		3
	4,933	TriCo Bancshares		194
	101	Triumph Bancorp, Inc. (a)		3
	67	Trustmark Corp.		2
	109	Umpqua Holdings Corp.		2
	10,982	Webster Financial Corp.		557

HC CAPITAL TRUST

The Small Capitalization–Mid Capitalization Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Banks (continued)
	761	Westamerica Bancorp	$	47
				4,981
		Beverages — 0.00%
	35	MGP Ingredients, Inc.		3
		Biotechnology — 2.65%
	9,765	ADMA Biologics, Inc. (a)		37
	2,798	Aeglea BioTherapeutics, Inc. (a)		23
	3,580	Aldeyra Therapeutics, Inc. (a)		32
	64	Allakos, Inc. (a)		3
	210	Amicus Therapeutics, Inc. (a)		3
	278	Anaptysbio, Inc. (a)		20
	1,201	Ardelyx, Inc. (a)		3
	5,335	Array BioPharma, Inc. (a)		130
	1,119	Arrowhead Pharmaceuticals, Inc. (a)		21
	1,184	Ascendis Pharma A/S, ADR (a)		139
	527	Atara Biotherapeutics, Inc. (a)		21
	8,331	Bellicum Pharmaceuticals, Inc. (a)		28
	394	Biohaven Pharmaceutical Holding Co. Ltd. (a)		20
	46	Blueprint Medicines Corp. (a)		4
	6,461	Calithera Biosciences, Inc. (a)		44
	423	CareDx, Inc. (a)		13
	1,649	Catalyst Biosciences, Inc. (a)		13
	100	Clovis Oncology, Inc. (a)		2
	133	Denali Therapeutics, Inc. (a)		3
	116	Emergent BioSolutions, Inc. (a)		6
	32	Enanta Pharmaceuticals, Inc. (a)		3
	172	Esperion Therapeutics, Inc. (a)		7
	167	Fate Therapeutics, Inc. (a)		3
	3,716	Fennec Pharmaceuticals, Inc. (a)		18
	1,887	Fibrogen, Inc. (a)		103
	728	Genomic Health, Inc. (a)		51
	215	Global Blood Therapeutics, Inc. (a)		11
	468	Immunomedics, Inc. (a)		9
	104	Insmed, Inc. (a)		3
	179	Invitae Corp. (a)		4
	580	Ionis Pharmaceuticals, Inc. (a)		47
	276	Iovance Biotherapeutics, Inc. (a)		3
	6,964	Jounce Therapeutics, Inc. (a)		43
	24,600	Kindred Biosciences, Inc. (a)		226
	21	Ligand Pharmaceuticals, Inc., Class – B (a)		3
	519	Madrigal Pharmaceuticals, Inc. (a)		65
	5,744	Mersana Therapeutics, Inc. (a)		30
	5,113	Miragen Therapeutics, Inc. (a)		14
	38	Mirati Therapeutics, Inc. (a)		3
	212	Momenta Pharmaceuticals, Inc. (a)		3
	8,955	Myriad Genetics, Inc. (a)		298
	1,780	Neurocrine Biosciences, Inc. (a)		157
	15,109	NewLink Genetics Corp. (a)		29
	92	Portola Pharmaceuticals, Inc. (a)		3
	2,961	Proteostasis Therapeutics, Inc. (a)		4
	570	PTC Therapeutics, Inc. (a)		21
	9,942	Recro Pharma, Inc. (a)		58
	412	Regenxbio, Inc. (a)		24
	4,272	Repligen Corp. (a)		252
	560	Sage Therapeutics, Inc. (a)		89
	5,441	Sangamo BioSciences, Inc. (a)		52
	1,608	Seattle Genetics, Inc. (a)		118
	890	Spark Therapeutics, Inc. (a)		101
	225	Spectrum Pharmaceuticals, Inc. (a)		2
	5,283	Syndax Pharmaceuticals, Inc. (a)		28

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Biotechnology (continued)
	1,685	Xoma Corp. (a)	$	21
				2,471
		Building Products — 1.46%
	3,545	Builders FirstSource, Inc. (a)		47
	6,744	Gibraltar Industries, Inc. (a)		274
	16,908	Jeld-Wen Holding, Inc. (a)		299
	5,330	Masonite International Corp. (a)		266
	5,701	Trex Company, Inc. (a)		351
	4,158	Universal Forest Products, Inc.		124
				1,361
		Capital Markets — 2.32%
	7,147	Artisan Partners Asset Management, Inc., Class – A		180
	5,283	Blucora, Inc. (a)		176
	3,151	Brightsphere Investment Group		43
	8,800	Capital Southwest Corp.		185
	15,475	Cowen Group, Inc., Class – A (a)		225
	1,100	Focus Financial Partners, Inc., Class – A (a)		39
	6,478	Greenhill & Co., Inc.		139
	184	Hamilton Lane, Inc.		8
	75	Houlihan Lokey, Inc.		3
	5,102	LPL Financial Holdings, Inc.		356
	3,287	Raymond James Financial, Inc.		265
	19,600	Safeguard Scientifics, Inc. (a)		213
	3,724	Stifel Financial Corp.		196
	5,752	Victory Capital Holdings, Inc., Class – A (a)		86
	2,479	Waddell & Reed Financial, Inc., Class – A		43
				2,157
		Chemicals — 1.77%
	2,483	Albemarle Corp.		204
	48	Cabot Corp.		2
	2,117	Ferro Corp. (a)		40
	6,626	FMC Corp.		509
	158	Huntsman Corp.		4
	11,977	Kraton Performance Polymers, Inc. (a)		385
	8,001	LSB Industries, Inc. (a)		50
	508	NewMarket Corp.		220
	57	Stepan Co.		5
	87	Trinseo SA		4
	17,181	Tronox Holdings PLC, Class – A		226
	35	Westlake Chemical Corp.		2
				1,651
		Commercial Services & Supplies — 1.40%
	2,734	ABM Industries, Inc.		99
	1,317	ACCO Brands Corp.		11
	11,982	Aqua Metals, Inc. (a)		37
	9,512	ARC Document Solutions, Inc. (a)		21
	2,196	BrightView Holdings, Inc. (a)		32
	1,307	Casella Waste Systems, Inc. (a)		46
	7,424	CECO Environmental Corp. (a)		53
	14,415	Covanta Holding Corp.		251
	1,210	Deluxe Corp.		53
	93	Ennis, Inc.		2
	461	Herman Miller, Inc.		16
	1,259	HNI Corp.		46
	16,162	Interface, Inc.		248
	125	Knoll, Inc.		2
	2,187	McGrath RentCorp		124
	1,300	Mobile Mini, Inc.		44
	703	Multi-Color Corp.		35

HC CAPITAL TRUST

The Small Capitalization–Mid Capitalization Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Commercial Services & Supplies (continued)
	6,292	Pitney Bowes, Inc.	$	43
	9,718	Steelcase, Inc., Class – A		141
	15	UniFirst Corp.		2
	48	VSE Corp.		2
				1,308
		Communications Equipment — 0.93%
	7,622	Acacia Communications, Inc. (a)		437
	2,865	Ciena Corp. (a)		107
	673	Clearfield, Inc. (a)		10
	129	Comtech Telecommunications Corp.		3
	682	DASAN Zhone Solutions, Inc. (a)		7
	21,800	EMCORE Corp. (a)		80
	1,437	Extreme Networks, Inc. (a)		11
	451	Finisar Corp. (a)		10
	550	Lumentum Holdings, Inc. (a)		31
	940	NetScout Systems, Inc. (a)		26
	18,100	PC-Telephone, Inc.		91
	1,108	Plantronics, Inc.		51
	226	Viavi Solutions, Inc. (a)		3
				867
		Construction & Engineering — 2.47%
	1,546	Ameresco, Inc., Class – A (a)		25
	38	Arcosa, Inc.		1
	3,625	Granite Construction, Inc.		156
	9,171	HC2 Holdings, Inc. (a)		22
	35,591	KBR, Inc.		680
	10,714	MasTec, Inc. (a)		515
	107	MYR Group, Inc. (a)		4
	833	Primoris Services Corp.		17
	49,620	Tutor Perini Corp. (a)		850
	2,938	Willscot Corp. (a)		33
				2,303
		Construction Materials — 0.61%
	1,627	Eagle Materials, Inc., Class – A		137
	32,017	Forterra, Inc. ^(a)		135
	1,058	Martin Marietta Materials, Inc.		213
	5,497	Summit Materials, Inc., Class – A (a)		87
				572
		Consumer Finance — 0.47%
	68	Encore Capital Group, Inc. (a)		2
	110	Enova International, Inc. (a)		3
	3,272	Green Dot Corp., Class – A (a)		198
	23,416	LendingClub Corp. (a)		72
	43	Nelnet, Inc., Class – A		2
	5,655	PRA Group, Inc. (a)		152
	147	Santander Consumer USA Holdings, Inc.		3
	24	World Acceptance Corp. (a)		3
				435
		Containers & Packaging — 0.68%
	1,538	AptarGroup, Inc.		164
	5,363	Berry Plastics Group, Inc. (a)		289
	14,190	Graphic Packaging Holding Co.		179
				632
		Distributors — 0.14%
	798	Pool Corp.		132
		Diversified Consumer Services — 1.79%
	23,464	Career Education Corp. (a)		389

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Diversified Consumer Services (continued)
	7,434	Chegg, Inc. (a)	$	283
	5,684	Frontdoor, Inc. (a)		196
	1,938	Grand Canyon Education, Inc. (a)		222
	3,321	K12, Inc. (a)		113
	7,229	Regis Corp. (a)		142
	2,494	Strategic Education, Inc.		327
				1,672
		Diversified Financial Services — 0.28%
	62	Banco Latinoamericano de Comercio Exterior SA, Class – E		1
	2,195	Cannae Holdings, Inc. (a)		53
	2,605	FGL Holdings		21
	9,830	Jefferies Financial Group, Inc.		185
	99	Marlin Business Services Corp.		2
				262
		Diversified Telecommunication Services — 1.01%
	10,951	Cogent Communications Group, Inc.		595
	5,817	IDT Corp.		39
	5,781	Intelsat SA (a)		91
	240	Iridium Communications, Inc. (a)		6
	30,600	ORBCOMM, Inc. (a)		207
	11,457	Windstream Holdings, Inc. (a)		3
				941
		Electric Utilities — 0.26%
	1,522	El Paso Electric Co.		90
	3,048	Genie Energy Ltd.		26
	98	Hawaiian Electric Industries, Inc.		4
	33	IDACORP, Inc.		3
	826	MGE Energy, Inc.		56
	1,016	Otter Tail Corp.		51
	158	PNM Resources, Inc.		7
	73	Portland General Electric Co.		4
				241
		Electrical Equipment — 0.49%
	2,961	Encore Wire Corp.		170
	1,012	EnerSys		66
	36,000	Orion Energy Systems, Inc. ^(a)		32
	6,717	Sunrun, Inc. (a)		94
	3,248	TPI Composites, Inc. (a)		93
				455
		Electronic Equipment, Instruments & Components — 4.21%
	5,667	Anixter International, Inc. (a)		318
	75	Benchmark Electronics, Inc.		2
	22,036	Celestica, Inc. (a)		186
	34	Dolby Laboratories, Inc., Class – A		2
	47	ePlus, Inc. (a)		4
	4,543	Fabrinet (a)		238
	7,366	Fitbit, Inc., Class – A (a)		44
	23,705	Flextronics International Ltd. (a)		237
	3,077	II-VI, Inc. (a)		115
	2,994	Insight Enterprises, Inc. (a)		165
	565	IPG Photonics Corp. (a)		86
	6,212	Itron, Inc. (a)		290
	16,807	Jabil Circuit, Inc.		447
	3,712	KEMET Corp.		63
	131	Kimball Electronics, Inc. (a)		2
	2,844	Knowles Corp. (a)		50
	1,168	Littelfuse, Inc.		213

HC CAPITAL TRUST

The Small Capitalization–Mid Capitalization Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Electronic Equipment, Instruments & Components (continued)
	845	Maxwell Technologies, Inc. (a)	$	4
	2,548	Methode Electronics, Inc.		73
	958	Novanta, Inc. (a)		81
	522	OSI Systems, Inc. (a)		46
	64	PC Connection, Inc.		2
	3,113	PCM, Inc. (a)		114
	14,900	Perceptron, Inc. (a)		112
	37	Plexus Corp. (a)		2
	5,081	Rogers Corp. (a)		807
	59	Sanmina Corp. (a)		2
	5,739	ScanSource, Inc. (a)		206
	34	SYNNEX Corp.		3
	22	Tech Data Corp. (a)		2
	327	TTM Technologies, Inc. (a)		4
	135	Vishay Intertechnology, Inc.		2
				3,922
		Energy Equipment & Services — 1.83%
	18,800	Aspen Aerogels, Inc. (a)		48
	13,800	C&J Energy Services, Inc. (a)		213
	6,805	CARBO Ceramics, Inc. (a)		24
	3,273	Diamond Offshore Drilling, Inc. (a)		34
	1,846	Dril-Quip, Inc. (a)		85
	29,195	Ensco PLC, Class – A, ADR		114
	97	Exterran Corp. (a)		2
	5,800	Gulf Island Fabrication, Inc. (a)		53
	4,545	Ion Geophysical (a)		66
	1,547	Liberty Oilfield Services, Inc.		24
	5,876	McDermott International, Inc. (a)		44
	33,200	Mitcham Industries, Inc. (a)		130
	23,208	Noble Corp. PLC (a)		67
	3,145	Oceaneering International, Inc. (a)		50
	16,320	Pioneer Energy Services Corp. (a)		29
	15,469	Profire Energy, Inc. (a)		28
	4,435	Rowan Cos. PLC, Class – A (a)		48
	19,066	Smart Sand, Inc. ^(a)		85
	5,818	TechnipFMC PLC		136
	31,330	Transocean Ltd. (a)		273
	9,700	US Silica Holdings, Inc.		168
				1,721
		Entertainment — 0.47%
	2,488	AMC Entertainment Holdings, Inc., Class – A		37
	58,500	Ballantyne Strong, Inc. (a)		101
	77,523	Global Eagle Entertainment, Inc. (a)		55
	1,442	Glu Mobile, Inc. (a)		16
	1,891	IMAX Corp. (a)		43
	93	Liberty Braves Group (a)		3
	9,371	Lions Gate Entertainment Corp., Class – B		141
	88	Marcus Corp.		4
	1,600	Rosetta Stone, Inc. (a)		35
				435
		Equity Real Estate Investment Trusts — 2.30%
	2,510	Alexander & Baldwin, Inc.		64
	492	Ashford Hospitality Trust		2
	6,576	Bluerock Residential Growth REIT, Inc.		71
	2,306	CareTrust REIT, Inc.		54
	1,702	Chesapeake Lodging Trust		47
	3,270	Clipper Realty, Inc.		44
	127	CoreCivic, Inc.		2
	11,932	Corporate Office Properties Trust		327

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Equity Real Estate Investment Trusts (continued)
	7,800	DiamondRock Hospitality Co.	$	84
	2,496	EastGroup Properties, Inc.		279
	6,646	Equity Commonwealth		217
	1,197	Getty Realty Corp.		38
	2,774	Gladstone Land Corp.		35
	6,912	Global Medical REIT, Inc.		68
	3,640	Global Net Lease, Inc.		69
	2,387	Independence Realty Trust, Inc.		26
	2,075	Industrial Logistics Property Trust		42
	249	InfraREIT, Inc.		5
	1,824	Innovative Industrial Properties, Inc. ^		149
	2,100	Jernigan Capital, Inc.		44
	5,636	Lexington Realty Trust		51
	1,093	LTC Properties, Inc.		50
	2,118	Mack-Cali Realty Corp.		47
	3,088	Monmouth Real Estate Investment Corp., Class – A		41
	1,583	National Storage Affiliates		45
	24	PS Business Parks, Inc.		4
	59	QTS Realty Trust, Inc., Class – L		3
	128	RLJ Lodging Trust		2
	2,941	RPT Realty		35
	634	Saul Centers, Inc.		33
	1,124	Seritage Growth Properties		50
	1,481	Summit Hotel Properties, Inc.		17
	2,439	Tanger Factory Outlet Centers, Inc.		51
	1,792	Tier REIT, Inc.		51
				2,147
		Food & Staples Retailing — 0.29%
	1,691	Casey’s General Stores, Inc.		218
	1,699	Chefs’ Warehouse Holdings LLC (a)		53
				271
		Food Products — 0.62%
	517	Calavo Growers, Inc.		43
	41	Cal-Maine Foods, Inc.		2
	7,847	Darling Ingredients, Inc. (a)		170
	100	Fresh Del Monte Produce, Inc.		3
	382	Freshpet, Inc. (a)		16
	4,840	Hostess Brands, Inc. (a)		61
	1,660	J&J Snack Foods Corp.		263
	39	John B. Sanfilippo & Son, Inc.		3
	776	Simply Good Foods Co. (The) (a)		16
				577
		Gas Utilities — 0.35%
	480	Chesapeake Utilities Corp.		44
	776	Northwest Natural Holding Co.		51
	163	South Jersey Industries, Inc.		5
	38	Southwest Gas Corp.		3
	3,977	UGI Corp.		220
				323
		Health Care Equipment & Supplies — 6.64%
	248	Abiomed, Inc. (a)		71
	2,786	Cantel Medical Corp.		186
	8,660	Cardiovascular Systems, Inc. (a)		335
	3,520	Dexcom, Inc. (a)		419
	2,568	Edwards Lifesciences Corp. (a)		491
	1,206	Fonar Corp. (a)		25
	2,711	Glaukos Corp. (a)		212
	9,383	Insulet Corp. (a)		891
	393	Intricon Corp. (a)		10

HC CAPITAL TRUST

The Small Capitalization–Mid Capitalization Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Health Care Equipment & Supplies (continued)
	5,703	Invacare Corp.	$	48
	2,717	iRhythm Technologies, Inc. (a)		204
	1,715	LivaNova PLC (a)		167
	3,198	Neogen Corp. (a)		184
	802	Neuronetics, Inc. (a)		12
	953	Nevro Corp. (a)		60
	4,761	Novocure Ltd. (a)		229
	10,753	Rockwell Medical Technologies, Inc. (a)		61
	11,499	STAAR Surgical Co. (a)		393
	1,725	STERIS PLC		221
	364	Tactile Systems Technology, Inc. (a)		19
	12,029	Tandem Diabetes Care, Inc. (a)		764
	2,595	The Cooper Companies, Inc.		768
	5,714	Varex Imaging Corp. (a)		194
	2,094	West Pharmaceutical Services, Inc.		231
				6,195
		Health Care Providers & Services — 1.58%
	10,571	AAC Holdings, Inc. (a)		19
	9,339	Acadia Healthcare Company, Inc. (a)		273
	1,162	Biotelemetry, Inc. (a)		73
	5,170	Capital Senior Living Corp. (a)		21
	13	Chemed Corp.		4
	116	CorVel Corp. (a)		8
	14,213	Diplomat Pharmacy, Inc. (a)		83
	47	Encompass Health Corp.		3
	1,673	Guardant Health, Inc. (a)		128
	2,244	HealthEquity, Inc. (a)		166
	1,979	LHC Group, Inc. (a)		219
	373	Magellan Health Services, Inc. (a)		25
	4,273	MEDNAX, Inc. (a)		116
	36	Molina Heathcare, Inc. (a)		5
	445	National Healthcare Corp.		34
	39	Providence Service Corp. (a)		3
	954	R1 RCM, Inc. (a)		9
	319	Select Medical Holdings Corp. (a)		4
	2,414	Tenet Healthcare Corp. (a)		70
	132	The Ensign Group, Inc.		7
	192	Tivity Health, Inc. (a)		3
	6,930	Triple-S Management Corp., Class – A (a)		158
	382	U.S. Physical Therapy, Inc.		40
				1,471
		Health Care Technology — 0.55%
	885	Allscripts Healthcare Solutions, Inc. (a)		8
	90	Inspire Medical System, Inc. (a)		5
	655	Medidata Solutions, Inc. (a)		48
	3,154	Omnicell, Inc. (a)		255
	579	Tabula Rasa Healthcare, Inc. (a)		33
	2,981	Teladoc, Inc. (a)		166
				515
		Hotels, Restaurants & Leisure — 1.32%
	253	BJ’s Restaurant, Inc.		12
	265	Bloomin’ Brands, Inc.		5
	1,740	Bluegreen Vacations Corp.		26
	1,095	Brinker International, Inc.		49
	39,900	Century Casinos, Inc. (a)		362
	505	Dave & Buster’s Entertainment, Inc.		25
	767	Denny’s Corp. (a)		14
	508	DineEquity, Inc.		46
	54	International Speedway Corp., Class – A		2
	3,094	J Alexander’s Holdings, Inc. (a)		30
	863	Papa John’s International, Inc.		46

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Hotels, Restaurants & Leisure (continued)
	3,161	Planet Fitness, Inc., Class – A (a)	$	217
	100	Scientific Games Corp., Class – A (a)		2
	96	SeaWorld Entertainment, Inc. (a)		2
	5,408	The Habit Restaurants, Inc. (a)		59
	1,023	Vail Resorts, Inc.		223
	1,426	Wingstop, Inc.		108
				1,228
		Household Durables — 1.93%
	286	Cavco Industries, Inc. (a)		34
	5,884	Century Communities, Inc. (a)		141
	25,900	Green Brick Partners, Inc. (a)		227
	2,809	iRobot Corp. (a)		330
	856	La-Z-Boy, Inc.		28
	4,581	LGI Homes, Inc. (a)		275
	720	MDC Holdings, Inc.		21
	1,111	Meritage Homes Corp. (a)		50
	2,648	Roku, Inc. (a)		171
	139	Skyline Champion Corp.		3
	2,716	Taylor Morrison Home Corp., Class – A (a)		48
	1,592	TopBuild Corp. (a)		103
	3,928	TRI Pointe Homes, Inc. (a)		50
	1,413	Tupperware Brands Corp.		36
	6,856	Universal Electronics, Inc. (a)		255
	8,017	Vuzix Corp. (a)		25
				1,797
		Household Products — 0.24%
	33	Central Garden & Pet Co. (a)		1
	1,469	Central Garden & Pet Co., Class – A (a)		34
	3,387	Spectrum Brands Holdings, Inc.		186
				221
		Independent Power and Renewable Electricity Producers — 0.09%
	220	Clearway Energy, Inc., Class – C		3
	3,840	Pattern Energy Group, Inc.		85
				88
		Insurance — 2.93%
	6,188	American Equity Investment Life Holding Co.		167
	2,309	American Financial Group, Inc.		222
	242	AMERISAFE, Inc.		14
	5,340	Argo Group International Holdings Ltd.		377
	7,800	Atlas Financial Holdings, Inc. (a)		19
	5,248	AXIS Capital Holdings Ltd.		287
	13,219	CNO Financial Group, Inc.		214
	240	eHealth, Inc. (a)		15
	899	Employers Holdings, Inc.		36
	1,301	Everest Re Group Ltd.		281
	113	FBL Financial Group, Inc., Class – A		7
	4,400	First American Financial Corp.		227
	8,984	Goosehead Insurance, Inc.		251
	328	James River Group Holdings		13
	1,578	Kemper Corp.		120
	655	Kinsale Capital Group, Inc.		45
	262	MBIA, Inc. (a)		2
	21	Primerica, Inc.		3
	186	Safety Insurance Group, Inc.		16
	999	State Auto Financial Corp.		33
	4,077	Trupanion, Inc. ^(a)		133
	83	Universal Insurance Holdings, Inc.		3

HC CAPITAL TRUST

The Small Capitalization–Mid Capitalization Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Insurance (continued)
	2,980	W.R. Berkley Corp.	$	253
				2,738
		Interactive Media & Services — 0.30%
	4,782	Care.com, Inc. (a)		94
	126	Match Group, Inc.		7
	5,095	QuinStreet, Inc. (a)		68
	22,715	The Meet Group, Inc. (a)		115
				284
		Internet & Direct Marketing Retail — 0.63%
	185	1-800-FLOWERS.COM, Inc., Class – A (a)		3
	3,983	Etsy, Inc. (a)		269
	5,907	Overstock.com, Inc. ^(a)		98
	993	Shutterfly, Inc. (a)		40
	872	Shutterstock, Inc.		41
	5,008	Stitch Fix, Inc., Class – A (a)		141
				592
		IT Services — 2.35%
	54,813	Alithya Group, Inc. (a)		172
	1,534	Alliance Data Systems Corp.		268
	62	Booz Allen Hamilton Holding Corp.		4
	36,077	Brightcove, Inc. (a)		304
	20	CACI International, Inc., Class – A (a)		4
	1,374	Cardtronics PLC (a)		49
	46	Cass Information Systems, Inc.		2
	47	CoreLogic, Inc. (a)		2
	95	CSG Systems International, Inc.		4
	2,321	Euronet Worldwide, Inc. (a)		332
	5,696	EVERTEC, Inc.		158
	2,314	Global Payments, Inc.		317
	99	GTT Communications, Inc. ^(a)		3
	1,383	Information Services Group, Inc. (a)		5
	5,818	Internap Corp. (a)		29
	1,660	Jack Henry & Associates, Inc.		230
	38	Leidos Holdings, Inc.		2
	1,757	LiveRamp Holdings, Inc. (a)		96
	49	ManTech International Corp., Class – A		3
	11,798	MoneyGram International, Inc. (a)		24
	88	Perficient, Inc. (a)		2
	1,375	Presidio, Inc.		20
	32	Science Applications International Corp.		2
	61	Sykes Enterprises, Inc. (a)		2
	135	The Hackett Group, Inc.		2
	143	Travelport Worldwide Ltd.		2
	69	TTEC Holdings, Inc.		2
	925	Twilio, Inc., Class – A (a)		119
	677	Virtusa Corp. (a)		36
	38	WEX, Inc. (a)		7
				2,202
		Leisure Products — 0.68%
	11,489	Callaway Golf Co.		183
	77	Johnson Outdoors, Inc., Class – A		5
	33,540	Vista Outdoor, Inc. (a)		269
	5,983	Yeti Holdings, Inc. ^(a)		181
				638
		Life Sciences Tools & Services — 0.96%
	19	Bio-Rad Laboratories, Inc., Class – A (a)		6
	102	Bruker Biosciences Corp.		4
	2,503	Cambrex Corp. (a)		97
	134	Codexis, Inc. (a)		3

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Life Sciences Tools & Services (continued)
	8,747	ENZO Biochem, Inc. (a)	$	24
	6,535	Fluidigm Corp. (a)		87
	7,611	Harvard Bioscience, Inc. (a)		33
	113	Luminex Corp.		3
	12,299	NeoGenomics, Inc. (a)		251
	13,816	Pacific Biosciences of California, Inc. (a)		100
	58	PRA Health Sciences, Inc. (a)		6
	6,895	Qiagen N.V. (a)		280
				894
		Machinery — 3.74%
	13,764	Actuant Corp., Class – A		335
	48	AGCO Corp.		3
	2,550	Albany International Corp., Class – A		183
	2,970	Chart Industries, Inc. (a)		269
	168	Columbus McKinnon Corp.		6
	646	ENPRO Industries, Inc.		42
	3,382	Evoqua Water Technologies Co. (a)		43
	1,842	Federal Signal Corp.		48
	83	Global Brass & Copper Holdings, Inc.		3
	2,225	Harsco Corp. (a)		45
	1,529	IDEX Corp.		232
	1,220	ITT, Inc.		71
	368	Kadant, Inc.		32
	17,243	Kornit Digital Ltd. (a)		410
	2,601	Lincoln Electric Holdings, Inc.		218
	4,207	Manitex International, Inc. (a)		32
	18,914	Meritor, Inc. (a)		384
	151	Miller Industries, Inc.		5
	47	Oshkosh Corp.		4
	1,392	Proto Labs, Inc. (a)		146
	21,535	REV Group, Inc.		236
	1,356	SPX Corp. (a)		47
	1,977	SPX FLOW, Inc. (a)		63
	7,016	Terex Corp.		225
	74	The Greenbrier Companies, Inc.		2
	9,016	TriMas Corp. (a)		273
	116	Trinity Industries, Inc.		3
	150	Wabash National Corp.		2
	940	WABCO Holdings, Inc. (a)		124
				3,486
		Marine — 0.27%
	2,650	Kirby Corp. (a)		199
	1,552	Matson, Inc.		56
				255
		Media — 0.84%
	6,172	Beasley Broadcast Group, Inc.		25
	10,764	Cardlytics, Inc. (a)		178
	11,574	Fluent, Inc. (a)		65
	3,901	Gannett Company, Inc.		41
	5,607	Gray Television, Inc. (a)		120
	1,900	MSG Networks, Inc., Class – A (a)		41
	1,685	Nexstar Broadcasting Group, Inc., Class – A		182
	363	Scholastic Corp.		14
	2,029	The E.W. Scripps Co., Class – A		43
	8,565	Wideopenwest, Inc. (a)		78
				787
		Metals & Mining — 2.45%
	5,446	Agnico-Eagle Mines Ltd.		237
	31,610	Allegheny Technologies, Inc. (a)		809
	7,137	Carpenter Technology Corp.		328

HC CAPITAL TRUST

The Small Capitalization–Mid Capitalization Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Metals & Mining (continued)
	10,493	Coeur d’Alene Mines Corp. (a)	$	43
	151	Commercial Metals Co.		3
	3,643	Compass Minerals International, Inc.		198
	48,583	Ferroglobe PLC		100
	1,514	Hecla Mining Co.		3
	767	Kaiser Aluminum Corp.		80
	34,138	Pan American Silver Corp.		453
	990	Universal Stainless & Alloy Products, Inc. (a)		16
	408	Warrior Met Coal, Inc.		12
				2,282
		Mortgage Real Estate Investment Trusts — 0.48%
	81	Apollo Commercial Real Estate Finance, Inc.		1
	831	Arbor Realty Trust, Inc.		11
	3,214	Ellington Residential Mortgage REIT		38
	1,873	Hannon Armstrong Sustainable Infrastructure Capital, Inc.		48
	657	Invesco Mortgage Capital, Inc.		10
	1,466	KKR Real Estate Finance Trust, Inc.		29
	2,760	Ladder Capital Corp.		47
	307	New Residential Investment Corp.		5
	5,999	New York Mortgage Trust, Inc.		37
	2,005	Pennymac Mortgage Investment Trust		42
	8,825	Redwood Trust, Inc.		143
	1,701	TPG RE Finance Trust, Inc.		33
				444
		Multiline Retail — 0.11%
	1,289	Big Lots, Inc.		49
	22,194	Fred’s, Inc., Class – A (a)		55
				104
		Multi-Utilities — 0.04%
	77	Avista Corp.		3
	637	Unitil Corp.		35
				38
		Oil, Gas & Consumable Fuels — 2.51%
	6,413	Callon Petroleum Co. (a)		48
	27,020	Centennial Resource Development, Inc., Class – A (a)		238
	10,511	Chesapeake Energy Corp. (a)		33
	267	Delek US Holdings, Inc.		10
	549	Diamondback Energy, Inc.		56
	20,899	Energy Fuels, Inc. ^(a)		70
	27,945	Euronav N.V.		228
	18,884	GasLog Ltd.		330
	5,738	Golar LNG Ltd.		121
	4,763	Goodrich Petroleum Corp. (a)		65
	5,812	Gulfport Energy Corp. (a)		47
	5,147	Matador Resources Co. (a)		99
	6,702	Murphy Oil Corp.		196
	15,725	Navigator Holdings Ltd. (a)		173
	8,152	Oasis Petroleum, Inc. (a)		49
	14,435	Overseas Shipholding Group, Inc. (a)		33
	5,827	PDC Energy, Inc. (a)		237
	3,236	Ship Finance International Ltd.		40
	7,704	SM Energy Co.		135
	7,823	SRC Energy, Inc. (a)		40
	1,030	Talos Energy, Inc. (a)		27

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Oil, Gas & Consumable Fuels (continued)
	1,899	World Fuel Services Corp.	$	55
				2,330
		Paper & Forest Products — 0.06%
	498	Boise Cascade Co.		13
	67	Domtar Corp.		3
	78	Schweitzer-Mauduit International, Inc.		3
	1,490	Verso Corp. (a)		33
				52
		Personal Products — 0.05%
	331	Medifast, Inc.		42
	16	Nu Skin Enterprises, Inc., Class – A		1
				43
		Pharmaceuticals — 1.18%
	235	Aerie Pharmaceuticals, Inc. (a)		11
	10,482	Amneal Pharmaceuticals, Inc. (a)		148
	122	Catalent, Inc. (a)		5
	15,000	Cumberland Pharmaceuticals, Inc. (a)		87
	3,827	Horizon Pharma PLC (a)		101
	3,612	Innovate Biopharmaceuticals, Inc. ^(a)		7
	1,067	Mallinckrodt PLC (a)		23
	5,554	Melinta Therapeutics, Inc. (a)		20
	5,647	Menlo Therapeutics, Inc. (a)		44
	427	Myokardia, Inc. (a)		22
	2,500	Nektar Therapeutics (a)		84
	13,151	Neos Therapeutics, Inc. (a)		34
	200	Omthera Pharmaceuticals, Inc.		–
	3,772	Pacira Pharmaceuticals, Inc. (a)		144
	901	Phibro Animal Health Corp., Class – A		30
	557	Prestige Brands Holdings, Inc. (a)		17
	230	Reata Pharmaceuticals, Inc., Class – A (a)		20
	278	Supernus Pharmaceuticals, Inc. (a)		10
	2,064	The Medicines Co. (a)		58
	27,820	TherapeuticsMD, Inc. ^(a)		135
	1,749	Zogenix, Inc. (a)		96
				1,096
		Professional Services — 0.43%
	8,909	Acacia Research Corp. (a)		29
	1,823	CBIZ, Inc. (a)		37
	37	FTI Consulting, Inc. (a)		3
	68	Huron Consulting Group, Inc. (a)		3
	578	ICF International, Inc.		44
	401	Kelly Services, Inc., Class – A		9
	982	Kforce, Inc.		34
	3,811	Navigant Consulting, Inc.		74
	1,569	TriNet Group, Inc. (a)		94
	117	TrueBlue, Inc. (a)		3
	1,821	Willdan Group, Inc. (a)		68
				398
		Real Estate Management & Development — 0.37%
	1,172	HFF, Inc., Class – A		56
	912	Marcus & Millichap, Inc. (a)		37
	40	Rafael Holdings, Inc., Class – B (a)		1
	7,170	Realogy Holdings Corp.		81
	2,393	Redfin Corp. ^(a)		49
	6,225	Tejon Ranch Co. (a)		109
	178	The RMR Group, Inc., Class – A		11
				344

HC CAPITAL TRUST

The Small Capitalization–Mid Capitalization Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Road & Rail — 0.96%
	93	ArcBest Corp.	$	3
	8,178	Avis Budget Group, Inc. (a)		285
	84	Covenant Transportation Group, Inc., Class – A (a)		2
	2,401	Hertz Global Holdings, Inc. (a)		42
	6,652	Knight-Swift Transportation Holdings, Inc.		217
	103	P.A.M. Transportation Services, Inc. (a)		5
	4,259	Ryder System, Inc.		264
	1,217	Saia, Inc. (a)		74
				892
		Semiconductors & Semiconductor Equipment — 5.89%
	7,612	Adesto Technologies Corp. (a)		46
	1,752	Advanced Energy Industries, Inc. (a)		87
	4,563	Advanced Micro Devices, Inc. (a)		116
	599	Ambarella, Inc. (a)		26
	7,266	Amkor Technology, Inc. (a)		62
	58	Cirrus Logic, Inc. (a)		2
	5,422	Cree, Inc. (a)		310
	1,243	Cyberoptics Corp. (a)		21
	18,508	Cypress Semiconductor Corp.		276
	109	Diodes, Inc. (a)		4
	126	Entegris, Inc.		4
	7,030	FormFactor, Inc. (a)		113
	19,000	GSI Technology, Inc. (a)		148
	5,396	Inphi Corp. (a)		236
	8,478	Integrated Device Technology, Inc. (a)		415
	18,543	MA-COM Technology Solutions Holdings, Inc. (a)		310
	6,088	Marvell Technology Group Ltd.		121
	3,995	Maxim Integrated Products, Inc.		212
	1,870	MKS Instruments, Inc.		174
	6,193	Monolithic Power Systems, Inc.		840
	206	ON Semiconductor Corp. (a)		4
	1,306	Power Integrations, Inc.		91
	7,865	Qorvo, Inc. (a)		564
	7,731	QuickLogic Corp. (a)		5
	11,158	Semtech Corp. (a)		569
	1,572	Silicon Laboratories, Inc. (a)		127
	164	Synaptics, Inc. (a)		7
	3,122	Universal Display Corp.		477
	12,464	Veeco Instruments, Inc. (a)		135
				5,502
		Software — 7.69%
	4,686	2U, Inc. (a)		332
	3,438	Alarm.com Holding, Inc. (a)		223
	1,959	Alteryx, Inc. (a)		164
	4,648	Asure Software, Inc. (a)		28
	3,104	Avaya Holdings Corp. (a)		52
	10,632	Benefitfocus, Inc. (a)		525
	6,416	Blackline, Inc. (a)		297
	12,451	Cloudera, Inc. (a)		136
	2,890	Coupa Software, Inc. (a)		263
	855	Ebix, Inc.		42
	3,185	Ellie Mae, Inc. (a)		314
	2,626	Envestnet, Inc. (a)		172
	406	Everbridge, Inc. (a)		30
	83	Fair Isaac Corp. (a)		23
	1,290	Five9, Inc. (a)		68
	999	Forescout Technologies, Inc. (a)		42
	13,835	Fusion Connect, Inc. (a)		18
	2,436	Guidewire Software, Inc. (a)		237
	1,884	HubSpot, Inc. (a)		313

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Software (continued)
	64	Instructure, Inc. (a)	$	3
	29	J2 Global, Inc.		3
	107	LivePerson, Inc. (a)		3
	4,865	Model N, Inc. (a)		85
	2,627	New Relic, Inc. (a)		259
	20,476	Nuance Communications, Inc. (a)		347
	1,909	Nutanix, Inc., Class – A (a)		72
	2,934	Paylocity Holding Corp. (a)		262
	1,141	Progress Software Corp.		51
	1,872	Proofpoint, Inc. (a)		227
	1,042	PROS Holdings, Inc. (a)		44
	2,471	PTC, Inc. (a)		228
	62	Rapid7, Inc. (a)		3
	87,356	RealNetworks, Inc. (a)		272
	2,030	RingCentral, Inc., Class – A (a)		219
	88	Sailpoint Technologies Holding, Inc. (a)		3
	28	SPS Commerce, Inc. (a)		3
	2,946	SS&C Technologies Holdings, Inc.		188
	1,703	SVMK, Inc. (a)		31
	37,200	Synacor, Inc. (a)		58
	8,923	Telaria, Inc. (a)		57
	33,100	Telenav, Inc. (a)		201
	1,043	The Trade Desk, Inc. (a)		206
	44,492	TiVo Corp.		415
	42	Varonis Systems, Inc. (a)		3
	6,107	Veritone, Inc. ^(a)		32
	60	Workiva, Inc. (a)		3
	8,313	Yext, Inc. (a)		182
	6,230	Zscaler, Inc. (a)		441
				7,180
		Specialty Retail — 1.47%
	4,868	Abercrombie & Fitch Co., Class – A		133
	588	Asbury Automotive Group, Inc. (a)		41
	1,791	AT Home Group, Inc. (a)		32
	3,759	Bed Bath & Beyond, Inc.		64
	7,586	Big 5 Sporting Goods Corp.		24
	7,636	Boot Barn Holdings, Inc. (a)		225
	1,366	Caleres, Inc.		34
	7,105	Carvana Co. ^(a)		412
	93	DSW, Inc., Class – A		2
	145	Five Below, Inc. (a)		18
	72	Group 1 Automotive, Inc.		5
	130	Guess?, Inc.		3
	462	Hudson Ltd., Class – A (a)		6
	10,371	J. Jill, Inc.		57
	2,585	Kirkland’s, Inc. (a)		18
	610	Monro Muffler Brake, Inc.		53
	16,067	Office Depot, Inc.		58
	53	Penske Automotive Group, Inc.		2
	99	Restoration Hardware Co. (a)		10
	146	Sally Beauty Holdings, Inc. (a)		3
	405	Sleep Number Corp. (a)		19
	98	Sonic Automotive, Inc., Class – A		1
	12,985	Tailored Brands, Inc.		102
	462	The Children’s Place Retail Stores, Inc.		45
	293	Tilly’s, Inc., Class – A		3
				1,370
		Technology Hardware, Storage & Peripherals — 0.24%
	3,633	3D Systems Corp. (a)		39
	5,100	Astronova, Inc.		104
	2,933	Eastman Kodak Co. ^(a)		9
	14,200	GlassBridge Enterprises, Inc. (a)		1

HC CAPITAL TRUST

The Small Capitalization–Mid Capitalization Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Technology Hardware, Storage & Peripherals (continued)
	3,200	Super Micro Computer, Inc. (a)	$	68
				221
		Textiles, Apparel & Luxury Goods — 0.95%
	2,165	Columbia Sportswear Co.		226
	1,110	Deckers Outdoor Corp. (a)		163
	73	G-III Apparel Group Ltd. (a)		3
	13,805	Lakeland Industries, Inc. (a)		162
	2,800	Movado Group, Inc.		102
	6,374	Wolverine World Wide, Inc.		227
				883
		Thrifts & Mortgage Finance — 0.69%
	1,657	Axos Financial, Inc. (a)		48
	522	ESSA Bancorp, Inc.		8
	55	Federal Agricultural Mortgage Corp., Class – C		4
	88	First Defiance Financial Corp.		3
	1,244	Flagstar Bancorp, Inc.		41
	79	HomeStreet, Inc. (a)		2
	2,947	Kearny Financial Corp. of Maryland		38
	382	MGIC Investment Corp. (a)		5
	4,468	NMI Holdings, Inc. (a)		116
	2,727	OP BanCorp		24
	1,418	PennyMac Financial Services, Inc.		32
	1,783	Provident Financial Services, Inc.		46
	418	Prudential BanCorp, Inc.		7
	2,098	SI Financial Group, Inc.		27
	263	TrustCo Bank Corp. NY		2
	880	Walker & Dunlop, Inc.		45
	5,199	WSFS Financial Corp.		200
				648
		Tobacco — 0.32%
	746	Pyxus International, Inc. (a)		18
	4,151	Universal Corp.		239
	3,650	Vector Group Ltd.		39
				296
		Trading Companies & Distributors — 1.62%
	83	Air Lease Corp.		3
	3,305	Aircastle Ltd.		67
	7,304	Beacon Roofing Supply, Inc. (a)		235
	13,418	BMC Stock Holdings, Inc. (a)		237
	5,061	DXP Enterprises, Inc. (a)		197
	83	GATX Corp.		6
	944	Herc Holdings, Inc. (a)		37
	585	Kaman Corp.		34
	11,059	MRC Global, Inc. (a)		193
	3,321	NOW, Inc. (a)		46
	1,052	Rush Enterprises, Inc., Class – A		44
	1,118	SiteOne Landscape Supply, Inc. (a)		64
	2,263	Triton International Ltd.		70
	1,540	Watsco, Inc.		221
	51	WESCO International, Inc. (a)		3
	1,283	Willis Lease Finance Corp. (a)		54
				1,511
		Transportation Infrastructure — 0.27%
	6,057	Macquarie Infrastructure Corp.		250
		Water Utilities — 0.28%
	839	American States Water Co.		60

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Water Utilities (continued)
	995	California Water Service Group	$	54
	495	Connecticut Water Service, Inc.		34
	1,063	Global Water Resources, Inc.		10
	628	Middlesex Water Co.		35
	1,064	SJW Corp.		66
				259
		Wireless Telecommunication Services — 0.21%
	30,363	Gogo, Inc. ^(a)		136
	1,364	Shenandoah Telecommunications Co.		61
	64	Spok Holdings, Inc.		1
				198
		Total Common Stocks		86,639
		Contingent Rights — 0.00%
		Biotechnology — 0.00%
	1	Tobira Therapeutics, Inc. CVR		–
		Chemicals — 0.00%
	97	Schulman, Inc. CVR (a)		–
		Financials — 0.00%
	176,955	Tahoe Resources, Inc. CVR (a)		–
		Total Contingent Rights		–
		Investment Companies — 5.90%
	53,900	180 Degree Capital Corp.		101
	324,243	Federated Treasury Obligations Fund, Institutional Shares, 2.29% ^^(b)		324
	435,443	State Street Institutional Liquid Reserves Fund, Trust Class, 0.00% (b)		435
	4,645,688	State Street Institutional Treasury Plus Money Market Fund, Premier Class, 2.30% (b)		4,646
		Total Investment Companies		5,506
Principal Amount (000)
		Repurchase Agreement — 1.24%
$	1,159	Jefferies LLC, 2.60%, 4/1/19 (Purchased on 3/29/19, proceeds at maturity $1,158,782 collateralized by U.S. Treasury Obligations, 2.40% – 2.97%, 8/15/19 – 2/15/47 fair value $1,181,701) ^^		1,159
		Total Repurchase Agreement		1,159
		Total Investments (cost $69,330) — 100.04%		93,304
		Liabilities in excess of other assets — (0.04)%		(33	)
		Net Assets — 100.00%	$	93,271

Amounts designated as “—” are $0 or have been rounded to $0.

HC CAPITAL TRUST

The Small Capitalization–Mid Capitalization Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

^ All or part of this security was on loan as of March 31, 2019. The total value of securities on loan as of March 31, 2019, was $1,421 (amount in thousands).

^^ Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for securities that were sold on or before March 31, 2019.

(a) Represents non-income producing security.

(b) The rate disclosed is the rate in effect on March 31, 2019.

ADR — American Depositary Receipt

REIT — Real Estate Investment Trust

The following table reflects the percentage of total net assets of the Portfolio attributable to each Specialist Manager as of March 31, 2019.

The Small Capitalization-Mid Capitalization Equity Portfolio	Advisory Research, Inc.			Ariel Investments, LLC			Frontier Capital Management Company, LLC			Parametric Portfolio Associates, LLC			Pzena Investment Management, LLC			HC Capital Solutions			Total
Common Stocks		13.51	%		4.81	%		38.85	%		27.94	%		7.79	%		—			92.90	%
Contingent Rights		—			—			—			0.00	%		—			—			0.00	%
Investment Companies		0.64	%		0.11	%		0.08	%		1.83	%		—			3.24	%		5.90	%
Repurchase Agreement		0.63	%		0.01	%		0.30	%		0.30	%		—			—			1.24	%
Other Assets (Liabilities)		-0.82	%		0.14	%		0.65	%		-0.24	%		0.22	%		0.01	%		-0.04	%
Total Net Assets		13.96	%		5.07	%		39.88	%		29.83	%		8.01	%		3.25	%		100.00	%

Amounts designated as “—” indicate the Specialist Manager did not manage any holdings in that category.

The following table reflects the open derivative positions held by the Portfolio as of March 31, 2019.

Futures Contracts Purchased^

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value and Unrealized Appreciation/ (Depreciation) (000)
Russell 2000 Mini Index Future		22		6/21/19	$	1,698	$	(23	)
					$	1,698	$	(23	)
				Total Unrealized Appreciation			$	—
				Total Unrealized Depreciation				(23	)
				Total Net Unrealized Appreciation/(Depreciation)			$	(23	)

^ Cash has been pledged as collateral for futures contracts held by the Portfolio.

Amounts designated as “—” are $0 or have been rounded to $0.

HC CAPITAL TRUST

The Institutional Small Capitalization-Mid Capitalization Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks — 93.23%
		Aerospace & Defense — 0.89%
	926	AAR Corp.	$	30
	2,023	Aerojet Rocketdyne Holdings, Inc. (a)		72
	587	Aerovironment, Inc. (a)		40
	587	Astronics Corp. (a)		19
	8,790	Axon Enterprise, Inc. (a)		479
	883	Cubic Corp.		50
	285	Ducommun, Inc. (a)		12
	22,781	Kratos Defense & Security Solutions, Inc. (a)		357
	1,531	Maxar Technologies, Inc.		6
	1,312	Mercury Systems, Inc. (a)		84
	890	Moog, Inc., Class – A		77
	138	National Presto Industries, Inc.		15
	1,384	The KeyW Holding Corp. (a)		12
	1,354	Triumph Group, Inc.		26
	318	Vectrus, Inc. (a)		8
	9,714	Wesco Aircraft Holdings, Inc. (a)		85
				1,372
		Air Freight & Logistics — 0.12%
	1,616	Air Transport Services Group, Inc. (a)		37
	664	Atlas Air Worldwide Holdings, Inc. (a)		34
	760	Echo Global Logistics, Inc. (a)		19
	799	Forward Air Corp.		52
	915	Hub Group, Inc., Class – A (a)		37
	1,142	Radiant Logistics, Inc. (a)		7
				186
		Airlines — 2.84%
	636	Alaska Air Group, Inc.		36
	361	Allegiant Travel Co.		47
	22,546	American Airlines Group, Inc.		716
	20,790	Azul SA, ADR (a)		607
	4,105	Hawaiian Holdings, Inc.		108
	21,358	JetBlue Airways Corp. (a)		349
	23,804	Mesa Air Group, Inc. (a)		199
	1,414	SkyWest, Inc.		77
	1,911	Spirit Airlines, Inc. (a)		101
	19,571	United Continental Holdings, Inc. (a)		1,560
	69,635	Volaris Aviation Holding Co., ADR (a)		593
				4,393
		Auto Components — 1.08%
	3,074	American Axle & Manufacturing Holdings, Inc. (a)		44
	1,408	Cooper Tire & Rubber Co.		42
	499	Cooper-Standard Holding, Inc. (a)		23
	28,822	Dana Holding Corp.		511
	745	Dorman Products, Inc. (a)		66
	6,737	Fox Factory Holding Corp. (a)		471
	4,421	Garrett Motion, Inc. (a)		65
	957	Gentherm, Inc. (a)		35
	673	LCI Industries		52
	11,169	Modine Manufacturing Co. (a)		155
	4,519	Motorcar Parts of America, Inc. (a)		85
	446	Shiloh Industries, Inc. (a)		2
	588	Standard Motor Products, Inc.		29
	1,354	Stoneridge, Inc. (a)		39
	688	Superior Industries, Inc.		3
	1,427	Tenneco, Inc.		32

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Auto Components (continued)
	548	Tower International, Inc.	$	12
				1,666
		Automobiles — 0.02%
	876	Winnebago Industries, Inc.		27
		Banks — 5.51%
	177	1st Constitution BanCorp		3
	426	1st Source, Inc.		19
	205	ACNB Corp.		8
	324	Allegiance Bancshares, Inc. (a)		11
	329	Amalgamated Bank, Class – A		5
	238	American National Bankshares, Inc.		8
	1,185	Ameris BanCorp		41
	251	Ames National Corp.		7
	347	Arrow Financial Corp.		11
	13,224	Associated Banc-Corp.		282
	688	Atlantic Capital Bancshares, Inc. (a)		12
	55	Auburn National BanCorp.		2
	1,203	Banc of California, Inc.		17
	511	BancFirst Corp.		27
	1,388	BanCorp, Inc. (a)		11
	2,614	BancorpSouth Bank		74
	465	Bank of Commerce Holdings		5
	380	Bank of Marin Bancorp		15
	1,576	Bank of N.T. Butterfield & Son Ltd. (The)		57
	141	Bank of Princeton (The)		4
	179	Bankwell Financial Group, Inc.		5
	884	Banner Corp.		48
	426	Bar Harbor Bankshares, Inc.		11
	336	Baycom Corp. (a)		8
	375	BCB BanCorp, Inc.		5
	1,149	Berkshire Hills BanCorp, Inc.		31
	625	Blue Hills BanCorp, Inc.		15
	2,282	Boston Private Financial Holdings, Inc.		25
	451	Bridge BanCorp, Inc.		13
	2,220	Brookline BanCorp, Inc.		32
	539	Bryn Mawr Bank Corp.		19
	291	Business First Bancshares, Inc.		7
	464	Byline BanCorp, Inc. (a)		9
	83	C&F Financial Corp.		4
	3,350	Cadence Bancorporation		62
	110	Cambridge BanCorp		9
	424	Camden National Corp.		18
	175	Capital BanCorp, Inc. (a)		2
	323	Capital City Bank Group, Inc.		7
	269	Capstar Financial Holdings, Inc.		4
	591	Carolina Financial Corp.		20
	2,139	Cathay BanCorp, Inc.		73
	113	CB Financial Services, Inc.		3
	495	CBTX, Inc.		16
	13,311	Centerstate Bank Corp.		317
	808	Central Pacific Financial Corp.		23
	295	Central Valley Community Bancorp		6
	86	Century Bancorp, Inc., Class – A		6
	1,994	Chemical Financial Corp.		82
	86	Chemung Financial Corp.		4
	342	Citizens & Northern Corp.		9
	448	City Holding Co.		34
	376	Civista Bancshares, Inc.		8
	420	CNB Financial Corp.		11
	174	Coastal Financial Corp. (a)		3
	262	Codorus Valley BanCorp, Inc.		6

HC CAPITAL TRUST

The Institutional Small Capitalization-Mid Capitalization Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Banks (continued)
	2,023	Columbia Banking System, Inc.	$	66
	1,392	Community Bank System, Inc.		83
	641	Community Bankers Trust Corp.		5
	121	Community Financial Corp. (The)		3
	426	Community Trust Bancorp, Inc.		17
	836	ConnectOne Bancorp, Inc.		16
	144	County Bancorp, Inc.		3
	799	Customers BanCorp, Inc. (a)		15
	3,099	CVB Financial Corp.		65
	891	Eagle BanCorp, Inc. (a)		45
	273	Enterprise BanCorp, Inc.		8
	6,705	Enterprise Financial Services Corp.		273
	360	Equity Bancshares, Inc. (a)		10
	144	Esquire Financial Holdings, Inc. (a)		3
	137	Evans BanCorp, Inc.		5
	255	Farmers & Merchants Banco		8
	738	Farmers National Banc Corp.		10
	442	FB Financial Corp.		14
	68	Fidelity D&D BanCorp, Inc.		4
	624	Fidelity Southern Corp.		17
	424	Financial Institutions, Inc.		12
	826	First Bancorp		29
	42,131	First BanCorp		483
	297	First Bancorp, Inc.		7
	334	First Bancshares, Inc.		10
	402	First Bank/Hamilton		5
	1,233	First Busey Corp.		30
	245	First Business Financial Services, Inc.		5
	245	First Choice BanCorp		5
	2,717	First Commonwealth Financial Corp.		34
	425	First Community Bancshares, Inc.		14
	174	First Community Corp.		3
	2,647	First Financial BanCorp		64
	1,810	First Financial Bankshares, Inc.		105
	336	First Financial Corp.		14
	248	First Financial Northwest, Inc.		4
	1,079	First Foundation, Inc.		15
	141	First Guaranty Bancshares, Inc.		3
	15,810	First Horizon National Corp.		221
	294	First Internet BanCorp		6
	922	First Interstate BancSystem, Inc., Class – A		37
	1,360	First Merchants Corp.		50
	362	First Mid-Illinois Bancshares, Inc.		12
	12,418	First Midwest Bancorp, Inc.		254
	298	First Northwest BanCorp		5
	661	First of Long Island Corp. (The)		14
	43	First Savings Financial Group, Inc.		2
	164	First United Corp.		3
	768	Flushing Financial Corp.		17
	339	Franklin Financial Network, Inc.		10
	4,626	Fulton Financial Corp.		72
	51	FVCBankcorp, Inc. (a)		1
	664	German American BanCorp, Inc.		20
	2,372	Glacier BanCorp, Inc.		95
	301	Great Southern Bancorp, Inc.		16
	1,587	Great Western Bancorp, Inc.		50
	231	Guaranty Bancshares, Inc.		7
	2,374	Hancock Holding Co.		96
	863	Hanmi Financial Corp.		18
	382	Harborone BanCorp, Inc. (a)		7
	813	Heartland Financial USA, Inc.		35
	1,079	Heritage Commerce Corp.		13
	1,033	Heritage Financial Corp.		31

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Banks (continued)
	2,000	Hilltop Holdings, Inc.	$	37
	4,350	Home Bancshares, Inc.		76
	472	Hometrust Bancshares, Inc.		12
	20,469	Hope Bancorp, Inc.		268
	1,034	Horizon Bancorp, Inc.		17
	333	Howard BanCorp, Inc. (a)		5
	4,620	Iberiabank Corp.		332
	595	Independent Bank Corp.		13
	782	Independent Bank Corp.		63
	906	Independent Bank Group, Inc.		46
	1,524	International Bancshares Corp.		58
	242	Investar Holding Corp.		5
	6,588	Investors Bancorp, Inc.		78
	1,215	Lakeland Bancorp, Inc.		18
	668	Lakeland Financial Corp.		30
	267	LCNB Corp.		5
	1,330	LegacyTexas Financial Group, Inc.		50
	140	Level One BanCorp, Inc.		3
	688	Live Oak Bancshares, Inc.		10
	758	Macatawa Bank Corp.		8
	532	MBT Financial Corp.		5
	454	Mercantile Bank Corp.		15
	174	Metropolitan Bank Holding Corp. (a)		6
	113	Mid Penn BanCorp, Inc.		3
	80	Middlefield Banc Corp.		3
	567	Midland States BanCorp, Inc.		14
	435	MidSouth Bancorp, Inc.		5
	323	MidWestOne Financial Group, Inc.		9
	180	MutualFirst Financial, Inc.		5
	202	MVB Financial Corp.		3
	814	National Bank Holdings Corp., Class – A		27
	197	National Bankshares, Inc.		8
	482	National Commerce Corp. (a)		19
	1,173	NBT Bancorp, Inc.		42
	226	Nicolet Bankshares, Inc. (a)		13
	225	Northeast BanCorp		5
	200	Northrim BanCorp, Inc.		7
	172	Norwood Financial Corp.		5
	166	Oak Valley BanCorp		3
	1,177	OFG Bancorp		23
	123	Ohio Valley Banc Corp.		4
	419	Old Line Bancshares, Inc.		10
	4,194	Old National Bancorp		69
	830	Old Second BanCorp, Inc.		10
	553	Opus Bank		11
	493	Origin BanCorp, Inc.		17
	222	Orrstown Financial Services, Inc.		4
	316	Pacific City Financial Corp.		6
	470	Pacific Mercantile BanCorp (a)		4
	1,282	Pacific Premier Bancorp, Inc.		34
	382	Park National Corp.		36
	198	Parke BanCorp, Inc.		4
	564	Peapack-Gladstone Financial Corp.		15
	138	Penns Woods BanCorp, Inc.		6
	143	Peoples BanCorp		4
	488	Peoples Bancorp, Inc.		15
	198	Peoples Financial Services Corp.		9
	418	People’s Utah BanCorp		11
	7,877	Popular, Inc.		411
	398	Preferred Bank		18
	299	Premier Financial Bancorp, Inc.		5
	353	QCR Holdings, Inc.		12
	366	RBB BanCorp		7
	258	Reliant BanCorp, Inc.		6

HC CAPITAL TRUST

The Institutional Small Capitalization-Mid Capitalization Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Banks (continued)
	1,329	Renasant Co.	$	45
	266	Republic Bancorp, Inc., Class – A		12
	1,197	Republic First Bancorp, Inc. (a)		6
	949	S & T BanCorp, Inc.		38
	975	Sandy Spring BanCorp, Inc.		30
	176	SB One BanCorp		4
	1,290	Seacoast Banking Corporation of Florida (a)		34
	422	Select BanCorp, Inc. (a)		5
	1,299	ServisFirst Bancshares, Inc.		44
	367	Shore Bancshares, Inc.		5
	389	Sierra Bancorp		9
	2,566	Simmons First National Corp.		63
	292	Smartfinancial, Inc. (a)		6
	987	South State Corp.		67
	191	Southern First Bancshares (a)		6
	532	Southern National BanCorp		8
	886	Southside Bancshares, Inc.		29
	334	Spirit of Texas Bancshares, Inc. (a)		7
	604	Stock Yards BanCorp, Inc.		20
	317	Summit Financial Group, Inc.		8
	5,652	Synovus Financial Corp.		194
	7,532	TCF Financial Corp.		156
	3,825	Texas Capital Bancshares, Inc. (a)		209
	416	Tompkins TrustCo, Inc.		32
	1,840	TowneBank		46
	730	TriCo Bancshares		29
	693	Tristate Capital Holdings, Inc. (a)		14
	688	Triumph Bancorp, Inc. (a)		20
	1,816	Trustmark Corp.		61
	1,279	UMB Financial Corp.		82
	2,156	Union Bankshares Corp.		70
	116	Union Bankshares, Inc.		5
	2,732	United Bankshares, Inc.		99
	2,161	United Community Banks, Inc.		54
	397	United Security Bancshare/CA		4
	231	Unity BanCorp, Inc.		4
	790	Univest Corp.		19
	8,966	Valley National Bancorp		86
	1,216	Veritex Holdings, Inc.		29
	407	Washington Trust BanCorp, Inc.		20
	8,767	Webster Financial Corp.		445
	1,438	WesBanco, Inc.		57
	455	West Bancorporation, Inc.		9
	722	Westamerica Bancorp		45
				8,495
		Beverages — 0.11%
	2,808	Castle Brands, Inc. (a)		2
	524	Celsius Holdings, Inc. (a)		2
	130	Coca-Cola Bottling Co. Consolidated		37
	371	Craft Brew Alliance, Inc. (a)		5
	374	MGP Ingredients, Inc.		29
	324	National Beverage Corp.		19
	1,006	Primo Water Corp. (a)		16
	229	The Boston Beer Co., Inc., Class – A (a)		67
				177
		Biotechnology — 3.44%
	868	Abeona Therapeutics, Inc. (a)		6
	3,176	Acadia Pharmaceuticals, Inc. (a)		85
	1,237	Acceleron Pharma, Inc. (a)		58
	859	Achaogen, Inc. (a)		–
	3,829	Achillion Pharmaceuticals, Inc. (a)		11

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Biotechnology (continued)
	1,204	Acorda Therapeutics, Inc. (a)	$	16
	590	Adamas Pharmaceuticals, Inc. (a)		4
	425	ADMA Biologics, Inc. (a)		2
	1,722	Aduro Biotech, Inc. (a)		7
	1,656	Adverum Biotechnologies, Inc. (a)		9
	635	Aeglea BioTherapeutics, Inc. (a)		5
	2,561	Agenus, Inc. (a)		8
	256	Agex Therapeutics, Inc. (a)		1
	1,244	Aimmune Therapeutics, Inc. (a)		28
	2,311	Akebia Therapeutics, Inc. (a)		19
	281	Albireo Pharma, Inc. (a)		9
	1,584	Alder Biopharmaceuticals, Inc. (a)		22
	586	Aldeyra Therapeutics, Inc. (a)		5
	139	Alector, Inc. (a)		3
	423	Allakos, Inc. (a)		17
	277	Allena Pharmaceuticals, Inc. (a)		2
	589	Allogene Therapeutics, Inc. (a)		17
	970	AMAG Pharmaceuticals, Inc. (a)		12
	5,352	Amicus Therapeutics, Inc. (a)		73
	604	Anaptysbio, Inc. (a)		44
	1,047	Apellis Pharmaceuticals, Inc. (a)		20
	354	Aptinyx, Inc. (a)		1
	875	Arbutus BioPharma Corp. (a)		3
	850	Arcus Biosciences, Inc. (a)		11
	1,002	Ardelyx, Inc. (a)		3
	1,371	Arena Pharmaceuticals, Inc. (a)		61
	2,932	ArQule, Inc. (a)		14
	18,168	Array BioPharma, Inc. (a)		444
	2,576	Arrowhead Pharmaceuticals, Inc. (a)		47
	2,712	Ascendis Pharma A/S, ADR (a)		319
	1,173	Atara Biotherapeutics, Inc. (a)		47
	1,244	Athenex, Inc. (a)		15
	3,034	Athersys, Inc. (a)		5
	1,019	Audentes Therapeutics, Inc. (a)		40
	3,442	Aveo Phamaceuticals, Inc. (a)		3
	1,443	Avid Bioservices, Inc. (a)		6
	333	Avrobio, Inc. (a)		7
	1,026	Bellicum Pharmaceuticals, Inc. (a)		3
	3,063	BioCryst Pharmaceuticals, Inc. (a)		25
	860	Biohaven Pharmaceutical Holding Co. Ltd. (a)		45
	165	BioSpecifics Technologies Corp. (a)		10
	3,651	BioTime, Inc. ^		5
	1,150	Blueprint Medicines Corp. (a)		92
	916	Calithera Biosciences, Inc. (a)		6
	135	Calyxt, Inc. (a)		2
	882	Cara Therapeutics, Inc. (a)		17
	990	CareDx, Inc. (a)		31
	1,309	CASI Pharmaceuticals, Inc. (a)		4
	279	Catalyst Biosciences, Inc. (a)		2
	2,577	Catalyst Pharmaceuticals, Inc. (a)		13
	136	Celcuity, Inc. (a)		3
	351	Cellular Biomedicine Group, Inc. (a)		6
	611	ChemoCentryx, Inc. (a)		8
	1,383	Chimerix, Inc. (a)		3
	1,337	Clovis Oncology, Inc. (a)		33
	550	Cohbar, Inc. (a)		2
	1,461	Coherus Biosciences, Inc. (a)		20
	574	Concert Pharmaceuticals, Inc. (a)		7
	515	Constellation Pharmaceuticals, Inc. (a)		7
	1,424	Corbus Pharmaceuticals Holdings, Inc. ^(a)		10
	336	Corvus Pharmaceuticals, Inc. (a)		1
	272	Crinetics Pharmaceuticals, Inc. (a)		6

HC CAPITAL TRUST

The Institutional Small Capitalization-Mid Capitalization Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Biotechnology (continued)
	1,269	CTI BioPharma Corp. (a)	$	1
	443	Cue BioPharma, Inc. (a)		3
	1,203	Cytokinetics, Inc. (a)		10
	1,206	CytomX Therapeutics, Inc. (a)		13
	228	Deciphera Pharmaceuticals, Inc. (a)		5
	1,287	Denali Therapeutics, Inc. (a)		30
	1,472	Dicerna Pharmaceuticals, Inc. (a)		22
	1,684	Dynavax Technologies Corp. (a)		12
	316	Eagle Pharmaceuticals, Inc. (a)		16
	1,281	Editas Medicine, Inc. (a)		31
	425	Eidos Therapeutics, Inc. (a)		10
	1,267	Emergent BioSolutions, Inc. (a)		64
	470	Enanta Pharmaceuticals, Inc. (a)		45
	1,652	Epizyme, Inc. (a)		20
	142	Equillium, Inc. (a)		1
	645	Esperion Therapeutics, Inc. (a)		26
	373	Evelo Biosciences, Inc. (a)		3
	1,658	Fate Therapeutics, Inc. (a)		29
	265	Fennec Pharmaceuticals, Inc. (a)		1
	6,431	Fibrogen, Inc. (a)		351
	928	Five Prime Therapeutics, Inc. (a)		12
	906	Flexion Therapeutics, Inc. (a)		11
	997	Fortress Biotech, Inc. (a)		2
	371	Forty Seven, Inc. (a)		6
	680	G1 Therapeutics, Inc. (a)		11
	2,253	Genomic Health, Inc. (a)		159
	4,547	Geron Corp. (a)		8
	1,512	Global Blood Therapeutics, Inc. (a)		80
	972	GlycoMimetics Industries, Inc. (a)		12
	362	Gossamer Bio, Inc. (a)		8
	190	Gritstone Oncology, Inc. (a)		3
	102	GTX, Inc. (a)		–
	3,479	Halozyme Therapeutics, Inc. (a)		56
	143	Harpoon Therapeutics, Inc. (a)		1
	1,923	Heron Therapeutics, Inc. (a)		47
	467	Homology Medicines, Inc. (a)		13
	516	Idera Pharmaceuticals, Inc. (a)		1
	1,001	Immune Design Corp. (a)		6
	3,889	ImmunoGen, Inc. (a)		11
	4,138	Immunomedics, Inc. (a)		79
	2,310	Inovio Pharmaceuticals, Inc. (a)		9
	2,136	Insmed, Inc. (a)		62
	705	Insys Therapeutics, Inc. ^(a)		3
	886	Intellia Therapeutics, Inc. (a)		15
	613	Intercept Pharmaceuticals, Inc. (a)		69
	2,050	Intrexon Corp. (a)		11
	1,952	Invitae Corp. (a)		46
	2,891	Iovance Biotherapeutics, Inc. (a)		27
	3,925	Ironwood Pharmaceuticals, Inc. (a)		53
	400	Jounce Therapeutics, Inc. (a)		2
	2,687	Kadmon Holdings, Inc. (a)		7
	1,302	Karyopharm Therapeutics, Inc. (a)		8
	331	Kezar Life Sciences, Inc. (a)		6
	1,082	Kindred Biosciences, Inc. (a)		10
	312	Kiniksa Pharmaceuticals Ltd. (a)		6
	261	Kodiak Sciences, Inc. (a)		2
	809	Kura Oncology, Inc. (a)		13
	577	La Jolla Pharmaceutical Co. (a)		4
	1,192	Lexicon Pharmaceuticals, Inc. (a)		7
	580	Ligand Pharmaceuticals, Inc., Class – B (a)		73
	223	Logicbio Therapeutics, Inc. (a)		2
	1,057	MacroGenics, Inc. (a)		19
	197	Madrigal Pharmaceuticals, Inc. (a)		25
	373	Magenta Therapeutics, Inc. (a)		6

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Biotechnology (continued)
	4,268	MannKind Corp. (a)	$	8
	1,094	MediciNova, Inc. (a)		9
	310	Meiragtx Holdings PLC (a)		5
	334	Mersana Therapeutics, Inc. (a)		2
	791	Minerva Neurosciences, Inc. (a)		6
	753	Miragen Therapeutics, Inc. (a)		2
	591	Mirati Therapeutics, Inc. (a)		43
	308	Molecular Templates, Inc. (a)		2
	2,766	Momenta Pharmaceuticals, Inc. (a)		40
	385	Mustang Bio, Inc. (a)		1
	14,282	Myriad Genetics, Inc. (a)		475
	924	NantKwest, Inc. (a)		1
	912	Natera, Inc. (a)		19
	557	Neon Therapeutics, Inc. (a)		4
	894	NewLink Genetics Corp. (a)		2
	10,266	Novavax, Inc. ^(a)		6
	973	Nymox Pharmaceutical Corp. (a)		2
	8,691	OPKO Health, Inc. (a)		23
	3,286	Organovo Holdings, Inc. (a)		3
	385	Ovid Therapeutics, Inc. (a)		1
	5,624	Palatin Technologies, Inc. (a)		6
	3,937	PDL BioPharma, Inc. (a)		15
	778	Pfenex, Inc. (a)		5
	1,482	Pieris Pharmaceuticals, Inc. (a)		5
	307	PolarityTE, Inc. ^(a)		3
	1,818	Portola Pharmaceuticals, Inc. (a)		63
	157	Principia BioPharma, Inc. (a)		5
	2,408	Progenics Pharmaceuticals, Inc. (a)		11
	1,097	Proteostasis Therapeutics, Inc. (a)		1
	1,074	Prothena Corp. PLC (a)		13
	1,450	PTC Therapeutics, Inc. (a)		55
	800	Puma Biotechnology, Inc. (a)		31
	512	Ra Pharmaceuticals, Inc. (a)		11
	1,094	Radius Health, Inc. (a)		22
	600	Recro Pharma, Inc. (a)		4
	886	Regenxbio, Inc. (a)		51
	1,088	Repligen Corp. (a)		64
	386	Replimune Group, Inc. (a)		6
	1,128	Retrophin, Inc. (a)		26
	437	Rhythm Pharmaceuticals, Inc. (a)		12
	4,635	Rigel Pharmaceuticals, Inc. (a)		12
	705	Rocket Pharmaceuticals, Inc. (a)		12
	997	Rubius Therapeutics, Inc. (a)		18
	10,295	Sangamo BioSciences, Inc. (a)		98
	783	Savara, Inc. (a)		6
	388	Scholar Rock Holding Corp. (a)		7
	1,264	Selecta Biosciences, Inc. (a)		3
	618	Seres Therapeutics, Inc. (a)		4
	329	Solid Biosciences, Inc. (a)		3
	3,422	Sorrento Therapeutics, Inc. ^(a)		16
	872	Spark Therapeutics, Inc. (a)		100
	2,843	Spectrum Pharmaceuticals, Inc. (a)		30
	190	Spero Therapeutics, Inc. (a)		2
	383	Spring Bank Pharmaceuticals, Inc. (a)		4
	1,029	Stemline Therapeutics, Inc. (a)		13
	191	Surface Oncology, Inc. (a)		1
	175	Sutro BioPharma, Inc. (a)		2
	362	Syndax Pharmaceuticals, Inc. (a)		2
	369	Synlogic, Inc. (a)		3
	244	Synthorx, Inc. (a)		5
	629	Syros Pharmaceuticals, Inc. (a)		6
	903	T2 Biosystems, Inc. (a)		2
	1,818	TG Therapeutics, Inc. (a)		15
	530	Tocagen, Inc. (a)		6

HC CAPITAL TRUST

The Institutional Small Capitalization-Mid Capitalization Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Biotechnology (continued)
	763	Translate Bio, Inc. (a)	$	8
	139	Twist Bioscience Corp. (a)		3
	2,816	Tyme Technologies, Inc. ^(a)		5
	1,479	Ultragenyx Pharmaceutical, Inc. (a)		104
	672	UNITY Biotechnology, Inc. (a)		5
	513	Unum Therapeutics, Inc. (a)		2
	1,440	Vanda Pharmaceuticals, Inc. (a)		26
	784	Veracyte, Inc. (a)		20
	1,856	Verastem, Inc. (a)		5
	1,218	Vericel Corp. (a)		21
	1,640	Viking Therapeutics, Inc. ^(a)		16
	737	Vital Therapies, Inc. (a)		–
	578	Voyager Therapeutics, Inc. (a)		11
	16	X4 Pharmaceuticals, Inc. (a)		–
	1,313	Xencor, Inc. (a)		41
	147	Xoma Corp. (a)		2
	192	Y-mAbs Therapeutics, Inc. (a)		5
	822	Zafgen, Inc. (a)		2
	3,633	ZIOPHARM Oncology, Inc. ^(a)		14
				5,297
		Building Products — 1.26%
	1,159	AAON, Inc.		54
	985	Advanced Drainage Systems, Inc.		25
	386	American Woodmark Corp. (a)		32
	740	Apogee Enterprises, Inc.		28
	578	Armstrong Flooring, Inc. (a)		8
	3,163	Builders FirstSource, Inc. (a)		42
	628	Caesarstone Ltd.		10
	1,053	Continental Building Products, Inc. (a)		26
	413	CSW Industrials, Inc. (a)		24
	7,204	Gibraltar Industries, Inc. (a)		293
	983	Griffon Corp.		18
	495	Insteel Industries, Inc.		10
	17,877	Jeld-Wen Holding, Inc. (a)		316
	5,690	Masonite International Corp. (a)		284
	1,183	NCI Building Systems, Inc. (a)		7
	642	Patrick Industries, Inc. (a)		29
	1,551	PGT, Inc. (a)		21
	925	Quanex Building Products Corp.		15
	1,154	Simpson Manufacturing Co., Inc.		68
	9,521	Trex Company, Inc. (a)		586
	1,682	Universal Forest Products, Inc.		50
				1,946
		Capital Markets — 1.60%
	798	Arlington Asset Investment Corp.		6
	11,255	Artisan Partners Asset Management, Inc., Class – A		283
	16	Ashford, Inc. (a)		1
	70	Associated Capital Group, Inc., Class – A		3
	589	B. Riley Financial, Inc.		10
	8,682	Blucora, Inc. (a)		290
	2,206	Brightsphere Investment Group		30
	619	Cohen & Steers, Inc.		26
	737	Cowen Group, Inc., Class – A (a)		11
	88	Diamond Hill Investment Group		12
	944	Donnelley Financial Solutions, Inc. (a)		14
	2,685	Federated Investors, Inc., Class – B		79
	766	Focus Financial Partners, Inc., Class – A (a)		27
	746	Gain Capital Holdings, Inc.		5
	132	GAMCO Investors, Inc., Class – A		3
	9,486	Greenhill & Co., Inc.		204

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Capital Markets (continued)
	457	Hamilton Lane, Inc.	$	20
	938	Houlihan Lokey, Inc.		43
	419	International Fcstone, Inc. (a)		16
	2,937	Ladenburg Thalmann Financial Services, Inc.		8
	7,037	LPL Financial Holdings, Inc.		490
	1,244	Moelis & Co., Class – A		52
	283	Oppenheimer Holdings, Inc., Class – A		7
	398	Piper Jaffray Cos., Inc.		29
	539	PJT Partners, Inc.		23
	507	Pzena Investment Management, Inc.		4
	4,614	Raymond James Financial, Inc.		371
	594	Safeguard Scientifics, Inc. (a)		6
	154	Siebert Financial Corp. (a)		2
	224	Silvercrest Asset Management Group, Inc.		3
	1,924	Stifel Financial Corp.		102
	56	Value Line, Inc.		1
	13,010	Victory Capital Holdings, Inc., Class – A (a)		195
	190	Virtus Investment Partners, Inc.		19
	2,076	Waddell & Reed Financial, Inc., Class – A		36
	230	Westwood Holdings Group, Inc.		8
	3,411	WisdomTree Investments, Inc.		24
				2,463
		Chemicals — 1.91%
	513	Advanced Emissions Solutions, Inc.		6
	830	Advansix, Inc. (a)		24
	802	Agrofresh Solutions, Inc. (a)		3
	3,395	Albemarle Corp.		278
	794	American Vanguard Corp.		14
	891	Balchem Corp.		83
	198	Chase Corp.		18
	2,280	Ferro Corp. (a)		43
	1,595	Flotek Industries, Inc. (a)		5
	9,208	FMC Corp.		706
	721	FutureFuel Corp.		10
	2,006	GCP Applied Technologies (a)		59
	1,404	H.B. Fuller Co.		68
	278	Hawkins, Inc.		10
	1,180	Ingevity Corp. (a)		125
	526	Innophos Holdings, Inc.		16
	676	Innospec, Inc.		56
	2,727	Intrepid Potash, Inc. (a)		10
	570	Koppers Holdings, Inc. (a)		15
	17,435	Kraton Performance Polymers, Inc. (a)		561
	628	Kronos Worldwide, Inc.		9
	4,121	Livent Corp. (a)		51
	668	LSB Industries, Inc. (a)		4
	1,223	Marrone Bio Innovations, Inc. (a)		2
	976	Minerals Technologies, Inc.		57
	1,222	Omnova Solutions, Inc. (a)		9
	2,218	PolyOne Corp.		65
	985	PQ Group Holdings, Inc. (a)		15
	361	Quaker Chemical Corp.		72
	1,372	Rayonier Advanced Materials, Inc.		19
	1,181	Sensient Technologies Corp.		80
	569	Stepan Co.		50
	573	Trecora Resources (a)		5
	716	Tredegar Industries, Inc.		12
	1,196	Trinseo SA		54
	25,871	Tronox Holdings PLC, Class – A		340

HC CAPITAL TRUST

The Institutional Small Capitalization-Mid Capitalization Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Chemicals (continued)
	699	Valhi, Inc.	$	2
				2,956
		Commercial Services & Supplies — 1.56%
	1,824	ABM Industries, Inc.		66
	2,871	ACCO Brands Corp.		25
	1,999	Advanced Disposal Services, Inc. (a)		56
	16,617	Aqua Metals, Inc. (a)		51
	10,561	ARC Document Solutions, Inc. (a)		24
	1,333	Brady Corp., Class – A		62
	813	BrightView Holdings, Inc. (a)		12
	1,197	Casella Waste Systems, Inc. (a)		43
	915	CECO Environmental Corp. (a)		7
	202	Charah Solutions, Inc. (a)		1
	613	Cimpress NV (a)		49
	120	CompX International, Inc.		2
	23,169	Covanta Holding Corp.		401
	1,296	Deluxe Corp.		57
	708	Ennis, Inc.		15
	2,043	Healthcare Services Group, Inc.		67
	411	Heritage-Crystal Clean, Inc. (a)		11
	1,628	Herman Miller, Inc.		57
	1,212	HNI Corp.		44
	23,874	Interface, Inc.		366
	1,027	Kimball International, Inc., Class – B		15
	1,372	Knoll, Inc.		26
	967	LSC Communications, Inc.		6
	857	Matthews International Corp., Class – A		32
	3,974	McGrath RentCorp		225
	1,244	Mobile Mini, Inc.		42
	945	MSA Safety, Inc.		98
	375	Multi-Color Corp.		19
	219	NL Industries, Inc. (a)		1
	549	PICO Holdings, Inc. (a)		5
	5,272	Pitney Bowes, Inc.		36
	869	Quad Graphics, Inc.		10
	1,974	RR Donnelley & Sons Co.		9
	648	SP Plus Corp. (a)		22
	7,378	Steelcase, Inc., Class – A		107
	798	Team, Inc. (a)		14
	1,542	Tetra Tech, Inc.		92
	1,394	The Brink’s Co.		105
	425	UniFirst Corp.		65
	604	US Ecology, Inc.		34
	559	Viad Corp.		31
	260	VSE Corp.		8
				2,418
		Communications Equipment — 1.05%
	8,390	Acacia Communications, Inc. (a)		481
	1,343	ADTRAN, Inc.		18
	990	Aerohive Networks, Inc. (a)		4
	522	Applied Optoelectronics, Inc. (a)		6
	956	CalAmp Corp. (a)		12
	1,259	Calix, Inc. (a)		10
	728	Casa Systems, Inc. (a)		6
	10,021	Ciena Corp. (a)		374
	348	Clearfield, Inc. (a)		5
	637	Comtech Telecommunications Corp.		15
	117	DASAN Zhone Solutions, Inc. (a)		1
	784	Digi International, Inc. (a)		10
	3,206	Extreme Networks, Inc. (a)		24
	3,266	Finisar Corp. (a)		76
	2,334	Harmonic, Inc. (a)		13

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Communications Equipment (continued)
	4,304	Infinera Corp. (a)	$	19
	934	InterDigital, Inc.		62
	469	KVH Industries, Inc. (a)		5
	2,138	Lumentum Holdings, Inc. (a)		121
	857	NETGEAR, Inc. (a)		28
	2,079	NetScout Systems, Inc. (a)		58
	929	Plantronics, Inc.		43
	982	Quantenna Communications, Inc. (a)		24
	1,592	Ribbon Communications, Inc. (a)		8
	1,535	ViaSat, Inc. (a)		119
	6,348	Viavi Solutions, Inc. (a)		79
				1,621
		Construction & Engineering — 2.30%
	893	Aegion Corp. (a)		16
	550	Ameresco, Inc., Class – A (a)		9
	410	Argan, Inc.		20
	1,027	Comfort Systems USA, Inc.		54
	843	Dycom Industries, Inc. (a)		39
	1,595	EMCOR Group, Inc.		117
	6,198	Granite Construction, Inc.		267
	1,659	Great Lakes Dredge & Dock Co. (a)		15
	1,228	HC2 Holdings, Inc. (a)		3
	264	IES Holdings, Inc. (a)		5
	411	Infrastructure and Energy Alternatives, Inc. (a)		2
	47,817	KBR, Inc.		913
	16,711	MasTec, Inc. (a)		804
	454	MYR Group, Inc. (a)		16
	285	Northwest Pipe Co. (a)		7
	254	NV5 Holdings, Inc. (a)		15
	822	Orion Group Holdings, Inc. (a)		2
	1,218	Primoris Services Corp.		25
	751	Sterling Construction Co., Inc. (a)		9
	69,993	Tutor Perini Corp. (a)		1,198
	1,177	Willscot Corp. (a)		13
				3,549
		Construction Materials — 0.49%
	2,249	Eagle Materials, Inc., Class – A		190
	45,426	Forterra, Inc. ^(a)		192
	1,483	Martin Marietta Materials, Inc.		297
	3,090	Summit Materials, Inc., Class – A (a)		49
	434	U.S. Concrete, Inc. (a)		18
	60	United States Lime & Minerals, Inc.		5
				751
		Consumer Finance — 0.55%
	316	Curo Group Holdings Corp. (a)		3
	535	Elevate Credit, Inc. (a)		2
	702	Encore Capital Group, Inc. (a)		19
	920	Enova International, Inc. (a)		21
	1,381	EZCORP, Inc., Class – A (a)		13
	1,184	Firstcash, Inc.		102
	5,894	Green Dot Corp., Class – A (a)		357
	9,034	LendingClub Corp. (a)		28
	538	Nelnet, Inc., Class – A		30
	9,011	PRA Group, Inc. (a)		242
	253	Regional Management Corp. (a)		6
	168	World Acceptance Corp. (a)		20
				843
		Containers & Packaging — 0.46%
	7,453	Berry Plastics Group, Inc. (a)		402

HC CAPITAL TRUST

The Institutional Small Capitalization-Mid Capitalization Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Containers & Packaging (continued)
	19,554	Graphic Packaging Holding Co.	$	247
	145	Greif, Inc.		7
	706	Greif, Inc., Class – A		29
	953	Myers Industries, Inc.		16
	191	UFP Technologies, Inc. (a)		7
				708
		Distributors — 0.04%
	1,281	Core-Mark Holding Co., Inc.		47
	302	Funko, Inc. (a)		7
	183	Weyco Group, Inc.		6
				60
		Diversified Consumer Services — 2.20%
	1,592	Adtalem Global Education, Inc. (a)		74
	439	American Public Education, Inc. (a)		13
	33,967	Career Education Corp. (a)		561
	481	Carriage Services, Inc.		9
	20,050	Chegg, Inc. (a)		764
	13,031	Frontdoor, Inc. (a)		449
	2,861	Houghton Mifflin Harcourt Co. (a)		21
	7,759	K12, Inc. (a)		265
	2,594	Laureate Education, Inc., Class – A (a)		39
	17,432	Regis Corp. (a)		343
	924	Sotheby’s (a)		35
	6,084	Strategic Education, Inc.		799
	1,061	Weight Watchers International, Inc. (a)		21
				3,393
		Diversified Financial Services — 0.23%
	839	Banco Latinoamericano de Comercio Exterior SA, Class – E		17
	1,914	Cannae Holdings, Inc. (a)		46
	4,063	FGL Holdings		32
	13,591	Jefferies Financial Group, Inc.		255
	213	Marlin Business Services Corp.		5
	1,436	On Deck Capital, Inc. (a)		8
				363
		Diversified Telecommunication Services — 0.74%
	290	ATN International, Inc.		16
	1,239	Cincinnati Bell, Inc. (a)		12
	16,375	Cogent Communications Group, Inc.		887
	1,896	Consolidated Communications Holdings, Inc.		21
	2,821	Frontier Communications Corp. ^(a)		6
	1,566	Intelsat SA (a)		25
	2,648	Iridium Communications, Inc. (a)		70
	524	Ooma, Inc. (a)		7
	2,044	ORBCOMM, Inc. (a)		14
	271	pdvWireless, Inc. (a)		10
	6,268	Vonage Holdings Corp. (a)		63
				1,131
		Electric Utilities — 0.44%
	1,435	ALLETE, Inc.		118
	1,116	El Paso Electric Co.		66
	1,402	IDACORP, Inc.		139
	979	MGE Energy, Inc.		67
	1,099	Otter Tail Corp.		55
	2,207	PNM Resources, Inc.		104
	2,492	Portland General Electric Co.		129

