HC CAPITAL TRUST

The Value Equity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks — 96.77%
		Aerospace & Defense — 2.37%
	717	General Dynamics Corp.	$	131
	3,065	HEICO Corp.		383
	1,168	Hexcel Corp.		96
	445	Huntington Ingalls Industries, Inc.		94
	1,109	L3Harris Technologies, Inc.		231
	5,411	Lockheed Martin Corp.		2,111
	307	Northrop Grumman Corp.		115
	3,299	Raytheon Co.		647
	19,597	Spirit Aerosystems Holdings, Inc., Class – A		1,612
	200	Teledyne Technologies, Inc. (a)		64
	4,149	Textron, Inc.		203
	7,285	The Boeing Co.		2,772
	5,010	TransDigm Group, Inc.		2,609
	21,311	United Technologies Corp.		2,909
				13,977
		Air Freight & Logistics — 0.61%
	10,904	C.H. Robinson Worldwide, Inc.		924
	305	Expeditors International of Washington, Inc.		23
	3,393	FedEx Corp.		494
	16,845	United Parcel Service, Inc., Class – B		2,018
	1,886	XPO Logistics, Inc. (a)		135
				3,594
		Airlines — 0.35%
	2,103	Alaska Air Group, Inc.		137
	8,236	American Airlines Group, Inc.		222
	868	Copa Holdings SA, Class – A		86
	20,199	Delta Air Lines, Inc.		1,163
	6,703	Southwest Airlines Co.		362
	1,612	United Continental Holdings, Inc. (a)		143
				2,113
		Auto Components — 0.53%
	120,720	Garrett Motion, Inc. (a)		1,202
	585	Gentex Corp.		16
	12,566	Lear Corp.		1,482
	9,332	Magna International, Inc., ADR		498
				3,198
		Automobiles — 0.27%
	32,030	General Motors Co.		1,201
	1,600	Tesla Motors, Inc. (a)		385
				1,586
		Banks — 5.44%
	3,332	Associated Banc-Corp.		67
	263,889	Bank of America Corp.		7,698
	2,798	Bank OZK		76
	1,998	BankUnited, Inc.		67
	32,258	BB&T Corp.		1,722
	666	BOK Financial Corp.		53
	47,685	Citigroup, Inc.		3,294
	1,826	Citizens Financial Group, Inc.		65
	2,863	Comerica, Inc.		189
	541	Commerce Bancshares, Inc.		33
	1,552	Cullen/Frost Bankers, Inc.		137
	182	Fifth Third Bancorp		5
	7,338	First Horizon National Corp.		119
	2,026	First Republic Bank		196
	21,453	Huntington Bancshares, Inc.		306
	66,542	JPMorgan Chase & Co.		7,832
	11,647	Pinnacle Financial Partners, Inc.		661
	8,315	PNC Financial Services Group, Inc.		1,165

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Banks (continued)
	72,977	Regions Financial Corp.	$	1,154
	493	Signature Bank		59
	4,790	Sterling Bancorp		96
	9,138	SunTrust Banks, Inc.		629
	710	SVB Financial Group (a)		148
	1,926	Texas Capital Bancshares, Inc. (a)		105
	4,006	U.S. Bancorp		222
	4,533	Umpqua Holdings Corp.		75
	1,880	Webster Financial Corp.		88
	82,752	Wells Fargo & Co.		4,174
	32,863	Western Alliance Bancorp		1,514
	2,420	Zions Bancorp		108
				32,057
		Beverages — 1.81%
	7,189	Brown-Forman Corp., Class – B		451
	3,277	Constellation Brands, Inc., Class – A		679
	1,703	Keurig Dr Pepper, Inc.		47
	3,594	Molson Coors Brewing Co., Class – B		207
	4,530	Monster Beverage Corp. (a)		263
	28,839	PepsiCo, Inc.		3,954
	93,372	The Coca-Cola Co.		5,083
				10,684
		Biotechnology — 2.46%
	28,903	AbbVie, Inc.		2,189
	5,792	Alexion Pharmaceuticals, Inc. (a)		567
	5,039	Alkermes PLC (a)		98
	2,182	Alnylam Pharmaceuticals, Inc. (a)		175
	16,160	Amgen, Inc.		3,127
	2,901	Biogen Idec, Inc. (a)		675
	1,551	BioMarin Pharmaceutical, Inc. (a)		105
	15,110	Celgene Corp. (a)		1,500
	1,101	Exact Sciences Corp. (a)		99
	20,643	Gilead Sciences, Inc.		1,308
	1,176	Neurocrine Biosciences, Inc. (a)		106
	695	Sage Therapeutics, Inc. (a)		98
	1,322	Sarepta Therapeutics, Inc. (a)		100
	8,247	Seattle Genetics, Inc. (a)		704
	17,938	United Therapeutics Corp. (a)		1,431
	13,207	Vertex Pharmaceuticals, Inc. (a)		2,238
				14,520
		Building Products — 0.32%
	18,210	A.O. Smith Corp.		869
	1,938	Allegion PLC		201
	3,318	Johnson Controls International PLC		146
	733	Lennox International, Inc.		178
	6,549	Masco Corp.		273
	2,346	Owens Corning, Inc.		148
	7,332	Resideo Technologies, Inc. (a)		105
				1,920
		Capital Markets — 1.66%
	1,302	Affiliated Managers Group, Inc.		109
	2,506	Ameriprise Financial, Inc.		369
	2,792	Bank of New York Mellon Corp.		126
	5,895	BGC Partners, Inc., Class – A		32
	4,869	BlackRock, Inc., Class – A		2,170
	2,282	CBOE Holdings, Inc.		262
	1,744	CME Group, Inc.		369
	1,544	E*Trade Financial Corp.		67
	12,428	Goldman Sachs Group, Inc.		2,576
	427	Interactive Brokers Group, Inc., Class – A		23

HC CAPITAL TRUST

The Value Equity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Capital Markets (continued)
	1,491	Intercontinental Exchange Group, Inc.	$	138
	1,976	Legg Mason, Inc.		75
	18,759	Morgan Stanley		800
	593	S&P Global, Inc.		145
	7,695	State Street Corp.		455
	7,780	T. Rowe Price Group, Inc.		889
	162	TD Ameritrade Holding Corp.		8
	24,739	The Charles Schwab Corp.		1,035
	629	The Nasdaq OMX Group, Inc.		62
	5,060	Virtu Financial, Inc., Class – A		83
				9,793
		Chemicals — 1.75%
	10,230	Air Products & Chemicals, Inc.		2,269
	2,313	Albemarle Corp.		161
	1,467	Ashland Global Holdings, Inc.		113
	4,710	Axalta Coating Systems Ltd. (a)		142
	1,640	Celanese Corp., Series A		201
	48,414	CF Industries Holdings, Inc.		2,381
	9,311	Corteva, Inc.		261
	9,429	Dow, Inc.		449
	15,500	DuPont de Nemours, Inc.		1,105
	2,375	Huntsman Corp.		55
	974	International Flavors & Fragrances, Inc.		120
	651	Linde PLC		126
	11,130	LyondellBasell Industries N.V., Class – A		996
	249	NewMarket Corp.		118
	10,412	PPG Industries, Inc.		1,234
	4,884	The Mosaic Co.		100
	1,538	The Scotts Miracle-Gro Co.		157
	216	The Sherwin-Williams Co.		119
	3,879	Valvoline, Inc.		85
	1,540	W.R. Grace & Co.		103
				10,295
		Commercial Services & Supplies — 0.94%
	19,018	ADT, Inc.		119
	12,305	Clean Harbors, Inc. (a)		950
	32,475	Copart, Inc. (a)		2,608
	3,003	IAA, Inc. (a)		125
	3,003	KAR Auction Services, Inc.		74
	4,420	Republic Services, Inc., Class – A		383
	2,747	Stericycle, Inc. (a)		140
	9,860	Waste Management, Inc.		1,134
				5,533
		Communications Equipment — 1.45%
	6,905	Arista Networks, Inc. (a)		1,650
	132,263	Cisco Systems, Inc.		6,535
	8,966	Juniper Networks, Inc.		222
	774	Motorola Solutions, Inc.		132
				8,539
		Construction & Engineering — 0.09%
	3,578	AECOM Technology Corp. (a)		134
	841	Arcosa, Inc.		29
	5,251	Fluor Corp.		100
	717	Jacobs Engineering Group, Inc.		66
	2,295	Quanta Services, Inc.		87
	924	Valmont Industries, Inc.		128
				544
		Construction Materials — 0.18%
	6,799	Eagle Materials, Inc., Class – A		612