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Electric Utilities (continued)
	250	Spark Energy, Inc., Class – A	$	2
				680
		Electrical Equipment — 0.56%
	193	Allied Motion Technologies, Inc.		7
	1,064	Atkore International Group, Inc. (a)		23
	718	AZZ, Inc.		29
	1,002	Babcock & Wilcox Enterprises, Inc. (a)		–
	4,847	Encore Wire Corp.		278
	606	Energous Corp. ^(a)		4
	1,214	EnerSys		79
	2,465	Enphase Energy, Inc. (a)		23
	1,924	FuelCell Energy, Inc. ^(a)		–
	1,681	Generac Holdings, Inc. (a)		86
	5,812	Plug Power, Inc. ^(a)		14
	257	Powell Industries, Inc.		7
	90	Preformed Line Products Co.		5
	2,689	Sunrun, Inc. (a)		38
	891	Thermon Group Holdings, Inc. (a)		22
	7,827	TPI Composites, Inc. (a)		224
	495	Vicor Corp. (a)		15
	1,260	Vivint Solar, Inc. (a)		6
				860
		Electronic Equipment, Instruments & Components — 3.77%
	6,182	Anixter International, Inc. (a)		347
	2,013	Arlo Technologies, Inc. (a)		8
	1,277	AVX Corp.		22
	802	Badger Meter, Inc.		45
	306	BEL Fuse, Inc., Class – B		8
	1,126	Belden, Inc.		60
	1,206	Benchmark Electronics, Inc.		32
	24,432	Celestica, Inc. (a)		206
	731	Control4 Corp. (a)		12
	927	CTS Corp.		27
	1,028	Daktronics, Inc.		8
	367	ePlus, Inc. (a)		32
	8,517	Fabrinet (a)		445
	486	FARO Technologies, Inc. (a)		21
	5,886	Fitbit, Inc., Class – A (a)		35
	33,241	Flextronics International Ltd. (a)		333
	8,664	II-VI, Inc. (a)		323
	3,639	Insight Enterprises, Inc. (a)		200
	790	Iteris, Inc. (a)		3
	9,539	Itron, Inc. (a)		445
	21,884	Jabil Circuit, Inc.		582
	1,535	KEMET Corp.		26
	688	Kimball Electronics, Inc. (a)		11
	2,414	Knowles Corp. (a)		43
	1,080	Maxwell Technologies, Inc. (a)		5
	92	Mesa Laboratories, Inc.		21
	1,021	Methode Electronics, Inc.		29
	496	MTS Systems Corp.		27
	324	Napco Security Technologies (a)		7
	614	nLight, Inc. (a)		14
	3,104	Novanta, Inc. (a)		263
	467	OSI Systems, Inc. (a)		41
	343	Par Technology Corp. (a)		8
	555	Park Electrochemical Corp.		9
	321	PC Connection, Inc.		12
	850	Plexus Corp. (a)		52
	8,813	Rogers Corp. (a)		1,399
	1,889	Sanmina Corp. (a)		54

HC CAPITAL TRUST

The Institutional Small Capitalization-Mid Capitalization Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Electronic Equipment, Instruments & Components (continued)
	7,080	ScanSource, Inc. (a)	$	254
	1,159	SYNNEX Corp.		111
	1,033	Tech Data Corp. (a)		106
	2,648	TTM Technologies, Inc. (a)		31
	3,673	Vishay Intertechnology, Inc.		68
	296	Vishay Precision Group, Inc. (a)		10
				5,795
		Energy Equipment & Services — 1.27%
	3,589	Archrock, Inc. Com		35
	509	Basic Energy Services, Inc. (a)		2
	915	Bristow Group, Inc. ^(a)		1
	17,032	C&J Energy Services, Inc. (a)		265
	1,054	Cactus, Inc., Class – A (a)		38
	685	CARBO Ceramics, Inc. (a)		2
	858	Covia Holdings Corp. (a)		5
	508	Dawson Geophysical Co. (a)		1
	1,790	Diamond Offshore Drilling, Inc. (a)		19
	3,515	Dril-Quip, Inc. (a)		161
	40,573	Ensco PLC, Class – A, ADR		159
	587	Era Group, Inc. (a)		7
	890	Exterran Corp. (a)		15
	2,229	Forum Energy Technologies, Inc. (a)		11
	1,963	Franks International N.V. (a)		12
	879	FTS International, Inc. (a)		9
	3,901	Helix Energy Solutions Group, Inc. (a)		31
	1,354	Independence Contract Drilling, Inc. (a)		4
	263	Ion Geophysical (a)		4
	1,475	Keane Group, Inc. (a)		16
	315	Key Energy Services, Inc. (a)		1
	553	KLX Energy Services Holdings, Inc. (a)		14
	1,272	Liberty Oilfield Services, Inc.		20
	338	Mammoth Energy Services, Inc.		6
	740	Matrix Service Co. (a)		14
	5,014	McDermott International, Inc. (a)		37
	358	Natural Gas Services Group, Inc. (a)		6
	293	NCS Multistage Holdings, Inc. (a)		2
	2,440	Newpark Resources, Inc. (a)		22
	399	Nine Energy Service, Inc. (a)		9
	39,214	Noble Corp. PLC (a)		113
	2,723	Oceaneering International, Inc. (a)		43
	1,644	Oil States International, Inc. (a)		28
	1,899	Pioneer Energy Services Corp. (a)		3
	543	Profire Energy, Inc. (a)		1
	1,992	ProPetro Holding Corp. (a)		45
	123	Quintana Energy Services, Inc. (a)		1
	397	RigNet, Inc. (a)		4
	3,515	Rowan Cos. PLC, Class – A (a)		38
	480	SEACOR Holdings, Inc. (a)		20
	467	SEACOR Marine Holdings, Inc. (a)		6
	1,348	Select Energy Services, Inc. (a)		16
	666	Smart Sand, Inc. ^(a)		3
	744	Solaris Oilfield Infrastructure, Inc.		12
	4,147	Superior Energy Services, Inc. (a)		19
	8,160	TechnipFMC PLC		192
	3,249	TETRA Technologies, Inc. (a)		8
	863	Tidewater, Inc. (a)		20
	43,540	Transocean Ltd. (a)		379
	1,433	Unit Corp. (a)		20
	2,167	US Silica Holdings, Inc.		38
				1,937

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Entertainment — 0.37%
	1,412	AMC Entertainment Holdings, Inc., Class – A	$	21
	953	Eros International PLC (a)		9
	107,741	Global Eagle Entertainment, Inc. (a)		76
	3,128	Glu Mobile, Inc. (a)		34
	1,481	IMAX Corp. (a)		34
	293	Liberty Braves Group (a)		8
	998	Liberty Braves Group (a)		28
	13,141	Lions Gate Entertainment Corp., Class – B		198
	792	Livexlive Media, Inc. (a)		4
	545	Marcus Corp.		22
	484	Reading International, Inc. (a)		8
	568	Rosetta Stone, Inc. (a)		12
	1,199	World Wrestling Entertainment, Inc., Class – A		105
				559
		Equity Real Estate Investment Trusts — 2.85%
	2,246	Acadia Realty Trust		61
	940	Agree Realty Corp.		65
	1,910	Alexander & Baldwin, Inc.		49
	59	Alexander’s, Inc.		22
	1,069	American Assets Trust, Inc.		49
	3,575	Americold Realty Trust		109
	1,369	Armada Hoffler Properties, Inc.		21
	2,290	Ashford Hospitality Trust		11
	683	Bluerock Residential Growth REIT, Inc.		7
	773	Braemar Hotels & Resorts, Inc.		9
	292	BRT Apartments Corp.		4
	2,308	CareTrust REIT, Inc.		54
	1,322	Catchmark Timber Trust, Inc.		13
	4,578	CBL & Associates Properties, Inc.		7
	2,552	Cedar Realty Trust, Inc.		9
	1,296	Chatham Lodging Trust		25
	1,662	Chesapeake Lodging Trust		46
	1,120	City Office REIT, Inc.		13
	413	Clipper Realty, Inc.		6
	488	Community Healthcare Trust, Inc.		18
	3,300	CoreCivic, Inc.		64
	337	Corenergy Infrastructure Trust, Inc.		12
	1,128	CorePoint Lodging, Inc.		13
	16,578	Corporate Office Properties Trust		454
	11,718	Cousins Properties, Inc.		113
	13,756	DiamondRock Hospitality Co.		150
	1,709	Easterly Government Properties, Inc.		31
	980	EastGroup Properties, Inc.		109
	931	Farmland Partners, Inc.		6
	3,470	First Industrial Realty Trust, Inc.		124
	1,894	Four Corners Property Trust, Inc.		56
	2,892	Franklin Street Properties Corp.		21
	1,402	Front Yard Residential Corp.		13
	917	Getty Realty Corp.		29
	793	Gladstone Commercial Corp.		16
	470	Gladstone Land Corp.		6
	743	Global Medical REIT, Inc.		7
	2,110	Global Net Lease, Inc.		40
	3,455	Healthcare Realty Trust, Inc.		111
	968	Hersha Hospitality Trust		17
	2,487	Independence Realty Trust, Inc.		27
	1,788	Industrial Logistics Property Trust		36
	1,237	InfraREIT, Inc.		26
	253	Innovative Industrial Properties, Inc. ^		21

HC CAPITAL TRUST

The Institutional Small Capitalization-Mid Capitalization Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Equity Real Estate Investment Trusts (continued)
	334	Investors Real Estate Trust	$	20
	1,822	iStar, Inc.		15
	579	Jernigan Capital, Inc.		12
	2,281	Kite Realty Group Trust		36
	5,887	Lexington Realty Trust		53
	1,082	LTC Properties, Inc.		50
	2,524	Mack-Cali Realty Corp.		56
	835	Medequities Realty Trust, Inc.		9
	2,541	Monmouth Real Estate Investment Corp., Class – A		33
	1,133	National Health Investors, Inc.		89
	1,583	National Storage Affiliates		45
	2,029	New Senior Investment Group, Inc.		11
	504	Nexpoint Residential Trust, Inc.		19
	1,216	NorthStar Realty Europe Corp.		21
	1,303	Office Properties Income Trust		36
	418	One Liberty Properties, Inc.		12
	3,601	Pebblebrook Hotel Trust		112
	1,896	Pennsylvania Real Estate Investment Trust		12
	5,145	Physicians Realty Trust		97
	3,531	Piedmont Office Realty Trust, Inc., Class – A		74
	1,837	Potlatch Corp.		69
	1,192	Preferred Apartment Communities, Inc., Class – A		18
	552	PS Business Parks, Inc.		87
	1,404	QTS Realty Trust, Inc., Class – L		63
	3,153	Retail Opportunity Investments Corp.		55
	2,573	Rexford Industrial Realty, Inc.		92
	4,821	RLJ Lodging Trust		85
	2,241	RPT Realty		27
	1,247	Ryman Hospitality Properties, Inc.		103
	4,961	Sabra Healthcare REIT, Inc.		97
	216	Safehold, Inc.		5
	337	Saul Centers, Inc.		17
	906	Seritage Growth Properties		40
	1,130	Spirit MTA REIT		7
	2,738	STAG Industrial, Inc.		81
	2,830	Summit Hotel Properties, Inc.		32
	6,430	Sunstone Hotel Investors, Inc.		93
	2,534	Tanger Factory Outlet Centers, Inc.		53
	1,688	Terreno Realty Corp.		71
	3,336	The Geo Group, Inc.		64
	1,471	Tier REIT, Inc.		42
	989	UMH Properties, Inc.		14
	350	Universal Health Realty Income Trust		26
	3,014	Urban Edge Properties		57
	830	Urstadt Biddle Properties, Inc., Class – A		17
	5,292	Washington Prime Group, Inc.		30
	2,230	Washington Real Estate Investment Trust		63
	1,030	Whitestone REIT		12
	3,107	Xenia Hotels & Resorts, Inc.		68
				4,400
		Food & Staples Retailing — 0.32%
	3,575	BJ’s Wholesale Club Holdings, Inc., Class – C (a)		98
	4,483	Chefs’ Warehouse Holdings LLC (a)		140
	400	Ingles Markets, Inc., Class – A		11
	278	Natural Grocers by Vitamin Cottage, Inc. (a)		3
	2,823	Performance Food Group Co. (a)		112
	622	PriceSmart, Inc.		37
	30,787	Rite Aid Corp. (a)		20

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Food & Staples Retailing (continued)
	704	Smart & Final Stores, Inc. (a)	$	3
	1,013	SpartanNash Co.		16
	772	The Andersons, Inc.		25
	1,382	United Natural Foods, Inc. (a)		18
	237	Village Super Market, Inc., Class – A		6
	264	Weis Markets, Inc.		11
				500
		Food Products — 0.56%
	83	Alico, Inc.		2
	1,832	B&G Foods, Inc., Class – A ^		45
	438	Calavo Growers, Inc.		37
	876	Cal-Maine Foods, Inc.		39
	15,573	Darling Ingredients, Inc. (a)		338
	2,466	Dean Foods Co.		7
	250	Farmer Brothers Co. (a)		5
	827	Fresh Del Monte Produce, Inc.		22
	742	Freshpet, Inc. (a)		31
	2,774	Hostess Brands, Inc. (a)		35
	416	J&J Snack Foods Corp.		66
	237	John B. Sanfilippo & Son, Inc.		17
	533	Lancaster Colony Corp.		84
	678	Landec Corp. (a)		8
	429	Limoneira Co.		10
	549	Sanderson Farms, Inc.		72
	207	Seneca Foods Corp., Class – A (a)		5
	1,739	Simply Good Foods Co. (The) (a)		36
	467	Tootsie Roll Industries, Inc.		17
				876
		Gas Utilities — 0.43%
	434	Chesapeake Utilities Corp.		40
	2,430	New Jersey Resources Corp.		121
	799	Northwest Natural Holding Co.		52
	1,452	One Gas, Inc.		129
	202	RGC Resources, Inc.		5
	2,613	South Jersey Industries, Inc.		84
	1,480	Southwest Gas Corp.		122
	1,373	Spire, Inc.		113
				666
		Health Care Equipment & Supplies — 6.67%
	2,397	Accuray, Inc. (a)		11
	1,010	AngioDynamics, Inc. (a)		23
	398	Anika Therapeutics, Inc. (a)		12
	4,148	Antares Pharma, Inc. (a)		13
	1,009	AtriCure, Inc. (a)		27
	39	Atrion Corp.		34
	1,314	Avanos Medical, Inc. (a)		56
	944	AxoGen, Inc. (a)		20
	200	Axonics Modulation Technologies, Inc. (a)		5
	13,072	Cardiovascular Systems, Inc. (a)		505
	3,722	Cerus Corp. (a)		23
	704	CONMED Corp.		59
	1,008	CryoLife, Inc. (a)		29
	769	Cryoport, Inc. ^(a)		10
	365	Cutera, Inc. (a)		6
	841	CytoSorbents Corp. (a)		6
	4,891	Dexcom, Inc. (a)		583
	3,548	Edwards Lifesciences Corp. (a)		679
	441	Electrocore LLC ^(a)		3
	209	Endologix, Inc. (a)		1
	186	Fonar Corp. (a)		4

HC CAPITAL TRUST

The Institutional Small Capitalization-Mid Capitalization Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Health Care Equipment & Supplies (continued)
	1,464	GenMark Diagnostics, Inc. (a)	$	10
	7,068	Glaukos Corp. (a)		554
	2,082	Globus Medical, Inc., Class – A (a)		103
	1,421	Haemonetics Corp. (a)		124
	496	Helius Medical Technologies, Inc. (a)		3
	202	Heska Corp. (a)		17
	496	Inogen, Inc. (a)		47
	13,039	Insulet Corp. (a)		1,241
	866	Integer Holdings Corp. (a)		65
	755	Intricon Corp. (a)		19
	889	Invacare Corp.		7
	140	Iradimed Corp. (a)		4
	6,901	iRhythm Technologies, Inc. (a)		517
	1,029	Lantheus Holdings, Inc. (a)		25
	482	LeMaitre Vascular, Inc.		15
	5,285	LivaNova PLC (a)		513
	1,159	Meridian Bioscience, Inc.		20
	1,477	Merit Medical Systems, Inc. (a)		91
	930	Natus Medical, Inc. (a)		24
	1,394	Neogen Corp. (a)		80
	1,539	Neuronetics, Inc. (a)		23
	815	Nevro Corp. (a)		51
	12,967	Novocure Ltd. (a)		625
	1,425	NuVasive, Inc. (a)		81
	472	Nuvectra Corp. (a)		5
	1,624	OraSure Technologies, Inc. (a)		18
	494	Orthofix Medical, Inc. (a)		28
	207	Orthopediatrics Corp. (a)		9
	731	Oxford Immunotec Global PLC (a)		13
	275	Pulse Biosciences, Inc. (a)		5
	944	Quidel Corp. (a)		62
	1,392	Rockwell Medical Technologies, Inc. (a)		8
	1,607	RTI Surgical, Inc. (a)		10
	444	Seaspine Holdings Corp. (a)		7
	2,491	Senseonics Holdings, Inc. (a)		6
	200	SI-Bone, Inc. (a)		4
	620	Sientra, Inc. (a)		5
	24,688	STAAR Surgical Co. (a)		844
	2,418	STERIS PLC		309
	362	SurModics, Inc. (a)		16
	490	Tactile Systems Technology, Inc. (a)		26
	17,258	Tandem Diabetes Care, Inc. (a)		1,097
	3,641	The Cooper Companies, Inc.		1,079
	4,339	Transenterix, Inc. ^(a)		10
	98	Utah Medical Products, Inc.		9
	127	Vapotherm, Inc. (a)		2
	7,410	Varex Imaging Corp. (a)		251
	1,823	Viewray, Inc. (a)		13
	3,446	Wright Medical Group NV (a)		108
				10,312
		Health Care Providers & Services — 1.68%
	353	AAC Holdings, Inc. (a)		1
	12,804	Acadia Healthcare Company, Inc. (a)		374
	277	Addus HomeCare Corp. (a)		18
	753	Amedisys, Inc. (a)		93
	352	American Renal Associates Holdings, Inc. (a)		2
	1,291	AMN Healthcare Services, Inc. (a)		61
	96	Apollo Medical Holdings, Inc. (a)		2
	3,375	BioScrip, Inc. (a)		7
	918	Biotelemetry, Inc. (a)		57
	5,247	Brookdale Senior Living, Inc. (a)		35
	718	Capital Senior Living Corp. (a)		3

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Health Care Providers & Services (continued)
	2,331	Community Health Systems, Inc. (a)	$	9
	256	CorVel Corp. (a)		17
	1,016	Cross Country Healthcare, Inc. (a)		7
	21,453	Diplomat Pharmacy, Inc. (a)		125
	1,336	Genesis Healthcare, Inc. (a)		2
	4,234	Guardant Health, Inc. (a)		324
	1,508	HealthEquity, Inc. (a)		112
	5,165	LHC Group, Inc. (a)		572
	672	Magellan Health Services, Inc. (a)		44
	4,796	MEDNAX, Inc. (a)		129
	343	National Healthcare Corp.		26
	298	National Research Corp., Class – A		12
	1,651	Owens & Minor, Inc.		7
	2,270	Patterson Companies, Inc.		50
	430	Petiq, Inc. (a)		14
	313	Providence Service Corp. (a)		21
	678	Quorum Health Corp. (a)		1
	2,914	R1 RCM, Inc. (a)		28
	1,120	RadNet, Inc. (a)		14
	3,000	Select Medical Holdings Corp. (a)		42
	522	Surgery Partners, Inc. (a)		6
	2,369	Tenet Healthcare Corp. (a)		68
	1,391	The Ensign Group, Inc.		71
	1,293	Tivity Health, Inc. (a)		23
	8,278	Triple-S Management Corp., Class – A (a)		189
	349	U.S. Physical Therapy, Inc.		37
				2,603
		Health Care Technology — 0.65%
	4,859	Allscripts Healthcare Solutions, Inc. (a)		46
	2,361	Castlight Health, Inc., Class – B (a)		9
	329	Computer Programs & Systems, Inc.		10
	1,885	Evolent Health, Inc. (a)		24
	713	HealthStream, Inc. (a)		20
	2,296	HMS Holdings Corp. (a)		68
	1,928	Inovalon Holdings, Inc., Class – A (a)		24
	401	Inspire Medical System, Inc. (a)		23
	1,608	Medidata Solutions, Inc. (a)		118
	421	Nanthealth, Inc. ^(a)		–
	1,467	NextGen Healthcare, Inc. (a)		25
	1,079	Omnicell, Inc. (a)		87
	326	Simulations Plus, Inc.		7
	486	Tabula Rasa Healthcare, Inc. (a)		27
	8,701	Teladoc, Inc. (a)		483
	841	Vocera Communications, Inc. (a)		27
				998
		Hotels, Restaurants & Leisure — 1.28%
	1,723	BBX Capital Corp.		10
	2,475	Belmond Ltd. (a)		62
	2	Biglari Holdings, Inc., Class – A (a)		1
	29	Biglari Holdings, Inc., Class – B (a)		4
	583	BJ’s Restaurant, Inc.		28
	2,277	Bloomin’ Brands, Inc.		47
	209	Bluegreen Vacations Corp.		3
	2,304	Boyd Gaming Corp.		63
	1,040	Brinker International, Inc.		46
	983	Carrols Restaurant Group, Inc. (a)		10
	682	Century Casinos, Inc. (a)		6
	985	Churchill Downs, Inc.		89
	469	Chuy’s Holdings, Inc. (a)		11
	538	Cracker Barrel Old Country Store, Inc.		87
	1,075	Dave & Buster’s Entertainment, Inc.		54
	905	Del Frisco’s Restaurant Group, Inc. (a)		6

HC CAPITAL TRUST

The Institutional Small Capitalization-Mid Capitalization Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Hotels, Restaurants & Leisure (continued)
	832	Del Taco Restaurants, Inc. (a)	$	8
	1,668	Denny’s Corp. (a)		31
	471	DineEquity, Inc.		43
	1,571	Drive Shack, Inc. (a)		7
	606	El Pollo Loco Holdings, Inc. (a)		8
	1,830	Eldorado Resorts, Inc. (a)		85
	92	Empire Resorts, Inc. (a)		1
	665	Fiesta Restaurant Group, Inc. (a)		9
	491	Golden Entertainment, Inc. (a)		7
	651	International Speedway Corp., Class – A		28
	391	J Alexander’s Holdings, Inc. (a)		4
	714	Jack in the Box, Inc.		58
	581	Lindblad Expeditions Holdings, Inc. (a)		9
	1,085	Marriott Vacations Worldwide Corp.		101
	303	Monarch Casino & Resort, Inc. (a)		13
	85	Nathan’s Famous, Inc.		6
	333	Noodles & Co. (a)		2
	640	Papa John’s International, Inc.		34
	3,067	Penn National Gaming, Inc. (a)		62
	6,635	Planet Fitness, Inc., Class – A (a)		455
	594	PlayAGS, Inc. (a)		14
	666	Potbelly Corp. (a)		6
	266	RCI Hospitality Holdings, Inc.		6
	499	Red Lion Hotels Corp. (a)		4
	357	Red Robin Gourmet Burgers, Inc. (a)		10
	1,942	Red Rock Resorts, Inc., Class – A		50
	809	Ruth’s Hospitality Group, Inc.		21
	1,540	Scientific Games Corp., Class – A (a)		31
	1,515	SeaWorld Entertainment, Inc. (a)		39
	692	Shake Shack, Inc., Class – A (a)		41
	350	Speedway Motorsports, Inc.		5
	1,889	Texas Roadhouse, Inc., Class – A		117
	1,200	The Cheesecake Factory, Inc.		59
	605	The Habit Restaurants, Inc. (a)		7
	349	Town Sports International Holdings, Inc. (a)		2
	823	Wingstop, Inc.		63
				1,973
		Household Durables — 1.87%
	295	Bassett Furniture Industries, Inc.		5
	842	Beazer Homes USA, Inc. (a)		10
	235	Cavco Industries, Inc. (a)		28
	8,926	Century Communities, Inc. (a)		214
	638	Ethan Allen Interiors, Inc.		12
	223	Flexsteel Industries, Inc.		5
	3,282	Gopro, Inc., Class – A (a)		21
	686	Green Brick Partners, Inc. (a)		6
	156	Hamilton Beach Brands Holding Co.		3
	713	Helen of Troy Ltd. (a)		83
	324	Hooker Furniture Corp.		9
	145	Hovnanian Enterprises, Inc., Class – A (a)		2
	602	Installed Building Products, Inc. (a)		29
	6,407	iRobot Corp. (a)		755
	2,398	KB Home		58
	1,312	La-Z-Boy, Inc.		43
	191	Legacy Housing Corp. (a)		2
	6,789	LGI Homes, Inc. (a)		409
	290	Lifetime Brands, Inc.		3
	155	Lovesac Co. (The) (a)		4
	733	M/I Homes, Inc. (a)		20
	1,370	MDC Holdings, Inc.		40
	1,048	Meritage Homes Corp. (a)		47
	210	Purple Innovation, Inc. (a)		1

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Household Durables (continued)
	7,151	Roku, Inc. (a)	$	461
	915	Skyline Champion Corp.		17
	426	Sonos, Inc. (a)		4
	3,236	Taylor Morrison Home Corp., Class – A (a)		57
	381	The New Home Co., Inc. (a)		2
	977	TopBuild Corp. (a)		63
	4,031	TRI Pointe Homes, Inc. (a)		51
	1,338	Tupperware Brands Corp.		34
	190	Turtle Beach Corp. (a)		2
	9,853	Universal Electronics, Inc. (a)		366
	568	Vuzix Corp. (a)		2
	887	William Lyon Homes, Class – A (a)		14
	768	Zagg, Inc. (a)		7
				2,889
		Household Products — 0.20%
	299	Central Garden & Pet Co. (a)		8
	1,133	Central Garden & Pet Co., Class – A (a)		26
	149	Oil-Dri Corporation of America		5
	3,757	Spectrum Brands Holdings, Inc.		205
	381	WD-40 Co.		65
				309
		Independent Power and Renewable Electricity Producers — 0.13%
	3,011	Atlantic Power Corp. (a)		8
	981	Clearway Energy, Inc., Class – A		14
	2,017	Clearway Energy, Inc., Class – C		30
	1,098	Ormat Technologies, Inc.		62
	2,266	Pattern Energy Group, Inc.		50
	2,068	Terraform Power, Inc., Class – A		28
				192
		Industrial Conglomerates — 0.02%
	991	Raven Industries, Inc.		38
		Insurance — 2.79%
	1,245	Ambac Financial Group, Inc. (a)		23
	9,221	American Equity Investment Life Holding Co.		249
	529	AMERISAFE, Inc.		31
	3,771	Argo Group International Holdings Ltd.		266
	5,824	AXIS Capital Holdings Ltd.		320
	1,344	Citizens, Inc. (a)		9
	19,199	CNO Financial Group, Inc.		311
	378	Crawford & Co.		3
	270	Donegal Group, Inc.		4
	628	eHealth, Inc. (a)		39
	253	EMC Insurance Group, Inc.		8
	903	Employers Holdings, Inc.		36
	334	Enstar Group Ltd. (a)		58
	1,826	Everest Re Group Ltd.		395
	274	FBL Financial Group, Inc., Class – A		17
	352	FedNat Holding Co.		6
	14,048	Genworth Financial, Inc., Class – A (a)		54
	240	Global Indemnity Ltd.		7
	20,891	Goosehead Insurance, Inc.		581
	852	Greenlight Capital Re Ltd. (a)		10
	317	Hallmark Financial Services, Inc. (a)		3
	199	HCI Group, Inc.		9
	361	Health Insurance Innovations, Inc., Class – A (a)		10
	545	Heritage Insurance Holdings, Inc.		8

HC CAPITAL TRUST

The Institutional Small Capitalization-Mid Capitalization Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Insurance (continued)
	1,155	Horace Mann Educators Corp.	$	41
	142	Independence Holding Co.		5
	38	Investors Title Co.		6
	706	James River Group Holdings		28
	5,074	Kemper Corp.		386
	274	Kingstone Cos., Inc.		4
	550	Kinsale Capital Group, Inc.		38
	1,799	Maiden Holdings Ltd.		1
	2,459	MBIA, Inc. (a)		23
	1,773	National General Holdings Corp.		42
	62	National Western Life Group, Inc., Class – A		16
	305	NI Holdings, Inc. (a)		5
	1,196	Primerica, Inc.		146
	1,463	ProAssurance Corp.		51
	276	Protective Insurance Corp., Class – B		5
	1,083	RLI Corp.		78
	405	Safety Insurance Group, Inc.		35
	1,609	Selective Insurance Group, Inc.		102
	479	State Auto Financial Corp.		16
	662	Stewart Information Services Corp.		28
	569	The Navigators Group, Inc.		40
	2,061	Third Point Reinsurance Ltd. (a)		21
	774	Tiptree, Inc., Class B		5
	9,841	Trupanion, Inc. ^(a)		322
	586	United Fire Group, Inc.		26
	569	United Insurance Holdings Corp.		9
	863	Universal Insurance Holdings, Inc.		27
	4,120	W.R. Berkley Corp.		349
				4,312
		Interactive Media & Services — 0.31%
	11,540	Care.com, Inc. (a)		229
	1,395	Cargurus, Inc. (a)		56
	1,911	Cars.com, Inc. (a)		44
	1,991	Liberty TripAdvisor Holdings, Inc., Class – A (a)		28
	1,219	QuinStreet, Inc. (a)		16
	1,987	The Meet Group, Inc. (a)		10
	104	Travelzoo, Inc. (a)		1
	2,576	TrueCar, Inc. (a)		17
	2,268	Yelp, Inc. (a)		78
				479
		Internet & Direct Marketing Retail — 0.95%
	713	1-800-FLOWERS.COM, Inc., Class – A (a)		13
	216	Duluth Holdings, Inc., Class – B (a)		5
	9,379	Etsy, Inc. (a)		631
	269	Gaia, Inc. (a)		2
	12,547	Groupon, Inc. (a)		45
	286	Lands’ End, Inc. (a)		5
	449	Leaf Group Ltd. (a)		4
	1,501	Liberty Expedia Holdings, Class – A (a)		64
	785	Liquidity Services, Inc. (a)		6
	14,183	Overstock.com, Inc. ^(a)		236
	546	PetMed Express, Inc.		12
	2,209	Quotient Technology, Inc. (a)		22
	643	Remark Holdings, Inc. (a)		1
	940	Shutterfly, Inc. (a)		38
	513	Shutterstock, Inc.		24
	491	Stamps.com, Inc. (a)		40

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Internet & Direct Marketing Retail (continued)
	11,478	Stitch Fix, Inc., Class – A (a)	$	324
				1,472
		IT Services — 2.22%
	2,149	Alliance Data Systems Corp.		376
	50,786	Brightcove, Inc. (a)		427
	684	CACI International, Inc., Class – A (a)		125
	894	Carbonite, Inc. (a)		22
	1,100	Cardtronics PLC (a)		39
	398	Cass Information Systems, Inc.		19
	907	CSG Systems International, Inc.		38
	1,890	Endurance International Group Holdings, Inc. (a)		14
	3,194	Euronet Worldwide, Inc. (a)		454
	1,841	Everi Holdings, Inc. (a)		19
	12,453	EVERTEC, Inc.		346
	719	Evo Payments, Inc., Class – A (a)		21
	1,245	Exela Technologies, Inc. (a)		4
	922	Exlservice Holdings, Inc. (a)		55
	3,169	Global Payments, Inc.		433
	1,195	GTT Communications, Inc. ^(a)		41
	291	I3 Verticals, Inc., Class – A (a)		7
	994	Information Services Group, Inc. (a)		4
	597	Internap Corp. (a)		3
	2,896	Limelight Networks, Inc. (a)		9
	5,910	LiveRamp Holdings, Inc. (a)		323
	741	ManTech International Corp., Class – A		40
	1,779	MAXIMUS, Inc.		126
	841	MoneyGram International, Inc. (a)		2
	1,817	NIC, Inc.		31
	888	Perficient, Inc. (a)		24
	3,941	Perspecta, Inc.		80
	365	PFSweb, Inc. (a)		2
	1,187	Presidio, Inc.		18
	141	PRGX Global, Inc. (a)		1
	501	PRGX Global, Inc.		4
	1,404	Science Applications International Corp.		108
	2,241	ServiceSource International, Inc. (a)		2
	1,086	Sykes Enterprises, Inc. (a)		31
	668	The Hackett Group, Inc.		11
	3,500	Travelport Worldwide Ltd.		55
	385	TTEC Holdings, Inc.		14
	279	Tucows, Inc. (a)		23
	1,416	Unisys Corp. (a)		17
	788	Virtusa Corp. (a)		42
	53	WEX, Inc. (a)		10
				3,420
		Leisure Products — 0.91%
	935	Acushnet Holdings Corp.		22
	1,508	American Outdoor Brands Corp. (a)		14
	28,955	Callaway Golf Co.		460
	630	Clarus Corp.		8
	324	Escalade, Inc.		4
	139	Johnson Outdoors, Inc., Class – A		10
	569	Malibu Boats, Inc., Class – A (a)		23
	197	Marine Products Corp.		3
	518	Mastercraft Boat Holdings, Inc. (a)		12
	768	Nautilus, Inc. (a)		4
	457	Sturm, Ruger & Co., Inc.		24
	48,183	Vista Outdoor, Inc. (a)		386
	14,189	Yeti Holdings, Inc. ^(a)		429
				1,399

HC CAPITAL TRUST

The Institutional Small Capitalization-Mid Capitalization Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Life Sciences Tools & Services — 0.70%
	729	Accelerate Diagnostics, Inc. (a)	$	15
	944	Cambrex Corp. (a)		37
	906	Chromadex Corp. (a)		4
	1,432	Codexis, Inc. (a)		29
	1,286	ENZO Biochem, Inc. (a)		4
	15,875	Fluidigm Corp. (a)		211
	1,269	Harvard Bioscience, Inc. (a)		5
	1,173	Luminex Corp.		27
	609	Medpace Holdings, Inc. (a)		36
	724	NanoString Technologies, Inc. (a)		17
	2,322	NeoGenomics, Inc. (a)		48
	22,852	Pacific Biosciences of California, Inc. (a)		165
	9,290	Qiagen N.V. (a)		379
	231	Quanterix Corp. (a)		6
	1,719	Syneos Health, Inc. (a)		89
				1,072
		Machinery — 4.00%
	14,912	Actuant Corp., Class – A		363
	262	Alamo Group, Inc.		26
	6,640	Albany International Corp., Class – A		474
	1,656	Altra Holdings, Inc.		51
	618	Astec Industries, Inc.		23
	1,322	Barnes Group, Inc.		68
	428	Blue Bird Corp. (a)		7
	1,156	Briggs & Stratton Corp.		14
	7,682	Chart Industries, Inc. (a)		694
	457	CIRCOR International, Inc. (a)		15
	633	Columbus McKinnon Corp.		22
	856	Commercial Vehicle Group, Inc. (a)		7
	385	DMC Global, Inc.		19
	634	Douglas Dynamics, Inc.		24
	169	Eastern Co. (The)		5
	1,039	Energy Recovery, Inc. (a)		9
	560	ENPRO Industries, Inc.		36
	701	ESCO Technologies, Inc.		47
	2,058	Evoqua Water Technologies Co. (a)		26
	1,668	Federal Signal Corp.		43
	1,293	Franklin Electric Co., Inc.		66
	344	Freightcar America, Inc. (a)		2
	268	Gencor Industries, Inc. (a)		3
	601	Global Brass & Copper Holdings, Inc.		21
	283	Graham Corp.		6
	2,225	Harsco Corp. (a)		45
	1,748	Hillenbrand, Inc.		73
	180	Hurco Companies, Inc.		7
	286	Hyster-Yale Materials Handling, Inc., Class – A		18
	868	John Bean Technologies Corp.		80
	317	Kadant, Inc.		28
	2,258	Kennametal, Inc.		83
	39,538	Kornit Digital Ltd. (a)		941
	248	L.B. Foster Co., Class – A (a)		5
	297	Lindsay Corp.		29
	462	Lydall, Inc. (a)		11
	350	Manitex International, Inc. (a)		3
	954	Manitowoc Co., Inc. (a)		16
	25,075	Meritor, Inc. (a)		509
	1,965	Milacron Holdings Corp. (a)		22
	325	Miller Industries, Inc.		10
	1,593	Mueller Industries, Inc.		50
	4,341	Mueller Water Products, Inc., Class – A		44
	1,376	Navistar International Corp. (a)		44

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Machinery (continued)
	1,148	NN, Inc.	$	9
	80	Omega Flex, Inc.		6
	251	Park-Ohio Holdings Corp.		8
	3,944	Proto Labs, Inc. (a)		415
	662	RBC Bearings, Inc. (a)		84
	24,795	REV Group, Inc.		272
	2,885	Rexnord Corp. (a)		73
	962	Spartan Motors, Inc.		8
	1,208	SPX Corp. (a)		42
	1,180	SPX FLOW, Inc. (a)		38
	348	Standex International Corp.		26
	814	Sun Hydraulics Corp.		38
	504	Tennant Co.		31
	7,758	Terex Corp.		249
	488	The Gorman-Rupp Co.		17
	892	The Greenbrier Companies, Inc.		29
	1,378	Titan International, Inc.		8
	10,836	TriMas Corp. (a)		328
	254	Twin Disc, Inc. (a)		4
	1,542	Wabash National Corp.		21
	1,300	WABCO Holdings, Inc. (a)		171
	774	Watts Water Technologies, Inc., Class – A		63
	1,492	Woodward, Inc.		142
				6,171
		Marine — 0.22%
	1,408	Costamare, Inc.		8
	1,324	Eagle Bulk Shipping, Inc. (a)		6
	232	Genco Shipping & Trading Ltd. (a)		2
	3,641	Kirby Corp. (a)		273
	1,189	Matson, Inc.		43
	1,494	Safe Bulkers, Inc. (a)		2
	1,514	Scorpio Bulkers, Inc.		6
				340
		Media — 1.00%
	96	Beasley Broadcast Group, Inc.		–
	133	Boston Omaha Corp. (a)		3
	15,198	Cardlytics, Inc. (a)		251
	2,351	Central European Media Enterprises Ltd. (a)		9
	1,102	Clear Channel Outdoor Holdings, Inc. (a)		6
	33	Daily Journal Corp. (a)		7
	666	Emerald Expositions Events, Inc.		8
	3,651	Entercom Communications Corp.		19
	1,917	Entravision Communications Corp., Class – A		6
	1,017	Fluent, Inc. (a)		6
	3,112	Gannett Company, Inc.		33
	2,239	Gray Television, Inc. (a)		48
	545	Hemisphere Media Group, Inc. (a)		8
	1,209	Liberty Lilac Group, Class – A (a)		23
	3,174	Liberty Lilac Group, Class – C (a)		62
	355	Loral Space & Communications, Inc. (a)		13
	1,615	MDC Partners, Inc., Class – A (a)		4
	1,093	Meredith Corp.		60
	1,651	MSG Networks, Inc., Class – A (a)		36
	2,078	National CineMedia, Inc.		15
	1,606	New Media Investment Group, Inc.		17
	5,101	Nexstar Broadcasting Group, Inc., Class – A		553
	115	Saga Communications, Inc.		4
	780	Scholastic Corp.		31
	1,874	Sinclair Broadcast Group, Inc., Class – A		72

HC CAPITAL TRUST

The Institutional Small Capitalization-Mid Capitalization Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Media (continued)
	549	TechTarget (a)	$	9
	6,011	TEGNA, Inc.		85
	1,278	The E.W. Scripps Co., Class – A		27
	3,660	The New York Times Co., Class – A		120
	469	Tribune Publishing Co. (a)		6
	796	Wideopenwest, Inc. (a)		7
				1,548
		Metals & Mining — 2.12%
	7,531	Agnico-Eagle Mines Ltd.		328
	8,623	AK Steel Holding Corp. (a)		24
	47,502	Allegheny Technologies, Inc. (a)		1,216
	3,674	Carpenter Technology Corp.		168
	1,379	Century Aluminum Co. (a)		12
	8,113	Cleveland- Cliffs, Inc.		81
	19,962	Coeur d’Alene Mines Corp. (a)		81
	3,208	Commercial Metals Co.		55
	4,800	Compass Minerals International, Inc.		262
	66,945	Ferroglobe PLC		137
	1,540	Gold Resource Corp.		6
	350	Haynes International, Inc.		11
	12,961	Hecla Mining Co.		30
	452	Kaiser Aluminum Corp.		47
	568	Materion Corp.		32
	273	Olympic Steel, Inc.		4
	47,837	Pan American Silver Corp.		633
	203	Ramaco Resources, Inc. (a)		1
	486	Ryerson Holding Corp. (a)		4
	711	Schnitzer Steel Industries, Inc., Class – A		17
	1,756	SunCoke Energy, Inc. (a)		15
	200	Synalloy Corp.		3
	1,096	Timkensteel Corp. (a)		12
	229	Universal Stainless & Alloy Products, Inc. (a)		4
	1,217	Warrior Met Coal, Inc.		37
	1,131	Worthington Industries, Inc.		42
				3,262
		Mortgage Real Estate Investment Trusts — 0.45%
	788	AG Mortgage Investment Trust, Inc.		13
	2,765	Anworth Mortgage Asset Corp.		11
	3,399	Apollo Commercial Real Estate Finance, Inc.		63
	2,003	Arbor Realty Trust, Inc.		26
	777	Ares Commercial Real Estate Corp.		12
	1,391	ARMOUR Residential REIT, Inc.		27
	3,198	Blackstone Mortgage Trust, Inc.		112
	2,354	Capstead Mortgage Corp.		20
	433	Cherry Hill Mortgage Investment Corp.		7
	2,352	Colony Credit Real Estate, Inc.		37
	1,865	Dynex Capital, Inc.		11
	877	Exantas Capital Corp.		9
	1,379	Granite Point Mortgage Trust, Inc.		26
	464	Great Ajax Corp.		6
	1,699	Hannon Armstrong Sustainable Infrastructure Capital, Inc.		44
	3,621	Invesco Mortgage Capital, Inc.		57
	588	KKR Real Estate Finance Trust, Inc.		12
	2,551	Ladder Capital Corp.		43
	4,670	New York Mortgage Trust, Inc.		28
	1,458	Orchid Island Capital, Inc.		10
	1,678	Pennymac Mortgage Investment Trust		35
	898	Ready Capital Corp.		13

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Mortgage Real Estate Investment Trusts (continued)
	2,729	Redwood Trust, Inc.	$	44
	990	TPG RE Finance Trust, Inc.		19
	1,297	Western Asset Mortgage Capital Corp.		13
				698
		Multiline Retail — 0.13%
	1,133	Big Lots, Inc.		43
	316	Dillard’s, Inc., Class – A		23
	8,582	J.C. Penney Co., Inc. ^(a)		13
	1,380	Ollie’s Bargain Outlet Holdings, Inc. (a)		117
				196
		Multi-Utilities — 0.20%
	1,853	Avista Corp.		75
	1,485	Black Hills Corp.		110
	1,401	NorthWestern Corp.		99
	406	Unitil Corp.		22
				306
		Oil, Gas & Consumable Fuels — 2.43%
	4,355	Abraxas Petroleum Corp. (a)		5
	88	Adams Resources & Energy, Inc.		3
	2,922	Alta Mesa Resources, Inc. (a)		1
	923	Amyris, Inc. (a)		2
	1,344	Approach Resources, Inc. (a)		–
	480	Arch Coal, Inc.		44
	946	Ardmore Shipping Corp. (a)		6
	1,608	Berry Petroleum Corp.		19
	523	Bonanza Creek Energy, Inc. (a)		12
	1,282	California Resources Corp. (a)		33
	6,289	Callon Petroleum Co. (a)		47
	2,523	Carrizo Oil & Gas, Inc. (a)		31
	37,553	Centennial Resource Development, Inc., Class – A (a)		330
	3,886	Clean Energy Fuels Corp. (a)		12
	777	CONSOL Energy, Inc. (a)		27
	500	CVR Energy, Inc.		21
	2,275	Delek US Holdings, Inc.		83
	12,668	Denbury Resources, Inc. (a)		26
	2,448	DHT Holdings, Inc.		11
	736	Dorian LPG Ltd. (a)		5
	551	Earthstone Energy, Inc. (a)		4
	2,250	Energy Fuels, Inc. ^(a)		7
	1,061	EP Energy Corp. (a)		–
	39,174	Euronav N.V.		319
	750	Evolution Petroleum Corp.		5
	2,129	Frontline Ltd./Bermuda ^(a)		14
	24,586	GasLog Ltd.		429
	10,581	Golar LNG Ltd.		223
	199	Goodrich Petroleum Corp. (a)		3
	1,077	Green Plains, Inc.		18
	4,901	Gulfport Energy Corp. (a)		39
	3,805	Halcon Resources Corp. (a)		5
	509	Hallador Energy Co.		3
	2,937	Highpoint Resources Corp. (a)		6
	593	International Seaways, Inc. (a)		10
	16	Isramco, Inc. (a)		2
	1,733	Jagged Peak Energy, Inc. (a)		18
	4,203	Laredo Petroleum, Inc. (a)		13
	1,284	Lilis Energy, Inc. (a)		2
	14,700	Matador Resources Co. (a)		284
	493	Midstates Petroleum Co., Inc. (a)		5
	181	Montage Resources Corp. ^(a)		3
	7,431	Murphy Oil Corp.		218

HC CAPITAL TRUST

The Institutional Small Capitalization-Mid Capitalization Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Oil, Gas & Consumable Fuels (continued)
	104	NACCO Industries, Inc., Class – A	$	4
	21,709	Navigator Holdings Ltd. (a)		239
	201	Nextdecade Corp. (a)		1
	4,047	Nordic American Tankers Limited		8
	5,232	Northern Oil & Gas, Inc. (a)		14
	7,529	Oasis Petroleum, Inc. (a)		45
	1,378	Overseas Shipholding Group, Inc. (a)		3
	455	Panhandle Oil & Gas, Inc., Class – A		7
	879	Par Petroleum Corp. (a)		16
	10,032	PDC Energy, Inc. (a)		407
	2,180	Peabody Energy Corp.		62
	337	Penn Virginia Corp. (a)		15
	1,030	Renewable Energy Group, Inc. (a)		23
	155	REX American Resources Corp. (a)		12
	1,544	Ring Energy, Inc. (a)		9
	834	SandRidge Energy, Inc. (a)		7
	1,244	Scorpio Tankers, Inc.		25
	2,182	Semgroup Corp., Class – A		32
	2,238	Ship Finance International Ltd.		28
	206	Silverbow Resources, Inc. (a)		5
	10,588	SM Energy Co.		185
	16,654	Southwestern Energy Co. (a)		78
	6,880	SRC Energy, Inc. (a)		35
	540	Talos Energy, Inc. (a)		14
	1,936	Teekay Shipping Corp.		8
	5,985	Teekay Tankers Ltd. (a)		6
	2,391	Tellurian, Inc. (a)		27
	4,336	Ultra Petroleum Corp. (a)		3
	4,834	Uranium Energy Corp. (a)		7
	2,594	W&T Offshore, Inc. (a)		18
	1,855	World Fuel Services Corp.		54
	1,289	Zion Oil & Gas, Inc. (a)		1
				3,746
		Paper & Forest Products — 0.15%
	1,098	Boise Cascade Co.		29
	455	Clearwater Paper Corp. (a)		9
	3,958	Louisiana-Pacific Corp.		96
	460	Neenah Paper, Inc.		30
	1,204	P.H. Glatfelter Co.		17
	870	Schweitzer-Mauduit International, Inc.		34
	930	Verso Corp. (a)		20
				235
		Personal Products — 0.12%
	580	e.l.f. Beauty, Inc. (a)		6
	1,496	Edgewell Personal Care Co. (a)		66
	478	Inter Parfums, Inc.		36
	322	Medifast, Inc.		41
	224	Natural Health Trends Corp.		3
	237	Nature’s Sunshine Products, Inc. (a)		2
	222	Revlon, Inc., Class – A (a)		4
	356	USANA Health Sciences, Inc. (a)		30
				188
		Pharmaceuticals — 1.34%
	966	Aclaris Therapeutics, Inc. (a)		6
	1,321	Aerie Pharmaceuticals, Inc. (a)		63
	347	Akcea Therapeutics, Inc. ^(a)		10
	2,523	Akorn, Inc. (a)		9
	16,961	Amneal Pharmaceuticals, Inc. (a)		240
	1,004	Amphastar Pharmaceuticals, Inc. (a)		21
	1,875	Ampio Pharmaceuticals, Inc. ^(a)		1
	222	ANI Pharmaceuticals, Inc. (a)		16

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Pharmaceuticals (continued)
	435	Aquestive Therapeutics, Inc. (a)	$	3
	1,225	Aratana Therapeutics, Inc. (a)		4
	214	Arvinas, Inc. (a)		3
	569	Assembly Biosciences, Inc. (a)		11
	1,637	Assertio Therapeutics, Inc. (a)		8
	720	Clearside Biomedical, Inc. (a)		1
	791	Collegium Pharmaceutical, Inc. (a)		12
	2,757	Corcept Therapeutics, Inc. (a)		32
	1,745	Cymabay Therapeutics, Inc. (a)		23
	956	Dermira, Inc. (a)		13
	315	Dova Pharmaceuticals, Inc. (a)		3
	4,132	Durect Corp. (a)		3
	654	Eloxx Pharmaceuticals, Inc. (a)		8
	6,210	ENDO International PLC (a)		50
	249	Evolus, Inc. ^(a)		6
	13,810	Horizon Pharma PLC (a)		366
	498	Innovate Biopharmaceuticals, Inc. (a)		1
	1,874	Innoviva, Inc. (a)		26
	830	Intersect ENT, Inc. (a)		27
	1,217	Intra-Cellular Therapies, Inc. (a)		15
	517	Kala Pharmaceuticals, Inc. (a)		4
	806	Lannett Co., Inc. (a)		6
	153	Liquidia Technologies, Inc. (a)		2
	2,266	Mallinckrodt PLC (a)		49
	1,527	Marinus Pharmaceuticals, Inc. (a)		6
	189	Melinta Therapeutics, Inc. (a)		1
	366	Menlo Therapeutics, Inc. (a)		3
	950	Myokardia, Inc. (a)		49
	3,444	Nektar Therapeutics (a)		116
	1,318	Neos Therapeutics, Inc. (a)		3
	861	Ocular Therapeutix, Inc. (a)		3
	178	Odonate Therapeutics, Inc. (a)		4
	1,258	Omeros Corp. ^(a)		22
	576	Optinose, Inc. (a)		6
	268	Osmotica Pharmaceuticals PLC (a)		1
	5,676	Pacira Pharmaceuticals, Inc. (a)		216
	895	Paratek Pharmaceuticals, Inc. (a)		5
	583	Phibro Animal Health Corp., Class – A		19
	1,462	Prestige Brands Holdings, Inc. (a)		44
	523	Reata Pharmaceuticals, Inc., Class – A (a)		45
	260	resTORbio, Inc. (a)		2
	1,042	Revance Therapeutics, Inc. (a)		16
	245	scPharmaceuticals, Inc. (a)		1
	439	Sienna Biopharmaceuticals, Inc. (a)		1
	1,363	SIGA Technologies, Inc. (a)		8
	1,351	Supernus Pharmaceuticals, Inc. (a)		47
	1,283	Teligent, Inc. ^(a)		1
	1,552	Tetraphase Pharmaceuticals, Inc. (a)		2
	1,925	The Medicines Co. (a)		54
	43,092	TherapeuticsMD, Inc. ^(a)		210
	1,221	Theravance Biopharma, Inc. (a)		28
	528	Tricida, Inc. (a)		20
	369	Verrica Pharmaceuticals, Inc. (a)		4
	551	Wave Life Sciences Ltd. (a)		21
	528	Xeris Pharmaceuticals, Inc. (a)		5
	1,172	Zogenix, Inc. (a)		64
	846	Zomedica Pharmaceuticals Corp. (a)		–
				2,069
		Professional Services — 0.75%
	1,484	Acacia Research Corp. (a)		5
	1,406	ASGN, Inc. (a)		89
	199	Barrett Business Services, Inc.		15
	212	BG Staffing, Inc.		5

HC CAPITAL TRUST

The Institutional Small Capitalization-Mid Capitalization Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Professional Services (continued)
	1,417	CBIZ, Inc. (a)	$	29
	224	CRA International, Inc.		11
	1,430	Exponent, Inc.		83
	282	Forrester Research, Inc.		14
	284	Franklin Covey Co. (a)		7
	1,049	FTI Consulting, Inc. (a)		81
	366	GP Strategies Corp. (a)		4
	504	Heidrick & Struggles International, Inc.		19
	606	Huron Consulting Group, Inc. (a)		29
	508	ICF International, Inc.		39
	1,305	InnerWorkings, Inc. (a)		5
	1,064	Insperity, Inc.		131
	846	Kelly Services, Inc., Class – A		19
	626	Kforce, Inc.		22
	1,583	Korn Ferry International		71
	493	Mistras Group, Inc. (a)		7
	4,876	Navigant Consulting, Inc.		94
	857	Resources Connections, Inc.		14
	4,802	TriNet Group, Inc. (a)		286
	1,131	TrueBlue, Inc. (a)		27
	346	Upwork, Inc. (a)		7
	1,088	WageWorks, Inc. (a)		41
	269	Willdan Group, Inc. (a)		10
				1,164
		Real Estate Management & Development — 0.30%
	271	Altisource Portfolio Solutions SA (a)		6
	75	American Realty Investors, Inc. (a)		1
	115	Consolidated-Tomoka Land Co.		7
	1,835	Cushman & Wakefield PLC (a)		33
	1,034	Essential Properties Realty Trust, Inc.		20
	291	Forestar Group, Inc. (a)		5
	186	FRP Holdings, Inc. (a)		9
	31	Griffin Industrial Realty, Inc.		1
	1,050	HFF, Inc., Class – A		50
	3,541	Kennedy-Wilson Holdings, Inc.		76
	569	Marcus & Millichap, Inc. (a)		23
	148	Maui Land & Pineapple Co., Inc. (a)		2
	4,211	Newmark Group, Inc., Class – A		35
	495	RE/MAX Holdings, Inc., Class – A		19
	7,950	Realogy Holdings Corp.		90
	2,226	Redfin Corp. ^(a)		45
	960	St. Joe Corp. (a)		16
	177	Stratus Properties, Inc. (a)		5
	568	Tejon Ranch Co. (a)		10
	194	The RMR Group, Inc., Class – A		12
	34	Transcontinental Realty Investors, Inc. (a)		1
	565	Trinity Place Holdings, Inc. (a)		2
				468
		Road & Rail — 0.75%
	711	ArcBest Corp.		22
	10,346	Avis Budget Group, Inc. (a)		360
	328	Covenant Transportation Group, Inc., Class – A (a)		6
	1,105	Daseke, Inc. (a)		6
	1,308	Heartland Express, Inc.		25
	1,514	Hertz Global Holdings, Inc. (a)		26
	9,136	Knight-Swift Transportation Holdings, Inc.		299
	1,078	Marten Transport Ltd.		19
	49	P.A.M. Transportation Services, Inc. (a)		2
	4,721	Ryder System, Inc.		293
	717	Saia, Inc. (a)		44

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Road & Rail (continued)
	245	Universal Truckload Services, Inc.	$	5
	558	US Xpress Enterprise, Inc., Class – A (a)		4
	191	USA Truck, Inc. (a)		3
	1,293	Werner Enterprises, Inc.		44
	1,008	YRC Worldwide, Inc. (a)		7
				1,165
		Semiconductors & Semiconductor Equipment — 5.24%
	285	ACM Research, Inc., Class – A (a)		4
	742	Adesto Technologies Corp. (a)		4
	1,091	Advanced Energy Industries, Inc. (a)		54
	6,340	Advanced Micro Devices, Inc. (a)		162
	580	Alpha & Omega Semiconductor Ltd. (a)		7
	2,226	Ambarella, Inc. (a)		96
	2,826	Amkor Technology, Inc. (a)		24
	556	Aquantia Corp. (a)		5
	911	Axcelis Technologies, Inc. (a)		18
	1,088	AXT, Inc. (a)		5
	1,938	Brooks Automation, Inc.		57
	787	Cabot Microelectronics Corp.		88
	605	CEVA, Inc. (a)		16
	1,646	Cirrus Logic, Inc. (a)		69
	1,088	Cohu, Inc.		16
	10,268	Cree, Inc. (a)		588
	6,896	Cypress Semiconductor Corp.		103
	1,116	Diodes, Inc. (a)		39
	3,951	Entegris, Inc.		141
	18,207	FormFactor, Inc. (a)		293
	609	Ichor Holdings Ltd. (a)		14
	444	Impinj, Inc. (a)		7
	8,675	Inphi Corp. (a)		379
	15,205	Integrated Device Technology, Inc. (a)		745
	1,829	Kopin Corp. (a)		2
	3,246	Lattice Semiconductor Corp. (a)		39
	27,085	MA-COM Technology Solutions Holdings, Inc. (a)		453
	8,413	Marvell Technology Group Ltd.		167
	5,552	Maxim Integrated Products, Inc.		295
	1,776	MaxLinear, Inc., Class – A (a)		45
	6,413	Monolithic Power Systems, Inc.		869
	635	Nanometrics, Inc. (a)		20
	972	Neophotonics Corp. (a)		6
	134	NVE Corp.		13
	807	PDF Solutions, Inc. (a)		10
	1,805	Photronics, Inc. (a)		17
	801	Power Integrations, Inc.		56
	10,928	Qorvo, Inc. (a)		784
	10,626	QuickLogic Corp. (a)		6
	3,003	Rambus, Inc. (a)		31
	852	Rudolph Technologies, Inc. (a)		19
	20,421	Semtech Corp. (a)		1,041
	3,347	Silicon Laboratories, Inc. (a)		271
	351	SMART Global Holdings, Inc. (a)		7
	1,653	SunPower Corp. (a)		11
	951	Synaptics, Inc. (a)		38
	1,054	Ultra Clean Holdings, Inc. (a)		11
	4,572	Universal Display Corp.		699
	19,814	Veeco Instruments, Inc. (a)		215
	1,354	Xperi Corp.		32
				8,091
		Software — 8.49%
	6,509	2U, Inc. (a)		461
	2,621	8x8, Inc. (a)		53

HC CAPITAL TRUST

The Institutional Small Capitalization-Mid Capitalization Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Software (continued)
	1,467	A10 Networks, Inc. (a)	$	10
	3,180	ACI Worldwide, Inc. (a)		105
	458	Agilysys, Inc. (a)		10
	8,745	Alarm.com Holding, Inc. (a)		568
	685	Altair Engineering, Inc., Class – A (a)		25
	812	Alteryx, Inc. (a)		68
	603	Amber Road, Inc. (a)		5
	789	American Software, Inc., Class – A		9
	499	Anaplan, Inc. (a)		20
	433	AppFolio, Inc., Class – A (a)		34
	369	Asure Software, Inc. (a)		2
	784	Avalara, Inc. (a)		44
	2,886	Avaya Holdings Corp. (a)		49
	14,496	Benefitfocus, Inc. (a)		718
	1,338	Blackbaud, Inc.		107
	15,729	Blackline, Inc. (a)		729
	1,171	Bottomline Technologies, Inc. (a)		59
	3,543	Box, Inc., Class – A (a)		68
	1,038	Carbon Black, Inc. (a)		14
	771	ChannelAdvisor Corp. (a)		9
	1,830	Cision Ltd. (a)		25
	16,231	Cloudera, Inc. (a)		178
	1,117	CommVault Systems, Inc. (a)		72
	1,507	Cornerstone OnDemand, Inc. (a)		83
	8,118	Coupa Software, Inc. (a)		739
	347	Digimarc Corp. (a)		11
	485	Domo, Inc. (a)		20
	675	Ebix, Inc.		33
	436	eGain Corp. (a)		5
	5,436	Ellie Mae, Inc. (a)		536
	7,265	Envestnet, Inc. (a)		475
	827	Everbridge, Inc. (a)		62
	4,405	Five9, Inc. (a)		233
	884	Forescout Technologies, Inc. (a)		37
	452	Fusion Connect, Inc. (a)		1
	5,144	HubSpot, Inc. (a)		855
	887	Instructure, Inc. (a)		42
	1,306	J2 Global, Inc.		113
	1,633	LivePerson, Inc. (a)		47
	255	Majesco (a)		2
	239	MicroStrategy, Inc., Class – A (a)		34
	946	Mitek Systems, Inc. (a)		12
	2,178	MobileIron, Inc. (a)		12
	7,475	Model N, Inc. (a)		131
	1,150	Monotype Imaging Holdings, Inc.		23
	7,275	New Relic, Inc. (a)		718
	28,162	Nuance Communications, Inc. (a)		477
	2,680	Nutanix, Inc., Class – A (a)		101
	851	Onespan, Inc. (a)		16
	411	Park City Group, Inc. (a)		3
	7,527	Paylocity Holding Corp. (a)		671
	1,250	Progress Software Corp.		55
	877	PROS Holdings, Inc. (a)		37
	1,037	Q2 Holdings, Inc. (a)		72
	276	QAD, Inc., Class – A		12
	944	Qualys, Inc. (a)		78
	1,015	Rapid7, Inc. (a)		51
	198	Rimini Street, Inc. (a)		1
	4,647	RingCentral, Inc., Class – A (a)		501
	1,954	Sailpoint Technologies Holding, Inc. (a)		56
	262	Secureworks Corp. (a)		5
	190	ShotSpotter, Inc. (a)		7
	476	SPS Commerce, Inc. (a)		50
	4,092	SS&C Technologies Holdings, Inc.		261

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Software (continued)
	486	SVMK, Inc. (a)	$	9
	1,201	Telaria, Inc. (a)		8
	874	Telenav, Inc. (a)		5
	853	Tenable Holdings, Inc. (a)		27
	3,056	The Trade Desk, Inc. (a)		605
	59,876	TiVo Corp.		558
	465	Upland Software, Inc. (a)		20
	789	Varonis Systems, Inc. (a)		47
	1,792	Verint Systems, Inc. (a)		107
	171	Veritone, Inc. (a)		1
	1,521	VirnetX Holding Corp. (a)		10
	795	Workiva, Inc. (a)		40
	18,949	Yext, Inc. (a)		414
	1,449	Zix Corp. (a)		10
	15,982	Zscaler, Inc. (a)		1,133
				13,114
		Specialty Retail — 2.25%
	1,919	Aaron’s, Inc.		101
	8,479	Abercrombie & Fitch Co., Class – A		231
	4,471	American Eagle Outfitters, Inc.		99
	161	America’s Car-Mart, Inc. (a)		15
	532	Asbury Automotive Group, Inc. (a)		37
	4,730	Ascena Retail Group, Inc. (a)		5
	1,244	AT Home Group, Inc. (a)		22
	1,127	Barnes & Noble Education, Inc. (a)		5
	1,724	Barnes & Noble, Inc.		9
	3,653	Bed Bath & Beyond, Inc.		62
	493	Big 5 Sporting Goods Corp.		2
	18,305	Boot Barn Holdings, Inc. (a)		538
	1,160	Caleres, Inc.		29
	878	Camping World Holdings, Inc., Class – A^		12
	17,188	Carvana Co. ^(a)		997
	3,456	Chico’s FAS, Inc.		15
	332	Citi Trends, Inc.		6
	521	Conn’s, Inc. (a)		12
	1,917	DSW, Inc., Class – A		43
	1,994	Express, Inc. (a)		9
	1,530	Five Below, Inc. (a)		190
	1,090	Francesca’s Holdings Corp. (a)		1
	2,801	GameStop Corp., Class – A		28
	539	Genesco, Inc. (a)		25
	2,314	GNC Holdings, Inc., Class – A (a)		6
	521	Group 1 Automotive, Inc.		34
	1,584	Guess?, Inc.		31
	532	Haverty Furniture Cos., Inc.		12
	541	Hibbett Sports, Inc. (a)		12
	1,108	Hudson Ltd., Class – A (a)		15
	392	J. Jill, Inc.		2
	464	Kirkland’s, Inc. (a)		3
	623	Lithia Motors, Inc.		58
	778	Lumber Liquidators Holdings, Inc. (a)		8
	659	MarineMax, Inc. (a)		13
	879	Monro Muffler Brake, Inc.		76
	836	Murphy USA, Inc. (a)		72
	1,763	National Vision Holdings, Inc. (a)		55
	15,468	Office Depot, Inc.		56
	1,528	Party City Holdco, Inc. (a)		12
	2,334	Pier 1 Imports, Inc. (a)		2
	1,288	Rent-A-Center, Inc. (a)		27
	527	Restoration Hardware Co. (a)		54
	675	RTW RetailWinds, Inc. (a)		2
	3,342	Sally Beauty Holdings, Inc. (a)		62
	288	Shoe Carnival, Inc.		10

HC CAPITAL TRUST

The Institutional Small Capitalization-Mid Capitalization Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Specialty Retail (continued)
	1,427	Signet Jewelers Ltd.	$	39
	896	Sleep Number Corp. (a)		42
	645	Sonic Automotive, Inc., Class – A		10
	1,082	Sportsman’s Warehouse Holdings, Inc. (a)		5
	19,250	Tailored Brands, Inc.		151
	796	The Buckle, Inc.		15
	650	The Cato Corp.		10
	439	The Children’s Place Retail Stores, Inc.		43
	492	The Container Store Group, Inc. (a)		4
	1,181	Tile Shop Holdings, Inc.		7
	560	Tilly’s, Inc., Class – A		6
	72	Winmark Corp.		14
	522	Zumiez, Inc. (a)		13
				3,474
		Technology Hardware, Storage & Peripherals — 0.16%
	3,007	3D Systems Corp. (a)		32
	749	Avid Technology, Inc. (a)		6
	1,120	Cray, Inc. (a)		29
	2,061	Diebold, Inc. (a)		23
	374	Eastman Kodak Co. (a)		1
	1,205	Electronics for Imaging, Inc. (a)		32
	705	Immersion Corp. (a)		6
	1,421	Stratasys Ltd. (a)		34
	3,600	Super Micro Computer, Inc. (a)		76
	1,639	USA Technologies, Inc. (a)		7
				246
		Textiles, Apparel & Luxury Goods — 0.56%
	1,839	Crocs, Inc. (a)		47
	316	Culp, Inc.		6
	3,357	Deckers Outdoor Corp. (a)		494
	1,233	Fossil Group, Inc. (a)		17
	1,216	G-III Apparel Group Ltd. (a)		49
	425	Movado Group, Inc.		15
	469	Oxford Industries, Inc.		35
	167	Rocky Brands, Inc.		4
	2,411	Steven Madden Ltd.		82
	250	Superior Uniform Group, Inc.		4
	426	Unifi, Inc. (a)		8
	581	Vera Bradley, Inc. (a)		8
	2,566	Wolverine World Wide, Inc.		92
				861
		Thrifts & Mortgage Finance — 0.96%
	1,606	Axos Financial, Inc. (a)		47
	94	Bank7 Corp. (a)		2
	355	Bankfinancial Corp.		5
	625	Bridgewater Bancshares, Inc. (a)		6
	3,748	Capitol Federal Financial, Inc.		50
	1,381	Columbia Financial, Inc. (a)		22
	876	Dime Community Bancshares		16
	200	Entegra Financial Corp. (a)		4
	274	ESSA Bancorp, Inc.		4
	2,676	Essent Group Ltd. (a)		116
	243	Federal Agricultural Mortgage Corp., Class – C		18
	560	First Defiance Financial Corp.		16
	819	Flagstar Bancorp, Inc.		27
	118	FS BanCorp, Inc.		6
	95	Greene County BanCorp, Inc.		3
	37	Hingham Institution For SVGS		6
	211	Home BanCorp, Inc.		7
	678	HomeStreet, Inc. (a)		18

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Thrifts & Mortgage Finance (continued)
	221	Impac Mortgage Holdings, Inc. (a)	$	1
	2,447	Kearny Financial Corp. of Maryland		31
	221	LendingTree, Inc. (a)		78
	614	Luther Burbank Corp.		6
	195	Malvern BanCorp, Inc. (a)		4
	423	Merchants BanCorp/IN		9
	1,299	Meridian Bancorp, Inc.		20
	756	Meta Financial Group, Inc.		15
	9,842	MGIC Investment Corp. (a)		130
	2,105	Mr Cooper Group, Inc. (a)		20
	1,744	NMI Holdings, Inc. (a)		45
	1,191	Northfield BanCorp, Inc.		17
	2,683	Northwest Bancshares, Inc.		46
	1,335	OceanFirst Financial Corp.		32
	50	Oconee Federal Financial COR		1
	3,053	Ocwen Financial Corp. (a)		6
	298	OP BanCorp		3
	1,094	Oritani Financial Corp.		18
	451	PCSB Financial Corp.		9
	209	PDL Community BanCorp (a)		3
	535	PennyMac Financial Services, Inc.		12
	139	Provident BanCorp, Inc. (a)		3
	1,702	Provident Financial Services, Inc.		44
	248	Prudential BanCorp, Inc.		4
	6,019	Radian Group, Inc.		125
	635	Riverview BanCorp, Inc.		5
	340	SI Financial Group, Inc.		4
	199	Southern Missouri BanCorp, Inc.		6
	650	Sterling BanCorp, Inc./MI		7
	227	Territorial BanCorp, Inc.		6
	186	Timberland BanCorp, Inc./WA		5
	2,560	TrustCo Bank Corp. NY		20
	1,385	United Community Financial Corp.		13
	1,400	United Financial Bancorp, Inc.		20
	757	Walker & Dunlop, Inc.		39
	2,248	Washington Federal, Inc.		65
	724	Waterstone Financial, Inc.		12
	709	Western New England BanCorp, Inc.		7
	5,542	WSFS Financial Corp.		213
				1,477
		Tobacco — 0.20%
	3,411	22nd Century Group, Inc. ^(a)		6
	229	Pyxus International, Inc. (a)		5
	212	Turning Point Brands, Inc.		10
	4,460	Universal Corp.		257
	2,799	Vector Group Ltd.		30
				308
		Trading Companies & Distributors — 1.47%
	1,514	Aircastle Ltd.		31
	1,063	Applied Industrial Technologies, Inc.		63
	12,117	Beacon Roofing Supply, Inc. (a)		389
	264	Bluelinx Holdings, Inc. (a)		7
	20,639	BMC Stock Holdings, Inc. (a)		365
	466	CAI International, Inc. (a)		11
	7,405	DXP Enterprises, Inc. (a)		288
	113	EVI Industries, Inc.		4
	387	Foundation Building Materials, Inc. (a)		4
	1,039	GATX Corp.		79
	307	General Finance Corp. (a)		3
	900	GMS, Inc. (a)		14
	871	H&E Equipment Services, Inc.		22
	665	Herc Holdings, Inc. (a)		26

HC CAPITAL TRUST

The Institutional Small Capitalization-Mid Capitalization Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Trading Companies & Distributors (continued)
	763	Kaman Corp.	$	45
	195	Lawson Products, Inc. (a)		6
	13,407	MRC Global, Inc. (a)		234
	3,018	NOW, Inc. (a)		42
	121	Rush Enterprises, Inc.		5
	841	Rush Enterprises, Inc., Class – A		35
	3,701	SiteOne Landscape Supply, Inc. (a)		212
	318	Systemax, Inc.		7
	750	Textainer Group Holdings Ltd. (a)		7
	534	Titan Machinery, Inc. (a)		8
	1,442	Triton International Ltd.		44
	327	Veritiv Corp. (a)		9
	2,158	Watsco, Inc.		309
	84	Willis Lease Finance Corp. (a)		4
				2,273
		Transportation Infrastructure — 0.22%
	8,415	Macquarie Infrastructure Corp.		347
		Water Utilities — 0.18%
	1,011	American States Water Co.		71
	302	AquaVenture Holdings Ltd. (a)		6
	228	Artesian Resources Corp.		8
	622	Cadiz, Inc. (a)		6
	1,328	California Water Service Group		72
	329	Connecticut Water Service, Inc.		23
	434	Consolidated Water Co. Ltd.		6
	362	Global Water Resources, Inc.		4
	439	Middlesex Water Co.		25
	518	Pure Cycle Corp. (a)		5
	673	SJW Corp.		42
	368	The York Water Co.		13
				281
		Wireless Telecommunication Services — 0.19%
	1,140	Boingo Wireless, Inc. (a)		27
	43,675	Gogo, Inc. ^(a)		196
	2,491	NII Holdings, Inc. (a)		5
	1,295	Shenandoah Telecommunications Co.		57
	498	Spok Holdings, Inc.		7
				292
		Total Common Stocks		143,876
		Contingent Rights — 0.00%
		Chemicals — 0.00%
	755	Schulman, Inc. CVR (a)		–
		Financials — 0.00%
	247,963	Tahoe Resources, Inc. CVR (a)		–
		Total Contingent Rights		–
Principal Amount (000)
		U.S. Treasury Obligation — 0.01%
$	20	U.S. Treasury Bill, 2.34%, 6/6/19 (b)(c)		20
		Total U.S. Treasury Obligation		20

Shares		Security Description	Value (000)
		Investment Companies — 6.05%
	579,204	Federated Treasury Obligations Fund, Institutional Shares, 2.29% ^^(d)	$	579
	1,005,599	State Street Institutional Liquid Reserves Fund, Trust Class, 0.00% (d)		1,006
	7,751,532	State Street Institutional Treasury Plus Money Market Fund, Premier Class, 2.30% (d)		7,751
		Total Investment Companies		9,336
Principal Amount (000)
		Repurchase Agreement — 1.34%
$	2,070	Jefferies LLC, 2.60%, 4/1/19 (Purchased on 3/29/19, proceeds at maturity $2,069,966 collateralized by U.S. Treasury Obligations, 2.40% – 2.97%, 8/15/19 – 2/15/47 fair value $2,110,908) ^^		2,070
		Total Repurchase Agreement		2,070
		Total Investments       (cost $131,822) — 100.63%		155,302
		Liabilities in excess of other assets — (0.63)%		(965	)
		Net Assets — 100.00%	$	154,337

Amounts designated as “—” are $0 or have been rounded to $0.

^ All or part of this security was on loan as of March 31, 2019. The total value of securities on loan as of March 31, 2019, was $2,541 (amount in thousands).

^^ Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for securities that were sold on or before March 31, 2019.

(a) Represents non-income producing security.

(b) Rate disclosed represents effective yield at purchase.

(c) All or part of this security has been pledged as collateral for derivative instruments held by the Portfolio.

(d) The rate disclosed is the rate in effect on March 31, 2019.

ADR — American Depositary Receipt

REIT — Real Estate Investment Trust

HC CAPITAL TRUST

The Institutional Small Capitalization-Mid Capitalization Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

The following table reflects the percentage of total net assets of the Portfolio attributable to each Specialist Manager as of March 31, 2019.

The Institutional Small Capitalization-Mid Capitalization Equity Portfolio	Advisory Research, Inc.			Frontier Capital Management Company, LLC			Mellon Investments Corporation*			Parametric Portfolio Associates, LLC			Pzena Investment Management, LLC			HC Capital Solutions			Total
Common Stocks		18.72	%		32.67	%		36.62	%		—			5.22	%		—			93.23	%
Contingent Rights		—			0.00	%		0.00	%		—			—			—			0.00	%
U.S. Treasury Obligation		—			—			0.01	%		—			—			—			0.01	%
Investment Companies		0.90	%		0.07	%		0.18	%		2.30	%		—			2.60	%		6.05	%
Repurchase Agreement		0.87	%		0.24	%		0.23	%		—			—			—			1.34	%
Other Assets (Liabilities)		-1.14	%		0.52	%		-0.34	%		0.18	%		0.15	%		0.00	%		-0.63	%
Total Net Assets		19.35	%		33.50	%		36.70	%		2.48	%		5.37	%		2.60	%		100.00	%

* Formerly BNY Mellon Asset Management North America Corporation.

Amounts designated as “—” indicate the Specialist Manager did not manage any holdings in that category.

The following table reflects the open derivative positions held by the Portfolio as of March 31, 2019.

Futures Contracts Purchased^

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value and Unrealized Appreciation/ (Depreciation) (000)
Russell 2000 Mini Index Future		44		6/21/19	$	3,396	$	25
					$	3,396	$	25
				Total Unrealized Appreciation			$	25
				Total Unrealized Depreciation				—
				Total Net Unrealized Appreciation/(Depreciation)			$	25

^ Cash has been pledged as collateral for futures contracts held by the Portfolio.

Amounts designated as “—” are $0 or have been rounded to $0.

HC CAPITAL TRUST

The Real Estate Securities Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks — 87.43%
		Equity Real Estate Investment Trusts — 83.22%
	33,727	Acadia Realty Trust	$	920
	31,892	Agree Realty Corp.		2,211
	43,233	Alexandria Real Estate Equities, Inc.		6,163
	52,640	American Assets Trust, Inc.		2,414
	25,563	American Tower Corp.		5,037
	54,934	Apartment Investment & Management Co. (a)		2,763
	38,343	Boston Properties, Inc.		5,133
	42,560	Camden Property Trust		4,320
	56,028	Columbia Property Trust, Inc.		1,261
	52,500	Community Healthcare Trust, Inc.		1,884
	13,294	Coresite Realty Corp.		1,423
	46,614	Corporate Office Properties Trust		1,273
	20,944	Crown Castle International Corp.		2,681
	95,203	Douglas Emmett, Inc.		3,848
	13,326	Equinix, Inc.		6,039
	30,403	Equity Lifestyle Properties, Inc.		3,475
	17,777	Essex Property Trust, Inc.		5,142
	33,293	Extra Space Storage, Inc.		3,393
	228,013	HCP, Inc.		7,137
	89,628	Hudson Pacific Property, Inc.		3,085
	24,345	JBG SMITH Properties		1,007
	99,390	Prologis, Inc.		7,151
	12,253	PS Business Parks, Inc.		1,922
	27,116	Public Storage		5,905
	51,005	Regency Centers Corp.		3,442
	102,250	Rexford Industrial Realty, Inc.		3,662
	48,374	Simon Property Group, Inc.		8,814
	118,508	Store Capital Corp.		3,970
	31,515	Sun Communities, Inc.		3,735
	111,407	UDR, Inc.		5,065
	63,951	Xenia Hotels & Resorts, Inc.		1,401
				115,676
		Health Care Providers & Services — 0.82%
	8,509	Universal Health Services, Inc., Class – B		1,138
		Hotels, Restaurants & Leisure — 2.78%
	7,512	Hilton Worldwide Holdings, Inc.		624
	27,098	Hyatt Hotels Corp., Class – A		1,966
	5,884	Vail Resorts, Inc.		1,279
				3,869
		Real Estate Management & Development — 0.61%
	11,600	Essential Properties Realty Trust, Inc.		226
	29,114	Kennedy-Wilson Holdings, Inc.		623
				849
		Total Common Stocks		121,532
		Investment Companies — 12.49%
	2,090,258	DWS Government Money Market Series Institutional Fund, 2.31% (b)		2,090
	15,277,587	State Street Institutional Treasury Plus Money Market Fund, Premier Class, 2.30% (b)		15,278
		Total Investment Companies		17,368

	Value (000)
Total Investments (cost $110,827) — 99.92%	$	138,900
Other assets in excess of liabilities — 0.08%		107
Net Assets — 100.00%	$	139,007

(a) Represents non-income producing security.

(b) The rate disclosed is the rate in effect on March 31, 2019.

HC CAPITAL TRUST

The Real Estate Securities Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

The following table reflects the percentage of total net assets of the Portfolio attributable to each Specialist Manager as of March 31, 2019.

The Real Estate Securities Portfolio	Parametric Portfolio Associates, LLC			Wellington Management Company, LLP			HC Capital Solutions			Total
Common Stocks		—			87.43	%		—			87.43	%
Investment Companies		5.88	%		1.50	%		5.11	%		12.49	%
Other Assets (Liabilities)		0.04	%		0.03	%		0.01	%		0.08	%
Total Net Assets		5.92	%		88.96	%		5.12	%		100.00	%

Amounts designated as “—” indicate the Specialist Manager did not manage any holdings in that category.

The following table reflects the open derivative positions held by the Portfolio as of March 31, 2019.

Futures Contracts Purchased^

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value and Unrealized Appreciation/ (Depreciation) (000)
Dow Jones U.S. Real Estate Index Future		206		6/21/19	$	7,076	$	97
					$	7,076	$	97
				Total Unrealized Appreciation			$	97
				Total Unrealized Depreciation				—
				Total Net Unrealized Appreciation/     (Depreciation)			$	97

^ Cash has been pledged as collateral for futures contracts held by the Portfolio.

Amounts designated as “—” are $0 or have been rounded to $0.

HC CAPITAL TRUST

The Commodity Returns Strategy Portfolio

Consolidated Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks — 73.66%
		Australia — 4.42%
	67,367	Alumina Ltd. (Metals & Mining)	$	116
	29,168	Amcor Ltd. (Containers & Packaging)		319
	87,771	BHP Billiton Ltd. (Metals & Mining)		2,398
	62,546	BHP Group PLC (Metals & Mining)		1,509
	29,442	Boral Ltd. (Construction Materials)		96
	8,631	Caltex Australia Ltd. (Oil, Gas & Consumable Fuels)		161
	44,260	Fortescue Metals Group Ltd. (Metals & Mining)		224
	46,458	Incitec Pivot Ltd. (Chemicals)		103
	19,443	Newcrest Mining Ltd. (Metals & Mining)		352
	10,623	Orica Ltd. (Chemicals)		133
	52,217	Origin Energy Ltd. (Oil, Gas & Consumable Fuels)		267
	11,676	Rio Tinto Ltd. (Metals & Mining)		813
	45,438	Santos Ltd. (Oil, Gas & Consumable Fuels)		220
	141,624	South32 Ltd. (Metals & Mining)		376
	22,809	Woodside Petroleum Ltd. (Oil, Gas & Consumable Fuels)		560
				7,647
		Austria — 0.19%
	4,462	OMV AG (Oil, Gas & Consumable Fuels)		243
	3,040	Voestalpine AG (Metals & Mining)		92
				335
		Belgium — 0.24%
	1,857	Solvay SA (Chemicals)		201
	4,912	Umicore SA (Chemicals)		219
				420
		Bermuda — 0.08%
	106,000	Kunlun Energy Co. Ltd. (Oil, Gas & Consumable Fuels)		111
	29,000	Nine Dragons Paper Holdings Ltd. (Paper & Forest Products)		28
				139
		Brazil — 1.47%
	13,200	Companhia Siderurgica Nacional SA (CSN) (Metals & Mining)		55
	4,513	Cosan SA Industria e Comercio (Oil, Gas & Consumable Fuels)		49
	96,612	Petroleo Brasileiro SA (Oil, Gas & Consumable Fuels)		765
	21,204	Suzano Papel e Celulose SA (Paper & Forest Products)		251
	14,203	Ultrapar Participacoes SA (Oil, Gas & Consumable Fuels)		170
	96,176	Vale SA (Metals & Mining)		1,256
				2,546
		Canada — 6.52%
	5,800	Agnico-Eagle Mines Ltd. (Metals & Mining)		252
	5,500	AltaGas Ltd. (Gas Utilities) ^		72
	11,600	ARC Resources Ltd. (Oil, Gas & Consumable Fuels)		79
	47,421	Barrick Gold Corp. (Metals & Mining)		651
	13,100	Cameco Corp. (Oil, Gas & Consumable Fuels)		154

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Canada (continued)
	32,169	Canadian Natural Resources Ltd. (Oil, Gas & Consumable Fuels)	$	883
	4,000	CCL Industries, Inc., Class B (Containers & Packaging)		162
	24,614	Cenovus Energy, Inc. (Oil, Gas & Consumable Fuels)		214
	17,900	Crescent Point Energy Corp. (Oil, Gas & Consumable Fuels)		58
	27,111	Enbridge, Inc. (Oil, Gas & Consumable Fuels)		982
	5,791	Enbridge, Inc. (Oil, Gas & Consumable Fuels)		210
	31,500	Encana Corp. (Oil, Gas & Consumable Fuels)		228
	18,938	Encana Corp. (Oil, Gas & Consumable Fuels)		137
	19,560	First Quantum Minerals Ltd. (Metals & Mining)		222
	4,540	Franco-Nevada Corp. (Metals & Mining)		341
	20,700	Goldcorp, Inc. (Metals & Mining)		237
	11,575	Husky Energy, Inc. (Oil, Gas & Consumable Fuels)		115
	8,760	Imperial Oil Ltd. (Oil, Gas & Consumable Fuels)		239
	11,900	Inter Pipeline Ltd. (Oil, Gas & Consumable Fuels)		197
	2,393	International Petroleum Corp. (Oil, Gas & Consumable Fuels) (a)		11
	6,000	Keyera Corp. (Oil, Gas & Consumable Fuels)		141
	34,600	Kinross Gold Corp. (Metals & Mining) (a)		119
	2,500	Methanex Corp. (Chemicals)		142
	17,283	Nutrien Ltd. (Chemicals)		912
	14,571	Pembina Pipelines Corp. (Oil, Gas & Consumable Fuels)		535
	5,500	Peyto Exploration & Development Corp. (Oil, Gas & Consumable Fuels) ^		29
	6,900	PrairieSky Royalty Ltd. (Oil, Gas & Consumable Fuels)		93
	8,000	Seven Generations Energy (Oil, Gas & Consumable Fuels) (a)		58
	48,322	Suncor Energy, Inc. (Oil, Gas & Consumable Fuels)		1,567
	14,497	Teck Cominco Ltd., Class B (Metals & Mining)		335
	7,000	Tourmaline Oil Corp. (Oil, Gas & Consumable Fuels)		108
	25,000	TransCanada Corp. (Oil, Gas & Consumable Fuels)		1,124
	20,206	Turquoise Hill Resources Ltd. (Metals & Mining) (a)		33
	42,247	Uranium Participation Corp. (Capital Markets) (a)(b)		141
	3,800	Vermilion Energy, Inc. (Oil, Gas & Consumable Fuels) ^		94
	1,900	West Fraser Timber Co. Ltd. (Paper & Forest Products)		92
	11,151	Wheaton Precious Metals Corp. (Metals & Mining)		265
	22,400	Yamana Gold, Inc. (Metals & Mining)		58
				11,290

HC CAPITAL TRUST

The Commodity Returns Strategy Portfolio

Consolidated Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Chile — 0.36%
	11,867	Antofagasta PLC (Metals & Mining)	$	149
	50,752	Empresas CMPC SA (Paper & Forest Products)		179
	22,884	Empresas Copec SA (Oil, Gas & Consumable Fuels)		291
				619
		China — 1.62%
	62,000	Aluminum Corporation of China Ltd., H Shares (Metals & Mining) (a)		23
	36,200	Anhui Conch Cement Co. Ltd., H Shares (Construction Materials)		221
	68,000	China Coal Energy Co. Ltd., Class H (Oil, Gas & Consumable Fuels)		28
	64,000	China National Building Material Co. Ltd., H Shares (Construction Materials)		51
	61,000	China Oilfield Services Ltd., H Shares (Energy Equipment & Services)		66
	741,869	China Petroleum & Chemical Corp., H Shares (Oil, Gas & Consumable Fuels)		589
	119,300	China Shenhua Energy Co. Ltd., H Shares (Oil, Gas & Consumable Fuels)		272
	520,302	CNOOC Ltd. (Oil, Gas & Consumable Fuels)		970
	23,000	Jiangxi Copper Co. Ltd., H Shares (Metals & Mining)		31
	612,729	PetroChina, H Shares (Oil, Gas & Consumable Fuels)		401
	68,000	Sinopec Shanghai Petrochemical Co. Ltd., H Shares (Chemicals)		32
	62,000	Yanzhou Coal Mining Co., H Shares (Oil, Gas & Consumable Fuels)		61
	129,000	Zijin Mining Group Co. Ltd., H Shares (Metals & Mining)		53
				2,798
		Colombia — 0.15%
	10,130	Cementos Argos SA (Construction Materials)		25
	175,300	Ecopetrol SA (Oil, Gas & Consumable Fuels)		188
	7,531	Grupo Argos SA (Construction Materials)		43
				256
		Denmark — 0.31%
	2,610	Christian Hansen Holding A/S (Chemicals)		265
	6,029	Novozymes A/S, B Shares (Chemicals)		277
				542
		Finland — 0.58%
	3,929	Neste Oil Oyj (Oil, Gas & Consumable Fuels)		419
	13,895	Stora Enso Oyj, R Shares (Paper & Forest Products)		170
	14,302	UPM-Kymmene Oyj (Paper & Forest Products)		418
				1,007

Shares		Security Description	Value (000)
		Common Stocks (continued)
		France — 3.10%
	11,639	Air Liquide SA (Chemicals)	$	1,481
	2,000	Arkema SA (Chemicals)		191
	732	Imerys SA (Construction Materials)		36
	65,737	Total SA (Oil, Gas & Consumable Fuels)		3,658
				5,366
		Germany — 2.38%
	25,011	BASF SE (Chemicals)		1,845
	1,908	Covestro AG (Chemicals)		105
	4,547	Evonik Industries AG (Chemicals)		124
	3,669	HeidelbergCement AG (Construction Materials)		264
	5,182	K+S AG – Registered (Chemicals)		95
	2,573	Lanxess AG (Chemicals)		138
	5,043	Linde AG (Chemicals)		1,113
	3,278	Symrise AG (Chemicals)		295
	10,651	ThyssenKrupp AG (Metals & Mining)		146
				4,125
		Greece — 0.00%
	152	Titan Cement Co. SA (Construction Materials)		3
		Hungary — 0.06%
	9,490	MOL Hungarian Oil & Gas PLC (Oil, Gas & Consumable Fuels)		109
		India — 1.06%
	42,596	Reliance Industries Ltd., GDR (Oil, Gas & Consumable Fuels) (c)		1,709
	6,988	Tata Steel Ltd., Registered Shares, GDR (Metals & Mining)		52
	6,609	Vedanta Ltd., ADR (Metals & Mining)		70
				1,831
		Indonesia — 0.19%
	476,300	PT Adaro Energy Tbk (Oil, Gas & Consumable Fuels)		45
	39,900	PT Indocement Tunggal Prakarsa Tbk (Construction Materials)		62
	90,300	PT Semen Gresik (Persero) Tbk (Construction Materials)		88
	70,300	PT United Tractors Tbk (Oil, Gas & Consumable Fuels)		134
				329
		Ireland (Republic of) — 0.41%
	22,721	CRH PLC (Construction Materials)		704
		Israel — 0.04%
	13,052	Israel Chemicals Ltd. (Chemicals)		68
		Italy — 1.04%
	74,181	Eni SpA (Oil, Gas & Consumable Fuels)		1,311
	20,071	Saipem SpA (Energy Equipment & Services) (a)		106
	73,370	Snam Rete Gas SpA (Oil, Gas & Consumable Fuels)		377
				1,794
		Japan — 3.19%
	3,600	Air Water, Inc. (Chemicals)		52
	34,300	Asahi Kasei Corp. (Chemicals)		355
	7,200	Daicel Corp. (Chemicals)		78
	2,100	Hitachi Chemical Co. Ltd. (Chemicals) ^		47

HC CAPITAL TRUST

The Commodity Returns Strategy Portfolio

Consolidated Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Japan (continued)
	5,000	Hitachi Metals Ltd. (Metals & Mining)	$	58
	5,442	Idemitsu Kosan Co. Ltd. (Oil, Gas & Consumable Fuels)		182
	28,400	INPEX Corp. (Oil, Gas & Consumable Fuels)		270
	13,400	JFE Holdings, Inc. (Metals & Mining)		228
	4,900	JSR Corp. (Chemicals)		76
	90,294	JX Holdings, Inc. (Oil, Gas & Consumable Fuels)		413
	1,300	Kaneka Corp. (Chemicals)		49
	6,200	Kansai Paint Co. Ltd. (Chemicals)		119
	7,200	Kobe Steel Ltd. (Metals & Mining)		54
	10,300	Kuraray Co. Ltd. (Chemicals)		131
	1,100	Maruichi Steel Tube Ltd. (Metals & Mining)		32
	35,500	Mitsubishi Chemical Holdings Corp. (Chemicals)		251
	4,600	Mitsubishi Gas Chemical Co., Inc. (Chemicals)		66
	2,800	Mitsubishi Materials Corp. (Metals & Mining)		74
	5,100	Mitsui Chemicals, Inc. (Chemicals)		124
	4,800	Nippon Paint Holdings Co. Ltd. (Chemicals)		190
	20,800	Nippon Steel & Sumitomo Metal Corp. (Metals & Mining)		369
	3,100	Nissan Chemical Industries Ltd. (Chemicals)		142
	4,000	Nitto Denko Corp. (Chemicals)		211
	22,700	Oji Paper Co. Ltd. (Paper & Forest Products)		141
	10,515	Shin-Etsu Chemical Co. Ltd. (Chemicals)		884
	40,700	Sumitomo Chemical Co. Ltd. (Chemicals)		190
	6,200	Sumitomo Metal Mining Co. Ltd. (Metals & Mining)		184
	3,400	Taiheiyo Cement Corp. (Construction Materials)		114
	2,100	Taiyo Nippon Sanso Corp. (Chemicals)		32
	4,900	Teijin Ltd. (Chemicals)		81
	36,900	Toray Industries, Inc. (Chemicals)		236
	4,500	Toyo Seikan Kaisha Ltd. (Containers & Packaging)		92
				5,525
		Jersey — 0.90%
	361,994	Glencore International PLC (Metals & Mining)		1,500
	9,585	Petrofac Ltd. (Energy Equipment & Services)		61
				1,561
		Luxembourg — 0.32%
	16,352	ArcelorMittal (Metals & Mining)		332
	15,254	Tenaris SA (Energy Equipment & Services)		215
				547
		Malaysia — 0.14%
	74,200	Petronas Chemicals Group Berhad (Chemicals)		167
	10,100	Petronas Dagangan Berhad (Oil, Gas & Consumable Fuels)		62

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Malaysia (continued)
	147,800	SapuraKencana Petroleum Berhad (Energy Equipment & Services) (a)	$	12
				241
		Mexico — 0.38%
	499,141	CEMEX SAB de CV (Construction Materials) (a)		233
	112,034	Grupo Mexico SAB de CV, Series B (Metals & Mining)		307
	3,534	Industrias Penoles SAB de CV (Metals & Mining)		44
	32,820	Mexichem SAB de CV (Chemicals)		78
				662
		Netherlands — 1.18%
	6,033	Akzo Nobel N.V. (Chemicals)		536
	1,585	Core Laboratories N.V. (Energy Equipment & Services)		109
	5,101	Koninklijke DSM N.V. (Chemicals)		556
	2,326	Koninklijke Vopak N.V. (Oil, Gas & Consumable Fuels)		111
	8,576	LyondellBasell Industries N.V., Class – A (Chemicals)		722
				2,034
		New Zealand — 0.03%
	16,332	Fletcher Building Ltd. (Construction Materials)		55
		Norway — 0.63%
	33,694	Equinor ASA (Oil, Gas & Consumable Fuels)		739
	39,781	Norsk Hydro ASA (Metals & Mining)		162
	4,523	Yara International ASA (Chemicals)		185
				1,086
		Papua New Guinea — 0.13%
	41,571	Oil Search Ltd. (Oil, Gas & Consumable Fuels)		231
		Peru — 0.05%
	4,900	Compania de Minas Buenaventura SA, ADR (Metals & Mining)		85
		Poland — 0.38%
	5,478	Grupa Lotos SA (Oil, Gas & Consumable Fuels)		119
	4,519	KGHM Polska Miedz SA (Metals & Mining) (a)		126
	11,875	Polski Koncern Naftowy Orlen SA (Oil, Gas & Consumable Fuels)		302
	70,939	Polskie Gornictwo Naftowe i Gazownictwo SA (Oil, Gas & Consumable Fuels)		116
				663
		Portugal — 0.14%
	15,257	Galp Energia SGPS SA, B Shares (Oil, Gas & Consumable Fuels)		244
		Qatar — 0.04%
	11,233	Qatar Gas Transport Co. Ltd. (Oil, Gas & Consumable Fuels)		64

HC CAPITAL TRUST

The Commodity Returns Strategy Portfolio

Consolidated Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Russia — 2.40%
	70,520	ALROSA AO (Metals & Mining)	$	99
	193,831	Gazprom OAO, ADR (Oil, Gas & Consumable Fuels)		876
	14,011	LUKOIL PJSC, ADR (Oil, Gas & Consumable Fuels)		1,256
	16,218	MMC Norilsk Nickel PJSC, ADR (Metals & Mining)		341
	3,120	Novatek OAO, Registered Shares, GDR (Oil, Gas & Consumable Fuels)		535
	1,523	Phosagro OAO, GDR (Chemicals)		19
	39,111	Rosneft Oil Co. OJSC, Registered Shares, GDR (Oil, Gas & Consumable Fuels)		246
	5,366	Severstal, Registered Shares, GDR (Metals & Mining)		84
	47,939	Surgutneftegas, ADR (Oil, Gas & Consumable Fuels)		178
	7,610	Tatneft PJSC, ADR (Oil, Gas & Consumable Fuels)		527
				4,161
		South Africa — 0.73%
	1,516	Anglo Platinum Ltd. (Metals & Mining)		77
	14,977	AngloGold Ashanti Ltd. (Metals & Mining)		197
	8,860	Exxaro Resources Ltd. (Oil, Gas & Consumable Fuels)		101
	26,554	Gold Fields Ltd. (Metals & Mining)		98
	15,281	Impala Platinum Holdings Ltd. (Metals & Mining) (a)		65
	3,677	Mondi Ltd. (Paper & Forest Products)		82
	17,739	Sappi Ltd. (Paper & Forest Products)		82
	18,250	Sasol Ltd. (Chemicals)		569
				1,271
		South Korea — 1.16%
	1,878	GS Holdings Corp. (Oil, Gas & Consumable Fuels)		87
	3,043	Hanwha Chemical Corp. (Chemicals)		56
	482	Honam Petrochemical Corp. (Chemicals)		124
	2,288	Hyundai Steel Co. (Metals & Mining)		91
	253	Korea Zinc Co. (Metals & Mining)		104
	454	Kumho Petro Chemical Co. Ltd. (Chemicals)		38
	1,517	LG Chem Ltd. (Chemicals)		491
	278	OCI Co. Ltd. (Chemicals)		23
	2,189	POSCO (Metals & Mining)		488
	2,341	SK Innovation Co. Ltd. (Oil, Gas & Consumable Fuels)		370
	1,680	S-Oil Corp. (Oil, Gas & Consumable Fuels)		133
				2,005
		Spain — 0.33%
	33,031	Repsol YPF SA (Oil, Gas & Consumable Fuels)		565
		Sweden — 0.25%
	8,047	Boliden AB (Metals & Mining)		229
	6,194	Lundin Petroleum AB (Oil, Gas & Consumable Fuels)		210
				439

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Switzerland — 1.10%
	227	EMS-Chemie Holding AG, Registered Shares (Chemicals)	$	123
	254	Givaudan SA (Chemicals)		651
	12,443	LafargeHolcim Ltd., Registered Shares (Construction Materials)		615
	3,649	Sika AG, Registered Shares (Chemicals)		510
				1,899
		Taiwan — 1.34%
	75,082	Asia Cement Corp. (Construction Materials)		98
	457,376	China Steel Corp. (Metals & Mining)		376
	125,000	Formosa Chemicals & Fibre Corp. (Chemicals)		455
	49,000	Formosa Petrochemical Corp. (Oil, Gas & Consumable Fuels)		184
	157,160	Formosa Plastics Corp. (Chemicals)		560
	179,010	Nan Ya Plastics Corp. (Chemicals)		459
	133,300	Taiwan Cement Corp. (Construction Materials)		179
	5,000	Taiwan Fertilizer Co. Ltd. (Chemicals)		7
				2,318
		Thailand — 0.93%
	49,700	Banpu Public Co. Ltd., Registered Shares (Oil, Gas & Consumable Fuels)		25
	44,800	Energy Absolute Public Co. Ltd. (Oil, Gas & Consumable Fuels)		68
	18,700	Indorama Ventures PCL (Chemicals)		29
	579,800	IRPC PCL (Oil, Gas & Consumable Fuels)		105
	78,955	PTT Chemical Public Co. Ltd. (Chemicals)		168
	63,804	PTT Exploration & Production Public Co. Ltd. (Oil, Gas & Consumable Fuels)		252
	437,900	PTT PCL (Oil, Gas & Consumable Fuels)		663
	14,500	Siam Cement PCL (Construction Materials)		220
	32,700	Thai Oil Public Co. Ltd. (Oil, Gas & Consumable Fuels)		72
				1,602
		Turkey — 0.08%
	29,811	Eregli Demir ve Celik Fabrikalari TAS (Metals & Mining)		49
	4,144	Tupras-Turkiye Petrol Rafinerileri A/S (Oil, Gas & Consumable Fuels)		93
				142
		United Kingdom — 10.45%
	42,406	Anglo American PLC (Metals & Mining)		1,134
	593,098	BP PLC (Oil, Gas & Consumable Fuels)		4,307
	4,203	Croda International PLC (Chemicals)		276
	5,904	Fresnillo PLC (Metals & Mining)		67
	5,905	Johnson Matthey PLC (Chemicals)		242
	6,953	Linde PLC (Chemicals)		1,223
	10,407	Mondi PLC (Paper & Forest Products)		230
	37,692	Rio Tinto PLC (Metals & Mining)		2,190
	135,713	Royal Dutch Shell PLC, A Shares (Oil, Gas & Consumable Fuels)		4,264

HC CAPITAL TRUST

The Commodity Returns Strategy Portfolio

Consolidated Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		United Kingdom (continued)
	119,051	Royal Dutch Shell PLC, B Shares (Oil, Gas & Consumable Fuels)	$	3,762
	8,235	TechnipFMC PLC (Energy Equipment & Services)		192
	8,456	TechnipFMC PLC (Energy Equipment & Services)		199
				18,086
		United States — 23.16%
	5,158	Air Products & Chemicals, Inc. (Chemicals)		985
	2,689	Albemarle Corp. (Chemicals)		220
	14,150	Anadarko Petroleum Corp. (Oil, Gas & Consumable Fuels)		644
	9,772	Apache Corp. (Oil, Gas & Consumable Fuels)		339
	2,411	Ashland Global Holdings, Inc. (Chemicals)		188
	2,181	Avery Dennison Corp. (Containers & Packaging)		246
	8,386	Axalta Coating Systems Ltd. (Chemicals) (a)		211
	9,879	Baker Hughes, Inc. (Energy Equipment & Services)		274
	7,901	Ball Corp. (Containers & Packaging)		458
	11,996	Cabot Oil & Gas Corp. (Oil, Gas & Consumable Fuels)		313
	3,400	Celanese Corp., Series A (Chemicals)		335
	5,626	CF Industries Holdings, Inc. (Chemicals)		230
	35,887	Chevron Corp. (Oil, Gas & Consumable Fuels)		4,422
	3,137	Cimarex Energy Co. (Oil, Gas & Consumable Fuels)		219
	3,680	Concho Resources, Inc. (Oil, Gas & Consumable Fuels)		408
	32,048	ConocoPhillips (Oil, Gas & Consumable Fuels)		2,139
	3,537	Continental Resources, Inc. (Oil, Gas & Consumable Fuels) (a)		158
	3,912	Crown Holdings, Inc. (Containers & Packaging) (a)		213
	12,104	Devon Energy Corp. (Oil, Gas & Consumable Fuels)		382
	1,948	Diamondback Energy, Inc. (Oil, Gas & Consumable Fuels)		198
	55,134	DowDuPont, Inc. (Chemicals)		2,940
	3,437	Eastman Chemical Co. (Chemicals)		261
	6,443	Ecolab, Inc. (Chemicals)		1,138
	14,905	EOG Resources, Inc. (Oil, Gas & Consumable Fuels)		1,419
	6,689	EQT Corp. (Oil, Gas & Consumable Fuels)		139
	5,248	Equitrans Midstream Corp. (Oil, Gas & Consumable Fuels)		114
	46,431	Exxon Mobil Corp. (Oil, Gas & Consumable Fuels)		3,752
	3,312	FMC Corp. (Chemicals)		254
	30,941	Freeport-McMoRan Copper & Gold, Inc. (Metals & Mining)		399
	22,002	Halliburton Co. (Energy Equipment & Services)		645
	4,112	Helmerich & Payne, Inc. (Energy Equipment & Services)		228

Shares		Security Description	Value (000)
		Common Stocks (continued)
		United States (continued)
	7,390	Hess Corp. (Oil, Gas & Consumable Fuels)	$	445
	4,365	HollyFrontier Corp. (Oil, Gas & Consumable Fuels)		215
	1,930	International Flavors & Fragrances, Inc. (Chemicals)		249
	9,655	International Paper Co. (Containers & Packaging)		447
	48,805	Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels)		977
	3,097	Livent Corp. (Chemicals) (a)		38
	21,993	Marathon Oil Corp. (Oil, Gas & Consumable Fuels)		368
	19,518	Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels)		1,168
	1,375	Martin Marietta Materials, Inc. (Construction Materials)		277
	6,266	Murphy Oil Corp. (Oil, Gas & Consumable Fuels)		184
	9,689	National Oilwell Varco, Inc. (Energy Equipment & Services)		258
	13,202	Newmont Mining Corp. (Metals & Mining)		471
	10,460	Noble Energy, Inc. (Oil, Gas & Consumable Fuels)		259
	7,894	Nucor Corp. (Metals & Mining)		461
	19,687	Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels)		1,303
	5,444	ONEOK, Inc. (Oil, Gas & Consumable Fuels)		380
	2,232	Packaging Corporation of America (Containers & Packaging)		222
	5,440	Parsley Energy, Inc., Class – A (Oil, Gas & Consumable Fuels) (a)		105
	12,123	Phillips 66 (Oil, Gas & Consumable Fuels)		1,154
	4,298	Pioneer Natural Resources Co. (Oil, Gas & Consumable Fuels)		654
	3,287	Plains GP Holdings LP, Class A (Oil, Gas & Consumable Fuels)		82
	6,694	PPG Industries, Inc. (Chemicals)		756
	6,355	Range Resources Corp. (Oil, Gas & Consumable Fuels)		71
	35,806	Schlumberger Ltd. (Energy Equipment & Services)		1,560
	5,413	Sealed Air Corp. (Containers & Packaging)		249
	2,360	Southern Copper Corp. (Metals & Mining)		94
	4,146	Targa Resources Corp. (Oil, Gas & Consumable Fuels)		172
	8,030	The Mosaic Co. (Chemicals)		219
	1,943	The Sherwin-Williams Co. (Chemicals)		837
	18,673	The Williams Companies, Inc. (Oil, Gas & Consumable Fuels)		536
	12,201	Valero Energy Corp. (Oil, Gas & Consumable Fuels)		1,035
	6,421	Valvoline, Inc. (Chemicals)		119
	3,250	Vulcan Materials Co. (Construction Materials)		384
	2,722	W.R. Grace & Co. (Chemicals)		212

HC CAPITAL TRUST

The Commodity Returns Strategy Portfolio

Consolidated Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		United States (continued)
	5,814	WestRock Co. (Containers & Packaging)	$	223
				40,055
		Total Common Stocks		127,469
		Preferred Stocks — 0.89%
		Brazil — 0.66%
	3,900	Braskem SA – Preferred, Class A (Chemicals)		50
	27,900	Gerdau SA – Preferred (Metals & Mining)		108
	93,200	Klabin SA – Preferred (Containers & Packaging)		73
	127,375	Petroleo Brasileiro SA – Preferred (Oil, Gas & Consumable Fuels)		906
				1,137
		Chile — 0.11%
	4,954	Sociedad Quimica y Minera de Chile SA – Preferred, B Shares (Chemicals)		190
		Germany — 0.04%
	1,785	Fuchs Petrolub AG – Preferred (Chemicals)		74
		Russia — 0.08%
	52	AK Transneft OAO – Preferred (Oil, Gas & Consumable Fuels)		140
		Total Preferred Stocks		1,541
		Right — 0.00%
		France — 0.00%
	65,737	Total SA (Financials)		—
		Total Right		—
Principal Amount (000)
		U.S. Treasury Obligation — 0.35%
$	600	U.S. Treasury Bill, 2.25%, 4/25/19 (b)(d)		599
		Total U.S. Treasury Obligation		599
Shares
		Investment Companies — 20.11%
	29,655	Federated Treasury Obligations Fund, Institutional Shares, 2.29% ^^(e)		30
	34,776,608	State Street Institutional Treasury Plus Money Market Fund, Premier Class, 2.30% (e)		34,776
		Total Investment Companies		34,806
		Purchased Options — 0.00%
		Total Purchased Options		1

Principal Amount (000)		Security Description	Value (000)
		Repurchase Agreements — 2.78%
$	1,200	Bank of America Corp., 2.54%, 4/1/19 (Purchased on 3/29/19, proceeds at maturity $1,200,255 collateralized by U.S. Treasury Obligations, 2.51%, 1/31/21, fair value $1,224,031) (b)	$	1,200
	1,200	BNP Paribas, 2.54%, 4/1/19 (Purchased on 3/29/19, proceeds at maturity $1,200,255 collateralized by U.S. Treasury Obligations, 0.00% – 8.13%, 8/15/19 – 8/15/44, fair value $1,224,021) (b)		1,200
	1,100	Deutsche Bank Securities, Inc., 2.55%, 4/1/19 (Purchased on 3/29/19, proceeds at maturity $1,100,234 collateralized by U.S. Treasury Bill, 0.00%, 7/11/19, fair value $1,122,124) (b)		1,100
	106	Jefferies LLC, 2.60%, 4/1/19 (Purchased on 3/29/19, proceeds at maturity $105,981 collateralized by U.S. Treasury Obligations, 2.40% – 2.97%, 8/15/19 – 2/15/47 fair value $108,077) ^^		106
	1,200	NatWest Markets PLC, 2.55%, 4/1/19 (Purchased on 3/29/19, proceeds at maturity $1,200,256 collateralized by U.S. Treasury Bond, 2.75%, 8/15/47, fair value $1,224,124) (b)		1,200
		Total Repurchase Agreements		4,806
		Total Investments (cost $136,868) — 97.79%		169,222
		Other assets in excess of liabilities — 2.21%		3,827
		Net Assets — 100.00%	$	173,049

Amounts designated as “—” are $0 or have been rounded to $0.

Portfolio of Investments is presented on a consolidated basis.

^ All or part of this security was on loan as of March 31, 2019. The total value of securities on loan as of March 31, 2019, was $193 (amount in thousands).

^^ Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for securities that were sold on or before March 31, 2019.

(a) Represents non-income producing security.

(b) All or a portion of these investments are held by the wholly-owned subsidiaries of the Portfolio.

(c) Represents a security purchased under Rule 144A or Section 4(2) and is exempt from registration under the Securities Act of 1933, as amended, or is otherwise restricted to resale. Certain of these securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. These securities have been deemed liquid by the Specialist Manager.

(d) Rate disclosed represents effective yield at purchase.

(e) The rate disclosed is the rate in effect on March 31, 2019.

ADR — American Depositary Receipt

GDR — Global Depositary Receipt

HC CAPITAL TRUST

The Commodity Returns Strategy Portfolio

Consolidated Portfolio of Investments — March 31, 2019 (Unaudited)

The following table reflects the percentage of total net assets of the Portfolio attributable to each Specialist Manager as of March 31, 2019.

The Commodity Returns Strategy Portfolio	Mellon Investments Corporation*			Parametric Portfolio Associates, LLC			Wellington Management Company, LLP			HC Capital Solutions			Total
Common Stocks		73.58	%		—			0.08	%		—			73.66	%
Preferred Stocks		0.89	%		—			—			—			0.89	%
Right		0.00	%		—			—			—			0.00	%
U.S. Treasury Obligation		—			—			0.35	%		—			0.35	%
Purchased Options		—			—			0.00	%		—			0.00	%
Investment Companies		1.19	%		17.70	%		—			1.22	%		20.11	%
Repurchase Agreements		0.06	%		—			2.72	%		—			2.78	%
Other Assets		0.96	%		1.24	%		0.01	%		0.00	%		2.21	%
Total Net Assets		76.68	%		18.94	%		3.16	%		1.22	%		100.00	%

* Formerly BNY Mellon Asset Management North America Corporation.

Amounts designated as “—” indicate the Specialist Manager did not manage any holdings in that category.

The following tables reflect the open derivative positions held by the Portfolio as of March 31, 2019.

Futures Contracts Purchased^

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value and Unrealized Appreciation/ (Depreciation) (000)
Brent Crude Future (a)		6		4/30/19	$	405	$	10
Brent Crude Future (a)		1		5/31/19		67		—
Brent Crude Future (a)		1		7/31/19		67		—
Brent Crude Future (a)		3		10/31/19		198		14
Canadian Dollar Future		157		6/18/19		11,779		(33	)
Cocoa Future (a)		1		7/16/19		23		—
Coffee ‘C’ Future (a)		1		7/19/19		36		(3	)
Corn Future (a)		20		7/12/19		366		(24	)
Cotton No.2 Future (a)		1		5/8/19		39		1
Electrolytic Copper Future (a)		4		6/17/19		649		16
E-Mini S&P 500 Future		113		6/21/19		16,033		469
Gas Oil Future (a)		2		5/10/19		121		(1	)
Gasoline RBOB Future (a)		1		4/30/19		79		5
Gold 100 Oz Future (a)		9		6/26/19		1,169		6
Hard Red Winter Wheat Future (a)		2		5/14/19		43		(1	)
Hard Red Winter Wheat Future (a)		3		7/12/19		66		(13	)
Lean Hogs Future (a)		1		4/12/19		31		6
Lean Hogs Future (a)		2		6/14/19		71		(3	)
Live Cattle Future (a)		1		6/28/19		48		1
LME Lead Future (a)		1		6/17/19		50		1
LME Lead Future (a)		1		12/16/19		51		1
MSCI EAFE Index Future		55		6/21/19		5,132		126
MSCI Emerging Markets Index Future		34		6/21/19		1,798		17
Natural Gas Future (a)		3		12/27/19		93		(3	)
NY Harbor ULSD Future (a)		2		4/30/19		166		1
NYMEX WTI Crude Future (a)		4		4/22/19		241		12
NYMEX WTI Crude Future (a)		6		5/21/19		362		19
NYMEX WTI Crude Future (a)		3		11/20/19		181		14
Platinum Future (a)		2		7/29/19		85		1
Primary Aluminum Future (a)		11		6/17/19		526		(25	)
Primary Nickel Future (a)		2		6/17/19		156		(3	)
S&P/Toronto Stock Exchange 60 Index Future		81		6/20/19		11,603		89
Soybean Future (a)		3		7/12/19		135		(7	)
Soybean Meal Future (a)		1		5/14/19		31		(1	)
Sugar #11 (World) Future (a)		4		4/30/19		56		(1	)
Wheat (CBT) Future (a)		1		7/12/19		23		(3	)
Zinc Future (a)		1		12/16/19		71		8
					$	52,050	$	696
Futures Contracts Sold^
Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value and Unrealized Appreciation/ (Depreciation) (000)
Brent Crude Future (a)		4		10/29/21	$	248	$	(7	)
Lean Hogs Future (a)		2		7/15/19		74		(11	)
Natural Gas Future (a)		3		9/26/19		84		(1	)
NYMEX WTI Crude Future (a)		5		11/19/21		278		(7	)
Soybean Future (a)		1		11/14/19		46		2
					$	730	$	(24	)
				Total Unrealized Appreciation			$	819
				Total Unrealized Depreciation				(147	)
				Total Net Unrealized Appreciation/(Depreciation)			$	672

^ Cash has been pledged as collateral for futures contracts held by the Portfolio.

HC CAPITAL TRUST

The Commodity Returns Strategy Portfolio

Consolidated Portfolio of Investments — March 31, 2019 (Unaudited)

Option Contracts

Exchange-traded options purchased as of March 31, 2019 were as follows:

Description	Number of Contracts		Notional Amount (000)		Exercise Price		Expiration Date		Value (000)
Corn Call Option (a)		8	$	3	$	400.00		6/21/19	$	1
Crude Oil Call Option (a)		1		—		75.00		4/25/19		—
Total									$	1

Total Return Swap Agreements

Pay/Receive (b)	Financing Rate			Description	Counterparty	Expiration Date		Payment Frequency		Notional Amount (000)		Value (000)			Upfront Premiuims Paid/(Received) (000)		Unrealized Appreciation/ (Depreciation) (000)
Receive		0.15	%	S&P GSCI Grains Index (a)	Barclays Bank PLC		8/30/19		Monthly	$	4	$	—		$	—	$	—
Receive		0.12	%	Bloomberg Silver Subindex (a)	Goldman Sachs International		4/30/19		Monthly		105		(4	)		—		(4	)
Receive		0.35	%	Bloomberg Soybean Meal Subindex (a)	Barclays Bank PLC		8/30/19		Monthly		46		—			—		—
Receive		0.10	%	S&P GSCI Grains Index (a)	Goldman Sachs International		5/31/19		Monthly		89		—			—		—
Total												$	(4	)	$	—	$	(4	)

Commodity Forward Swap Agreements

Pay/Receive (b)	Underlying Instruments	Counterparty		Expiration Date		Exercise Price		Notional Amount (000)		Value (000)		Upfront Premiums Paid/(Received) (000)		Unrealized Appreciation/ (Depreciation) (000)
Receive	Gold (a)		Goldman Sachs International		7/31/19	$	1,343.01	$	15	$	—	$	—	$	—
Receive	Silver (a)		Goldman Sachs International		5/31/19		14.53		31		1		—		1
Total										$	1	$	—	$	1
							Total swap agreements at value (assets)							$	1
							Total swap agreements at value (liabilities)								(4	)
							Net swap agreements at value							$	(3	)

HC CAPITAL TRUST

The Commodity Returns Strategy Portfolio

Consolidated Portfolio of Investments — March 31, 2019 (Unaudited)

Amounts designated as “—” are $0 or have been rounded to $0.

(a) All or a portion of these investments are held by the wholly-owned subsidiaries of the Portfolio.

(b) Receive represents that the Portfolio receives payments for any positive return on the underlying reference. The Portfolio makes payments for any negative return on such underlying reference. Pay represents that the Portfolio receives payments for any negative return on the underlying reference. The Portfolio makes payments for any positive return on such underlying reference.

HC CAPITAL TRUST

The ESG Growth Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks — 93.76%
		Australia — 3.67%
	728,200	Alumina Ltd. (Metals & Mining)	$	1,255
	42,656	Aurizon Holdings Ltd. (Road & Rail)		138
	49,861	BHP Group PLC (Metals & Mining)		1,203
	13,079	Coca-Cola Amatil Ltd. (Beverages)		80
	8,916	Crown Resorts Ltd. (Hotels, Restaurants & Leisure)		73
	1,805	Macquarie Group Ltd. (Capital Markets)		166
	22,621	National Australia Bank Ltd. (Banks)		406
	320,500	South32 Ltd. (Metals & Mining)		851
	531,682	Telstra Corp. Ltd. (Diversified Telecommunication Services)		1,253
				5,425
		Austria — 0.53%
	740	OMV AG (Oil, Gas & Consumable Fuels)		40
	32,900	Raiffeisen Bank International AG (Banks)		739
				779
		Belgium — 0.02%
	890	Belgacom SA (Diversified Telecommunication Services)		26
		Canada — 0.91%
	197,300	ARC Resources Ltd. (Oil, Gas & Consumable Fuels)		1,347
		France — 4.66%
	1,574	Atos SE (IT Services)		152
	3,867	Bouygues SA (Construction & Engineering)		138
	9,956	Carrefour SA (Food & Staples Retailing)		186
	16,457	Casino Guichard-Perrachon SA (Food & Staples Retailing)		713
	1,207	CNP Assurances (Insurance)		27
	7,757	Credit Agricole SA (Banks)		94
	83,200	Electricite de France SA (Electric Utilities)		1,139
	15,838	ENGIE (Multi-Utilities)		236
	3,086	Eutelsat Communications (Media)		54
	17,796	Orange SA (Diversified Telecommunication Services)		290
	59,700	Peugeot SA (Automobiles)		1,456
	3,434	Publicis Groupe (Media)		184
	9,466	Schneider Electric SA (Electrical Equipment)		743
	14,878	Societe BIC SA (Commercial Services & Supplies)		1,326
	3,331	Suez Environnement Co. (Multi-Utilities)		44
	4,247	Veolia Environnement (Multi-Utilities)		95
				6,877
		Germany — 2.76%
	7,868	Allianz SE (Insurance)		1,754
	10,372	Deutsche Post AG (Air Freight & Logistics)		337
	17,775	Deutsche Telekom AG (Diversified Telecommunication Services)		295
	1,830	Evonik Industries AG (Chemicals)		50
	5,500	Hochtief AG (Construction & Engineering)		797
	1,855	Metro AG (Food & Staples Retailing)		31
	629	Muenchener Rueckversicherungs-Gesellschaft AG (Insurance)		149
	46,529	ProSiebenSat.1 Media AG (Media)		662
				4,075

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Hong Kong — 0.17%
	21,500	CLP Holdings Ltd. (Electric Utilities)	$	249
		Ireland (Republic of) — 0.03%
	474	Paddy Power PLC (Hotels, Restaurants & Leisure)		37
		Italy — 0.68%
	4,481	Assicurazioni Generali SpA (Insurance)		83
	33,828	Enel SpA (Electric Utilities)		217
	25,808	Eni SpA (Oil, Gas & Consumable Fuels)		457
	51,398	Intesa Sanpaolo SpA (Banks)		125
	24,184	Snam Rete Gas SpA (Oil, Gas & Consumable Fuels)		124
				1,006
		Japan — 7.99%
	38,300	All Nippon Airways Co. Ltd. (Airlines)		1,405
	48,500	Astellas Pharma, Inc. (Pharmaceuticals)		729
	4,300	Daicel Corp. (Chemicals)		47
	4,000	Eisai Co. Ltd. (Pharmaceuticals)		225
	6,100	FUJIFILM Holdings Corp. (Technology Hardware, Storage & Peripherals)		278
	3,000	Fujitsu Ltd. (IT Services)		217
	4,000	Hino Motors Ltd. (Machinery)		34
	1,600	Hitachi Chemical Co. Ltd. (Chemicals)		36
	7,100	Kajima Corp. (Construction & Engineering)		105
	14,600	KDDI Corp. (Wireless Telecommunication Services)		314
	7,500	Konica Minolta, Inc. (Technology Hardware, Storage & Peripherals)		74
	22,100	Mitsubishi Chemical Holdings Corp. (Chemicals)		156
	35,500	Mitsubishi Heavy Industries Ltd. (Machinery)		1,477
	26,400	Mitsui & Co. Ltd. (Trading Companies & Distributors)		411
	2,900	MS&AD Insurance Group Holdings, Inc. (Insurance)		88
	3,900	NEC Corp. (Technology Hardware, Storage & Peripherals)		132
	1,500	Nippon Electric Glass Co. Ltd. (Electronic Equipment, Instruments & Components)		40
	5,200	Nippon Telegraph & Telephone Corp. (Diversified Telecommunication Services)		222
	9,600	NTT Data Corp. (IT Services)		106
	11,000	NTT DoCoMo, Inc. (Wireless Telecommunication Services)		244
	10,100	Obayashi Corp. (Construction & Engineering)		102
	5,200	ORIX Corp. (Diversified Financial Services)		75
	13,100	Resona Holdings, Inc. (Banks)		57
	800	Sankyo Co. Ltd. (Leisure Products)		31
	2,000	Sompo Japan Nipponkoa Holdings, Inc. (Insurance)		74
	36,300	Sony Corp. (Household Durables)		1,533
	278,000	Sumitomo Chemical Co. Ltd. (Chemicals)		1,299
	8,000	Sumitomo Mitsui Financial Group, Inc. (Banks)		280
	16,700	Sumitomo Mitsui Trust Holdings, Inc. (Banks)		600

HC CAPITAL TRUST

The ESG Growth Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Japan (continued)
	3,400	T&D Holdings, Inc. (Insurance)	$	36
	6,500	Taiheiyo Cement Corp. (Construction Materials)		217
	3,200	Teijin Ltd. (Chemicals)		53
	6,300	The Dai-ichi Life Insurance Co. Ltd. (Insurance)		88
	4,100	Tokio Marine Holdings, Inc. (Insurance)		199
	2,600	Tokyo Electron Ltd. (Semiconductors & Semiconductor Equipment)		377
	3,000	Tokyo Gas Co. Ltd. (Gas Utilities)		81
	3,400	Toyota Tsusho Corp. (Trading Companies & Distributors)		111
	3,400	USS Co. Ltd. (Specialty Retail)		63
	2,500	West Japan Railway Co. (Road & Rail)		188
				11,804
		Jersey — 0.19%
	26,452	WPP PLC (Media)		279
		Luxembourg — 0.09%
	897	Millicom International Cellular SA (Wireless Telecommunication Services)		54
	5,326	SES—FDR, Class—A (Media)		83
				137
		Netherlands — 2.14%
	17,500	Exor NV (Diversified Financial Services)		1,136
	18,398	Koninklijke (Royal) KPN N.V. (Diversified Telecommunication Services)		58
	54,900	Koninklijke Ahold Delhaize N.V. (Food & Staples Retailing)		1,462
	9,588	Koninklijke Philips Electronics N.V. (Health Care Equipment & Supplies)		392
	1,178	NN Group N.V. (Insurance)		49
	1,234	Randstad Holding N.V. (Professional Services)		60
				3,157
		Norway — 1.93%
	65,378	Equinor ASA (Oil, Gas & Consumable Fuels)		1,433
	70,922	Telenor ASA (Diversified Telecommunication Services)		1,421
				2,854
		Singapore — 0.45%
	60,800	Flextronics International Ltd. (Electronic Equipment, Instruments & Components) (a)		608
	10,700	Singapore Exchange Ltd. (Capital Markets)		58
				666
		Spain — 1.88%
	41,559	Banco Bilbao Vizcaya Argentaria SA (Banks)		237
	3,783	Enagas (Oil, Gas & Consumable Fuels)		110
	3,019	Gas Natural SDG SA (Gas Utilities)		84
	182,693	Iberdrola SA (Electric Utilities)		1,605
	3,774	Red Electrica Corp. (Electric Utilities)		80
	20,033	Repsol YPF SA (Oil, Gas & Consumable Fuels)		343

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Spain (continued)
	37,821	Telefonica SA (Diversified Telecommunication Services)	$	317
				2,776
		Sweden — 1.19%
	46,200	Boliden AB (Metals & Mining)		1,316
	2,156	ICA Gruppen AB (Food & Staples Retailing)		87
	10,200	Skanska AB, B Shares (Construction & Engineering)		186
	36,024	TeliaSonera AB (Diversified Telecommunication Services)		162
				1,751
		Switzerland — 3.25%
	3,836	Adecco SA, Registered Shares (Professional Services)		205
	13,110	Ferguson PLC (Trading Companies & Distributors)		835
	14,508	Garmin Ltd. (Household Durables)		1,253
	6,910	Roche Holding AG (Pharmaceuticals)		1,905
	309	Swisscom AG (Diversified Telecommunication Services)		151
	1,351	Zurich Financial Services AG (Insurance)		447
				4,796
		United Kingdom — 5.55%
	113,600	3i Group PLC (Capital Markets)		1,456
	55,600	Anglo American PLC (Metals & Mining)		1,487
	32,851	Aviva PLC (Insurance)		177
	189,182	Barratt Developments PLC (Household Durables)		1,478
	59,771	Centrica PLC (Multi-Utilities)		89
	11,722	Direct Line Insurance Group PLC (Insurance)		54
	76,900	easyJet PLC (Airlines)		1,120
	34,652	J Sainsbury PLC (Food & Staples Retailing)		106
	48,583	Legal & General Group PLC (Insurance)		174
	34,945	Marks & Spencer Group PLC (Multiline Retail)		127
	17,419	Pearson PLC (Media)		190
	19,278	Royal Mail PLC (Air Freight & Logistics)		60
	2,737	Severn Trent PLC (Water Utilities)		70
	72,901	Taylor Wimpey PLC (Household Durables)		167
	28,090	The Berkeley Group Holdings PLC (Household Durables)		1,350
	7,809	United Utilities Group PLC (Water Utilities)		83
				8,188
		United States — 55.67%
	10,585	Accenture PLC, Class - A (IT Services)		1,864
	1,674	Air Products & Chemicals, Inc. (Chemicals)		320
	1,491	Akamai Technologies, Inc. (IT Services) (a)		107
	1,574	Alphabet, Inc., Class - A (Interactive Media & Services) (a)		1,853
	1,274	Amazon.com, Inc. (Internet & Direct Marketing Retail) (a)		2,269
	15,300	American Express Co. (Consumer Finance)		1,672
	9,609	Amgen, Inc. (Biotechnology)		1,825
	15,916	Apple, Inc. (Technology Hardware, Storage & Peripherals)		3,023
	19,659	Best Buy Co., Inc. (Specialty Retail)		1,396
	6,600	Biogen Idec, Inc. (Biotechnology) (a)		1,560

HC CAPITAL TRUST

The ESG Growth Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		United States (continued)
	3,200	BlackRock, Inc., Class - A (Capital Markets)	$	1,368
	24,200	Bristol-Myers Squibb Co. (Pharmaceuticals)		1,155
	963	Broadridge Financial Solutions, Inc. (IT Services)		100
	1,193	C.H. Robinson Worldwide, Inc. (Air Freight & Logistics)		104
	24,718	Cardinal Health, Inc. (Health Care Providers & Services)		1,190
	2,428	Cerner Corp. (Health Care Technology) (a)		139
	40,482	Cisco Systems, Inc. (Communications Equipment)		2,186
	2,590	Citizens Financial Group, Inc. (Banks)		84
	1,325	Citrix Systems, Inc. (Software)		132
	5,011	Cognizant Technology Solutions Corp. (IT Services)		363
	41,300	Commscope Holding, Inc. (Communications Equipment) (a)		897
	24,100	ConocoPhillips (Oil, Gas & Consumable Fuels)		1,609
	8,232	CSX Corp. (Road & Rail)		616
	1,474	Cummins, Inc. (Machinery)		233
	1,477	DaVita Healthcare Partners, Inc. (Health Care Providers & Services) (a)		80
	24,800	Delta Air Lines, Inc. (Airlines)		1,281
	1,322	Dover Corp. (Machinery)		124
	2,041	Ecolab, Inc. (Chemicals)		360
	21,300	Exelon Corp. (Electric Utilities)		1,067
	1,520	Expeditors International of Washington, Inc. (Air Freight & Logistics)		115
	14,448	Exxon Mobil Corp. (Oil, Gas & Consumable Fuels)		1,167
	596	F5 Networks, Inc. (Communications Equipment) (a)		94
	800	Facebook, Inc., Class - A (Interactive Media & Services) (a)		133
	1,084	FLIR Systems, Inc. (Electronic Equipment, Instruments & Components)		52
	43,487	Franklin Resources, Inc. (Capital Markets)		1,440
	1,830	Gap, Inc. (Specialty Retail)		48
	4,980	General Mills, Inc. (Food Products)		258
	24,100	Gilead Sciences, Inc. (Biotechnology)		1,567
	50,200	H&R Block, Inc. (Diversified Consumer Services)		1,202
	22,500	Harley-Davidson, Inc. (Automobiles)		802
	11,700	HCA Holdings, Inc. (Health Care Providers & Services)		1,526
	1,191	Hershey Co. (Food Products)		137
	96,000	Hewlett Packard Enterprise Co. (Technology Hardware, Storage & Peripherals)		1,481
	66,200	HP, Inc. (Technology Hardware, Storage & Peripherals)		1,286
	806	IDEXX Laboratories, Inc. (Health Care Equipment & Supplies) (a)		180
	42,724	Intel Corp. (Semiconductors & Semiconductor Equipment)		2,295
	7,578	International Business Machines Corp. (IT Services)		1,069
	2,159	Intuit, Inc. (Software)		564
	10,900	Jazz Pharmaceuticals PLC (Pharmaceuticals) (a)		1,558
	11,133	Johnson & Johnson (Pharmaceuticals)		1,556

Shares		Security Description	Value (000)
		Common Stocks (continued)
		United States (continued)
	40,600	Johnson Controls International PLC (Building Products)	$	1,500
	20,700	Kellogg Co. (Food Products)		1,187
	3,022	Kimberly-Clark Corp. (Household Products)		374
	19,800	Kohl’s Corp. (Multiline Retail)		1,362
	857	Laboratory Corporation of America Holdings (Health Care Providers & Services) (a)		131
	30,800	Macy’s, Inc. (Multiline Retail)		740
	83,700	Marathon Oil Corp. (Oil, Gas & Consumable Fuels)		1,399
	2,998	Marsh & McLennan Companies, Inc. (Insurance)		282
	1,021	McCormick & Company, Inc. (Food Products)		154
	21,398	Merck & Co., Inc. (Pharmaceuticals)		1,779
	22,521	Microsoft Corp. (Software)		2,656
	25,599	Nordstrom, Inc. (Multiline Retail)		1,136
	2,608	Norfolk Southern Corp. (Road & Rail)		487
	6,362	Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels)		421
	26,450	Oracle Corp. (Software)		1,421
	2,570	Paychex, Inc. (IT Services)		206
	8,354	PepsiCo, Inc. (Beverages)		1,024
	4,541	Phillips 66 (Oil, Gas & Consumable Fuels)		432
	1,165	Quest Diagnostics, Inc. (Health Care Providers & Services)		105
	2,527	Raytheon Co. (Aerospace & Defense)		460
	1,031	Robert Half International, Inc. (Professional Services)		67
	4,100	SBA Communications Corp. (Equity Real Estate Investment Trusts) (a)		819
	10,600	Schlumberger Ltd. (Energy Equipment & Services)		462
	447	Snap-on, Inc. (Machinery)		70
	25,900	Southwest Airlines Co. (Airlines)		1,344
	16,300	State Street Corp. (Capital Markets)		1,073
	4,882	Sysco Corp. (Food & Staples Retailing)		326
	14,313	T. Rowe Price Group, Inc. (Capital Markets)		1,433
	2,198	Tapestry, Inc. (Textiles, Apparel & Luxury Goods)		72
	2,136	TD Ameritrade Holding Corp. (Capital Markets)		107
	8,629	Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment)		915
	74,400	The AES Corp. (Independent Power and Renewable Electricity Producers)		1,345
	8,006	The Kroger Co. (Food & Staples Retailing)		197
	15,106	The Procter & Gamble Co. (Household Products)		1,572
	21,100	The Progressive Corp. (Insurance)		1,521
	7,541	The Southern Co. (Electric Utilities)		390
	12,326	The Walt Disney Co. (Entertainment)		1,369
	509	Ulta Salon, Cosmetics & Fragrance, Inc. (Specialty Retail) (a)		178
	1,478	Under Armour, Inc., Class - A (Textiles, Apparel & Luxury Goods) (a)		31
	1,487	Under Armour, Inc., Class - C (Textiles, Apparel & Luxury Goods) (a)		28
	7,399	Union Pacific Corp. (Road & Rail)		1,237
	648	VMware, Inc., Class - A (Software)		117
	4,208	W.W. Grainger, Inc. (Trading Companies & Distributors)		1,266

HC CAPITAL TRUST

The ESG Growth Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		United States (continued)
	4,250	Western Union Co. (IT Services)	$	78
	44,600	Xerox Corp. (Technology Hardware, Storage & Peripherals)		1,426
				82,206
		Total Common Stocks		138,435
		Investment Company — 5.63%
	8,315,164	State Street Institutional Treasury Plus Money Market Fund, Premier Class, 2.30% (b)		8,315
		Total Investment Company		8,315
		Total Investments (cost $136,446) — 99.39%		146,750
		Other assets in excess of liabilities — 0.61%		894
		Net Assets — 100.00%	$	147,644

(a) Represents non-income producing security.

(b) The rate disclosed is the rate in effect on March 31, 2019.

FDR — Fiduciary Depositary Receipt

HC CAPITAL TRUST

The ESG Growth Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

The following table reflects the percentage of total net assets of the Portfolio attributable to each Specialist Manager as of March 31, 2019.

The ESG Growth Portfolio	Mellon Investments Corporation*			Parametric Portfolio Associates, LLC			Total
Common Stocks		93.76	%		—			93.76	%
Investment Company		0.95	%		4.68	%		5.63	%
Other Assets (Liabilities)		-0.05	%		0.66	%		0.61	%
Total Net Assets		94.66	%		5.34	%		100.00	%

* Formerly BNY Mellon Asset Management North America Corporation.

Amounts designated as “—” indicate the Specialist Manager did not manage any holdings in that category.

The following table reflects the open derivative positions held by the Portfolio as of March 31, 2019.

Futures Contracts Purchased^

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value and Unrealized Appreciation/ (Depreciation) (000)
E-Mini S&P 500 Future		30		6/21/19	$	4,257	$	107
MSCI EAFE Index Future		32		6/21/19		2,986		55
					$	7,243	$	162
				Total Unrealized Appreciation			$	162
				Total Unrealized Depreciation				—
				Total Net Unrealized Appreciation/(Depreciation)			$	162

^ Cash has been pledged as collateral for futures contracts held by the Portfolio.

Amounts designated as “—” are $0 or have been rounded to $0.

HC CAPITAL TRUST

The Catholic SRI Growth Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks — 98.77%
		Australia — 3.60%
	245,917	Alumina Ltd. (Metals & Mining)	$	423
	9,114	Aurizon Holdings Ltd. (Road & Rail)		29
	44,795	Brambles, Ltd. (Commercial Services & Supplies)		374
	2,747	Coca-Cola Amatil Ltd. (Beverages)		17
	2,364	Dexus Property Group (Equity Real Estate Investment Trusts)		21
	4,256	GPT Group (Equity Real Estate Investment Trusts)		19
	389	Macquarie Group Ltd. (Capital Markets)		36
	8,871	Mirvac Group (Equity Real Estate Investment Trusts)		17
	4,911	National Australia Bank Ltd. (Banks)		88
	11,700	South32 Ltd. (Metals & Mining)		31
	5,761	Stockland Trust Group (Equity Real Estate Investment Trusts)		16
	200,847	Telstra Corp. Ltd. (Diversified Telecommunication Services)		475
	8,161	Vicinity Centres (Equity Real Estate Investment Trusts)		15
	6,199	Westpac Banking Corp. (Banks)		114
				1,675
		Austria — 2.00%
	8,676	OMV AG (Oil, Gas & Consumable Fuels)		471
	20,500	Raiffeisen Bank International AG (Banks)		460
				931
		Belgium — 0.39%
	1,510	Anheuser-Busch InBev N.V. (Beverages)		126
	660	UCB SA (Pharmaceuticals)		57
				183
		Canada — 0.97%
	66,400	ARC Resources Ltd. (Oil, Gas & Consumable Fuels)		453
		Denmark — 0.08%
	1,435	Tryg A/S (Insurance)		39
		Finland — 0.08%
	1,054	Nokian Renkaat Oyj (Auto Components)		35
		France — 4.69%
	415	Atos SE (IT Services)		40
	1,037	Bouygues SA (Construction & Engineering)		37
	2,598	Carrefour SA (Food & Staples Retailing)		49
	5,870	Casino Guichard-Perrachon SA (Food & Staples Retailing)^		254
	2,090	Credit Agricole SA (Banks)		25
	27,623	Electricite de France SA (Electric Utilities)		379
	4,081	ENGIE (Multi-Utilities)		61
	12,730	Eutelsat Communications (Media)		223
	84	Fonciere des Regions (Equity Real Estate Investment Trusts)		9
	116	Gecina SA (Equity Real Estate Investment Trusts)		17
	88	Icade (Equity Real Estate Investment Trusts)		7
	534	Klepierre (Equity Real Estate Investment Trusts)		19
	4,783	Orange SA (Diversified Telecommunication Services)		78
	20,000	Peugeot SA (Automobiles)		489

Shares		Security Description	Value (000)
		Common Stocks (continued)
		France (continued)
	886	Publicis Groupe (Media)	$	47
	2,463	Schneider Electric SA (Electrical Equipment)		193
	2,894	Societe BIC SA (Commercial Services & Supplies)		258
				2,185
		Germany — 2.94%
	2,518	Allianz SE (Insurance)		560
	2,813	Deutsche Post AG (Air Freight & Logistics)		92
	4,856	Deutsche Telekom AG (Diversified Telecommunication Services)		81
	3,100	Hochtief AG (Construction & Engineering)		449
	167	Muenchener Rueckversicherungs-Gesellschaft AG (Insurance)		40
	10,338	ProSiebenSat.1 Media AG (Media)		147
				1,369
		Hong Kong — 0.22%
	4,540	CLP Holdings Ltd. (Electric Utilities)		52
	7,043	Hang Lung Properties Ltd. (Real Estate Management & Development)		17
	2,000	Hysan Development Co. (Real Estate Management & Development)		11
	3,200	Swire Properties Ltd. (Real Estate Management & Development)		14
	3,000	The Wharf (Holdings) Ltd. (Real Estate Management & Development)		9
				103
		Israel — 0.02%
	115	Azrieli Group (Real Estate Management & Development)		7
		Italy — 0.46%
	967	Assicurazioni Generali SpA (Insurance)		18
	7,248	Enel SpA (Electric Utilities)		46
	5,545	Eni SpA (Oil, Gas & Consumable Fuels)		98
	11,025	Intesa Sanpaolo SpA (Banks)		27
	5,158	Snam Rete Gas SpA (Oil, Gas & Consumable Fuels)		27
				216
		Japan — 7.72%
	5,100	All Nippon Airways Co. Ltd. (Airlines)		187
	2,036	Denso Corp. (Auto Components)		80
	1,500	FUJIFILM Holdings Corp. (Technology Hardware, Storage & Peripherals)		68
	721	Fujitsu Ltd. (IT Services)		52
	5,968	ITOCHU Corp. (Trading Companies & Distributors)		108
	5	Japan Retail Fund Investment Corp. (Equity Real Estate Investment Trusts)		10
	2,100	Kajima Corp. (Construction & Engineering)		31
	3,596	KDDI Corp. (Wireless Telecommunication Services)		77
	5,600	Kobe Steel Ltd. (Metals & Mining)		42
	1,241	Kyocera Corp. (Electronic Equipment, Instruments & Components)		73
	19,600	Medipal Holdings Corp. (Health Care Providers & Services)		466

HC CAPITAL TRUST

The Catholic SRI Growth Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Japan (continued)
	630	MS&AD Insurance Group Holdings, Inc. (Insurance)	$	19
	930	NEC Corp. (Technology Hardware, Storage & Peripherals)		32
	4	Nippon Prologis REIT, Inc. (Equity Real Estate Investment Trusts)		9
	1,231	Nippon Telegraph & Telephone Corp. (Diversified Telecommunication Services)		52
	210	Nomura Real Estate Holdings, Inc. (Real Estate Management & Development)		4
	19,466	NTT DoCoMo, Inc. (Wireless Telecommunication Services)		432
	1,261	ORIX Corp. (Diversified Financial Services)		18
	3,230	Resona Holdings, Inc. (Banks)		14
	9,810	Sekisui House Ltd. (Household Durables)		163
	12,200	Sony Corp. (Household Durables)		516
	7,800	Sumitomo Mitsui Financial Group, Inc. (Banks)		273
	5,523	Sumitomo Mitsui Trust Holdings, Inc. (Banks)		199
	9,400	Taiheiyo Cement Corp. (Construction Materials)		314
	1,486	The Dai-ichi Life Insurance Co. Ltd. (Insurance)		21
	1,043	Tokio Marine Holdings, Inc. (Insurance)		50
	4,380	Toyota Motor Corp. (Automobiles)		258
	812	Toyota Tsusho Corp. (Trading Companies & Distributors)		27
				3,595
		Jersey — 0.18%
	8,051	WPP PLC (Media)		85
		Netherlands — 2.61%
	7,210	Exor NV (Diversified Financial Services)		468
	18,895	Koninklijke Ahold Delhaize N.V. (Food & Staples Retailing)		503
	5,751	Koninklijke Philips Electronics N.V. (Health Care Equipment & Supplies)		235
	271	NN Group N.V. (Insurance)		11
				1,217
		Norway — 1.53%
	22,028	Equinor ASA (Oil, Gas & Consumable Fuels)		483
	11,502	Telenor ASA (Diversified Telecommunication Services)		230
				713
		Singapore — 0.03%
	2,600	Singapore Exchange Ltd. (Capital Markets)		14
		Spain — 1.54%
	8,880	Banco Bilbao Vizcaya Argentaria SA (Banks)		51
	59,666	Iberdrola SA (Electric Utilities)		524
	4,462	Repsol YPF SA (Oil, Gas & Consumable Fuels)		76
	8,100	Telefonica SA (Diversified Telecommunication Services)		68
				719

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Sweden — 2.66%
	9,407	Boliden AB (Metals & Mining)	$	268
	453	ICA Gruppen AB (Food & Staples Retailing) ^		18
	2,100	L E Lundbergforetagen AB (Diversified Financial Services)		67
	7,293	Lundin Petroleum AB (Oil, Gas & Consumable Fuels)		247
	1,904	Skanska AB, B Shares (Construction & Engineering)		35
	24,548	SKF AB, B Shares (Machinery) ^		408
	17,303	Telefonaktiebolaget LM Ericsson, B Shares (Communications Equipment)		159
	7,726	TeliaSonera AB (Diversified Telecommunication Services)		35
				1,237
		Switzerland — 1.81%
	2,120	Adecco SA, Registered Shares (Professional Services)		113
	6,880	Ferguson PLC (Trading Companies & Distributors)		438
	274	Garmin Ltd. (Household Durables)		24
	136	Swisscom AG (Diversified Telecommunication Services)		67
	605	Zurich Financial Services AG (Insurance)		200
				842
		United Kingdom — 5.40%
	37,779	3i Group PLC (Capital Markets)		484
	10,925	Anglo American PLC (Metals & Mining)		292
	9,827	Aviva PLC (Insurance)		53
	59,106	Barratt Developments PLC (Household Durables)		462
	19,205	Centrica PLC (Multi-Utilities)		29
	3,784	Direct Line Insurance Group PLC (Insurance)		17
	22,075	easyJet PLC (Airlines)		322
	2,729	Hammerson PLC (Equity Real Estate Investment Trusts)		12
	13,491	J Sainsbury PLC (Food & Staples Retailing)		41
	16,359	Legal & General Group PLC (Insurance)		59
	10,384	Marks & Spencer Group PLC (Multiline Retail)		38
	9,518	Pearson PLC (Media)		104
	2,537	Persimmon PLC (Household Durables)		72
	492	Rio Tinto PLC (Metals & Mining)		29
	22,051	Taylor Wimpey PLC (Household Durables)		50
	9,422	The Berkeley Group Holdings PLC (Household Durables)		453
				2,517
		United States — 59.84%
	2,480	Accenture PLC, Class - A (IT Services)		437
	151	Advance Auto Parts, Inc. (Specialty Retail)		26
	6,100	Agilent Technologies, Inc. (Life Sciences Tools & Services)		489
	915	Air Products & Chemicals, Inc. (Chemicals)		175
	405	Akamai Technologies, Inc. (IT Services) (a)		29
	483	Alphabet, Inc., Class - A (Interactive Media & Services) (a)		569
	410	Amazon.com, Inc. (Internet & Direct Marketing Retail) (a)		730
	4,813	American Express Co. (Consumer Finance)		526

HC CAPITAL TRUST

The Catholic SRI Growth Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		United States (continued)
	407	Analog Devices, Inc. (Semiconductors & Semiconductor Equipment)	$	43
	5,489	Apple, Inc. (Technology Hardware, Storage & Peripherals)		1,042
	305	Avnet, Inc. (Electronic Equipment, Instruments & Components)		13
	6,584	Best Buy Co., Inc. (Specialty Retail)		468
	284	Broadridge Financial Solutions, Inc. (IT Services)		29
	320	C.H. Robinson Worldwide, Inc. (Air Freight & Logistics)		28
	8,491	Cardinal Health, Inc. (Health Care Providers & Services)		409
	363	CDK Global, Inc. (Software)		21
	3,496	Cerner Corp. (Health Care Technology) (a)		200
	12,270	Cisco Systems, Inc. (Communications Equipment)		663
	717	Citizens Financial Group, Inc. (Banks)		23
	351	Citrix Systems, Inc. (Software)		35
	2,530	Cognizant Technology Solutions Corp. (IT Services)		183
	7,528	ConocoPhillips (Oil, Gas & Consumable Fuels)		503
	3,914	CSX Corp. (Road & Rail)		293
	772	Cummins, Inc. (Machinery)		122
	10,300	DaVita Healthcare Partners, Inc. (Health Care Providers & Services) (a)		559
	8,100	Delta Air Lines, Inc. (Airlines)		419
	2,300	Discover Financial Services (Consumer Finance)		164
	365	Dover Corp. (Machinery)		34
	1,135	Ecolab, Inc. (Chemicals)		200
	10,700	Exelon Corp. (Electric Utilities)		536
	433	Expeditors International of Washington, Inc. (Air Freight & Logistics)		33
	5,327	Exxon Mobil Corp. (Oil, Gas & Consumable Fuels)		430
	167	F5 Networks, Inc. (Communications Equipment) (a)		26
	920	Facebook, Inc., Class - A (Interactive Media & Services) (a)		153
	14,496	Franklin Resources, Inc. (Capital Markets)		480
	462	Gap, Inc. (Specialty Retail)		12
	16,400	H&R Block, Inc. (Diversified Consumer Services)		393
	3,579	Halliburton Co. (Energy Equipment & Services)		105
	12,900	Harley-Davidson, Inc. (Automobiles)		460
	3,900	HCA Holdings, Inc. (Health Care Providers & Services)		508
	383	Henry Schein, Inc. (Health Care Providers & Services) (a)		23
	346	Hershey Co. (Food Products)		40
	14,100	Hewlett Packard Enterprise Co. (Technology Hardware, Storage & Peripherals)		218
	21,200	HP, Inc. (Technology Hardware, Storage & Peripherals)		412
	230	IDEXX Laboratories, Inc. (Health Care Equipment & Supplies) (a)		52
	1,200	Illinois Tool Works, Inc. (Machinery)		172
	14,001	Intel Corp. (Semiconductors & Semiconductor Equipment)		751

Shares		Security Description	Value (000)
		Common Stocks (continued)
		United States (continued)
	3,976	International Business Machines Corp. (IT Services)	$	562
	3,600	International Paper Co. (Containers & Packaging)		167
	1,098	Intuit, Inc. (Software)		287
	3,500	Jazz Pharmaceuticals PLC (Pharmaceuticals) (a)		501
	14,300	Johnson Controls International PLC (Building Products)		528
	8,200	Kellogg Co. (Food Products)		471
	1,577	Kimberly-Clark Corp. (Household Products)		195
	7,226	Kohl’s Corp. (Multiline Retail)		497
	239	Laboratory Corporation of America Holdings (Health Care Providers & Services) (a)		37
	13,200	Marathon Oil Corp. (Oil, Gas & Consumable Fuels)		221
	2,311	Marsh & McLennan Companies, Inc. (Insurance)		217
	275	McCormick & Company, Inc. (Food Products)		41
	63	Mettler-Toledo International, Inc. (Life Sciences Tools & Services) (a)		46
	9,592	Microsoft Corp. (Software)		1,132
	7,465	Molson Coors Brewing Co., Class - B (Beverages)		445
	2,110	NIKE, Inc., Class - B (Textiles, Apparel & Luxury Goods)		178
	10,291	Nordstrom, Inc. (Multiline Retail)		457
	3,103	Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels)		205
	10,691	Oracle Corp. (Software)		574
	1,262	Paychex, Inc. (IT Services)		101
	2,033	PepsiCo, Inc. (Beverages)		249
	4,344	Phillips 66 (Oil, Gas & Consumable Fuels)		413
	330	Quest Diagnostics, Inc. (Health Care Providers & Services)		30
	321	ResMed, Inc. (Health Care Equipment & Supplies)		33
	4,720	Robert Half International, Inc. (Professional Services)		308
	1,674	Ross Stores, Inc. (Specialty Retail)		156
	4,879	Schlumberger Ltd. (Energy Equipment & Services)		212
	9,600	Seagate Technology Holdings, Inc. (Technology Hardware, Storage & Peripherals)		460
	3,900	Skyworks Solutions, Inc. (Semiconductors & Semiconductor Equipment)		322
	135	Snap-on, Inc. (Machinery)		21
	6,400	Southwest Airlines Co. (Airlines)		332
	6,900	State Street Corp. (Capital Markets)		454
	2,553	Sysco Corp. (Food & Staples Retailing)		171
	1,076	T. Rowe Price Group, Inc. (Capital Markets)		108
	596	Tapestry, Inc. (Textiles, Apparel & Luxury Goods)		19
	616	TD Ameritrade Holding Corp. (Capital Markets)		31
	4,006	Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment)		425
	26,100	The AES Corp. (Independent Power and Renewable Electricity Producers)		472
	4,083	The Kroger Co. (Food & Staples Retailing)		100

HC CAPITAL TRUST

The Catholic SRI Growth Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		United States (continued)
	7,500	The Progressive Corp. (Insurance)	$	541
	4,487	The Walt Disney Co. (Entertainment)		498
	164	Ulta Salon, Cosmetics & Fragrance, Inc. (Specialty Retail) (a)		57
	3,386	Union Pacific Corp. (Road & Rail)		566
	235	Varian Medical Systems, Inc. (Health Care Equipment & Supplies) (a)		33
	2,400	Vertex Pharmaceuticals, Inc. (Biotechnology) (a)		441
	1,474	W.W. Grainger, Inc. (Trading Companies & Distributors)		444
	181	Waters Corp. (Life Sciences Tools & Services) (a)		46
	14,900	Xerox Corp. (Technology Hardware, Storage & Peripherals)		476
	3,600	Zoetis, Inc. (Pharmaceuticals)		362
				27,878
		Total Common Stocks		46,013
		Investment Companies — 0.86%
	155,711	Federated Treasury Obligations Fund, Institutional Shares, 2.29% ^^ (b)		156
	244,494	State Street Institutional Treasury Plus Money Market Fund, Premier Class, 2.30% (b)		244
		Total Investment Companies		400
Principal Amount (000)
		Repurchase Agreement — 1.19%
$	556	Jefferies LLC, 2.60%, 4/1/19 (Purchased on 3/29/19, proceeds at maturity $556,480 collateralized by U.S. Treasury Obligations, 2.40% - 2.97%, 8/15/19 - 2/15/47 fair value $567,487) ^^		556
		Total Repurchase Agreement		556
		Total Investments (cost $44,524) — 100.82%		46,969
		Liabilities in excess of other assets — (0.82%)		(384	)
		Net Assets — 100.00%	$	46,585

^ All or part of this security was on loan as of March 31, 2019. The total value of securities on loan as of March 31, 2019, was $675 (amount in thousands).

^^ Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for securities that were sold on or before March 31, 2019.

(a) Represents non-income producing security.

(b) The rate disclosed is the rate in effect on March 31, 2019.

REIT — Real Estate Investment Trust

As of March 31, 2019, 100% of the Portfolio’s net assets were managed by Mellon Investments Corporation.

HC CAPITAL TRUST

The International Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks — 94.01%
		Australia — 3.25%
	25,469	AGL Energy Ltd. (Multi-Utilities)	$	394
	196,248	Alumina Ltd. (Metals & Mining)		338
	65,432	AMP Ltd. (Diversified Financial Services)		98
	45,796	APA Group (Gas Utilities)		325
	161,568	Aurizon Holdings Ltd. (Road & Rail)		522
	90,252	AusNet Services (Electric Utilities)		114
	91,292	Australia & New Zealand Banking Group Ltd. (Banks)		1,688
	13,883	Bank of Queensland Ltd. (Banks)		90
	16,668	Bendigo & Adelaide Bank Ltd. (Banks)		115
	194,130	BHP Billiton Ltd. (Metals & Mining)		5,305
	178,390	BHP Group PLC (Metals & Mining)		4,303
	81,154	Boral Ltd. (Construction Materials)		265
	49,488	Coca-Cola Amatil Ltd. (Beverages)		304
	54,643	Commonwealth Bank of Australia (Banks)		2,742
	34,274	Crown Resorts Ltd. (Hotels, Restaurants & Leisure)		280
	78,192	GPT Group (Equity Real Estate Investment Trusts)		345
	54,232	Harvey Norman Holdings Ltd. (Multiline Retail)^		155
	74,595	Insurance Australia Group Ltd. (Insurance)		407
	20,981	Lend Lease Group Ltd. (Real Estate Management & Development)		185
	6,728	Macquarie Group Ltd. (Capital Markets)		619
	69,315	Medibank Private Ltd. (Insurance)		136
	157,451	Mirvac Group (Equity Real Estate Investment Trusts)		308
	81,910	National Australia Bank Ltd. (Banks)		1,471
	25,269	Rio Tinto Ltd. (Metals & Mining)		1,759
	224,168	Scentre Group (Equity Real Estate Investment Trusts)		653
	108,972	Stockland Trust Group (Equity Real Estate Investment Trusts)		298
	40,569	Suncorp Group Ltd. (Insurance)		397
	89,958	Sydney Airport (Transportation Infrastructure)		475
	162,144	Tabcorp Holdings Ltd. (Hotels, Restaurants & Leisure)		532
	194,070	Telstra Corp. Ltd. (Diversified Telecommunication Services)		458
	182,996	Transurban Group (Transportation Infrastructure)		1,716
	149,834	Vicinity Centres (Equity Real Estate Investment Trusts)		277
	77,430	Wesfarmers Ltd. (Food & Staples Retailing)		1,906
	104,359	Westpac Banking Corp. (Banks)		1,923
				30,903
		Austria — 0.13%
	4,549	ANDRITZ AG (Machinery)		195
	7,439	Erste Group Bank AG (Banks)		273
	9,798	OMV AG (Oil, Gas & Consumable Fuels)		533
	7,611	Voestalpine AG (Metals & Mining)		231
				1,232
		Belgium — 0.55%
	3,460	Ageas (Insurance)		167
	54,885	Anheuser-Busch InBev N.V. (Beverages)		4,606
	4,452	Belgacom SA (Diversified Telecommunication Services)		129

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Belgium (continued)
	4,535	KBC Groep N.V. (Banks)	$	317
				5,219
		Bermuda — 0.02%
	61,667	Yue Yuen Industrial Holdings Ltd. (Textiles, Apparel & Luxury Goods)		212
		Brazil — 0.51%
	83,095	B3 SA (Capital Markets)		677
	260,981	Petroleo Brasileiro SA, ADR (Oil, Gas & Consumable Fuels)		4,154
				4,831
		Canada — 2.88%
	32,983	Canadian Imperial Bank of Commerce (Banks)		2,607
	9,045	Canadian National Railway Co. (Road & Rail)		809
	4,347	Canadian Pacific Railway Ltd. (Road & Rail)		896
	19,909	Dollarama, Inc. (Multiline Retail)		531
	1,084,386	Encana Corp. (Oil, Gas & Consumable Fuels)		7,856
	12,647	Fortis, Inc. (Electric Utilities)		467
	182,960	Gildan Activewear, Inc. (Textiles, Apparel & Luxury Goods)		6,579
	453,947	Manulife Financial Corp. (Insurance)		7,678
				27,423
		China — 2.36%
	48,654	Baidu, Inc., ADR (Interactive Media & Services) (a)		8,021
	1,216,000	China Merchants Holdings (International) Co. Ltd. (Transportation Infrastructure)		2,593
	1,062,650	China Mobile Ltd. (Wireless Telecommunication Services)		10,844
	7,783	Kweichow Moutai Co. Ltd. (Beverages)		987
				22,445
		Denmark — 1.18%
	7,324	Carlsberg A/S, Class - B (Beverages)		916
	19,294	Danske Bank A/S (Banks)		339
	20,969	Genmab A/S (Biotechnology) (a)		3,639
	12,236	ISS A/S (Commercial Services & Supplies)		373
	96,331	Novo Nordisk A/S, Class - B (Pharmaceuticals)		5,035
	6,710	Orsted A/S (Electric Utilities)		509
	7,524	Pandora A/S (Textiles, Apparel & Luxury Goods)		352
	3,425	Tryg A/S (Insurance)		94
				11,257
		Finland — 0.69%
	7,464	Elisa Oyj (Diversified Telecommunication Services)		337
	108,544	Fortum Oyj (Electric Utilities) ^		2,223
	11,492	Nokian Renkaat Oyj (Auto Components)		385
	157,617	Nordea Bank Abp (Banks) ^		1,200
	10,529	Orion Oyj, Class - B (Pharmaceuticals) ^		396
	17,522	Sampo Oyj, Class - A (Insurance)		794

HC CAPITAL TRUST

The International Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Finland (continued)
	42,850	UPM-Kymmene Oyj (Paper & Forest Products)	$	1,251
				6,586
		France — 7.44%
	35,643	Air Liquide SA (Chemicals)		4,535
	9,489	Amundi SA (Capital Markets)		597
	8,060	Atos SE (IT Services)		778
	61,004	AXA SA (Insurance)		1,535
	249,181	BNP Paribas (Banks)		11,858
	18,531	Bouygues SA (Construction & Engineering)		662
	52,808	Carrefour SA (Food & Staples Retailing)		986
	4,664	Casino Guichard-Perrachon SA (Food & Staples Retailing) ^		202
	4,969	CNP Assurances (Insurance)		109
	41,850	Compagnie de Saint-Gobain (Building Products)		1,517
	13,996	Compagnie Generale des Etablissements Michelin, Class - B (Auto Components)		1,653
	35,704	Credit Agricole SA (Banks)		431
	36,893	Danone SA (Food Products)		2,840
	23,519	Eiffage SA (Construction & Engineering)(b)		2,261
	25,273	Electricite de France SA (Electric Utilities)		346
	156,493	ENGIE (Multi-Utilities)		2,333
	12,789	Eutelsat Communications (Media)		224
	1,927	Fonciere des Regions (Equity Real Estate Investment Trusts)		204
	1,932	Gecina SA (Equity Real Estate Investment Trusts)		286
	1,503	Icade (Equity Real Estate Investment Trusts)		127
	2,827	Imerys SA (Construction Materials)		141
	22,585	Ingenico Group SA (Electronic Equipment, Instruments & Components)		1,613
	8,619	Klepierre (Equity Real Estate Investment Trusts)		302
	28,662	Natixism SA (Capital Markets)		154
	85,182	Orange SA (Diversified Telecommunication Services)		1,389
	16,030	Publicis Groupe (Media)		858
	15,971	Renault SA (Automobiles)		1,056
	25,633	Rexel SA (Trading Companies & Distributors)		289
	11,244	Safran SA (Aerospace & Defense)		1,541
	76,141	Sanofi-Aventis (Pharmaceuticals)		6,732
	54,556	Schneider Electric SA (Electrical Equipment)		4,281
	5,170	SCOR SE (Insurance)		220
	2,081	Societe BIC SA (Commercial Services & Supplies)		185
	23,444	Societe Generale (Banks)		677
	14,849	Suez Environnement Co. (Multi-Utilities)		197
	232,902	Total SA (Oil, Gas & Consumable Fuels)		12,846
	5,829	Unibail - Rodamco-Westfield (Equity Real Estate Investment Trusts)		955
	19,672	Valeo SA (Auto Components)		571
	22,403	Veolia Environnement (Multi-Utilities)		501
	28,761	Vinci SA (Construction & Engineering)		2,798
				70,790

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Germany — 9.48%
	4,883	Adidas AG (Textiles, Apparel & Luxury Goods)	$	1,187
	30,009	Allianz SE (Insurance)		6,687
	19,813	Aroundtown SA (Real Estate Management & Development)		163
	2,454	Axel Springer AG (Media)		127
	201,197	BASF SE (Chemicals)		14,835
	47,717	Bayer AG (Pharmaceuticals)		3,072
	16,793	Bayerische Motoren Werke Aktiengesellschaft (Automobiles)		1,296
	17,692	Beiersdorf AG (Personal Products)		1,842
	5,538	Continental AG (Auto Components)		835
	10,154	Covestro AG (Chemicals)		560
	48,286	Daimler AG, Registered Shares (Automobiles)		2,834
	84,176	Deutsche Boerse AG (Capital Markets)		10,792
	12,359	Deutsche Lufthansa AG, Registered Shares (Airlines)		272
	452,544	Deutsche Post AG (Air Freight & Logistics)		14,724
	85,767	Deutsche Telekom AG (Diversified Telecommunication Services)		1,425
	1,842	Drillisch AG (Wireless Telecommunication Services)		66
	56,141	E.ON AG (Multi-Utilities)		625
	8,615	Evonik Industries AG (Chemicals)		235
	8,463	GEA Group AG (Machinery)		222
	1,274	Hannover Rueckversicherung AG (Insurance)		183
	7,595	HeidelbergCement AG (Construction Materials)		547
	3,359	Hugo Boss AG (Textiles, Apparel & Luxury Goods)		230
	9,188	Metro AG (Food & Staples Retailing)		153
	2,981	Muenchener Rueckversicherungs-Gesellschaft AG (Insurance)		706
	13,022	ProSiebenSat.1 Media AG (Media)		185
	98,088	SAP SE (Software)		11,338
	34,672	Siemens AG (Industrial Conglomerates)		3,728
	24,579	Symrise AG (Chemicals)		2,215
	22,288	Telefonica Deutschland Holding AG (Diversified Telecommunication Services)		70
	38,799	TUI AG (Hotels, Restaurants & Leisure)		372
	5,247	Uniper SE (Independent Power and Renewable Electricity Producers)		158
	12,765	Vonovia SE (Real Estate Management & Development)		663
	63,138	Wirecard AG (IT Services)		7,931
				90,278
		Hong Kong — 2.16%
	695,080	AIA Group Ltd. (Insurance) (b)		6,950
	24,300	ASM Pacific Technology Ltd. (Semiconductors & Semiconductor Equipment)		272
	108,555	BOC Hong Kong (Holdings) Ltd. (Banks)		451
	101,000	CK Asset Holdings Ltd. (Real Estate Management & Development)		900
	176,000	CK Hutchison Holdings Ltd. (Industrial Conglomerates)		1,851

HC CAPITAL TRUST

The International Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Hong Kong (continued)
	28,000	CK Infrastructure Holdings Ltd. (Electric Utilities)	$	230
	68,593	CLP Holdings Ltd. (Electric Utilities)		796
	334,000	Hanergy Thin Film Power Group Ltd. (Semiconductors & Semiconductor Equipment) (a)		—
	37,000	Hang Lung Group Ltd. (Real Estate Management & Development)		119
	84,675	Hang Lung Properties Ltd. (Real Estate Management & Development)		207
	22,506	Hang Seng Bank Ltd. (Banks)		555
	51,472	Henderson Land Development Co. Ltd. (Real Estate Management & Development)		328
	108,073	HK Electric Investments Ltd. (Electric Utilities)		110
	150,000	HKT Trust & HKT Ltd. (Diversified Telecommunication Services)		241
	45,000	Hongkong Land Holdings Ltd. (Real Estate Management & Development)		320
	25,000	Hysan Development Co. (Real Estate Management & Development)		134
	28,500	Kerry Properties Ltd. (Real Estate Management & Development)		127
	243,483	New World Development Co. Ltd. (Real Estate Management & Development)		404
	95,000	NWS Holdings Ltd. (Industrial Conglomerates)		208
	181,000	PCCW Ltd. (Diversified Telecommunication Services)		113
	56,224	Power Assets Holdings Ltd. (Electric Utilities)		390
	190,400	Sands China Ltd. (Hotels, Restaurants & Leisure)		958
	131,205	Sino Land Co. Ltd. (Real Estate Management & Development)		254
	62,256	Sun Hung Kai Properties Ltd. (Real Estate Management & Development)		1,069
	35,000	The Bank of East Asia Ltd. (Banks)		114
	83,917	The Link Real Estate Investment Trust (Equity Real Estate Investment Trusts)		983
	58,000	The Wharf (Holdings) Ltd. (Real Estate Management & Development)		175
	748,500	WH Group Ltd. (Food Products)		801
	34,000	Wheelock & Co. Ltd. (Real Estate Management & Development)		250
	524,400	Wynn Macau Ltd. (Hotels, Restaurants & Leisure)		1,239
				20,549
		Indonesia — 0.12%
	4,051,700	PT Bank Rakyat Indonesia Persero Tbk (Banks)		1,177
		Ireland (Republic of) — 1.16%
	13,125	AIB Group PLC (Banks)		59
	13,014	Bank of Ireland Group PLC (Banks)		78
	30,866	CRH PLC (Construction Materials)		957
	83,401	Experian PLC (Professional Services)		2,257
	70,211	Medtronic PLC (Health Care Equipment & Supplies)		6,394

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Ireland (Republic of) (continued)
	3,017	Paddy Power PLC (Hotels, Restaurants & Leisure)	$	233
	11,094	Ryanair Holdings PLC, ADR (Airlines) (a)		831
	8,333	Smurfit Kappa Group PLC (Containers & Packaging)		233
				11,042
		Isle of Man — 0.03%
	44,232	GVC Holdings PLC (Hotels, Restaurants & Leisure)		322
		Israel — 0.20%
	1,688	Azrieli Group (Real Estate Management & Development)		100
	74,762	Bank Hapoalim Ltd. (Banks)		498
	42,918	Bank Leumi Le (Banks)		281
	228,029	Bezeq The Israeli Telecommunication Corp. Ltd. (Diversified Telecommunication Services)		164
	109,520	Israel Chemicals Ltd. (Chemicals)		572
	4,182	Mizrahi Tefahot Bank Ltd. (Banks)		86
	1,794	Nice Systems Ltd., ADR (Software) (a)		220
				1,921
		Italy — 2.76%
	135,195	Assicurazioni Generali SpA (Insurance)		2,506
	279,429	Enel SpA (Electric Utilities)		1,791
	174,844	Eni SpA (Oil, Gas & Consumable Fuels)		3,089
	1,693,838	Intesa Sanpaolo SpA (Banks)		4,133
	16,503	Mediobanca SpA (Banks)		172
	12,785	Poste Italiane SpA (Insurance)		125
	152,901	Snam Rete Gas SpA (Oil, Gas & Consumable Fuels)		786
	220,955	Telecom Italia SpA (Diversified Telecommunication Services)		125
	49,714	Terna - Rete Elettrica Nazionale SpA (Electric Utilities)		315
	1,026,654	Unicredit SpA (Banks)		13,187
				26,229
		Japan — 15.81%
	2,861	AEON Credit Service Co. Ltd. (Consumer Finance)		58
	11,900	Aisin Seiki Co. Ltd. (Auto Components)		426
	15,700	ALPS Electric Co. Ltd. (Electronic Equipment, Instruments & Components)		328
	24,400	Amada Holdings Co. Ltd. (Machinery)		242
	3,416	Aozora Bank Ltd. (Banks)		84
	13,545	Asahi Glass Co. Ltd. (Building Products)		476
	90,700	Asahi Kasei Corp. (Chemicals)		939
	44,211	Bridgestone Corp. (Auto Components)		1,703
	16,400	Brother Industries Ltd. (Technology Hardware, Storage & Peripherals)		305
	29,800	CALBEE, Inc. (Food Products)		805
	72,210	Canon, Inc. (Technology Hardware, Storage & Peripherals)		2,097
	15,700	Casio Computer Co. Ltd. (Household Durables)^		205
	700	Century Tokyo Leasing Corp. (Diversified Financial Services)		31

HC CAPITAL TRUST

The International Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Japan (continued)
	22,300	Chubu Electric Power Company, Inc. (Electric Utilities)	$	349
	29,000	Concordia Financial Group Ltd. (Banks)		112
	2,800	Credit Saison Co. Ltd. (Consumer Finance)		37
	17,488	Dai Nippon Printing Co. Ltd. (Commercial Services & Supplies)		419
	19,000	Daicel Corp. (Chemicals)		207
	2,679	Daito Trust Construction Co. Ltd. (Real Estate Management & Development)		374
	20,150	Daiwa House Industry Co. Ltd. (Real Estate Management & Development)		642
	61	Daiwa House REIT Investment Corp. (Equity Real Estate Investment Trusts)		135
	30,800	Daiwa Securities Group, Inc. (Capital Markets)		150
	31,600	Denso Corp. (Auto Components)		1,235
	79,800	East Japan Railway Co. (Road & Rail)		7,708
	5,700	Electric Power Development Co. Ltd. (Independent Power and Renewable Electricity Producers)		139
	53,900	Fanuc Ltd. (Machinery)		9,218
	44,898	Fuji Heavy Industries Ltd. (Automobiles)		1,025
	28,100	FUJIFILM Holdings Corp. (Technology Hardware, Storage & Peripherals)		1,280
	14,300	Fujitsu Ltd. (IT Services)		1,035
	4,277	Fukuoka Financial Group, Inc. (Banks)		95
	18,000	Hino Motors Ltd. (Machinery)		152
	2,300	Hirose Electric Co. Ltd. (Electronic Equipment, Instruments & Components)		242
	7,500	Hitachi Chemical Co. Ltd. (Chemicals)^		167
	7,600	Hitachi Construction Machinery Co. Ltd. (Machinery)^		203
	4,800	Hitachi High-Technologies Corp. (Electronic Equipment, Instruments & Components)		197
	69,700	Hitachi Ltd. (Electronic Equipment, Instruments & Components)		2,265
	15,200	Hitachi Metals Ltd. (Metals & Mining)^		177
	118,241	Honda Motor Co. Ltd. (Automobiles)		3,212
	10,800	Hulic Co. Ltd. (Real Estate Management & Development)		106
	5,740	Idemitsu Kosan Co. Ltd. (Oil, Gas & Consumable Fuels)		192
	11,000	Iida Group Holdings Co. Ltd. (Household Durables)		200
	40,000	Isuzu Motors Ltd. (Automobiles)		527
	104,317	ITOCHU Corp. (Trading Companies & Distributors)		1,891
	16,600	J. Front Retailing Co. Ltd. (Multiline Retail)		198
	140,000	Japan Airlines Co. Ltd. (Airlines)		4,934
	103,600	Japan Exchange Group, Inc. (Capital Markets)		1,849
	12,300	Japan Post Bank Co. Ltd. (Banks)		134
	42,600	Japan Post Holdings Co. Ltd. (Insurance)		499
	29	Japan Prime Realty Investment Corp. (Equity Real Estate Investment Trusts)		119
	49	Japan Real Estate Investment Corp. (Equity Real Estate Investment Trusts)		289
	98	Japan Retail Fund Investment Corp. (Equity Real Estate Investment Trusts)		197

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Japan (continued)
	80,800	Japan Tobacco, Inc. (Tobacco)	$	2,002
	35,800	JFE Holdings, Inc. (Metals & Mining)		609
	19,379	JS Group Corp. (Building Products)		259
	13,554	JSR Corp. (Chemicals)		211
	14,700	JTEKT Corp. (Machinery)		182
	241,057	JX Holdings, Inc. (Oil, Gas & Consumable Fuels)		1,101
	32,800	Kajima Corp. (Construction & Engineering)		485
	10,200	Kawasaki Heavy Industries Ltd. (Machinery)		252
	388,800	KDDI Corp. (Wireless Telecommunication Services)		8,375
	66,945	Komatsu Ltd. (Machinery)		1,562
	32,800	Konica Minolta, Inc. (Technology Hardware, Storage & Peripherals)		323
	22,884	Kuraray Co. Ltd. (Chemicals)		292
	23,300	Kyocera Corp. (Electronic Equipment, Instruments & Components)		1,372
	11,700	Kyushu Railway Co. (Road & Rail)		385
	4,094	Lawson, Inc. (Food & Staples Retailing)		227
	114,816	Marubeni Corp. (Trading Companies & Distributors)		796
	3,987	Maruichi Steel Tube Ltd. (Metals & Mining)		116
	41,000	Mazda Motor Corp. (Automobiles)		460
	30,800	Mebuki Financial Group, Inc. (Banks)		79
	92,500	Mitsubishi Chemical Holdings Corp. (Chemicals)		653
	98,445	Mitsubishi Corp. (Trading Companies & Distributors)		2,741
	132,100	Mitsubishi Electric Corp. (Electrical Equipment)		1,705
	11,600	Mitsubishi Gas Chemical Co., Inc. (Chemicals)		166
	22,200	Mitsubishi Heavy Industries Ltd. (Machinery)		924
	7,300	Mitsubishi Materials Corp. (Metals & Mining)		193
	18,426	Mitsubishi Tanabe Pharma Corp. (Pharmaceuticals)		247
	321,205	Mitsubishi UFJ Financial Group, Inc. (Banks)		1,589
	9,100	Mitsubishi UFJ Lease & Finance Co. Ltd. (Diversified Financial Services)		46
	121,188	Mitsui & Co. Ltd. (Trading Companies & Distributors)		1,886
	13,100	Mitsui Chemicals, Inc. (Chemicals)		317
	660,877	Mizuho Financial Group, Inc. (Banks)		1,023
	13,000	MS&AD Insurance Group Holdings, Inc. (Insurance)		396
	7,900	Nabtesco Corp. (Machinery)		232
	18,900	NEC Corp. (Technology Hardware, Storage & Peripherals)		641
	18,600	NGK Insulators Ltd. (Machinery)		271
	23,200	Nikon Corp. (Household Durables)		328
	49	Nippon Building Fund, Inc. (Equity Real Estate Investment Trusts)		332
	6,284	Nippon Electric Glass Co. Ltd. (Electronic Equipment, Instruments & Components)		167
	66	Nippon Prologis REIT, Inc. (Equity Real Estate Investment Trusts)		141