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Construction Materials (continued)
	1,704	Martin Marietta Materials, Inc.	$	467
				1,079
		Consumer Finance — 1.16%
	22,738	American Express Co.		2,689
	37,105	Capital One Financial Corp.		3,376
	6	Credit Acceptance Corp. (a)		3
	14,450	OneMain Holdings, Inc.		530
	8,889	SLM Corp.		78
	4,013	Synchrony Financial		137
				6,813
		Containers & Packaging — 0.52%
	17,549	Amcor PLC		171
	262	AptarGroup, Inc.		31
	27	Avery Dennison Corp.		3
	22,939	Ball Corp.		1,669
	10,608	International Paper Co.		443
	2,050	Packaging Corporation of America		218
	3,363	Sealed Air Corp.		140
	2,320	Silgan Holdings		70
	2,452	Sonoco Products Co.		143
	5,240	WestRock Co.		191
				3,079
		Distributors — 0.11%
	4,284	Genuine Parts Co.		427
	6,460	LKQ Corp. (a)		203
				630
		Diversified Consumer Services — 0.48%
	12,786	Bright Horizons Family Solutions, Inc. (a)		1,950
	1,046	Graham Holdings Co.		694
	4,910	H&R Block, Inc.		116
	957	ServiceMaster Global Holdings, Inc. (a)		53
				2,813
		Diversified Financial Services — 1.10%
	29,533	Berkshire Hathaway, Inc., Class – B (a)		6,143
	17,093	Jefferies Financial Group, Inc.		315
	973	Voya Financial, Inc.		53
				6,511
		Diversified Telecommunication Services — 1.87%
	117,437	AT&T, Inc.		4,444
	43,613	CenturyLink, Inc.		544
	100,420	Verizon Communications, Inc.		6,061
				11,049
		Electric Utilities — 2.07%
	1,604	Alliant Energy Corp.		87
	31,281	American Electric Power, Inc.		2,930
	20,974	Duke Energy Corp.		2,011
	1,914	Edison International		144
	2,737	Evergy, Inc.		182
	9,746	Eversource Energy		833
	9,276	Exelon Corp.		448
	2,818	FirstEnergy Corp.		136
	8,870	NextEra Energy, Inc.		2,067
	2,414	OGE Energy Corp.		110
	32,518	PPL Corp.		1,024
	32,159	The Southern Co.		1,986

HC CAPITAL TRUST

The Value Equity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Electric Utilities (continued)
	4,017	Xcel Energy, Inc.	$	261
				12,219
		Electrical Equipment — 0.50%
	3,350	AMETEK, Inc.		308
	12,355	Eaton Corp. PLC		1,027
	16,658	Emerson Electric Co.		1,114
	11,151	nVent Electric PLC		246
	3,984	Regal-Beloit Corp.		290
				2,985
		Electronic Equipment, Instruments & Components — 0.15%
	769	Arrow Electronics, Inc. (a)		57
	23,513	Corning, Inc.		671
	512	Dolby Laboratories, Inc., Class – A		33
	1,050	Keysight Technologies, Inc. (a)		102
				863
		Energy Equipment & Services — 0.33%
	11,460	Baker Hughes, Inc.		266
	50,229	Halliburton Co.		946
	7,964	National Oilwell Varco, Inc.		169
	11,451	Patterson-UTI Energy, Inc.		98
	3,039	Schlumberger Ltd.		104
	72,672	Transocean Ltd. (a)		325
				1,908
		Entertainment — 1.15%
	2,063	Activision Blizzard, Inc.		109
	2,887	Cinemark Holdings, Inc.		112
	6,384	Electronic Arts, Inc. (a)		624
	2,749	Liberty Media Group, Class – C (a)		114
	1,270	Netflix, Inc. (a)		340
	41,888	The Walt Disney Co.		5,459
				6,758
		Equity Real Estate Investment Trusts — 3.80%
	992	Alexandria Real Estate Equities, Inc.		153
	17,907	American Campus Communities, Inc.		861
	1,289	American Homes 4 Rent, Class – A		33
	5,297	American Tower Corp.		1,171
	2,612	Apartment Investment & Management Co.		136
	6,634	AvalonBay Communities, Inc.		1,428
	857	Boston Properties, Inc.		111
	6,970	Camden Property Trust		774
	20,509	Colony Capital, Inc.		123
	1,428	Columbia Property Trust, Inc.		30
	3,180	Cousins Properties, Inc.		120
	2,473	Crown Castle International Corp.		344
	2,592	CubeSmart		90
	1,028	CyrusOne, Inc.		81
	1,906	Digital Realty Trust, Inc.		247
	1,889	Douglas Emmett, Inc.		81
	3,821	Duke Realty Corp.		130
	8,154	Empire State Realty Trust, Inc., Class – A		116
	10,057	EPR Properties		773
	291	Equinix, Inc.		168
	3,248	Equity Commonwealth		111
	1,061	Equity Lifestyle Properties, Inc.		142
	1,516	Equity Residential		131
	3,943	Essex Property Trust, Inc.		1,288
	1,604	Extra Space Storage, Inc.		187
	6,599	Federal Realty Investment Trust		898