HC CAPITAL TRUST

The International Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Japan (continued)
	37,400	Nippon Shinyaku Co. Ltd. (Pharmaceuticals)	$	2,731
	58,700	Nippon Steel & Sumitomo Metal Corp. (Metals & Mining)		1,040
	25,100	Nippon Telegraph & Telephone Corp. (Diversified Telecommunication Services)		1,070
	168,854	Nissan Motor Co. Ltd. (Automobiles)^		1,387
	11,800	Nitto Denko Corp. (Chemicals)		622
	62,700	Nomura Holdings, Inc. (Capital Markets)		227
	4,811	Nomura Real Estate Holdings, Inc. (Real Estate Management & Development)		93
	139	Nomura Real Estate Master Fund, Inc. (Equity Real Estate Investment Trusts)		205
	8,500	Nomura Research Institute Ltd. (IT Services)		387
	25,800	NSK Ltd. (Machinery)		243
	48,225	NTT DoCoMo, Inc. (Wireless Telecommunication Services)		1,069
	46,400	Obayashi Corp. (Construction & Engineering)		468
	14,100	OMRON Corp. (Electronic Equipment, Instruments & Components)^		663
	24,100	ORIX Corp. (Diversified Financial Services)		346
	13,642	Osaka Gas Co. Ltd. (Gas Utilities)		270
	160,100	Panasonic Corp. (Household Durables)		1,382
	8,500	Park24 Co. Ltd. (Commercial Services & Supplies)		185
	6,500	Pola Orbis Holdings, Inc. (Personal Products)		208
	55,538	Resona Holdings, Inc. (Banks)		241
	48,583	Ricoh Co. Ltd. (Technology Hardware, Storage & Peripherals) ^		509
	3,715	Sankyo Co. Ltd. (Leisure Products)		142
	4,500	SBI Holdings, Inc. (Capital Markets)		101
	13,200	Sega Sammy Holdings, Inc. (Leisure Products)		156
	20,196	Seiko Epson Corp. (Technology Hardware, Storage & Peripherals)		310
	26,700	Sekisui Chemical Co. Ltd. (Household Durables)		430
	44,552	Sekisui House Ltd. (Household Durables)		738
	19,700	Seven Bank Ltd. (Banks)		58
	1,500	Shimamura Co. Ltd. (Specialty Retail)		127
	162,600	Sompo Japan Nipponkoa Holdings, Inc. (Insurance)		6,023
	5,408	Sony Financial Holdings, Inc. (Insurance)		102
	109,200	Sumitomo Chemical Co. Ltd. (Chemicals)		510
	81,986	Sumitomo Corp. (Trading Companies & Distributors)		1,137
	54,800	Sumitomo Electric Industries Ltd. (Auto Components)		729
	7,900	Sumitomo Heavy Industries Ltd. (Machinery)		257
	16,700	Sumitomo Metal Mining Co. Ltd. (Metals & Mining)		495
	166,248	Sumitomo Mitsui Financial Group, Inc. (Banks)		5,823
	8,983	Sumitomo Mitsui Trust Holdings, Inc. (Banks)		323

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Japan (continued)
	12,291	Sumitomo Rubber Industries Ltd. (Auto Components)	$	148
	15,400	T&D Holdings, Inc. (Insurance)		162
	15,500	Taisei Corp. (Construction & Engineering)		721
	115,200	Taiyo Nippon Sanso Corp. (Chemicals)		1,760
	463,511	Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals)		18,984
	9,400	TDK Corp. (Electronic Equipment, Instruments & Components)		740
	13,700	Teijin Ltd. (Chemicals)		227
	16,400	The Chiba Bank Ltd. (Banks) ^		89
	10,442	The Chugoku Electric Power Company, Inc. (Electric Utilities) ^		130
	29,400	The Dai-ichi Life Insurance Co. Ltd. (Insurance)		409
	25,600	The Kansai Electric Power Co., Inc. (Electric Utilities)		378
	13,900	The Shizuoka Bank Ltd. (Banks)		106
	8,500	The Yokohama Rubber Co. Ltd. (Auto Components)		158
	8,700	THK Co. Ltd. (Machinery)		216
	16,000	Tohoku Electric Power Co., Inc. (Electric Utilities)		204
	18,400	Tokio Marine Holdings, Inc. (Insurance)		892
	11,400	Tokyo Electron Ltd. (Semiconductors & Semiconductor Equipment)		1,654
	21,400	Tokyo Fudosan Holdings Corp. (Real Estate Management & Development)		128
	17,300	Toppan Printing Co. Ltd. (Commercial Services & Supplies)		262
	4,600	Toyoda Gosei Co. Ltd. (Auto Components)		98
	10,400	Toyota Industries Corp. (Auto Components)		523
	88,800	Toyota Motor Corp. (Automobiles)		5,232
	15,570	Toyota Tsusho Corp. (Trading Companies & Distributors)		509
	8,827	Trend Micro, Inc. (Software)		431
	107	United Urban Investment Corp. (Equity Real Estate Investment Trusts)		169
	15,400	USS Co. Ltd. (Specialty Retail)		287
	12,000	West Japan Railway Co. (Road & Rail)		904
	202,700	Yahoo Japan Corp. (Interactive Media & Services)		497
	44,600	Yamada Denki Co. Ltd. (Specialty Retail) ^		220
	19,500	Yamaha Motor Co. Ltd. (Automobiles)		384
	16,600	Yokogawa Electric Corp. (Electronic Equipment, Instruments & Components)		345
				150,469
		Jersey — 0.12%
	104,687	WPP PLC (Media)		1,106
		Luxembourg — 0.09%
	4,660	Millicom International Cellular SA (Wireless Telecommunication Services)		283
	2,056	RTL Group (Media)		112
	27,393	SES - FDR, Class - A (Media)		426
				821

HC CAPITAL TRUST

The International Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Netherlands — 4.40%
	8,480	ABN AMRO Group N.V. (Banks)	$	191
	2,279	Adyen N.V. (IT Services) (a)(b)		1,787
	34,614	AEGON N.V. (Insurance)		166
	57,711	Airbus Group N.V. (Aerospace & Defense)		7,648
	127,274	Akzo Nobel N.V. (Chemicals)		11,304
	4,112	ASML Holding N.V. (Semiconductors & Semiconductor Equipment)		773
	835,005	ING Groep N.V. (Banks)		10,117
	92,038	Koninklijke (Royal) KPN N.V. (Diversified Telecommunication Services)		292
	64,826	Koninklijke Ahold Delhaize N.V. (Food & Staples Retailing)		1,726
	25,265	Koninklijke DSM N.V. (Chemicals)		2,756
	5,911	NN Group N.V. (Insurance)		246
	6,087	Randstad Holding N.V. (Professional Services)^		297
	77,962	Unilever N.V. (Personal Products)		4,545
				41,848
		New Zealand — 0.02%
	11,100	Auckland International Airport Ltd. (Transportation Infrastructure)		62
	19,142	Meridian Energy Ltd. (Independent Power and Renewable Electricity Producers)		55
	43,823	Telecom Corporation of New Zealand Ltd. (Diversified Telecommunication Services)		113
				230
		Norway — 0.33%
	40,310	DNB ASA (Banks)		743
	8,949	Gjensidige Forsikring ASA (Insurance) ^		155
	43,535	Marine Harvest ASA (Food Products)		972
	122,571	Norsk Hydro ASA (Metals & Mining)		499
	40,668	Telenor ASA (Diversified Telecommunication Services)		815
				3,184
		Portugal — 0.10%
	144,830	EDP - Energias de Portugal SA (Electric Utilities)		570
	27,326	Jeronimo Martins, SGPS, SA (Food & Staples Retailing)		403
				973
		Russia — 0.23%
	105,629	MMC Norilsk Nickel PJSC, ADR (Metals & Mining)		2,231
		Singapore — 0.82%
	258,572	Ascendas Real Estate Investment Trust (Equity Real Estate Investment Trusts)		555
	266,344	CapitaCommercial Trust (Equity Real Estate Investment Trusts)		382
	264,915	CapitaMall Trust (Equity Real Estate Investment Trusts)		466
	403,100	ComfortDelGro Corp. Ltd. (Road & Rail)		766
	123,400	DBS Group Holdings Ltd. (Banks)		2,304
	41,600	Singapore Exchange Ltd. (Capital Markets)		225
	223,700	Singapore Press Holdings Ltd. (Media)		399
	219,627	Singapore Tech Engineering (Aerospace & Defense)		608

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Singapore (continued)
	794,079	Singapore Telecommunications Ltd. (Diversified Telecommunication Services)	$	1,773
	238,780	Suntec REIT (Equity Real Estate Investment Trusts)		344
				7,822
		South Korea — 1.67%
	161,926	Samsung Electronics Co. Ltd. (Technology Hardware, Storage & Peripherals)		6,387
	11,057	SK Innovation Co. Ltd. (Oil, Gas & Consumable Fuels)		1,749
	35,081	SK Telecom Co. Ltd. (Wireless Telecommunication Services)		7,771
				15,907
		Spain — 1.32%
	184,548	Banco Bilbao Vizcaya Argentaria SA (Banks)		1,054
	146,697	Banco de Sabadell SA (Banks)		146
	418,577	Banco Santander SA (Banks)		1,943
	1,006,933	CaixaBank SA (Banks)		3,149
	33,287	Corporacion Mapfre (Insurance)		92
	17,033	Enagas (Oil, Gas & Consumable Fuels)		496
	12,211	Endesa (Electric Utilities)		312
	224,067	Iberdrola SA (Electric Utilities)		1,967
	16,324	Red Electrica Corp. (Electric Utilities)		348
	98,055	Repsol YPF SA (Oil, Gas & Consumable Fuels)		1,677
	166,823	Telefonica SA (Diversified Telecommunication Services)		1,397
				12,581
		Sweden — 1.13%
	37,797	Boliden AB (Metals & Mining)		1,077
	33,385	Electrolux AB, B Shares (Household Durables)		860
	122,553	Hennes & Mauritz AB, B Shares (Specialty Retail)		2,045
	8,403	Kinnevik AB (Diversified Financial Services)		218
	85,082	Skandinaviska Enskilda Banken AB, Class - A (Banks)		737
	47,200	Skanska AB, B Shares (Construction & Engineering) ^		859
	52,230	SKF AB, B Shares (Machinery) ^		869
	79,265	Svenska Handelsbanken AB, A Shares (Banks)		836
	46,736	Swedbank AB, A Shares (Banks) ^		661
	24,528	Swedish Match AB (Tobacco)		1,252
	34,811	Tele2 AB, B Shares (Wireless Telecommunication Services)		465
	197,296	TeliaSonera AB (Diversified Telecommunication Services)		890
				10,769
		Switzerland — 8.47%
	771,999	ABB Ltd., Registered Shares (Electrical Equipment)		14,513
	17,478	Adecco SA, Registered Shares (Professional Services)		934

HC CAPITAL TRUST

The International Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Switzerland (continued)
	2,012	Baloise Holding AG, Registered Shares (Insurance)	$	333
	39,227	Compagnie Financiere Richemont SA, Registered Shares (Textiles, Apparel & Luxury Goods)		2,862
	3,531	Dufry AG (Specialty Retail)		371
	902	EMS-Chemie Holding AG, Registered Shares (Chemicals)		490
	37,591	Ferguson PLC (Trading Companies & Distributors)		2,394
	921	Givaudan SA (Chemicals)		2,358
	31,816	Idorsia Ltd. (Biotechnology) (a)(b)		561
	6,015	Julius Baer Group Ltd. (Capital Markets)		243
	6,009	Kuehne & Nagel International Ltd. (Marine)		825
	54,010	LafargeHolcim Ltd., Registered Shares (Construction Materials)		2,671
	8,855	Lonza Group AG (Life Sciences Tools & Services)		2,750
	77,519	Nestle SA (Food Products)		7,393
	178,411	Novartis AG, Registered Shares (Pharmaceuticals)		17,152
	1,083	Pargesa Holding SA (Diversified Financial Services)		85
	56,121	Roche Holding AG (Pharmaceuticals)		15,468
	593	SGS SA, Registered Shares (Professional Services)		1,477
	7,174	Sonova Holding AG, Registered Shares (Health Care Equipment & Supplies)		1,422
	1,410	Swiss Life Holding AG (Insurance)		621
	4,230	Swiss Prime Site AG (Real Estate Management & Development)		371
	12,708	Swiss Re AG (Insurance)		1,242
	1,446	Swisscom AG (Diversified Telecommunication Services) ^		708
	105,744	UBS Group AG (Capital Markets)		1,284
	6,267	Zurich Financial Services AG (Insurance)		2,076
				80,604
		United Kingdom — 23.66%
	6,706	Admiral Group PLC (Insurance)		190
	34,035	Aon PLC (Insurance)		5,810
	112,556	AstraZeneca PLC (Pharmaceuticals)		8,983
	18,176	Aveva Group PLC (Software)		764
	1,444,763	Aviva PLC (Insurance)		7,767
	23,120	Babcock International Group PLC (Commercial Services & Supplies)		149
	263,412	BAE Systems PLC (Aerospace & Defense)		1,655
	1,121,699	Balfour Beatty PLC (Construction & Engineering)		3,832
	4,879,935	Barclays PLC (Banks)		9,828
	88,412	Barratt Developments PLC (Household Durables)		690
	2,223,196	BP PLC (Oil, Gas & Consumable Fuels)		16,142
	461,117	British American Tobacco PLC (Tobacco)		19,233
	43,586	British Land Co. PLC (Equity Real Estate Investment Trusts)		335
	352,230	BT Group PLC (Diversified Telecommunication Services)		1,023
	68,478	Carnival PLC (Hotels, Restaurants & Leisure)		3,384
	229,226	Centrica PLC (Multi-Utilities)		341

Shares		Security Description	Value (000)
		Common Stocks (continued)
		United Kingdom (continued)
	3,770,044	Cobham PLC (Aerospace & Defense) (a)	$	5,421
	44,004	ConvaTec Group PLC (Health Care Equipment & Supplies) (b)		81
	46,031	Direct Line Insurance Group PLC (Insurance)		212
	132,281	G4S PLC (Commercial Services & Supplies)		316
	343,223	GlaxoSmithKline PLC (Pharmaceuticals)		7,129
	35,969	Hammerson PLC (Equity Real Estate Investment Trusts)		157
	635,497	HSBC Holdings PLC (Banks)		5,163
	80,613	Imperial Tobacco Group PLC (Tobacco)		2,757
	15,206	Investec PLC (Capital Markets)		88
	317,429	ITV PLC (Media)		526
	56,617	John Wood Group PLC (Energy Equipment & Services)		374
	80,191	Johnson Matthey PLC (Chemicals)		3,288
	172,778	Kingfisher PLC (Specialty Retail)		530
	32,629	Land Securities Group PLC (Equity Real Estate Investment Trusts)		388
	184,986	Legal & General Group PLC (Insurance)		664
	142,483	Linde PLC (Chemicals)		25,084
	7,461,910	Lloyds Banking Group PLC (Banks)		6,044
	50,450	London Stock Exchange Group (Capital Markets)		3,120
	138,228	Marks & Spencer Group PLC (Multiline Retail)		502
	244,511	Micro Focus International PLC (Software)		6,356
	150,122	National Grid PLC (Multi-Utilities)		1,666
	12,522	Next PLC (Multiline Retail)		909
	29,191	Persimmon PLC (Household Durables)		826
	593,456	Prudential PLC (Insurance)		11,893
	131,597	Relx PLC (Professional Services)		2,816
	345,223	Rentokil Initial PLC (Commercial Services & Supplies)		1,590
	108,458	Rio Tinto PLC (Metals & Mining)		6,303
	700,226	Rolls-Royce Holdings PLC (Aerospace & Defense)		8,246
	149,915	Royal Dutch Shell PLC, A Shares (Oil, Gas & Consumable Fuels)		4,710
	466,058	Royal Dutch Shell PLC, B Shares (Oil, Gas & Consumable Fuels)		14,727
	80,912	Royal Mail PLC (Air Freight & Logistics)		251
	10,305	Severn Trent PLC (Water Utilities)		265
	602,348	SSE PLC (Electric Utilities)		9,318
	10,826	St. James Place PLC (Capital Markets)		145
	58,472	Standard Life Aberdeen PLC (Diversified Financial Services)		201
	299,801	Taylor Wimpey PLC (Household Durables)		686
	29,905	United Utilities Group PLC (Water Utilities)		318
	4,788,989	Vodafone Group PLC (Wireless Telecommunication Services)		8,725
	18,393	Willis Towers Watson PLC (Insurance)		3,231
				225,152
		United States — 0.92%
	1,653	Alphabet, Inc., Class - A (Interactive Media & Services) (a)		1,945
	1,663	Alphabet, Inc., Class - C (Interactive Media & Services) (a)		1,952

HC CAPITAL TRUST

The International Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		United States (continued)
	1,647	Amazon.com, Inc. (Internet & Direct Marketing Retail) (a)	$	2,933
	25,664	Intercontinental Exchange Group, Inc. (Capital Markets)		1,954
				8,784
		Total Common Stocks		894,897
		Preferred Stocks — 2.00%
		Brazil — 0.45%
	598,195	Petroleo Brasileiro SA — Preferred (Oil, Gas & Consumable Fuels)		4,253
		Germany — 1.55%
	2,810	Bayerische Motoren Werke Aktiengesellschaft — Preferred (Automobiles)		185
	7,595	Porsche Automobil Holding SE — Preferred (Automobiles)		477
	89,619	Volkswagen AG — Preferred (Automobiles)		14,126
				14,788
		Total Preferred Stocks		19,041
		Investment Companies — 1.80%
	488,094	Dreyfus Treasury Securities Cash Management, Institutional Shares, 2.27% (c)		488
	2,389,302	Federated Treasury Obligations Fund, Institutional Shares, 2.29% ^^(c)		2,389
	14,281,773	State Street Institutional Treasury Plus Money Market Fund, Premier Class, 2.30% (c)		14,282
	3,709	State Street Institutional Treasury Plus Money Market Fund, Trust Class, 2.30% (c)		4
		Total Investment Companies		17,163
Principal Amount (000)
		Repurchase Agreement — 0.90%
$	8,537	Jefferies LLC, 2.60%, 4/1/19 (Purchased on 3/29/19, proceeds at maturity $8,538,914 collateralized by U.S. Treasury Obligations, 2.40% - 2.97%, 8/15/19 - 2/15/47 fair value $8,707,806) ^^		8,537
		Total Repurchase Agreement		8,537
		Total Investments (cost $845,787) — 98.71%		939,638
		Other assets in excess of liabilities — 1.29%		12,240
		Net Assets — 100.00%	$	951,878

Amounts designated as “—” are $0 or have been rounded to $0.

^ All or part of this security was on loan as of March 31, 2019. The total value of securities on loan as of March 31, 2019, was $11,148 (amount in thousands).

^^ Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for securities that were sold on or before March 31, 2019.

(a) Represents non-income producing security.

(b) Represents a security purchased under Rule 144A or Section 4(2) and is exempt from registration under the Securities Act of 1933, as amended, or is otherwise restricted to resale. Certain of these securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. These securities have been deemed liquid by the Specialist Manager.

(c) The rate disclosed is the rate in effect on March 31, 2019.

ADR — American Depositary Receipt

FDR — Fiduciary Depositary Receipt

REIT — Real Estate Investment Trust

HC CAPITAL TRUST

The International Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

The following table reflects the percentage of total net assets of the Portfolio attributable to each Specialist Manager as of March 31, 2019.

The International Equity Portfolio	Artisan Partners LP			Cadence Capital Management, LLC			Causeway Capital Management LLC			Parametric Portfolio Associates, LLC			HC Capital Solutions			Total
Common Stocks		17.92	%		39.18	%		36.91	%		—			—			94.01	%
Preferred Stocks		0.45	%		0.07	%		1.48	%		—			—			2.00	%
Investment Companies		0.04	%		0.25	%		—			1.50	%		0.01	%		1.80	%
Repurchase Agreement		0.15	%		0.75	%		—			—			—			0.90	%
Other Assets (Liabilities)		0.25	%		-0.30	%		1.27	%		0.07	%		0.00	%		1.29	%
Total Net Assets		18.81	%		39.95	%		39.66	%		1.57	%		0.01	%		100.00	%

Amounts designated as “—” indicate the Specialist Manager did not manage any holdings in that category.

The following table reflects the open derivative positions held by the Portfolio as of March 31, 2019.

Futures Contracts Purchased^    

Description	Number of Contracts	Expiration Date		Notional Amount (000)		Value and Unrealized Appreciation/ (Depreciation) (000)
MSCI EAFE Index Future	160		6/21/19	$	14,931	$	384
				$	14,931	$	384
	Total Unrealized Appreciation					$	384
	Total Unrealized Depreciation						—
	Total Net Unrealized Appreciation/(Depreciation)					$	384

^ Cash has been pledged as collateral for futures contracts held by the Portfolio.

Amounts designated as “—” are $0 or have been rounded to $0.    

HC CAPITAL TRUST

The Institutional International Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks — 89.38%
		Australia — 4.74%
	72,759	AGL Energy Ltd. (Multi-Utilities)	$	1,124
	701,710	Alumina Ltd. (Metals & Mining)		1,208
	194,792	AMP Ltd. (Diversified Financial Services)		291
	130,827	APA Group (Gas Utilities)		928
	15,698	Appen Ltd. (IT Services)		249
	47,496	Aristocrat Leisure Ltd. (Hotels, Restaurants & Leisure)		828
	461,560	Aurizon Holdings Ltd. (Road & Rail)		1,492
	260,260	AusNet Services (Electric Utilities)		328
	260,798	Australia & New Zealand Banking Group Ltd. (Banks)		4,822
	41,125	Bank of Queensland Ltd. (Banks)		266
	49,394	Bendigo & Adelaide Bank Ltd. (Banks)		340
	596,061	BHP Billiton Ltd. (Metals & Mining)		16,289
	509,616	BHP Group PLC (Metals & Mining)		12,293
	90,041	BlueScope Steel Ltd. (Metals & Mining)		894
	231,836	Boral Ltd. (Construction Materials)		757
	82,901	Bravura Solutions Ltd. (Software)		322
	37,905	CIMIC Group Ltd. (Construction & Engineering)		1,302
	171,199	Coca-Cola Amatil Ltd. (Beverages)		1,052
	6,526	Cochlear Ltd. (Health Care Equipment & Supplies)		805
	156,101	Commonwealth Bank of Australia (Banks)		7,834
	94,505	Crown Resorts Ltd. (Hotels, Restaurants & Leisure)		773
	32,822	CSL Ltd. (Biotechnology)		4,553
	217,422	GPT Group (Equity Real Estate Investment Trusts)		959
	164,573	Harvey Norman Holdings Ltd. (Multiline Retail)^		470
	168,676	Inghams Group Ltd. (Food Products)^		524
	207,935	Insurance Australia Group Ltd. (Insurance)		1,135
	59,939	Lend Lease Group Ltd. (Real Estate Management & Development)		527
	26,775	Link Administration Holdings Ltd. (IT Services)		141
	19,219	Macquarie Group Ltd. (Capital Markets)		1,770
	201,368	Medibank Private Ltd. (Insurance)		395
	449,799	Mirvac Group (Equity Real Estate Investment Trusts)		878
	233,997	National Australia Bank Ltd. (Banks)		4,204
	456,964	Qantas Airways Ltd. (Airlines)		1,838
	84,536	Regis Resources Ltd. (Metals & Mining)		318
	72,613	Rio Tinto Ltd. (Metals & Mining)		5,056
	50,226	Sandfire Resources NL (Metals & Mining)		247
	128,778	Santos Ltd. (Oil, Gas & Consumable Fuels)		623
	616,929	Saracen Mineral Holdings Ltd. (Metals & Mining) (a)		1,270
	640,391	Scentre Group (Equity Real Estate Investment Trusts)		1,870
	33,638	Smartgroup Corp. Ltd. (Commercial Services & Supplies)		189
	318,303	Stockland Trust Group (Equity Real Estate Investment Trusts)		870
	115,896	Suncorp Group Ltd. (Insurance)		1,135
	256,987	Sydney Airport (Transportation Infrastructure)		1,356
	463,205	Tabcorp Holdings Ltd. (Hotels, Restaurants & Leisure)		1,520
	554,411	Telstra Corp. Ltd. (Diversified Telecommunication Services)		1,307

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Australia (continued)
	522,776	Transurban Group (Transportation Infrastructure)	$	4,902
	437,868	Vicinity Centres (Equity Real Estate Investment Trusts)		808
	240,120	Wesfarmers Ltd. (Food & Staples Retailing)		5,912
	298,129	Westpac Banking Corp. (Banks)		5,494
				104,468
		Austria — 0.17%
	12,483	ANDRITZ AG (Machinery)		535
	21,214	Erste Group Bank AG (Banks)		779
	27,991	OMV AG (Oil, Gas & Consumable Fuels)		1,520
	10,768	Raiffeisen Bank International AG (Banks)		242
	21,704	Voestalpine AG (Metals & Mining)		660
				3,736
		Belgium — 0.59%
	9,884	Ageas (Insurance)		477
	127,626	Anheuser-Busch InBev N.V. (Beverages)		10,711
	12,718	Belgacom SA (Diversified Telecommunication Services)		368
	12,954	KBC Groep N.V. (Banks)		906
	7,578	UCB SA (Pharmaceuticals)		651
				13,113
		Bermuda — 0.03%
	177,000	Yue Yuen Industrial Holdings Ltd. (Textiles, Apparel & Luxury Goods)		609
		Brazil — 0.28%
	104,382	B3 SA (Capital Markets)		850
	327,885	Petroleo Brasileiro SA, ADR (Oil, Gas & Consumable Fuels)		5,220
				6,070
		Canada — 1.43%
	20,713	Canadian Imperial Bank of Commerce (Banks)		1,637
	11,364	Canadian National Railway Co. (Road & Rail)		1,017
	5,461	Canadian Pacific Railway Ltd. (Road & Rail)		1,125
	25,072	Dollarama, Inc. (Multiline Retail)		669
	1,310,787	Encana Corp. (Oil, Gas & Consumable Fuels)		9,497
	15,865	Fortis, Inc. (Electric Utilities)		586
	214,776	Gildan Activewear, Inc. (Textiles, Apparel & Luxury Goods)		7,723
	548,635	Manulife Financial Corp. (Insurance)		9,279
				31,533
		China — 1.28%
	58,907	Baidu, Inc., ADR (Interactive Media & Services) (a)		9,711
	1,004,827	China Merchants Holdings (International) Co. Ltd. (Transportation Infrastructure)		2,143
	1,283,482	China Mobile Ltd. (Wireless Telecommunication Services)		13,098
	66,500	Health And Happiness International Holdings Ltd. (Food Products)		417
	25,600	Jardine Matheson Holdings Ltd. (Industrial Conglomerates)		1,598

HC CAPITAL TRUST

The Institutional International Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		China (continued)
	9,810	Kweichow Moutai Co. Ltd. (Beverages)	$	1,244
				28,211
		Denmark — 1.29%
	20,886	Carlsberg A/S, Class – B (Beverages)		2,612
	53,473	Danske Bank A/S (Banks)		940
	26,145	Genmab A/S (Biotechnology) (a)		4,537
	6,364	H. Lundbeck A/S (Pharmaceuticals)		276
	33,770	ISS A/S (Commercial Services & Supplies)		1,029
	313,811	Novo Nordisk A/S, Class – B (Pharmaceuticals)		16,405
	18,675	Orsted A/S (Electric Utilities)		1,416
	21,494	Pandora A/S (Textiles, Apparel & Luxury Goods)		1,006
	10,029	Tryg A/S (Insurance)		275
				28,496
		Finland — 0.78%
	21,322	Elisa Oyj (Diversified Telecommunication Services)		962
	181,315	Fortum Oyj (Electric Utilities)^		3,714
	9,223	Neste Oil Oyj (Oil, Gas & Consumable Fuels)		983
	32,830	Nokian Renkaat Oyj (Auto Components)		1,100
	449,483	Nordea Bank Abp (Banks)^		3,423
	30,080	Orion Oyj, Class – B (Pharmaceuticals)^		1,130
	50,057	Sampo Oyj, Class – A (Insurance)		2,268
	122,411	UPM-Kymmene Oyj (Paper & Forest Products)		3,575
				17,155
		France — 7.78%
	27,019	Air France-KLM (Airlines) (a)		304
	45,012	Air Liquide SA (Chemicals)		5,728
	14,460	Amundi SA (Capital Markets)		910
	23,026	Atos SE (IT Services)		2,223
	206,892	AXA SA (Insurance)		5,203
	384,021	BNP Paribas (Banks)		18,273
	52,939	Bouygues SA (Construction & Engineering)		1,892
	63,829	Carrefour SA (Food & Staples Retailing)		1,192
	12,689	Casino Guichard-Perrachon SA (Food & Staples Retailing) ^		550
	14,931	CNP Assurances (Insurance)		329
	119,555	Compagnie de Saint-Gobain (Building Products)		4,334
	39,983	Compagnie Generale des Etablissements Michelin, Class – B (Auto Components)		4,723
	101,999	Credit Agricole SA (Banks)		1,231
	45,415	Danone SA (Food Products)		3,497
	29,841	Eiffage SA (Construction & Engineering) (b)		2,868
	276,950	Electricite de France SA (Electric Utilities)		3,791
	373,693	ENGIE (Multi-Utilities)		5,572
	37,598	Eutelsat Communications (Media)		658
	29,290	Faurecia (Auto Components)		1,233
	5,505	Fonciere des Regions (Equity Real Estate Investment Trusts)		584
	5,519	Gecina SA (Equity Real Estate Investment Trusts)		816
	2,987	Hermes International (Textiles, Apparel & Luxury Goods)		1,972
	4,568	Icade (Equity Real Estate Investment Trusts)^		386
	8,002	Imerys SA (Construction Materials)		399

Shares		Security Description	Value (000)
		Common Stocks (continued)
		France (continued)
	35,597	Ingenico Group SA (Electronic Equipment, Instruments & Components)	$	2,542
	14,441	Ipsen SA (Pharmaceuticals)		1,980
	3,233	Kering (Textiles, Apparel & Luxury Goods)		1,854
	24,830	Klepierre (Equity Real Estate Investment Trusts)		869
	10,137	L’Oreal SA (Personal Products)		2,729
	81,737	Natixism SA (Capital Markets)		438
	282,362	Orange SA (Diversified Telecommunication Services)		4,603
	139,551	Peugeot SA (Automobiles)		3,405
	45,794	Publicis Groupe (Media)		2,452
	45,626	Renault SA (Automobiles)		3,016
	73,226	Rexel SA (Trading Companies & Distributors)		826
	14,126	Safran SA (Aerospace & Defense)		1,936
	217,516	Sanofi-Aventis (Pharmaceuticals)		19,231
	143,180	Schneider Electric SA (Electrical Equipment)		11,237
	15,123	SCOR SE (Insurance)		644
	6,113	Societe BIC SA (Commercial Services & Supplies)		545
	72,073	Societe Generale (Banks)		2,082
	42,345	Suez Environnement Co. (Multi-Utilities)		561
	572,634	Total SA (Oil, Gas & Consumable Fuels)		31,715
	16,651	Unibail-Rodamco-Westfield (Equity Real Estate Investment Trusts)^		2,730
	5,109	Unibail-Rodamco-Westfield (Equity Real Estate Investment Trusts)		837
	56,197	Valeo SA (Auto Components)		1,631
	63,999	Veolia Environnement (Multi-Utilities)		1,432
	36,046	Vinci SA (Construction & Engineering)		3,507
				171,470
		Germany — 8.20%
	8,962	Adidas AG (Textiles, Apparel & Luxury Goods)		2,180
	79,653	Allianz SE (Insurance)		17,748
	56,601	Aroundtown SA (Real Estate Management & Development)		467
	7,247	Axel Springer AG (Media)		375
	325,349	BASF SE (Chemicals)		23,991
	136,315	Bayer AG (Pharmaceuticals)		8,776
	47,973	Bayerische Motoren Werke Aktiengesellschaft (Automobiles)		3,704
	22,223	Beiersdorf AG (Personal Products)		2,313
	24,439	Continental AG (Auto Components)		3,686
	64,344	Covestro AG (Chemicals)		3,550
	137,941	Daimler AG, Registered Shares (Automobiles)		8,093
	105,751	Deutsche Boerse AG (Capital Markets)		13,558
	95,338	Deutsche Lufthansa AG, Registered Shares (Airlines)		2,095
	640,028	Deutsche Post AG (Air Freight & Logistics)		20,826
	295,544	Deutsche Telekom AG (Diversified Telecommunication Services)		4,909
	4,866	Drillisch AG (Wireless Telecommunication Services)		173
	160,099	E.ON AG (Multi-Utilities)		1,781
	25,419	Evonik Industries AG (Chemicals)		694
	24,899	GEA Group AG (Machinery)		652
	3,783	Hannover Rueckversicherung AG (Insurance)		544

HC CAPITAL TRUST

The Institutional International Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Germany (continued)
	21,658	HeidelbergCement AG (Construction Materials)	$	1,561
	27,106	Hugo Boss AG (Textiles, Apparel & Luxury Goods)		1,853
	25,191	Metro AG (Food & Staples Retailing)		418
	16,300	MTU Aero Engines AG (Aerospace & Defense)		3,694
	8,517	Muenchener Rueckversicherungs-Gesellschaft AG (Insurance)		2,018
	38,288	ProSiebenSat.1 Media AG (Media)		545
	196,580	SAP SE (Software)		22,723
	45,078	Schaeffler AG (Auto Components)		367
	99,050	Siemens AG (Industrial Conglomerates)		10,651
	9,223	Siltronic AG (Semiconductors & Semiconductor Equipment)		813
	30,878	Symrise AG (Chemicals)		2,783
	66,176	Telefonica Deutschland Holding AG (Diversified Telecommunication Services)		208
	110,839	TUI AG (Hotels, Restaurants & Leisure)		1,063
	14,797	Uniper SE (Independent Power and Renewable Electricity Producers)		446
	36,467	Vonovia SE (Real Estate Management & Development)		1,892
	79,308	Wirecard AG (IT Services)		9,962
				181,112
		Hong Kong — 2.53%
	873,118	AIA Group Ltd. (Insurance) (b)		8,731
	69,500	ASM Pacific Technology Ltd. (Semiconductors & Semiconductor Equipment)		777
	310,505	BOC Hong Kong (Holdings) Ltd. (Banks)		1,289
	504,500	CK Asset Holdings Ltd. (Real Estate Management & Development)		4,492
	503,000	CK Hutchison Holdings Ltd. (Industrial Conglomerates)		5,289
	79,500	CK Infrastructure Holdings Ltd. (Electric Utilities)		653
	195,419	CLP Holdings Ltd. (Electric Utilities)		2,267
	588,000	Hanergy Thin Film Power Group Ltd. (Semiconductors & Semiconductor Equipment) (a)		—
	105,000	Hang Lung Group Ltd. (Real Estate Management & Development)		338
	241,000	Hang Lung Properties Ltd. (Real Estate Management & Development)		589
	92,309	Hang Seng Bank Ltd. (Banks)		2,279
	146,414	Henderson Land Development Co. Ltd. (Real Estate Management & Development)		932
	309,377	HK Electric Investments Ltd. (Electric Utilities)		316
	430,000	HKT Trust & HKT Ltd. (Diversified Telecommunication Services)		692
	128,600	Hongkong Land Holdings Ltd. (Real Estate Management & Development)		915
	72,000	Hysan Development Co. (Real Estate Management & Development)		386
	247,000	Kerry Properties Ltd. (Real Estate Management & Development)		1,104
	697,000	New World Development Co. Ltd. (Real Estate Management & Development)		1,157

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Hong Kong (continued)
	272,000	NWS Holdings Ltd. (Industrial Conglomerates)	$	596
	517,000	PCCW Ltd. (Diversified Telecommunication Services)		321
	161,038	Power Assets Holdings Ltd. (Electric Utilities)		1,117
	1,041,600	Sands China Ltd. (Hotels, Restaurants & Leisure)		5,242
	373,839	Sino Land Co. Ltd. (Real Estate Management & Development)		724
	178,040	Sun Hung Kai Properties Ltd. (Real Estate Management & Development)		3,060
	163,500	Swire Pacific Ltd., Class – A (Real Estate Management & Development)		2,106
	52,500	Techtronic Industries Co. (Household Durables)		354
	100,200	The Bank of East Asia Ltd. (Banks)		326
	296,326	The Link Real Estate Investment Trust (Equity Real Estate Investment Trusts)		3,469
	166,000	The Wharf (Holdings) Ltd. (Real Estate Management & Development)		502
	2,138,500	WH Group Ltd. (Food Products)		2,287
	96,000	Wheelock & Co. Ltd. (Real Estate Management & Development)		705
	904,400	Wynn Macau Ltd. (Hotels, Restaurants & Leisure)		2,136
	490,000	Xinyi Glass Holdings Ltd. (Auto Components)		563
				55,714
		Indonesia — 0.07%
	5,089,300	PT Bank Rakyat Indonesia Persero Tbk (Banks)		1,478
		Ireland (Republic of) — 0.76%
	35,178	AIB Group PLC (Banks)		158
	37,179	Bank of Ireland Group PLC (Banks)		222
	88,176	CRH PLC (Construction Materials)		2,733
	104,240	Experian PLC (Professional Services)		2,821
	2,877	ICON PLC (Life Sciences Tools & Services) (a)		393
	88,204	Medtronic PLC (Health Care Equipment & Supplies)		8,033
	8,618	Paddy Power PLC (Hotels, Restaurants & Leisure)		665
	13,406	Ryanair Holdings PLC, ADR (Airlines) (a)		1,005
	23,806	Smurfit Kappa Group PLC (Containers & Packaging)		665
				16,695
		Isle of Man — 0.04%
	126,359	GVC Holdings PLC (Hotels, Restaurants & Leisure)		921
		Israel — 0.27%
	13,700	Attunity Ltd. (Software) (a)		321
	5,148	Azrieli Group (Real Estate Management & Development)		305
	213,576	Bank Hapoalim Ltd. (Banks)		1,420
	122,390	Bank Leumi Le (Banks)		802
	669,697	Bezeq The Israeli Telecommunication Corp. Ltd. (Diversified Telecommunication Services)		482
	312,871	Israel Chemicals Ltd. (Chemicals)		1,635

HC CAPITAL TRUST

The Institutional International Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Israel (continued)
	117,687	Israel Discount Bank, Class – A (Banks)	$	408
	12,784	Mizrahi Tefahot Bank Ltd. (Banks)		264
	2,252	Nice Systems Ltd., ADR (Software) (a)		276
				5,913
		Italy — 2.51%
	217,526	Assicurazioni Generali SpA (Insurance)		4,033
	1,689,829	Enel SpA (Electric Utilities)		10,827
	539,762	Eni SpA (Oil, Gas & Consumable Fuels)		9,535
	51,403	Fiat DaimlerChrysler Automobiles NV (Automobiles)		768
	3,276,257	Intesa Sanpaolo SpA (Banks)		7,995
	45,277	Mediobanca SpA (Banks)		471
	93,164	Poste Italiane SpA (Insurance)		907
	436,800	Snam Rete Gas SpA (Oil, Gas & Consumable Fuels)		2,247
	602,917	Telecom Italia SpA (Diversified Telecommunication Services)		342
	142,021	Terna - Rete Elettrica Nazionale SpA (Electric Utilities)		901
	1,345,029	Unicredit SpA (Banks)		17,276
				55,302
		Japan — 18.13%
	69,600	Advantest Corp. (Semiconductors & Semiconductor Equipment)^		1,626
	8,800	AEON Credit Service Co. Ltd. (Consumer Finance)		179
	33,800	Aisin Seiki Co. Ltd. (Auto Components)		1,210
	44,800	ALPS Electric Co. Ltd. (Electronic Equipment, Instruments & Components)		937
	69,500	Amada Holdings Co. Ltd. (Machinery)		690
	10,500	Aozora Bank Ltd. (Banks)		260
	68,415	Asahi Glass Co. Ltd. (Building Products)		2,403
	259,100	Asahi Kasei Corp. (Chemicals)		2,684
	126,300	Bridgestone Corp. (Auto Components)		4,868
	48,300	Brother Industries Ltd. (Technology Hardware, Storage & Peripherals)		897
	37,500	CALBEE, Inc. (Food Products)^		1,013
	247,267	Canon, Inc. (Technology Hardware, Storage & Peripherals)		7,180
	51,400	Capcom Co. Ltd. (Entertainment)		1,154
	44,800	Casio Computer Co. Ltd. (Household Durables)^		586
	2,200	Century Tokyo Leasing Corp. (Diversified Financial Services)		96
	65,100	Chubu Electric Power Company, Inc. (Electric Utilities)		1,018
	82,500	Concordia Financial Group Ltd. (Banks)		319
	8,400	Credit Saison Co. Ltd. (Consumer Finance)		111
	49,839	Dai Nippon Printing Co. Ltd. (Commercial Services & Supplies)		1,194
	204,000	Daicel Corp. (Chemicals)		2,222
	7,567	Daito Trust Construction Co. Ltd. (Real Estate Management & Development)		1,056
	207,500	Daiwa House Industry Co. Ltd. (Real Estate Management & Development)		6,609
	181	Daiwa House REIT Investment Corp. (Equity Real Estate Investment Trusts)		402
	87,600	Daiwa Securities Group, Inc. (Capital Markets)		427
	90,300	Denso Corp. (Auto Components)		3,529
	15,600	Dip Corp. (Interactive Media & Services)		271

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Japan (continued)
	38,400	DMG Mori Co. Ltd. (Machinery)	$	477
	134,800	East Japan Railway Co. (Road & Rail)		13,020
	16,100	Electric Power Development Co. Ltd. (Independent Power and Renewable Electricity Producers)		393
	86,400	Fanuc Ltd. (Machinery)		14,778
	127,994	Fuji Heavy Industries Ltd. (Automobiles)		2,923
	104,000	FUJIFILM Holdings Corp. (Technology Hardware, Storage & Peripherals)		4,738
	40,900	Fujitsu Ltd. (IT Services)		2,958
	52,000	Fukuoka Financial Group, Inc. (Banks)		1,155
	18,500	HASEKO Corp. (Household Durables)		233
	51,300	Hino Motors Ltd. (Machinery)		433
	6,600	Hirose Electric Co. Ltd. (Electronic Equipment, Instruments & Components)		695
	14,300	Hitachi Capital Corp. (Consumer Finance)		333
	22,400	Hitachi Chemical Co. Ltd. (Chemicals)		499
	22,400	Hitachi Construction Machinery Co. Ltd. (Machinery) ^		597
	13,700	Hitachi High-Technologies Corp. (Electronic Equipment, Instruments & Components)		563
	235,800	Hitachi Ltd. (Electronic Equipment, Instruments & Components)		7,663
	45,600	Hitachi Metals Ltd. (Metals & Mining)^		531
	379,924	Honda Motor Co. Ltd. (Automobiles)		10,321
	31,500	Hulic Co. Ltd. (Real Estate Management & Development)		310
	16,359	Idemitsu Kosan Co. Ltd. (Oil, Gas & Consumable Fuels)		547
	8,400	IHI Corp. (Machinery)		202
	32,400	Iida Group Holdings Co. Ltd. (Household Durables)		588
	114,400	Isuzu Motors Ltd. (Automobiles)		1,507
	297,968	ITOCHU Corp. (Trading Companies & Distributors)		5,401
	47,400	J. Front Retailing Co. Ltd. (Multiline Retail)		565
	184,200	Japan Airlines Co. Ltd. (Airlines)		6,492
	144,900	Japan Exchange Group, Inc. (Capital Markets)		2,587
	34,900	Japan Post Bank Co. Ltd. (Banks)		381
	484,900	Japan Post Holdings Co. Ltd. (Insurance)		5,676
	84	Japan Prime Realty Investment Corp. (Equity Real Estate Investment Trusts)		346
	141	Japan Real Estate Investment Corp. (Equity Real Estate Investment Trusts)		831
	281	Japan Retail Fund Investment Corp. (Equity Real Estate Investment Trusts)		565
	230,697	Japan Tobacco, Inc. (Tobacco)		5,715
	163,300	JFE Holdings, Inc. (Metals & Mining)		2,780
	55,345	JS Group Corp. (Building Products)		740
	38,483	JSR Corp. (Chemicals)		599
	41,700	JTEKT Corp. (Machinery)		515
	688,618	JX Holdings, Inc. (Oil, Gas & Consumable Fuels)		3,144
	93,700	Kajima Corp. (Construction & Engineering)		1,386
	11,400	Kakaku.com, Inc. (Interactive Media & Services)		220
	30,300	Kawasaki Heavy Industries Ltd. (Machinery)		750
	639,100	KDDI Corp. (Wireless Telecommunication Services)		13,767

HC CAPITAL TRUST

The Institutional International Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Japan (continued)
	191,100	Komatsu Ltd. (Machinery)	$	4,458
	93,400	Konica Minolta, Inc. (Technology Hardware, Storage & Peripherals)		921
	3,300	Kose Corp. (Personal Products)		609
	65,229	Kuraray Co. Ltd. (Chemicals)		832
	66,600	Kyocera Corp. (Electronic Equipment, Instruments & Components)		3,922
	33,400	Kyushu Railway Co. (Road & Rail)		1,099
	11,926	Lawson, Inc. (Food & Staples Retailing)		662
	23,500	Maeda Corp. (Construction & Engineering)		234
	327,931	Marubeni Corp. (Trading Companies & Distributors)		2,274
	11,277	Maruichi Steel Tube Ltd. (Metals & Mining)		329
	116,900	Mazda Motor Corp. (Automobiles)		1,311
	83,200	Mebuki Financial Group, Inc. (Banks)		213
	263,700	Mitsubishi Chemical Holdings Corp. (Chemicals)		1,863
	281,240	Mitsubishi Corp. (Trading Companies & Distributors)		7,832
	377,400	Mitsubishi Electric Corp. (Electrical Equipment)		4,870
	34,900	Mitsubishi Gas Chemical Co., Inc. (Chemicals)		500
	88,700	Mitsubishi Heavy Industries Ltd. (Machinery)		3,692
	21,400	Mitsubishi Materials Corp. (Metals & Mining)		566
	50,843	Mitsubishi Tanabe Pharma Corp. (Pharmaceuticals)		681
	1,336,682	Mitsubishi UFJ Financial Group, Inc. (Banks)		6,612
	25,700	Mitsubishi UFJ Lease & Finance Co. Ltd. (Diversified Financial Services)		131
	346,126	Mitsui & Co. Ltd. (Trading Companies & Distributors)		5,387
	38,600	Mitsui Chemicals, Inc. (Chemicals)		935
	1,887,992	Mizuho Financial Group, Inc. (Banks)		2,922
	92,900	MS&AD Insurance Group Holdings, Inc. (Insurance)		2,831
	22,300	Nabtesco Corp. (Machinery)		654
	54,100	NEC Corp. (Technology Hardware, Storage & Peripherals)		1,834
	54,800	NGK Insulators Ltd. (Machinery)		799
	66,100	Nikon Corp. (Household Durables)		935
	144	Nippon Building Fund, Inc. (Equity Real Estate Investment Trusts)		975
	18,000	Nippon Electric Glass Co. Ltd. (Electronic Equipment, Instruments & Components)		478
	198	Nippon Prologis REIT, Inc. (Equity Real Estate Investment Trusts)		422
	47,000	Nippon Shinyaku Co. Ltd. (Pharmaceuticals)		3,432
	182,500	Nippon Steel & Sumitomo Metal Corp. (Metals & Mining)		3,231
	71,600	Nippon Telegraph & Telephone Corp. (Diversified Telecommunication Services)		3,053
	482,379	Nissan Motor Co. Ltd. (Automobiles)^		3,962
	53,100	Nitto Denko Corp. (Chemicals)		2,799
	178,700	Nomura Holdings, Inc. (Capital Markets)		646
	14,900	Nomura Real Estate Holdings, Inc. (Real Estate Management & Development)		287

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Japan (continued)
	396	Nomura Real Estate Master Fund, Inc. (Equity Real Estate Investment Trusts)	$	583
	25,000	Nomura Research Institute Ltd. (IT Services)		1,139
	73,500	NSK Ltd. (Machinery)		691
	374,500	NTT DoCoMo, Inc. (Wireless Telecommunication Services)		8,302
	132,300	Obayashi Corp. (Construction & Engineering)		1,334
	40,200	OMRON Corp. (Electronic Equipment, Instruments & Components) ^		1,889
	280,600	ORIX Corp. (Diversified Financial Services)		4,032
	39,195	Osaka Gas Co. Ltd. (Gas Utilities)		775
	457,400	Panasonic Corp. (Household Durables)		3,945
	23,300	Park24 Co. Ltd. (Commercial Services & Supplies)		507
	18,300	Pola Orbis Holdings, Inc. (Personal Products)		585
	19,600	Raysum Co. Ltd. (Real Estate Management & Development)		181
	163,185	Resona Holdings, Inc. (Banks)		707
	141,100	Ricoh Co. Ltd. (Technology Hardware, Storage & Peripherals)^		1,478
	11,204	Sankyo Co. Ltd. (Leisure Products)		428
	11,600	SBI Holdings, Inc. (Capital Markets)		259
	37,400	Sega Sammy Holdings, Inc. (Leisure Products)		442
	58,769	Seiko Epson Corp. (Technology Hardware, Storage & Peripherals)		902
	75,900	Sekisui Chemical Co. Ltd. (Household Durables)		1,223
	126,865	Sekisui House Ltd. (Household Durables)		2,103
	31,700	Seven & I Holdings Co. Ltd. (Food & Staples Retailing)		1,196
	54,100	Seven Bank Ltd. (Banks)		160
	4,700	Shimamura Co. Ltd. (Specialty Retail)		398
	9,100	Shin-Etsu Chemical Co. Ltd. (Chemicals)		766
	18,100	Shionogi & Co. Ltd. (Pharmaceuticals)		1,124
	19,500	Showa Denko KK (Chemicals)		689
	262,200	Sompo Japan Nipponkoa Holdings, Inc. (Insurance)		9,712
	9,900	Sony Corp. (Household Durables)		418
	16,700	Sony Financial Holdings, Inc. (Insurance)		315
	379,800	Sumitomo Chemical Co. Ltd. (Chemicals)		1,773
	234,400	Sumitomo Corp. (Trading Companies & Distributors)		3,250
	156,200	Sumitomo Electric Industries Ltd. (Auto Components)		2,078
	65,400	Sumitomo Heavy Industries Ltd. (Machinery)		2,126
	47,700	Sumitomo Metal Mining Co. Ltd. (Metals & Mining)		1,414
	91,900	Sumitomo Mitsui Construction (Construction & Engineering)		641
	261,023	Sumitomo Mitsui Financial Group, Inc. (Banks)		9,142
	67,900	Sumitomo Mitsui Trust Holdings, Inc. (Banks)		2,441
	35,331	Sumitomo Rubber Industries Ltd. (Auto Components)		424
	37,000	SUZUKEN Co. Ltd. (Health Care Providers & Services)		2,147
	44,500	T&D Holdings, Inc. (Insurance)		469

HC CAPITAL TRUST

The Institutional International Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Japan (continued)
	81,500	Taisei Corp. (Construction & Engineering)	$	3,792
	144,600	Taiyo Nippon Sanso Corp. (Chemicals)		2,208
	738,585	Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals)		30,252
	26,900	TDK Corp. (Electronic Equipment, Instruments & Components)		2,118
	40,200	Teijin Ltd. (Chemicals)		665
	85,900	The Chiba Bank Ltd. (Banks) ^		467
	31,700	The Chugoku Electric Power Company, Inc. (Electric Utilities) ^		396
	169,700	The Dai-ichi Life Insurance Co. Ltd. (Insurance)		2,363
	72,900	The Kansai Electric Power Co., Inc. (Electric Utilities)		1,075
	75,300	The Shizuoka Bank Ltd. (Banks)		574
	24,300	The Yokohama Rubber Co. Ltd. (Auto Components)		452
	25,900	THK Co. Ltd. (Machinery)		643
	45,500	Tohoku Electric Power Co., Inc. (Electric Utilities)		581
	52,500	Tokio Marine Holdings, Inc. (Insurance)		2,544
	49,900	Tokyo Electron Ltd. (Semiconductors & Semiconductor Equipment)		7,240
	63,600	Tokyo Fudosan Holdings Corp. (Real Estate Management & Development)		381
	50,900	Toppan Printing Co. Ltd. (Commercial Services & Supplies)		770
	55,400	Tosoh Corp. (Chemicals)		865
	32,500	Toyo Seikan Kaisha Ltd. (Containers & Packaging)		667
	13,800	Toyoda Gosei Co. Ltd. (Auto Components)		293
	29,700	Toyota Industries Corp. (Auto Components)		1,493
	278,500	Toyota Motor Corp. (Automobiles)		16,410
	44,400	Toyota Tsusho Corp. (Trading Companies & Distributors)		1,451
	25,100	Trend Micro, Inc. (Software)		1,224
	302	United Urban Investment Corp. (Equity Real Estate Investment Trusts)		477
	43,800	USS Co. Ltd. (Specialty Retail)		816
	19,400	UT Group Co. Ltd. (Professional Services) ^		447
	39,800	West Japan Railway Co. (Road & Rail)		2,999
	578,000	Yahoo Japan Corp. (Interactive Media & Services)		1,417
	127,000	Yamada Denki Co. Ltd. (Specialty Retail) ^		626
	55,500	Yamaha Motor Co. Ltd. (Automobiles)		1,092
	46,000	Yokogawa Electric Corp. (Electronic Equipment, Instruments & Components)		955
				399,999
		Jersey — 0.14%
	299,065	WPP PLC (Media)		3,159
		Luxembourg — 0.13%
	25,991	ArcelorMittal (Metals & Mining)		527
	13,312	Millicom International Cellular SA (Wireless Telecommunication Services)		809
	6,064	RTL Group (Media)		331
	78,115	SES—FDR, Class – A (Media)		1,215
				2,882
		Netherlands — 3.67%
	25,325	ABN AMRO Group N.V. (Banks)		571

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Netherlands (continued)
	2,862	Adyen N.V. (IT Services) (a)(b)	$	2,245
	202,329	AEGON N.V. (Insurance)		972
	72,503	Airbus Group N.V. (Aerospace & Defense)		9,608
	172,930	Akzo Nobel N.V. (Chemicals)		15,360
	5,166	ASML Holding N.V. (Semiconductors & Semiconductor Equipment)		971
	10,592	Euronext N.V. (Capital Markets)		672
	1,312,023	ING Groep N.V. (Banks)		15,896
	270,582	Koninklijke (Royal) KPN N.V. (Diversified Telecommunication Services)		859
	263,562	Koninklijke Ahold Delhaize N.V. (Food & Staples Retailing)		7,016
	31,740	Koninklijke DSM N.V. (Chemicals)		3,462
	16,856	NN Group N.V. (Insurance)		701
	17,896	Randstad Holding N.V. (Professional Services)^		874
	322,305	Unilever N.V. (Personal Products)		18,788
	41,844	Wolters Kluwer N.V. (Professional Services)		2,850
				80,845
		New Zealand — 0.07%
	81,756	A2 Milk Co. Ltd. (Food Products) (a)		799
	30,769	Auckland International Airport Ltd. (Transportation Infrastructure)		171
	60,243	Meridian Energy Ltd. (Independent Power and Renewable Electricity Producers)		172
	117,092	Telecom Corporation of New Zealand Ltd. (Diversified Telecommunication Services)		303
				1,445
		Norway — 0.82%
	24,396	Aker BP ASA (Oil, Gas & Consumable Fuels)		870
	115,156	DNB ASA (Banks)		2,122
	169,954	DNO International ASA (Oil, Gas & Consumable Fuels)		378
	165,711	Equinor ASA (Oil, Gas & Consumable Fuels)		3,634
	25,566	Gjensidige Forsikring ASA (Insurance) ^		442
	124,369	Marine Harvest ASA (Food Products)		2,780
	350,156	Norsk Hydro ASA (Metals & Mining)		1,425
	16,472	Salmar ASA (Food Products)		791
	277,862	Telenor ASA (Diversified Telecommunication Services)		5,565
				18,007
		Portugal — 0.13%
	413,744	EDP - Energias de Portugal SA (Electric Utilities)		1,628
	78,063	Jeronimo Martins, SGPS, SA (Food & Staples Retailing)		1,152
				2,780
		Russia — 0.13%
	132,687	MMC Norilsk Nickel PJSC, ADR (Metals & Mining)		2,802
		Singapore — 1.18%
	738,700	Ascendas Real Estate Investment Trust (Equity Real Estate Investment Trusts)		1,589
	760,809	CapitaCommercial Trust (Equity Real Estate Investment Trusts)		1,090

HC CAPITAL TRUST

The Institutional International Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Singapore (continued)
	756,700	CapitaMall Trust (Equity Real Estate Investment Trusts)	$	1,330
	409,000	China Sunsine Chemical Holdings Ltd. (Chemicals)		342
	1,151,600	ComfortDelGro Corp. Ltd. (Road & Rail)		2,189
	352,400	DBS Group Holdings Ltd. (Banks)		6,581
	118,900	Singapore Exchange Ltd. (Capital Markets)		643
	639,147	Singapore Press Holdings Ltd. (Media)		1,139
	627,400	Singapore Tech Engineering (Aerospace & Defense)		1,735
	2,268,410	Singapore Telecommunications Ltd. (Diversified Telecommunication Services)		5,067
	682,280	Suntec REIT (Equity Real Estate Investment Trusts)		983
	3,002,000	Yangzijiang Shipbuilding Holdings Ltd. (Machinery)		3,334
				26,022
		South Korea — 0.87%
	192,950	Samsung Electronics Co. Ltd. (Technology Hardware, Storage & Peripherals)		7,611
	11,957	SK Innovation Co. Ltd. (Oil, Gas & Consumable Fuels)		1,892
	44,071	SK Telecom Co. Ltd. (Wireless Telecommunication Services)		9,761
				19,264
		Spain — 1.71%
	39,005	Amadeus IT Holding SA, A Shares (IT Services)		3,126
	640,660	Banco Bilbao Vizcaya Argentaria SA (Banks)		3,660
	400,933	Banco de Sabadell SA (Banks)		400
	1,195,772	Banco Santander SA (Banks)		5,551
	1,393,787	CaixaBank SA (Banks)		4,358
	27,313	CIE Automotive SA (Auto Components)		735
	98,542	Corporacion Mapfre (Insurance)		272
	48,572	Enagas (Oil, Gas & Consumable Fuels)		1,414
	35,568	Endesa (Electric Utilities)		908
	640,103	Iberdrola SA (Electric Utilities)		5,619
	67,488	Industria de Diseno Textil SA (Specialty Retail)		1,984
	46,551	Red Electrica Corp. (Electric Utilities)		992
	280,119	Repsol YPF SA (Oil, Gas & Consumable Fuels)		4,792
	476,571	Telefonica SA (Diversified Telecommunication Services)		3,992
				37,803
		Sweden — 1.63%
	67,912	Atlas Copco AB, A Shares (Machinery)		1,827
	107,978	Boliden AB (Metals & Mining)		3,078
	95,372	Electrolux AB, B Shares (Household Durables)		2,456
	19,360	Granges AB (Metals & Mining)		200
	350,105	Hennes & Mauritz AB, B Shares (Specialty Retail)^		5,842
	24,004	Kinnevik AB (Diversified Financial Services)		623
	27,128	Micronic Mydata AB (Electronic Equipment, Instruments & Components)		387
	23,411	Sandvik AB (Machinery)		381

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Sweden (continued)
	242,632	Skandinaviska Enskilda Banken AB, Class – A (Banks)	$	2,102
	134,838	Skanska AB, B Shares (Construction & Engineering) ^		2,453
	166,491	SKF AB, B Shares (Machinery) ^		2,771
	226,043	Svenska Handelsbanken AB, A Shares (Banks)		2,387
	133,277	Swedbank AB, A Shares (Banks) ^		1,884
	70,071	Swedish Match AB (Tobacco)		3,576
	99,446	Tele2 AB, B Shares (Wireless Telecommunication Services)		1,327
	563,625	TeliaSonera AB (Diversified Telecommunication Services)		2,541
	129,092	Volvo AB, B Shares (Machinery)		2,003
				35,838
		Switzerland — 8.37%
	1,268,686	ABB Ltd., Registered Shares (Electrical Equipment)		23,850
	49,930	Adecco SA, Registered Shares (Professional Services)		2,667
	1,796,626	Aryzta AG (Food Products) (a)		2,464
	5,748	Baloise Holding AG, Registered Shares (Insurance)		950
	47,414	Compagnie Financiere Richemont SA, Registered Shares (Textiles, Apparel & Luxury Goods)		3,460
	10,086	Dufry AG (Specialty Retail)		1,061
	2,578	EMS-Chemie Holding AG, Registered Shares (Chemicals)		1,400
	47,230	Ferguson PLC (Trading Companies & Distributors)		3,008
	782	Georg Fischer AG (Machinery)		713
	1,115	Givaudan SA (Chemicals)		2,854
	39,900	Idorsia Ltd. (Biotechnology) (a)(b)		704
	16,641	Julius Baer Group Ltd. (Capital Markets)		673
	17,166	Kuehne & Nagel International Ltd. (Marine)		2,356
	154,293	LafargeHolcim Ltd., Registered Shares (Construction Materials)		7,631
	11,124	Lonza Group AG (Life Sciences Tools & Services)		3,454
	135,333	Nestle SA (Food Products)		12,907
	469,119	Novartis AG, Registered Shares (Pharmaceuticals)		45,104
	2,768	Pargesa Holding SA (Diversified Financial Services)		217
	2,489	Partners Group Holding AG (Capital Markets)		1,811
	155,376	Roche Holding AG (Pharmaceuticals)		42,825
	1,694	SGS SA, Registered Shares (Professional Services)		4,220
	9,013	Sonova Holding AG, Registered Shares (Health Care Equipment & Supplies)		1,787
	4,027	Swiss Life Holding AG (Insurance)		1,775
	12,084	Swiss Prime Site AG (Real Estate Management & Development)		1,059
	36,303	Swiss Re AG (Insurance)		3,549
	4,132	Swisscom AG (Diversified Telecommunication Services) ^		2,022
	10,824	The Swatch Group AG (Textiles, Apparel & Luxury Goods)		599
	302,086	UBS Group AG (Capital Markets)		3,667

HC CAPITAL TRUST

The Institutional International Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Switzerland (continued)
	17,902	Zurich Financial Services AG (Insurance)	$	5,928
				184,715
		United Kingdom — 19.15%
	20,268	Admiral Group PLC (Insurance)		573
	52,300	Anglo American PLC (Metals & Mining)		1,399
	42,759	Aon PLC (Insurance)		7,299
	48,442	Ashtead Group PLC (Trading Companies & Distributors)		1,171
	76,008	Associated British Foods PLC (Food Products)		2,416
	136,143	AstraZeneca PLC (Pharmaceuticals)		10,865
	155,903	Auto Trader Group PLC (Interactive Media & Services)		1,060
	22,793	Aveva Group PLC (Software)		958
	1,920,067	Aviva PLC (Insurance)		10,323
	68,128	Babcock International Group PLC (Commercial Services & Supplies)		438
	752,503	BAE Systems PLC (Aerospace & Defense)		4,729
	1,378,420	Balfour Beatty PLC (Construction & Engineering)		4,709
	5,801,616	Barclays PLC (Banks)		11,684
	252,570	Barratt Developments PLC (Household Durables)		1,973
	4,246,735	BP PLC (Oil, Gas & Consumable Fuels)		30,831
	846,326	British American Tobacco PLC (Tobacco)		35,299
	124,514	British Land Co. PLC (Equity Real Estate Investment Trusts)		956
	83,311	Britvic PLC (Beverages)		1,034
	1,006,235	BT Group PLC (Diversified Telecommunication Services)		2,923
	47,136	Burberry Group PLC (Textiles, Apparel & Luxury Goods)		1,201
	82,752	Carnival PLC (Hotels, Restaurants & Leisure)		4,089
	654,841	Centrica PLC (Multi-Utilities)		975
	596,103	Cineworld Group PLC (Entertainment)		2,273
	4,479,300	Cobham PLC (Aerospace & Defense) (a)		6,441
	55,272	ConvaTec Group PLC (Health Care Equipment & Supplies) (b)		102
	128,248	Direct Line Insurance Group PLC (Insurance)		590
	41,743	Dunelm Group PLC (Specialty Retail)		473
	377,893	G4S PLC (Commercial Services & Supplies)		904
	9,127	Games Workshop Group PLC (Leisure Products)		374
	980,504	GlaxoSmithKline PLC (Pharmaceuticals)		20,367
	102,755	Hammerson PLC (Equity Real Estate Investment Trusts)		450
	103,120	Hargreaves Lansdown PLC (Capital Markets)		2,505
	206,584	Howden Joinery Group PLC (Trading Companies & Distributors)		1,307
	1,907,851	HSBC Holdings PLC (Banks)		15,499
	381,684	Imperial Tobacco Group PLC (Tobacco)		13,054
	271,450	International Consolidated Airlines Group SA (Airlines)		1,808
	41,474	Investec PLC (Capital Markets)		239
	906,817	ITV PLC (Media)		1,502
	217,251	J Sainsbury PLC (Food & Staples Retailing)		667
	161,741	John Wood Group PLC (Energy Equipment & Services)		1,069
	97,716	Johnson Matthey PLC (Chemicals)		4,006

Shares		Security Description	Value (000)
		Common Stocks (continued)
		United Kingdom (continued)
	45,126	Kazakhmys PLC (Metals & Mining)	$	384
	493,585	Kingfisher PLC (Specialty Retail)		1,513
	93,214	Land Securities Group PLC (Equity Real Estate Investment Trusts)		1,109
	528,460	Legal & General Group PLC (Insurance)		1,896
	175,890	Linde PLC (Chemicals)		30,966
	16,649,603	Lloyds Banking Group PLC (Banks)		13,487
	63,376	London Stock Exchange Group (Capital Markets)		3,919
	394,884	Marks & Spencer Group PLC (Multiline Retail)		1,433
	287,470	Micro Focus International PLC (Software)		7,473
	11,192	Mondi PLC (Paper & Forest Products)		248
	572,794	National Grid PLC (Multi-Utilities)		6,357
	35,773	Next PLC (Multiline Retail)		2,599
	83,244	Persimmon PLC (Household Durables)		2,353
	714,774	Prudential PLC (Insurance)		14,326
	160,905	RELX PLC (Professional Services)		3,443
	433,715	Rentokil Initial PLC (Commercial Services & Supplies)		1,998
	352,648	Rio Tinto PLC (Metals & Mining)		20,493
	846,308	Rolls-Royce Holdings PLC (Aerospace & Defense)		9,965
	1,070,652	Royal Bank of Scotland Group PLC (Banks)		3,447
	614,981	Royal Dutch Shell PLC, A Shares (Oil, Gas & Consumable Fuels)		19,323
	792,188	Royal Dutch Shell PLC, B Shares (Oil, Gas & Consumable Fuels)		25,032
	231,918	Royal Mail PLC (Air Freight & Logistics)		721
	29,438	Severn Trent PLC (Water Utilities)		758
	799,801	SSE PLC (Electric Utilities)		12,372
	139,428	SSP Group PLC (Hotels, Restaurants & Leisure)		1,258
	30,928	St. James Place PLC (Capital Markets)		414
	159,964	Standard Life Aberdeen PLC (Diversified Financial Services)		550
	261,640	Tate & Lyle PLC (Food Products)		2,475
	856,457	Taylor Wimpey PLC (Household Durables)		1,959
	85,432	United Utilities Group PLC (Water Utilities)		907
	7,853,903	Vodafone Group PLC (Wireless Telecommunication Services)		14,309
	14,224	WH Smith PLC (Specialty Retail)		393
	23,200	Willis Towers Watson PLC (Insurance)		4,075
				422,490
		United States — 0.50%
	2,076	Alphabet, Inc., Class – A (Interactive Media & Services) (a)		2,443
	2,089	Alphabet, Inc., Class – C (Interactive Media & Services) (a)		2,451
	2,070	Amazon.com, Inc. (Internet & Direct Marketing Retail) (a)		3,686
	32,240	Intercontinental Exchange Group, Inc. (Capital Markets)		2,455
				11,035
		Total Common Stocks		1,971,082
		Preferred Stocks — 1.13%
		Brazil — 0.24%
	751,480	Petroleo Brasileiro SA — Preferred (Oil, Gas & Consumable Fuels)		5,342

HC CAPITAL TRUST

The Institutional International Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Preferred Stocks (continued)
		Germany — 0.89%
	7,957	Bayerische Motoren Werke Aktiengesellschaft — Preferred (Automobiles)	$	524
	22,159	Porsche Automobil Holding SE — Preferred (Automobiles)		1,390
	112,740	Volkswagen AG — Preferred (Automobiles)		17,772
				19,686
		Total Preferred Stocks		25,028
		Investment Companies — 7.80%
	150,415	Aberdeen Japan Investment Trust PLC		1,030
	95,437	Aberforth Smaller Companies Trust PLC		1,558
	1,437,497	Baillie Gifford UK Growth Fund PLC		3,315
	219,906	Biotech Growth Trust PLC (The)		2,108
	130,532	BlackRock Enhanced Global Dividend Trust		1,397
	229,052	BlackRock International Growth Fund		1,274
	432,568	BlackRock World Mining Trust PLC		2,070
	633,938	Dreyfus Treasury Securities Cash Management, Institutional Shares, 2.27% (c)		634
	594,430	Dunedin Income Growth Investment Trust PLC		1,998
	363,425	Edinburgh Dragon Trust PLC		1,817
	385,010	Edinburgh Investment Trust PLC		3,232
	1,412,124	European Assets Trust PLC		1,830
	423,291	European Investment Trust PLC		4,391
	6,458,810	Federated Treasury Obligations Fund, Institutional Shares, 2.29% ^^(c)		6,459
	1,871,855	Fidelity European Values PLC		5,420
	47,931	First Trust Dynamic Europe Equity Income Fund		687
	213,000	Henderson European Focus Trust PLC		3,133
	131,745	Henderson EuroTrust PLC		1,829
	523,391	Japan Smaller Capitalization Fund, Inc.		4,590
	549,232	JPMorgan European Investment Trust PLC - Growth		1,897
	763,689	JPMorgan European Smaller Companies Trust PLC		3,471
	639,097	JPMorgan Japan Smaller Companies Investment Trust, Ordinary Shares		3,143
	1,007,201	JPMorgan Japanese Investment Trust PLC		5,231
	359,487	Martin Currie Asia Unconstrained Trust PLC		1,792
	418,132	Mercantile Investment Trust PLC		1,098
	58,745	Mexico Fund, Inc. (The)		813
	85,339	Morgan Stanley China Fund, Inc.		1,992
	522,090	Neuberger Berman MLP Income Fund, Inc.		4,156
	160,196	New Germany Fund, Inc. (The)		2,238
	779,273	Oakley Capital Investments Ltd.		2,014
	849,096	Perpetual Income & Growth Investment Trust		3,582
	73,433	Pershing Square Holdings Fund Ltd.		1,266
	953,658	PM Capital Global Opportunities Fund Ltd.		770
	872,330	Polar Capital Global Financials Trust PLC		1,435
	131,314	River & Mercantile UK Micro Cap Investment Co. Ltd.		282
	115,132	Riverstone Energy Ltd.		1,408
	866,629	Schroder Japan Growth Fund PLC		2,055

Shares		Security Description	Value (000)
		Investment Companies (continued)
	1,090,237	State Street Institutional U.S. Government Money Market Fund, Administrative Class, 2.13% (c)	$	1,090
	74,374,628	State Street Institutional Treasury Plus Money Market Fund, Premier Class, 2.30% (c)		74,375
	16,018	State Street Institutional Treasury Plus Money Market Fund, Trust Class, 2.30% (c)		16
	68,042	Tekla Healthcare Investors Fund		1,398
	92,284	Templeton Emerging Markets Investment Trust PLC		921
	203,642	TR European Growth Trust PLC		2,213
	270,000	Vietnam Enterprise Investments Ltd.		1,510
	99,290	Voya Infrastructure Industrials and Materials Fund		1,251
	1,671,382	Woodford Patient Capital Trust PLC		1,726
		Total Investment Companies		171,915
Principal Amount (000)
		Repurchase Agreement — 1.05%
$	23,078	Jefferies LLC, 2.60%, 4/1/19 (Purchased on 3/29/19, proceeds at maturity $23,082,570 collateralized by U.S. Treasury Obligations, 2.40% - 2.97%, 8/15/19 - 2/15/47 fair value $23,539,121) ^^		23,078
		Total Repurchase Agreement		23,078
		Total Investments (cost $2,092,168) — 99.36%		2,191,103
		Other assets in excess of liabilities — 0.64%		14,019
		Net Assets — 100.00%	$	2,205,122

Amounts designated as “—” are $0 or have been rounded to $0.

^ All or part of this security was on loan as of March 31, 2019. The total value of securities on loan as of March 31, 2019, was $31,926 (amount in thousands).

^^ Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for securities that were sold on or before March 31, 2019.

(a) Represents non-income producing security.

(b) Represents a security purchased under Rule 144A or Section 4(2) and is exempt from registration under the Securities Act of 1933, as amended, or is otherwise restricted to resale. Certain of these securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. These securities have been deemed liquid by the Specialist Manager.

(c) The rate disclosed is the rate in effect on March 31, 2019.

ADR — American Depositary Receipt

FDR — Fiduciary Depositary Receipt

REIT — Real Estate Investment Trust

HC CAPITAL TRUST

The Institutional International Equity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

The following table reflects the percentage of total net assets of the Portfolio attributable to each Specialist Manager as of March 31, 2019.

The Institutional International Equity Portfolio	Artisan Partners LP			Cadence Capital Management, LLC			Causeway Capital Management LLC			City of London Investment Management Company, Ltd.			Lazard Asset Management LLC			Parametric Portfolio Associates, LLC			HC Capital Solutions			Total
Common Stocks		9.72	%		48.34	%		19.24	%		—			12.08	%		—			—			89.38	%
Preferred Stocks		0.24	%		0.08	%		0.81	%		—			—			—			—			1.13	%
Investment Companies		0.03	%		0.26	%		—			4.10	%		0.08	%		3.33	%		0.00	%		7.80	%
Repurchase Agreement		0.12	%		0.84	%		—			—			0.09	%		—			—			1.05	%
Other Assets (Liabilities)		0.09	%		-0.29	%		0.66	%		0.01	%		-0.03	%		0.20	%		0.00	%		0.64	%
Total Net Assets		10.20	%		49.23	%		20.71	%		4.11	%		12.22	%		3.53	%		0.00	%		100.00	%

Amounts designated as “—” indicate the Specialist Manager did not manage any holdings in that category.

The following table reflects the open derivative positions held by the Portfolio as of March 31, 2019.

Futures Contracts Purchased^

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value and Unrealized Appreciation/ (Depreciation) (000)
MSCI EAFE Index Future		812		6/21/19	$	75,776	$	1,778
					$	75,776	$	1,778
				Total Unrealized Appreciation			$	1,778
				Total Unrealized Depreciation				—
				Total Net Unrealized Appreciation/(Depreciation)			$	1,778

^ Cash has been pledged as collateral for futures contracts held by the Portfolio.

Amounts designated as “—” are $0 or have been rounded to $0.