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Equity Real Estate Investment Trusts (continued)
	4,176	Gaming & Leisure Properties, Inc.	$	160
	3,643	HCP, Inc.		130
	28,861	Healthcare Trust of America, Inc., Class – A		848
	5,884	Iron Mountain, Inc.		191
	1,138	JBG SMITH Properties		45
	1,552	Kilroy Realty Corp.		121
	5,335	Kimco Realty Corp.		111
	846	Lamar Advertising Co., Class – A		69
	2,212	Liberty Property Trust		114
	661	Life Storage, Inc.		70
	6,040	Medical Properties Trust, Inc.		118
	1,065	Mid-America Apartment Communities, Inc.		138
	2,155	National Retail Properties, Inc.		122
	2,890	OMEGA Healthcare Investors, Inc.		121
	2,375	Outfront Media, Inc.		66
	9,049	Prologis, Inc.		771
	1,410	Public Storage		346
	19,572	Realty Income Corp.		1,501
	13,636	Regency Centers Corp.		948
	2,503	Retail Properties of America, Inc., Class – A		31
	811	Service Properties Trust		21
	3,418	Simon Property Group, Inc.		532
	1,445	SL Green Realty Corp.		118
	3,191	Store Capital Corp.		119
	1,367	Sun Communities, Inc.		203
	2,799	Taubman Centers, Inc.		114
	3,451	The Macerich Co.		109
	21,341	UDR, Inc.		1,035
	6,674	Ventas, Inc.		487
	20,258	Welltower, Inc.		1,836
	69,480	Weyerhaeuser Co.		1,926
	1,573	WP Carey, Inc.		141
				22,389
		Food & Staples Retailing — 1.40%
	3,254	Casey’s General Stores, Inc.		524
	1,119	Costco Wholesale Corp.		322
	9,412	Sysco Corp.		748
	9,040	The Kroger Co.		233
	1,201	US Foods Holding Corp. (a)		49
	4,928	Walgreens Boots Alliance, Inc.		273
	51,453	Wal-Mart Stores, Inc.		6,107
				8,256
		Food Products — 0.97%
	13,782	Archer-Daniels-Midland Co.		566
	2,834	Bunge Ltd.		160
	3,445	Campbell Soup Co.		162
	16,807	ConAgra Foods, Inc.		516
	5,689	Flowers Foods, Inc.		132
	12,760	General Mills, Inc.		703
	1,964	Hershey Co.		304
	2,450	Hormel Foods Corp.		107
	10,293	Kellogg Co.		662
	3,010	Lamb Weston Holding, Inc.		219
	6,262	Mondelez International, Inc., Class – A		346
	6,350	The Hain Celestial Group, Inc. (a)		136
	13,887	The Kraft Heinz Co.		388
	13,702	TreeHouse Foods, Inc. (a)		760
	6,256	Tyson Foods, Inc., Class – A		539
				5,700
		Gas Utilities — 0.02%
	808	Atmos Energy Corp.		92