HC CAPITAL TRUST

The Emerging Markets Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks — 95.62%
		Argentina — 0.17%
	105,800	Grupo Financiero Galicia SA, ADR (Banks)	$	2,700
		Bermuda — 0.41%
	10,633,733	Beijing Enterprises Water Group Ltd. (Water Utilities)		6,578
		Brazil — 6.05%
	1,571,900	Ambev SA (Beverages)		6,758
	95,600	B2W CIA Digital (Internet & Direct Marketing Retail) (a)		1,025
	71,200	B3 SA (Capital Markets)		580
	709,100	Banco Bradesco SA (Banks)		6,774
	1,006,000	Banco do Brasil SA (Banks)		12,458
	1,061,150	BB Seguridade Participacoes SA (Insurance)		7,129
	1,020,600	BRF SA (Food Products) (a)		5,872
	69,300	Centrais Electricas Brasileiras SA (Electric Utilities) (a)		646
	79,400	Cielo SA (IT Services)		192
	550,700	Companhia Siderurgica Nacional SA (CSN) (Metals & Mining)		2,279
	137,400	Embraer SA (Aerospace & Defense)		651
	686,500	Itau Unibanco Holding SA (Banks)		5,999
	57,600	JBS SA (Food Products)		237
	1,001,000	Klabin SA (Containers & Packaging)		4,342
	53,300	Localiza Rent A Car SA (Road & Rail)		445
	173,400	Lojas Renner SA (Multiline Retail)		1,929
	38,000	Magazine Luiza SA (Multiline Retail)		1,667
	747,500	Natura Cosmeticos SA (Personal Products)		8,587
	830,600	Petroleo Brasileiro SA (Oil, Gas & Consumable Fuels)		6,579
	354,300	Raia Drogasil SA (Food & Staples Retailing)		5,885
	581,900	Rumo SA (Road & Rail) (a)		2,827
	96,500	Suzano Papel e Celulose SA (Paper & Forest Products)		1,141
	940,100	Tim Participacoes SA (Wireless Telecommunication Services)		2,853
	688,700	Vale SA (Metals & Mining)		8,996
	196,900	WEG SA (Machinery)		905
				96,756
		Cayman Islands — 0.50%
	40,500	Ctrip.com International, ADR (Internet & Direct Marketing Retail) (a)		1,769
	2,073,000	Geely Automobile Holdings Ltd. (Automobiles)		3,979
	144,000	Greentown China Holdings Ltd. (Real Estate Management & Development)		144
	62,000	Kingsoft Corp. Ltd. (Software)		158
	22,000	New Oriental Education & Technology Group, Inc., ADR (Diversified Consumer Services) (a)		1,982
				8,032
		Chile — 1.37%
	965,663	Antofagasta PLC (Metals & Mining)		12,147
	16,449	Banco de Credito e Inversiones SA (Banks)		1,052
	1,022,816	Empresas CMPC SA (Paper & Forest Products)		3,610
	9,436,244	Enersis Chile SA (Electric Utilities)		989
	13,750,484	Enersis SA (Electric Utilities)		2,447
	77,887	LATAM Airlines Group SA (Airlines)		829
	104,319	S.A.C.I. Falabella (Multiline Retail)		776
				21,850

Shares		Security Description	Value (000)
		Common Stocks (continued)
		China — 24.97%
	263,765	360 Security Technology, Inc. (Software)	$	1,014
	24,100	58.com, Inc., ADR (Interactive Media & Services) (a)		1,583
	12,829,000	Agricultural Bank of China Ltd., H Shares (Banks)		5,931
	118,000	Air China Ltd. (Airlines)		145
	342,670	Alibaba Group Holding Ltd., ADR (Internet & Direct Marketing Retail) (a)		62,521
	314,000	Aluminum Corporation of China Ltd., H Shares (Metals & Mining) (a)		116
	8,900	Autohome, Inc., ADR (Interactive Media & Services) (a)		936
	97,600	Avic Shenyang Aircraft Co. Ltd. (Aerospace & Defense) (a)		475
	186,000	BAIC Motor Corp. Ltd. (Automobiles) (b)		122
	79,478	Baidu, Inc., ADR (Interactive Media & Services) (a)		13,102
	18,657,100	Bank of China Ltd., H Shares (Banks)		8,479
	5,579,000	Bank of Communications Co. Ltd., H Shares (Banks)		4,577
	3,400	Baozun, Inc., ADR (Internet & Direct Marketing Retail) ^(a)		141
	152,400	Beijing Shiji Information Technology Co. Ltd. (Software)		738
	122,000	Brilliance China Automotive Holdings Ltd. (Automobiles)		121
	109,053	BYD Co. Ltd. (Automobiles)		867
	194,500	BYD Electronic International Co. Ltd. (Communications Equipment) ^		252
	4,230,000	China Communications Services Corp. Ltd., H Shares (Diversified Telecommunication Services)		3,780
	1,259,000	China Conch Venture Holdings Ltd. (Machinery)		4,508
	24,794,350	China Construction Bank Corp., H Shares (Banks)		21,284
	1,641,000	China Everbright Bank Co. Ltd., H Shares (Banks)		777
	1,142,337	China Evergrande Group (Real Estate Management & Development) ^		3,805
	4,348,000	China Life Insurance Co. Ltd., H Shares (Insurance)		11,723
	22,400	China Literature Ltd. (Media) ^(a)		105
	27,000	China Merchants Bank Co. Ltd. (Banks)		136
	1,427,000	China Merchants Bank Co. Ltd., H Shares (Banks)		6,952
	1,434,000	China Merchants Holdings (International) Co. Ltd. (Transportation Infrastructure)		3,058
	146,324	China Mobile Ltd., ADR (Wireless Telecommunication Services)		7,461
	1,542,500	China Mobile Ltd. (Wireless Telecommunication Services)		15,741
	197,450	China Northern Rare Earth Group High-Tech Co. Ltd. (Metals & Mining)		327
	805,400	China Petroleum & Chemical Corp., H Shares (Oil, Gas & Consumable Fuels)		639
	1,254,000	China Resources Cement Holdings Ltd. (Construction Materials)		1,299
	998,000	China Resources Land Ltd. (Real Estate Management & Development)		4,485

HC CAPITAL TRUST

The Emerging Markets Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		China (continued)
	1,818,143	China Resources Power Holdings Co. Ltd. (Independent Power and Renewable Electricity Producers)	$	2,735
	1,315,500	China Shenhua Energy Co. Ltd., H Shares (Oil, Gas & Consumable Fuels)		3,002
	162,000	China Southern Airlines Co. Ltd., H Shares (Airlines)		145
	823,000	China Vanke Co. Ltd., H Shares (Real Estate Management & Development)		3,464
	1,444,000	Chongqing Rural Commercial Bank Co. Ltd., H Shares (Banks)		836
	192,000	Cifi Holdings Group Co. Ltd. (Real Estate Management & Development)		146
	3,170,000	CNOOC Ltd. (Oil, Gas & Consumable Fuels)		5,905
	177,000	Cosco Shipping Holdings Co. Ltd. (Marine) (a)		139
	3,599,000	Country Garden Holdings Co. Ltd. (Real Estate Management & Development)		5,636
	413,678	Country Garden Services Holdings Co. Ltd., Series S (Commercial Services & Supplies)		772
	812,500	ENN Energy Holdings Ltd. (Gas Utilities)		7,864
	133,400	Focus Media Information Technology Co. Ltd. (Technology Hardware, Storage & Peripherals)		124
	18,200	Foshan Haitian Flavouring & Food Co. Ltd. (Food Products)		234
	142,000	Future Land Development Holdings Ltd. (Real Estate Management & Development)		176
	2,301,200	Fuyao Glass Industry Group Co. Ltd. (Auto Components)		7,739
	18,700	GDS Holdings Ltd., ADR (IT Services) (a)		667
	78,000	Genscript Biotech Corp. (Life Sciences Tools & Services) ^(a)		148
	164,500	Great Wall Motor Co. Ltd., H Shares (Automobiles) ^		124
	19,100	Gree Electric Appliances, Inc. of Zhuhai (Household Durables)		134
	1,870,000	Guangzhou Automobile Group Co. Ltd., H Shares (Automobiles)		2,213
	100,900	Iflytek Co. Ltd. (Software)		544
	23,499,440	Industrial & Commercial Bank of China Ltd., H Shares (Banks)		17,258
	11,100	iQiyi, Inc., ADR (Entertainment) ^(a)		266
	140,900	JD.com, Inc., ADR (Internet & Direct Marketing Retail) (a)		4,248
	1,516,000	Jiangsu Expressway Co. Ltd., H Shares (Transportation Infrastructure)		2,145
	230,703	Jiangsu Hengrui Medicine Co. Ltd. (Pharmaceuticals)		2,241
	376,000	Kaisa Group Holdings Ltd. (Real Estate Management & Development)		171
	572,000	Kingdee International Software Group Co. Ltd. (Software)		664
	203,210	Luxshare Precision Industry Co. Ltd. (Electrical Equipment)		746
	181,800	Meinian Onehealth Healthcare Holdings Co. Ltd. (Health Care Providers & Services)		503
	352,500	Meitu, Inc. (Technology Hardware, Storage & Peripherals) ^(a)(b)		166

Shares		Security Description	Value (000)
		Common Stocks (continued)
		China (continued)
	29,200	Meituan Dianping (Internet & Direct Marketing Retail) ^(a)	$	197
	578,421	Midea Group Co. Ltd., Class - A (Household Durables)		4,193
	34,300	Momo, Inc., ADR (Interactive Media & Services) (a)		1,312
	8,139	NetEase, Inc., ADR (Entertainment)		1,964
	5,300	Noah Holdings Ltd., ADR (Capital Markets) (a)		257
	77,290	O-FILM Tech Co. Ltd. (Electronic Equipment, Instruments & Components)		163
	42,100	Perfect World Co. Ltd. (Entertainment)		199
	18,140,000	PetroChina, H Shares (Oil, Gas & Consumable Fuels)		11,876
	8,621	Pinduoduo, Inc., ADR (Internet & Direct Marketing Retail) (a)		214
	1,890,500	Ping An Insurance (Group) Company of China Ltd. (Insurance)		21,284
	125,800	Rongsheng Petro Chemical Co. Ltd. (Chemicals)		236
	5,358,000	Semiconductor Manufacturing International Corp. (Semiconductors & Semiconductor Equipment) ^(a)		5,430
	981,000	Shanghai Industrial Holdings Ltd. (Industrial Conglomerates)		2,312
	2,733,100	Shanghai Pharmaceuticals Holding Co. Ltd., H Shares (Health Care Providers & Services)		5,958
	873,000	Shimao Property Holdings Ltd. (Real Estate Management & Development)		2,736
	1,147,500	SOHO China Ltd. (Real Estate Management & Development)		483
	23,800	Spring Airlines Co. Ltd. (Airlines)		144
	110,000	Sunac China Holdings Ltd. (Real Estate Management & Development)		549
	52,900	Sunny Optical Technology Group Co. Ltd. (Electronic Equipment, Instruments & Components)		634
	76,200	TAL Education Group, ADR (Diversified Consumer Services) (a)		2,749
	1,586,150	Tencent Holdings Ltd. (Interactive Media & Services)		72,945
	15,400	Tencent Music Entertainment Group, ADR (Entertainment) ^(a)		279
	126,381	Tianqi Lithium Corp. (Chemicals)		661
	56,563	Vipshop Holdings Ltd., ADR (Internet & Direct Marketing Retail) (a)		454
	8,500	Weibo Corp., ADR (Interactive Media & Services) (a)		527
	145,600	Weifu High Technology Group Co. Ltd. (Auto Components)		311
	26,500	Wuxi Biologics Cayman, Inc. (Life Sciences Tools & Services) (a)(b)		258
	170,000	Xiaomi Corp. (Technology Hardware, Storage & Peripherals) (a)(b)		248
	39,000	Yihai International Holdings (Food Products)		174
	29,800	Yonyou Network Technology Co. Ltd. (Software)		150
	8,800	Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. (Pharmaceuticals)		150

HC CAPITAL TRUST

The Emerging Markets Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		China (continued)
	1,094,000	Zhejiang Expressway Co. Ltd., H Shares (Transportation Infrastructure)	$	1,256
	63,500	Zhongsheng Group Holdings Ltd. (Specialty Retail)		158
	50,300	ZTE Corp. (Communications Equipment) (a)		217
	12,800	Zto Express Cayman, Inc., ADR (Air Freight & Logistics)		234
				399,267
		Colombia — 0.33%
	4,891,836	Ecopetrol SA (Oil, Gas & Consumable Fuels)		5,243
		Czech Republic — 0.05%
	225,688	Moneta Money Bank A/S (Banks) (b)		780
		Egypt — 0.16%
	658,531	Commercial International Bank Egypt SAE (Banks)		2,599
		Greece — 0.45%
	533,498	Hellenic Telecommunication Organization SA (Diversified Telecommunication Services)		7,144
		Hong Kong — 3.32%
	1,873,200	AIA Group Ltd. (Insurance)		18,733
	144,000	China Ding Yi Feng Holdings Ltd. (Capital Markets) ^(a)		424
	6,338,182	China Everbright International Ltd. (Commercial Services & Supplies)		6,456
	2,062,000	China Overseas Land & Investment Ltd. (Real Estate Management & Development)		7,848
	72,000	CSPC Pharmaceutical Group Ltd. (Pharmaceuticals)		134
	4,672,000	Dali Foods Group Co. Ltd. (Food Products)		3,489
	1,172,000	Far East Horizon Ltd. (Diversified Financial Services)		1,242
	2,368,000	Franshion Properties China Ltd. (Real Estate Management & Development)		1,548
	62,400	Guangzhou R&F Properties Co. Ltd., H Shares (Real Estate Management & Development)		135
	679,500	Hengan International Group Co. Ltd. (Personal Products)		5,957
	14,200	Hutchison China Meditech Ltd., ADR (Pharmaceuticals) (a)		434
	117,000	KWG Group Holdings Ltd. (Real Estate Management & Development)		142
	1,579,200	Samsonite International SA (Textiles, Apparel & Luxury Goods)		5,074
	150,000	Sino Biopharmaceutiical Ltd. (Pharmaceuticals)		137
	678,000	Sino-Ocean Land Holdings Ltd. (Real Estate Management & Development)		298
	4,500,000	Yuexiu Property Co. Ltd. (Real Estate Management & Development)		1,085
				53,136
		Hungary — 0.74%
	228,298	MOL Hungarian Oil & Gas PLC (Oil, Gas & Consumable Fuels)		2,620
	107,086	OTP Bank Nyrt PLC (Banks)		4,724

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Hungary (continued)
	239,582	Richter Gedeon Nyrt (Pharmaceuticals)	$	4,529
				11,873
		India — 9.98%
	1,029,354	Adani Ports and Special Economic Zone Ltd. (Transportation Infrastructure)		5,617
	319,100	Ambuja Cements Ltd. (Construction Materials)		1,084
	346,438	Aurobindo Pharma Ltd. (Pharmaceuticals)		3,922
	94,437	Avenue Supermarts Ltd. (Food & Staples Retailing) (a)		2,004
	387,549	Axis Bank Ltd. (Banks) (a)		4,343
	74,400	Bajaj Auto Ltd. (Automobiles)		3,126
	43,704	Bajaj Finance Ltd. (Consumer Finance)		1,907
	8,504	Bajaj Finserv Ltd. (Insurance)		864
	243,767	Bharat Petroleum Corp. Ltd. (Oil, Gas & Consumable Fuels)		1,402
	11,337	Britannia Industries Ltd. (Food Products)		505
	8,842,285	Chennai Super Kings Cricket Ltd. (Entertainment) (a)		—
	1,515,707	Coal India Ltd. (Oil, Gas & Consumable Fuels)		5,189
	217,802	Dr. Reddy’s Laboratories Ltd., ADR (Pharmaceuticals)		8,821
	1,202	Eicher Motors Ltd. (Automobiles)		356
	239,866	GAIL India Ltd. (Gas Utilities)		1,205
	66,845	HCL Technologies Ltd. (IT Services)		1,050
	125,663	Hero MotoCorp Ltd. (Automobiles)		4,631
	850,722	Housing Development Finance Corp. Ltd. (Thrifts & Mortgage Finance)		24,165
	1,842,266	ICICI Bank Ltd. (Banks)		10,644
	199,108	ICICI Bank Ltd., ADR (Banks)		2,282
	495,212	Indiabulls Housing Finance Ltd. (Thrifts & Mortgage Finance)		6,127
	389,156	Infosys Ltd. (IT Services)		4,177
	1,317,147	ITC Ltd. (Tobacco)		5,650
	837,768	NTPC Ltd. (Independent Power and Renewable Electricity Producers)		1,628
	286,281	Oil & Natural Gas Corp. Ltd. (Oil, Gas & Consumable Fuels)		660
	19,352	Pidilite Industries Ltd. (Chemicals)		348
	546,399	Reliance Industries Ltd. (Oil, Gas & Consumable Fuels)		10,754
	136,393	Rural Electrification Corp. Ltd. (Diversified Financial Services)		301
	612,770	Sesa Sterlite Ltd. (Metals & Mining)		1,633
	5,607	Shree Cement Ltd. (Construction Materials)		1,511
	2,256,958	State Bank of India (Banks) (a)		10,440
	664,298	Tata Consultancy Services Ltd. (IT Services)		19,201
	493,600	Tata Power Co. Ltd. (Electric Utilities)		526
	499,758	Tata Steel Ltd. (Metals & Mining)		3,757
	19,873	Titan Co. Ltd. (Textiles, Apparel & Luxury Goods)		328
	41,901	Ultra Tech Cement Ltd. (Construction Materials)		2,420
	222,144	United Spirits Ltd. (Beverages) (a)		1,775
	1,447,333	Wipro Ltd. (IT Services)		5,327
				159,680
		Indonesia — 2.25%
	687,800	Indah Kiat Pulp & Paper TBK (Paper & Forest Products)		416

HC CAPITAL TRUST

The Emerging Markets Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Indonesia (continued)
	518,400	Pabrik Kertas Tjiwi (Paper & Forest Products)	$	402
	1,627,800	PT Astra International Tbk (Automobiles)		836
	2,410,300	PT Bank Central Asia Tbk (Banks)		4,705
	16,210,000	PT Bank Rakyat Indonesia Persero Tbk (Banks)		4,708
	2,244,400	PT Charoen Pokphand Indonesia Tbk (Food Products)		1,010
	436,600	PT Indocement Tunggal Prakarsa Tbk (Construction Materials)		673
	2,506,800	PT Indofood Sukses Makmur Tbk (Food Products)		1,123
	70,576,700	PT Kalbe Farma Tbk (Pharmaceuticals)		7,535
	3,254,500	PT Perusahaan Gas Negara Tbk (Gas Utilities)		539
	913,200	PT Semen Gresik (Persero) Tbk (Construction Materials)		897
	40,986,350	PT Telekomunikasi Indonesia Persero Tbk (Diversified Telecommunication Services)		11,333
	967,300	PT United Tractors Tbk (Oil, Gas & Consumable Fuels)		1,842
				36,019
		Japan — 0.52%
	85,700	SoftBank Group Corp. (Wireless Telecommunication Services)		8,355
		Malaysia — 1.59%
	741,500	AMMB Holdings Berhad (Banks)		830
	2,624,600	Dialog Group Berhad (Energy Equipment & Services)		2,039
	281,400	Hartalega Holdings Berhad (Health Care Equipment & Supplies)		320
	1,213,100	IHH Healthcare Berhad (Health Care Providers & Services)		1,719
	2,304,300	IOI Corp. Berhad (Food Products)		2,520
	1,648,214	Malayan Banking Berhad (Banks)		3,748
	741,400	Maxis Berhad (Wireless Telecommunication Services)		975
	2,366,800	Press Metal Aluminum Holdings (Metals & Mining)		2,622
	704,100	Public Bank Berhad (Banks)		3,999
	1,466,600	Ql Resources BHD (Food Products)		2,475
	1,695,900	Sime Darby Berhad (Industrial Conglomerates)		928
	1,695,900	Sime Darby Plantation Berhad (Food Products)		2,088
	1,695,900	Sime Darby Property Berhad (Real Estate Management & Development)		462
	310,700	Top Glove Corp. BHD (Health Care Equipment & Supplies)		352
	1,566,312	YTL Corp. Berhad (Multi-Utilities)		407
				25,484

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Mexico — 2.54%
	5,161,500	America Movil SAB de CV (Wireless Telecommunication Services)	$	3,689
	3,680,100	CEMEX SAB de CV (Construction Materials) (a)		1,718
	415,300	Coca-Cola FEMSA SAB de CV, Series L (Beverages)		2,745
	1,141,900	Fibra Uno Amdinistracion SA (Equity Real Estate Investment Trusts)		1,574
	91,100	Fomento Economico Mexicano SAB de CV, ADR (Beverages)		8,407
	204,305	Grupo Aeroportuario del Sureste SAB de CV, Class - B (Transportation Infrastructure)		3,302
	363,500	Grupo Bimbo SAB de CV, Series A (Food Products)		758
	802,500	Grupo Financiero Banorte SAB de CV (Banks)		4,361
	1,725,445	Grupo Mexico SAB de CV, Series B (Metals & Mining)		4,725
	255,700	Grupo Televisa SAB de CV (Media)		565
	2,493,600	Kimberly-Clark de Mexico SAB de CV, A Shares (Household Products)		4,222
	1,875,325	Mexichem SAB de CV (Chemicals)		4,484
				40,550
		Nigeria — 0.16%
	25,053,994	Guaranty Trust Bank PLC (Banks)		2,505
		Peru — 0.80%
	166,956	Compania de Minas Buenaventura SA, ADR (Metals & Mining)		2,885
	700	Credicorp Ltd. (Banks)		168
	40,700	Credicorp Ltd. (Banks)		9,766
				12,819
		Philippines — 1.32%
	1,181,140	Aboitiz Equity Ventures, Inc. (Industrial Conglomerates)		1,327
	719,500	Aboitiz Power Corp. (Independent Power and Renewable Electricity Producers)		485
	2,027,900	Alliance Global Group, Inc. (Industrial Conglomerates)		625
	4,014,700	DMCI Holdings, Inc. (Industrial Conglomerates)		918
	4,257,892	Metropolitan Bank & Trust Co. (Banks)		6,486
	31,450	PLDT, Inc. (Wireless Telecommunication Services)		690
	598,075	SM Investments Corp. (Industrial Conglomerates)		10,651
				21,182
		Poland — 0.81%
	15,630	Bank Handlowy w Warszawie SA (Banks)		275
	315,783	Bank Pekao SA (Banks)		9,060

HC CAPITAL TRUST

The Emerging Markets Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Poland (continued)
	4,987	CD Projekt SA (Entertainment) (a)	$	260
	278,900	Powszechny Zaklad Ubezpieczen SA (Insurance)		2,945
	269,900	Telekomunikacja Polska SA (Diversified Telecommunication Services) (a)		361
				12,901
		Qatar — 0.46%
	326,075	Ezdan Real Estate Co. QSC (Real Estate Management & Development) (a)		887
	136,155	Industries Qatar QSC (Industrial Conglomerates)		4,643
	27,712	Qatar National Bank (Banks)		1,374
	42,755	The Commercial Bank of Qatar QSC (Banks)		528
				7,432
		Russia — 2.85%
	280,855	Gazprom OAO, ADR (Oil, Gas & Consumable Fuels)		1,269
	939,810	Gazprom OAO (Oil, Gas & Consumable Fuels)		2,144
	80,745	LUKOIL (Oil, Gas & Consumable Fuels)		7,254
	78,719	LUKOIL PJSC, ADR (Oil, Gas & Consumable Fuels)		7,038
	52,193	LUKOIL PJSC, ADR (Oil, Gas & Consumable Fuels)		4,680
	27,234	Novatek OAO, Registered Shares, GDR (Oil, Gas & Consumable Fuels)		4,669
	2,308,947	Sberbank (Banks)		7,544
	231,938	Sberbank of Russia, ADR (Banks)		3,079
	113,164	Severstal, Registered Shares, GDR (Metals & Mining)		1,765
	55,190	Tatneft, Class - S (Oil, Gas & Consumable Fuels)		636
	3,630,296	The Moscow Exchange (Capital Markets)		5,055
	814,600,000	VTB Bank OJSC (Banks)		443
				45,576
		South Africa — 7.01%
	50,032	Anglo Platinum Ltd. (Metals & Mining)		2,555
	84,699	AngloGold Ashanti Ltd. (Metals & Mining) ^		1,114
	69,391	Bid Corp. Ltd. (Food & Staples Retailing)		1,435
	544,509	Clicks Group Ltd. (Food & Staples Retailing)		6,953
	480,172	Discovery Ltd. (Insurance)		4,567
	137,800	Exxaro Resources Ltd. (Oil, Gas & Consumable Fuels)		1,568
	1,384,848	FirstRand Ltd. (Diversified Financial Services)		6,065
	1,116,666	Growthpoint Properties Ltd. (Equity Real Estate Investment Trusts)		1,891
	238,500	Hyprop Investments Ltd. (Equity Real Estate Investment Trusts)		1,165
	51,643	Liberty Holdings Ltd. (Insurance)		362
	902,400	Life Healthcare Group Holdings Ltd. (Health Care Providers & Services)		1,681
	542,500	MMI Holdings Ltd. (Insurance)		624
	240,292	Mondi Ltd. (Paper & Forest Products)		5,332
	286,830	MTN Group Ltd. (Wireless Telecommunication Services) ^		1,766
	97,944	MultiChoice Group Ltd. (Media) (a)		820
	196,434	Naspers Ltd. (Media)		45,789
	3,370,906	Redefine Properties Ltd. (Equity Real Estate Investment Trusts)		2,267
	255,600	Resilient REIT Ltd. (Equity Real Estate Investment Trusts)		966
	366,637	Sasol Ltd. (Chemicals)		11,435

Shares		Security Description	Value (000)
		Common Stocks (continued)
		South Africa (continued)
	676,328	Standard Bank Group Ltd. (Banks)	$	8,726
	281,514	The Foschini Group Ltd. (Specialty Retail)		3,196
	374,200	Truworths International Ltd. (Specialty Retail)		1,810
				112,087
		South Korea — 11.52%
	21,500	Amorepacific Corp. (Personal Products)		3,579
	8,871	Celltrion Healthcare Co. Ltd. (Health Care Providers & Services) (a)		523
	18,128	Celltrion, Inc. (Biotechnology) ^(a)		2,899
	7,040	Celltrion Pharma, Inc. (Pharmaceuticals) ^(a)		344
	13,344	CJ Cheiljedang Corp. (Food Products)		3,800
	51,400	Coway Co. Ltd. (Household Durables)		4,280
	44,500	Daewoo International Corp. (Trading Companies & Distributors)		698
	87,500	Daewoo Securities Co. Ltd. (Capital Markets)		567
	64,293	DGB Financial Group, Inc. (Banks)		463
	20,870	Dongbu Insurance Co. Ltd. (Insurance)		1,263
	30,945	E-Mart Co. Ltd. (Food & Staples Retailing)		4,695
	14,654	Fila Korea Ltd. (Textiles, Apparel & Luxury Goods)		1,008
	49,700	GS Holdings Corp. (Oil, Gas & Consumable Fuels)		2,315
	46,765	Hana Financial Group, Inc. (Banks)		1,502
	102,928	Hankook Tire Co. Ltd. (Auto Components)		3,396
	589,571	Hanon Systems (Auto Components)		5,906
	11,339	HLB, Inc. (Leisure Products) (a)		802
	128,937	Hynix Semiconductor, Inc. (Semiconductors & Semiconductor Equipment)		8,455
	55,978	Hyundai Engineering & Construction Co. Ltd. (Construction & Engineering)		2,639
	23,571	Hyundai Heavy Industries Co. Ltd. (Machinery) (a)		2,477
	29,641	Hyundai Marine & Fire Insurance Co. Ltd. (Insurance)		991
	35,257	Hyundai Mobis Co. Ltd. (Auto Components)		6,484
	30,947	Hyundai Motor Co. Ltd. (Automobiles)		3,263
	123,200	Industrial Bank of Korea (Banks)		1,526
	109,700	Kangwon Land, Inc. (Hotels, Restaurants & Leisure)		3,095
	135,749	KB Financial Group, Inc. (Banks)		5,023
	115,781	Kia Motors Corp. (Automobiles)		3,609
	87,202	Korea Electric Power Corp. (Electric Utilities)		2,294
	106,000	Korea Life Insurance Co. Ltd. (Insurance)		374
	54,564	KT&G Corp. (Tobacco)		4,976
	6,700	Kumho Petro Chemical Co. Ltd. (Chemicals)		563
	194,900	LG Display Co. Ltd. (Electronic Equipment, Instruments & Components)		3,359
	630	LG Household & Health Care Ltd. (Personal Products)		787
	22,275	Naver Corp. (Interactive Media & Services)		2,438
	13,384	NCsoft Corp. (Entertainment)		5,852
	88,865	Pan Ocean Co. Ltd. (Marine) (a)		323
	6,713	POSCO Chemical Co. Ltd. (Construction Materials)		357
	22,383	POSCO (Metals & Mining)		4,999
	5,213	Samsung Biologics Co. Ltd. (Life Sciences Tools & Services) ^(a)		1,472
	16,220	Samsung Card Co. Ltd. (Consumer Finance)		492
	10,104	Samsung Electro-Mechanics Co. Ltd. (Electronic Equipment, Instruments & Components)		935
	974,167	Samsung Electronics Co. Ltd. (Technology Hardware, Storage & Peripherals)		38,426

HC CAPITAL TRUST

The Emerging Markets Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		South Korea (continued)
	54,624	Samsung Engineering Co. Ltd. (Construction & Engineering) (a)	$	777
	39,736	Samsung Fire & Marine Insurance Co. Ltd. (Insurance)		10,538
	4,798	Samsung SDI Co. Ltd. (Electronic Equipment, Instruments & Components)		909
	431,944	Shinhan Financial Group Co. Ltd. (Banks)		16,039
	10,645	Sillajen, Inc. (Biotechnology) ^(a)		605
	26,423	SK Innovation Co. Ltd. (Oil, Gas & Consumable Fuels)		4,180
	4,528	SK Telecom Co. Ltd. (Wireless Telecommunication Services)		1,003
	115,594	SK Telecom Co. Ltd., ADR (Wireless Telecommunication Services)		2,831
	2,268	Viromed Co. Ltd. (Biotechnology) (a)		561
	284,654	Woori Financial Group, Inc. (Banks) (a)		3,449
				184,141
		Taiwan — 10.59%
	74,000	Airtac International Group (Machinery)		962
	3,384,672	ASE Technology Holding Co. Ltd., Class - H (Semiconductors & Semiconductor Equipment)		7,425
	787,971	Asia Cement Corp. (Construction Materials)		1,027
	338,000	Asustek Computer, Inc. (Technology Hardware, Storage & Peripherals)		2,449
	30,000	Catcher Technology Co. Ltd. (Technology Hardware, Storage & Peripherals)		232
	1,187,000	Cheng Shin Rubber Industry Co. Ltd. (Auto Components)		1,618
	383,049	Chicony Electronics Co. Ltd. (Technology Hardware, Storage & Peripherals)		893
	5,034,000	China Development Financial Holding Corp. (Banks)		1,685
	1,219,000	Chunghwa Telecom Co. Ltd. (Diversified Telecommunication Services)		4,335
	2,939,000	Compal Electronics, Inc. (Technology Hardware, Storage & Peripherals)		1,829
	6,059,803	E.Sun Financial Holding Co. Ltd. (Banks)		4,676
	42,000	ECLAT Textile Co. Ltd. (Textiles, Apparel & Luxury Goods)		566
	589,000	Far EasTone Telecommunications Co. Ltd. (Wireless Telecommunication Services)		1,421
	539,000	Formosa Taffeta Co. Ltd. (Textiles, Apparel & Luxury Goods)		644
	5,793,996	Fubon Financial Holding Co. Ltd. (Diversified Financial Services)		8,662
	651,000	Giant Manufacturing Co. Ltd. (Leisure Products)		4,656
	140,000	Globalwafers Co. Ltd. (Semiconductors & Semiconductor Equipment)		1,383
	279,700	Highwealth Construction Corp. (Real Estate Management & Development)		462
	178,000	Hiwin Technologies Corp. (Machinery)		1,508
	1,201,000	Hon Hai Precision Industry Co. Ltd. (Electronic Equipment, Instruments & Components)		2,870
	1,717,000	Inventec Corp. (Technology Hardware, Storage & Peripherals)		1,308
	27,000	Largan Precision Co. Ltd. (Electronic Equipment, Instruments & Components)		4,049
	1,488,554	Lite-On Technology Corp. (Technology Hardware, Storage & Peripherals)		2,170

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Taiwan (continued)
	661,962	MediaTek, Inc. (Semiconductors & Semiconductor Equipment)	$	6,087
	3,561,477	Mega Financial Holding Co. Ltd. (Banks)		3,245
	58,000	Nanya Technology Corp. (Semiconductors & Semiconductor Equipment)		116
	423,000	Novatek Microelectronics Corp. (Semiconductors & Semiconductor Equipment)		2,724
	1,157,000	Pegatron Corp. (Technology Hardware, Storage & Peripherals)		2,006
	99,620	Pou Chen Corp. (Textiles, Apparel & Luxury Goods)		122
	490,000	Powertech Technology, Inc. (Semiconductors & Semiconductor Equipment)		1,160
	3,259,000	President Enterprises Corp. (Food Products)		7,920
	2,940,000	Quanta Computer, Inc. (Technology Hardware, Storage & Peripherals)		5,523
	309,000	Realtek Semiconductor Corp. (Semiconductors & Semiconductor Equipment)		1,831
	179,280	Ruentex Development Co. Ltd. (Real Estate Management & Development)		271
	225,000	Ruentex Industries Ltd. (Textiles, Apparel & Luxury Goods)		592
	163,000	Shanghai Commercial & Savings Bank Ltd. (The) (Banks)		258
	2,533,200	Standard Foods Corp. (Food Products)		4,261
	940,900	Synnex Technology International Corp. (Electronic Equipment, Instruments & Components)		1,132
	211,000	Taimed Biologics, Inc. (Biotechnology) (a)		1,152
	1,317,800	Taiwan Cement Corp. (Construction Materials)		1,767
	615,000	Taiwan Mobile Co. Ltd. (Wireless Telecommunication Services)		2,225
	7,322,000	Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment)		58,648
	2,163,000	Tatung Co. Ltd. (Household Durables) (a)		1,710
	569,000	Vanguard International Semiconductor Corp. (Semiconductors & Semiconductor Equipment)		1,231
	59,000	Walsin Technology Corp. (Electronic Equipment, Instruments & Components)		385
	42,000	Win Semiconductors Corp. (Semiconductors & Semiconductor Equipment)		298
	238,000	Winbond Electronics Corp. (Semiconductors & Semiconductor Equipment)		114
	1,877,155	Wistron Corp. (Technology Hardware, Storage & Peripherals)		1,448
	915,400	WPG Holdings Ltd. (Electronic Equipment, Instruments & Components)		1,196
	29,000	Yageo Corp. (Electronic Equipment, Instruments & Components)		306
	8,543,000	Yuanta Financial Holding Co. Ltd. (Capital Markets)		4,873
				169,431
		Thailand — 2.65%
	275,000	Advanced Info Service Public Co. Ltd. (Wireless Telecommunication Services)		1,597

HC CAPITAL TRUST

The Emerging Markets Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Thailand (continued)
	379,300	Airports of Thailand PCL (Transportation Infrastructure)	$	814
	12,200	Bangkok Bank Public Co. Ltd. – Foreign Registered Shares (Banks)		80
	216,400	Bangkok Bank Public Co. Ltd. – NVDR (Banks)		1,413
	946,200	Banpu Public Co. Ltd., Registered Shares (Oil, Gas & Consumable Fuels)		484
	691,100	Berli Jucker PCL (Food & Staples Retailing)		1,080
	3,111,600	BTS Group Holdings PCL (Road & Rail)		1,079
	2,982,700	Delta Electronics (Thailand) Public Co. Ltd. (Electronic Equipment, Instruments & Components)		6,676
	1,397,000	Delta Electronics Public Co. Ltd. – NVDR (Electronic Equipment, Instruments & Components)		7,219
	688,700	Energy Absolute PCL (Oil, Gas & Consumable Fuels)		1,043
	136,600	Glow Energy Public Co. Ltd. (Independent Power and Renewable Electricity Producers)		392
	415,000	Gulf Energy Development PCL (Independent Power and Renewabl)		1,251
	862,300	Kasikornbank Public Co. Ltd. (Banks)		5,102
	11,392,200	Krung Thai Bank Public Co. Ltd., Registered Shares (Banks)		6,899
	1,177,700	Muangthai Capital PCL (Consumer Finance)		1,637
	429,142	PTT Chemical Public Co. Ltd. (Chemicals)		912
	634,175	PTT Exploration & Production Public Co. Ltd. (Oil, Gas & Consumable Fuels)		2,508
	108,400	Robinson PCL (Multiline Retail)		201
	411,000	Siam Commercial Bank Public Co. Ltd. – NVDR (Banks)		1,710
	98,100	Thai Oil Public Co. Ltd. (Oil, Gas & Consumable Fuels)		215
				42,312
		Turkey — 0.67%
	230,178	Aselsan Elektronik Sanayi VE Ticaret A/S (Aerospace & Defense)		883
	19,621	Bim Birlesik Magazalar A/S (Food & Staples Retailing)		269
	5,336,382	Enka Insaat ve Sanayi A/S (Industrial Conglomerates)		4,410
	693,800	Eregli Demir ve Celik Fabrikalari TAS (Metals & Mining)		1,140
	1	Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S, Class - D (Metals & Mining) (a)		—
	162,200	TAV Havalimanlari Holding A/S (Transportation Infrastructure)		682
	40,398	Turk Hava Yollari Anonim Ortakligi A/S (Airlines) (a)		94
	1,484,565	Turkcell Iletisim Hizmetleri A/S (Wireless Telecommunication Services)		3,229
				10,707
		United Arab Emirates — 0.46%
	528,300	Abu Dhabi Commercial Bank PJSC (Banks)		1,365
	192,800	DP World Ltd. (Transportation Infrastructure)		3,085
	488,800	Dubai Islamic Bank PJSC (Banks)		653

Shares		Security Description	Value (000)
		Common Stocks (continued)
		United Arab Emirates (continued)
	542,072	National Bank of Abu Dhabi (Banks)	$	2,255
				7,358
		United Kingdom — 0.85%
	237,249	Unilever PLC (Personal Products)		13,654
		United States — 0.07%
	6,800	Southern Copper Corp. (Metals & Mining)		270
	17,200	Yum China Holdings, Inc. (Hotels, Restaurants & Leisure)		772
				1,042
		Total Common Stocks		1,529,193
		Preferred Stocks — 1.37%
		Brazil — 0.81%
	403,500	Banco Bradesco SA – Preferred (Banks)		4,410
	670,512	Companhia Energetica de Minas Gerais SA – Preferred, ADR (Electric Utilities)		2,364
	600,700	Lojas Americanas SA – Preferred (Multiline Retail)		2,555
	267,400	Petroleo Brasileiro SA – Preferred (Oil, Gas & Consumable Fuels)		1,901
	118,035	Petroleo Brasileiro SA – Preferred, ADR (Oil, Gas & Consumable Fuels)		1,688
				12,918
		Chile — 0.01%
	5,610	Sociedad Quimica y Minera de Chile SA – Preferred, B Shares (Chemicals)		216
		Colombia — 0.04%
	1,637,100	Grupo Aval Acciones y Valores SA – Preferred (Banks)		635
		South Korea — 0.51%
	5,056	Hyundai Motor Co. Ltd. – Preferred (Automobiles)		309
	7,683	Hyundai Motor Co. Ltd. 2nd – Preferred (Automobiles)		517
	230,850	Samsung Electronics Co. Ltd. – Preferred (Technology Hardware, Storage & Peripherals)		7,392
				8,218
		Total Preferred Stocks		21,987
Principal Amount (000)
		U.S. Treasury Obligation — 0.11%
$	1,835	U.S. Treasury Bill, 2.34%, 6/6/19 (c)(d)		1,827
		Total U.S. Treasury Obligation		1,827
Shares
		Investment Companies — 2.59%
	1,174,742	Federated Treasury Obligations Fund, Institutional Shares, 2.29% ^^(e)		1,175
	40,292,989	State Street Institutional Treasury Plus Money Market Fund, Premier Class, 2.30% (e)		40,293

HC CAPITAL TRUST

The Emerging Markets Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Principal Amount (000)		Security Description	Value (000)
		Investment Companies (continued)
		Total Investment Companies	$	41,468
		Repurchase Agreement — 0.26%
$	4,197	Jefferies LLC, 2.60%, 4/1/19 (Purchased on 3/29/19, proceeds at maturity $4,198,305 collateralized by U.S. Treasury Obligations, 2.40% – 2.97%, 8/15/19 – 2/15/47 fair value $4,281,343)^^		4,197
		Total Repurchase Agreement		4,197
		Total Investments (cost $1,489,211) — 99.95%		1,598,672
		Other assets in excess of liabilities — 0.05%		808
		Net Assets — 100.00%	$	1,599,480

Amounts designated as “—” are $0 or have been rounded to $0.

^ All or part of this security was on loan as of March 31, 2019. The total value of securities on loan as of March 31, 2019, was $13,282 (amount in thousands).

^^ Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for securities that were sold on or before March 31, 2019.

(a) Represents non-income producing security.

(b) Represents a security purchased under Rule 144A or Section 4(2) and is exempt from registration under the Securities Act of 1933, as amended, or is otherwise restricted to resale. Certain of these securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. These securities have been deemed liquid by the Specialist Manager.

(c) Rate disclosed represents effective yield at purchase.

(d) All or part of this security has been pledged as collateral for derivative instruments held by the Portfolio.

(e) The rate disclosed is the rate in effect on March 31, 2019.

ADR — American Depositary Receipt

GDR — Global Depositary Receipt

NVDR — Non-Voting Depository Receipt

REIT — Real Estate Investment Trust

The following table reflects the percentage of total net assets of the Portfolio attributable to each Specialist Manager as of March 31, 2019.

The Emerging Markets Portfolio	Mellon Investments Corporation*			Parametric Portfolio Associates, LLC			RBC Global Asset Management (UK) Limited			HC Capital Solutions			Total
Common Stocks		72.85	%		—			22.77	%		—			95.62	%
Preferred Stocks		1.37	%		—			—			—			1.37	%
U.S. Treasury Obligation		0.11	%		—			—			—			0.11	%
Investment Companies		1.71	%		0.45	%		0.43	%		0.00	%		2.59	%
Repurchase Agreement		0.26	%		—			—			—			0.26	%
Other Assets (Liabilities)		-0.09	%		0.23	%		-0.09	%		0.00	%		0.05	%
Total Net Assets		76.21	%		0.68	%		23.11	%		0.00	%		100.00	%

* Formerly BNY Mellon Asset Management North America Corporation.

Amounts designated as “—” indicate the Specialist Manager did not manage any holdings in that category.

The following table reflects the open derivative positions held by the Portfolio as of March 31, 2019.

Futures Contracts Purchased^

Description	Number of Contracts		Expiration Date	Notional Amount (000)		Value and Unrealized Appreciation/ (Depreciation) (000)
MSCI Emerging Markets Index Future		762	6/21/19	$	40,287	$	426
				$	40,287	$	426
			Total Unrealized Appreciation			$	426
			Total Unrealized Depreciation				—
			Total Net Unrealized Appreciation/(Depreciation)			$	426

^ Cash has been pledged as collateral for futures contracts held by the Portfolio.

Amounts designated as “—” are $0 or have been rounded to $0.

HC CAPITAL TRUST

The Core Fixed Income Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %			Maturity Date		Value (000)
		Asset Backed Securities — 0.47%
$	25	BMW Vehicle Owner Trust, Series 2016-A, Class A4, Callable 5/25/20 @ 100.00		1.37			12/27/22	$	25
	50	Capital One Multi-Asset Execution Trust, Series 2017-A4, Class A4		1.99			7/17/23		50
	25	Capital One Multi-Asset Execution Trust, Series 2017-A1, Class A1		2.00			1/17/23		25
	25	CarMax Auto Owner Trust, Series 2017-2, Class A4, Callable 6/15/21 @ 100.00		2.25			9/15/22		25
	100	Citibank Credit Card Issuance Trust, Series 2014-A5, Class A5		2.68			6/7/23		99
	20	Honda Auto Receivables Owner Trust, Series 2018-1, Class A3, Callable 7/15/21 @ 100.00		2.64			2/15/22		20
	25	Toyota Auto Receivables Owner Trust, Series 2017-A, Class A4, Callable 12/15/20 @ 100.00		2.10			9/15/22		25
	25	Toyota Auto Receivables Owner Trust, Series 2018-A, Class A4, Callable 12/15/21 @ 100.00		2.52			5/15/23		25
	18	World Financial Network Credit Card Master Trust, Series 2016-A, Class A		2.03			4/15/25		18
		Total Asset Backed Securities							312
		Collateralized Mortgage Obligations — 1.48%
	40	Bank, Series 2017-BNK8, Class A3		3.23			11/15/50		40
	25	Bank, Series 2017-BNK9, Class ASB		3.47			11/15/54		26
	25	Citigroup Commercial Mortgage Trust, Series 2015-GC27, Class A4		2.88			2/10/48		25
	20	Citigroup Commercial Mortgage Trust, Series 2015-GC27, Class A5		3.14			2/10/48		20
	25	Citigroup Commercial Mortgage Trust, Series 2016-GC37, Class A4		3.31			4/10/49		25
	25	Citigroup Commercial Mortgage Trust, Series 2014-GC23, Class A4		3.62			7/10/47		26
	25	Commercial Mortgage Trust, Series 2015-LC19, Class A4		3.18			2/10/48		25
	20	Commercial Mortgage Trust, Series 2015-DC1, Class A5		3.35			2/10/48		20
	25	Commercial Mortgage Trust, Series 2013-CR8, Class A5		3.61	(a)		6/10/46		26
	25	Commercial Mortgage Trust, Series 2014-UBS3, Class A4		3.82			6/10/47		26
	25	Commercial Mortgage Trust, Series 2013-CR11, Class B		5.13	(a)		8/10/50		27
	10	Fannie Mae-ACES, Series 2015-M8, Class A2		2.90	(a)		1/25/25		10
	25	Fannie Mae-ACES, Series 2016-M1, Class A2		2.94	(a)		1/25/26		25
	38	Fannie Mae-ACES, Series 2017-M7, Class A2		2.96			2/25/27		38
	25	Fannie Mae-ACES, Series 2018-M1, Class A2		2.99	(a)		12/25/27		25
	25	Fannie Mae-ACES, Series 2017-M12, Class A2		3.08	(a)		6/25/27		25
	30	Fannie Mae-ACES, Series 2014-M9, Class A2		3.10	(a)		7/25/24		31
	25	Fannie Mae-ACES, Series 2018-M10, Class A2		3.38	(a)		7/25/28		26
	17	Freddie Mac, Series K726, Class A1		2.60			8/25/23		17
	25	Freddie Mac Multifamily Structured Pass Through Certificates, Series K082, Class A2		3.92			9/25/28		27
	25	Freddie Mac Multifamily Structured Pass-Through Certificates, Series K023, Class A2		2.31			8/25/22		25
	24	Freddie Mac Multifamily Structured Pass-Through Certificates, Series K017, Class A2		2.87			12/25/21		24
	10	Freddie Mac Multifamily Structured Pass-Through Certificates, Series K032, Class A1		3.02			2/25/23		10
	30	Freddie Mac Multifamily Structured Pass-Through Certificates, Series K033, Class A2		3.06	(a)		7/25/23		31
	19	Freddie Mac Multifamily Structured Pass-Through Certificates, Series K716, Class A2		3.13			6/25/21		19
	25	Freddie Mac Multifamily Structured Pass-Through Certificates, Series K052, Class A2		3.15			11/25/25		26
	20	GS Mortgage Securities Trust, Series 2015-GC32, Class A2		3.06			7/10/48		20
	25	GS Mortgage Securities Trust, Series 2017-GS5, Class A2		3.22			3/10/50		25
	50	GS Mortgage Securities Trust, Series 2018-GS9, Class A4		3.99	(a)		3/10/51		52
	25	JPMBB Commercial Mortgage Securities Trust, Series 2014-C24, Class A5		3.64			11/15/47		26
	50	JPMDB Commercial Mortgage Securities Trust, Series 2016-C4, Class A3		3.14			12/15/49		49
	20	JPMorgan Chase Commercial Mortgage Securities Corp., Series 2012-C8, Class A3		2.83			10/15/45		21
	25	Morgan Stanley BAML Trust, Series 2013-C9, Class AS		3.46			5/15/46		25
	25	Morgan Stanley BAML Trust, Series 2014-C19, Class A4		3.53			12/15/47		26
	25	Morgan Stanley BAML Trust, Series 2017-C33, Class A5		3.60			5/15/50		26
	25	SG Commercial Mortgage Securities Trust, Series 2016-C5, Class A4		3.06			10/10/48		25
	25	UBS Commercial Mortgage Trust, Series 2018-C12, Class A5		4.30			8/15/51		27
	6	WF-RBS Commercial Mortgage Trust, Series 2012-C7, Class A1		2.30			6/15/45		6

HC CAPITAL TRUST

The Core Fixed Income Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		Collateralized Mortgage Obligations (continued)
		Total Collateralized Mortgage Obligations					$	973
		U.S. Government Agency Mortgages — 22.41%
$	32	Fannie Mae, Pool #AS2673		2.00		5/1/29		31
	44	Fannie Mae, Pool #AU1660		2.50		7/1/28		43
	39	Fannie Mae, Pool #BC9041		2.50		11/1/31		38
	21	Fannie Mae, Pool #MA3154		2.50		10/1/32		21
	24	Fannie Mae, Pool #BD8046		2.50		9/1/31		24
	32	Fannie Mae, Pool #MA1277		2.50		12/1/27		32
	22	Fannie Mae, Pool #MA3246		2.50		1/1/33		22
	20	Fannie Mae, Pool #MA2789		2.50		10/1/36		20
	43	Fannie Mae, Pool #AU6677		2.50		9/1/28		43
	22	Fannie Mae, Pool #AS4946		2.50		5/1/30		22
	65	Fannie Mae, Pool #AP4742		2.50		8/1/27		65
	31	Fannie Mae, Pool #AB7391		2.50		12/1/42		30
	26	Fannie Mae, Series 2015-M1, Class A2		2.53		9/25/24		26
	22	Fannie Mae, Pool #BD5545		3.00		10/1/46		22
	41	Fannie Mae, Pool #AS7908		3.00		9/1/46		41
	42	Fannie Mae, Pool #AS8276		3.00		11/1/46		42
	25	Fannie Mae, Pool #AS8414		3.00		11/1/46		25
	92	Fannie Mae, Pool #AO0752		3.00		4/1/42		92
	25	Fannie Mae, Pool #AZ2936		3.00		9/1/45		25
	62	Fannie Mae, Pool #AS0302		3.00		8/1/43		62
	22	Fannie Mae, Pool #MA3339		3.00		4/1/33		22
	30	Fannie Mae, Pool #AS5977		3.00		10/1/30		30
	25	Fannie Mae, Pool #MA3631		3.00		4/1/34		25
	16	Fannie Mae, Pool #MA2523		3.00		2/1/36		17
	53	Fannie Mae, Pool #MA2246		3.00		4/1/30		54
	15	Fannie Mae, Pool #MA2416		3.00		10/1/35		16
	50	Fannie Mae, Pool #AQ7920		3.00		12/1/42		50
	59	Fannie Mae, Pool #AK0006		3.00		1/1/27		60
	21	Fannie Mae, Pool #MA2863		3.00		1/1/47		21
	21	Fannie Mae, Pool #MA2897		3.00		2/1/37		21
	43	Fannie Mae, Pool #AL9865		3.00		2/1/47		43
	24	Fannie Mae, Pool #AL9263		3.00		10/1/46		24
	23	Fannie Mae, Pool #AL9996		3.00		4/1/32		23
	24	Fannie Mae, Pool #MA3377		3.00		5/1/48		24
	23	Fannie Mae, Pool #MA3237		3.00		1/1/48		23
	87	Fannie Mae, Pool #AS8483		3.00		12/1/46		87
	12	Fannie Mae, Pool #AO7628		3.00		6/1/27		12
	44	Fannie Mae, Pool #BD5797		3.00		9/1/46		44
	21	Fannie Mae, Pool #AS8739		3.00		2/1/37		21
	78	Fannie Mae, Pool #AB7099		3.00		11/1/42		78
	28	Fannie Mae, Pool #AU3353		3.00		8/1/43		28
	21	Fannie Mae, Pool #BH8817		3.00		10/1/47		21
	32	Fannie Mae, Pool #AU8932		3.00		11/1/28		33
	57	Fannie Mae, Pool #AT0682		3.00		4/1/43		57
	44	Fannie Mae, Pool #BD2446		3.00		1/1/47		43
	42	Fannie Mae, Pool #BC9681		3.00		6/1/46		42
	36	Fannie Mae, Pool #AB2047		3.00		1/1/26		37
	42	Fannie Mae, Pool #BC9003		3.00		11/1/46		42
	42	Fannie Mae, Pool #BC4764		3.00		10/1/46		42
	17	Fannie Mae, Pool #890566		3.00		12/1/43		17
	51	Fannie Mae, Pool #AY2961		3.00		5/1/45		51
	23	Fannie Mae, Pool #MA1307		3.00		1/1/33		23
	22	Fannie Mae, Pool #MA3127		3.00		9/1/37		22
	58	Fannie Mae, Pool #AB8897		3.00		4/1/43		58
	47	Fannie Mae, Pool #AB5511		3.50		7/1/42		48
	93	Fannie Mae, Pool #AB6017		3.50		8/1/42		95
	36	Fannie Mae, Pool #AB2052		3.50		1/1/26		37
	36	Fannie Mae, Pool #MA2706		3.50		8/1/46		36
	49	Fannie Mae, Pool #MA3520		3.50		10/1/48		50
	25	Fannie Mae, Pool #MA3494		3.50		10/1/48		25
	82	Fannie Mae, Pool #AQ0546		3.50		11/1/42		84
	38	Fannie Mae, Pool #AS7491		3.50		7/1/46		38
	53	Fannie Mae, Pool #MA2125		3.50		12/1/44		54

HC CAPITAL TRUST

The Core Fixed Income Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Government Agency Mortgages (continued)
$	17	Fannie Mae, Pool #MA2389		3.50		9/1/35	$	17
	45	Fannie Mae, Pool #MA3182		3.50		11/1/47		46
	38	Fannie Mae, Pool #MA1980		3.50		8/1/44		39
	24	Fannie Mae, Pool #BJ3716		3.50		12/1/47		25
	43	Fannie Mae, Pool #MA3026		3.50		6/1/47		43
	21	Fannie Mae, Pool #MA3059		3.50		7/1/37		21
	25	Fannie Mae, Pool #MA3614		3.50		3/1/49		25
	47	Fannie Mae, Pool #BJ4916		3.50		3/1/48		48
	23	Fannie Mae, Pool #MA3305		3.50		3/1/48		24
	25	Fannie Mae, Pool #BK7428		3.50		8/1/48		25
	23	Fannie Mae, Pool #BK9038		3.50		10/1/33		24
	21	Fannie Mae, Pool #BM1568		3.50		7/1/47		21
	24	Fannie Mae, Pool #MA3148		3.50		10/1/47		25
	17	Fannie Mae, Pool #MA2522		3.50		2/1/46		17
	45	Fannie Mae, Pool #MA3243		3.50		1/1/38		46
	30	Fannie Mae, Pool #BC1158		3.50		2/1/46		31
	187	Fannie Mae, Pool #AO2548		3.50		4/1/42		191
	36	Fannie Mae, Pool #BA3123		3.50		2/1/46		37
	21	Fannie Mae, Pool #BC0443		3.50		12/1/45		21
	35	Fannie Mae, Pool #BC2926		3.50		3/1/46		36
	57	Fannie Mae, Pool #AS3133		3.50		8/1/44		59
	14	Fannie Mae, Pool #AS4236		3.50		1/1/45		15
	33	Fannie Mae, Pool #AZ0862		3.50		7/1/45		33
	54	Fannie Mae, Pool #AS4771		3.50		4/1/45		55
	43	Fannie Mae, Pool #AS4772		3.50		4/1/45		44
	14	Fannie Mae, Pool #AS5596		3.50		8/1/45		14
	16	Fannie Mae, Pool #BA1893		3.50		8/1/45		16
	17	Fannie Mae, Pool #AS6394		3.50		12/1/45		17
	35	Fannie Mae, Pool #AS7388		3.50		6/1/46		36
	22	Fannie Mae, Pool #AS0024		3.50		7/1/43		22
	34	Fannie Mae, Pool #AS6102		3.50		11/1/45		35
	37	Fannie Mae, Pool #AX9530		3.50		2/1/45		38
	15	Fannie Mae, Pool #AJ1886		3.50		3/1/42		15
	27	Fannie Mae, Pool #AY3377		3.50		4/1/45		28
	26	Fannie Mae, Pool #AL1717		3.50		5/1/27		27
	21	Fannie Mae, Pool #BD5046		3.50		2/1/47		21
	41	Fannie Mae, Pool #BM2002		4.00		10/1/47		42
	26	Fannie Mae, Pool #MA0534		4.00		10/1/30		27
	41	Fannie Mae, Pool #AC7328		4.00		12/1/39		43
	25	Fannie Mae, Pool #CA2316		4.00		7/1/48		26
	41	Fannie Mae, Pool #BM1066		4.00		2/1/47		42
	35	Fannie Mae, Pool #AX0841		4.00		9/1/44		36
	12	Fannie Mae, Pool #AV0606		4.00		11/1/43		13
	25	Fannie Mae, Pool #BK0920		4.00		7/1/48		25
	24	Fannie Mae, Pool #BK0909		4.00		7/1/48		25
	9	Fannie Mae, Pool #AZ1210		4.00		5/1/45		9
	11	Fannie Mae, Pool #AY9901		4.00		7/1/45		12
	21	Fannie Mae, Pool #BE8373		4.00		2/1/47		22
	19	Fannie Mae, Pool #AS8532		4.00		12/1/46		20
	40	Fannie Mae, Pool #AS9314		4.00		3/1/47		42
	43	Fannie Mae, Pool #AS9831		4.00		6/1/47		44
	21	Fannie Mae, Pool #CA0183		4.00		8/1/47		22
	47	Fannie Mae, Pool #AS8823		4.00		2/1/47		48
	24	Fannie Mae, Pool #BD7060		4.00		3/1/47		25
	26	Fannie Mae, Pool #AU8849		4.00		11/1/43		26
	44	Fannie Mae, Pool #AO2959		4.00		5/1/42		46
	17	Fannie Mae, Pool #AZ7362		4.00		11/1/45		17
	109	Fannie Mae, Pool #190405		4.00		10/1/40		113
	34	Fannie Mae, Pool #AL8139		4.00		2/1/32		35
	25	Fannie Mae, Pool #BD7165		4.00		4/1/47		26
	63	Fannie Mae, Pool #AJ5303		4.00		11/1/41		65
	24	Fannie Mae, Pool #MA3521		4.00		11/1/48		25
	36	Fannie Mae, Pool #AH6242		4.00		4/1/26		37
	43	Fannie Mae, Pool #MA2995		4.00		5/1/47		45
	16	Fannie Mae, Pool #MA2415		4.00		10/1/45		17
	37	Fannie Mae, Pool #AS6213		4.00		11/1/45		38

HC CAPITAL TRUST

The Core Fixed Income Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Government Agency Mortgages (continued)
$	43	Fannie Mae, Pool #MA3121		4.00		9/1/47	$	44
	27	Fannie Mae, Pool #AS3452		4.00		9/1/44		28
	20	Fannie Mae, Pool #AS7600		4.00		7/1/46		21
	22	Fannie Mae, Pool #MA3183		4.00		11/1/47		23
	23	Fannie Mae, Pool #MA3277		4.00		2/1/48		23
	45	Fannie Mae, Pool #AS3467		4.00		10/1/44		47
	45	Fannie Mae, Pool #AS3468		4.00		10/1/44		47
	21	Fannie Mae, Pool #CA0623		4.50		10/1/47		22
	23	Fannie Mae, Pool #CA1711		4.50		5/1/48		24
	1	Fannie Mae, Pool #735646		4.50		7/1/20		1
	18	Fannie Mae, Pool #AL6567		4.50		10/1/44		19
	9	Fannie Mae, Pool #930998		4.50		4/1/29		9
	—	Fannie Mae, Pool #AB0339		4.50		1/1/20		–
	13	Fannie Mae, Pool #AU9017		4.50		9/1/43		13
	54	Fannie Mae, Pool #AL1107		4.50		11/1/41		57
	24	Fannie Mae, Pool #MA3537		4.50		12/1/48		25
	24	Fannie Mae, Pool #BK4850		4.50		5/1/48		25
	23	Fannie Mae, Pool #BK6328		4.50		6/1/48		24
	70	Fannie Mae, Pool #AE0217		4.50		8/1/40		74
	51	Fannie Mae, Pool #AE0954		4.50		2/1/41		54
	17	Fannie Mae, Pool #BH3310		4.50		5/1/47		18
	15	Fannie Mae, Pool #BE6489		4.50		1/1/47		16
	4	Fannie Mae, Pool #829106		4.50		10/1/20		4
	18	Fannie Mae, Pool #AS2751		4.50		6/1/44		19
	—	Fannie Mae, Pool #745278		4.50		6/1/19		–
	24	Fannie Mae, Pool #BM3286		4.50		11/1/47		25
	23	Fannie Mae, Pool #BM3904		5.00		5/1/48		24
	24	Fannie Mae, Pool #BE3782		5.00		7/1/47		26
	11	Fannie Mae, Pool #725027		5.00		11/1/33		11
	8	Fannie Mae, Pool #890603		5.00		8/1/41		8
	53	Fannie Mae, Pool #889117		5.00		10/1/35		57
	24	Fannie Mae, Pool #725238		5.00		3/1/34		26
	10	Fannie Mae, Pool #890221		5.50		12/1/33		11
	19	Fannie Mae, Pool #959451		6.00		12/1/37		21
	58	Fannie Mae, Pool #725228		6.00		3/1/34		64
	30	Fannie Mae, Pool #AE0442		6.50		1/1/39		34
	50	Fannie Mae, 15 YR TBA		3.50		4/25/34		51
	50	Fannie Mae, 30 YR TBA		3.50		4/25/49		51
	25	Fannie Mae, 30 YR TBA		3.50		5/25/49		25
	250	Fannie Mae, 30 YR TBA		4.00		4/25/48		258
	50	Fannie Mae, 30 YR TBA		4.00		5/25/49		51
	150	Fannie Mae, 30 YR TBA		4.50		4/25/47		156
	50	Fannie Mae, 30 YR TBA		4.50		5/25/49		52
	25	Fannie Mae, 30 YR TBA		5.00		5/25/49		26
	28	Freddie Mac, Pool #J25686		2.00		9/1/28		28
	20	Freddie Mac, Pool #G18635		2.50		3/1/32		20
	38	Freddie Mac, Pool #J35896		2.50		12/1/31		38
	24	Freddie Mac, Pool #G18687		2.50		5/1/33		24
	17	Freddie Mac, Pool #G07445		2.50		7/1/43		17
	58	Freddie Mac, Pool #G18459		2.50		3/1/28		58
	43	Freddie Mac, Pool #G18470		2.50		6/1/28		43
	24	Freddie Mac, Pool #G18683		2.50		4/1/33		24
	43	Freddie Mac, Pool #G18485		2.50		10/1/28		43
	95	Freddie Mac, Pool #G08537		3.00		7/1/43		94
	24	Freddie Mac, Pool #G61680		3.00		4/1/47		24
	64	Freddie Mac, Pool #G08524		3.00		3/1/43		64
	93	Freddie Mac, Pool #C09035		3.00		4/1/43		93
	25	Freddie Mac, Pool #G08783		3.00		10/1/47		25
	17	Freddie Mac, Pool #G18601		3.00		5/1/31		17
	24	Freddie Mac, Pool #G08803		3.00		3/1/48		24
	21	Freddie Mac, Pool #G08732		3.00		11/1/46		21
	30	Freddie Mac, Pool #G15145		3.00		7/1/29		31
	86	Freddie Mac, Pool #G08741		3.00		1/1/47		86
	13	Freddie Mac, Pool #J15438		3.00		5/1/21		13
	11	Freddie Mac, Pool #G18518		3.00		7/1/29		11
	23	Freddie Mac, Pool #J25193		3.00		8/1/23		23

HC CAPITAL TRUST

The Core Fixed Income Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Government Agency Mortgages (continued)
$	17	Freddie Mac, Pool #G08635		3.00		4/1/45	$	17
	23	Freddie Mac, Pool #J36428		3.00		2/1/32		24
	23	Freddie Mac, Pool #J38057		3.00		12/1/32		23
	21	Freddie Mac, Pool #Q44452		3.00		11/1/46		21
	22	Freddie Mac, Pool #Q44665		3.00		11/1/46		22
	22	Freddie Mac, Pool #Q46441		3.00		2/1/47		22
	44	Freddie Mac, Pool #G60989		3.00		12/1/46		44
	37	Freddie Mac, Pool #C91709		3.00		6/1/33		37
	44	Freddie Mac, Pool #G08750		3.00		3/1/47		43
	42	Freddie Mac, Pool #G18663		3.00		10/1/32		43
	45	Freddie Mac, Pool #G08701		3.00		4/1/46		45
	21	Freddie Mac, Pool #C91927		3.00		5/1/37		21
	42	Freddie Mac, Pool #G08737		3.00		12/1/46		42
	65	Freddie Mac, Pool #G08631		3.00		3/1/45		65
	14	Freddie Mac, Pool #C91809		3.00		2/1/35		14
	25	Freddie Mac, Pool #G08855		3.00		10/1/48		25
	36	Freddie Mac, Pool #G08698		3.50		3/1/46		36
	15	Freddie Mac, Pool #J30284		3.50		11/1/29		15
	69	Freddie Mac, Pool #G08636		3.50		4/1/45		70
	48	Freddie Mac, Pool #G08650		3.50		6/1/45		49
	101	Freddie Mac, Pool #G08495		3.50		6/1/42		102
	47	Freddie Mac, Pool #Q09896		3.50		8/1/42		48
	25	Freddie Mac, Pool #Q57871		3.50		8/1/48		25
	24	Freddie Mac, Pool #V83453		3.50		10/1/47		24
	23	Freddie Mac, Pool #V83655		3.50		12/1/47		23
	30	Freddie Mac, Pool #Q43933		3.50		10/1/46		31
	59	Freddie Mac, Pool #G08667		3.50		9/1/45		60
	17	Freddie Mac, Pool #G08623		3.50		1/1/45		18
	23	Freddie Mac, Pool #Q52319		3.50		11/1/47		23
	56	Freddie Mac, Pool #G08554		3.50		10/1/43		57
	25	Freddie Mac, Pool #Q53176		3.50		12/1/47		25
	39	Freddie Mac, Pool #C91456		3.50		6/1/32		40
	63	Freddie Mac, Pool #G08681		3.50		12/1/45		65
	34	Freddie Mac, Pool #G08687		3.50		1/1/46		35
	24	Freddie Mac, Pool #C92003		3.50		7/1/38		24
	51	Freddie Mac, Pool #C03759		3.50		2/1/42		52
	22	Freddie Mac, Pool #G08770		3.50		7/1/47		22
	21	Freddie Mac, Pool #G08757		3.50		4/1/47		22
	22	Freddie Mac, Pool #G08620		3.50		12/1/44		22
	23	Freddie Mac, Pool #G18707		3.50		9/1/33		24
	18	Freddie Mac, Pool #G08702		3.50		4/1/46		19
	10	Freddie Mac, Pool #J13919		3.50		12/1/20		10
	17	Freddie Mac, Pool #J14069		3.50		1/1/26		18
	24	Freddie Mac, Pool #G08816		3.50		6/1/48		24
	15	Freddie Mac, Pool #G08627		3.50		2/1/45		16
	33	Freddie Mac, Pool #G08693		3.50		3/1/46		33
	42	Freddie Mac, Pool #G08761		3.50		5/1/47		43
	45	Freddie Mac, Pool #G61148		3.50		9/1/47		45
	37	Freddie Mac, Pool #G08784		3.50		10/1/47		38
	37	Freddie Mac, Pool #G08752		4.00		3/1/47		38
	47	Freddie Mac, Pool #Q24955		4.00		2/1/44		49
	24	Freddie Mac, Pool #G08801		4.00		2/1/48		25
	35	Freddie Mac, Pool #A96286		4.00		1/1/41		36
	42	Freddie Mac, Pool #V83344		4.00		8/1/47		43
	42	Freddie Mac, Pool #G08775		4.00		8/1/47		43
	26	Freddie Mac, Pool #G08771		4.00		7/1/47		27
	24	Freddie Mac, Pool #G08847		4.00		11/1/48		25
	43	Freddie Mac, Pool #G06506		4.00		12/1/40		45
	16	Freddie Mac, Pool #C91395		4.00		9/1/31		17
	3	Freddie Mac, Pool #G11690		4.00		2/1/20		3
	1	Freddie Mac, Pool #J06163		4.00		1/1/20		1
	35	Freddie Mac, Pool #G08669		4.00		9/1/45		36
	35	Freddie Mac, Pool #G08567		4.00		1/1/44		36
	25	Freddie Mac, Pool #G08563		4.00		1/1/44		26
	42	Freddie Mac, Pool #G08606		4.00		9/1/44		44
	24	Freddie Mac, Pool #Q58680		4.00		9/1/48		24

HC CAPITAL TRUST

The Core Fixed Income Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Government Agency Mortgages (continued)
$	58	Freddie Mac, Pool #G08637		4.00		4/1/45	$	59
	19	Freddie Mac, Pool #A97186		4.50		3/1/41		20
	25	Freddie Mac, Pool #Q58217		4.50		9/1/48		26
	55	Freddie Mac, Pool #A97692		4.50		3/1/41		59
	19	Freddie Mac, Pool #G08781		4.50		9/1/47		20
	37	Freddie Mac, Pool #G01890		4.50		10/1/35		39
	7	Freddie Mac, Pool #C90686		4.50		6/1/23		7
	23	Freddie Mac, Pool #G08820		4.50		5/1/48		24
	14	Freddie Mac, Pool #C09059		4.50		3/1/44		15
	22	Freddie Mac, Pool #Q52321		4.50		11/1/47		24
	24	Freddie Mac, Pool #G05904		5.00		9/1/39		26
	22	Freddie Mac, Pool #G04817		5.00		9/1/38		24
	23	Freddie Mac, Pool #G01962		5.00		12/1/35		25
	24	Freddie Mac, Pool #G08838		5.00		9/1/48		25
	110	Freddie Mac, Pool #G01665		5.50		3/1/34		120
	4	Freddie Mac, Pool #C90989		6.00		9/1/26		4
	11	Freddie Mac, Pool #G03616		6.00		12/1/37		13
	22	Freddie Mac, Pool #G02794		6.00		5/1/37		25
	25	Freddie Mac, Gold 15 YR TBA		3.00		4/15/34		25
	25	Freddie Mac, Gold 15 YR TBA		4.00		4/15/34		26
	50	Freddie Mac, Gold 30 YR TBA		3.50		4/15/49		51
	300	Freddie Mac, Gold 30 YR TBA		4.00		4/15/48		308
	125	Freddie Mac, Gold 30 YR TBA		4.50		4/15/49		129
	19	Government National Mortgage Association, Pool #MA4355		2.50		4/20/32		19
	21	Government National Mortgage Association, Pool #MA4194		2.50		1/20/47		20
	11	Government National Mortgage Association, Pool #MA1155		2.50		7/20/43		11
	9	Government National Mortgage Association, Pool #AA8341		2.50		2/15/28		9
	43	Government National Mortgage Association, Pool #MA0851		3.00		3/20/43		43
	41	Government National Mortgage Association, Pool #MA2520		3.00		1/20/45		42
	43	Government National Mortgage Association, Pool #MA1011		3.00		5/20/43		43
	44	Government National Mortgage Association, Pool #MA0461		3.00		10/20/42		45
	26	Government National Mortgage Association, Pool #MA0205		3.00		7/20/27		26
	38	Government National Mortgage Association, Pool #MA3936		3.00		9/20/46		38
	45	Government National Mortgage Association, Pool #MA4777		3.00		10/20/47		45
	35	Government National Mortgage Association, Pool #MA3662		3.00		5/20/46		35
	18	Government National Mortgage Association, Pool #MA3735		3.00		6/20/46		18
	45	Government National Mortgage Association, Pool #MA3375		3.00		1/20/46		45
	36	Government National Mortgage Association, Pool #MA3802		3.00		7/20/46		37
	20	Government National Mortgage Association, Pool #MA2444		3.00		12/20/44		21
	51	Government National Mortgage Association, Pool #AA6149		3.00		3/20/43		51
	22	Government National Mortgage Association, Pool #MA3873		3.00		8/20/46		22
	30	Government National Mortgage Association, Pool #MA2960		3.00		7/20/45		30
	39	Government National Mortgage Association, Pool #MA4320		3.00		3/20/47		40
	69	Government National Mortgage Association, Pool #MA4899		3.00		12/20/47		69
	22	Government National Mortgage Association, Pool #AA5897		3.00		12/15/42		22
	20	Government National Mortgage Association, Pool #MA4261		3.00		2/20/47		20
	24	Government National Mortgage Association, Pool #MA5018		3.00		2/20/48		24
	23	Government National Mortgage Association, Pool #MA4068		3.00		11/20/46		24
	16	Government National Mortgage Association, Pool #MA3596		3.00		4/20/46		16
	50	Government National Mortgage Association, Pool #MA1447		3.00		11/20/43		50
	30	Government National Mortgage Association, Pool #AA2654		3.00		6/15/43		30
	31	Government National Mortgage Association, Pool #MA3309		3.00		12/20/45		31
	29	Government National Mortgage Association, Pool #MA3376		3.50		1/20/46		29
	47	Government National Mortgage Association, Pool #MA1157		3.50		7/20/43		48
	20	Government National Mortgage Association, Pool #MA1012		3.50		5/20/43		21
	37	Government National Mortgage Association, Pool #MA4586		3.50		7/20/47		38
	34	Government National Mortgage Association, Pool #MA0934		3.50		4/20/43		35
	23	Government National Mortgage Association, Pool #MA2826		3.50		5/20/45		24
	23	Government National Mortgage Association, Pool #MA4778		3.50		10/20/47		23
	30	Government National Mortgage Association, Pool #MA3597		3.50		4/20/46		31
	67	Government National Mortgage Association, Pool #MA0462		3.50		10/20/42		69
	37	Government National Mortgage Association, Pool #MA0318		3.50		8/20/42		38
	46	Government National Mortgage Association, Pool #MA0220		3.50		7/20/42		47
	16	Government National Mortgage Association, Pool #AC3938		3.50		1/15/43		17
	14	Government National Mortgage Association, Pool #AB9211		3.50		11/15/42		14
	14	Government National Mortgage Association, Pool #MA1574		3.50		1/20/29		15

HC CAPITAL TRUST

The Core Fixed Income Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Government Agency Mortgages (continued)
$	28	Government National Mortgage Association, Pool #MA3310		3.50		12/20/45	$	28
	21	Government National Mortgage Association, Pool #MA3244		3.50		11/20/45		22
	41	Government National Mortgage Association, Pool #MA3173		3.50		10/20/45		42
	29	Government National Mortgage Association, Pool #MA3105		3.50		9/20/45		30
	24	Government National Mortgage Association, Pool #MA2961		3.50		7/20/45		25
	39	Government National Mortgage Association, Pool #MA0699		3.50		1/20/43		40
	44	Government National Mortgage Association, Pool #MA4652		3.50		8/20/47		45
	9	Government National Mortgage Association, Pool #MA1600		3.50		1/20/44		9
	34	Government National Mortgage Association, Pool #MA3874		3.50		8/20/46		35
	16	Government National Mortgage Association, Pool #MA3663		3.50		5/20/46		16
	44	Government National Mortgage Association, Pool #MA4719		3.50		9/20/47		45
	42	Government National Mortgage Association, Pool #MA4510		3.50		6/20/47		43
	15	Government National Mortgage Association, Pool #MA3454		3.50		2/20/46		16
	45	Government National Mortgage Association, Pool #MA3521		3.50		3/20/46		46
	43	Government National Mortgage Association, Pool #MA2445		3.50		12/20/44		44
	28	Government National Mortgage Association, Pool #MA2223		3.50		9/20/44		29
	35	Government National Mortgage Association, Pool #MA3937		3.50		9/20/46		36
	33	Government National Mortgage Association, Pool #MA3736		3.50		6/20/46		34
	18	Government National Mortgage Association, Pool #AM4971		3.50		4/20/45		19
	30	Government National Mortgage Association, Pool #MA2371		3.50		11/20/44		31
	40	Government National Mortgage Association, Pool #MA4382		3.50		4/20/47		41
	35	Government National Mortgage Association, Pool #MA4004		3.50		10/20/46		36
	37	Government National Mortgage Association, Pool #MA4127		3.50		12/20/46		38
	38	Government National Mortgage Association, Pool #MA4262		3.50		2/20/47		39
	23	Government National Mortgage Association, Pool #MA4837		3.50		11/20/47		23
	39	Government National Mortgage Association, Pool #MA4321		3.50		3/20/47		40
	18	Government National Mortgage Association, Pool #AJ0411		3.50		9/15/44		19
	33	Government National Mortgage Association, Pool #MA3803		3.50		7/20/46		34
	68	Government National Mortgage Association, Pool #MA1091		4.00		6/20/43		71
	11	Government National Mortgage Association, Pool #MA3245		4.00		11/20/45		12
	16	Government National Mortgage Association, Pool #MA4263		4.00		2/20/47		17
	25	Government National Mortgage Association, Pool #MA1286		4.00		9/20/43		26
	23	Government National Mortgage Association, Pool #738710		4.00		9/15/41		24
	23	Government National Mortgage Association, Pool #MA3804		4.00		7/20/46		24
	17	Government National Mortgage Association, Pool #MA4322		4.00		3/20/47		18
	20	Government National Mortgage Association, Pool #MA1996		4.00		6/20/44		21
	18	Government National Mortgage Association, Pool #MA4452		4.00		5/20/47		19
	11	Government National Mortgage Association, Pool #MA0023		4.00		4/20/42		11
	37	Government National Mortgage Association, Pool #MA4511		4.00		6/20/47		38
	20	Government National Mortgage Association, Pool #MA1761		4.00		3/20/44		21
	20	Government National Mortgage Association, Pool #BD9886		4.00		1/15/48		21
	25	Government National Mortgage Association, Pool #BB5932		4.00		9/15/47		26
	21	Government National Mortgage Association, Pool #MA2304		4.00		10/20/44		21
	21	Government National Mortgage Association, Pool #MA2224		4.00		9/20/44		22
	25	Government National Mortgage Association, Pool #MA5651		4.00		12/20/48		26
	12	Government National Mortgage Association, Pool #MA3377		4.00		1/20/46		13
	18	Government National Mortgage Association, Pool #MA3522		4.00		3/20/46		19
	39	Government National Mortgage Association, Pool #MA4587		4.00		7/20/47		40
	20	Government National Mortgage Association, Pool #MA4653		4.00		8/20/47		21
	39	Government National Mortgage Association, Pool #MA3737		4.00		6/20/46		41
	35	Government National Mortgage Association, Pool #MA4383		4.00		4/20/47		37
	21	Government National Mortgage Association, Pool #MA2756		4.50		4/20/45		22
	23	Government National Mortgage Association, Pool #MA5193		4.50		5/20/48		24
	9	Government National Mortgage Association, Pool #MA1762		4.50		3/20/44		9
	15	Government National Mortgage Association, Pool #MA2373		4.50		11/20/44		16
	17	Government National Mortgage Association, Pool #MA4721		4.50		9/20/47		18
	50	Government National Mortgage Association, Pool #MA5399		4.50		8/20/48		52
	21	Government National Mortgage Association, Pool #BA2485		4.50		4/15/47		22
	18	Government National Mortgage Association, Pool #738906		4.50		10/15/41		19
	43	Government National Mortgage Association, Pool #721760		4.50		8/15/40		45
	72	Government National Mortgage Association, Pool #4801		4.50		9/20/40		76
	19	Government National Mortgage Association, Pool #MA5080		5.00		3/20/48		20
	43	Government National Mortgage Association, Pool #4559		5.00		10/20/39		45
	30	Government National Mortgage Association, Pool #697946		5.00		3/15/39		32
	19	Government National Mortgage Association, Pool #MA0466		5.50		10/20/42		21
	18	Government National Mortgage Association, Pool #510835		5.50		2/15/35		20

HC CAPITAL TRUST

The Core Fixed Income Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Government Agency Mortgages (continued)
$	19	Government National Mortgage Association, Pool #4222		6.00		8/20/38	$	21
	2	Government National Mortgage Association, Pool #582199		6.50		1/15/32		3
	150	Government National Mortgage Association, 30 YR TBA		3.00		4/20/49		151
	200	Government National Mortgage Association, 30 YR TBA		3.50		4/20/49		204
	350	Government National Mortgage Association, 30 YR TBA		4.00		4/20/49		360
	200	Government National Mortgage Association, 30 YR TBA		4.50		4/20/48		208
	75	Government National Mortgage Association, 30 YR TBA		5.00		4/20/49		78
	25	Government National Mortgage Association, 30 YR TBA		5.00		5/20/48		26
		Total U.S. Government Agency Mortgages						14,728
		U.S. Government Agency Securities — 1.07%
	65	Fannie Mae		1.25		5/6/21		63
	60	Fannie Mae		1.50		6/22/20		59
	50	Fannie Mae, Callable 4/27/19 @ 100.00		1.70		1/27/20		50
	30	Fannie Mae		2.13		4/24/26		29
	10	Fannie Mae		5.63		7/15/37		14
	20	Fannie Mae		6.63		11/15/30		28
	25	Federal Home Loan Bank		1.13		7/14/21		24
	25	Federal Home Loan Bank		1.38		9/28/20		25
	55	Federal Home Loan Bank		1.88		11/29/21		55
	25	Federal Home Loan Bank		2.13		3/10/23		25
	40	Federal Home Loan Bank		2.88		9/13/24		41
	15	Federal Home Loan Bank		5.63		6/11/21		16
	25	Freddie Mac		1.38		5/1/20		25
	20	Freddie Mac		1.40		8/22/19		20
	50	Freddie Mac		1.88		11/17/20		49
	40	Freddie Mac		2.38		1/13/22		40
	15	Freddie Mac		6.25		7/15/32		21
	10	Freddie Mac		6.75		3/15/31		14
	25	Freddie Mac		6.75		9/15/29		34
	5	Tennessee Valley Authority		3.50		12/15/42		5
	30	Tennessee Valley Authority		5.88		4/1/36		40
	20	Tennessee Valley Authority, Series E		6.75		11/1/25		25
		Total U.S. Government Agency Securities						702
		Corporate Bonds — 34.34%
	246	Abbott Laboratories (Health Care Equipment & Supplies), Callable 8/30/26 @ 100.00		3.75		11/30/26		256
	145	AbbVie, Inc. (Biotechnology)		4.40		11/6/42		135
	135	AbbVie, Inc. (Biotechnology), Callable 11/14/34 @ 100.00		4.50		5/14/35		132
	25	Alabama Power Co. (Electric Utilities), Callable 2/15/44 @ 100.00		4.15		8/15/44		26
	245	American Express Co. (Consumer Finance), Callable 7/1/22 @ 100.00		2.50		8/1/22		242
	100	American Express Co. (Consumer Finance), Callable 1/27/23 @ 100.00		3.40		2/27/23		102
	395	Ameriprise Financial, Inc. (Capital Markets)		3.70		10/15/24		409
	30	Amgen, Inc. (Biotechnology), Callable 4/11/22 @ 100.00		2.65		5/11/22		30
	280	Amgen, Inc. (Biotechnology), Callable 2/1/25 @ 100.00		3.13		5/1/25		282
	10	Amgen, Inc. (Biotechnology), Callable 5/15/41 @ 100.00		5.15		11/15/41		11
	20	Analog Devices, Inc. (Semiconductors & Semiconductor Equipment), Callable 9/5/26 @ 100.00		3.50		12/5/26		20
	350	Analog Devices, Inc. (Semiconductors & Semiconductor Equipment), Callable 9/15/25 @ 100.00		3.90		12/15/25		357
	140	Anheuser-Busch Companies, LLC / Anheuser-Busch InBev Worldwide, Inc. (Beverages), Callable 8/1/35 @ 100.00		4.70		2/1/36		140
	140	Anheuser-Busch Companies, LLC / Anheuser-Busch InBev Worldwide, Inc. (Beverages), Callable 8/1/45 @ 100.00		4.90		2/1/46		141
	170	Anheuser-Busch InBev N.V. (Beverages), Callable 8/1/35 @ 100.00		4.70		2/1/36		170
	40	Anthem, Inc. (Health Care Providers & Services)		3.30		1/15/23		40
	162	Anthem, Inc. (Health Care Providers & Services), Callable 9/1/27 @ 100.00		3.65		12/1/27		162
	145	Anthem, Inc. (Health Care Providers & Services), Callable 5/15/21 @ 100.00		3.70		8/15/21		148
	70	Anthem, Inc. (Health Care Providers & Services)		4.63		5/15/42		72
	145	Apple, Inc. (Technology Hardware, Storage & Peripherals), Callable 8/23/45 @ 100.00		4.65		2/23/46		164
	90	Archer-Daniels-Midland Co., Class C (Food Products)		4.02		4/16/43		92

HC CAPITAL TRUST

The Core Fixed Income Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		Corporate Bonds (continued)
$	340	AT&T, Inc. (Diversified Telecommunication Services), Callable 1/1/24 @ 100.00		4.45		4/1/24	$	356
	195	AT&T, Inc. (Diversified Telecommunication Services)		5.35		9/1/40		205
	90	AT&T, Inc. (Diversified Telecommunication Services)		5.55		8/15/41		96
	40	Atmos Energy Corp. (Gas Utilities), Callable 4/15/44 @ 100.00		4.13		10/15/44		42
	30	Atmos Energy Corp. (Gas Utilities), Callable 7/15/42 @ 100.00		4.15		1/15/43		31
	855	Bank of America Corp., MTN (Banks)		3.88		8/1/25		887
	135	Bank One Corp. (Banks)		8.00		4/29/27		171
	270	Berkshire Hathaway, Inc. (Multi-Utilities), Callable 8/1/44 @ 100.00		4.50		2/1/45		287
	50	Bunge Limited Finance Corp. (Food Products), Callable 8/25/22 @ 100.00		3.00		9/25/22		50
	155	Bunge Limited Finance Corp. (Food Products), Callable 5/15/26 @ 100.00		3.25		8/15/26		139
	130	Capital One Financial Corp. (Consumer Finance), Callable 3/30/21 @ 100.00		3.45		4/30/21		132
	470	Capital One Financial Corp. (Consumer Finance)		3.50		6/15/23		475
	120	Capital One Financial Corp. (Consumer Finance)		4.75		7/15/21		125
	35	Cisco Systems, Inc. (Communications Equipment)		5.50		1/15/40		44
	50	Citigroup, Inc. (Banks), Callable 11/8/21 @ 100.00		2.90		12/8/21		50
	655	Citigroup, Inc. (Banks)		3.40		5/1/26		652
	210	Citigroup, Inc. (Banks)		4.50		1/14/22		219
	35	Comcast Corp. (Media), Callable 9/1/37 @ 100.00		3.90		3/1/38		34
	245	Comcast Corp. (Media)		4.75		3/1/44		267
	170	ConocoPhillips (Oil, Gas & Consumable Fuels)		6.50		2/1/39		229
	20	Consolidated Edison Company of New York, Inc., Series 2008-B (Multi-Utilities)		6.75		4/1/38		27
	45	Constellation Brands, Inc. (Beverages)		4.75		12/1/25		48
	180	Constellation Brands, Inc. (Beverages)		4.75		11/15/24		192
	210	CSX Corp. (Road & Rail)		6.22		4/30/40		261
	115	CVS Health Corp. (Health Care Providers & Services), Callable 9/1/22 @ 100.00		2.75		12/1/22		113
	125	CVS Health Corp. (Health Care Providers & Services), Callable 2/9/23 @ 100.00		3.70		3/9/23		127
	535	CVS Health Corp. (Health Care Providers & Services), Callable 12/25/27 @ 100.00		4.30		3/25/28		544
	100	Devon Energy Corp. (Oil, Gas & Consumable Fuels), Callable 2/15/22 @ 100.00		3.25		5/15/22		101
	188	Devon Energy Corp. (Oil, Gas & Consumable Fuels), Callable 1/15/41 @ 100.00		5.60		7/15/41		209
	225	Digital Realty Trust LP (Equity Real Estate Investment Trusts), Callable 1/1/23 @ 100.00		2.75		2/1/23		221
	225	Dominion Gas Holdings LLC (Multi-Utilities), Callable 9/15/24 @ 100.00		3.60		12/15/24		229
	35	Duke Energy Carolinas LLC (Electric Utilities), Callable 6/15/41 @ 100.00		4.25		12/15/41		37
	100	Duke Energy Corp. (Electric Utilities), Callable 1/15/24 @ 100.00		3.75		4/15/24		103
	25	Duke Energy Progress LLC (Electric Utilities), Callable 2/15/45 @ 100.00		4.20		8/15/45		26
	140	Energy Transfer Partners LP (Oil, Gas & Consumable Fuels), Callable 3/15/28 @ 100.00		4.95		6/15/28		147
	85	Enterprise Products Operating LLC (Oil, Gas & Consumable Fuels), Callable 11/15/24 @ 100.00		3.75		2/15/25		88
	184	Enterprise Products Operating LLC (Oil, Gas & Consumable Fuels), Callable 9/15/43 @ 100.00		4.85		3/15/44		196
	100	FedEx Corp. (Air Freight & Logistics)		4.90		1/15/34		108
	55	Fiserv, Inc. (IT Services), Callable 7/1/22 @ 100.00		3.50		10/1/22		56
	190	Fiserv, Inc. (IT Services), Callable 3/1/25 @ 100.00		3.85		6/1/25		195
	175	General Motors Financial Co. (Consumer Finance), Callable 2/1/21 @ 100.00		4.20		3/1/21		178
	101	Gilead Sciences, Inc. (Biotechnology), Callable 8/1/44 @ 100.00		4.50		2/1/45		102
	50	GlaxoSmithKline PLC (Diversified Financial Services)		6.38		5/15/38		66
	315	Goldman Sachs Group, Inc. (Capital Markets), Callable 10/23/24 @ 100.00		3.50		1/23/25		314
	255	Goldman Sachs Group, Inc. (Capital Markets)		5.25		7/27/21		268
	145	Home Depot, Inc. (The) (Specialty Retail), Callable 3/15/40 @ 100.00		5.40		9/15/40		175

HC CAPITAL TRUST

The Core Fixed Income Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		Corporate Bonds (continued)
$	21	International Paper Co. (Containers & Packaging), Callable 11/15/21 @ 100.00		4.75		2/15/22	$	22
	90	International Paper Co. (Containers & Packaging), Callable 5/15/41 @ 100.00		6.00		11/15/41		101
	45	Interpublic Group of Companies, Inc. (Media)		4.00		3/15/22		46
	250	Interpublic Group of Companies, Inc. (Media)		4.20		4/15/24		257
	400	JPMorgan Chase & Co. (Banks), Callable 10/23/24 @ 100.00		3.13		1/23/25		401
	50	JPMorgan Chase & Co. (Banks)		3.63		5/13/24		51
	230	JPMorgan Chase & Co. (Banks)		4.50		1/24/22		241
	35	Lincoln National Corp. (Insurance), Callable 9/15/26 @ 100.00		3.63		12/12/26		35
	60	Lincoln National Corp. (Insurance)		4.85		6/24/21		62
	95	Lincoln National Corp. (Insurance)		7.00		6/15/40		126
	135	Lockheed Martin Corp. (Aerospace & Defense), Callable 11/15/35 @ 100.00		4.50		5/15/36		147
	85	LYB International Finance BV (Chemicals), Callable 9/15/43 @ 100.00		4.88		3/15/44		84
	45	Martin Marietta Materials, Inc. (Construction Materials), Callable 3/1/27 @ 100.00		3.45		6/1/27		43
	135	Martin Marietta Materials, Inc. (Construction Materials), Callable 4/2/24 @ 100.00		4.25		7/2/24		140
	110	Medtronic, Inc. (Health Care Equipment & Supplies)		4.38		3/15/35		120
	70	MetLife, Inc. (Insurance)		5.70		6/15/35		84
	310	Microsoft Corp. (Software), Callable 8/6/56 @ 100.00		4.50		2/6/57		357
	110	MidAmerican Energy Holdings Co. (Multi-Utilities)		6.13		4/1/36		138
	305	Morgan Stanley (Capital Markets)		2.63		11/17/21		303
	355	Morgan Stanley (Capital Markets)		3.13		1/23/23		356
	255	National Rural Utilities Cooperative Finance Corp. (Diversified Financial Services), Callable 12/7/23 @ 100.00		2.95		2/7/24		256
	190	Nucor Corp. (Metals & Mining), Callable 6/15/22 @ 100.00		4.13		9/15/22		199
	110	Nucor Corp. (Metals & Mining), Callable 2/1/43 @ 100.00		5.20		8/1/43		125
	195	NVIDIA Corp. (Semiconductors & Semiconductor Equipment), Callable 6/16/26 @ 100.00		3.20		9/16/26		194
	173	Oracle Corp. (Software)		5.38		7/15/40		208
	100	Pfizer, Inc. (Pharmaceuticals), Callable 3/15/38 @ 100.00		4.10		9/15/38		105
	75	Philip Morris International, Inc. (Tobacco)		3.25		11/10/24		76
	100	Philip Morris International, Inc. (Tobacco)		4.50		3/20/42		100
	95	Principal Financial Group, Inc. (Insurance), Callable 2/15/25 @ 100.00		3.40		5/15/25		95
	46	Procter & Gamble Co. (The) (Household Products)		9.36		1/1/21		48
	170	Progress Energy, Inc. (Electric Utilities)		6.00		12/1/39		209
	45	Prudential Financial, Inc., MTN (Insurance), Callable 12/27/27 @ 100.00		3.88		3/27/28		47
	15	Prudential Financial, Inc. (Insurance)		6.63		6/21/40		20
	30	Public Service Electric & Gas Co. (Electric Utilities), Callable 3/1/42 @ 100.00		3.65		9/1/42		29
	125	RELX Capital, Inc. (Professional Services), Callable 7/15/22 @ 100.00		3.13		10/15/22		126
	170	RELX Capital, Inc. (Professional Services), Callable 2/16/23 @ 100.00		3.50		3/16/23		172
	155	Rockwell Collins, Inc. (Aerospace & Defense), Callable 12/15/26 @ 100.00		3.50		3/15/27		153
	35	Roper Industries, Inc. (Industrial Conglomerates), Callable 8/15/22 @ 100.00		3.13		11/15/22		35
	190	Roper Technologies, Inc. (Industrial Conglomerates), Callable 9/15/25 @ 100.00		3.85		12/15/25		194
	215	Ryder System, Inc., MTN (Road & Rail), Callable 8/1/21 @ 100.00		2.25		9/1/21		212
	115	Ryder System, Inc. (Road & Rail), Callable 2/1/22 @ 100.00		2.80		3/1/22		115
	50	Ryder System, Inc. (Road & Rail), Callable 10/15/21 @ 100.00		3.45		11/15/21		50
	15	Sherwin-Williams Co. (The) (Chemicals), Callable 5/1/25 @ 100.00		3.45		8/1/25		15
	150	Southern Company Gas Capital Corp. (Electric Utilities), Callable 8/1/23 @ 100.00		2.45		10/1/23		146
	60	Southwest Airlines Co. (Airlines), Callable 8/15/26 @ 100.00		3.00		11/15/26		58
	153	Southwest Airlines Co., Series 2017-1 (Airlines)		6.15		2/1/24		162
	255	Sunoco Logistics Partners LP (Oil, Gas & Consumable Fuels), Callable 10/15/22 @ 100.00		3.45		1/15/23		255
	135	Sunoco Logistics Partners LP (Oil, Gas & Consumable Fuels), Callable 7/15/42 @ 100.00		4.95		1/15/43		126
	190	SunTrust Banks, Inc. (Banks), Callable 12/27/21 @ 100.00		2.70		1/27/22		189
	150	TCI Communications, Inc. (Media)		7.88		2/15/26		190
	45	The Home Depot, Inc. (Specialty Retail)		5.88		12/16/36		57

HC CAPITAL TRUST

The Core Fixed Income Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		Corporate Bonds (continued)
$	205	The Sherwin-Williams Co. (Chemicals), Callable 4/1/24 @ 100.00		3.13		6/1/24	$	203
	170	The Travelers Companies, Inc. (Insurance)		6.25		6/15/37		225
	250	Thermo Fisher Scientific, Inc. (Life Sciences Tools & Services), Callable 11/1/23 @ 100.00		4.15		2/1/24		261
	115	Toyota Motor Credit Corp., MTN (Consumer Finance)		2.90		4/17/24		116
	95	Union Pacific Corp. (Road & Rail), Callable 6/10/28 @ 100.00		3.95		9/10/28		100
	5	United Parcel Service, Inc. (Air Freight & Logistics)		6.20		1/15/38		6
	50	United Technologies Corp. (Aerospace & Defense)		4.50		6/1/42		52
	75	UnitedHealth Group, Inc. (Health Care Providers & Services), Callable 5/15/41 @ 100.00		4.63		11/15/41		82
	85	UnitedHealth Group, Inc. (Health Care Providers & Services)		4.75		7/15/45		96
	110	Valero Energy Corp. (Oil, Gas & Consumable Fuels)		6.63		6/15/37		136
	40	Ventas Realty LP (Equity Real Estate Investment Trusts), Callable 5/15/22 @ 100.00		3.25		8/15/22		40
	175	Ventas Realty LP (Equity Real Estate Investment Trusts), Callable 11/1/24 @ 100.00		3.50		2/1/25		175
	515	Verizon Communications, Inc. (Diversified Telecommunication Services), Callable 9/3/29 @ 100.00		4.02		12/3/29		532
	120	Verizon Communications, Inc. (Diversified Telecommunication Services)		5.01		8/21/54		129
	80	Virginia Electric & Power Co. (Electric Utilities), Callable 2/15/43 @ 100.00		4.65		8/15/43		87
	60	Walmart, Inc. (Food & Staples Retailing)		5.63		4/1/40		76
	40	Walt Disney Co. (The) (Entertainment), Callable 3/15/44 @ 100.00		4.75		9/15/44		46
	105	Walt Disney Co. (The) (Entertainment)		6.20		12/15/34		137
	140	Wells Fargo & Co., MTN (Banks)		2.63		7/22/22		139
	470	Wells Fargo & Co. (Banks)		3.00		2/19/25		465
	35	Wells Fargo & Co. (Banks)		3.30		9/9/24		35
	120	Wells Fargo & Co., MTN (Banks)		4.60		4/1/21		124
	250	WestRock Co. (Containers & Packaging)		4.90		3/1/22		261
	55	Westvaco Corp. (Containers & Packaging)		8.20		1/15/30		72
	100	XTO Energy, Inc. (Oil, Gas & Consumable Fuels)		6.75		8/1/37		140
		Total Corporate Bonds						22,568
		U.S. Treasury Obligations — 31.35%
	117	U.S. Treasury Bond		2.25		8/15/46		105
	125	U.S. Treasury Bond		2.50		5/15/46		118
	170	U.S. Treasury Bond		2.50		2/15/46		160
	60	U.S. Treasury Bond		2.50		2/15/45		57
	25	U.S. Treasury Bond		2.75		8/15/47		25
	160	U.S. Treasury Bond		2.75		11/15/47		158
	58	U.S. Treasury Bond		2.75		8/15/42		58
	79	U.S. Treasury Bond		2.75		11/15/42		79
	115	U.S. Treasury Bond		2.88		11/15/46		117
	110	U.S. Treasury Bond		2.88		8/15/45		112
	125	U.S. Treasury Bond		2.88		5/15/43		127
	80	U.S. Treasury Bond		3.00		2/15/49		83
	75	U.S. Treasury Bond		3.00		11/15/45		78
	120	U.S. Treasury Bond		3.00		11/15/44		125
	44	U.S. Treasury Bond		3.00		5/15/42		46
	160	U.S. Treasury Bond		3.00		2/15/47		166
	100	U.S. Treasury Bond		3.00		5/15/47		104
	50	U.S. Treasury Bond		3.00		2/15/48		52
	160	U.S. Treasury Bond		3.00		5/15/45		166
	105	U.S. Treasury Bond		3.00		8/15/48		109
	90	U.S. Treasury Bond		3.13		2/15/43		96
	15	U.S. Treasury Bond		3.13		11/15/41		16
	67	U.S. Treasury Bond		3.13		2/15/42		71
	80	U.S. Treasury Bond		3.13		5/15/48		85
	115	U.S. Treasury Bond		3.13		8/15/44		122
	75	U.S. Treasury Bond		3.38		5/15/44		83
	50	U.S. Treasury Bond		3.38		11/15/48		56
	75	U.S. Treasury Bond		3.63		8/15/43		86
	115	U.S. Treasury Bond		3.63		2/15/44		133
	120	U.S. Treasury Bond		3.75		11/15/43		141
	53	U.S. Treasury Bond		3.75		8/15/41		62

HC CAPITAL TRUST

The Core Fixed Income Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Treasury Obligations (continued)
$	10	U.S. Treasury Bond		3.88		8/15/40	$	12
	40	U.S. Treasury Bond		4.25		11/15/40		50
	35	U.S. Treasury Bond		4.38		5/15/41		45
	60	U.S. Treasury Bond		4.38		5/15/40		76
	35	U.S. Treasury Bond		4.38		11/15/39		45
	25	U.S. Treasury Bond		4.38		2/15/38		32
	10	U.S. Treasury Bond		4.50		2/15/36		13
	20	U.S. Treasury Bond		4.50		8/15/39		26
	20	U.S. Treasury Bond		4.63		2/15/40		26
	70	U.S. Treasury Bond		4.75		2/15/41		94
	40	U.S. Treasury Bond		5.00		5/15/37		54
	20	U.S. Treasury Bond		5.25		2/15/29		25
	55	U.S. Treasury Bond		5.38		2/15/31		72
	25	U.S. Treasury Bond		6.00		2/15/26		31
	25	U.S. Treasury Bond		6.13		8/15/29		33
	35	U.S. Treasury Bond		6.13		11/15/27		45
	35	U.S. Treasury Bond		6.25		5/15/30		48
	50	U.S. Treasury Bond		6.38		8/15/27		65
	15	U.S. Treasury Bond		6.50		11/15/26		19
	17	U.S. Treasury Bond		7.50		11/15/24		22
	15	U.S. Treasury Bond		7.63		2/15/25		19
	40	U.S. Treasury Bond		8.00		11/15/21		46
	65	U.S. Treasury Note		1.13		4/30/20		64
	105	U.S. Treasury Note		1.13		8/31/21		102
	80	U.S. Treasury Note		1.13		9/30/21		78
	100	U.S. Treasury Note		1.25		3/31/21		98
	50	U.S. Treasury Note		1.38		5/31/20		49
	125	U.S. Treasury Note		1.38		8/31/23		121
	20	U.S. Treasury Note		1.38		9/15/20		20
	155	U.S. Treasury Note		1.38		10/31/20		153
	155	U.S. Treasury Note		1.38		9/30/20		153
	50	U.S. Treasury Note		1.38		8/31/20		49
	100	U.S. Treasury Note		1.38		4/30/21		98
	80	U.S. Treasury Note		1.38		1/31/21		79
	70	U.S. Treasury Note		1.38		6/30/23		68
	100	U.S. Treasury Note		1.38		5/31/21		98
	50	U.S. Treasury Note		1.38		9/30/23		48
	80	U.S. Treasury Note		1.50		1/31/22		78
	50	U.S. Treasury Note		1.50		8/15/20		49
	100	U.S. Treasury Note		1.50		7/15/20		99
	105	U.S. Treasury Note		1.50		2/28/23		102
	100	U.S. Treasury Note		1.50		3/31/23		97
	100	U.S. Treasury Note		1.50		5/15/20		99
	105	U.S. Treasury Note		1.50		5/31/20		104
	110	U.S. Treasury Note		1.50		6/15/20		109
	100	U.S. Treasury Note		1.50		4/15/20		99
	45	U.S. Treasury Note		1.50		8/15/26		42
	80	U.S. Treasury Note		1.63		5/31/23		78
	100	U.S. Treasury Note		1.63		6/30/20		99
	110	U.S. Treasury Note		1.63		7/31/20		109
	100	U.S. Treasury Note		1.63		10/31/23		97
	35	U.S. Treasury Note		1.63		10/15/20		35
	120	U.S. Treasury Note		1.63		2/15/26		115
	102	U.S. Treasury Note		1.63		11/15/22		100
	185	U.S. Treasury Note		1.63		5/15/26		177
	155	U.S. Treasury Note		1.63		11/30/20		153
	100	U.S. Treasury Note		1.63		4/30/23		98
	65	U.S. Treasury Note		1.63		8/15/22		64
	115	U.S. Treasury Note		1.75		4/30/22		113
	85	U.S. Treasury Note		1.75		2/28/22		84
	95	U.S. Treasury Note		1.75		10/31/20		94
	130	U.S. Treasury Note		1.75		11/30/21		128
	85	U.S. Treasury Note		1.75		3/31/22		84
	60	U.S. Treasury Note		1.75		12/31/20		59
	90	U.S. Treasury Note		1.75		5/15/22		89
	110	U.S. Treasury Note		1.75		9/30/22		108

HC CAPITAL TRUST

The Core Fixed Income Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Treasury Obligations (continued)
$	80	U.S. Treasury Note		1.75		1/31/23	$	79
	164	U.S. Treasury Note		1.75		5/15/23		161
	100	U.S. Treasury Note		1.88		3/31/22		99
	125	U.S. Treasury Note		1.88		4/30/22		124
	85	U.S. Treasury Note		1.88		8/31/22		84
	50	U.S. Treasury Note		1.88		2/28/22		50
	90	U.S. Treasury Note		1.88		9/30/22		89
	105	U.S. Treasury Note		1.88		1/31/22		104
	110	U.S. Treasury Note		1.88		11/30/21		109
	70	U.S. Treasury Note		1.88		10/31/22		69
	65	U.S. Treasury Note		1.88		7/31/22		64
	85	U.S. Treasury Note		1.88		5/31/22		84
	100	U.S. Treasury Note		2.00		2/28/21		99
	80	U.S. Treasury Note		2.00		8/31/21		80
	10	U.S. Treasury Note		2.00		1/15/21		10
	65	U.S. Treasury Note		2.00		9/30/20		65
	50	U.S. Treasury Note		2.00		7/31/20		50
	60	U.S. Treasury Note		2.00		10/31/21		60
	100	U.S. Treasury Note		2.00		10/31/22		99
	100	U.S. Treasury Note		2.00		5/31/21		99
	25	U.S. Treasury Note		2.00		11/30/20		25
	195	U.S. Treasury Note		2.00		2/15/25		191
	195	U.S. Treasury Note		2.00		8/15/25		191
	95	U.S. Treasury Note		2.00		7/31/22		94
	185	U.S. Treasury Note		2.00		11/15/26		180
	125	U.S. Treasury Note		2.00		5/31/24		124
	125	U.S. Treasury Note		2.00		6/30/24		123
	150	U.S. Treasury Note		2.00		11/30/22		149
	110	U.S. Treasury Note		2.00		12/31/21		109
	145	U.S. Treasury Note		2.00		11/15/21		144
	170	U.S. Treasury Note		2.00		2/15/23		169
	100	U.S. Treasury Note		2.00		2/15/22		99
	120	U.S. Treasury Note		2.00		4/30/24		119
	90	U.S. Treasury Note		2.13		11/30/23		90
	110	U.S. Treasury Note		2.13		12/31/22		110
	45	U.S. Treasury Note		2.13		7/31/24		45
	145	U.S. Treasury Note		2.13		5/15/25		144
	35	U.S. Treasury Note		2.13		11/30/24		35
	65	U.S. Treasury Note		2.13		9/30/21		65
	30	U.S. Treasury Note		2.13		1/31/21		30
	105	U.S. Treasury Note		2.13		2/29/24		104
	70	U.S. Treasury Note		2.13		6/30/21		70
	70	U.S. Treasury Note		2.13		3/31/24		70
	45	U.S. Treasury Note		2.13		8/15/21		45
	80	U.S. Treasury Note		2.13		8/31/20		80
	105	U.S. Treasury Note		2.13		12/31/21		105
	90	U.S. Treasury Note		2.13		6/30/22		90
	40	U.S. Treasury Note		2.25		7/31/21		40
	180	U.S. Treasury Note		2.25		3/31/21		180
	85	U.S. Treasury Note		2.25		2/15/21		85
	185	U.S. Treasury Note		2.25		8/15/27		182
	225	U.S. Treasury Note		2.25		2/15/27		222
	40	U.S. Treasury Note		2.25		10/31/24		40
	175	U.S. Treasury Note		2.25		11/15/27		173
	80	U.S. Treasury Note		2.25		12/31/24		80
	195	U.S. Treasury Note		2.25		11/15/25		193
	80	U.S. Treasury Note		2.25		3/31/26		80
	150	U.S. Treasury Note		2.25		11/15/24		150
	80	U.S. Treasury Note		2.25		12/31/23		80
	80	U.S. Treasury Note		2.25		1/31/24		80
	110	U.S. Treasury Note		2.38		1/31/23		111
	100	U.S. Treasury Note		2.38		2/29/24		101
	95	U.S. Treasury Note		2.38		3/15/22		95
	70	U.S. Treasury Note		2.38		12/31/20		70
	100	U.S. Treasury Note		2.38		8/15/24		101
	175	U.S. Treasury Note		2.38		5/15/27		175

HC CAPITAL TRUST

The Core Fixed Income Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Treasury Obligations (continued)
$	90	U.S. Treasury Note		2.38		4/15/21	$	90
	10	U.S. Treasury Note		2.38		3/15/21		10
	90	U.S. Treasury Note		2.50		1/31/25		91
	50	U.S. Treasury Note		2.50		3/31/23		51
	110	U.S. Treasury Note		2.50		2/28/21		110
	100	U.S. Treasury Note		2.50		5/31/20		100
	85	U.S. Treasury Note		2.50		2/28/26		86
	50	U.S. Treasury Note		2.50		1/15/22		50
	50	U.S. Treasury Note		2.50		1/31/24		51
	150	U.S. Treasury Note		2.50		6/30/20		150
	110	U.S. Treasury Note		2.50		12/31/20		110
	127	U.S. Treasury Note		2.50		8/15/23		128
	105	U.S. Treasury Note		2.50		2/15/22		106
	105	U.S. Treasury Note		2.50		5/15/24		106
	110	U.S. Treasury Note		2.50		1/31/21		110
	110	U.S. Treasury Note		2.63		2/28/23		112
	105	U.S. Treasury Note		2.63		12/15/21		106
	130	U.S. Treasury Note		2.63		7/15/21		131
	90	U.S. Treasury Note		2.63		7/31/20		90
	100	U.S. Treasury Note		2.63		3/31/25		102
	85	U.S. Treasury Note		2.63		1/31/26		87
	175	U.S. Treasury Note		2.63		2/15/29		178
	90	U.S. Treasury Note		2.63		12/31/25		92
	95	U.S. Treasury Note		2.63		5/15/21		96
	100	U.S. Treasury Note		2.63		12/31/23		102
	100	U.S. Treasury Note		2.63		8/31/20		100
	95	U.S. Treasury Note		2.63		6/15/21		96
	105	U.S. Treasury Note		2.63		6/30/23		107
	100	U.S. Treasury Note		2.63		11/15/20		100
	80	U.S. Treasury Note		2.75		2/15/28		82
	90	U.S. Treasury Note		2.75		2/28/25		92
	105	U.S. Treasury Note		2.75		8/31/23		107
	95	U.S. Treasury Note		2.75		8/15/21		96
	90	U.S. Treasury Note		2.75		6/30/25		92
	105	U.S. Treasury Note		2.75		9/30/20		106
	110	U.S. Treasury Note		2.75		11/30/20		111
	95	U.S. Treasury Note		2.75		5/31/23		97
	100	U.S. Treasury Note		2.75		2/15/24		102
	90	U.S. Treasury Note		2.75		7/31/23		92
	85	U.S. Treasury Note		2.75		8/31/25		87
	100	U.S. Treasury Note		2.75		9/15/21		101
	95	U.S. Treasury Note		2.75		11/15/23		97
	45	U.S. Treasury Note		2.75		4/30/23		46
	100	U.S. Treasury Note		2.88		11/15/21		102
	90	U.S. Treasury Note		2.88		11/30/25		93
	50	U.S. Treasury Note		2.88		10/31/23		51
	75	U.S. Treasury Note		2.88		7/31/25		78
	80	U.S. Treasury Note		2.88		10/31/20		81
	100	U.S. Treasury Note		2.88		10/15/21		102
	105	U.S. Treasury Note		2.88		9/30/23		108
	125	U.S. Treasury Note		2.88		8/15/28		130
	90	U.S. Treasury Note		2.88		5/31/25		93
	140	U.S. Treasury Note		2.88		5/15/28		146
	90	U.S. Treasury Note		2.88		4/30/25		93
	110	U.S. Treasury Note		2.88		11/30/23		113
	85	U.S. Treasury Note		3.00		9/30/25		89
	115	U.S. Treasury Note		3.13		11/15/28		122
	50	U.S. Treasury Note		3.13		5/15/21		51
	85	U.S. Treasury Note		3.13		10/31/25		89
	150	U.S. Treasury Note		3.50		5/15/20		152
	100	U.S. Treasury Note		3.63		2/15/21		102
		Total U.S. Treasury Obligations						20,601
		Yankee Dollars — 6.06%
	100	America Movil SAB de CV (Wireless Telecommunication Services)		5.00		3/30/20		102
	85	America Movil SAB de CV (Wireless Telecommunication Services)		6.13		11/15/37		105

HC CAPITAL TRUST

The Core Fixed Income Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Principal Amount (000)			Security Description	Rate %			Maturity Date		Value (000)
			Yankee Dollars (continued)
$	100		Aptiv PLC (Auto Components), Callable 10/15/25 @ 100.00		4.25			1/15/26	$	103
	25		Bank of Nova Scotia (Banks)		1.85			4/14/20		25
	45		BHP Billiton Ltd. (Metals & Mining)		5.00			9/30/43		53
	185		BP Capital Markets PLC (Diversified Financial Services)		3.54			11/4/24		191
	114		British Telecommunications PLC (Diversified Telecommunication Services)		9.63			12/15/30		163
	155		Canadian Natural Resources Ltd. (Oil, Gas & Consumable Fuels), Callable 12/15/22 @ 100.00		2.95			1/15/23		154
	120		Canadian Natural Resources Ltd. (Oil, Gas & Consumable Fuels), Callable 8/15/21 @ 100.00		3.45			11/15/21		121
	50		Canadian Natural Resources Ltd. (Oil, Gas & Consumable Fuels), Callable 3/1/27 @ 100.00		3.85			6/1/27		50
	270		Canadian Pacific Railway Co. (Road & Rail), Callable 12/15/22 @ 100.00		4.45			3/15/23		283
	105		Deutsche Telekom International Finance BV (Diversified Telecommunication Services)		8.75	(b)		6/15/30		145
	90		Diageo Capital PLC (Diversified Financial Services)		5.88			9/30/36		112
	210		HSBC Holdings PLC (Banks)		4.00			3/30/22		217
	200		HSBC Holdings PLC (Banks)		5.10			4/5/21		208
	120		HSBC Holdings PLC (Banks)		6.80			6/1/38		154
	140		Iberdrola International BV (Electric Utilities)		5.81			3/15/25		155
	145		Iberdrola International BV (Electric Utilities)		6.75			7/15/36		181
	40		LYB International Finance II BV (Chemicals), Callable 12/2/26 @ 100.00		3.50			3/2/27		38
	25		LyondellBasell Industries N.V. (Chemicals)		4.00			7/15/23		26
	35		LyondellBasell Industries N.V. (Chemicals), Callable 8/26/54 @ 100.00		4.63			2/26/55		32
	105		Orange SA (Diversified Telecommunication Services)		9.00			3/1/31		152
	90		Shell International Finance BV (Oil, Gas & Consumable Fuels)		4.13			5/11/35		96
	170		Shell International Finance BV (Oil, Gas & Consumable Fuels)		6.38			12/15/38		231
	105		Statoil ASA (Oil, Gas & Consumable Fuels)		5.10			8/17/40		124
	55		Telefonica Emisiones SAU (Diversified Telecommunication Services)		5.13			4/27/20		56
	35		Telefonica Emisiones SAU (Diversified Telecommunication Services)		5.46			2/16/21		37
	75		Telefonica Emisiones SAU (Diversified Telecommunication Services)		7.05			6/20/36		91
	240		TransCanada PipeLines Ltd. (Oil, Gas & Consumable Fuels), Callable 2/15/28 @ 100.00		4.25			5/15/28		250
	140		TransCanada PipeLines Ltd. (Oil, Gas & Consumable Fuels)		6.10			6/1/40		166
	20		TransCanada PipeLines Ltd. (Oil, Gas & Consumable Fuels)		6.20			10/15/37		24
	35		Vodafone Group PLC (Wireless Telecommunication Services)		5.00			5/30/38		35
	90		Vodafone Group PLC (Wireless Telecommunication Services)		6.15			2/27/37		100
			Total Yankee Dollars							3,980
Shares
			Investment Companies — 5.58%
	368,870		State Street Institutional Treasury Money Market Fund, Premier Class		2.36	(c)				369
	3,300,810		State Street Institutional Treasury Plus Money Market Fund, Premier Class		2.30	(c)				3,301
			Total Investment Companies							3,670
			Total Investments Before TBA Sale Commitments (cost $66,821) — 102.76%							67,534
Principal Amount (000)
			TBA Sale Commitments (d) — (0.12)%
$	(75	)	Freddie Mac, Gold 30 YR TBA		5.50			4/15/49		(80	)
			Total TBA Sale Commitments							(80	)
			Liabilities in excess of other assets — (2.64)%							(1,736	)
			Net Assets — 100.00%						$	65,718

Amounts designated as “—” are $0 or have been rounded to $0.

(a) The rate for certain asset-backed and mortgage-backed securities may vary based on factors relating to the pool of assets underlying the security. The rate disclosed is the rate in effect on March 31, 2019.

HC CAPITAL TRUST

The Core Fixed Income Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

(b) Step Bond: Coupon rate is set for an initial period and then increased to a higher coupon rate at a specified date. The rate disclosed is the rate in effect at March 31, 2019.

(c) The rate disclosed is the rate in effect on March 31, 2019.

(d) Represents a “to be announced” transaction. The Portfolio has committed to sell securities for which all specific information is not available at this time.

MTN — Medium Term Note

TBA — To Be Announced purchase or sale commitment. Security is subject to delayed delivery

The following table reflects the percentage of total net assets of the Portfolio attributable to each Specialist Manager as of March 31, 2019.

The Core Fixed Income Portfolio	Agincourt Capital Management, LLC			Mellon Investments Corporation*			HC Capital Solutions			Total
Asset Backed Securities		—			0.47	%		—			0.47	%
Collateralized Mortgage Obligations		—			1.48	%		—			1.48	%
U.S. Government Agency Mortgages		—			22.41	%		—			22.41	%
U.S. Government Agency Securities		—			1.07	%		—			1.07	%
Corporate Bonds		34.35	%		—			—			34.35	%
U.S. Treasury Obligations		—			31.35	%		—			31.35	%
Yankee Dollars		6.02	%		0.03	%		—			6.05	%
Investment Companies		0.56	%		3.29	%		1.73	%		5.58	%
TBA Sale Commitments		—			-0.12	%		—			-0.12	%
Other Assets (Liabilities)		0.26	%		-2.88	%		-0.02	%		-2.64	%
Total Net Assets		41.19	%		57.10	%		1.71	%		100.00	%

* Formerly BNY Mellon Asset Management North America Corporation.

Amounts designated as “—” indicate the Specialist Manager did not manage any holdings in that category.

HC CAPITAL TRUST

The Fixed Income Opportunity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %	Maturity Date		Value (000)
		Asset Backed Securities — 1.90%
$	2,406	Ajax Mortgage Loan Trust, Series 17-A, Class A (a)	3.47(b)		4/25/57	$	2,394
	1,406	Dividend Solar Loans LLC, Series 17-1, Class B, Callable 8/20/30 @ 100.00 (a)	5.25		3/22/38		1,422
	1,649	Legacy Mortgage Asset Trust, Series 19-GS1, Class A1, Callable 2/25/22 @ 100.00 (a)	4.00(b)		1/25/59		1,659
	2,140	Legacy Mortgage Asset Trust, Series 19-GS2, Class A2 (a)	4.25(b)		1/25/59		2,083
	721	Mill City Mortgage Trust, Series 2016-1, Class B2, Callable 1/25/29 @ 100.00 (a)	3.99(b)		4/25/57		676
	1,537	Mill City Mortgage Trust, Series 2017-1, Class B2 (a)	3.77(b)		11/25/58		1,332
	2,122	Mill City Mortgage Trust, Series 2017-3, Class B2, Callable 11/25/43 @ 100.00 (a)	3.25(b)		1/25/61		1,687
	1,214	Upgrade Receivables Trust, Series 19-1A, Class C, Callable 11/15/22 @ 100.00 (a)	5.15		3/15/25		1,228
		Total Asset Backed Securities					12,481
		Collateralized Mortgage Obligations — 19.52%
	5,213	BAMLL, Series 2016-GG10, Class AJA (a)	5.78(b)		8/10/45		3,667
	2,070	BAMLL Commercial Mortgage Securities Trust, Series 2014-FL1, Class E (a)	4.33 (US0001M + 550.00 bps)(c)		12/15/31		2,030
	3,000	BX Trust, Series 2017-IMC, Class G (a)	7.98 (LIBOR01M + 550.00 bps)(c)		10/15/32		2,981
	1,209	Citigroup Mortgage Loan Trust, Inc., Series 2005-5, Class 1A4, Callable 4/25/19 @ 100.00	4.42(b)		8/25/35		1,124
	6,321	Connecticut Avenue Securities, Series 2016-C02, Class 1B, Callable 3/25/26 @ 100.00 (a)	14.74 (US0001M + 1225.00 bps)(c)		9/25/28		9,000
	1,408	Connecticut Avenue Securities, Series 2016-C03, Class 1B, Callable 4/25/26 @ 100.00 (a)	14.24 (US0001M + 1175.00 bps)(c)		10/25/28		1,958
	561	Cosmopolitan Mortgage Trust, Series 2017-CSMO, Class E (a)	5.48 (LIBOR01M + 300.00 bps)(c)		11/15/36		562
	1,834	Countrywide Home Loans Mortgage Pass-Through Trust, Series 2007-1, Class A2, Callable 4/25/19 @ 100.00	6.00		3/25/37		1,479
	3,000	Credit Suisse Commercial Mortgage Securities, Series 2018-TOP, Class G (a)	5.73 (LIBOR01M + 325.00 bps)(c)		8/15/35		2,929
	1,492	Credit Suisse Mortgage Trust, Series 2017-RPL1, Class B1, Callable 4/25/52 @ 100.00 (a)	3.09(b)		7/25/57		1,069
	1,712	Credit Suisse Mortgage Trust, Series 2017-RPL1, Class B2, Callable 4/25/52 @ 100.00 (a)	3.09(b)		7/25/57		985
	1,455	Credit Suisse Mortgage Trust, Series 2017-RPL1, Class B3, Callable 4/25/52 @ 100.00 (a)	3.09(b)		7/25/57		660
	1,675	Credit Suisse Mortgage Trust, Series 2017-RPL1, Class B4, Callable 4/25/52 @ 100.00 (a)	3.09(b)		7/25/57		231
	1,589	Credit Suisse Mortgage Trust, Series 2007-C5, Class AM	5.87		9/15/40		1,192
	1,500	Credit Suisse Mortgage Trust, Series 2019-SKLZ, Class D (a)	6.08 (LIBOR01M + 360.00 bps)(c)		1/15/34		1,514
	5,000	Credit Suisse Mortgage Trust, Series 2018-PLUM, Class B (a)	7.48 (LIBOR01M + 500.00 bps)(c)		8/15/20		5,007
	3,896	Credit Suisse Mortgage Trust, Series 2015-LHMZ, Class MZ (a)	8.93(b)		7/6/20		3,907
	1,500	Credit Suisse Mortgage Trust, Series 2017-CHOP, Class H (a)	10.10 (LIBOR01M + 762.00 bps)(c)		7/15/32		1,498
	2,100	DBUBS Mortgage Trust, Series 2011-LC3A, Class G (a)	3.75		8/10/44		1,400
	2,175	Downey Savings And Loan Association Mortgage Loan Trust, Series 2001-AR1, Class 1A1B, Callable 1/19/35 @ 100.00	2.62 (US0001M + 14.00 bps)(c)		4/19/47		1,949
	4,678	FRESB Mortgage Trust, Series 2018-SB48, Class B, Callable 1/1/28 @ 100.00 (a)	3.68 (LIBOR06M + 367.72 bps)(c)		2/25/38		3,633
	2,260	GE Commercial Mortgage Corp. Trust, Series 2007-C1, Class AJ	5.44(b)		12/10/49		520
	4,850	GS Mortgage Securities Corp. II, Series 2018-SRP5, Class D (a)	8.48 (LIBOR01M + 600.00 bps)(c)		9/15/31		4,820
	1,466	Helios Issuer LLC, Series 2018-1A, Class B, Callable 1/20/29 @ 100.00 (a)	7.71		7/20/48		1,466
	6,070	JPMorgan Chase Commercial Mortgage Securities Corp., Series 2007-LDPX, Class AJ, Callable 2/11/22 @ 100.00	5.32(b)		1/15/49		1,245
	2,669	JPMorgan Chase Commercial Mortgage Securities Corp., Series 2007-CB19, Class AJ	5.61(b)		2/12/49		1,895
	2,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2018-PHMZ, Class M (a)	10.69 (LIBOR01M + 820.77 bps)(c)		6/15/35		1,988

HC CAPITAL TRUST

The Fixed Income Opportunity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %	Maturity Date		Value (000)
		Collateralized Mortgage Obligations (continued)
$	853	Lone Star Portfolio Trust, Series 2015-LSP, Class E (a)	8.33 (US0001M + 560.00 bps)(c)		9/15/28	$	859
	4,010	Lone Star Portfolio Trust, Series 2015-LSP, Class F (a)	9.63 (LIBOR01M + 690.00 bps)(c)		9/15/28		4,025
	2,550	LSTAR Securities Investment Trust, Series 2019-1, Class A1 (a)	4.19 (US0001M + 170.00 bps)(c)		3/1/24		2,550
	1,091	Motel 6 Trust, Series 2017-MTL6, Class F (a)	6.73 (LIBOR01M + 425.00 bps)(c)		8/15/34		1,095
	1,905	Multifamily Trust, Series 2016-1, Class B (a)	11.16 (US0003M + 113.00 bps)(c)		4/25/46		1,932
	1,704	New Residential Mortgage Loan Trust, Series 2019-RPL1, Class A1, Callable 2/25/22 @ 100.00 (a)	4.33(b)		2/26/24		1,718
	2,550	PMT Credit Risk Transfer Trust, Series 2019-1R, Class A, Callable 3/25/20 @ 100.00 (a)	4.48 (US0001M + 200.00 bps)(c)		3/27/24		2,556
	2,664	RBSGC Mortgage Loan Trust, Series 2005-A, Class 4A, Callable 8/25/25 @ 100.00	6.00		4/25/35		2,603
	1,000	RETL, Series 2019-RVP, Class C (a)	4.58 (LIBOR01M + 210.00 bps)(c)		3/15/36		1,001
	145,386	Seasoned Credit Risk Transfer, Series 2016-1, Class XSIO, Callable 10/25/47 @ 100.00	0.07(b)		9/25/55		505
	19,222	Seasoned Credit Risk Transfer, Series 2016-1, Class BIO, Callable 10/25/47 @ 100.00	1.10(b)		9/25/55		1,973
	1,220	Seasoned Credit Risk Transfer, Series 2017-2, Class M1, Callable 1/25/48 @ 100.00 (a)	4.00(b)		8/25/56		1,198
	1,960	Seasoned Credit Risk Transfer, Series 2017-1, Class M1, Callable 12/25/47 @ 100.00 (a)	4.00(b)		1/25/56		1,931
	1,850	Seasoned Credit Risk Transfer, Series 2019-1, Class M, Callable 1/25/48 @ 100.00 (a)	4.75(b)		7/25/58		1,683
	8,092	Seasoned Credit Risk Transfer, Series 2016-1, Class B, Callable 10/25/47 @ 100.00	6.61		9/25/55		730
	2,000	Starwood Retail Property Trust, Series 2014-STAR, Class D (a)	5.73 (LIBOR01M + 325.00 bps)(c)		11/15/27		1,780
	11,945	Structured Agency Credit Risk Debt Notes, Series 2015-DNA3, Class B, Callable 10/25/25 @ 100.00	11.84 (US0001M + 935.00 bps)(c)		4/25/28		15,394
	4,477	Structured Agency Credit Risk Debt Notes, Series 2016-DNA1, Class B, Callable 1/25/26 @ 100.00	12.49 (US0001M + 1000.00 bps)(c)		7/25/28		5,971
	2,527	Tharaldson Hotel Portfolio Trust, Series 2018-THL, Class G (a)	8.83 (US0001M + 635.00 bps)(c)		11/11/34		2,492
	1,684	Tharaldson Hotel Portfolio Trust, Series 2018-THL, Class H (a)	12.28 (US0001M + 980.00 bps)(c)		11/11/34		1,663
	4,726	UBS-Barclays Commercial Mortgage Trust, Series 2012-C2, Class G (a)	4.89(b)		5/10/63		3,563
	8,192	UBS-Barclays Commercial Mortgage Trust, Series 2012-C2, Class H (a)	4.89(b)		5/10/63		4,753
	4,678	Upgrade Pass-Through Trust, Series 2018-7, Class A (a)	14.78		1/15/25		4,701
	1,130	Wachovia Bank Commercial Mortgage Trust, Series 2007-C33, Class AJ	5.86(b)		2/15/51		978
		Total Collateralized Mortgage Obligations					128,363
		U.S. Government Agency Mortgages — 4.09%
	1,140	Fannie Mae, Series 2017-C05, Class 1B1, Callable 7/25/27 @ 100.00 (a)	6.09 (US0001M + 360.00 bps)(c)		1/25/30		1,169
	5,550	Fannie Mae, Series 2017-C07, Class 1B1, Callable 11/25/27 @ 100.00 (a)	6.49 (US0001M + 400.00 bps)(c)		5/25/30		5,766
	3,190	Fannie Mae, Series 2018-R07, Class 1B1, Callable 10/25/28 @ 100.00 (a)	6.84 (US0001M + 435.00 bps)(c)		4/25/31		3,270
	530	Fannie Mae, Series 2017-C03, Class 1B1, Callable 4/25/27 @ 100.00 (a)	7.34 (US0001M + 485.00 bps)(c)		10/25/29		588
	1,498	Fannie Mae, Series 2016-C06, Class 1B, Callable 10/25/26 @ 100.00 (a)	11.74 (US0001M + 925.00 bps)(c)		4/25/29		1,854
	3,496	Fannie Mae, Series 2016-C04, Class 1B, Callable 7/25/26 @ 100.00 (a)	12.74 (US0001M + 1025.00 bps)(c)		1/25/29		4,550
	338	Fannie Mae, Series 2016-C01, Class 1B, Callable 2/25/26 @ 100.00 (a)	14.24 (US0001M + 1175.00 bps)(c)		8/25/28		467
	5,936	Freddie Mac, Series 2017-2, Class B, Callable 1/25/48 @ 100.00	0.00(b)		8/25/56		654
	254,496	Freddie Mac, Series 2017-2, Class XSIO, Callable 1/25/48 @ 100.00	0.07(b)		8/25/56		1,032
	8,943	Freddie Mac, Series 2017-2, Class BIO, Callable 1/25/48 @ 100.00	1.28(b)		8/25/56		965
	2,650	Freddie Mac, Series 2018-SPI4, Class B, Callable 11/25/35 @ 100.00 (a)	4.46(b)		11/25/48		1,317

HC CAPITAL TRUST

The Fixed Income Opportunity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %	Maturity Date		Value (000)
		U.S. Government Agency Mortgages (continued)
$	529	Freddie Mac, Series 2017-DNA1, Class B2, Callable 1/25/27 @ 100.00	12.49 (US0001M + 1000.00 bps)(c)		7/25/29	$	577
	1,090	Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2017-DNA2, Class B1, Callable 4/25/27 @ 100.00	7.64 (US0001M + 515.00 bps)(c)		10/25/29		1,231
	3,063	Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2017-DNA2, Class B2, Callable 4/25/27 @ 100.00	13.74 (US0001M + 1125.00 bps)(c)		10/25/29		3,489
		Total U.S. Government Agency Mortgages					26,929
		Corporate Bonds — 51.78%
	1,175	Acadia Healthcare Co., Inc. (Health Care Providers & Services), Callable 5/6/19 @ 102.56	5.13		7/1/22		1,178
	1,278	Acadia Healthcare Co., Inc. (Health Care Providers & Services), Callable 5/6/19 @ 102.81	5.63		2/15/23		1,286
	1,762	ACCO Brands Corp. (Commercial Services & Supplies), Callable 12/15/19 @ 103.94 (a)	5.25		12/15/24		1,727
	906	Ahern Rentals, Inc. (Trading Companies & Distributors), Callable 5/6/19 @ 105.53 (a)	7.38		5/15/23		835
	2,335	Albertsons Companies LLC (Food & Staples Retailing), Callable 9/15/19 @ 104.31	5.75		3/15/25		2,215
	1,076	Albertsons Companies LLC (Food & Staples Retailing), Callable 6/15/19 @ 104.97	6.63		6/15/24		1,087
	857	Albertsons Companies LLC (Food & Staples Retailing), Callable 3/15/22 @ 105.63 (a)	7.50		3/15/26		882
	111	Ally Financial, Inc. (Consumer Finance), Callable 10/21/25 @ 100.00	5.75		11/20/25		118
	2,029	Ally Financial, Inc. (Consumer Finance)	8.00		11/1/31		2,496
	509	AMC Networks, Inc. (Media), Callable 8/1/21 @ 102.38	4.75		8/1/25		505
	860	AMC Networks, Inc. (Media), Callable 4/1/20 @ 102.50	5.00		4/1/24		864
	1,522	American Builders & Contractors Supply Co., Inc. (Trading Companies & Distributors), Callable 5/15/21 @ 102.94 (a)	5.88		5/15/26		1,543
	1,048	AMN Healthcare, Inc. (Health Care Providers & Services), Callable 10/1/19 @ 103.84 (a)	5.13		10/1/24		1,034
	1,787	Amsted Industries, Inc. (Machinery), Callable 9/15/19 @ 102.69 (a)	5.38		9/15/24		1,760
	547	Aramark Services, Inc. (Commercial Services & Supplies), Callable 2/1/23 @ 102.50	5.00		2/1/28		545
	3,265	Ascent Resources Utica Holdings LLC/ARU Finance Corp. (Oil, Gas & Consumable Fuels), Callable 11/1/21 @ 103.50 (a)	7.00		11/1/26		3,138
	1,156	Avis Budget Car Rental LLC (Road & Rail), Callable 5/6/19 @ 101.83^	5.50		4/1/23		1,165
	2,696	Avon Products, Inc. (Personal Products)	6.60		3/15/20		2,749
	1,092	B&G Foods, Inc. (Food Products), Callable 4/1/20 @ 103.94	5.25		4/1/25		1,047
	733	Ball Corp. (Containers & Packaging), Callable 12/15/25 @ 100.00	4.88		3/15/26		756
	1,951	Bank of America Corp. (Banks), Callable 3/17/25 @ 100.00, Perpetual Bond (d)	6.10 (US0003M + 389.80 bps)(c)		12/29/49		2,064
	334	Bausch Health Americas, Inc. (Pharmaceuticals), Callable 7/31/22 @ 104.25 (a)	8.50		1/31/27		354
	1,177	Beacon Escrow Corp. (Trading Companies & Distributors), Callable 11/1/20 @ 102.44 (a)	4.88		11/1/25		1,118
	578	Block Communications, Inc. (Media), Callable 2/15/20 @ 103.44 (a)	6.88		2/15/25		599
	1,615	Blue Racer Midstream LLC/Blue Racer Finance Corp. (Oil, Gas & Consumable Fuels), Callable 5/6/19 @ 103.06 (a)	6.13		11/15/22		1,639
	2,639	Blue Racer Midstream LLC/Blue Racer Finance Corp. (Oil, Gas & Consumable Fuels), Callable 7/15/21 @ 104.97 (a)	6.63		7/15/26		2,692
	833	Booz Allen Hamilton, Inc. (IT Services), Callable 5/1/20 @ 102.56 (a)	5.13		5/1/25		831
	1,126	Brinker International, Inc. (Hotels, Restaurants & Leisure)	3.88		5/15/23		1,080
	1,110	Brinker International, Inc. (Hotels, Restaurants & Leisure), Callable 7/1/24 @ 100.00 (a)	5.00		10/1/24		1,088
	2,148	Building Materials Corp. of America (Building Products), Callable 11/15/19 @ 102.69 (a)	5.38		11/15/24		2,201
	1,268	Building Materials Corp. of America (Building Products), Callable 10/15/20 @ 103.00 (a)	6.00		10/15/25		1,328
	1,772	Cablevision Systems Corp. (Media)	5.88		9/15/22		1,852
	3,254	Calpine Corp. (Independent Power and Renewable Electricity Producers), Callable 6/1/21 @ 102.63 (a)	5.25		6/1/26		3,238
	2,161	Care Capital Properties WI (Equity Real Estate Investment Trusts), Callable 5/15/26 @ 100.00	5.13		8/15/26		2,117
	1,837	Carriage Services, Inc. (Diversified Consumer Services), Callable 6/1/21 @ 104.97 (a)	6.63		6/1/26		1,878

HC CAPITAL TRUST

The Fixed Income Opportunity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %	Maturity Date		Value (000)
		Corporate Bonds (continued)
$	459	CCO Holdings LLC/CCO Holdings Capital Corp. (Media), Callable 5/6/19 @ 101.71	5.13		2/15/23	$	467
	970	CCO Holdings LLC/CCO Holdings Capital Corp. (Media), Callable 5/6/19 @ 102.56 (a)	5.13		5/1/23		993
	1,281	CCO Holdings LLC/CCO Holdings Capital Corp. (Media), Callable 5/1/22 @ 102.56 (a)	5.13		5/1/27		1,289
	1,197	CCO Holdings LLC/CCO Holdings Capital Corp. (Media), Callable 5/1/20 @ 102.68 (a)	5.38		5/1/25		1,236
	1,010	CCO Holdings LLC/CCO Holdings Capital Corp. (Media), Callable 2/15/21 @ 102.88	5.75		2/15/26		1,058
	1,238	CDK Global, Inc. (Software), Callable 6/1/22 @ 102.44	4.88		6/1/27		1,236
	292	CDW LLC/CDW Finance (Electronic Equipment, Instruments & Components), Callable 5/6/19 @ 102.50	5.00		9/1/23		298
	905	CDW LLC/CDW Finance (Electronic Equipment, Instruments & Components), Callable 6/1/24 @ 100.00	5.50		12/1/24		952
	531	Cedar Fair LP/Canada’s Wonderland Co. (Hotels, Restaurants & Leisure), Callable 6/1/19 @ 102.69	5.38		6/1/24		542
	1,064	Central Garden & Pet Co. (Household Products), Callable 1/1/23 @ 102.56	5.13		2/1/28		976
	1,119	CenturyLink, Inc. (Diversified Telecommunication Services), Callable 1/1/25 @ 100.00	5.63		4/1/25		1,083
	1,079	CenturyLink, Inc., Series G (Diversified Telecommunication Services)	6.88		1/15/28		1,022
	2,693	CenturyLink, Inc., Series T (Diversified Telecommunication Services)	5.80		3/15/22		2,750
	1,299	Cheniere Corp. Christi HD (Oil, Gas & Consumable Fuels), Callable 10/2/24 @ 100.00	5.88		3/31/25		1,413
	1,211	Cheniere Corp. Christi HD (Oil, Gas & Consumable Fuels), Callable 1/1/24 @ 100.00	7.00		6/30/24		1,367
	1,806	Chesapeake Energy Corp. (Oil, Gas & Consumable Fuels), Callable 5/6/19 @ 101.22 ^	4.88		4/15/22		1,779
	1,763	Chesapeake Energy Corp. (Oil, Gas & Consumable Fuels)	5.75		3/15/23		1,715
	406	Chesapeake Energy Corp. (Oil, Gas & Consumable Fuels), Callable 4/1/21 @ 103.50	7.00		10/1/24		405
	1,233	CHS/Community Health Systems, Inc. (Health Care Providers & Services), Callable 3/31/20 @ 103.13	6.25		3/31/23		1,157
	2,355	Churchill Downs, Inc. (Hotels, Restaurants & Leisure), Callable 1/15/23 @ 102.38 (a)	4.75		1/15/28		2,240
	752	Clearway Energy Operating LLC (Independent Power and Renewable Electricity Producers), Callable 10/15/21 @ 102.88 (a)	5.75		10/15/25		755
	896	Commercial Metals Co. (Metals & Mining), Callable 2/15/23 @ 100.00	4.88		5/15/23		898
	2,170	Commercial Metals Co. (Metals & Mining), Callable 4/15/21 @ 102.88	5.75		4/15/26		2,165
	345	CommScope Finance LLC (Communications Equipment), Callable 3/1/21 @ 102.75 (a)	5.50		3/1/24		353
	1,268	CommScope Technologies LLC (Communications Equipment), Callable 3/15/22 @ 102.50	5.00		3/15/27		1,124
	1,483	CommScope, Inc. (Communications Equipment), Callable 6/15/19 @ 102.75 (a)	5.50		6/15/24		1,452
	1,564	CoreCivic, Inc. (Equity Real Estate Investment Trusts), Callable 7/15/27 @ 100.00	4.75		10/15/27		1,330
	1,756	Corrections Corp. of America (Equity Real Estate Investment Trusts), Callable 2/1/23 @ 100.00	4.63		5/1/23		1,695
	3,118	Corrections Corp. of America (Equity Real Estate Investment Trusts), Callable 7/15/22 @ 100.00	5.00		10/15/22		3,071
	1,196	Credit Acceptance Corp. (Consumer Finance), Callable 3/15/22 @ 103.31 (a)	6.63		3/15/26		1,214
	1,605	Credit Acceptance Corp. (Consumer Finance), Callable 5/6/19 @ 103.69	7.38		3/15/23		1,667
	1,398	Crown Americas LLC/Crown Americas Capital Corp. VI (Containers & Packaging), Callable 2/1/21 @ 103.56	4.75		2/1/26		1,405
	1,129	CSC Holdings LLC (Media)	5.25		6/1/24		1,146
	968	CSC Holdings LLC (Media), Callable 4/16/19 @ 104.03	5.38		7/15/23		986
	1,141	CSC Holdings LLC (Media), Callable 5/15/21 @ 102.75	5.50		5/15/26		1,173
	1,237	CSC Holdings LLC (Media), Callable 2/1/24 @ 103.25 (a)	6.50		2/1/29		1,317
	2,863	CSC Holdings LLC (Media), Callable 7/15/20 @ 103.88 (a)	7.75		7/15/25		3,071
	854	Cumberland Farms, Inc. (Food & Staples Retailing), Callable 5/1/20 @ 105.06 (a)	6.75		5/1/25		888
	1,603	CVR Partners/CVR Nitrogen (Chemicals), Callable 6/15/19 @ 104.63 (a)	9.25		6/15/23		1,679
	727	CyrusOne LP/CyrusOne Finance Corp. (Equity Real Estate Investment Trusts), Callable 3/15/22 @ 102.69	5.38		3/15/27		752

HC CAPITAL TRUST

The Fixed Income Opportunity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %	Maturity Date		Value (000)
		Corporate Bonds (continued)
$	1,703	DaVita, Inc. (Health Care Providers & Services), Callable 7/15/19 @ 102.56	5.13		7/15/24	$	1,682
	1,338	Delek Logistics Partners LP/Delek Logistics Finance Corp. (Oil, Gas & Consumable Fuels), Callable 5/15/20 @ 105.06	6.75		5/15/25		1,325
	2,465	Diamond 1 Finance/Diamond 2 (Technology Hardware, Storage & Peripherals), Callable 6/15/19 @ 105.34 (a)	7.13		6/15/24		2,613
	4,755	DISH DBS Corp. (Media)	5.88		7/15/22		4,601
	3,785	DISH DBS Corp. (Media)	6.75		6/1/21		3,901
	887	Downstream Development Authority of the Quapaw Tribe of Oklahoma (Capital Markets), Callable 2/15/20 @ 105.25 (a)	10.50		2/15/23		917
	1,419	EMC Corp. (Technology Hardware, Storage & Peripherals), Callable 3/1/23 @ 100.00	3.38		6/1/23		1,378
	318	Endeavor Energy Resources LP/EER Finance, Inc. (Oil, Gas & Consumable Fuels), Callable 1/30/23 @ 102.88 (a)	5.75		1/30/28		334
	1,190	Energy Transfer Operating LP (Oil, Gas & Consumable Fuels), Callable 3/1/27 @ 100.00	5.50		6/1/27		1,291
	601	Equinix, Inc. (Equity Real Estate Investment Trusts), Callable 5/15/22 @ 102.69	5.38		5/15/27		630
	1,162	ESH Hospitality, Inc. (Hotels, Restaurants & Leisure), Callable 5/1/20 @ 102.63 (a)	5.25		5/1/25		1,155
	1,077	Extraction Oil & Gas, Inc. (Oil, Gas & Consumable Fuels), Callable 2/1/21 @ 104.22	5.63		2/1/26		827
	1,575	First Quality Finance Co., Inc. (Personal Products), Callable 7/1/20 @ 103.75 (a)	5.00		7/1/25		1,532
	1,250	Ford Motor Credit Co. LLC (Consumer Finance), Callable 2/18/24 @ 100.00	5.58		3/18/24		1,267
	1,802	Fortress Transportation & Infrastructure Investors LLC (Trading Companies & Distributors), Callable 3/15/20 @ 105.06 (a)	6.75		3/15/22		1,834
	2,068	Freeport-McMoRan, Inc. (Metals & Mining), Callable 12/15/22 @ 100.00	3.88		3/15/23		2,038
	987	Freeport-McMoRan, Inc. (Metals & Mining), Callable 2/15/20 @ 103.44	6.88		2/15/23		1,046
	1,124	Frontier Communications Corp. (Diversified Telecommunication Services)^	8.50		4/15/20		1,099
	800	Frontier Communications Corp. (Diversified Telecommunication Services), Callable 4/1/21 @ 106.38 (a)	8.50		4/1/26		743
	1,065	Frontier Communications Corp. (Diversified Telecommunication Services), Callable 6/15/22 @ 100.00	10.50		9/15/22		812
	2,360	FTS International, Inc. (Energy Equipment & Services), Callable 5/6/19 @ 101.56	6.25		5/1/22		2,283
	2,456	Genesis Energy LP (Electric Utilities), Callable 5/6/19 @ 104.50	6.00		5/15/23		2,474
	1,399	Genesis Energy LP/Genesis Energy Finance Corp. (Electric Utilities), Callable 2/15/21 @ 104.69	6.25		5/15/26		1,322
	1,690	Genesis Energy, LP (Electric Utilities), Callable 6/15/19 @ 102.81	5.63		6/15/24		1,622
	325	GLP Capital LP (Equity Real Estate Investment Trusts), Callable 3/1/25 @ 100.00	5.25		6/1/25		340
	1,180	GLP Capital LP (Equity Real Estate Investment Trusts)	5.38		4/15/26		1,233
	527	GMAC, Inc. (Consumer Finance)	8.00		11/1/31		654
	2,392	Goldman Sachs Group, Inc., Series P (Capital Markets), Callable 11/10/22 @ 100.00, Perpetual Bond (d)	5.00 (US0003M + 287.40 bps)(c)		12/31/49		2,210
	1,165	Goodyear Tire & Rubber Co. (The) (Auto Components), Callable 5/6/19 @ 102.56^	5.13		11/15/23		1,164
	2,336	Group 1 Automotive, Inc. (Specialty Retail), Callable 5/6/19 @ 103.94 (a)	5.25		12/15/23		2,348
	3,253	Gulfport Energy Corp. (Oil, Gas & Consumable Fuels), Callable 5/15/20 @ 104.78	6.38		5/15/25		2,944
	936	H&E Equipment Services, Inc. (Trading Companies & Distributors), Callable 9/1/20 @ 104.22	5.63		9/1/25		934
	1,204	Hanesbrands, Inc. (Textiles, Apparel & Luxury Goods), Callable 2/15/24 @ 100.00 (a)	4.63		5/15/24		1,207
	1,090	Harland Clarke Holdings Corp. (Commercial Services & Supplies), Callable 5/6/19 @ 100.00 (a)	6.88		3/1/20		1,076
	2,758	HCA Holdings, Inc. (Health Care Providers & Services), Callable 8/15/25 @ 100.00	5.88		2/15/26		2,978
	1,768	HCA, Inc. (Health Care Providers & Services)	5.38		2/1/25		1,874
	746	HCA, Inc. (Health Care Providers & Services), Callable 3/1/26 @ 100.00	5.38		9/1/26		785
	528	HCA, Inc. (Health Care Providers & Services), Callable 8/1/28 @ 100.00	5.88		2/1/29		569
	1,013	HealthSouth Corp. (Health Care Providers & Services), Callable 5/6/19 @ 101.92	5.75		11/1/24		1,026

HC CAPITAL TRUST

The Fixed Income Opportunity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %	Maturity Date		Value (000)
		Corporate Bonds (continued)
$	1,415	Hertz Corp. (Road & Rail), Callable 5/6/19 @ 100.00	5.88		10/15/20	$	1,414
	1,162	Hertz Corp. (Road & Rail), Callable 5/6/19 @ 100.00	7.38		1/15/21		1,161
	1,016	Hertz Corp. (Road & Rail), Callable 6/1/19 @ 103.81	7.63		6/1/22		1,040
	940	Hilcorp Energy Corp. (Oil, Gas & Consumable Fuels), Callable 6/1/19 @ 102.50 (a)	5.00		12/1/24		914
	849	Hilcorp Energy Corp. (Oil, Gas & Consumable Fuels), Callable 4/1/20 @ 102.88 (a)	5.75		10/1/25		834
	994	Hilcorp Energy Corp. (Oil, Gas & Consumable Fuels), Callable 11/1/23 @ 103.13 (a)	6.25		11/1/28		996
	1,348	Hilton Domestic Operating Co., Inc. (Hotels, Restaurants & Leisure), Callable 5/1/21 @ 102.56 (a)	5.13		5/1/26		1,368
	2,122	HLF Financing SaRL LLC/Herbalife International, Inc. (Personal Products), Callable 8/15/21 @ 103.63 (a)	7.25		8/15/26		2,186
	1,919	Horizon Pharma USA, Inc. (Pharmaceuticals), Callable 11/1/19 @ 106.56 (a)	8.75		11/1/24		2,085
	1,127	Ingles Markets, Inc. (Food & Staples Retailing), Callable 5/6/19 @ 102.88	5.75		6/15/23		1,148
	1,793	Iron Mountain, Inc. (Equity Real Estate Investment Trusts), Callable 4/16/19 @ 101.92	5.75		8/15/24		1,811
	402	J2 Cloud Services LLC/J2 Global Co-Obligor, Inc. (Software), Callable 7/15/20 @ 104.50 (a)	6.00		7/15/25		418
	1,400	JB Poindexter & Co., Inc. (Machinery), Callable 4/15/21 @ 105.34 (a)	7.13		4/15/26		1,404
	593	JBS USA LLC/JBS USA Finance, Inc. (Food Products), Callable 7/15/19 @ 102.94 (a)	5.88		7/15/24		609
	211	Kaiser Aluminum Corp. (Metals & Mining), Callable 5/15/19 @ 104.41	5.88		5/15/24		217
	633	KFC HLD/Pizza Hut/Taco (Hotels, Restaurants & Leisure), Callable 6/1/19 @ 103.75 (a)	5.00		6/1/24		646
	872	Lennar Corp. (Household Durables), Callable 10/15/21 @ 100.00	4.13		1/15/22		879
	47	Lennar Corp. (Household Durables), Callable 2/28/25 @ 100.00	4.75		5/30/25		48
	948	Lennar Corp. (Household Durables), Callable 5/29/27 @ 100.00	4.75		11/29/27		948
	400	Lennar Corp. (Household Durables), Callable 9/15/23 @ 100.00	4.88		12/15/23		412
	1,223	Lennar Corp. (Household Durables)	5.38		10/1/22		1,275
	1,090	Lions Gate Capital Holdings LLC (Diversified Financial Services), Callable 2/1/21 @ 103.19 (a)	6.38		2/1/24		1,142
	597	Live Nation Entertainment, Inc. (Entertainment), Callable 11/1/19 @ 103.66 (a)	4.88		11/1/24		601
	445	Live Nation Entertainment, Inc. (Entertainment), Callable 3/15/21 @ 104.22 (a)	5.63		3/15/26		459
	2,033	Lockheed Martin Corp. (Aerospace & Defense) (a)	9.70 (LIBOR01M + 721.75 bps)(c)		9/15/20		2,047
	1,175	Louisiana-Pacific Corp. (Paper & Forest Products), Callable 9/15/19 @ 103.66	4.88		9/15/24		1,172
	706	M/I Homes, Inc. (Household Durables), Callable 4/22/19 @ 101.69	6.75		1/15/21		716
	1,107	Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp. (Oil, Gas & Consumable Fuels), Callable 8/1/21 @ 103.00 (a)	6.00		8/1/26		1,118
	394	Match Group, Inc. (Interactive Media & Services), Callable 12/15/22 @ 102.50 (a)	5.00		12/15/27		397
	2,224	Mattel, Inc. (Leisure Products), Callable 12/31/20 @ 105.06 (a)	6.75		12/31/25		2,188
	2,263	Mednax, Inc. (Health Care Providers & Services), Callable 5/6/19 @ 103.94 (a)	5.25		12/1/23		2,291
	1,892	Mednax, Inc. (Health Care Providers & Services), Callable 1/15/22 @ 104.69 (a)	6.25		1/15/27		1,913
	1,521	Meritage Homes Corp. (Household Durables), Callable 3/1/25 @ 100.00	6.00		6/1/25		1,597
	1,933	MetLife, Inc., Series C (Insurance), Callable 6/15/20 @ 100.00, Perpetual Bond (d)	5.25 (US0003M + 357.50 bps)(c)		12/31/49		1,949
	1,483	MGIC Investment Corp. (Thrifts & Mortgage Finance)	5.75		8/15/23		1,566
	2,185	MGM Growth/MGM Finance (Equity Real Estate Investment Trusts), Callable 2/1/24 @ 100.00	5.63		5/1/24		2,283
	2,825	MGM Resorts International (Hotels, Restaurants & Leisure)	6.00		3/15/23		2,980
	1,142	MPT Operating Partnership LP/MPT Finance Corp. (Equity Real Estate Investment Trusts), Callable 8/1/21 @ 102.63	5.25		8/1/26		1,175
	465	MPT Operating Partnership LP/MPT Finance Corp. (Equity Real Estate Investment Trusts), Callable 5/6/19 @ 102.75	5.50		5/1/24		477
	2,249	Murphy Oil USA, Inc. (Specialty Retail), Callable 5/1/22 @ 102.81	5.63		5/1/27		2,328
	2,397	Navient Corp. (Consumer Finance)	5.50		1/25/23		2,400
	2,529	Navient Corp. (Consumer Finance)	5.88		10/25/24		2,447
	548	Navient Corp. (Consumer Finance)	6.50		6/15/22		571

HC CAPITAL TRUST

The Fixed Income Opportunity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %	Maturity Date		Value (000)
		Corporate Bonds (continued)
$	278	NCR Corp. (Technology Hardware, Storage & Peripherals), Callable 5/6/19 @ 100.00	4.63		2/15/21	$	278
	592	NCR Corp. (Technology Hardware, Storage & Peripherals), Callable 5/6/19 @ 101.47	5.88		12/15/21		602
	622	Netflix, Inc. (Entertainment)	4.38		11/15/26		610
	1,377	Netflix, Inc. (Entertainment)	4.88		4/15/28		1,363
	1,631	New Enterprise Stone & Lime Co., Inc. (Construction Materials), Callable 3/15/21 @ 103.13 (a)	6.25		3/15/26		1,586
	966	New Home Co., Inc. (The) (Household Durables), Callable 10/1/19 @ 103.63	7.25		4/1/22		869
	1,482	Nexstar Escrow Corp. (Media), Callable 8/1/19 @ 104.22 (a)	5.63		8/1/24		1,504
	960	NGL Energy Partners LP/NGL Energy Finance Corp. (Oil, Gas & Consumable Fuels), Callable 11/1/19 @ 103.75	7.50		11/1/23		993
	1,509	NGPL PipeCo LLC (Oil, Gas & Consumable Fuels) (a)	7.77		12/15/37		1,811
	1,755	Novelis Corp. (Metals & Mining), Callable 9/30/21 @ 102.94 (a)	5.88		9/30/26		1,746
	431	Novelis Corp. (Metals & Mining), Callable 8/15/19 @ 104.69 (a)	6.25		8/15/24		441
	436	NRG Energy, Inc. (Independent Power and Renewable Electricity Producers), Callable 1/15/23 @ 102.88	5.75		1/15/28		462
	803	Olin Corp. (Chemicals), Callable 2/1/24 @ 102.50	5.00		2/1/30		787
	453	Owens-Brockway Glass Container, Inc. (Containers & Packaging)	5.88		8/15/23		474
	2,289	Party City Holdings, Inc. (Specialty Retail), Callable 8/1/21 @ 103.31 ^(a)	6.63		8/1/26		2,278
	968	PDC Energy, Inc. (Oil, Gas & Consumable Fuels), Callable 5/15/21 @ 104.31	5.75		5/15/26		946
	2,362	PDC Energy, Inc. (Oil, Gas & Consumable Fuels), Callable 9/15/19 @ 104.59	6.13		9/15/24		2,362
	1,348	Peabody Finance Corp. (Oil, Gas & Consumable Fuels), Callable 5/6/19 @ 103.00 (a)	6.00		3/31/22		1,358
	763	Penske Automotive Group (Specialty Retail), Callable 12/1/19 @ 102.69	5.38		12/1/24		759
	940	Performance Food Group, Inc. (Food & Staples Retailing), Callable 6/1/19 @ 102.75 (a)	5.50		6/1/24		948
	2,520	Pilgrim’s Pride Corp. (Food Products), Callable 3/15/20 @ 102.88 (a)	5.75		3/15/25		2,546
	1,927	Plastipak Holdings, Inc. (Containers & Packaging), Callable 10/15/20 @ 103.13 (a)	6.25		10/15/25		1,801
	1,805	Post Holdings, Inc. (Food Products), Callable 8/15/21 @ 102.50 (a)	5.00		8/15/26		1,755
	1,101	Post Holdings, Inc. (Food Products), Callable 12/1/22 @ 102.81 (a)	5.63		1/15/28		1,093
	698	PulteGroup, Inc. (Household Durables), Callable 12/1/25 @ 100.00	5.50		3/1/26		721
	721	QEP Resources, Inc. (Oil, Gas & Consumable Fuels), Callable 7/1/22 @ 100.00	5.38		10/1/22		705
	212	QEP Resources, Inc. (Oil, Gas & Consumable Fuels), Callable 12/1/25 @ 100.00	5.63		3/1/26		192
	3,166	Quad Graphics, Inc. (Commercial Services & Supplies)	7.00		5/1/22		3,164
	1,377	QualityTech, LP/QTS Finance Corp. (Diversified Financial Services), Callable 11/15/20 @ 103.56 (a)	4.75		11/15/25		1,332
	2,056	Quicken Loans, Inc. (Thrifts & Mortgage Finance), Callable 1/15/23 @ 102.63 (a)	5.25		1/15/28		1,926
	907	Quicken Loans, Inc. (Thrifts & Mortgage Finance), Callable 5/1/20 @ 102.88 (a)	5.75		5/1/25		909
	1,128	Radian Group, Inc. (Thrifts & Mortgage Finance), Callable 7/1/24 @ 100.00	4.50		10/1/24		1,111
	792	Range Resources Corp. (Oil, Gas & Consumable Fuels), Callable 5/15/22 @ 100.00	5.00		8/15/22		784
	4,831	Rite Aid Corp. (Food & Staples Retailing), Callable 5/6/19 @ 103.06 (a)	6.13		4/1/23		4,004
	2,880	Rose Rock Midstream LP (Oil, Gas & Consumable Fuels), Callable 5/15/19 @ 102.81	5.63		11/15/23		2,705
	1,965	Select Medical Corp. (Health Care Providers & Services), Callable 5/6/19 @ 101.59	6.38		6/1/21		1,970
	1,624	Service Master Co. LLC (Diversified Consumer Services), Callable 11/15/19 @ 103.84 (a)	5.13		11/15/24		1,630
	1,247	Silgan Holdings, Inc. (Containers & Packaging), Callable 3/15/20 @ 102.38	4.75		3/15/25		1,224
	819	Sirius XM Radio, Inc. (Media), Callable 4/15/20 @ 102.69	5.38		4/15/25		840
	742	Sirius XM Radio, Inc. (Media), Callable 7/15/21 @ 102.69 (a)	5.38		7/15/26		755
	992	Sonic Automotive, Inc. (Specialty Retail), Callable 5/6/19 @ 102.50	5.00		5/15/23		952
	440	Sonic Automotive, Inc. (Specialty Retail), Callable 3/15/22 @ 103.06	6.13		3/15/27		399
	1,825	Southwestern Energy Co. (Oil, Gas & Consumable Fuels), Callable 10/23/24 @ 100.00	6.20		1/23/25		1,793

HC CAPITAL TRUST

The Fixed Income Opportunity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %	Maturity Date		Value (000)
		Corporate Bonds (continued)
$	1,866	Southwestern Energy Co. (Oil, Gas & Consumable Fuels), Callable 4/1/21 @ 105.63	7.50		4/1/26	$	1,903
	1,413	Springleaf Finance Corp. (Consumer Finance)	5.63		3/15/23		1,432
	658	Springleaf Finance Corp. (Consumer Finance), Callable 9/15/23 @ 100.00	6.13		3/15/24		673
	891	Springleaf Finance Corp. (Consumer Finance)	6.88		3/15/25		920
	764	Springleaf Finance Corp. (Consumer Finance)	7.13		3/15/26		778
	2,990	Sprint Capital Corp. (Wireless Telecommunication Services)	6.88		11/15/28		2,874
	3,662	Sprint Corp. (Wireless Telecommunication Services)	7.13		6/15/24		3,717
	487	Sprint Corp. (Wireless Telecommunication Services), Callable 11/15/24 @ 100.00	7.63		2/15/25		497
	678	Sprint Corp. (Wireless Telecommunication Services), Callable 11/1/25 @ 100.00	7.63		3/1/26		688
	595	Sprint Nextel Corp. (Wireless Telecommunication Services)	11.50		11/15/21		689
	2,302	SS&C Technologies, Inc. (Software), Callable 3/30/22 @ 104.13 (a)	5.50		9/30/27		2,325
	3,299	Staples, Inc. (Specialty Retail) (a)	8.50		9/15/25		3,596
	885	Steel Dynamics, Inc. (Metals & Mining), Callable 9/15/20 @ 102.06	4.13		9/15/25		865
	30	Steel Dynamics, Inc. (Metals & Mining), Callable 12/15/21 @ 102.50	5.00		12/15/26		31
	356	Steel Dynamics, Inc. (Metals & Mining), Callable 5/6/19 @ 101.75	5.25		4/15/23		362
	1,787	Sunoco LP/Sunoco Finance Corp. (Oil, Gas & Consumable Fuels), Callable 4/15/22 @ 103.00 (a)	6.00		4/15/27		1,791
	2,018	Tallgrass Energy Partners (Oil, Gas & Consumable Fuels), Callable 9/15/19 @ 104.13	5.50		9/15/24		2,068
	994	Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. (Oil, Gas & Consumable Fuels), Callable 10/1/20 @ 102.38 (a)	4.75		10/1/23		1,000
	722	Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. (Oil, Gas & Consumable Fuels), Callable 1/15/23 @ 102.75 (a)	5.50		1/15/28		723
	333	Targa Resources Partners (Oil, Gas & Consumable Fuels), Callable 7/15/22 @ 104.88 (a)	6.50		7/15/27		359
	2,262	Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc. (Household Durables), Callable 12/1/23 @ 100.00 (a)	5.63		3/1/24		2,244
	48	Teleflex, Inc. (Health Care Equipment & Supplies), Callable 11/15/22 @ 102.31	4.63		11/15/27		48
	1,275	Teleflex, Inc. (Health Care Equipment & Supplies), Callable 6/1/21 @ 102.44	4.88		6/1/26		1,299
	1,348	Tenet Healthcare Corp. (Health Care Providers & Services), Callable 5/1/20 @ 102.56	5.13		5/1/25		1,355
	553	Tenet Healthcare Corp. (Health Care Providers & Services), Callable 2/1/22 @ 103.13 (a)	6.25		2/1/27		574
	685	TerraForm Power Operating LLC (Independent Power and Renewable Electricity Producers), Callable 10/31/22 @ 100.00 (a)	4.25		1/31/23		677
	685	TerraForm Power Operating LLC (Independent Power and Renewable Electricity Producers), Callable 7/31/27 @ 100.00 (a)	5.00		1/31/28		661
	677	The EW Scripps Co. (Media), Callable 5/15/20 @ 103.84 (a)	5.13		5/15/25		645
	1,557	The Geo Group, Inc. (Equity Real Estate Investment Trusts), Callable 5/6/19 @ 101.47	5.88		1/15/22		1,503
	461	Triumph Group, Inc. (Aerospace & Defense), Callable 5/6/19 @ 100.00	4.88		4/1/21		449
	1,182	Triumph Group, Inc. (Aerospace & Defense), Callable 5/6/19 @ 102.63	5.25		6/1/22		1,135
	1,484	Tronox, Inc. (Chemicals), Callable 4/15/21 @ 103.25 (a)	6.50		4/15/26		1,416
	5,511	Unit Corp. (Energy Equipment & Services), Callable 5/6/19 @ 101.10	6.63		5/15/21		5,291
	709	United Rentals North America, Inc. (Trading Companies & Distributors), Callable 10/15/20 @ 102.31	4.63		10/15/25		700
	2,574	United Rentals North America, Inc. (Trading Companies & Distributors), Callable 9/15/21 @ 102.94	5.88		9/15/26		2,660
	516	United Rentals North America, Inc. (Trading Companies & Distributors), Callable 12/15/21 @ 103.25	6.50		12/15/26		543
	522	Univision Communications, Inc. (Media), Callable 5/6/19 @ 102.56	5.13		5/15/23		496
	21	Univision Communications, Inc. (Media), Callable 2/15/20 @ 102.56 (a)	5.13		2/15/25		20
	1,497	URS Corp. (Diversified Financial Services), Callable 1/1/22 @ 100.00	5.00		4/1/22		1,519
	1,173	VeriSign, Inc. (IT Services), Callable 7/15/22 @ 102.38	4.75		7/15/27		1,173
	1,315	ViaSat, Inc. (Communications Equipment), Callable 9/15/20 @ 102.81 (a)	5.63		9/15/25		1,259
	3,372	Vistra Operations Co. LLC (Electric Utilities), Callable 2/15/22 @ 102.81 (a)	5.63		2/15/27		3,504
	514	WellCare Health Plans, Inc. (Health Care Providers & Services), Callable 8/15/21 @ 104.03 (a)	5.38		8/15/26		538
	872	Whiting Petroleum Corp. (Oil, Gas & Consumable Fuels), Callable 12/15/20 @ 100.00	5.75		3/15/21		882

HC CAPITAL TRUST

The Fixed Income Opportunity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %	Maturity Date		Value (000)
		Corporate Bonds (continued)
$	1,071	Whiting Petroleum Corp. (Oil, Gas & Consumable Fuels), Callable 1/1/23 @ 100.00	6.25		4/1/23	$	1,076
	143	William Carter Co. (The) (Textiles, Apparel & Luxury Goods), Callable 3/15/22 @ 102.81 (a)	5.63		3/15/27		148
	840	William Lyon Homes, Inc. (Household Durables), Callable 1/31/20 @ 102.94	5.88		1/31/25		790
	1,450	Wyndham Hotels & Resorts, Inc. (Hotels, Restaurants & Leisure), Callable 4/15/21 @ 102.69 (a)	5.38		4/15/26		1,472
	270	Xerox Corp. (Technology Hardware, Storage & Peripherals)	4.07		3/17/22		267
	2,215	XPO Logistics, Inc. (Air Freight & Logistics), Callable 8/15/21 @ 103.38 (a)	6.75		8/15/24		2,259
	1,364	Zayo Group LLC/Zayo Capital, Inc. (Diversified Telecommunication Services), Callable 1/15/22 @ 102.88 (a)	5.75		1/15/27		1,361
		Total Corporate Bonds					340,569
		Yankee Dollars — 12.84%
	1,000	1011778 BC ULC/New Red Finance, Inc. (Hotels, Restaurants & Leisure), Callable 5/15/20 @ 102.13	4.25		5/15/24		990
	1,518	1011778 BC ULC/New Red Finance, Inc. (Hotels, Restaurants & Leisure), Callable 10/15/20 @ 102.50 (a)	5.00		10/15/25		1,499
	1,168	Adient Global Holdings Ltd. (Diversified Financial Services), Callable 8/15/21 @ 102.44 (a)	4.88		8/15/26		858
	389	Alcoa Nederland Holding (Metals & Mining), Callable 5/15/23 @ 103.06 (a)	6.13		5/15/28		401
	1,801	Alcoa Nederland Holding (Metals & Mining), Callable 9/30/21 @ 103.50 (a)	7.00		9/30/26		1,941
	2,845	Altice Financing SA (Diversified Financial Services), Callable 5/6/19 @ 103.31 (a)	6.63		2/15/23		2,909
	730	Altice Financing SA (Diversified Financial Services), Callable 5/15/21 @ 103.75 (a)	7.50		5/15/26		723
	1,440	Altice France SA/France (Diversified Telecommunication Services), Callable 2/1/22 @ 106.09 (a)	8.13		2/1/27		1,455
	1,058	Ardagh Packaging Finance/Holdings USA (Containers & Packaging), Callable 2/15/20 @ 104.50 (a)	6.00		2/15/25		1,058
	844	Avolon Holdings Funding Ltd. (Aerospace & Defense), Callable 4/15/24 @ 100.00 (a)	5.25		5/15/24		869
	1,561	Bombardier, Inc. (Aerospace & Defense), Callable 5/6/19 @ 101.00 (a)	6.00		10/15/22		1,575
	557	Brookfield Residential Properties, Inc. (Household Durables), Callable 5/6/19 @ 103.06 (a)	6.13		7/1/22		559
	561	Brookfield Residential Properties, Inc. (Household Durables), Callable 5/15/20 @ 103.19 (a)	6.38		5/15/25		539
	773	C&W Senior Financing DAC (Diversified Financial Services), Callable 9/15/22 @ 103.44 (a)	6.88		9/15/27		775
	2,234	C&W Senior Financing DAC (Diversified Financial Services), Callable 10/15/21 @ 103.75 (a)	7.50		10/15/26		2,301
	1,436	Cascades, Inc. (Containers & Packaging), Callable 5/6/19 @ 102.75 (a)	5.50		7/15/22		1,443
	709	Cascades, Inc. (Containers & Packaging), Callable 5/6/19 @ 104.31 (a)	5.75		7/15/23		707
	3,296	Cimpress NV (Commercial Services & Supplies), Callable 6/15/21 @ 105.25 (a)	7.00		6/15/26		3,172
	1,380	Cooke Omega Investments, Inc./Alpha Vessel Co. Holdings, Inc. (Food Products), Callable 6/15/20 @ 104.25 (a)	8.50		12/15/22		1,350
	2,519	Cott Holdings, Inc. (Beverages), Callable 4/1/20 @ 104.13 (a)	5.50		4/1/25		2,541
	1,846	Ensco PLC (Energy Equipment & Services), Callable 11/1/25 @ 100.00	7.75		2/1/26		1,558
	1,043	goeasy Ltd. (Consumer Finance), Callable 11/1/19 @ 103.94 (a)	7.88		11/1/22		1,095
	1,572	Hudbay Minerals, Inc. (Metals & Mining), Callable 7/15/19 @ 103.63 (a)	7.25		1/15/23		1,625
	293	Intelsat Jackson Holdings SA (Diversified Financial Services), Callable 5/6/19 @ 102.75	5.50		8/1/23		260
	1,165	International Game Technology (Hotels, Restaurants & Leisure), Callable 8/15/21 @ 100.00 (a)	6.25		2/15/22		1,209
	1,029	International Game Technology PLC (Hotels, Restaurants & Leisure), Callable 7/15/26 @ 100.00 (a)	6.25		1/15/27		1,055
	639	James Hardie International Finance DAC (Construction Materials), Callable 1/15/21 @ 102.38 (a)	4.75		1/15/25		629
	1,281	JBS USA Lux SA /JBS USA Finance, Inc. (Food Products), Callable 2/15/23 @ 103.38 (a)	6.75		2/15/28		1,326
	2,087	Kinross Gold Corp. (Metals & Mining), Callable 4/15/27 @ 100.00	4.50		7/15/27		1,983

HC CAPITAL TRUST

The Fixed Income Opportunity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %			Maturity Date		Value (000)
		Yankee Dollars (continued)
$	2,678	Mallinckrodt Finance/SB (Pharmaceuticals), Callable 5/6/19 @ 102.88 ^(a)		5.75			8/1/22	$	2,517
	2,245	Mallinckrodt International Finance (Pharmaceuticals), Callable 5/6/19 @ 100.00 (a)		4.88			4/15/20		2,234
	1,100	MDC Partners, Inc. (Media), Callable 5/6/19 @ 104.88 (a)		6.50			5/1/24		910
	339	Nokia Oyj (Communications Equipment)		4.38			6/12/27		336
	1,895	Nova Chemicals Corp. (Chemicals), Callable 3/3/24 @ 100.00 (a)		4.88			6/1/24		1,861
	921	Nova Chemicals Corp. (Chemicals), Callable 5/6/19 @ 102.63 (a)		5.25			8/1/23		926
	1,994	Nufarm Australia Ltd./Nufarm Americas, Inc. (Chemicals), Callable 4/30/21 @ 102.88 (a)		5.75			4/30/26		1,844
	1,336	Numericable - SFR SAS (Diversified Telecommunication Services), Callable 5/23/19 @ 103.13 (a)		6.25			5/15/24		1,346
	1,243	Numericable - SFR SAS (Diversified Telecommunication Services), Callable 5/1/21 @ 103.69 (a)		7.38			5/1/26		1,218
	1,795	Open Text Corp. (Software), Callable 6/1/21 @ 102.94 (a)		5.88			6/1/26		1,876
	1,302	Park Aerospace Holdings (Diversified Financial Services) (a)		5.25			8/15/22		1,334
	3,097	Parkland Fuel Corp. (Oil, Gas & Consumable Fuels), Callable 4/1/21 @ 104.50 (a)		6.00			4/1/26		3,125
	691	Precision Drilling Corp. (Energy Equipment & Services), Callable 11/15/20 @ 105.34 (a)		7.13			1/15/26		685
	1,096	Precision Drilling Corp. (Energy Equipment & Services), Callable 12/15/19 @ 103.88		7.75			12/15/23		1,126
	1,267	Rockpoint Gas Storage Canada Ltd. (Oil, Gas & Consumable Fuels), Callable 3/31/20 @ 107.00 (a)		7.00			3/31/23		1,256
	1,743	Royal Bank of Scotland Group PLC (Banks)		6.13			12/15/22		1,859
	3,232	Shelf Drilling Holdings Ltd. (Energy Equipment & Services), Callable 2/15/21 @ 106.19 (a)		8.25			2/15/25		3,063
	277	Superior Plus LP/Superior General Partner, Inc. (Gas Utilities), Callable 7/15/21 @ 105.25 (a)		7.00			7/15/26		282
	1,219	Teck Resources Ltd. (Metals & Mining), Callable 1/15/41 @ 100.00		6.25			7/15/41		1,302
	806	Telecom Italia Capital SA (Diversified Telecommunication Services)		6.00			9/30/34		746
	1,995	Telecom Italia Capital SA (Diversified Telecommunication Services)		6.38			11/15/33		1,925
	3,187	Teva Pharmaceutical Finance Netherlands III BV (Pharmaceuticals), Callable 12/1/27 @ 100.00		6.75			3/1/28		3,216
	221	Transocean Guardian Ltd. (Energy Equipment & Services), Callable 7/15/21 @ 102.94 (a)		5.88			1/15/24		224
	1,466	Transocean Phoenix 2 Ltd. (Energy Equipment & Services), Callable 10/15/20 @ 103.88 (a)		7.75			10/15/24		1,544
	218	Transocean Pontus Ltd. (Energy Equipment & Services), Callable 8/1/21 @ 104.59 (a)		6.13			8/1/25		221
	1,273	Tullow Oil PLC (Oil, Gas & Consumable Fuels), Callable 3/1/21 @ 103.50 (a)		7.00			3/1/25		1,281
	674	UPCB Finance IV Ltd. (Media), Callable 1/15/20 @ 102.69 (a)		5.38			1/15/25		684
	3,691	VRX Escrow Corp. (Pharmaceuticals), Callable 5/6/19 @ 102.94 (a)		5.88			5/15/23		3,729
	3,414	VRX Escrow Corp. (Pharmaceuticals), Callable 4/15/20 @ 103.06 (a)		6.13			4/15/25		3,380
		Total Yankee Dollars							84,455
Shares
		Exchange-Traded Fund — 5.48%
	416,956	iShares iBoxx $ High Yield Corporate Bond Fund							36,054
		Total Exchange-Traded Fund							36,054
		Investment Companies — 2.99%
	2,393,843	Federated Treasury Obligations Fund, Institutional Shares ^^		2.29	(e)				2,394
	16,705,679	State Street Institutional Treasury Plus Money Market Fund, Premier Class		2.30	(e)				16,705
	588,588	State Street Institutional Treasury Plus Money Market Fund, Trust Class		2.30	(e)				589
		Total Investment Companies							19,688
Principal Amount (000)
		Repurchase Agreement — 1.30%
$	8,553	Jefferies LLC (Purchased on 3/29/19, proceeds at maturity $8,555,145 collateralized by U.S. Treasury Obligations, 2.40% - 2.97%, 8/15/19 - 2/15/47 fair value $8,724,358)^^		2.60			4/1/19		8,553
		Total Repurchase Agreement							8,553
		Total Investments (cost $641,810) — 99.90%							657,092
		Other assets in excess of liabilities — 0.10%							643
		Net Assets — 100.00%						$	657,735

HC CAPITAL TRUST

The Fixed Income Opportunity Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

^ All or part of this security was on loan as of March 31, 2019. The total value of securities on loan as of March 31, 2019, was $9,441 (amount in thousands).

^^ Purchased with cash collateral held from securities lending. The value of the collateral could include collateral held for securities that were sold on or before March 31, 2019.

(a) Represents a security purchased under Rule 144A or Section 4(2) and is exempt from registration under the Securities Act of 1933, as amended, or is otherwise restricted to resale. Certain of these securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. These securities have been deemed liquid by the Specialist Manager.

(b) The rate for certain asset-backed and mortgage-backed securities may vary based on factors relating to the pool of assets underlying the security. The rate disclosed is the rate in effect on March 31, 2019.

(c) Variable Rate Security. The rate disclosed is the rate in effect on March 31, 2019.

(d) A perpetual bond is one with no maturity date that pays a fixed interest rate until the bond insurance is terminated.

(e) The rate disclosed is the rate in effect on March 31, 2019.

bps — Basis Points

LIBOR06 — 6 Month US Dollar LIBOR

ULC — Unlimited Liability Co.

US0001M — 1 Month US Dollar LIBOR

US0003M — 3 Month US Dollar LIBOR

The following table reflects the percentage of total net assets of the Portfolio attributable to each Specialist Manager as of March 31, 2019.

The Fixed Income Opportunity Portfolio	Fort Washington Investment Advisors, Inc.			Parametric Portfolio Associates, LLC			Western Asset Management Company, Ltd.			Total
Asset Backed Securities		—			—			1.90	%		1.90	%
Collateralized Mortgage Obligations		—			—			19.52	%		19.52	%
U.S. Government Agency Mortgages		—			—			4.09	%		4.09	%
Corporate Bonds		51.47	%		—			0.31	%		51.78	%
Yankee Dollars		12.84	%		—			—			12.84	%
Exchange-Traded Fund		—			5.48	%		—			5.48	%
Investment Companies		0.36	%		2.63	%		—			2.99	%
Repurchase Agreement		1.30	%		—			—			1.30	%
Other Assets (Liabilities)		-0.37	%		0.02	%		0.45	%		0.10	%
Total Net Assets		65.60	%		8.13	%		26.27	%		100.00	%

Amounts designated as “—” indicate the Specialist Manager did not manage any holdings in that category.

The following table reflects the open derivative positions held by the Portfolio as of March 31, 2019.

Futures Contracts Purchased^

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value and Unrealized Appreciation/ (Depreciation) (000)
5-Year US Treasury Note Future		215		6/28/19	$	24,903	$	115
90-Day Euro$ Future		663		12/16/19		161,722		(26	)
Ultra Long Term US Treasury Bond Future		34		6/19/19		5,712		78
					$	192,337	$	167
Futures Contracts Sold^
Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value and Unrealized Appreciation/ (Depreciation) (000)
10-Year US Treasury Note Future		72		6/19/19	$	8,944	$	(152	)
10-Year US Treasury Note Future		114		6/19/19		15,137		(340	)
30-Year US Treasury Bond Future		20		6/19/19		2,993		(83	)
					$	27,074	$	(575	)
		Total Unrealized Appreciation					$	193
		Total Unrealized Depreciation						(601	)
		Total Net Unrealized Appreciation/(Depreciation)					$	(408	)

^ Cash has been pledged as collateral for futures contracts held by the Portfolio.