HC CAPITAL TRUST

The Value Equity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Gas Utilities (continued)
	707	UGI Corp.	$	36
				128
		Health Care Equipment & Supplies — 2.68%
	48,674	Abbott Laboratories		4,072
	917	Abiomed, Inc. (a)		163
	1,636	Align Technology, Inc. (a)		296
	2,461	Baxter International, Inc.		215
	5,523	Becton, Dickinson & Co.		1,396
	2,630	Boston Scientific Corp. (a)		107
	3,475	Danaher Corp.		502
	4,703	Dentsply Sirona, Inc.		251
	773	Dexcom, Inc. (a)		115
	683	Edwards Lifesciences Corp. (a)		150
	25	Hill-Rom Holdings, Inc.		3
	2,254	Hologic, Inc. (a)		114
	699	ICU Medical, Inc. (a)		112
	1,653	IDEXX Laboratories, Inc. (a)		450
	1,458	Integra LifeSciences Holdings Corp. (a)		88
	1,465	Intuitive Surgical, Inc. (a)		790
	49,251	Medtronic PLC		5,350
	5,537	Penumbra, Inc. (a)		745
	597	STERIS PLC		86
	524	Stryker Corp.		113
	212	Teleflex, Inc.		72
	59	The Cooper Companies, Inc.		18
	4,237	Zimmer Holdings, Inc.		582
				15,790
		Health Care Providers & Services — 2.24%
	4,074	Acadia Healthcare Company, Inc. (a)		127
	3,127	AmerisourceBergen Corp.		257
	4,252	Anthem, Inc.		1,021
	22,100	Centene Corp. (a)		956
	16,465	Cigna Corp.		2,498
	25,589	CVS Caremark Corp.		1,614
	2,015	Encompass Health Corp.		128
	5,553	HCA Holdings, Inc.		669
	2,789	Humana, Inc.		713
	2,131	Laboratory Corporation of America Holdings (a)		358
	4,072	McKesson Corp.		556
	4,799	MEDNAX, Inc. (a)		109
	992	Molina Heathcare, Inc. (a)		109
	2,883	Quest Diagnostics, Inc.		309
	9,739	UnitedHealth Group, Inc.		2,116
	9,579	Universal Health Services, Inc., Class – B		1,425
	1,034	WellCare Health Plans, Inc. (a)		268
				13,233
		Health Care Technology — 0.48%
	1,939	Cerner Corp.		132
	17,515	Veeva Systems, Inc. (a)		2,675
				2,807
		Hotels, Restaurants & Leisure — 1.97%
	5,040	Aramark		220
	7,110	Caesars Entertainment Corp. (a)		83
	21,292	Carnival Corp., Class – A		930
	2,249	Darden Restaurants, Inc.		266
	3,167	Extended Stay America, Inc.		46
	148	Hilton Worldwide Holdings, Inc.		14
	2,020	International Game Technology PLC		29
	11,407	Las Vegas Sands Corp.		659

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Hotels, Restaurants & Leisure (continued)
	26,100	McDonald’s Corp.	$	5,603
	7,762	Royal Caribbean Cruises Ltd.		841
	1,562	Six Flags Entertainment Corp.		79
	30,827	Starbucks Corp.		2,726
	2,948	Wyndham Worldwide Corp.		136
	108	Yum China Holdings, Inc.		5
				11,637
		Household Durables — 0.27%
	3,443	D.R. Horton, Inc.		181
	3,121	Garmin Ltd.		264
	6,069	Leggett & Platt, Inc.		248
	5,775	Lennar Corp., Class – A		323
	83	Lennar Corp., Class – B		4
	4,132	PulteGroup, Inc.		151
	3,071	Toll Brothers, Inc.		126
	2,180	Whirlpool Corp.		345
				1,642
		Household Products — 1.99%
	2,171	Church & Dwight Co., Inc.		163
	18,737	Kimberly-Clark Corp.		2,662
	427	Spectrum Brands Holdings, Inc.		23
	1,218	The Clorox Co.		185
	70,122	The Procter & Gamble Co.		8,721
				11,754
		Independent Power and Renewable Electricity Producers — 0.03%
	1,358	NRG Energy, Inc., Class – C		54
	5,030	Vistra Energy Corp.		134
				188
		Industrial Conglomerates — 1.08%
	12,155	3M Co.		1,998
	185,641	General Electric Co.		1,660
	16,050	Honeywell International, Inc.		2,715
	41	Roper Industries, Inc.		15
				6,388
		Insurance — 2.78%
	23,599	Aflac, Inc.		1,235
	151	Alleghany Corp. (a)		120
	28,459	Allstate Corp.		3,094
	16,390	American International Group, Inc.		913
	3,483	Arthur J. Gallagher & Co.		312
	1,195	Assurant, Inc.		150
	2,258	AXIS Capital Holdings Ltd.		151
	3,112	Brighthouse Financial, Inc. (a)		126
	1,344	Brown & Brown, Inc.		48
	19,960	Chubb Ltd.		3,223
	4,986	Cincinnati Financial Corp.		582
	522	Erie Indemnity Co., Class – A		97
	3,189	Everest Re Group Ltd.		848
	57,279	FNF Group		2,544
	7,691	Hartford Financial Services Group, Inc.		466
	52	Markel Corp. (a)		61
	1,035	Mercury General Corp.		58
	27,848	MetLife, Inc.		1,313
	6,178	Old Republic International Corp.		146
	9,015	Principal Financial Group, Inc.		515
	728	Reinsurance Group of America		116
	2,164	W.R. Berkley Corp.		156