HC CAPITAL TRUST

The U.S. Government Fixed Income Securities Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Government Agency Securities — 3.05%
$	300	Fannie Mae		1.13		7/26/19	$	299
	350	Fannie Mae		1.38		10/7/21		342
	260	Fannie Mae		1.50		6/22/20		257
	350	Fannie Mae		1.88		9/24/26		335
	400	Fannie Mae		2.00		10/5/22		396
	400	Fannie Mae		2.00		1/5/22		397
	150	Fannie Mae		2.13		4/24/26		147
	250	Fannie Mae		2.63		9/6/24		254
	95	Fannie Mae		6.25		5/15/29		125
	160	Fannie Mae		6.63		11/15/30		220
	180	Fannie Mae		7.25		5/15/30		257
	50	Federal Farm Credit Bank, Callable 4/12/19 @ 100.00		1.58		2/17/21		49
	500	Federal Home Loan Bank		1.13		7/14/21		487
	500	Federal Home Loan Bank		1.38		9/28/20		493
	500	Federal Home Loan Bank		1.38		2/18/21		491
	50	Federal Home Loan Bank		2.13		3/10/23		50
	75	Federal Home Loan Bank, Callable 1/29/20 @ 100.00		2.25		1/29/21		75
	100	Federal Home Loan Bank, Callable 6/29/19 @ 100.00		2.51		12/29/22		100
	100	Federal Home Loan Bank		2.63		10/1/20		100
	500	Federal Home Loan Bank		2.63		5/28/20		501
	160	Federal Home Loan Bank		2.88		9/11/20		161
	150	Federal Home Loan Bank		2.88		9/13/24		154
	500	Federal Home Loan Bank		3.00		10/12/21		508
	300	Federal Home Loan Bank		3.38		9/8/23		314
	180	Federal Home Loan Bank		5.25		12/11/20		189
	65	Federal Home Loan Bank		5.50		7/15/36		87
	200	Freddie Mac		1.38		5/1/20		198
	250	Freddie Mac		1.40		8/22/19		249
	500	Freddie Mac		1.88		11/17/20		496
	350	Freddie Mac		2.38		1/13/22		351
	150	Freddie Mac		6.25		7/15/32		207
	180	Freddie Mac		6.75		3/15/31		252
	110	Tennessee Valley Authority		4.70		7/15/33		131
	85	Tennessee Valley Authority		5.25		9/15/39		110
	100	Tennessee Valley Authority		5.88		4/1/36		134
	190	Tennessee Valley Authority		6.15		1/15/38		265
		Total U.S. Government Agency Securities						9,181
		U.S. Treasury Obligations — 96.13%
	1,460	U.S. Treasury Bond		2.25		8/15/46		1,305
	1,550	U.S. Treasury Bond		2.50		5/15/46		1,460
	1,135	U.S. Treasury Bond		2.50		2/15/46		1,070
	1,015	U.S. Treasury Bond		2.50		2/15/45		960
	1,110	U.S. Treasury Bond		2.75		8/15/47		1,097
	837	U.S. Treasury Bond		2.75		8/15/42		835
	671	U.S. Treasury Bond		2.75		11/15/42		669
	1,520	U.S. Treasury Bond		2.75		11/15/47		1,502
	1,980	U.S. Treasury Bond		2.88		8/15/45		2,011
	1,116	U.S. Treasury Bond		2.88		5/15/43		1,135
	955	U.S. Treasury Bond		2.88		11/15/46		969
	1,520	U.S. Treasury Bond		3.00		2/15/48		1,576
	1,925	U.S. Treasury Bond		3.00		5/15/47		2,000
	1,615	U.S. Treasury Bond		3.00		11/15/44		1,678
	1,050	U.S. Treasury Bond		3.00		2/15/49		1,090
	1,260	U.S. Treasury Bond		3.00		5/15/45		1,310
	1,470	U.S. Treasury Bond		3.00		11/15/45		1,529
	389	U.S. Treasury Bond		3.00		5/15/42		406
	2,295	U.S. Treasury Bond		3.00		8/15/48		2,381
	2,005	U.S. Treasury Bond		3.00		2/15/47		2,085
	1,505	U.S. Treasury Bond		3.13		5/15/48		1,600
	416	U.S. Treasury Bond		3.13		11/15/41		443
	1,647	U.S. Treasury Bond		3.13		2/15/43		1,749
	425	U.S. Treasury Bond		3.13		2/15/42		453
	1,580	U.S. Treasury Bond		3.13		8/15/44		1,679
	1,130	U.S. Treasury Bond		3.38		5/15/44		1,252
	700	U.S. Treasury Bond		3.38		11/15/48		781

HC CAPITAL TRUST

The U.S. Government Fixed Income Securities Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Treasury Obligations (continued)
$	730	U.S. Treasury Bond		3.50		2/15/39	$	829
	1,280	U.S. Treasury Bond		3.63		2/15/44		1,476
	1,500	U.S. Treasury Bond		3.63		8/15/43		1,727
	730	U.S. Treasury Bond		3.75		8/15/41		856
	1,345	U.S. Treasury Bond		3.75		11/15/43		1,580
	685	U.S. Treasury Bond		3.88		8/15/40		817
	540	U.S. Treasury Bond		4.25		11/15/40		678
	225	U.S. Treasury Bond		4.25		5/15/39		282
	300	U.S. Treasury Bond		4.38		11/15/39		382
	363	U.S. Treasury Bond		4.38		5/15/40		463
	530	U.S. Treasury Bond		4.38		2/15/38		672
	546	U.S. Treasury Bond		4.38		5/15/41		698
	425	U.S. Treasury Bond		4.50		8/15/39		550
	325	U.S. Treasury Bond		4.50		2/15/36		412
	255	U.S. Treasury Bond		4.50		5/15/38		328
	673	U.S. Treasury Bond		4.63		2/15/40		885
	825	U.S. Treasury Bond		4.75		2/15/41		1,106
	70	U.S. Treasury Bond		4.75		2/15/37		92
	235	U.S. Treasury Bond		5.00		5/15/37		318
	282	U.S. Treasury Bond		5.25		11/15/28		350
	760	U.S. Treasury Bond		5.25		2/15/29		949
	299	U.S. Treasury Bond		5.38		2/15/31		389
	85	U.S. Treasury Bond		6.00		2/15/26		105
	235	U.S. Treasury Bond		6.13		11/15/27		303
	150	U.S. Treasury Bond		6.13		8/15/29		201
	320	U.S. Treasury Bond		6.25		5/15/30		439
	197	U.S. Treasury Bond		6.25		8/15/23		230
	100	U.S. Treasury Bond		6.38		8/15/27		130
	218	U.S. Treasury Bond		6.50		11/15/26		281
	200	U.S. Treasury Bond		6.75		8/15/26		260
	100	U.S. Treasury Bond		7.25		8/15/22		116
	295	U.S. Treasury Bond		7.63		2/15/25		381
	7	U.S. Treasury Bond		7.88		2/15/21		8
	400	U.S. Treasury Bond		8.00		11/15/21		458
	110	U.S. Treasury Bond		8.13		8/15/21		125
	1,400	U.S. Treasury Note		1.13		8/31/21		1,363
	1,870	U.S. Treasury Note		1.13		2/28/21		1,829
	1,075	U.S. Treasury Note		1.13		4/30/20		1,061
	1,400	U.S. Treasury Note		1.13		9/30/21		1,363
	1,855	U.S. Treasury Note		1.13		6/30/21		1,810
	1,885	U.S. Treasury Note		1.13		7/31/21		1,837
	850	U.S. Treasury Note		1.25		10/31/21		829
	1,870	U.S. Treasury Note		1.25		3/31/21		1,833
	930	U.S. Treasury Note		1.25		7/31/23		892
	1,000	U.S. Treasury Note		1.38		10/31/20		985
	1,178	U.S. Treasury Note		1.38		9/30/20		1,161
	1,120	U.S. Treasury Note		1.38		8/31/20		1,104
	1,585	U.S. Treasury Note		1.38		4/30/21		1,556
	1,610	U.S. Treasury Note		1.38		5/31/20		1,591
	1,230	U.S. Treasury Note		1.38		8/31/23		1,186
	965	U.S. Treasury Note		1.38		4/30/20		955
	890	U.S. Treasury Note		1.38		9/15/20		878
	1,470	U.S. Treasury Note		1.38		5/31/21		1,442
	1,425	U.S. Treasury Note		1.38		6/30/23		1,376
	1,235	U.S. Treasury Note		1.38		9/30/23		1,190
	1,100	U.S. Treasury Note		1.50		1/31/22		1,078
	1,115	U.S. Treasury Note		1.50		3/31/23		1,084
	1,705	U.S. Treasury Note		1.50		6/15/20		1,687
	1,350	U.S. Treasury Note		1.50		2/28/23		1,313
	1,800	U.S. Treasury Note		1.50		8/15/26		1,699
	905	U.S. Treasury Note		1.50		5/15/20		896
	1,245	U.S. Treasury Note		1.50		5/31/20		1,232
	680	U.S. Treasury Note		1.50		8/15/20		672
	715	U.S. Treasury Note		1.50		7/15/20		707
	1,900	U.S. Treasury Note		1.63		6/30/20		1,882
	1,770	U.S. Treasury Note		1.63		7/31/20		1,752

HC CAPITAL TRUST

The U.S. Government Fixed Income Securities Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Treasury Obligations (continued)
$	1,200	U.S. Treasury Note		1.63		8/31/22	$	1,176
	1,250	U.S. Treasury Note		1.63		5/31/23		1,220
	2,080	U.S. Treasury Note		1.63		2/15/26		1,989
	1,540	U.S. Treasury Note		1.63		8/15/22		1,510
	810	U.S. Treasury Note		1.63		4/30/23		791
	1,000	U.S. Treasury Note		1.63		10/15/20		989
	1,780	U.S. Treasury Note		1.63		11/30/20		1,760
	877	U.S. Treasury Note		1.63		11/15/22		859
	1,200	U.S. Treasury Note		1.63		10/31/23		1,168
	2,580	U.S. Treasury Note		1.63		5/15/26		2,462
	1,603	U.S. Treasury Note		1.75		5/15/23		1,573
	820	U.S. Treasury Note		1.75		3/31/22		809
	1,350	U.S. Treasury Note		1.75		6/30/22		1,330
	1,315	U.S. Treasury Note		1.75		10/31/20		1,303
	1,395	U.S. Treasury Note		1.75		5/31/22		1,375
	750	U.S. Treasury Note		1.75		11/15/20		743
	910	U.S. Treasury Note		1.75		4/30/22		897
	1,045	U.S. Treasury Note		1.75		2/28/22		1,031
	750	U.S. Treasury Note		1.75		5/15/22		739
	710	U.S. Treasury Note		1.75		9/30/22		699
	915	U.S. Treasury Note		1.75		11/30/21		903
	1,140	U.S. Treasury Note		1.75		12/31/20		1,129
	700	U.S. Treasury Note		1.75		1/31/23		688
	625	U.S. Treasury Note		1.88		11/30/21		619
	925	U.S. Treasury Note		1.88		2/28/22		916
	1,530	U.S. Treasury Note		1.88		8/31/24		1,500
	850	U.S. Treasury Note		1.88		3/31/22		842
	1,000	U.S. Treasury Note		1.88		1/31/22		990
	1,000	U.S. Treasury Note		1.88		4/30/22		990
	850	U.S. Treasury Note		1.88		10/31/22		840
	420	U.S. Treasury Note		1.88		6/30/20		417
	930	U.S. Treasury Note		1.88		7/31/22		919
	875	U.S. Treasury Note		1.88		8/31/22		865
	1,765	U.S. Treasury Note		1.88		5/31/22		1,746
	1,280	U.S. Treasury Note		1.88		12/15/20		1,270
	910	U.S. Treasury Note		1.88		9/30/22		900
	1,538	U.S. Treasury Note		2.00		2/15/23		1,525
	938	U.S. Treasury Note		2.00		2/15/22		932
	800	U.S. Treasury Note		2.00		9/30/20		796
	700	U.S. Treasury Note		2.00		5/31/21		696
	2,155	U.S. Treasury Note		2.00		2/15/25		2,121
	2,140	U.S. Treasury Note		2.00		11/15/26		2,089
	900	U.S. Treasury Note		2.00		10/31/22		893
	2,350	U.S. Treasury Note		2.00		11/30/22		2,332
	1,000	U.S. Treasury Note		2.00		10/31/21		994
	1,360	U.S. Treasury Note		2.00		4/30/24		1,344
	670	U.S. Treasury Note		2.00		1/15/21		666
	1,050	U.S. Treasury Note		2.00		11/30/20		1,044
	840	U.S. Treasury Note		2.00		7/31/22		834
	1,675	U.S. Treasury Note		2.00		5/31/24		1,655
	2,895	U.S. Treasury Note		2.00		8/15/25		2,844
	1,110	U.S. Treasury Note		2.00		11/15/21		1,103
	1,000	U.S. Treasury Note		2.00		8/31/21		994
	500	U.S. Treasury Note		2.00		2/28/21		497
	660	U.S. Treasury Note		2.00		7/31/20		657
	1,325	U.S. Treasury Note		2.00		6/30/24		1,308
	1,000	U.S. Treasury Note		2.00		12/31/21		994
	1,115	U.S. Treasury Note		2.13		7/31/24		1,108
	785	U.S. Treasury Note		2.13		9/30/21		783
	750	U.S. Treasury Note		2.13		1/31/21		748
	1,400	U.S. Treasury Note		2.13		11/30/23		1,393
	1,315	U.S. Treasury Note		2.13		9/30/24		1,305
	800	U.S. Treasury Note		2.13		12/31/21		798
	1,000	U.S. Treasury Note		2.13		6/30/21		997
	1,220	U.S. Treasury Note		2.13		8/15/21		1,216
	875	U.S. Treasury Note		2.13		3/31/24		871

HC CAPITAL TRUST

The U.S. Government Fixed Income Securities Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Treasury Obligations (continued)
$	745	U.S. Treasury Note		2.13		11/30/24	$	739
	895	U.S. Treasury Note		2.13		2/29/24		890
	600	U.S. Treasury Note		2.13		8/31/20		598
	2,680	U.S. Treasury Note		2.13		12/31/22		2,670
	2,660	U.S. Treasury Note		2.13		5/15/25		2,634
	945	U.S. Treasury Note		2.13		6/30/22		942
	1,680	U.S. Treasury Note		2.25		12/31/24		1,678
	1,900	U.S. Treasury Note		2.25		8/15/27		1,883
	1,100	U.S. Treasury Note		2.25		3/31/26		1,096
	1,015	U.S. Treasury Note		2.25		10/31/24		1,014
	1,555	U.S. Treasury Note		2.25		3/31/21		1,555
	1,845	U.S. Treasury Note		2.25		11/15/27		1,827
	1,955	U.S. Treasury Note		2.25		11/15/24		1,952
	1,875	U.S. Treasury Note		2.25		11/15/25		1,867
	950	U.S. Treasury Note		2.25		12/31/23		950
	785	U.S. Treasury Note		2.25		7/31/21		785
	810	U.S. Treasury Note		2.25		1/31/24		810
	2,900	U.S. Treasury Note		2.25		2/15/27		2,881
	1,605	U.S. Treasury Note		2.25		4/30/21		1,604
	735	U.S. Treasury Note		2.25		2/15/21		734
	2,675	U.S. Treasury Note		2.38		8/15/24		2,690
	700	U.S. Treasury Note		2.38		12/31/20		701
	1,305	U.S. Treasury Note		2.38		3/15/22		1,311
	1,375	U.S. Treasury Note		2.38		2/29/24		1,385
	815	U.S. Treasury Note		2.38		3/15/21		816
	1,715	U.S. Treasury Note		2.38		4/15/21		1,718
	2,560	U.S. Treasury Note		2.38		5/15/27		2,565
	1,750	U.S. Treasury Note		2.38		1/31/23		1,760
	400	U.S. Treasury Note		2.38		4/30/20		400
	1,275	U.S. Treasury Note		2.50		2/15/22		1,285
	850	U.S. Treasury Note		2.50		2/28/26		860
	1,345	U.S. Treasury Note		2.50		2/28/21		1,350
	990	U.S. Treasury Note		2.50		3/31/23		1,000
	995	U.S. Treasury Note		2.50		6/30/20		996
	1,255	U.S. Treasury Note		2.50		1/15/22		1,264
	1,370	U.S. Treasury Note		2.50		8/15/23		1,385
	940	U.S. Treasury Note		2.50		5/31/20		941
	2,105	U.S. Treasury Note		2.50		5/15/24		2,130
	1,500	U.S. Treasury Note		2.50		12/31/20		1,505
	700	U.S. Treasury Note		2.50		1/31/25		708
	1,320	U.S. Treasury Note		2.50		1/31/21		1,325
	1,100	U.S. Treasury Note		2.50		1/31/24		1,113
	2,353	U.S. Treasury Note		2.63		11/15/20		2,364
	1,500	U.S. Treasury Note		2.63		6/30/23		1,524
	960	U.S. Treasury Note		2.63		7/15/21		968
	935	U.S. Treasury Note		2.63		6/15/21		943
	1,020	U.S. Treasury Note		2.63		7/31/20		1,023
	985	U.S. Treasury Note		2.63		2/28/23		1,000
	1,060	U.S. Treasury Note		2.63		12/31/25		1,081
	1,050	U.S. Treasury Note		2.63		8/31/20		1,054
	1,820	U.S. Treasury Note		2.63		2/15/29		1,855
	1,377	U.S. Treasury Note		2.63		8/15/20		1,382
	1,260	U.S. Treasury Note		2.63		12/15/21		1,273
	700	U.S. Treasury Note		2.63		12/31/23		712
	750	U.S. Treasury Note		2.63		3/31/25		764
	885	U.S. Treasury Note		2.63		5/15/21		891
	1,055	U.S. Treasury Note		2.63		1/31/26		1,076
	1,250	U.S. Treasury Note		2.75		9/30/20		1,257
	1,010	U.S. Treasury Note		2.75		9/15/21		1,022
	910	U.S. Treasury Note		2.75		8/31/25		934
	2,135	U.S. Treasury Note		2.75		5/31/23		2,179
	1,075	U.S. Treasury Note		2.75		8/31/23		1,098
	990	U.S. Treasury Note		2.75		8/15/21		1,001
	1,320	U.S. Treasury Note		2.75		11/30/20		1,329
	1,050	U.S. Treasury Note		2.75		7/31/23		1,072
	980	U.S. Treasury Note		2.75		4/30/23		1,000

HC CAPITAL TRUST

The U.S. Government Fixed Income Securities Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %			Maturity Date		Value (000)
		U.S. Treasury Obligations (continued)
$	885	U.S. Treasury Note		2.75			2/28/25	$	908
	2,120	U.S. Treasury Note		2.75			2/15/28		2,182
	1,897	U.S. Treasury Note		2.75			11/15/23		1,939
	875	U.S. Treasury Note		2.75			6/30/25		898
	2,165	U.S. Treasury Note		2.75			2/15/24		2,216
	1,000	U.S. Treasury Note		2.88			11/30/23		1,029
	1,085	U.S. Treasury Note		2.88			11/30/25		1,123
	1,255	U.S. Treasury Note		2.88			11/15/21		1,275
	1,105	U.S. Treasury Note		2.88			10/31/23		1,136
	875	U.S. Treasury Note		2.88			7/31/25		905
	1,300	U.S. Treasury Note		2.88			10/31/20		1,311
	1,020	U.S. Treasury Note		2.88			10/15/21		1,036
	1,500	U.S. Treasury Note		2.88			9/30/23		1,541
	3,055	U.S. Treasury Note		2.88			8/15/28		3,178
	1,005	U.S. Treasury Note		2.88			5/31/25		1,038
	1,920	U.S. Treasury Note		2.88			5/15/28		1,996
	815	U.S. Treasury Note		2.88			4/30/25		842
	895	U.S. Treasury Note		3.00			9/30/25		932
	700	U.S. Treasury Note		3.13			5/15/21		712
	2,180	U.S. Treasury Note		3.13			11/15/28		2,315
	880	U.S. Treasury Note		3.13			10/31/25		917
	840	U.S. Treasury Note		3.50			5/15/20		850
	1,632	U.S. Treasury Note		3.63			2/15/21		1,671
	400	U.S. Treasury Note		5.50			8/15/28		504
		Total U.S. Treasury Obligations							289,211
		Yankee Dollar — 0.04%
	115	AID-Israel (Sovereign Bond)		5.50			9/18/23		130
		Total Yankee Dollar							130
Shares
		Investment Company — 0.18%
	548,173	State Street Institutional Treasury Plus Money Market Fund, Premier Class		2.30	(a)				548
		Total Investment Company							548
		Total Investments (cost $294,350) — 99.40%							299,070
		Other assets in excess of liabilities — 0.60%							1,794
		Net Assets — 100.00%							$300,864

(a) The rate disclosed is the rate in effect on March 31, 2019.

The following table reflects the percentage of total net assets of the Portfolio attributable to each Specialist Manager as of March 31, 2019.

The U.S. Government Fixed Income Securities Portfolio	Mellon Investments Corporation*			HC Capital Solutions			Total
U.S. Government Agency Securities		3.05	%		—			3.05	%
U.S. Treasury Obligations		96.13	%		—			96.13	%
Yankee Dollar		0.04	%		—			0.04	%
Investment Company		—			0.18	%		0.18	%
Other Assets (Liabilities)		0.60	%		0.00	%		0.60	%
Total Net Assets		99.82	%		0.18	%		100.00	%

* Formerly BNY Mellon Asset Management North America Corporation.

Amounts designated as “—” indicate the Specialist Manager did not manage any holdings in that category.

HC CAPITAL TRUST

The Inflation Protected Securities Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %			Maturity Date		Value (000)
		U.S. Treasury Obligations — 98.66%
$	4,414	U.S. Treasury Inflation Index Bond		0.63			2/15/43	$	4,158
	10,594	U.S. Treasury Inflation Index Bond		0.75			7/15/28		10,836
	7,422	U.S. Treasury Inflation Index Bond		0.75			2/15/45		7,143
	5,972	U.S. Treasury Inflation Index Bond		0.75			2/15/42		5,822
	5,348	U.S. Treasury Inflation Index Bond		0.88			2/15/47		5,300
	2,416	U.S. Treasury Inflation Index Bond		1.00			2/15/49		2,482
	5,238	U.S. Treasury Inflation Index Bond		1.00			2/15/48		5,358
	5,453	U.S. Treasury Inflation Index Bond		1.00			2/15/46		5,565
	6,658	U.S. Treasury Inflation Index Bond		1.38			2/15/44		7,366
	5,067	U.S. Treasury Inflation Index Bond		1.75			1/15/28		5,598
	6,290	U.S. Treasury Inflation Index Bond		2.00			1/15/26		6,941
	3,396	U.S. Treasury Inflation Index Bond		2.13			2/15/41		4,264
	2,671	U.S. Treasury Inflation Index Bond		2.13			2/15/40		3,335
	5,063	U.S. Treasury Inflation Index Bond		2.38			1/15/27		5,791
	8,638	U.S. Treasury Inflation Index Bond		2.38			1/15/25		9,595
	4,889	U.S. Treasury Inflation Index Bond		2.50			1/15/29		5,796
	1,969	U.S. Treasury Inflation Index Bond		3.38			4/15/32		2,654
	4,265	U.S. Treasury Inflation Index Bond		3.63			4/15/28		5,416
	5,190	U.S. Treasury Inflation Index Bond		3.88			4/15/29		6,860
	13,022	U.S. Treasury Inflation Index Note		0.13			1/15/22		12,920
	13,430	U.S. Treasury Inflation Index Note		0.13			7/15/22		13,362
	13,489	U.S. Treasury Inflation Index Note		0.13			1/15/23		13,339
	13,745	U.S. Treasury Inflation Index Note		0.13			4/15/22		13,606
	13,118	U.S. Treasury Inflation Index Note		0.13			7/15/24		12,958
	11,097	U.S. Treasury Inflation Index Note		0.13			7/15/26		10,858
	16,163	U.S. Treasury Inflation Index Note		0.13			4/15/20		16,089
	14,104	U.S. Treasury Inflation Index Note		0.13			4/15/21		13,994
	13,151	U.S. Treasury Inflation Index Note		0.25			1/15/25		13,016
	13,385	U.S. Treasury Inflation Index Note		0.38			7/15/23		13,422
	11,007	U.S. Treasury Inflation Index Note		0.38			1/15/27		10,913
	10,882	U.S. Treasury Inflation Index Note		0.38			7/15/27		10,804
	13,137	U.S. Treasury Inflation Index Note		0.38			7/15/25		13,132
	10,787	U.S. Treasury Inflation Index Note		0.50			1/15/28		10,768
	13,345	U.S. Treasury Inflation Index Note		0.63			1/15/24		13,478
	13,462	U.S. Treasury Inflation Index Note		0.63			4/15/23		13,560
	11,798	U.S. Treasury Inflation Index Note		0.63			7/15/21		11,904
	11,832	U.S. Treasury Inflation Index Note		0.63			1/15/26		11,970
	7,222	U.S. Treasury Inflation Index Note		0.88			1/15/29		7,458
	11,114	U.S. Treasury Inflation Index Note		1.13			1/15/21		11,257
	9,715	U.S. Treasury Inflation Index Note		1.25			7/15/20		9,859
		Total U.S. Treasury Obligations							368,947
Shares
		Investment Company — 1.17%
	4,375,544	State Street Institutional Treasury Plus Money Market Fund, Premier Class		2.30	(a)				4,376
		Total Investment Company							4,376
		Total Investments (cost $368,478) — 99.83%							373,323
		Other assets in excess of liabilities — 0.17%							630
		Net Assets — 100.00%						$	373,953

(a) The rate disclosed is the rate in effect on March 31, 2019.

The following table reflects the percentage of total net assets of the Portfolio attributable to each Specialist Manager as of March 31, 2019.

The Inflation Protected Securities Portfolio	Mellon Investments Corporation*			HC Capital Solutions			Total
U.S. Treasury Obligations		98.66	%		—			98.66	%
Investment Company		0.01	%		1.16	%		1.17	%
Other Assets (Liabilities)		0.17	%		0.00	%		0.17	%
Total Net Assets		98.84	%		1.16	%		100.00	%

* Formerly BNY Mellon Asset Management North America Corporation.

Amounts designated as “—” indicate the Specialist Manager did not manage any holdings in that category.

HC CAPITAL TRUST

The U.S. Corporate Fixed Income Securities Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		Corporate Bonds — 80.75%
$	2,679	Abbott Laboratories (Health Care Equipment & Supplies), Callable 8/30/26 @ 100.00		3.75		11/30/26	$	2,784
	989	AbbVie, Inc. (Biotechnology)		4.40		11/6/42		919
	2,205	AbbVie, Inc. (Biotechnology), Callable 11/14/34 @ 100.00		4.50		5/14/35		2,163
	530	Alabama Power Co., Series B (Electric Utilities), Callable 6/1/47 @ 100.00		3.70		12/1/47		518
	155	Alabama Power Co. (Electric Utilities), Callable 2/15/44 @ 100.00		4.15		8/15/44		160
	3,375	American Express Co. (Consumer Finance), Callable 7/1/22 @ 100.00		2.50		8/1/22		3,337
	180	American Express Co. (Consumer Finance), Callable 1/27/23 @ 100.00		3.40		2/27/23		183
	3,990	Ameriprise Financial, Inc. (Capital Markets)		3.70		10/15/24		4,126
	540	Ameriprise Financial, Inc. (Capital Markets)		4.00		10/15/23		566
	1,715	Amgen, Inc. (Biotechnology), Callable 4/11/22 @ 100.00		2.65		5/11/22		1,710
	2,235	Amgen, Inc. (Biotechnology), Callable 2/1/25 @ 100.00		3.13		5/1/25		2,251
	275	Amgen, Inc. (Biotechnology), Callable 5/15/41 @ 100.00		5.15		11/15/41		297
	1,408	Analog Devices, Inc. (Semiconductors & Semiconductor Equipment), Callable 9/5/26 @ 100.00		3.50		12/5/26		1,397
	2,630	Analog Devices, Inc. (Semiconductors & Semiconductor Equipment), Callable 9/15/25 @ 100.00		3.90		12/15/25		2,680
	1,066	Anheuser-Busch Companies, LLC / Anheuser-Busch InBev Worldwide, Inc. (Beverages), Callable 8/1/35 @ 100.00		4.70		2/1/36		1,066
	1,910	Anheuser-Busch Companies, LLC / Anheuser-Busch InBev Worldwide, Inc. (Beverages), Callable 8/1/45 @ 100.00		4.90		2/1/46		1,920
	1,850	Anheuser-Busch InBev N.V. (Beverages), Callable 8/1/35 @ 100.00		4.70		2/1/36		1,851
	1,730	Anthem, Inc. (Health Care Providers & Services)		3.13		5/15/22		1,745
	485	Anthem, Inc. (Health Care Providers & Services)		3.30		1/15/23		491
	1,245	Anthem, Inc. (Health Care Providers & Services), Callable 9/1/27 @ 100.00		3.65		12/1/27		1,243
	1,035	Anthem, Inc. (Health Care Providers & Services), Callable 5/15/21 @ 100.00		3.70		8/15/21		1,054
	790	Anthem, Inc. (Health Care Providers & Services)		4.63		5/15/42		817
	2,410	Apple, Inc. (Technology Hardware, Storage & Peripherals), Callable 8/23/45 @ 100.00		4.65		2/23/46		2,728
	750	Archer-Daniels-Midland Co., Class C (Food Products)		4.02		4/16/43		764
	1,065	AT&T, Inc. (Diversified Telecommunication Services)		3.80		3/15/22		1,093
	4,610	AT&T, Inc. (Diversified Telecommunication Services), Callable 1/1/24 @ 100.00		4.45		4/1/24		4,826
	1,730	AT&T, Inc. (Diversified Telecommunication Services)		5.35		9/1/40		1,820
	585	AT&T, Inc. (Diversified Telecommunication Services)		5.55		8/15/41		627
	265	Atmos Energy Corp. (Gas Utilities), Callable 4/15/44 @ 100.00		4.13		10/15/44		277
	355	Atmos Energy Corp. (Gas Utilities), Callable 7/15/42 @ 100.00		4.15		1/15/43		368
	9,553	Bank of America Corp., MTN (Banks)		3.88		8/1/25		9,896
	1,358	Bank One Corp. (Banks)		8.00		4/29/27		1,724
	1,875	Berkshire Hathaway, Inc. (Multi-Utilities), Callable 8/1/44 @ 100.00		4.50		2/1/45		1,997
	300	Bunge Limited Finance Corp. (Food Products), Callable 8/25/22 @ 100.00		3.00		9/25/22		299
	1,510	Bunge Limited Finance Corp. (Food Products), Callable 5/15/26 @ 100.00		3.25		8/15/26		1,357
	1,335	Capital One Financial Corp. (Consumer Finance), Callable 3/30/21 @ 100.00		3.45		4/30/21		1,351
	4,800	Capital One Financial Corp. (Consumer Finance)		3.50		6/15/23		4,860
	1,708	Capital One Financial Corp. (Consumer Finance)		4.75		7/15/21		1,782
	600	Cisco Systems, Inc. (Communications Equipment)		5.50		1/15/40		761
	555	Citigroup, Inc. (Banks), Callable 11/8/21 @ 100.00		2.90		12/8/21		555
	7,220	Citigroup, Inc. (Banks)		3.40		5/1/26		7,183
	695	Citigroup, Inc. (Banks)		4.50		1/14/22		725
	835	Comcast Corp. (Media), Callable 9/1/37 @ 100.00		3.90		3/1/38		822
	50	Comcast Corp. (Media)		4.65		7/15/42		54
	2,185	Comcast Corp. (Media)		4.75		3/1/44		2,372
	2,220	ConocoPhillips (Oil, Gas & Consumable Fuels)		6.50		2/1/39		2,995
	175	Consolidated Edison Company of New York, Inc., Series 2008-B (Multi-Utilities)		6.75		4/1/38		234
	1,650	Constellation Brands, Inc. (Beverages)		4.75		11/15/24		1,764
	765	Constellation Brands, Inc. (Beverages)		4.75		12/1/25		816
	2,315	CSX Corp. (Road & Rail)		6.22		4/30/40		2,882
	699	CVS Health Corp. (Health Care Providers & Services), Callable 9/1/22 @ 100.00		2.75		12/1/22		690
	1,550	CVS Health Corp. (Health Care Providers & Services), Callable 2/9/23 @ 100.00		3.70		3/9/23		1,575

HC CAPITAL TRUST

The U.S. Corporate Fixed Income Securities Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		Corporate Bonds (continued)
$	6,630	CVS Health Corp. (Health Care Providers & Services), Callable 12/25/27 @ 100.00		4.30		3/25/28	$	6,724
	980	Devon Energy Corp. (Oil, Gas & Consumable Fuels), Callable 2/15/22 @ 100.00		3.25		5/15/22		988
	925	Devon Energy Corp. (Oil, Gas & Consumable Fuels), Callable 4/15/21 @ 100.00		4.00		7/15/21		944
	1,765	Devon Energy Corp. (Oil, Gas & Consumable Fuels), Callable 1/15/41 @ 100.00		5.60		7/15/41		1,960
	315	Devon Energy Corp. (Oil, Gas & Consumable Fuels), Callable 9/15/25 @ 100.00		5.85		12/15/25		358
	2,445	Digital Realty Trust LP (Equity Real Estate Investment Trusts), Callable 1/1/23 @ 100.00		2.75		2/1/23		2,396
	1,830	Dominion Gas Holdings LLC (Multi-Utilities), Callable 9/15/24 @ 100.00		3.60		12/15/24		1,859
	200	Duke Energy Carolinas LLC (Electric Utilities), Callable 6/15/41 @ 100.00		4.25		12/15/41		212
	635	Duke Energy Corp. (Electric Utilities), Callable 6/1/26 @ 100.00		2.65		9/1/26		605
	965	Duke Energy Corp. (Electric Utilities), Callable 1/15/24 @ 100.00		3.75		4/15/24		996
	660	Duke Energy Progress LLC (Electric Utilities), Callable 2/15/45 @ 100.00		4.20		8/15/45		692
	1,495	Energy Transfer Partners LP (Oil, Gas & Consumable Fuels), Callable 3/15/28 @ 100.00		4.95		6/15/28		1,569
	1,000	Enterprise Products Operating LLC (Oil, Gas & Consumable Fuels), Callable 11/15/24 @ 100.00		3.75		2/15/25		1,030
	2,782	Enterprise Products Operating LLC (Oil, Gas & Consumable Fuels), Callable 9/15/43 @ 100.00		4.85		3/15/44		2,958
	995	FedEx Corp. (Air Freight & Logistics)		4.90		1/15/34		1,068
	1,520	Fiserv, Inc. (IT Services), Callable 7/1/22 @ 100.00		3.50		10/1/22		1,540
	1,195	Fiserv, Inc. (IT Services), Callable 3/1/25 @ 100.00		3.85		6/1/25		1,229
	1,560	General Motors Financial Co. (Consumer Finance), Callable 2/1/21 @ 100.00		4.20		3/1/21		1,583
	1,225	Gilead Sciences, Inc. (Biotechnology), Callable 8/1/44 @ 100.00		4.50		2/1/45		1,238
	393	GlaxoSmithKline PLC (Diversified Financial Services)		6.38		5/15/38		521
	3,640	Goldman Sachs Group, Inc. (Capital Markets), Callable 10/23/24 @ 100.00		3.50		1/23/25		3,630
	2,420	Goldman Sachs Group, Inc. (Capital Markets)		5.25		7/27/21		2,542
	1,485	Home Depot, Inc. (The) (Specialty Retail), Callable 3/15/40 @ 100.00		5.40		9/15/40		1,792
	411	International Paper Co. (Containers & Packaging), Callable 11/15/21 @ 100.00		4.75		2/15/22		431
	755	International Paper Co. (Containers & Packaging), Callable 5/15/41 @ 100.00		6.00		11/15/41		845
	480	Interpublic Group of Companies, Inc. (Media)		4.00		3/15/22		490
	2,130	Interpublic Group of Companies, Inc. (Media)		4.20		4/15/24		2,192
	2,870	JPMorgan Chase & Co. (Banks), Callable 10/23/24 @ 100.00		3.13		1/23/25		2,874
	1,736	JPMorgan Chase & Co. (Banks)		3.63		5/13/24		1,785
	1,360	JPMorgan Chase & Co. (Banks)		4.35		8/15/21		1,407
	1,500	JPMorgan Chase & Co. (Banks)		4.50		1/24/22		1,569
	1,000	Lincoln National Corp. (Insurance), Callable 9/15/26 @ 100.00		3.63		12/12/26		1,006
	85	Lincoln National Corp. (Insurance)		4.85		6/24/21		88
	975	Lincoln National Corp. (Insurance)		7.00		6/15/40		1,293
	1,305	Lockheed Martin Corp. (Aerospace & Defense), Callable 11/15/35 @ 100.00		4.50		5/15/36		1,416
	295	LYB International Finance BV (Chemicals), Callable 9/15/43 @ 100.00		4.88		3/15/44		290
	455	Martin Marietta Materials, Inc. (Construction Materials), Callable 3/1/27 @ 100.00		3.45		6/1/27		436
	1,380	Martin Marietta Materials, Inc. (Construction Materials), Callable 4/2/24 @ 100.00		4.25		7/2/24		1,432
	1,200	Medtronic, Inc. (Health Care Equipment & Supplies)		4.38		3/15/35		1,311
	670	MetLife, Inc. (Insurance)		3.00		3/1/25		672
	745	MetLife, Inc. (Insurance)		5.70		6/15/35		896
	3,475	Microsoft Corp. (Software), Callable 8/6/56 @ 100.00		4.50		2/6/57		4,003
	2,679	MidAmerican Energy Holdings Co. (Multi-Utilities)		6.13		4/1/36		3,371
	2,695	Morgan Stanley (Capital Markets)		2.63		11/17/21		2,681
	3,940	Morgan Stanley (Capital Markets)		3.13		1/23/23		3,953
	3,635	National Rural Utilities Cooperative Finance Corp. (Diversified Financial Services), Callable 12/7/23 @ 100.00		2.95		2/7/24		3,652
	2,625	Nucor Corp. (Metals & Mining), Callable 6/15/22 @ 100.00		4.13		9/15/22		2,744
	1,074	Nucor Corp. (Metals & Mining), Callable 2/1/43 @ 100.00		5.20		8/1/43		1,224
	2,132	NVIDIA Corp. (Semiconductors & Semiconductor Equipment), Callable 6/16/26 @ 100.00		3.20		9/16/26		2,123

HC CAPITAL TRUST

The U.S. Corporate Fixed Income Securities Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		Corporate Bonds (continued)
$	380	Oracle Corp. (Software), Callable 11/15/44 @ 100.00		4.13		5/15/45	$	388
	1,535	Oracle Corp. (Software)		5.38		7/15/40		1,846
	1,050	Pfizer, Inc. (Pharmaceuticals), Callable 3/15/38 @ 100.00		4.10		9/15/38		1,104
	250	Philip Morris International, Inc. (Tobacco)		3.25		11/10/24		254
	1,075	Philip Morris International, Inc. (Tobacco)		4.50		3/20/42		1,068
	950	Principal Financial Group, Inc. (Insurance), Callable 2/15/25 @ 100.00		3.40		5/15/25		955
	228	Procter & Gamble Co. (The) (Household Products)		9.36		1/1/21		242
	1,457	Progress Energy, Inc. (Electric Utilities)		6.00		12/1/39		1,783
	440	Prudential Financial, Inc., MTN (Insurance), Callable 12/27/27 @ 100.00		3.88		3/27/28		463
	152	Prudential Financial, Inc. (Insurance)		6.63		6/21/40		199
	265	Public Service Electric & Gas Co. (Electric Utilities), Callable 3/1/42 @ 100.00		3.65		9/1/42		261
	1,185	RELX Capital, Inc. (Professional Services), Callable 7/15/22 @ 100.00		3.13		10/15/22		1,195
	2,005	RELX Capital, Inc. (Professional Services), Callable 2/16/23 @ 100.00		3.50		3/16/23		2,032
	785	Rockwell Collins, Inc. (Aerospace & Defense), Callable 1/15/24 @ 100.00		3.20		3/15/24		785
	1,244	Rockwell Collins, Inc. (Aerospace & Defense), Callable 12/15/26 @ 100.00		3.50		3/15/27		1,232
	215	Roper Industries, Inc. (Industrial Conglomerates), Callable 8/15/22 @ 100.00		3.13		11/15/22		216
	1,950	Roper Technologies, Inc. (Industrial Conglomerates), Callable 9/15/25 @ 100.00		3.85		12/15/25		1,992
	1,185	Ryder System, Inc., MTN (Road & Rail), Callable 8/1/21 @ 100.00		2.25		9/1/21		1,168
	1,405	Ryder System, Inc. (Road & Rail), Callable 2/1/22 @ 100.00		2.80		3/1/22		1,400
	735	Ryder System, Inc. (Road & Rail), Callable 10/15/21 @ 100.00		3.45		11/15/21		742
	375	Sherwin-Williams Co. (The) (Chemicals), Callable 5/1/25 @ 100.00		3.45		8/1/25		375
	385	Southern Company Gas Capital Corp. (Electric Utilities), Callable 8/1/23 @ 100.00		2.45		10/1/23		374
	695	Southwest Airlines Co. (Airlines), Callable 8/15/26 @ 100.00		3.00		11/15/26		672
	966	Southwest Airlines Co., Series 2017-1 (Airlines)		6.15		2/1/24		1,018
	3,371	Sunoco Logistics Partners LP (Oil, Gas & Consumable Fuels), Callable 10/15/22 @ 100.00		3.45		1/15/23		3,385
	1,225	Sunoco Logistics Partners LP (Oil, Gas & Consumable Fuels), Callable 7/15/42 @ 100.00		4.95		1/15/43		1,144
	2,101	SunTrust Banks, Inc. (Banks), Callable 12/27/21 @ 100.00		2.70		1/27/22		2,095
	1,850	TCI Communications, Inc. (Media)		7.88		2/15/26		2,344
	843	The Home Depot, Inc. (Specialty Retail)		5.88		12/16/36		1,062
	2,200	The Sherwin-Williams Co. (Chemicals), Callable 4/1/24 @ 100.00		3.13		6/1/24		2,188
	1,671	The Travelers Companies, Inc. (Insurance)		6.25		6/15/37		2,204
	2,495	Thermo Fisher Scientific, Inc. (Life Sciences Tools & Services), Callable 11/1/23 @ 100.00		4.15		2/1/24		2,609
	1,285	Toyota Motor Credit Corp., MTN (Consumer Finance)		2.90		4/17/24		1,294
	1,500	Union Pacific Corp. (Road & Rail), Callable 6/10/28 @ 100.00		3.95		9/10/28		1,574
	135	United Parcel Service, Inc. (Air Freight & Logistics)		6.20		1/15/38		174
	674	United Technologies Corp. (Aerospace & Defense)		4.50		6/1/42		697
	810	UnitedHealth Group, Inc. (Health Care Providers & Services), Callable 5/15/41 @ 100.00		4.63		11/15/41		888
	835	UnitedHealth Group, Inc. (Health Care Providers & Services)		4.75		7/15/45		945
	865	Valero Energy Corp. (Oil, Gas & Consumable Fuels)		6.63		6/15/37		1,067
	270	Ventas Realty LP (Equity Real Estate Investment Trusts), Callable 5/15/22 @ 100.00		3.25		8/15/22		272
	1,300	Ventas Realty LP (Equity Real Estate Investment Trusts), Callable 11/1/24 @ 100.00		3.50		2/1/25		1,301
	5,849	Verizon Communications, Inc. (Diversified Telecommunication Services), Callable 9/3/29 @ 100.00		4.02		12/3/29		6,044
	1,227	Verizon Communications, Inc. (Diversified Telecommunication Services)		5.01		8/21/54		1,315
	820	Virginia Electric & Power Co. (Electric Utilities), Callable 2/15/43 @ 100.00		4.65		8/15/43		896
	501	Walmart, Inc. (Food & Staples Retailing)		5.00		10/25/40		593
	730	Walmart, Inc. (Food & Staples Retailing)		5.63		4/1/40		929
	840	Walt Disney Co. (The) (Entertainment), Callable 3/15/44 @ 100.00		4.75		9/15/44		965
	1,158	Walt Disney Co. (The) (Entertainment)		6.20		12/15/34		1,513
	1,525	Wells Fargo & Co., MTN (Banks)		2.63		7/22/22		1,514
	5,415	Wells Fargo & Co. (Banks)		3.00		2/19/25		5,356
	423	Wells Fargo & Co. (Banks)		3.30		9/9/24		427
	1,110	Wells Fargo & Co., MTN (Banks)		4.60		4/1/21		1,147
	1,375	WestRock Co. (Containers & Packaging)		4.90		3/1/22		1,437

HC CAPITAL TRUST

The U.S. Corporate Fixed Income Securities Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %			Maturity Date		Value (000)
		Corporate Bonds (continued)
$	340	Westvaco Corp. (Containers & Packaging)		8.20			1/15/30	$	445
	931	XTO Energy, Inc. (Oil, Gas & Consumable Fuels)		6.75			8/1/37		1,302
		Total Corporate Bonds							245,983
		Yankee Dollars — 15.63%
	600	America Movil SAB de CV (Wireless Telecommunication Services)		5.00			3/30/20		611
	850	America Movil SAB de CV (Wireless Telecommunication Services)		6.13			11/15/37		1,050
	1,007	Aptiv PLC (Auto Components), Callable 10/15/25 @ 100.00		4.25			1/15/26		1,038
	1,800	Barclays PLC (Banks), Callable 1/10/22 @ 100.00		3.68			1/10/23		1,798
	480	BHP Billiton Ltd. (Metals & Mining)		5.00			9/30/43		565
	2,094	BP Capital Markets PLC (Diversified Financial Services)		3.54			11/4/24		2,157
	1,246	British Telecommunications PLC (Diversified Telecommunication Services)		9.63			12/15/30		1,783
	1,305	Canadian Natural Resources Ltd. (Oil, Gas & Consumable Fuels), Callable 12/15/22 @ 100.00		2.95			1/15/23		1,296
	1,165	Canadian Natural Resources Ltd. (Oil, Gas & Consumable Fuels), Callable 8/15/21 @ 100.00		3.45			11/15/21		1,178
	850	Canadian Natural Resources Ltd. (Oil, Gas & Consumable Fuels), Callable 3/1/27 @ 100.00		3.85			6/1/27		852
	350	Canadian Pacific Railway Co. (Road & Rail), Callable 11/1/24 @ 100.00		2.90			2/1/25		343
	2,390	Canadian Pacific Railway Co. (Road & Rail), Callable 12/15/22 @ 100.00		4.45			3/15/23		2,495
	1,000	Coca-Cola European Partners PLC (Beverages), Callable 6/1/21 @ 100.00		4.50			9/1/21		1,024
	1,106	Deutsche Telekom International Finance BV (Diversified Telecommunication Services)		8.75	(a)		6/15/30		1,524
	1,010	Diageo Capital PLC (Diversified Financial Services)		5.88			9/30/36		1,262
	1,285	HSBC Holdings PLC (Banks)		4.00			3/30/22		1,325
	500	HSBC Holdings PLC (Banks)		4.88			1/14/22		526
	2,985	HSBC Holdings PLC (Banks)		5.10			4/5/21		3,111
	500	HSBC Holdings PLC (Banks)		6.80			6/1/38		642
	1,430	Iberdrola International BV (Electric Utilities)		5.81			3/15/25		1,584
	1,795	Iberdrola International BV (Electric Utilities)		6.75			7/15/36		2,244
	525	LYB International Finance II BV (Chemicals), Callable 12/2/26 @ 100.00		3.50			3/2/27		505
	321	LyondellBasell Industries N.V. (Chemicals), Callable 8/26/54 @ 100.00		4.63			2/26/55		290
	2,000	LyondellBasell Industries N.V. (Chemicals), Callable 1/15/24 @ 100.00		5.75			4/15/24		2,184
	1,143	Orange SA (Diversified Telecommunication Services)		9.00			3/1/31		1,655
	893	Shell International Finance BV (Oil, Gas & Consumable Fuels)		4.13			5/11/35		952
	1,925	Shell International Finance BV (Oil, Gas & Consumable Fuels)		6.38			12/15/38		2,616
	1,145	Statoil ASA (Oil, Gas & Consumable Fuels)		5.10			8/17/40		1,352
	831	Statoil ASA (Oil, Gas & Consumable Fuels)		7.75			6/15/23		989
	513	Telefonica Emisiones SAU (Diversified Telecommunication Services)		5.13			4/27/20		525
	540	Telefonica Emisiones SAU (Diversified Telecommunication Services)		5.46			2/16/21		565
	745	Telefonica Emisiones SAU (Diversified Telecommunication Services)		7.05			6/20/36		907
	685	TransCanada PipeLines Ltd. (Oil, Gas & Consumable Fuels)		2.50			8/1/22		679
	2,610	TransCanada PipeLines Ltd. (Oil, Gas & Consumable Fuels), Callable 2/15/28 @ 100.00		4.25			5/15/28		2,725
	1,040	TransCanada PipeLines Ltd. (Oil, Gas & Consumable Fuels)		6.10			6/1/40		1,231
	451	TransCanada PipeLines Ltd. (Oil, Gas & Consumable Fuels)		6.20			10/15/37		536
	440	Vodafone Group PLC (Wireless Telecommunication Services)		5.00			5/30/38		435
	946	Vodafone Group PLC (Wireless Telecommunication Services)		6.15			2/27/37		1,051
		Total Yankee Dollars							47,605
Shares
		Investment Companies — 2.93%
	2,860,564	State Street Institutional Treasury Money Market Fund, Premier Class		2.36	(b)				2,861
	6,071,490	State Street Institutional Treasury Plus Money Market Fund, Premier Class		2.30	(b)				6,071
		Total Investment Companies							8,932
		Total Investments (cost $298,839) — 99.31%							302,520
		Other assets in excess of liabilities — 0.69%							2,089
		Net Assets — 100.00%						$	304,609

(a) Step Bond: Coupon rate is set for an initial period and then increased to a higher coupon rate at a specified date. The rate disclosed is the rate in effect at March 31, 2019.

(b) The rate disclosed is the rate in effect on March 31, 2019.

HC CAPITAL TRUST

The U.S. Corporate Fixed Income Securities Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

MTN — Medium Term Note

The following table reflects the percentage of total net assets of the Portfolio attributable to each Specialist Manager as of March 31, 2019.

The U.S. Corporate Fixed Income Securities Portfolio	Agincourt Capital Management, LLC			HC Capital Solutions			Total
Corporate Bonds		80.75	%		—			80.75	%
Yankee Dollars		15.63	%		—			15.63	%
Investment Companies		0.94	%		1.99	%		2.93	%
Other Assets (Liabilities)		0.94	%		-0.25	%		0.69	%
Total Net Assets		98.26	%		1.74	%		100.00	%

Amounts designated as “—” indicate the Specialist Manager did not manage any holdings in that category.

HC CAPITAL TRUST

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

Portfolio of Investments — March 31, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %			Maturity Date		Value (000)
		Asset Backed Securities — 1.62%
$	200	Ally Auto Receivables Trust, Series 2018-3, Class A3, Callable 10/15/21 @ 100.00		3.00			1/17/23	$	201
	200	American Express Credit Account Master Trust, Series 2017-1, Class A		1.93			9/15/22		199
	200	BMW Vehicle Owner Trust, Series 2016-A, Class A4, Callable 5/25/20 @ 100.00		1.37			12/27/22		198
	200	BMW Vehicle Owner Trust, Series 2018-A, Class A4, Callable 12/25/21 @ 100.00		2.51			6/25/24		200
	150	Capital One Multi-Asset Execution Trust, Series 2017-A4, Class A4		1.99			7/17/23		149
	125	Capital One Multi-Asset Execution Trust, Series 2017-A1, Class A1		2.00			1/17/23		124
	200	Capital One Multi-Asset Execution Trust, Series 2017-A3, Class A3		2.43			1/15/25		199
	300	CarMax Auto Owner Trust, Series 2017-2, Class A4, Callable 6/15/21 @ 100.00		2.25			9/15/22		296
	260	CarMax Auto Owner Trust, Series 2018-2, Class A3, Callable 3/15/22 @ 100.00		2.98			1/17/23		262
	270	Chase Issuance Trust (CHAIT), Series 2015-A4, Class A		1.84			4/15/22		268
	100	Citibank Credit Card Issuance Trust, Series 2014-A1, Class A1		2.88			1/23/23		101
	100	Discover Card Execution Note Trust, Series 2017-A2, Class A2		2.39			7/15/24		100
	350	Discover Card Execution Note Trust, Series 2018-A4, Class A4		3.11			1/16/24		353
	156	GM Financial Consumer Automobile Receivables Trust, Series 2018-1, Class A4, Callable 12/16/21 @ 100.00		2.46			7/17/23		155
	250	Nissan Auto Receivables Owner Trust, Series 2019-A, Class A3, Callable 3/15/23 @ 100.00		2.90			10/16/23		252
	200	Synchrony Credit Card Master Note Trust, Series 2018-1, Class A		2.97			3/15/24		201
	200	Toyota Auto Receivables Owner Trust, Series 2018-A, Class A4, Callable 12/15/21 @ 100.00		2.52			5/15/23		200
		Total Asset Backed Securities							3,458
		Collateralized Mortgage Obligations — 6.08%
	250	Bank, Series 2017-BNK9, Class ASB		3.47			11/15/54		256
	300	Bank, Series 2018-BN10, Class A5		3.69			2/15/61		310
	200	Bank of America Commercial Mortgage Trust, Series 2017-BNK3, Class A2		3.12			2/15/50		201
	100	Bank of America Commercial Mortgage Trust, Series 2017-BNK3, Class ASB		3.37			2/15/50		102
	200	Benchmark Mortgage Trust, Series 2018-B6, Class A4		4.26			10/10/51		216
	228	Citigroup Commercial Mortgage Trust, Series 2015-GC27, Class A4		2.88			2/10/48		227
	183	Citigroup Commercial Mortgage Trust, Series 2015-GC27, Class A5		3.14			2/10/48		184
	100	Citigroup Commercial Mortgage Trust, Series 2016-GC37, Class A4		3.31			4/10/49		102
	100	Citigroup Commercial Mortgage Trust, Series 2016-GC36, Class A5		3.62			2/10/49		103
	228	Citigroup Commercial Mortgage Trust, Series 2014-GC23, Class A4		3.62			7/10/47		235
	183	Commercial Mortgage Trust, Series 2015-LC19, Class A4		3.18			2/10/48		184
	80	Commercial Mortgage Trust, Series 2015-DC1, Class A5		3.35			2/10/48		81
	256	Commercial Mortgage Trust, Series 2013-CR8, Class A5		3.61	(a)		6/10/46		264
	100	Commercial Mortgage Trust, Series 2014-UBS4, Class AM		3.97			8/10/47		103
	100	Commercial Mortgage Trust, Series 2013-CR11, Class B		5.13	(a)		8/10/50		107
	200	CSAIL Commercial Mortgage Trust, Series 2016-C7, Class ASB		3.31			11/15/49		203
	500	CSAIL Commercial Mortgage Trust, Series 2018-CX11, Class A2		3.82			4/15/51		515
	132	Fannie Mae-ACES, Series 2016-M6, Class A1		2.14			5/25/26		131
	17	Fannie Mae-ACES, Series 2013-M14, Class APT		2.64	(a)		4/25/23		17
	44	Fannie Mae-ACES, Series 2017-M8, Class A1		2.65			5/25/27		44
	283	Fannie Mae-ACES, Series 2015-M3, Class A2		2.72			10/25/24		284
	249	Fannie Mae-ACES, Series 2012-M1, Class A2		2.73			10/25/21		250
	200	Fannie Mae-ACES, Series 2017-M7, Class A2		2.96			2/25/27		200
	54	Fannie Mae-ACES, Series 2012-M4, Class 1A2		2.98			4/25/22		54
	250	Fannie Mae-ACES, Series 2017-M11, Class A2		2.98			8/25/29		246
	300	Fannie Mae-ACES, Series 2017-M12, Class A2		3.08	(a)		6/25/27		304
	228	Fannie Mae-ACES, Series 2014-M9, Class A2		3.10	(a)		7/25/24		232
	200	Fannie Mae-ACES, Series 2017 M15, Class ATS2		3.14	(a)		11/25/27		202
	46	Freddie Mac Multifamily Structured Pass-Through Certificates, Series K023, Class A2		2.31			8/25/22		45
	94	Freddie Mac Multifamily Structured Pass-Through Certificates, Series K058, Class A1		2.34			7/25/26		92
	183	Freddie Mac Multifamily Structured Pass-Through Certificates, Series K027, Class A2		2.64			1/25/23		183
	350	Freddie Mac Multifamily Structured Pass-Through Certificates, Series K055, Class A2		2.67			3/25/26		348

HC CAPITAL TRUST

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

Portfolio of Investments — March 31, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %			Maturity Date		Value (000)
		Collateralized Mortgage Obligations (continued)
$	116	Freddie Mac Multifamily Structured Pass-Through Certificates, Series K017, Class A2		2.87			12/25/21	$	117
	56	Freddie Mac Multifamily Structured Pass-Through Certificates, Series K032, Class A1		3.02			2/25/23		56
	365	Freddie Mac Multifamily Structured Pass-Through Certificates, Series K043, Class A2		3.06			12/25/24		372
	274	Freddie Mac Multifamily Structured Pass-Through Certificates, Series K716, Class A2		3.13			6/25/21		277
	183	Freddie Mac Multifamily Structured Pass-Through Certificates, Series K032, Class A2		3.31	(a)		5/25/23		188
	183	Freddie Mac Multifamily Structured Pass-Through Certificates, Series K029, Class A2		3.32			2/25/23		188
	100	Freddie Mac Multifamily Structured Pass-Through Certificates, Series K047, Class A2, Callable 5/11/25 @ 100.00		3.33			5/25/25		103
	500	Freddie Mac Multifamily Structured Pass-Through Certificates, Series K077, Class A2		3.85			5/25/28		535
	110	Freddie Mac Multifamily Structured Pass-Through Certificates, Series K014, Class A2		3.87			4/25/21		113
	205	Freddie Mac Multifamily Structured Pass-Through Certificates, Series K012, Class A2		4.18			12/25/20		210
	110	Freddie Mac Multifamily Structured Pass-Through Certificates, Series K010, Class A2		4.33			10/25/20		112
	230	GS Mortgage Securities Trust, Series 2016-GS2, Class A3		2.79			5/10/49		226
	100	GS Mortgage Securities Trust, Series 2017-GS5, Class A2		3.22			3/10/50		101
	250	GS Mortgage Securities Trust, Series 2017-GS5, Class A4		3.67			3/10/50		259
	100	GS Mortgage Securities Trust, Series 2018-GS10, Class A5		4.15	(a)		7/10/51		107
	274	GS Mortgage Securities Trust, Series 2013-GC14, Class A5		4.24			8/10/46		288
	137	JPMBB Commercial Mortgage Securities Trust, Series 2014-C24, Class A5		3.64			11/15/47		141
	183	JPMBB Commercial Mortgage Securities Trust, Series 2014-C22, Class A4, Callable 7/15/24 @ 100.00		3.80			9/15/47		190
	183	JPMBB Commercial Mortgage Securities Trust, Series 2013-C15, Class A5		4.13			11/15/45		192
	187	JPMorgan Chase Commercial Mortgage Securities Corp., Series 2012-C8, Class A3		2.83			10/15/45		187
	100	Morgan Stanley BAML Trust, Series 2015-C21, Class ASB		3.15			3/15/48		101
	183	Morgan Stanley BAML Trust, Series 2015-C20, Class A4		3.25			2/15/48		185
	200	Morgan Stanley BAML Trust, Series 2014-C19, Class A4		3.53			12/15/47		205
	200	Morgan Stanley BAML Trust, Series 2017-C33, Class A5		3.60			5/15/50		206
	100	Morgan Stanley BAML Trust, Series 2014-C17, Class A5, Callable 7/11/24 @ 100.00		3.74			8/15/47		104
	100	Morgan Stanley BAML Trust, Series 2014-C15, Class A4		4.05			4/15/47		105
	200	Morgan Stanley Capital I Trust, Series 2017-H1, Class A4		3.26			6/15/50		201
	183	Morgan Stanley Capital I Trust, Series 2016-UBS9, Class A4		3.59			3/15/49		188
	100	SG Commercial Mortgage Securities Trust, Series 2016-C5, Class A4		3.06			10/10/48		98
	133	UBS Commercial Mortgage Trust, Series 2012-C1, Class AAB		3.00			5/10/45		133
	141	UBS-Barclays Commercial Mortgage Trust, Series 2012-C2, Class A4		3.53			5/10/63		145
	500	Wells Fargo Commercial Mortgage Trust, Series 2016-C34, Class A4		3.10			6/15/49		496
	183	Wells Fargo Commercial Mortgage Trust, Series 2015-C30, Class A4		3.66			9/15/58		189
	124	Wells Fargo Commercial Mortgage Trust, Series 2015-P2, Class A4		3.81			12/15/48		129
	169	Wells Fargo Commercial Mortgage Trust, Series 2014-LC16, Class A5		3.82			8/15/50		176
	142	Wells Fargo Commercial Mortgage Trust, Series 2015-C26, Class C		4.07			2/15/48		139
	159	WF-RBS Commercial Mortgage Trust, Series 2013-C14, Class ASB		2.98			6/15/46		160
		Total Collateralized Mortgage Obligations							12,947
		U.S. Government Agency Mortgages — 88.69%
	47	Fannie Mae, Pool #AY4232		2.00			5/1/30		46
	237	Fannie Mae, Pool #AS1058		2.00			11/1/28		234
	50	Fannie Mae, Pool #AS0001		2.00			7/1/28		49
	102	Fannie Mae, Pool #MA2906		2.00			2/1/32		99
	38	Fannie Mae, Pool #BJ4362		2.00			11/1/32		37
	22	Fannie Mae, Pool #CA0052		2.00			7/1/32		21
	24	Fannie Mae, Pool #MA1511		2.50			7/1/33		24
	42	Fannie Mae, Pool #AS8437		2.50			12/1/36		41
	57	Fannie Mae, Pool #MA2868		2.50			1/1/32		57
	46	Fannie Mae, Pool #MA2888		2.50			1/1/47		44

HC CAPITAL TRUST

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

Portfolio of Investments — March 31, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Government Agency Mortgages (continued)
$	22	Fannie Mae, Pool #MA2854		2.50		12/1/46	$	21
	20	Fannie Mae, Pool #MA2789		2.50		10/1/36		20
	163	Fannie Mae, Pool #AS8892		2.50		2/1/32		162
	335	Fannie Mae, Pool #MA3154		2.50		10/1/32		333
	293	Fannie Mae, Pool #AO3019		2.50		5/1/27		293
	117	Fannie Mae, Pool #AS8246		2.50		11/1/31		116
	296	Fannie Mae, Pool #AP4742		2.50		8/1/27		295
	48	Fannie Mae, Pool #MA1270		2.50		11/1/32		48
	58	Fannie Mae, Pool #BJ3742		2.50		12/1/32		58
	95	Fannie Mae, Pool #BJ3944		2.50		1/1/33		94
	71	Fannie Mae, Pool #AS4660		2.50		3/1/30		71
	206	Fannie Mae, Pool #AS4946		2.50		5/1/30		205
	172	Fannie Mae, Pool #BE3032		2.50		1/1/32		171
	38	Fannie Mae, Pool #AS0513		2.50		8/1/43		37
	174	Fannie Mae, Pool #BC9041		2.50		11/1/31		173
	86	Fannie Mae, Pool #AZ6458		2.50		7/1/30		86
	20	Fannie Mae, Pool #AS8172		2.50		10/1/36		20
	170	Fannie Mae, Pool #AB7391		2.50		12/1/42		166
	205	Fannie Mae, Pool #AU2619		2.50		8/1/28		205
	115	Fannie Mae, Pool #AU6387		2.50		11/1/28		115
	326	Fannie Mae, Pool #MA1277		2.50		12/1/27		326
	70	Fannie Mae, Pool #AT2717		2.50		5/1/43		69
	159	Fannie Mae, Pool #AU5334		2.50		11/1/28		158
	114	Fannie Mae, Pool #MA3217		2.50		12/1/32		114
	594	Fannie Mae, Pool #MA3246		2.50		1/1/33		590
	363	Fannie Mae, Pool #MA1210		2.50		10/1/27		363
	89	Fannie Mae, Pool #MA3282		2.50		2/1/33		88
	45	Fannie Mae, Pool #MA2087		3.00		11/1/34		45
	88	Fannie Mae, Pool #MA3247		3.00		1/1/33		89
	22	Fannie Mae, Pool #AL9848		3.00		3/1/47		22
	290	Fannie Mae, Pool #AK0006		3.00		1/1/27		293
	70	Fannie Mae, Pool #BK1015		3.00		2/1/33		70
	42	Fannie Mae, Pool #MA3078		3.00		7/1/37		43
	91	Fannie Mae, Pool #BJ2996		3.00		1/1/33		92
	67	Fannie Mae, Pool #MA1338		3.00		2/1/33		68
	44	Fannie Mae, Pool #MA3127		3.00		9/1/37		44
	268	Fannie Mae, Pool #AK3302		3.00		3/1/27		272
	40	Fannie Mae, Pool #AR7426		3.00		7/1/43		40
	273	Fannie Mae, Pool #AS4884		3.00		5/1/45		272
	347	Fannie Mae, Pool #AL9865		3.00		2/1/47		346
	111	Fannie Mae, Pool #MA3339		3.00		4/1/33		112
	61	Fannie Mae, Pool #BM1370		3.00		4/1/37		62
	43	Fannie Mae, Pool #AS8056		3.00		10/1/46		43
	250	Fannie Mae, Pool #AS7238		3.00		5/1/46		249
	163	Fannie Mae, Pool #AS7908		3.00		9/1/46		163
	61	Fannie Mae, Pool #AS4334		3.00		1/1/45		61
	287	Fannie Mae, Pool #AS4333		3.00		1/1/45		287
	121	Fannie Mae, Pool #MA3331		3.00		4/1/48		121
	242	Fannie Mae, Pool #AS0196		3.00		8/1/28		245
	200	Fannie Mae, Pool #MA3631		3.00		4/1/34		202
	170	Fannie Mae, Pool #AS1527		3.00		1/1/29		172
	89	Fannie Mae, Pool #MA3237		3.00		1/1/48		88
	100	Fannie Mae, Pool #AS2312		3.00		5/1/29		101
	195	Fannie Mae, Pool #MA3304		3.00		3/1/48		195
	86	Fannie Mae, Pool #AL9996		3.00		4/1/32		87
	633	Fannie Mae, Pool #AP6493		3.00		9/1/42		633
	120	Fannie Mae, Pool #AQ3223		3.00		11/1/27		122
	22	Fannie Mae, Pool #MA3100		3.00		8/1/37		22
	348	Fannie Mae, Pool #MA2956		3.00		4/1/47		347
	66	Fannie Mae, Pool #MA2579		3.00		4/1/36		67
	95	Fannie Mae, Pool #MA2149		3.00		1/1/30		96
	130	Fannie Mae, Pool #MA1527		3.00		8/1/33		132
	243	Fannie Mae, Pool #MA2246		3.00		4/1/30		245
	389	Fannie Mae, Pool #MA3106		3.00		8/1/47		388
	112	Fannie Mae, Pool #MA2230		3.00		4/1/35		113
	193	Fannie Mae, Pool #MA3147		3.00		10/1/47		192

HC CAPITAL TRUST

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

Portfolio of Investments — March 31, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Government Agency Mortgages (continued)
$	41	Fannie Mae, Pool #MA2897		3.00		2/1/37	$	42
	259	Fannie Mae, Pool #MA2895		3.00		2/1/47		258
	31	Fannie Mae, Pool #MA2287		3.00		6/1/35		31
	257	Fannie Mae, Pool #MA2863		3.00		1/1/47		256
	112	Fannie Mae, Pool #MA2425		3.00		10/1/30		113
	251	Fannie Mae, Pool #MA2833		3.00		12/1/46		251
	60	Fannie Mae, Pool #MA2832		3.00		12/1/36		61
	114	Fannie Mae, Pool #MA2523		3.00		2/1/36		116
	31	Fannie Mae, Pool #MA2065		3.00		10/1/34		32
	1,144	Fannie Mae, Pool #AP6375		3.00		9/1/42		1,146
	495	Fannie Mae, Pool #AP2465		3.00		8/1/42		496
	67	Fannie Mae, Pool #MA3185		3.00		11/1/37		67
	42	Fannie Mae, Pool #MA3218		3.00		12/1/32		43
	670	Fannie Mae, Pool #AO0752		3.00		4/1/42		670
	888	Fannie Mae, Pool #AQ7920		3.00		12/1/42		889
	368	Fannie Mae, Pool #MA3082		3.00		7/1/47		367
	296	Fannie Mae, Pool #BC9003		3.00		11/1/46		296
	208	Fannie Mae, Pool #MA3179		3.00		11/1/47		208
	236	Fannie Mae, Pool #MA2737		3.00		9/1/46		235
	391	Fannie Mae, Pool #BD2446		3.00		1/1/47		389
	112	Fannie Mae, Pool #MA2773		3.00		10/1/36		113
	333	Fannie Mae, Pool #MA2806		3.00		11/1/46		331
	42	Fannie Mae, Pool #MA2961		3.00		4/1/37		42
	251	Fannie Mae, Pool #BD4225		3.00		11/1/46		250
	132	Fannie Mae, Pool #MA1401		3.00		4/1/33		134
	35	Fannie Mae, Pool #MA1058		3.00		5/1/32		36
	88	Fannie Mae, Pool #BE3861		3.00		1/1/47		88
	44	Fannie Mae, Pool #AZ4358		3.00		7/1/30		45
	53	Fannie Mae, Pool #AT1575		3.00		5/1/43		53
	318	Fannie Mae, Pool #AT0682		3.00		4/1/43		318
	145	Fannie Mae, Pool #AS8186		3.00		10/1/46		145
	74	Fannie Mae, Pool #AW8295		3.00		8/1/29		74
	47	Fannie Mae, Pool #BE9547		3.00		4/1/47		47
	292	Fannie Mae, Pool #AS8276		3.00		11/1/46		291
	81	Fannie Mae, Pool #AS8424		3.00		12/1/36		82
	81	Fannie Mae, Pool #AS8438		3.00		12/1/36		82
	26	Fannie Mae, Pool #AX8309		3.00		11/1/29		27
	88	Fannie Mae, Pool #AS8483		3.00		12/1/46		87
	183	Fannie Mae, Pool #AS8521		3.00		12/1/46		182
	242	Fannie Mae, Pool #AS8784		3.00		2/1/47		241
	378	Fannie Mae, Pool #AS8414		3.00		11/1/46		377
	321	Fannie Mae, Pool #AB8897		3.00		4/1/43		321
	905	Fannie Mae, Pool #AB7099		3.00		11/1/42		906
	13	Fannie Mae, Pool #BA0826		3.00		10/1/30		13
	79	Fannie Mae, Pool #BC4276		3.00		4/1/46		78
	198	Fannie Mae, Pool #AB4483		3.00		2/1/27		200
	81	Fannie Mae, Pool #J24886		3.00		7/1/23		82
	45	Fannie Mae, Pool #BA4786		3.00		2/1/31		45
	88	Fannie Mae, Pool #BE4400		3.00		1/1/47		88
	141	Fannie Mae, Pool #AW7383		3.00		8/1/29		143
	186	Fannie Mae, Pool #AY4200		3.00		5/1/45		186
	79	Fannie Mae, Pool #AS3117		3.00		8/1/29		80
	295	Fannie Mae, Pool #BC4764		3.00		10/1/46		294
	314	Fannie Mae, Pool #MA1307		3.00		1/1/33		318
	124	Fannie Mae, Pool #AZ0538		3.00		9/1/30		125
	278	Fannie Mae, Pool #AT7620		3.00		6/1/43		278
	81	Fannie Mae, Pool #AU7890		3.00		9/1/28		82
	197	Fannie Mae, Pool #BD5545		3.00		10/1/46		196
	173	Fannie Mae, Pool #BE1901		3.00		12/1/46		173
	269	Fannie Mae, Pool #AY4829		3.00		5/1/45		269
	239	Fannie Mae, Pool #BD5787		3.00		9/1/46		238
	216	Fannie Mae, Pool #AU3735		3.00		8/1/43		216
	295	Fannie Mae, Pool #AT2014		3.00		4/1/43		295
	367	Fannie Mae, Pool #MA3414		3.50		7/1/48		373
	192	Fannie Mae, Pool #MA3462		3.50		9/1/33		196
	16	Fannie Mae, Pool #AX0159		3.50		9/1/29		16

HC CAPITAL TRUST

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

Portfolio of Investments — March 31, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Government Agency Mortgages (continued)
$	368	Fannie Mae, Pool #CA0487		3.50		10/1/47	$	374
	1,020	Fannie Mae, Pool #AB6017		3.50		8/1/42		1,042
	99	Fannie Mae, Pool #MA2923		3.50		3/1/37		100
	100	Fannie Mae, Pool #MA3597		3.50		2/1/49		101
	369	Fannie Mae, Pool #MA3238		3.50		1/1/48		374
	43	Fannie Mae, Pool #MA3152		3.50		10/1/37		44
	180	Fannie Mae, Pool #MA3243		3.50		1/1/38		184
	123	Fannie Mae, Pool #AO4647		3.50		6/1/42		126
	50	Fannie Mae, Pool #BM5446		3.50		2/1/49		51
	18	Fannie Mae, Pool #AL8776		3.50		7/1/46		19
	414	Fannie Mae, Pool #MA3182		3.50		11/1/47		421
	99	Fannie Mae, Pool #AE5487		3.50		10/1/25		101
	199	Fannie Mae, Pool #MA3614		3.50		3/1/49		202
	240	Fannie Mae, Pool #MA2125		3.50		12/1/44		245
	197	Fannie Mae, Pool #MA3494		3.50		10/1/48		200
	20	Fannie Mae, Pool #MA2909		3.50		2/1/37		20
	29	Fannie Mae, Pool #AV6407		3.50		2/1/29		29
	48	Fannie Mae, Pool #MA2495		3.50		1/1/46		49
	42	Fannie Mae, Pool #MA3059		3.50		7/1/37		43
	20	Fannie Mae, Pool #MA2996		3.50		5/1/37		21
	49	Fannie Mae, Pool #CA0234		3.50		8/1/47		50
	84	Fannie Mae, Pool #MA2389		3.50		9/1/35		86
	277	Fannie Mae, Pool #MA2292		3.50		6/1/45		281
	147	Fannie Mae, Pool #AU3742		3.50		8/1/43		150
	228	Fannie Mae, Pool #MA1107		3.50		7/1/32		235
	342	Fannie Mae, Pool #MA3026		3.50		6/1/47		347
	176	Fannie Mae, Pool #MA1059		3.50		5/1/32		181
	61	Fannie Mae, Pool #310139		3.50		11/1/25		62
	22	Fannie Mae, Pool #MA1021		3.50		3/1/27		22
	199	Fannie Mae, Pool #MA1982		3.50		8/1/34		204
	211	Fannie Mae, Pool #MA1980		3.50		8/1/44		215
	35	Fannie Mae, Pool #MA2692		3.50		7/1/36		36
	375	Fannie Mae, Pool #MA3305		3.50		3/1/48		381
	311	Fannie Mae, Pool #AU1635		3.50		7/1/43		317
	290	Fannie Mae, Pool #MA3332		3.50		4/1/48		295
	589	Fannie Mae, Pool #MA3520		3.50		10/1/48		599
	1,070	Fannie Mae, Pool #AO2548		3.50		4/1/42		1,091
	261	Fannie Mae, Pool #AS3133		3.50		8/1/44		267
	213	Fannie Mae, Pool #AZ9576		3.50		12/1/45		217
	276	Fannie Mae, Pool #BK9038		3.50		10/1/33		282
	197	Fannie Mae, Pool #AO4385		3.50		6/1/42		202
	99	Fannie Mae, Pool #BK9622		3.50		10/1/48		101
	35	Fannie Mae, Pool #BM1231		3.50		11/1/31		36
	100	Fannie Mae, Pool #AS5892		3.50		10/1/45		102
	134	Fannie Mae, Pool #AS5319		3.50		7/1/45		137
	145	Fannie Mae, Pool #BE5258		3.50		1/1/47		147
	247	Fannie Mae, Pool #AS4771		3.50		4/1/45		251
	124	Fannie Mae, Pool #AS4772		3.50		4/1/45		126
	239	Fannie Mae, Pool #AS4773		3.50		4/1/45		243
	210	Fannie Mae, Pool #AS5068		3.50		6/1/45		214
	161	Fannie Mae, Pool #AS5696		3.50		8/1/45		164
	162	Fannie Mae, Pool #AY3913		3.50		2/1/45		164
	185	Fannie Mae, Pool #AS0024		3.50		7/1/43		189
	219	Fannie Mae, Pool #AY4300		3.50		1/1/45		223
	195	Fannie Mae, Pool #AY5303		3.50		3/1/45		199
	229	Fannie Mae, Pool #AS7239		3.50		5/1/46		233
	282	Fannie Mae, Pool #AS7388		3.50		6/1/46		287
	339	Fannie Mae, Pool #AS7491		3.50		7/1/46		345
	332	Fannie Mae, Pool #BM1568		3.50		7/1/47		341
	137	Fannie Mae, Pool #BM2001		3.50		12/1/46		140
	81	Fannie Mae, Pool #AY8856		3.50		9/1/45		83
	292	Fannie Mae, Pool #AZ0862		3.50		7/1/45		297
	433	Fannie Mae, Pool #BJ2692		3.50		4/1/48		439
	165	Fannie Mae, Pool #AY3802		3.50		2/1/45		168
	145	Fannie Mae, Pool #BJ0647		3.50		3/1/48		147
	470	Fannie Mae, Pool #BH9277		3.50		2/1/48		477

HC CAPITAL TRUST

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

Portfolio of Investments — March 31, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %			Maturity Date		Value (000)
		U.S. Government Agency Mortgages (continued)
$	32	Fannie Mae, Pool #AS2081		3.50			4/1/29	$	33
	366	Fannie Mae, Pool #BD2436		3.50			1/1/47		372
	313	Fannie Mae, Pool #BD5046		3.50			2/1/47		318
	261	Fannie Mae, Pool #AY1306		3.50			3/1/45		266
	350	Fannie Mae, Pool #AL1717		3.50			5/1/27		359
	205	Fannie Mae, Pool #AS6649		3.50			2/1/46		208
	1,122	Fannie Mae, Pool #AK7497		3.50			4/1/42		1,147
	384	Fannie Mae, Pool #AO3760		3.50			5/1/42		392
	899	Fannie Mae, Pool #AO8137		3.50			8/1/42		919
	374	Fannie Mae, Pool #BH9215		3.50			1/1/48		381
	123	Fannie Mae, Pool #AO9140		3.50			7/1/42		126
	94	Fannie Mae, Pool #BA1893		3.50			8/1/45		95
	27	Fannie Mae, Pool #BA5031		3.50			1/1/46		27
	411	Fannie Mae, Pool #BH5155		3.50			9/1/47		418
	52	Fannie Mae, Pool #AP9390		3.50			10/1/42		53
	412	Fannie Mae, Pool #AQ0546		3.50			11/1/42		421
	106	Fannie Mae, Pool #BC0163		3.50			1/1/46		108
	346	Fannie Mae, Pool #BC1158		3.50			2/1/46		352
	148	Fannie Mae, Pool #BC3126		3.50			1/1/46		151
	225	Fannie Mae, Pool #AX9530		3.50			2/1/45		229
	76	Fannie Mae, Pool #BC7633		3.50			6/1/46		77
	118	Fannie Mae, Pool #AJ4093		3.50			10/1/26		121
	43	Fannie Mae, Pool #AK0706		3.50			2/1/27		44
	101	Fannie Mae, Pool #AZ6383		3.50			9/1/45		103
	96	Fannie Mae, Pool #AX7655		3.50			1/1/45		98
	18	Fannie Mae, Pool #AJ6181		3.50			12/1/26		18
	154	Fannie Mae, Pool #AZ2614		3.50			8/1/45		156
	194	Fannie Mae, Pool #AX2486		3.50			10/1/44		198
	236	Fannie Mae, Pool #AJ8476		3.50			12/1/41		241
	110	Fannie Mae, Pool #AX5201		3.50			10/1/29		112
	250	Fannie Mae, Series 2018-M14, Class A2		3.58	(a)		8/25/28		261
	392	Fannie Mae, Pool #BJ9169		4.00			5/1/48		404
	293	Fannie Mae, Pool #BK0909		4.00			7/1/48		302
	34	Fannie Mae, Pool #MA0695		4.00			4/1/31		36
	357	Fannie Mae, Pool #BD7081		4.00			3/1/47		369
	70	Fannie Mae, Pool #BJ0639		4.00			3/1/48		72
	393	Fannie Mae, Pool #BK7608		4.00			9/1/48		405
	326	Fannie Mae, Pool #BM2002		4.00			10/1/47		337
	343	Fannie Mae, Pool #MA3027		4.00			6/1/47		355
	20	Fannie Mae, Pool #MA3037		4.00			6/1/37		21
	113	Fannie Mae, Pool #AC7328		4.00			12/1/39		117
	200	Fannie Mae, Pool #BN0594		4.00			12/1/48		206
	193	Fannie Mae, Pool #CA0237		4.00			8/1/47		200
	298	Fannie Mae, Pool #MA3121		4.00			9/1/47		308
	334	Fannie Mae, Pool #CA0183		4.00			8/1/47		345
	192	Fannie Mae, Pool #MA0641		4.00			2/1/31		200
	63	Fannie Mae, Pool #G08694		4.00			2/1/46		65
	62	Fannie Mae, Pool #MA0493		4.00			8/1/30		65
	69	Fannie Mae, Pool #BH2623		4.00			8/1/47		71
	125	Fannie Mae, Pool #AC2995		4.00			9/1/24		129
	342	Fannie Mae, Pool #BE8050		4.00			4/1/47		353
	350	Fannie Mae, Pool #MA3183		4.00			11/1/47		361
	78	Fannie Mae, Pool #BC5559		4.00			3/1/46		80
	81	Fannie Mae, Pool #AY8981		4.00			8/1/45		84
	227	Fannie Mae, Pool #AH6242		4.00			4/1/26		233
	137	Fannie Mae, Pool #AL7347		4.00			9/1/45		141
	37	Fannie Mae, Pool #AH3394		4.00			1/1/41		38
	1,019	Fannie Mae, Pool #190405		4.00			10/1/40		1,058
	31	Fannie Mae, Pool #AS7028		4.00			4/1/46		32
	139	Fannie Mae, Pool #AS7600		4.00			7/1/46		144
	153	Fannie Mae, Pool #AS7601		4.00			7/1/46		158
	141	Fannie Mae, Pool #AS3903		4.00			11/1/44		146
	39	Fannie Mae, Pool #AS3448		4.00			9/1/44		41
	427	Fannie Mae, Pool #AS0531		4.00			9/1/43		446
	227	Fannie Mae, Pool #AS8532		4.00			12/1/46		235
	28	Fannie Mae, Pool #AS2117		4.00			4/1/44		29

HC CAPITAL TRUST

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

Portfolio of Investments — March 31, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Government Agency Mortgages (continued)
$	78	Fannie Mae, Pool #AS8823		4.00		2/1/47	$	80
	12	Fannie Mae, Pool #AZ8874		4.00		9/1/45		13
	160	Fannie Mae, Pool #AS2498		4.00		5/1/44		166
	188	Fannie Mae, Pool #AS3216		4.00		9/1/44		194
	191	Fannie Mae, Pool #AS3293		4.00		9/1/44		198
	193	Fannie Mae, Pool #AS3467		4.00		10/1/44		199
	22	Fannie Mae, Pool #AW9041		4.00		8/1/44		23
	176	Fannie Mae, Pool #AX0841		4.00		9/1/44		182
	39	Fannie Mae, Pool #AY2291		4.00		3/1/45		40
	199	Fannie Mae, Pool #AY1595		4.00		1/1/45		206
	164	Fannie Mae, Pool #AZ8067		4.00		9/1/45		170
	161	Fannie Mae, Pool #AY1377		4.00		4/1/45		167
	88	Fannie Mae, Pool #AY0025		4.00		2/1/45		91
	305	Fannie Mae, Pool #AH5859		4.00		2/1/41		317
	194	Fannie Mae, Pool #BA6910		4.00		2/1/46		200
	74	Fannie Mae, Pool #BA0847		4.00		3/1/46		76
	132	Fannie Mae, Pool #AS3468		4.00		10/1/44		136
	262	Fannie Mae, Pool #AS9486		4.00		4/1/47		271
	356	Fannie Mae, Pool #AS9831		4.00		6/1/47		368
	203	Fannie Mae, Pool #AZ7362		4.00		11/1/45		210
	16	Fannie Mae, Pool #MA2655		4.00		6/1/36		17
	195	Fannie Mae, Pool #MA3521		4.00		11/1/48		201
	286	Fannie Mae, Pool #CA1894		4.00		6/1/48		295
	222	Fannie Mae, Pool #AL8387		4.00		3/1/46		229
	42	Fannie Mae, Pool #MA2455		4.00		11/1/35		44
	50	Fannie Mae, Pool #AT3872		4.00		6/1/43		52
	426	Fannie Mae, Pool #MA2995		4.00		5/1/47		440
	201	Fannie Mae, Pool #AO2959		4.00		5/1/42		209
	263	Fannie Mae, Pool #AU3753		4.00		8/1/43		272
	15	Fannie Mae, Pool #MA2536		4.00		2/1/36		15
	50	Fannie Mae, Pool #AL9742		4.00		7/1/29		52
	149	Fannie Mae, Pool #AV2340		4.00		12/1/43		154
	161	Fannie Mae, Pool #AW5063		4.00		7/1/44		167
	515	Fannie Mae, Pool #AJ5303		4.00		11/1/41		534
	557	Fannie Mae, Pool #AJ7689		4.00		12/1/41		578
	235	Fannie Mae, Pool #MA3277		4.00		2/1/48		242
	414	Fannie Mae, Pool #AJ7857		4.00		12/1/41		429
	44	Fannie Mae, Pool #MA3216		4.00		12/1/37		46
	47	Fannie Mae, Pool #MA3413		4.00		7/1/38		49
	46	Fannie Mae, Pool #AW5109		4.00		8/1/44		48
	80	Fannie Mae, Pool #AL4778		4.00		10/1/32		83
	88	Fannie Mae, Pool #MA3244		4.00		1/1/38		91
	35	Fannie Mae, Pool #AB1470		4.50		9/1/40		37
	187	Fannie Mae, Pool #AB3192		4.50		6/1/41		197
	334	Fannie Mae, Pool #CA1711		4.50		5/1/48		350
	69	Fannie Mae, Pool #CA1218		4.50		2/1/48		72
	92	Fannie Mae, Pool #AB1389		4.50		8/1/40		97
	42	Fannie Mae, Pool #AA9781		4.50		7/1/24		43
	109	Fannie Mae, Pool #MA0481		4.50		8/1/30		115
	135	Fannie Mae, Pool #CA0623		4.50		10/1/47		141
	37	Fannie Mae, Pool #AS8576		4.50		12/1/46		39
	40	Fannie Mae, Pool #AU5302		4.50		10/1/43		43
	—	Fannie Mae, Pool #310112		4.50		6/1/19		–
	28	Fannie Mae, Pool #AA0860		4.50		1/1/39		29
	—	Fannie Mae, Pool #AB0339		4.50		1/1/20		–
	29	Fannie Mae, Pool #982892		4.50		5/1/23		29
	12	Fannie Mae, Pool #AW7048		4.50		6/1/44		13
	193	Fannie Mae, Pool #AD8529		4.50		8/1/40		204
	170	Fannie Mae, Pool #BE6489		4.50		1/1/47		177
	195	Fannie Mae, Pool #MA3537		4.50		12/1/48		204
	200	Fannie Mae, Pool #MA3522		4.50		11/1/48		209
	37	Fannie Mae, Pool #AL8816		4.50		9/1/45		39
	240	Fannie Mae, Pool #MA3184		4.50		11/1/47		251
	35	Fannie Mae, Pool #AH6790		4.50		3/1/41		37
	460	Fannie Mae, Pool #AH9055		4.50		4/1/41		486
	187	Fannie Mae, Pool #AI4815		4.50		6/1/41		197

HC CAPITAL TRUST

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

Portfolio of Investments — March 31, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Government Agency Mortgages (continued)
$	151	Fannie Mae, Pool #AL4450		4.50		12/1/43	$	159
	80	Fannie Mae, Pool #AL5082		4.50		3/1/44		85
	287	Fannie Mae, Pool #BK1416		4.50		5/1/48		301
	183	Fannie Mae, Pool #BK5283		4.50		6/1/48		191
	48	Fannie Mae, Pool #BK8830		4.50		8/1/48		50
	46	Fannie Mae, Pool #AS0861		4.50		10/1/43		48
	458	Fannie Mae, Pool #AL1107		4.50		11/1/41		484
	161	Fannie Mae, Pool #AS8157		4.50		10/1/46		168
	84	Fannie Mae, Pool #AS1638		4.50		2/1/44		89
	94	Fannie Mae, Pool #AS2276		4.50		4/1/44		99
	506	Fannie Mae, Pool #AH7521		4.50		3/1/41		535
	117	Fannie Mae, Pool #BE5992		4.50		2/1/47		122
	200	Fannie Mae, Pool #AE0217		4.50		8/1/40		212
	71	Fannie Mae, Pool #BM1285		4.50		5/1/47		75
	96	Fannie Mae, Pool #MA3472		5.00		9/1/48		102
	38	Fannie Mae, Pool #890621		5.00		5/1/42		41
	31	Fannie Mae, Pool #890603		5.00		8/1/41		34
	714	Fannie Mae, Pool #889117		5.00		10/1/35		768
	92	Fannie Mae, Pool #CA1795		5.00		5/1/48		97
	1	Fannie Mae, Pool #868986		5.00		5/1/21		1
	71	Fannie Mae, Pool #CA0349		5.00		9/1/47		75
	77	Fannie Mae, Pool #AS0575		5.00		9/1/43		83
	6	Fannie Mae, Pool #796663		5.00		9/1/19		6
	76	Fannie Mae, Pool #AS0837		5.00		10/1/43		82
	38	Fannie Mae, Pool #725238		5.00		3/1/34		41
	114	Fannie Mae, Pool #BM3904		5.00		5/1/48		121
	57	Fannie Mae, Pool #BM3781		5.00		11/1/30		60
	81	Fannie Mae, Pool #836750		5.00		10/1/35		87
	127	Fannie Mae, Pool #AH5988		5.00		3/1/41		136
	75	Fannie Mae, Pool #AL5788		5.00		5/1/42		81
	27	Fannie Mae, Pool #976945		5.50		2/1/23		28
	19	Fannie Mae, Pool #929451		5.50		5/1/38		20
	14	Fannie Mae, Pool #909662		5.50		2/1/22		15
	1,102	Fannie Mae, Pool #890221		5.50		12/1/33		1,209
	3	Fannie Mae, Pool #AL0725		5.50		6/1/24		3
	1	Fannie Mae, Pool #A79636		5.50		7/1/38		1
	5	Fannie Mae, Pool #A69671		5.50		12/1/37		5
	658	Fannie Mae, Pool #725228		6.00		3/1/34		727
	155	Fannie Mae, Pool #889984		6.50		10/1/38		178
	700	Fannie Mae, 15 YR TBA		3.00		4/25/34		706
	225	Fannie Mae, 15 YR TBA		3.50		4/25/34		230
	100	Fannie Mae, 15 YR TBA		4.00		4/25/34		103
	250	Fannie Mae, 30 YR TBA		3.50		4/25/49		253
	150	Fannie Mae, 30 YR TBA		3.50		5/25/49		152
	4,100	Fannie Mae, 30 YR TBA		4.00		4/25/48		4,219
	500	Fannie Mae, 30 YR TBA		4.00		5/25/49		514
	1,825	Fannie Mae, 30 YR TBA		4.50		4/25/47		1,903
	350	Fannie Mae, 30 YR TBA		4.50		5/25/49		364
	250	Fannie Mae, 30 YR TBA		5.00		4/25/49		264
	200	Fannie Mae, 30 YR TBA		5.00		5/25/49		211
	88	Freddie Mac, Pool #G18634		2.00		3/1/32		86
	59	Freddie Mac, Pool #G18547		2.00		3/1/30		58
	46	Freddie Mac, Pool #J25759		2.00		8/1/28		46
	127	Freddie Mac, Pool #J25777		2.00		9/1/28		125
	170	Freddie Mac, Pool #G18533		2.50		12/1/29		170
	157	Freddie Mac, Pool #G18635		2.50		3/1/32		156
	15	Freddie Mac, Pool #J30875		2.50		3/1/30		15
	205	Freddie Mac, Pool #G18568		2.50		9/1/30		204
	45	Freddie Mac, Pool #Q42878		2.50		9/1/46		44
	87	Freddie Mac, Pool #G18485		2.50		10/1/28		87
	198	Freddie Mac, Pool #G18470		2.50		6/1/28		198
	177	Freddie Mac, Pool #G18459		2.50		3/1/28		177
	30	Freddie Mac, Pool #G18472		2.50		7/1/28		30
	21	Freddie Mac, Pool #G08755		2.50		2/1/47		20
	142	Freddie Mac, Pool #G18683		2.50		4/1/33		141
	111	Freddie Mac, Pool #J35643		2.50		11/1/31		110