HC CAPITAL TRUST

The Value Equity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Insurance (continued)
	122	White Mountains Insurance Group Ltd.	$	132
				16,406
		Interactive Media & Services — 4.66%
	9,357	Alphabet, Inc., Class – A (a)		11,426
	4,588	Alphabet, Inc., Class – C (a)		5,593
	55,740	Facebook, Inc., Class – A (a)		9,926
	312	TripAdvisor, Inc. (a)		12
	9,880	Twitter, Inc. (a)		407
	3,559	Zillow Group, Inc., Class – C (a)		106
				27,470
		Internet & Direct Marketing Retail — 3.05%
	9,726	Amazon.com, Inc. (a)		16,884
	133	Booking Holdings, Inc. (a)		261
	22,272	eBay, Inc.		868
				18,013
		IT Services — 4.67%
	2,831	Accenture PLC, Class – A		545
	2,108	Akamai Technologies, Inc. (a)		193
	918	Alliance Data Systems Corp.		118
	4,072	Cognizant Technology Solutions Corp.		245
	5,537	DXC Technology Co.		163
	11,864	EPAM Systems, Inc. (a)		2,163
	642	Fidelity National Information Services, Inc.		85
	24,374	GoDaddy, Inc., Class – A (a)		1,608
	16,668	International Business Machines Corp.		2,424
	1,829	Leidos Holdings, Inc.		157
	26,753	MasterCard, Inc., Class – A		7,264
	22,424	Okta, Inc. (a)		2,208
	6,910	Paychex, Inc.		572
	41,866	PayPal Holdings, Inc. (a)		4,337
	5,574	Sabre Corp.		125
	5,412	VeriSign, Inc. (a)		1,021
	23,246	Visa, Inc., Class – A		3,999
	10,501	Western Union Co.		243
	43	WEX, Inc. (a)		9
				27,479
		Leisure Products — 0.04%
	1,780	Brunswick Corp.		93
	1,201	Hasbro, Inc.		142
				235
		Life Sciences Tools & Services — 0.80%
	4,371	Agilent Technologies, Inc.		335
	398	Bio-Rad Laboratories, Inc., Class – A (a)		132
	1,294	Bruker Biosciences Corp.		57
	438	Charles River Laboratories International, Inc. (a)		58
	3,034	Illumina, Inc. (a)		923
	337	IQVIA Holdings, Inc. (a)		50
	2,796	Mettler-Toledo International, Inc. (a)		1,971
	485	PerkinElmer, Inc.		41
	881	Qiagen N.V. (a)		29
	3,444	Thermo Electron Corp.		1,003
	745	Waters Corp. (a)		166
				4,765
		Machinery — 1.73%
	11,677	AGCO Corp.		884
	12,196	Caterpillar, Inc.		1,540
	4,945	Colfax Corp. (a)		144

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Machinery (continued)
	5,428	Cummins, Inc.	$	883
	53	Donaldson Company, Inc.		3
	4,752	Dover Corp.		473
	3,214	Fortive Corp.		220
	11,084	Gates Industrial Corp. PLC (a)		112
	28	IDEX Corp.		5
	7,831	Ingersoll-Rand PLC		965
	1,442	ITT, Inc.		88
	1,244	Nordson, Inc.		182
	17,062	Oshkosh Corp.		1,293
	3,523	Pentair PLC		133
	1,272	Terex Corp.		33
	6,496	The Middleby Corp. (a)		759
	2,583	The Timken Co.		112
	2,314	Trinity Industries, Inc.		46
	12,886	WABCO Holdings, Inc. (a)		1,724
	33,989	Welbilt, Inc. (a)		573
	485	Xylem, Inc.		39
				10,211
		Media — 1.46%
	2,420	Charter Communications, Inc., Class – A (a)		997
	146,958	Comcast Corp., Class – A		6,625
	2,118	Dish Network Corp. (a)		72
	3,435	Fox Corp., Class – B		108
	4,946	Liberty SiriusXM Group, Class – C (a)		208
	4,394	Omnicom Group, Inc.		344
	411	Sirius XM Holdings, Inc.		3
	12,282	The Interpublic Group of Companies, Inc.		265
				8,622
		Metals & Mining — 0.29%
	5,100	Alcoa Corp. (a)		102
	18,759	Newmont Mining Corp.		712
	9,396	Nucor Corp.		479
	1,400	Royal Gold, Inc.		172
	3,293	Southern Copper Corp.		112
	1,912	Steel Dynamics, Inc.		57
	8,657	United States Steel Corp.		100
				1,734
		Mortgage Real Estate Investment Trusts — 0.10%
	6,026	Chimera Investment Corp.		118
	10,734	MFA Financial, Inc.		79
	8,563	New Residential Investment Corp.		134
	5,620	Starwood Property Trust, Inc.		136
	8,761	Two Harbors Investment Corp.		115
				582
		Multiline Retail — 0.51%
	952	Dollar General Corp.		151
	4,295	Dollar Tree, Inc. (a)		490
	6,898	Kohl’s Corp.		343
	3,820	Nordstrom, Inc.		129
	17,745	Target Corp.		1,897
				3,010
		Multi-Utilities — 1.28%
	2,674	Ameren Corp.		214
	1,937	CMS Energy Corp.		124
	1,350	Consolidated Edison, Inc.		128
	24,990	Dominion Resources, Inc.		2,025
	1,043	DTE Energy Co.		139
	93,331	NiSource, Inc.		2,792