HC CAPITAL TRUST

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

Portfolio of Investments — March 31, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Government Agency Mortgages (continued)
$	153	Freddie Mac, Pool #J35896		2.50		12/1/31	$	152
	117	Freddie Mac, Pool #J36516		2.50		3/1/32		117
	180	Freddie Mac, Pool #J37902		2.50		11/1/32		179
	304	Freddie Mac, Pool #J38477		2.50		2/1/33		302
	220	Freddie Mac, Pool #J26408		2.50		11/1/28		220
	96	Freddie Mac, Pool #G18704		2.50		6/1/33		95
	317	Freddie Mac, Pool #G18680		2.50		3/1/33		316
	47	Freddie Mac, Pool #G18665		2.50		11/1/32		47
	68	Freddie Mac, Pool #G18700		2.50		7/1/33		67
	23	Freddie Mac, Pool #G08638		2.50		4/1/45		23
	74	Freddie Mac, Pool #J25585		2.50		9/1/28		74
	173	Freddie Mac, Pool #J23440		2.50		4/1/28		173
	41	Freddie Mac, Pool #C91904		2.50		11/1/36		40
	189	Freddie Mac, Pool #J18954		2.50		4/1/27		189
	71	Freddie Mac, Pool #C09026		2.50		2/1/43		70
	94	Freddie Mac, Pool #J36428		3.00		2/1/32		95
	240	Freddie Mac, Pool #C04446		3.00		1/1/43		241
	47	Freddie Mac, Pool #J38057		3.00		12/1/32		47
	177	Freddie Mac, Pool #C04422		3.00		12/1/42		178
	86	Freddie Mac, Pool #J38675		3.00		3/1/33		87
	45	Freddie Mac, Pool #J38807		3.00		4/1/33		45
	13	Freddie Mac, Pool #Q13086		3.00		11/1/42		13
	56	Freddie Mac, Pool #G30945		3.00		9/1/36		57
	21	Freddie Mac, Pool #G30999		3.00		2/1/37		21
	303	Freddie Mac, Pool #Q16222		3.00		3/1/43		303
	48	Freddie Mac, Pool #Q18599		3.00		6/1/43		48
	58	Freddie Mac, Pool #Q19754		3.00		7/1/43		58
	301	Freddie Mac, Pool #J17774		3.00		1/1/27		305
	14	Freddie Mac, Pool #J17111		3.00		10/1/26		14
	27	Freddie Mac, Pool #J14241		3.00		1/1/26		27
	470	Freddie Mac, Pool #G08534		3.00		6/1/43		470
	198	Freddie Mac, Pool #G08850		3.00		9/1/48		197
	297	Freddie Mac, Pool #G08855		3.00		10/1/48		296
	1,328	Freddie Mac, Pool #G08537		3.00		7/1/43		1,329
	61	Freddie Mac, Pool #G08540		3.00		8/1/43		61
	258	Freddie Mac, Pool #G08525		3.00		5/1/43		259
	135	Freddie Mac, Pool #G18677		3.00		2/1/33		137
	17	Freddie Mac, Pool #Q18882		3.00		5/1/43		17
	266	Freddie Mac, Pool #C04619		3.00		3/1/43		266
	21	Freddie Mac, Pool #C91939		3.00		6/1/37		21
	40	Freddie Mac, Pool #C91905		3.00		11/1/36		41
	43	Freddie Mac, Pool #C91943		3.00		7/1/37		44
	22	Freddie Mac, Pool #C91949		3.00		9/1/37		22
	45	Freddie Mac, Pool #C91969		3.00		1/1/38		46
	514	Freddie Mac, Pool #Q21065		3.00		8/1/43		514
	112	Freddie Mac, Pool #C91927		3.00		5/1/37		113
	101	Freddie Mac, Pool #C91819		3.00		4/1/35		102
	14	Freddie Mac, Pool #C91809		3.00		2/1/35		14
	31	Freddie Mac, Pool #C91826		3.00		5/1/35		31
	206	Freddie Mac, Pool #C91581		3.00		11/1/32		208
	192	Freddie Mac, Pool #Q46441		3.00		2/1/47		191
	20	Freddie Mac, Pool #Q39527		3.00		3/1/46		19
	43	Freddie Mac, Pool #J29932		3.00		11/1/29		44
	93	Freddie Mac, Pool #Q41795		3.00		7/1/46		93
	323	Freddie Mac, Pool #G08635		3.00		4/1/45		322
	76	Freddie Mac, Pool #C91798		3.00		12/1/34		77
	257	Freddie Mac, Pool #Q44452		3.00		11/1/46		256
	312	Freddie Mac, Pool #Q43734		3.00		10/1/46		311
	144	Freddie Mac, Pool #C91724		3.00		9/1/33		146
	106	Freddie Mac, Pool #C91707		3.00		6/1/33		107
	96	Freddie Mac, Pool #G18715		3.00		11/1/33		97
	42	Freddie Mac, Pool #C91924		3.00		4/1/37		43
	183	Freddie Mac, Pool #Q44665		3.00		11/1/46		182
	363	Freddie Mac, Pool #Q45094		3.00		12/1/46		362
	409	Freddie Mac, Pool #Q45735		3.00		1/1/47		407
	293	Freddie Mac, Pool #G60187		3.00		8/1/45		292

HC CAPITAL TRUST

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

Portfolio of Investments — March 31, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Government Agency Mortgages (continued)
$	46	Freddie Mac, Pool #J33135		3.00		11/1/30	$	46
	327	Freddie Mac, Pool #G60989		3.00		12/1/46		327
	162	Freddie Mac, Pool #Q20067		3.00		7/1/43		162
	197	Freddie Mac, Pool #G08783		3.00		10/1/47		196
	174	Freddie Mac, Pool #G08750		3.00		3/1/47		174
	434	Freddie Mac, Pool #G08701		3.00		4/1/46		433
	185	Freddie Mac, Pool #G15145		3.00		7/1/29		187
	354	Freddie Mac, Pool #G18673		3.00		1/1/33		357
	112	Freddie Mac, Pool #G08648		3.00		6/1/45		112
	184	Freddie Mac, Pool #G18518		3.00		7/1/29		186
	125	Freddie Mac, Pool #G08680		3.00		12/1/45		125
	211	Freddie Mac, Pool #G15217		3.00		11/1/29		213
	136	Freddie Mac, Pool #G08640		3.00		5/1/45		136
	219	Freddie Mac, Pool #G08825		3.00		6/1/48		219
	165	Freddie Mac, Pool #G08732		3.00		11/1/46		165
	471	Freddie Mac, Pool #G08741		3.00		1/1/47		469
	87	Freddie Mac, Pool #G08747		3.00		2/1/47		87
	353	Freddie Mac, Pool #G08653		3.00		7/1/45		353
	85	Freddie Mac, Pool #G18582		3.00		1/1/31		85
	225	Freddie Mac, Pool #G18514		3.00		6/1/29		227
	156	Freddie Mac, Pool #G18531		3.00		11/1/29		158
	251	Freddie Mac, Pool #G08737		3.00		12/1/46		250
	56	Freddie Mac, Pool #G18575		3.00		11/1/30		56
	44	Freddie Mac, Pool #G18534		3.00		12/1/29		45
	148	Freddie Mac, Pool #G18569		3.00		9/1/30		149
	119	Freddie Mac, Pool #Q04087		3.50		10/1/41		121
	167	Freddie Mac, Pool #Q08998		3.50		6/1/42		171
	466	Freddie Mac, Pool #G08804		3.50		3/1/48		474
	397	Freddie Mac, Pool #G08627		3.50		2/1/45		404
	147	Freddie Mac, Pool #G08706		3.50		5/1/46		149
	269	Freddie Mac, Pool #G08632		3.50		3/1/45		274
	20	Freddie Mac, Pool #C91925		3.50		4/1/37		21
	288	Freddie Mac, Pool #G08816		3.50		6/1/48		293
	145	Freddie Mac, Pool #G08813		3.50		5/1/48		147
	219	Freddie Mac, Pool #Q09896		3.50		8/1/42		224
	123	Freddie Mac, Pool #Q58422		3.50		9/1/48		126
	33	Freddie Mac, Pool #G08620		3.50		12/1/44		34
	63	Freddie Mac, Pool #Q31134		3.50		2/1/45		64
	118	Freddie Mac, Pool #Q36040		3.50		9/1/45		120
	159	Freddie Mac, Pool #Q37449		3.50		11/1/45		162
	14	Freddie Mac, Pool #E02735		3.50		10/1/25		14
	339	Freddie Mac, Pool #G08757		3.50		4/1/47		344
	384	Freddie Mac, Pool #Q49490		3.50		7/1/47		390
	65	Freddie Mac, Pool #C91950		3.50		9/1/37		66
	230	Freddie Mac, Pool #Q51461		3.50		10/1/47		234
	656	Freddie Mac, Pool #Q52319		3.50		11/1/47		667
	199	Freddie Mac, Pool #Q53176		3.50		12/1/47		202
	24	Freddie Mac, Pool #Q55002		3.50		3/1/48		25
	272	Freddie Mac, Pool #Q57871		3.50		8/1/48		277
	139	Freddie Mac, Pool #G08698		3.50		3/1/46		141
	41	Freddie Mac, Pool #C91940		3.50		6/1/37		42
	334	Freddie Mac, Pool #G08693		3.50		3/1/46		340
	440	Freddie Mac, Pool #G08623		3.50		1/1/45		448
	129	Freddie Mac, Pool #Q06749		3.50		3/1/42		132
	57	Freddie Mac, Pool #J27494		3.50		2/1/29		58
	196	Freddie Mac, Pool #V83655		3.50		12/1/47		199
	183	Freddie Mac, Pool #Q08903		3.50		6/1/42		187
	15	Freddie Mac, Pool #C91760		3.50		5/1/34		16
	408	Freddie Mac, Pool #G08554		3.50		10/1/43		416
	41	Freddie Mac, Pool #C91742		3.50		1/1/34		43
	369	Freddie Mac, Pool #G08562		3.50		1/1/44		377
	377	Freddie Mac, Pool #G08650		3.50		6/1/45		384
	90	Freddie Mac, Pool #G08605		3.50		9/1/44		91
	268	Freddie Mac, Pool #G08654		3.50		7/1/45		273
	83	Freddie Mac, Pool #J26144		3.50		10/1/23		85
	91	Freddie Mac, Pool #G08599		3.50		8/1/44		93

HC CAPITAL TRUST

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

Portfolio of Investments — March 31, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Government Agency Mortgages (continued)
$	128	Freddie Mac, Pool #G08702		3.50		4/1/46	$	130
	65	Freddie Mac, Pool #C92003		3.50		7/1/38		67
	17	Freddie Mac, Pool #J14232		3.50		1/1/21		18
	452	Freddie Mac, Pool #G08636		3.50		4/1/45		460
	86	Freddie Mac, Pool #J13582		3.50		11/1/25		88
	357	Freddie Mac, Pool #G61148		3.50		9/1/47		363
	36	Freddie Mac, Pool #G14216		3.50		7/1/21		37
	886	Freddie Mac, Pool #G08495		3.50		6/1/42		905
	155	Freddie Mac, Pool #G08687		3.50		1/1/46		158
	319	Freddie Mac, Pool #G08681		3.50		12/1/45		325
	212	Freddie Mac, Pool #G18707		3.50		9/1/33		217
	269	Freddie Mac, Pool #G08667		3.50		9/1/45		274
	291	Freddie Mac, Pool #G08641		3.50		5/1/45		296
	252	Freddie Mac, Pool #Q20860		3.50		8/1/43		258
	151	Freddie Mac, Pool #C91403		3.50		3/1/32		155
	140	Freddie Mac, Pool #G08733		3.50		11/1/46		143
	498	Freddie Mac, Pool #G08766		3.50		6/1/47		506
	66	Freddie Mac, Pool #G30776		3.50		7/1/35		67
	211	Freddie Mac, Pool #J15105		3.50		4/1/26		216
	62	Freddie Mac, Pool #C03920		3.50		5/1/42		64
	114	Freddie Mac, Pool #Q12052		3.50		10/1/42		117
	147	Freddie Mac, Pool #G08841		3.50		9/1/48		150
	200	Freddie Mac, Pool #G08846		3.50		11/1/48		203
	164	Freddie Mac, Pool #C91456		3.50		6/1/32		169
	320	Freddie Mac, Pool #G08761		3.50		5/1/47		326
	48	Freddie Mac, Pool #G08792		3.50		12/1/47		49
	18	Freddie Mac, Pool #C91923		4.00		3/1/37		19
	13	Freddie Mac, Pool #G08642		4.00		5/1/45		14
	45	Freddie Mac, Pool #C91994		4.00		5/1/38		47
	75	Freddie Mac, Pool #C91765		4.00		6/1/34		78
	274	Freddie Mac, Pool #G08669		4.00		9/1/45		283
	81	Freddie Mac, Pool #C91738		4.00		11/1/33		85
	196	Freddie Mac, Pool #G08767		4.00		6/1/47		202
	320	Freddie Mac, Pool #G08660		4.00		8/1/45		330
	48	Freddie Mac, Pool #C92019		4.00		10/1/38		49
	20	Freddie Mac, Pool #J12435		4.00		6/1/25		21
	11	Freddie Mac, Pool #Q27456		4.00		7/1/44		12
	91	Freddie Mac, Pool #Q34081		4.00		6/1/45		94
	191	Freddie Mac, Pool #G08831		4.00		8/1/48		197
	23	Freddie Mac, Pool #G08633		4.00		3/1/45		24
	193	Freddie Mac, Pool #G08595		4.00		7/1/44		200
	203	Freddie Mac, Pool #G08588		4.00		5/1/44		210
	94	Freddie Mac, Pool #G08601		4.00		8/1/44		97
	160	Freddie Mac, Pool #G08567		4.00		1/1/44		166
	201	Freddie Mac, Pool #G08836		4.00		9/1/48		208
	55	Freddie Mac, Pool #G08672		4.00		10/1/45		57
	66	Freddie Mac, Pool #G08483		4.00		3/1/42		69
	153	Freddie Mac, Pool #G08459		4.00		9/1/41		159
	248	Freddie Mac, Pool #G06506		4.00		12/1/40		258
	195	Freddie Mac, Pool #G08847		4.00		11/1/48		201
	332	Freddie Mac, Pool #V83344		4.00		8/1/47		343
	152	Freddie Mac, Pool #Q27594		4.00		8/1/44		157
	12	Freddie Mac, Pool #J11263		4.00		11/1/19		12
	335	Freddie Mac, Pool #G08775		4.00		8/1/47		346
	179	Freddie Mac, Pool #G08618		4.00		12/1/44		185
	873	Freddie Mac, Pool #A96286		4.00		1/1/41		906
	118	Freddie Mac, Pool #Q58680		4.00		9/1/48		122
	84	Freddie Mac, Pool #G14453		4.00		6/1/26		87
	20	Freddie Mac, Pool #J12238		4.00		5/1/20		21
	409	Freddie Mac, Pool #G08752		4.00		3/1/47		423
	200	Freddie Mac, Pool #G08616		4.00		11/1/44		207
	120	Freddie Mac, Pool #G08637		4.00		4/1/45		124
	268	Freddie Mac, Pool #G08785		4.00		10/1/47		276
	154	Freddie Mac, Pool #C09070		4.00		12/1/44		159
	214	Freddie Mac, Pool #Q24955		4.00		2/1/44		223
	36	Freddie Mac, Pool #A90437		4.50		1/1/40		38

HC CAPITAL TRUST

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

Portfolio of Investments — March 31, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Government Agency Mortgages (continued)
$	1,544	Freddie Mac, Pool #A97692		4.50		3/1/41	$	1,634
	12	Freddie Mac, Pool #E02862		4.50		3/1/26		12
	149	Freddie Mac, Pool #A97495		4.50		3/1/41		157
	23	Freddie Mac, Pool #C09059		4.50		3/1/44		24
	19	Freddie Mac, Pool #Q25432		4.50		3/1/44		20
	120	Freddie Mac, Pool #G08754		4.50		3/1/47		126
	214	Freddie Mac, Pool #G08759		4.50		4/1/47		225
	33	Freddie Mac, Pool #Q49599		4.50		7/1/47		35
	188	Freddie Mac, Pool #Q57957		4.50		8/1/48		197
	194	Freddie Mac, Pool #Q59805		4.50		11/1/48		203
	57	Freddie Mac, Pool #G60512		4.50		12/1/45		60
	190	Freddie Mac, Pool #G08820		4.50		5/1/48		199
	198	Freddie Mac, Pool #G08848		4.50		11/1/48		206
	57	Freddie Mac, Pool #G08781		4.50		9/1/47		60
	183	Freddie Mac, Pool #G08827		4.50		7/1/48		192
	42	Freddie Mac, Pool #Q22671		4.50		11/1/43		44
	47	Freddie Mac, Pool #G08596		4.50		7/1/44		49
	22	Freddie Mac, Pool #J07849		4.50		5/1/23		22
	35	Freddie Mac, Pool #G05205		5.00		1/1/39		38
	234	Freddie Mac, Pool #G04913		5.00		3/1/38		252
	46	Freddie Mac, Pool #G08838		5.00		9/1/48		49
	527	Freddie Mac, Pool #C01598		5.00		8/1/33		568
	37	Freddie Mac, Pool #G13255		5.00		7/1/23		39
	16	Freddie Mac, Pool #G07068		5.00		7/1/41		17
	210	Freddie Mac, Pool #Q00763		5.00		5/1/41		227
	73	Freddie Mac, Pool #G06031		5.50		3/1/40		80
	3	Freddie Mac, Pool #G06091		5.50		5/1/40		3
	594	Freddie Mac, Pool #G01665		5.50		3/1/34		653
	33	Freddie Mac, Pool #G05709		6.00		6/1/38		37
	277	Freddie Mac, Pool #G02794		6.00		5/1/37		306
	56	Freddie Mac, Pool #G03551		6.00		11/1/37		62
	14	Freddie Mac, Pool #A62706		6.00		6/1/37		15
	250	Freddie Mac, Gold 15 YR TBA		3.50		4/15/34		256
	150	Freddie Mac, Gold 15 YR TBA		4.00		4/15/34		155
	1,225	Freddie Mac, Gold 30 YR TBA		3.50		4/15/49		1,243
	4,675	Freddie Mac, Gold 30 YR TBA		4.00		4/15/48		4,812
	1,175	Freddie Mac, Gold 30 YR TBA		4.50		4/15/49		1,226
	150	Freddie Mac, Gold 30 YR TBA		5.00		4/15/49		159
	27	Government National Mortgage Association, Pool #776954		2.50		11/15/42		26
	141	Government National Mortgage Association, Pool #MA4125		2.50		12/20/46		138
	41	Government National Mortgage Association, Pool #MA4194		2.50		1/20/47		40
	17	Government National Mortgage Association, Pool #MA2890		2.50		6/20/45		16
	71	Government National Mortgage Association, Pool #AA8341		2.50		2/15/28		71
	44	Government National Mortgage Association, Pool #MA4717		2.50		9/20/47		43
	39	Government National Mortgage Association, Pool #MA4424		2.50		5/20/32		39
	15	Government National Mortgage Association, Pool #711729		2.50		3/15/43		15
	78	Government National Mortgage Association, Pool #MA1283		2.50		9/20/43		77
	39	Government National Mortgage Association, Pool #MA0908		2.50		4/20/28		39
	63	Government National Mortgage Association, Pool #MA4067		2.50		11/20/46		62
	70	Government National Mortgage Association, Pool #MA0601		2.50		12/20/27		70
	38	Government National Mortgage Association, Pool #MA1133		2.50		7/20/28		38
	19	Government National Mortgage Association, Pool #MA4355		2.50		4/20/32		19
	759	Government National Mortgage Association, Pool #MA5076		3.00		3/20/48		763
	253	Government National Mortgage Association, Pool #MA3033		3.00		8/20/45		255
	52	Government National Mortgage Association, Pool #AG0440		3.00		8/15/43		52
	704	Government National Mortgage Association, Pool #MA4126		3.00		12/20/46		709
	40	Government National Mortgage Association, Pool #AK7285		3.00		3/15/45		40
	262	Government National Mortgage Association, Pool #AD8433		3.00		7/15/43		265
	21	Government National Mortgage Association, Pool #MA4935		3.00		1/20/33		22
	358	Government National Mortgage Association, Pool #MA5018		3.00		2/20/48		360
	81	Government National Mortgage Association, Pool #MA0205		3.00		7/20/27		82
	225	Government National Mortgage Association, Pool #MA0153		3.00		6/20/42		227
	86	Government National Mortgage Association, Pool #MA0851		3.00		3/20/43		87
	31	Government National Mortgage Association, Pool #AN5756		3.00		7/15/45		32
	231	Government National Mortgage Association, Pool #AA6149		3.00		3/20/43		232
	1,275	Government National Mortgage Association, Pool #MA0624		3.00		12/20/42		1,283

HC CAPITAL TRUST

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

Portfolio of Investments — March 31, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Government Agency Mortgages (continued)
$	28	Government National Mortgage Association, Pool #AA2934		3.00		7/15/42	$	28
	118	Government National Mortgage Association, Pool #AA2654		3.00		6/15/43		119
	212	Government National Mortgage Association, Pool #MA2444		3.00		12/20/44		214
	120	Government National Mortgage Association, Pool #779084		3.00		4/15/42		121
	125	Government National Mortgage Association, Pool #MA4068		3.00		11/20/46		126
	362	Government National Mortgage Association, Pool #MA0391		3.00		9/20/42		365
	76	Government National Mortgage Association, Pool #MA2600		3.00		2/20/45		77
	319	Government National Mortgage Association, Pool #MA4450		3.00		5/20/47		321
	228	Government National Mortgage Association, Pool #MA1374		3.00		10/20/43		229
	71	Government National Mortgage Association, Pool #MA1265		3.00		9/20/28		72
	16	Government National Mortgage Association, Pool #5276		3.00		1/20/27		16
	203	Government National Mortgage Association, Pool #MA0461		3.00		10/20/42		204
	240	Government National Mortgage Association, Pool #MA4195		3.00		1/20/47		242
	20	Government National Mortgage Association, Pool #AL5058		3.00		3/15/45		20
	236	Government National Mortgage Association, Pool #MA4320		3.00		3/20/47		237
	462	Government National Mortgage Association, Pool #MA4651		3.00		8/20/47		465
	200	Government National Mortgage Association, Pool #MA2825		3.00		5/20/45		201
	223	Government National Mortgage Association, Pool #MA3873		3.00		8/20/46		225
	192	Government National Mortgage Association, Pool #MA2960		3.00		7/20/45		194
	197	Government National Mortgage Association, Pool #MA3104		3.00		9/20/45		198
	359	Government National Mortgage Association, Pool #MA4777		3.00		10/20/47		361
	92	Government National Mortgage Association, Pool #MA4836		3.00		11/20/47		92
	78	Government National Mortgage Association, Pool #MA4559		3.00		7/20/32		78
	241	Government National Mortgage Association, Pool #MA4381		3.00		4/20/47		242
	161	Government National Mortgage Association, Pool #MA2753		3.00		4/20/45		162
	273	Government National Mortgage Association, Pool #MA3662		3.00		5/20/46		275
	710	Government National Mortgage Association, Pool #MA4899		3.00		12/20/47		714
	302	Government National Mortgage Association, Pool #MA2147		3.00		8/20/44		304
	213	Government National Mortgage Association, Pool #MA3735		3.00		6/20/46		214
	24	Government National Mortgage Association, Pool #MA1890		3.00		5/20/29		25
	232	Government National Mortgage Association, Pool #MA4509		3.00		6/20/47		233
	89	Government National Mortgage Association, Pool #MA3520		3.00		3/20/46		89
	309	Government National Mortgage Association, Pool #MA3802		3.00		7/20/46		311
	328	Government National Mortgage Association, Pool #MA2520		3.00		1/20/45		330
	225	Government National Mortgage Association, Pool #MA3309		3.00		12/20/45		226
	177	Government National Mortgage Association, Pool #MA3172		3.00		10/20/45		179
	40	Government National Mortgage Association, Pool #MA2797		3.00		5/20/30		41
	325	Government National Mortgage Association, Pool #MA3936		3.00		9/20/46		327
	261	Government National Mortgage Association, Pool #MA3596		3.00		4/20/46		263
	481	Government National Mortgage Association, Pool #MA2073		3.50		7/20/44		493
	295	Government National Mortgage Association, Pool #MA2303		3.50		10/20/44		302
	17	Government National Mortgage Association, Pool #MA1266		3.50		9/20/28		17
	670	Government National Mortgage Association, Pool #MA2148		3.50		8/20/44		687
	182	Government National Mortgage Association, Pool #MA0699		3.50		1/20/43		186
	347	Government National Mortgage Association, Pool #MA1090		3.50		6/20/43		356
	314	Government National Mortgage Association, Pool #MA0934		3.50		4/20/43		322
	147	Government National Mortgage Association, Pool #MA2371		3.50		11/20/44		151
	302	Government National Mortgage Association, Pool #MA3597		3.50		4/20/46		309
	188	Government National Mortgage Association, Pool #MA4962		3.50		1/20/48		192
	173	Government National Mortgage Association, Pool #MA2445		3.50		12/20/44		177
	293	Government National Mortgage Association, Pool #AM4971		3.50		4/20/45		299
	359	Government National Mortgage Association, Pool #MA1157		3.50		7/20/43		368
	369	Government National Mortgage Association, Pool #MA3034		3.50		8/20/45		378
	125	Government National Mortgage Association, Pool #778157		3.50		3/15/42		128
	28	Government National Mortgage Association, Pool #MA1574		3.50		1/20/29		29
	431	Government National Mortgage Association, Pool #MA3173		3.50		10/20/45		441
	220	Government National Mortgage Association, Pool #MA2961		3.50		7/20/45		225
	151	Government National Mortgage Association, Pool #MA1838		3.50		4/20/44		155
	221	Government National Mortgage Association, Pool #MA3310		3.50		12/20/45		226
	298	Government National Mortgage Association, Pool #MA2892		3.50		6/20/45		306
	297	Government National Mortgage Association, Pool #MA3376		3.50		1/20/46		304
	278	Government National Mortgage Association, Pool #MA2678		3.50		3/20/45		284
	167	Government National Mortgage Association, Pool #MA3454		3.50		2/20/46		171
	128	Government National Mortgage Association, Pool #MA1919		3.50		5/20/44		131
	674	Government National Mortgage Association, Pool #MA0220		3.50		7/20/42		692
	210	Government National Mortgage Association, Pool #MA0022		3.50		4/20/42		215

HC CAPITAL TRUST

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

Portfolio of Investments — March 31, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Government Agency Mortgages (continued)
$	309	Government National Mortgage Association, Pool #MA0852		3.50		3/20/43	$	318
	379	Government National Mortgage Association, Pool #MA4382		3.50		4/20/47		388
	135	Government National Mortgage Association, Pool #AC3938		3.50		1/15/43		138
	329	Government National Mortgage Association, Pool #MA3244		3.50		11/20/45		337
	35	Government National Mortgage Association, Pool #796271		3.50		7/15/42		36
	195	Government National Mortgage Association, Pool #MA2754		3.50		4/20/45		200
	369	Government National Mortgage Association, Pool #MA0462		3.50		10/20/42		378
	264	Government National Mortgage Association, Pool #MA0088		3.50		5/20/42		271
	350	Government National Mortgage Association, Pool #MA4321		3.50		3/20/47		359
	415	Government National Mortgage Association, Pool #MA3521		3.50		3/20/46		424
	22	Government National Mortgage Association, Pool #AL8566		3.50		3/15/45		22
	162	Government National Mortgage Association, Pool #MA4451		3.50		5/20/47		166
	365	Government National Mortgage Association, Pool #MA4900		3.50		12/20/47		373
	267	Government National Mortgage Association, Pool #MA3803		3.50		7/20/46		274
	238	Government National Mortgage Association, Pool #MA3874		3.50		8/20/46		244
	181	Government National Mortgage Association, Pool #783976		3.50		4/20/43		186
	481	Government National Mortgage Association, Pool #MA4719		3.50		9/20/47		491
	255	Government National Mortgage Association, Pool #MA4778		3.50		10/20/47		261
	654	Government National Mortgage Association, Pool #MA5136		3.50		4/20/48		669
	363	Government National Mortgage Association, Pool #MA4837		3.50		11/20/47		371
	258	Government National Mortgage Association, Pool #MA5263		3.50		6/20/48		264
	278	Government National Mortgage Association, Pool #MA3937		3.50		9/20/46		285
	351	Government National Mortgage Association, Pool #MA4652		3.50		8/20/47		359
	251	Government National Mortgage Association, Pool #MA3663		3.50		5/20/46		257
	315	Government National Mortgage Association, Pool #MA4004		3.50		10/20/46		322
	229	Government National Mortgage Association, Pool #MA3736		3.50		6/20/46		235
	351	Government National Mortgage Association, Pool #MA4127		3.50		12/20/46		359
	80	Government National Mortgage Association, Pool #AD2954		3.50		7/15/44		82
	75	Government National Mortgage Association, Pool #738602		3.50		8/15/26		77
	287	Government National Mortgage Association, Pool #MA4069		3.50		11/20/46		294
	120	Government National Mortgage Association, Pool #BD5909		3.50		10/15/47		123
	56	Government National Mortgage Association, Pool #AD2416		3.50		5/15/43		58
	307	Government National Mortgage Association, Pool #MA4262		3.50		2/20/47		314
	457	Government National Mortgage Association, Pool #MA4196		3.50		1/20/47		468
	69	Government National Mortgage Association, Pool #740798		3.50		1/15/42		71
	259	Government National Mortgage Association, Pool #MA4586		3.50		7/20/47		265
	251	Government National Mortgage Association, Pool #MA4510		3.50		6/20/47		257
	33	Government National Mortgage Association, Pool #MA3174		4.00		10/20/45		34
	91	Government National Mortgage Association, Pool #MA3245		4.00		11/20/45		95
	258	Government National Mortgage Association, Pool #MA1839		4.00		4/20/44		268
	111	Government National Mortgage Association, Pool #MA3737		4.00		6/20/46		115
	173	Government National Mortgage Association, Pool #MA1449		4.00		11/20/43		180
	84	Government National Mortgage Association, Pool #AB1483		4.00		8/15/42		87
	55	Government National Mortgage Association, Pool #MA3106		4.00		9/20/45		57
	203	Government National Mortgage Association, Pool #MA4197		4.00		1/20/47		209
	60	Government National Mortgage Association, Pool #MA3455		4.00		2/20/46		63
	85	Government National Mortgage Association, Pool #MA4322		4.00		3/20/47		88
	99	Government National Mortgage Association, Pool #MA5330		4.00		7/20/48		102
	148	Government National Mortgage Association, Pool #MA2522		4.00		1/20/45		154
	155	Government National Mortgage Association, Pool #713876		4.00		8/15/39		161
	293	Government National Mortgage Association, Pool #MA4511		4.00		6/20/47		303
	190	Government National Mortgage Association, Pool #MA3598		4.00		4/20/46		196
	185	Government National Mortgage Association, Pool #MA2304		4.00		10/20/44		192
	548	Government National Mortgage Association, Pool #MA4587		4.00		7/20/47		566
	319	Government National Mortgage Association, Pool #MA4653		4.00		8/20/47		329
	213	Government National Mortgage Association, Pool #MA2224		4.00		9/20/44		222
	83	Government National Mortgage Association, Pool #MA2149		4.00		8/20/44		86
	252	Government National Mortgage Association, Pool #MA2074		4.00		7/20/44		262
	95	Government National Mortgage Association, Pool #MA1996		4.00		6/20/44		98
	188	Government National Mortgage Association, Pool #MA4263		4.00		2/20/47		194
	131	Government National Mortgage Association, Pool #MA0319		4.00		8/20/42		137
	283	Government National Mortgage Association, Pool #MA4383		4.00		4/20/47		293
	470	Government National Mortgage Association, Pool #MA4452		4.00		5/20/47		485
	171	Government National Mortgage Association, Pool #MA3377		4.00		1/20/46		177
	11	Government National Mortgage Association, Pool #AJ2722		4.00		8/15/44		11
	35	Government National Mortgage Association, Pool #4922		4.00		1/20/41		37

HC CAPITAL TRUST

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

Portfolio of Investments — March 31, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Government Agency Mortgages (continued)
$	60	Government National Mortgage Association, Pool #MA0155		4.00		6/20/42	$	62
	31	Government National Mortgage Association, Pool #766495		4.00		10/15/41		32
	75	Government National Mortgage Association, Pool #MA5595		4.00		11/20/48		77
	172	Government National Mortgage Association, Pool #MA1376		4.00		10/20/43		179
	33	Government National Mortgage Association, Pool #779401		4.00		6/15/42		35
	61	Government National Mortgage Association, Pool #753254		4.00		9/15/43		63
	49	Government National Mortgage Association, Pool #AV6086		4.00		7/15/47		51
	92	Government National Mortgage Association, Pool #AD5627		4.00		4/15/43		95
	53	Government National Mortgage Association, Pool #740068		4.00		9/15/40		55
	487	Government National Mortgage Association, Pool #5139		4.00		8/20/41		507
	131	Government National Mortgage Association, Pool #MA1678		4.00		2/20/44		136
	62	Government National Mortgage Association, Pool #738710		4.00		9/15/41		65
	217	Government National Mortgage Association, Pool #MA1761		4.00		3/20/44		226
	106	Government National Mortgage Association, Pool #AM8203		4.00		5/15/45		109
	90	Government National Mortgage Association, Pool #MA1286		4.00		9/20/43		94
	98	Government National Mortgage Association, Pool #MA2602		4.00		2/20/45		102
	52	Government National Mortgage Association, Pool #MA1092		4.50		6/20/43		55
	73	Government National Mortgage Association, Pool #MA4721		4.50		9/20/47		76
	113	Government National Mortgage Association, Pool #MA0701		4.50		1/20/43		119
	197	Government National Mortgage Association, Pool #MA5529		4.50		10/20/48		204
	90	Government National Mortgage Association, Pool #MA4780		4.50		10/20/47		94
	171	Government National Mortgage Association, Pool #MA1762		4.50		3/20/44		180
	218	Government National Mortgage Association, Pool #MA4384		4.50		4/20/47		227
	45	Government National Mortgage Association, Pool #BB7097		4.50		8/15/47		47
	167	Government National Mortgage Association, Pool #MA2756		4.50		4/20/45		176
	67	Government National Mortgage Association, Pool #MA3805		4.50		7/20/46		70
	26	Government National Mortgage Association, Pool #BC0597		4.50		8/15/47		27
	397	Government National Mortgage Association, Pool #MA5399		4.50		8/20/48		412
	676	Government National Mortgage Association, Pool #4801		4.50		9/20/40		711
	30	Government National Mortgage Association, Pool #MA4129		4.50		12/20/46		32
	39	Government National Mortgage Association, Pool #738793		4.50		9/15/41		41
	40	Government National Mortgage Association, Pool #729511		4.50		4/15/40		42
	488	Government National Mortgage Association, Pool #721760		4.50		8/15/40		515
	221	Government National Mortgage Association, Pool #717148		4.50		5/15/39		233
	161	Government National Mortgage Association, Pool #5260		4.50		12/20/41		170
	162	Government National Mortgage Association, Pool #MA4512		4.50		6/20/47		169
	225	Government National Mortgage Association, Pool #MA5467		4.50		9/20/48		234
	104	Government National Mortgage Association, Pool #604285		5.00		5/15/33		111
	18	Government National Mortgage Association, Pool #MA0465		5.00		10/20/42		19
	197	Government National Mortgage Association, Pool #MA5080		5.00		3/20/48		207
	477	Government National Mortgage Association, Pool #4559		5.00		10/20/39		511
	102	Government National Mortgage Association, Pool #694531		5.00		11/15/38		110
	77	Government National Mortgage Association, Pool #MA4007		5.00		10/20/46		83
	29	Government National Mortgage Association, Pool #675179		5.00		3/15/38		31
	77	Government National Mortgage Association, Pool #712690		5.00		4/15/39		82
	99	Government National Mortgage Association, Pool #MA2076		5.00		7/20/44		106
	197	Government National Mortgage Association, Pool #782523		5.00		11/15/35		212
	28	Government National Mortgage Association, Pool #782468		5.00		11/15/38		30
	151	Government National Mortgage Association, Pool #783284		5.50		6/20/40		161
	104	Government National Mortgage Association, Pool #510835		5.50		2/15/35		115
	19	Government National Mortgage Association, Pool #MA0466		5.50		10/20/42		20
	39	Government National Mortgage Association, Pool #658181		5.50		11/15/36		43
	62	Government National Mortgage Association, Pool #781959		6.00		7/15/35		70
	77	Government National Mortgage Association, Pool #4245		6.00		9/20/38		85
	69	Government National Mortgage Association, Pool #4222		6.00		8/20/38		76
	2	Government National Mortgage Association, Pool #690789		6.50		5/15/38		2
	32	Government National Mortgage Association, Pool #699237		6.50		9/15/38		36
	400	Government National Mortgage Association, 30 YR TBA		3.00		4/20/49		402
	2,325	Government National Mortgage Association, 30 YR TBA		3.50		4/20/49		2,376
	50	Government National Mortgage Association, 30 YR TBA		3.50		5/20/49		51
	4,750	Government National Mortgage Association, 30 YR TBA		4.00		4/20/49		4,906
	200	Government National Mortgage Association, 30 YR TBA		4.00		5/15/49		206
	2,575	Government National Mortgage Association, 30 YR TBA		4.50		4/20/48		2,674
	150	Government National Mortgage Association, 30 YR TBA		4.50		5/20/49		156
	800	Government National Mortgage Association, 30 YR TBA		5.00		4/20/49		836
	225	Government National Mortgage Association, 30 YR TBA		5.00		5/20/48		235

HC CAPITAL TRUST

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

Portfolio of Investments — March 31, 2019 (Unaudited)

Principal Amount (000)			Security Description	Rate %			Maturity Date		Value (000)
			U.S. Government Agency Mortgages (continued)
			Total U.S. Government Agency Mortgages						$	188,963
			Yankee Dollars — 0.15%
$	91		Bank of Nova Scotia (Banks)		1.85			4/14/20		90
	91		Bank of Nova Scotia (Banks)		2.13			9/11/19		91
	137		Royal Bank of Canada (Banks)		1.88			2/5/20		136
			Total Yankee Dollars							317
Shares
			Investment Company — 16.36%
	34,850,568		State Street Institutional Treasury Plus Money Market Fund, Premier Class		2.30	(b)				34,851
			Total Investment Company							34,851
			Total Investments Before TBA Sale Commitments (cost $240,591) — 112.90%							240,536
Principal Amount (000)
			TBA Sale Commitments (c) — (0.46)%
$	(25	)	Fannie Mae, 30 YR TBA		2.50			4/25/49		(24	)
	(550	)	Fannie Mae, 30 YR TBA		3.00			4/25/48		(548	)
	(100	)	Fannie Mae, 30 YR TBA		5.50			4/25/49		(107	)
	(175	)	Freddie Mac, Gold 15 YR TBA		2.50			4/15/34		(174	)
	(25	)	Freddie Mac, Gold 15 YR TBA		3.00			4/15/34		(25	)
	(100	)	Freddie Mac, Gold 30 YR TBA		5.50			4/15/49		(107	)
			Total TBA Sale Commitments							(985	)
			Liabilities in excess of other assets — (12.44)%							(26,512	)
			Net Assets — 100.00%						$	213,039

Amounts designated as “—” are $0 or have been rounded to $0.

(a) The rate for certain asset-backed and mortgage-backed securities may vary based on factors relating to the pool of assets underlying the security. The rate disclosed is the rate in effect on March 31, 2019.

(b) The rate disclosed is the rate in effect on March 31, 2019.

(c) Represents a “to be announced” transaction. The Portfolio has committed to sell securities for which all specific information is not available at this time.

TBA—To Be Announced purchase or sale commitment. Security is subject to delayed delivery

The following table reflects the percentage of total net assets of the Portfolio attributable to each Specialist Manager as of March 31, 2019.

The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio	Mellon Investments Corporation*			HC Capital Solutions			Total
Asset Backed Securities		1.62	%		—			1.62	%
Collateralized Mortgage Obligations		6.08	%		—			6.08	%
U.S. Government Agency Mortgages		88.69	%		—			88.69	%
Yankee Dollars		0.15	%		—			0.15	%
Investment Company		12.91	%		3.45	%		16.36	%
TBA Sale Commitments		-0.46	%		—			-0.46	%
Other Assets (Liabilities)		-12.22	%		-0.22	%		-12.44	%
Total Net Assets		96.77	%		3.23	%		100.00	%

* Formerly BNY Mellon Asset Management North America Corporation.

Amounts designated as “—” indicate the Specialist Manager did not manage any holdings in that category.

HC CAPITAL TRUST

The Short-Term Municipal Bond Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		Municipal Bonds — 98.25%
		Alabama — 3.76%
$	445	Alabama Public School & College Authority Revenue, Series C		5.00		9/1/19	$	451
	2,025	County of Baldwin Alabama, GO, Callable 11/1/24 @ 100.00		5.00		5/1/25		2,370
	710	University of Alabama Revenue, Series A, Callable 7/1/22 @ 100.00		5.00		7/1/23		785
								3,606
		Alaska — 1.57%
	1,385	Municipality of Anchorage Alaska, GO, Series B		5.00		9/1/21		1,499
		Arizona — 2.73%
	1,590	Maricopa County Unified School District No. 48 Scottsdale, GO, Series 48-B, Callable 7/1/21 @ 100.00		4.25		7/1/25		1,687
	805	County of Pima Arizona Sewer System Revenue		5.00		7/1/23		916
								2,603
		Connecticut — 1.37%
	1,200	State of Connecticut, GO, Series A		5.00		4/15/22		1,309
		District of Columbia — 2.44%
	2,000	District of Columbia, GO, Series D		5.00		6/1/24		2,334
		Florida — 16.27%
	1,245	School District of Broward County Florida Revenue, Series A		5.00		7/1/20		1,297
	1,400	State of Florida Lottery Revenue, Series A		5.00		7/1/20		1,460
	1,110	State of Florida, GO, Series D		5.00		6/1/20		1,155
	1,645	State of Florida Department of Management Services Refunding Certificates of Participation, Series A		5.00		11/1/23		1,883
	400	State of Florida Department of Environmental Protection Preservation Revenue, Series A		5.00		7/1/20		417
	950	State of Florida Department of Education Revenue, Series A		5.00		7/1/22		1,051
	1,950	State of Florida Turnpike Enterprise Revenue, Series B		5.00		7/1/21		2,099
	425	JEA Florida Electric System Revenue, Series D		5.00		10/1/22		467
	800	JEA Florida Water & Sewer System Revenue, Series A		5.00		10/1/20		842
	1,000	County of Miami-Dade Florida, GO		5.00		7/1/21		1,076
	1,060	County of Miami-Dade Florida Transit System Revenue		5.00		7/1/19		1,069
	420	South Broward Florida Hospital District Revenue		5.00		5/1/19		421
	2,105	Tohopekaliga Water Authority Utility System Revenue, Series A (Pre-Refunded/Escrowed to Maturity)		5.25		10/1/36		2,295
								15,532
		Georgia — 2.24%
	2,000	Bulloch County Board of Education, GO (State Aid Withholding)		5.00		5/1/21		2,141
		Hawaii — 0.48%
	425	State of Hawaii, GO, Series EO		5.00		8/1/21		459
		Illinois — 0.97%
	425	McHenry County Illinois Conservation District, GO		5.00		2/1/20		437
	475	Northbrook Illinois, GO, Series A		5.00		12/1/19		486
								923
		Iowa — 3.48%
	1,155	City of Ankeny, GO, Series A		5.00		6/1/21		1,241
	1,440	Ankeny Community School District, GO		5.00		6/1/23		1,633
	450	Waukee Community School District, GO, Series C		5.00		6/1/19		453
								3,327
		Kentucky — 0.83%
	685	University of Kentucky, GO, Series A, Callable 4/1/24 @ 100.00 (State Intercept)		5.00		4/1/25		790
		Maine — 1.53%
	1,340	Maine Municipal Bond Bank Revenue, Series B		5.00		11/1/21		1,456
		Maryland — 1.64%
	450	Maryland State, GO, Series A		5.00		3/1/20		464
	1,000	University System of Maryland, GO, Series A		5.00		4/1/22		1,101
								1,565
		Michigan — 1.67%
	1,040	State of Michigan Trunk Line Revenue		5.00		11/15/19		1,062
	500	Oakland University Michigan Revenue		5.00		3/1/21		531
								1,593

HC CAPITAL TRUST

The Short-Term Municipal Bond Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		Municipal Bonds (continued)
		Minnesota — 0.56%
$	525	Minnesota Higher Education Facilities Authority Revenue (Pre-Refunded/Escrowed to Maturity)		5.00		10/1/21	$	534
		Missouri — 1.20%
	1,125	University of Missouri Revenue, Series A		5.00		11/1/19		1,148
		Nebraska — 1.22%
	1,140	Nebraska State Public Power District Revenue, Series A		4.00		1/1/20		1,160
		Nevada — 2.25%
	1,765	County of Clark Department of Aviation Revenue, Series A		5.00		7/1/21		1,892
	250	Clark County, Nevada Highway Revenue		5.00		7/1/20		261
								2,153
		New Jersey — 2.61%
	375	Middlesex County Improvement Authority Revenue (CNTY-GTD)		3.00		9/1/20		383
	130	South Brunswick Township New Jersey, GO		4.00		9/1/20		135
	1,945	County of Union New Jersey, GO, Series A&B		3.00		3/1/20		1,973
								2,491
		New Mexico — 3.18%
	2,100	County of Bernalillo New Mexico, GO		5.00		8/15/20		2,199
	375	New Mexico State Finance Authority Revenue, Series B		5.00		6/15/19		378
	450	State of New Mexico Severance Tax Permanent Fund Revenue, Series A		5.00		7/1/19		454
								3,031
		New York — 8.40%
	2,190	Metropolitan Transportation Authority Revenue, Series A		4.00		2/3/20		2,231
	1,990	New York City Fiscal 2019, GO, Series A		5.00		8/1/20		2,081
	385	New York City Transitional Finance Authority Future Tax Secured Revenue		5.00		11/1/21		419
	900	New York City Transitional Finance Authority Future Tax Secured Revenue, Series C1		5.00		5/1/21		964
	250	New York City Municipal Water Finance Authority Water & Sewer System Revenue, Callable 12/15/21 @ 100.00		5.00		6/15/23		273
	405	New York State Dormitory Authority Revenue, Series A		5.00		2/15/24		469
	1,400	New York State Dormitory Authority, Revenue, Series B		5.00		2/15/23		1,581
								8,018
		North Carolina — 2.06%
	375	State of North Carolina Revenue		5.00		3/1/23		422
	1,470	North Carolina State University at Raleigh Revenue		5.00		10/1/20		1,546
								1,968
		Ohio — 1.12%
	1,020	Allen County Ohio Hospital (Pre-Refunded/Escrowed to Maturity)		5.25		9/1/27		1,072
		Oklahoma — 1.25%
	1,145	Grand River Dam Authority, Revenue, Series A		5.00		6/1/20		1,190
		Oregon — 0.66%
	590	Multnomah County School District No. 1 Portland, GO, Series B (SCH BD GTY)		5.00		6/15/21		634
		Pennsylvania — 3.35%
	1,945	Commonwealth of Pennsylvania, GO, Series 2 (Pre-Refunded/Escrowed to Maturity)		5.00		4/15/23		1,947
	525	Philadelphia Pennsylvania Authority For Industrial Development Temple University Revenue, Series 2016		5.00		4/1/21		560
	690	Souderton Area School District, GO (Pre-Refunded/Escrowed to Maturity) (State Aid Withholding)		4.75		11/1/20		692
								3,199
		South Carolina — 1.88%
	1,635	Aiken County Consolidated School District South Carolina, GO, Series B (SCSDE)		5.00		4/1/22		1,799
		South Dakota — 0.44%
	395	City of Sioux Falls South Dakota Sales Tax Revenue, Series A		5.00		11/15/20		417
		Tennessee — 0.39%
	350	City of Clarksville Tennessee Water Sewer & Gas Revenue		5.00		2/1/21		372

HC CAPITAL TRUST

The Short-Term Municipal Bond Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %			Maturity Date		Value (000)
		Municipal Bonds (continued)
		Texas — 10.86%
$	1,255	City of Arlington Texas, GO, Series A		5.00			8/15/22	$	1,395
	240	Austin Texas Contractual Obligation, GO		5.00			5/1/19		241
	1,015	Conroe Independent School District, GO (PSF-GTD)		5.00			2/15/25		1,199
	685	Cypress-Fairbanks Independent School District, GO, Series C (PSF-GTD)		5.00			2/15/22		750
	660	Dallas Area Rapid Transit Revenue, Series A		5.00			12/1/24		776
	450	Goose Creek Texas Consolidated Independent School District, GO, Callable 2/15/21 @ 100.00 (PSF-GTD)		5.00			2/15/22		478
	430	Harris County Toll Road Authority Revenue, Series B		5.00			8/15/22		477
	690	Katy Independent School District, GO, Series B (PSF-GTD)		5.00			2/15/22		756
	625	North East Independent School District Texas, GO (PSF-GTD)		5.00			8/1/22		694
	1,875	North Texas Municipal Water District Water System Revenue		5.25			9/1/19		1,904
	950	State of Texas, GO, Series C		1.78			10/1/20		941
	705	County of Travis Texas, GO		5.00			3/1/21		751
									10,362
		Virginia — 1.46%
	360	Virginia Commonwealth Transportation Board Revenue, Series A		5.00			3/15/20		372
	1,020	Virginia Housing Development Authority Revenue, Series A, Callable 9/1/19 @ 100.00		2.05			3/1/22		1,021
									1,393
		Washington — 7.22%
	1,050	Public Utility District No. 1 of Benton County Revenue		5.00			11/1/19		1,070
	1,085	King County Washington School District No. 405, GO, Series B (SCH BD GTY)		5.00			12/1/24		1,279
	215	King County Washington Sewer Revenue (Pre-Refunded/Escrowed to Maturity)		5.00			1/1/22		224
	135	King County Washington Sewer Revenue (Pre-Refunded/Escrowed to Maturity)		5.00			1/1/22		141
	1,735	City of Seattle Washington Municipal Light & Power Revenue, Series A		5.00			1/1/24		2,001
	500	Tacoma Washington Electric System Revenue, Series A		4.00			1/1/20		510
	820	State of Washington Revenue, Series F		5.00			9/1/22		912
	365	State of Washington Revenue, Series A		5.00			7/1/20		381
	365	Washington State, GO, Series A		5.00			8/1/19		369
									6,887
		Wisconsin — 7.16%
	1,125	City of Janesville Wisconsin, GO		3.00			2/1/20		1,138
	380	City of Milwaukee Wisconsin, GO, Series N4&B5		5.00			4/1/23		429
	200	Milwaukee Wisconsin Area Technical College District, GO, Series C		3.00			6/1/19		200
	1,000	Stevens Point Area Public School District Wisconsin, GO		5.00			4/1/24		1,158
	525	Wisconsin Energy Power Supply Revenue, Series A		5.00			7/1/22		580
	1,630	Wauwatosa School District, GO, Series A		4.00			3/1/21		1,706
	880	State of Wisconsin Clean Water Fund Leveraged Loan Portfolio Revenue, Series 1		4.00			6/1/21		927
	665	Wisconsin Health & Educational Facilities Authority Revenue		5.00			11/15/20		700
									6,838
		Total Municipal Bonds							93,803
Shares
		Investment Company — 1.88%
	1,796,179	State Street Institutional Treasury Plus Money Market Fund, Premier Class		2.30	(a)				1,796
		Total Investment Company							1,796
		Total Investments (cost $94,814) — 100.13%							95,599
		Liabilities in excess of other assets — (0.13)%							(126	)
		Net Assets — 100.00%						$	95,473

(a) The rate disclosed is the rate in effect on March 31, 2019.

CNTY-GTD — County Guarantee

GO — General Obligation

PSF-GTD — Public School Fund Guaranteed

SCH BD GTY — School Board Guaranty

SCSDE — Insured by South Carolina School Discount Enhancement

As of March 31, 2019, 100% of the Portfolio’s net assets were managed by Breckinridge Capital Advisors, Inc.

HC CAPITAL TRUST

The Intermediate Term Municipal Bond Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %			Maturity Date		Value (000)
		Municipal Bonds — 88.72%
		Alabama — 0.71%
$	1,400	Birmingham Alabama Water Works Board Water Revenue, Series B		5.00			1/1/24	$	1,602
	1,000	Jefferson County Alabama Revenue		5.00			9/15/22		1,104
									2,706
		Alaska — 0.61%
	2,265	Alaska Industrial Development & Export Authority Revenue, Revolving Fund, Series A, Callable 4/1/20 @ 100.00 (GO of Authority)		5.25			4/1/22		2,344
		Arizona — 0.61%
	1,000	Maricopa County High School District No. 210-Phoenix, GO		5.00			7/1/25		1,191
	1,000	Salt Verde Arizona Financial Corp. Senior Gas Revenue (Citigroup, Inc.)		5.25			12/1/24		1,153
									2,344
		Arkansas — 0.35%
	1,200	Arkansas State Development Finance Authority Hospital Revenue, Series B		5.00			2/1/23		1,332
		California — 3.61%
	1,500	California State, GO		5.00			8/1/24		1,756
	1,750	State of California, GO, Callable 4/1/29 @ 100.00		5.00			4/1/30		2,202
	1,065	California State Department of Water Resources Revenue, Central Valley Project , Continuously Callable @ 100.00		5.25			7/1/22		1,110
	4,155	California State Public Works Board Lease Revenue, Series D		5.00			4/1/24		4,818
	2,460	Golden State Tobacco Securitization Corp. California Tobacco Settlement Revenue, Series A-1		5.00			6/1/26		2,863
	1,000	Los Angeles California Department of Airports Revenue		5.00			5/15/23		1,130
	65	University of California Revenue, Series Q , Continuously Callable @ 100.00		5.25			5/15/23		65
									13,944
		Colorado — 4.93%
	5,000	Colorado State Health Facilities Authority Revenue, Catholic Health Initiatives, Series D-3		5.00	(a)		10/1/38		5,347
	2,000	City of Colorado Springs Colorado Utilities System Revenue, Series A-3		5.00			11/15/22		2,240
	1,225	Colorado State Board of Governors University Enterprise System Revenue, Series E-2		5.00			3/1/25		1,450
	2,970	Denver City & County School District No. 1, GO, Series A (State Aid Withholding)		5.50			12/1/25		3,672
	1,750	Denver City & County Colorado Airport System Revenue, Series A		5.00			11/15/23		2,015
	3,600	Denver City & County Colorado Airport System Revenue, Series A		5.00			12/1/25		4,253
									18,977
		Connecticut — 1.89%
	3,000	State of Connecticut, GO, Series A, Callable 10/15/23 @ 100.00		5.00			10/15/25		3,371
	1,000	Connecticut State Health & Educational Facilities Authority Revenue, Series B		5.00			12/1/26		1,177
	2,500	Connecticut State Special Tax Obligation Revenue, Transportation Infrastructure, Series A		5.00			9/1/21		2,688
									7,236
		District of Columbia — 0.80%
	1,500	District of Columbia University Revenue		5.00			4/1/25		1,761
	1,200	Metropolitan Washington Airports Authority Revenue, Series A (AMT)		5.00			10/1/22		1,330
									3,091
		Florida — 4.98%
	1,285	Greater Orlando Florida Aviation Authority Airport Facilities Revenue, Series A		5.00			10/1/21		1,386
	1,615	Lee County Florida Solid Waste System Revenue		5.00			10/1/22		1,753
	1,500	Lee County Florida Solid Waste System Revenue (AMT)		5.00			10/1/25		1,708
	4,570	Miami-Dade County Florida Aviation Revenue, Series A		5.00			10/1/21		4,920
	3,250	Orange County Florida Tourist Development Tax Revenue, Series B		5.00			10/1/25		3,884
	1,500	Palm Beach County Florida Health Facilities Authority Revenue		5.00			11/15/21		1,608
	1,845	Palm Beach County Florida School Board, Series D		5.00			8/1/21		1,988
	1,750	South Florida Water Management District Corps, Certificate of Participation		5.00			10/1/21		1,894
									19,141
		Georgia — 2.69%
	1,000	Atlanta Georgia Development Authority Revenue, Series A-1		5.00			7/1/23		1,134
	1,250	Fulton County Georgia Development Authority Revenue, Series A		5.00			7/1/23		1,415

HC CAPITAL TRUST

The Intermediate Term Municipal Bond Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %			Maturity Date		Value (000)
		Municipal Bonds (continued)
		Georgia (continued)
$	1,600	Fulton County Georgia Development Authority Revenue, Series A		5.00			7/1/24	$	1,854
	3,050	Georgia State Municipal Gas Authority Revenue, Gas Portfolio III Project, Series U		5.00			10/1/21		3,290
	1,000	Main Street Natural Gas, Inc. Revenue, Series B, Callable 6/1/23 @ 100.00		2.42 (US0001M + 75.00 bps)(b)			4/1/48		992
	1,620	Municipal Electric Authority of Georgia Revenue, Series A		5.00			1/1/21		1,703
									10,388
		Illinois — 4.29%
	90	Chicago Illinois Certificates of Participation, Tax Increment Allocation Revenue, Diversey / Narragansett Project, Series NT , Continuously Callable @ 100.00		7.46			2/15/26		67
	1,725	Metropolitan Water Reclamation District of Greater Chicago, GO, Series B		5.00			12/1/24		2,001
	1,000	City of Chicago Illinois Waterworks Revenue, Callable 11/1/24 @ 100.00		5.00			11/1/25		1,130
	1,000	City of Chicago Illinois Waterworks Revenue		5.00			11/1/24		1,145
	1,000	City of Chicago Illinois Waterworks Revenue, Callable 11/1/22 @ 100.00		5.00			11/1/24		1,091
	1,240	Illinois State Finance Authority Revenue, Series B		5.00			5/1/22		1,362
	4,600	Illinois State Sales Tax Revenue, Series A		5.00			6/15/25		5,177
	750	Northern Illinois Municipal Power Agency Project Revenue, Series A		5.00			12/1/22		833
	2,000	Railsplitter Tobacco Settlement Authority Revenue		5.00			6/1/22		2,186
	1,450	University of Illinois Revenue, Series C, Callable 10/1/21 @ 100.00		5.00			4/1/25		1,547
									16,539
		Indiana — 2.55%
	1,150	Indiana Finance Authority Revenue, Series A		5.00			11/1/23		1,309
	1,000	Indiana Finance Authority Revenue, Series A		5.00			11/1/24		1,163
	1,000	Indiana State Finance Authority Revenue, Stadium Project, Series A		5.00			2/1/23		1,121
	2,500	Indianapolis Local Public Improvement Bond Bank Airport Authority Revenue, Series A-1 (AMT)		5.00			1/1/21		2,632
	1,000	Richmond Indiana Hospital Authority Revenue, Reid Hospital & Health Care, Series A		5.00			1/1/21		1,056
	2,250	Whiting Indiana Environmental Facilities Revenue		5.00	(a)		11/1/47		2,567
									9,848
		Kentucky — 2.14%
	3,160	Kentucky Public Energy Authority Revenue, Series A		4.00			4/1/23		3,346
	1,000	Kentucky Public Energy Authority Revenue, Series A, Callable 1/2/24 @ 100.40		4.00			4/1/24		1,068
	3,500	Kentucky Public Energy Authority Revenue, Series B, Callable 10/1/24 @ 100.24		4.00			1/1/49		3,803
									8,217
		Louisiana — 0.82%
	2,850	Louisiana State Citizens Property Insurance Corp. Revenue (AGM)		5.00			6/1/22		3,140
		Maryland — 2.42%
	1,000	Maryland State Health & Higher Educational Facilities Authority Revenue, Series B		5.00			7/1/22		1,102
	1,000	Maryland State Economic Development Corp. Private Activity Revenue, Series A, Callable 11/30/21 @ 100.00 (AMT)		5.00			3/31/24		1,074
	4,040	Maryland State Stadium Authority Revenue		5.00			5/1/24		4,674
	2,110	Montgomery County Maryland, GO, Series A		5.00			12/1/23		2,432
									9,282
		Massachusetts — 1.09%
	1,000	Massachusetts State Educational Financing Authority Revenue (AMT)		5.00			1/1/25		1,149
	1,615	Massachusetts State Educational Financing Authority Revenue, Series A (AMT)		5.00			7/1/23		1,807
	1,170	Massachusetts Development Finance Agency Revenue		5.25			1/1/21		1,243
									4,199
		Michigan — 4.20%
	1,810	Great Lakes Michigan Water Authority Sewage Disposal System Revenue, Series B		5.00			7/1/24		2,090
	2,000	Michigan State Finance Authority Revenue, Detroit School District, Series A (Q-SBLF)		5.00			5/1/21		2,130
	1,000	Michigan Finance Authority Revenue, Callable 6/1/25 @ 100.00		5.50			12/1/29		1,194
	4,000	Michigan State Finance Authority Revenue, Series D-1 (AGM)		5.00			7/1/21		4,294
	1,000	Michigan State Finance Authority Revenue, Series D-1		5.00			7/1/21		1,065
	1,605	Michigan Strategic Fund Revenue		5.00			6/30/25		1,845
	2,960	Utica Community Schools, GO (Q-SBLF)		5.00			5/1/26		3,539

HC CAPITAL TRUST

The Intermediate Term Municipal Bond Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %			Maturity Date		Value (000)
		Municipal Bonds (continued)
		Michigan (continued)
								$	16,157
		Minnesota — 0.34%
$	1,200	Minneapolis-Saint Paul Minnesota Metropolitan Airports Commission Revenue, Series B		5.00			1/1/22		1,309
		Missouri — 1.03%
	1,000	Missouri State Health & Educational Facilities Authority Revenue		5.00			11/15/23		1,137
	2,400	Health & Educational Facilities Authority of the State of Missouri Revenue		5.00			6/1/25		2,814
									3,951
		Nevada — 1.64%
	3,470	Clark County Nevada School District, GO, Series A		5.00			6/15/23		3,916
	1,000	Clark County Nevada School District, GO, Series A		5.00			6/15/26		1,192
	1,000	State of Nevada Highway Improvement Revenue		5.00			12/1/24		1,178
									6,286
		New Jersey — 4.36%
	3,750	New Jersey State Economic Development Authority Revenue, School Facilities Construction, Series NN		5.00			3/1/21		3,943
	5,000	New Jersey State Higher Education Assistance Authority Senior Revenue, Series 2015-1A		5.00			12/1/20		5,252
	2,000	New Jersey State Higher Education Student Assistance Authority Revenue, Series B (AMT)		5.00			12/1/22		2,204
	1,660	New Jersey Housing & Mortgage Finance Agency Revenue, Series D		4.00			4/1/22		1,742
	3,500	Tobacco Settlement Financing Corp. New Jersey Revenue, Series B		3.20			6/1/27		3,604
									16,745
		New York — 6.89%
	2,110	Metropolitan Transportation Authority New York Revenue, Series A-1		5.00			11/15/22		2,342
	2,000	Metropolitan Transportation Authority New York Revenue, Series B		5.00			11/15/22		2,219
	2,500	New York State, GO, Series C		5.00			8/1/23		2,851
	3,000	New York City Housing Development Corp. Revenue, Series B-2, Callable 7/1/23 @ 100.00		5.00			7/1/26		3,350
	2,500	New York City Health & Hospital Corp. Revenue, Health System, Series A, Callable 2/15/20 @ 100.00 (GO of Corp.)		5.00			2/15/22		2,573
	1,000	New York City Transitional Finance Authority Future Tax Secured Revenue, Series B-1, Callable 8/1/24 @ 100.00		5.00			8/1/29		1,152
	1,165	New York State Dormitory Authority Revenues Non State Supported Debt, Icahn School of Medicine at Mount Sinai, Series A		5.00			7/1/21		1,249
	3,255	New York State Transportation Development Corp. Special Facilities Revenue, Terminal One Group Associates		5.00			1/1/21		3,431
	2,000	Port Authority of New York & New Jersey New York Revenue, Consolidated 185th (AMT)		5.00			9/1/22		2,214
	4,500	Port Authority of New York & New Jersey New York Revenue, Consolidated 185th (AMT)		5.00			9/1/23		5,110
									26,491
		North Carolina — 2.41%
	1,000	City of Charlotte NC Airport Revenue, Series C		4.00			7/1/23		1,098
	1,000	City of Charlotte NC Airport Revenue, Series C		5.00			7/1/24		1,167
	1,000	North Carolina State Turnpike Authority Revenue (AGC)		5.00			1/1/24		1,134
	5,000	County of Wake North Carolina, GO		5.00			9/1/24		5,872
									9,271
		Ohio — 1.87%
	1,500	American Municipal Power, Inc. Revenue, Series A, Callable 2/15/24 @ 100.00		5.00			2/15/27		1,704
	1,750	Ohio American Municipal Power, Inc. Revenue, Series A		5.00			2/15/24		2,009
	750	Mahoning County Ohio Hospital Facilities Revenue, Western Reserve Care System , Continuously Callable @ 100.00 (MBIA)		5.50			10/15/25		850
	2,500	Montgomery County Ohio Revenue, Miami Valley Hospital, Series A, Callable 11/15/20 @ 100.00		5.75			11/15/22		2,644
									7,207
		Oklahoma — 0.37%
	1,275	Grand River Oklahoma Dam Authority Revenue, Series A		5.00			6/1/22		1,408
		Oregon — 0.38%
	1,305	Benton & Linn Counties Consolidated School District No. 509J & 509A Corvallis, GO, Series A (SCH BD GTY)		0.00	(a)		6/15/25		1,466

HC CAPITAL TRUST

The Intermediate Term Municipal Bond Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %			Maturity Date		Value (000)
		Municipal Bonds (continued)
		Pennsylvania — 4.17%
$	1,250	Commonwealth Financing Authority Revenue, Tobacco Master Settlement		5.00			6/1/23	$	1,400
	4,000	Delaware Valley Regional Finance Authority Revenue, Series B, Callable 9/1/21 @ 100.00 (CNTY-GTD)		1.92 (MUNIPSA + 42.00 bps)(b)			9/1/48		3,999
	2,500	Pennsylvania State Turnpike Commission Revenue		5.00			6/1/24		2,855
	3,000	Philadelphia Pennsylvania Gas Works Revenue		5.00			8/1/21		3,216
	2,500	Philadelphia Pennsylvania School District, GO, Series C, Callable 9/1/20 @ 100.00 (State Aid Withholding)		5.00			9/1/21		2,600
	1,700	Southeastern Pennsylvania Transportation Authority Revenue		5.00			3/1/23		1,910
									15,980
		Rhode Island — 0.87%
	2,000	Rhode Island Health & Educational Building Corp. Revenue		5.00			5/15/23		2,219
	1,000	Rhode Island State Student Loan Authority Student Loan Revenue, Series A (AMT)		5.00			12/1/22		1,103
									3,322
		South Carolina — 2.13%
	3,680	County of Charleston South Carolina, GO, Series A (State Aid Withholding)		5.00			11/1/26		4,536
	3,500	Piedmont Municipal Power Agency Electric Revenue, Series A-2, Callable 1/1/21 @ 100.00		5.00			1/1/22		3,682
									8,218
		Tennessee — 1.32%
	2,000	Tennessee State Energy Acquisition Corp. Gas Revenue, Series A (Goldman Sachs Group, Inc.)		5.25			9/1/21		2,135
	1,250	Tennessee State Energy Acquisition Corp. Gas Revenue, Series E, Callable 2/1/23 @ 100.43		4.00	(a)		5/1/48		1,322
	1,500	Tennessee Energy Acquisition Corp. Revenue, Callable 8/1/25 @ 100.22		4.00	(a)		11/1/49		1,618
									5,075
		Texas — 16.37%
	2,000	Aldine Texas Independent School District, GO (PSF-GTD)		5.00			2/15/25		2,359
	1,000	Austin Texas Community College District, GO		5.00			8/1/23		1,138
	1,180	Clifton Higher Education Finance Corp. Revenue (PSF-GTD)		5.00			8/15/24		1,369
	2,200	Clifton Higher Education Finance Corp. Revenue (PSF-GTD)		5.00			8/15/25		2,605
	3,500	Dallas-Fort Worth Texas International Airport Revenue, Series E		5.00			11/1/22		3,878
	1,000	City of Dallas TX, GO, Series A, Callable 2/15/23 @ 100.00		5.00			2/15/26		1,118
	2,450	City of Dallas TX, GO, Callable 2/15/25 @ 100.00		5.00			2/15/27		2,847
	2,500	Dallas Independent School District, GO, Series A, Callable 2/15/25 @ 100.00 (PSF-GTD)		5.00			2/15/27		2,929
	1,100	Denton Texas Utility System Revenue		5.00			12/1/22		1,230
	1,000	El Paso Texas Water & Sewer Revenue		5.00			3/1/22		1,096
	3,500	Grand Parkway Transportation Corp. Revenue		5.00			2/1/23		3,904
	2,095	Harris County Texas Cultural Education Facilities Finance Corp. Medicine Facilities Revenue, Baylor College of Medicine		5.00			11/15/23		2,380
	1,650	Harris County Cultural Education Facilities Finance Corp. Revenue		5.00			11/15/25		1,958
	1,650	Harris County Toll Road Authority Revenue, Series A		5.00			8/15/23		1,881
	2,000	Houston Texas Hotel Occupancy Tax & Special Revenue, Series A		5.00			9/1/20		2,089
	1,000	Love Field Texas Airport Modernization Corp. General Airport Revenue (AMT)		5.00			11/1/22		1,105
	1,220	Love Field Texas Airport Modernization Corp. General Airport Revenue, Callable 11/1/22 @ 100.00		5.00			11/1/28		1,329
	1,000	Lower Colorado River Texas Authority Transmission Contract Revenue		5.00			5/15/22		1,101
	1,075	Lower Colorado River Texas Authority Transmission Contract Revenue		5.00			5/15/23		1,216
	1,000	Lower Colorado River Authority Revenue		5.00			5/15/26		1,204
	1,695	North Texas Tollway Authority Revenue, Series A		5.00			1/1/22		1,849
	2,500	North Texas Tollway Authority Revenue, Series A		5.00			1/1/22		2,724
	1,000	North Texas Tollway Authority Revenue, Series A		5.00			1/1/24		1,148
	1,000	North Texas Tollway Authority Revenue, Series B, Callable 1/1/23 @ 100.00		5.00			1/1/26		1,109
	1,000	Northside Texas Independent School District, GO (PSF-GTD)		5.00			6/15/24		1,164
	1,070	Sam Rayburn Texas Municipal Power Agency Revenue		5.00			10/1/20		1,115
	1,175	San Antonio Texas Water Revenue, Junior Lien, Series A		5.00			5/15/22		1,297
	1,505	Texas A&M University Revenue, Series E		5.00			5/15/23		1,706
	4,365	Texas State College Student Loan, GO		5.00			8/1/22		4,811
	2,230	University of Houston Revenue, Series C, Callable 2/15/26 @ 100.00		5.00			2/15/28		2,657
	3,000	University of Texas Revenue, Series E		5.00			8/15/23		3,428

HC CAPITAL TRUST

The Intermediate Term Municipal Bond Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %			Maturity Date		Value (000)
		Municipal Bonds (continued)
		Texas (continued)
$	1,000	West Travis County Public Utility Agency Revenue (BAM)		5.00			8/15/26	$	1,201
									62,945
		Utah — 0.34%
	1,090	Utah Transit Authority Revenue		5.00			12/15/26		1,326
		Virginia — 1.89%
	1,000	Fairfax County Virginia Industrial Development Authority Revenue, Series A		5.00			5/15/22		1,103
	1,000	Fairfax County Virginia Industrial Development Authority Revenue, Series A		5.00			5/15/23		1,133
	1,000	Fairfax County Virginia Industrial Development Authority Revenue, Series A		5.00			5/15/24		1,162
	2,000	Virginia Commonwealth Transportation Board Revenue, Series A		5.00			5/15/23		2,271
	1,400	Virginia Commonwealth Transportation Board Revenue, Series A		5.00			5/15/24		1,631
									7,300
		Washington — 2.09%
	1,420	Grant County Washington Public Utilities District #2 Priest Rapids Hydro Electric Revenue, Series B (AMT)		5.00			1/1/22		1,540
	1,000	Port of Seattle Washington, GO, Callable 6/1/21 @ 100.00 (AMT)		5.25			12/1/21		1,073
	1,000	Port of Seattle Washington Revenue, Series C (AMT)		5.00			4/1/22		1,091
	2,500	Washington State, GO, Series B		5.00			7/1/23		2,849
	1,250	Washington Health Care Facilities Authority Revenue		5.00			10/1/25		1,485
									8,038
		Wisconsin — 1.56%
	1,000	Public Finance Authority Wisconsin Lease Development Revenue		5.00			3/1/22		1,089
	1,000	Public Finance Authority Wisconsin Lease Development Revenue		5.00			3/1/23		1,117
	1,225	University of Wisconsin Hospitals & Clinics Revenue		5.00			4/1/26		1,463
	1,000	Wisconsin State Health & Educational Facilities Authority Health Facilities Revenue, Unity Point Health, Series A		5.00			12/1/21		1,085
	1,155	Wisconsin State Health & Educational Facilities Authority Revenue, Series A		5.00			11/15/22		1,288
									6,042
		Total Municipal Bonds							341,265
		Corporate Bond — 0.00%
	3,939	ASC Equipment (Trading Companies & Distributors)(c)		5.13	(e)		3/1/08		—
		Total Corporate Bond							—
Shares
		Investment Companies — 10.05%
	55,380	AllianceBernstein National Municipal Income Fund, Inc.							717
	54,643	BlackRock California Municipal Income Trust							701
	49,651	BlackRock Investment Quality Municipal Trust, Inc.							702
	91,727	BlackRock Muni Intermediate Duration Fund, Inc.							1,263
	74,935	BlackRock Municipal 2030 Target Term Trust							1,667
	52,474	BlackRock Municipal Income Quality Trust							704
	79,192	BlackRock Municipal Income Trust							1,068
	52,835	BlackRock MuniYield California Fund, Inc.							705
	52,400	BlackRock MuniYield California Quality Fund, Inc.							706
	29,023	BlackRock MuniYield Quality Fund II, Inc.							357
	98,895	BlackRock MuniYield Quality Fund III, Inc.							1,279
	50,267	BlackRock MuniYield Quality Fund, Inc.							708
	57,298	Dreyfus Municipal Bond Infrastructure Fund, Inc.							743
	64,645	Dreyfus Municipal Income, Inc.							544
	92,101	Dreyfus Strategic Municipal Bond Fund, Inc.							712
	90,669	Dreyfus Strategic Municipals, Inc.							715
	59,044	Eaton Vance Municipal Bond Fund							732
	65,510	Invesco Advantage Municipal Income Trust II							706
	55,851	Invesco California Value Municipal Income Trust							679
	59,044	Invesco Municipal Opportunity Trust							704
	46,389	Invesco Municipal Trust							559
	90,048	Invesco Quality Municipal Income Trust							1,090
	130,280	Invesco Trust For Investment Grade Municipals							1,614

HC CAPITAL TRUST

The Intermediate Term Municipal Bond Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Rate %			Maturity Date	Value (000)
		Investment Companies (continued)
	53,994	MFS High Income Municipal Trust					$	276
	130,017	Nuveen AMT-Free Municipal Credit Income Fund						1,965
	224,997	Nuveen AMT-Free Quality Municipal Income Fund						3,006
	77,890	Nuveen California AMT-Free Quality Municipal Income Fund						1,084
	105,585	Nuveen California Quality Municipal Income Fund						1,455
	83,141	Nuveen Intermediate Duration Municipal Term Fund						1,093
	101,362	Nuveen Municipal Credit Income Fund						1,528
	114,760	Nuveen New York AMT-Free Quality Municipal Income Fund						1,460
	27,418	Nuveen Pennsylvania Quality Municipal Income Fund						362
	223,025	Nuveen Quality Municipal Income Fund						3,025
	97,606	Putnam Managed Municipal Income Trust						730
	86,295	Putnam Municipal Opportunities Trust						1,058
	2,260,115	State Street Institutional Treasury Plus Money Market Fund, Premier Class		2.30	(d)			2,260
		Total Investment Companies						38,677
		Total Investments (cost $378,658) — 98.77%						379,942
		Other assets in excess of liabilities — 1.23%						4,739
		Net Assets — 100.00%						$384,681

Amounts designated as “—” are $0 or have been rounded to $0.

(a) Interest rate is determined by the Remarketing Agent. The rate disclosed is the rate in effect at March 31, 2019.

(b) Variable Rate Security. The rate disclosed is the rate in effect on March 31, 2019.

(c) Defaulted Bond.

(d) The rate disclosed is the rate in effect on March 31, 2019.

AGC — Assured Guaranty Corp.

AGM — Assured Guaranty Municipal Corporation

AMT — Alternative Minimum Tax

BAM — Build America Mutual

bps — Basis Points

CNTY-GTD — County Guarantee

GO — General Obligation

MBIA — Municipal Bond Insurance Association

MUNIPSA — SIFMA Municipal Swap Index Yield

PSF-GTD — Public School Fund Guaranteed

Q-SBLF — Qualified School Bond Loan Fund

SCH BD GTY — School Board Guaranty

US0001M — 1 Month US Dollar LIBOR

The following table reflects the percentage of total net assets of the Portfolio attributable to each Specialist Manager as of March 31, 2019.

The Intermediate Term Municipal Bond Portfolio	Mellon Investments Corporation*			City of London Investment Management Company, Ltd.			HC Capital Solutions			Total
Municipal Bonds		88.72	%		—			—			88.72	%
Corporate Bond		0.00	%		—			—			0.00	%
Investment Companies		—			9.47	%		0.58	%		10.05	%
Other Assets (Liabilities)		1.25	%		0.15	%		-0.17	%		1.23	%
Total Net Assets		89.97	%		9.62	%		0.41	%		100.00	%

* Formerly Standish Mellon Asset Management Company, LLC.

Amounts designated as “—” indicate the Specialist Manager did not manage any holdings in that category.

HC CAPITAL TRUST

The Intermediate Term Municipal Bond II Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		Municipal Bonds — 94.81%
		Alabama — 4.30%
$	500	Alabama State Public School & College Authority Revenue, Series A		5.00		5/1/19	$	501
	1,415	Birmingham Alabama Special Care Facilities Financing Authority Health Care Facility, Callable 6/1/25 @ 100.00		5.00		6/1/29		1,637
	1,000	Pell City Alabama, GO, Series A, Callable 2/1/25 @ 100.00		5.00		2/1/26		1,168
								3,306
		Arizona — 0.82%
	450	Maricopa County Arizona Unified School District No. 48, GO		5.00		7/1/21		484
	140	Yuma County Arizona Jail District Revenue, Pledge Obligation		5.00		7/1/20		146
								630
		Florida — 15.29%
	1,455	East Central Regional Wastewater Treatment Facilities Operation Board Revenue (Pre-Refunded/Escrowed to Maturity)		5.50		10/1/44		1,751
	1,250	Florida State Board of Education Lottery Revenue, Series A		5.00		7/1/26		1,520
	800	State of Florida, GO, Series A		5.00		6/1/23		910
	1,525	Florida Department of Environmental Protection Revenue, Series A		5.00		7/1/24		1,783
	1,400	Lee County Florida School Board Certificates of Participation, Series A, Callable 8/1/24 @ 100.00		5.00		8/1/27		1,609
	750	Miami-Dade County Florida, GO, Series A, Callable 11/1/24 @ 100.00		5.00		11/1/27		874
	1,000	Miami-Dade County Florida Water & Sewer Revenue, Series B (AGM)		5.25		10/1/20		1,054
	585	Orange County Florida School Board Certificates of Participation, Series A		5.00		8/1/23		665
	1,500	West Palm Beach Florida Utility System Revenue, Series A, Callable 10/1/21 @ 100.00		5.00		10/1/22		1,624
								11,790
		Hawaii — 2.06%
	1,500	Honolulu City & County Hawaii, GO, Series B (Pre-Refunded/Escrowed to Maturity)		5.00		12/1/23		1,585
		Idaho — 1.84%
	1,285	Idaho State Housing & Finance Association, Grant & Revenue Anticipation Federal Highway Trust, Series A		5.00		7/15/22		1,417
		Iowa — 2.17%
	1,410	City of Bettendorf Iowa, GO, Series D		5.00		6/1/25		1,676
		Kansas — 1.26%
	850	City of Olathe Kansas, GO, Series 230		5.00		10/1/23		972
		Maryland — 0.43%
	330	Maryland State Transportation Authority Revenue, Transportation Facilities Project, Series A		5.00		7/1/19		333
		Massachusetts — 3.05%
	1,000	Massachusetts State Bay Transportation Authority Sales Tax Revenue		4.00		12/1/21		1,064
	600	Massachusetts State, GO, Series A		5.00		3/1/23		678
	600	Massachusetts State Water Resources Authority Revenue, Series A (Pre-Refunded/Escrowed to Maturity)		5.00		8/1/39		607
								2,349
		Nevada — 4.06%
	800	Clark County Nevada Highway Improvement Revenue		5.00		7/1/23		909
	1,105	Las Vegas Valley Nevada Water District, GO, Series B		5.00		12/1/24		1,301
	800	Nevada State System of Higher Education Certificates of Participation Revenue, Series A, Callable 7/1/24 @ 100.00		5.00		7/1/26		919
								3,129
		New Mexico — 1.66%
	1,025	Albuquerque Municipal School District No. 12, GO, Callable 8/1/28 @ 100.00 (State Aid Withholding)		5.00		8/1/29		1,281
		New York — 7.95%
	1,495	New York City Transitional Finance Authority Revenue, Series D, Callable 2/1/21 @ 100.00		5.25		2/1/22		1,594
	1,700	New York State Environmental Facilities Corp. Revenue, Callable 6/15/24 @ 100.00		5.00		6/15/29		1,968
	1,470	New York State Dormitory Authority Sales Tax Revenue, Callable 9/15/28 @ 100.00		5.00		3/15/30		1,843
	625	New York State Dormitory Authority State Personal Income Tax Revenue, Series A, Callable 2/15/24 @ 100.00		5.00		2/15/26		723

HC CAPITAL TRUST

The Intermediate Term Municipal Bond II Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		Municipal Bonds (continued)
		New York (continued)
							$	6,128
		North Carolina — 2.87%
$	1,500	North Carolina State Revenue, Series B		5.00		5/1/27		1,857
	300	University of North Carolina at Greensboro Revenue		5.00		4/1/25		356
								2,213
		Ohio — 8.83%
	700	American Municipal Power, Inc. Revenue, Series A, Callable 2/15/24 @ 100.00		5.00		2/15/27		795
	1,000	Butler County Ohio Hospital Facilities Revenue, Series X		5.00		5/15/29		1,252
	1,600	Columbus Ohio State, GO, Series 1 (Pre-Refunded/Escrowed to Maturity)		5.00		7/1/24		1,825
	1,400	Cuyahoga County Ohio, GO, Series A		5.00		12/1/19		1,432
	500	Ohio State Hospital Facility Revenue, Callable 1/1/28 @ 100.00		5.00		1/1/30		615
	800	Ohio State University Revenue		5.00		12/1/22		897
								6,816
		Pennsylvania — 3.33%
	1,375	Blairsville-Saltsburg School District, GO (BAM State Aid Withholding)		5.00		3/15/23		1,533
	1,000	Pennsylvania State, GO, Series A		5.00		5/1/20		1,036
								2,569
		South Dakota — 2.64%
	1,675	South Dakota Board of Regents Revenue, Callable 10/1/27 @ 100.00		5.00		4/1/29		2,024
		Texas — 16.74%
	710	Dallas Texas Waterworks & Sewer System Revenue (Pre-Refunded/Escrowed to Maturity)		5.00		10/1/23		769
	540	Dallas Texas Waterworks & Sewer System Revenue, Callable 10/1/21 @ 100.00		5.00		10/1/23		584
	875	City of Denton Texas, GO		5.00		2/15/21		929
	1,545	Harris County Texas Revenue, Series A, Callable 8/15/26 @ 100.00		5.00		8/15/30		1,836
	1,500	Harris County Texas Cultural Education Facilities Finance Corp. Revenue, Texas Children’s Hospital, Callable 10/1/25 @ 100.00		5.00		10/1/27		1,770
	1,120	Houston Community College System Revenue		5.00		4/15/21		1,198
	1,460	Humble Independent School District, GO, Series C		5.00		2/15/24		1,678
	1,715	North East Independent School District Texas, GO, Series B (PSF-GTD)		5.00		2/1/24		1,978
	300	City of Pearland Texas, GO, Callable 3/1/27 @ 100.00		5.00		3/1/29		362
	1,500	Texas State Water Development Board Revenue, Series A, Callable 10/15/25 @ 100.00		5.00		4/15/26		1,799
								12,903
		Washington — 15.51%
	665	Energy Northwest Revenue, Series A		5.00		7/1/19		671
	1,000	King County Washington, GO		5.25		1/1/23		1,133
	1,050	King County School District No. 405 Bellevue, GO, Callable 12/1/27 @ 100.00 (SCH BD GTY)		5.00		12/1/29		1,296
	1,250	King County School District No. 410 Snoqualmie Valley, GO, Callable 6/1/27 @ 100.00 (SCH BD GTY)		5.00		12/1/27		1,542
	1,400	King County Washington Sewer Revenue (Pre-Refunded/Escrowed to Maturity)		5.00		1/1/24		1,532
	750	King County Washington Sewer Revenue		5.00		1/1/20		769
	1,540	City of Spokane Washington Water & Wastewater System Revenue		5.00		12/1/19		1,576
	1,500	Tacoma Washington Water Revenue, Series A, Callable 6/1/20 @ 100.00		5.00		12/1/22		1,559
	1,750	State of Washington, GO, Series A		5.00		8/1/21		1,889
								11,967
		Total Municipal Bonds						73,088
		U.S. Treasury Obligation — 0.91%
	700	U.S. Treasury Note		2.50		5/31/20		701
		Total U.S. Treasury Obligation						701

HC CAPITAL TRUST

The Intermediate Term Municipal Bond II Portfolio

Portfolio of Investments — March 31, 2019 (Unaudited)

Shares		Security Description	Rate %			Maturity Date	Value (000)
		Investment Company — 3.17%
	2,440,301	State Street Institutional Treasury Plus Money Market Fund, Premier Class		2.30	(a)		$	2,440
		Total Investment Company						2,440
		Total Investments (cost $74,241) — 98.89%						76,229
		Other assets in excess of liabilities — 1.11%						857
		Net Assets — 100.00%					$	77,086

(a) The rate disclosed is the rate in effect on March 31, 2019.

AGM — Assured Guaranty Municipal Corporation

BAM — Build America Mutual

GO — General Obligation

PSF-GTD — Public School Fund Guaranteed

SCH BD GTY — School Board Guaranty

The following table reflects the percentage of total net assets of the Portfolio attributable to each Specialist Manager as of March 31, 2019.

The Intermediate Term Municipal Bond II Portfolio	Breckinridge Capital Advisors, Inc.			HC Capital Solutions			Total
Municipal Bonds		94.81	%		—			94.81	%
U.S. Treasury Obligation		0.91	%		—			0.91	%
Investment Company		0.55	%		2.62	%		3.17	%
Other Assets (Liabilities)		1.28	%		-0.17	%		1.11	%
Total Net Assets		97.55	%		2.45	%		100.00	%

Amounts designated as “—” indicate the Specialist Manager did not manage any holdings in that category.