HC CAPITAL TRUST

The Value Equity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Multi-Utilities (continued)
	5,865	Public Service Enterprise Group, Inc.	$	364
	951	Sempra Energy		140
	17,371	WEC Energy Group, Inc.		1,652
				7,578
		Oil, Gas & Consumable Fuels — 3.80%
	14,846	Antero Midstream Corp.^		110
	7,760	Apache Corp.		199
	8,606	Cabot Oil & Gas Corp.		151
	54,151	Chevron Corp.		6,421
	2,549	Cimarex Energy Co.		122
	23,394	ConocoPhillips		1,333
	562	Continental Resources, Inc. (a)		17
	2,144	Diamondback Energy, Inc.		193
	26,945	EOG Resources, Inc.		2,000
	56,374	Exxon Mobil Corp.		3,981
	16,993	Hess Corp.		1,028
	2,849	HollyFrontier Corp.		153
	70,023	Kinder Morgan, Inc.		1,443
	17,559	Kosmos Energy Ltd.		110
	9,878	Marathon Oil Corp.		121
	21,331	Marathon Petroleum Corp.		1,296
	5,127	Murphy Oil Corp.		113
	9,990	Noble Energy, Inc.		224
	3,147	Occidental Petroleum Corp.		140
	6,401	ONEOK, Inc.		472
	3,630	PBF Energy, Inc., Class – A		99
	9,353	Phillips 66		958
	908	Pioneer Natural Resources Co.		114
	25,105	Range Resources Corp.		96
	16,585	Valero Energy Corp.		1,414
	10,783	WPX Energy, Inc. (a)		114
				22,422
		Personal Products — 0.07%
	1,139	Herbalife Ltd. (a)		43
	1,700	The Estee Lauder Companies, Inc., Class – A		338
				381
		Pharmaceuticals — 4.10%
	6,764	Allergan PLC		1,138
	23,725	Bristol-Myers Squibb Co.		1,203
	19,272	Eli Lilly & Co.		2,155
	48,537	Johnson & Johnson		6,280
	79,685	Merck & Co., Inc.		6,708
	5,422	Nektar Therapeutics (a)		99
	184,193	Pfizer, Inc.		6,618
				24,201
		Professional Services — 0.92%
	4,444	CoStar Group, Inc. (a)		2,636
	1,081	Equifax, Inc.		152
	950	IHS Markit Ltd. (a)		64
	7,340	Nielsen Holdings PLC		156
	825	Robert Half International, Inc.		46
	15,150	Versik Analytics, Inc., Class – A		2,396
				5,450
		Real Estate Management & Development — 0.02%
	1,691	CBRE Group, Inc., Class – A (a)		90
	368	Newmark Group, Inc., Class – A		3
				93

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Road & Rail — 1.01%
	1,388	AMERCO, Inc.	$	541
	1,616	CSX Corp.		112
	9,369	Genesee & Wyoming, Inc., Class – A (a)		1,035
	1,140	Hunt (JB) Transportation Services, Inc.		126
	5,345	Norfolk Southern Corp.		960
	975	Old Dominion Freight Line, Inc.		166
	1,140	Schneider National, Inc.		25
	18,473	Union Pacific Corp.		2,993
				5,958
		Semiconductors & Semiconductor Equipment — 3.30%
	21,151	Applied Materials, Inc.		1,055
	4,182	Broadcom, Inc.		1,155
	139,597	Intel Corp.		7,194
	3,302	KLA-Tencor Corp.		527
	1,129	Lam Research Corp.		261
	6,026	Marvell Technology Group Ltd.		150
	5,918	Maxim Integrated Products, Inc.		343
	2,756	Micron Technology, Inc. (a)		118
	12,565	NVIDIA Corp.		2,187
	24,621	Qualcomm, Inc.		1,878
	3,842	Skyworks Solutions, Inc.		304
	23,905	Texas Instruments, Inc.		3,089
	6,964	Universal Display Corp.		1,169
	115	Xilinx, Inc.		11
				19,441
		Software — 7.46%
	16,180	Adobe Systems, Inc. (a)		4,470
	14,588	Autodesk, Inc. (a)		2,155
	29,183	Manhattan Associates, Inc. (a)		2,354
	144,589	Microsoft Corp.		20,102
	89,835	Oracle Corp.		4,944
	11,384	PAYCOM Software, Inc. (a)		2,385
	15,646	Proofpoint, Inc. (a)		2,019
	18,193	RingCentral, Inc., Class – A (a)		2,286
	1,918	Salesforce.com, Inc. (a)		285
	11,142	ServiceNow, Inc. (a)		2,828
	668	Synopsys, Inc. (a)		92
				43,920
		Specialty Retail — 2.14%
	1,250	Advance Auto Parts, Inc.		207
	2,829	AutoNation, Inc. (a)		143
	22	AutoZone, Inc. (a)		24
	7,757	Best Buy Co., Inc.		535
	631	Burlington Stores, Inc. (a)		126
	1,830	CarMax, Inc. (a)		161
	2,192	Dick’s Sporting Goods, Inc.		89
	886	Five Below, Inc. (a)		112
	45,768	Floor & Decor Holdings, Inc., Class – A (a)		2,341
	2,750	Foot Locker, Inc.		119
	6,486	Gap, Inc.		113
	5,175	Lowe’s Companies, Inc.		569
	1,901	O’Reilly Automotive, Inc. (a)		758
	2,520	Ross Stores, Inc.		277
	21,834	The Home Depot, Inc.		5,065
	25,042	The TJX Companies, Inc.		1,396
	2,493	Tiffany & Co.		231
	5,030	Urban Outfitters, Inc. (a)		141
	3,016	Williams-Sonoma, Inc.		205
				12,612

HC CAPITAL TRUST

The Value Equity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Technology Hardware, Storage & Peripherals — 4.36%
	100,447	Apple, Inc.	$	22,496
	899	Dell Technologies, Inc. (a)		47
	147,510	HP, Inc.		2,791
	285	NetApp, Inc.		15
	6,333	Western Digital Corp.		378
				25,727
		Textiles, Apparel & Luxury Goods — 0.52%
	3,566	Capri Holdings Ltd. (a)		118
	1,259	Carter’s, Inc.		115
	7,423	Hanesbrands, Inc.		114
	1,304	Kontoor Brands, Inc.		46
	9,569	NIKE, Inc., Class – B		899
	1,592	PVH Corp.		140
	1,115	Ralph Lauren Corp.		106
	38,285	Under Armour, Inc., Class – C (a)		694
	9,131	V.F. Corp.		813
				3,045
		Thrifts & Mortgage Finance — 0.02%
	9,764	New York Community Bancorp, Inc.		123
		Tobacco — 0.33%
	36,600	Altria Group, Inc.		1,497
	5,858	Philip Morris International, Inc.		445
				1,942
		Trading Companies & Distributors — 0.23%
	20,048	Fastenal Co.		655
	4,912	HD Supply Holdings, Inc. (a)		192
	441	MSC Industrial Direct Co., Inc., Class – A		32
	916	W.W. Grainger, Inc.		272
	1,158	Watsco, Inc.		196
				1,347
		Transportation Infrastructure — 0.04%
	5,918	Macquarie Infrastructure Corp.		234
		Water Utilities — 0.02%
	1,178	American Water Works Co., Inc.		146
		Wireless Telecommunication Services — 0.46%
	8,547	Sprint Nextel Corp. (a)		53
	33,735	T-Mobile USA, Inc. (a)		2,657
				2,710
		Total Common Stocks		570,829
		Investment Companies — 3.01%
	550,838	Dreyfus Treasury Securities Cash Management, Institutional Shares, 1.83% (b)		551
	28,230	Federated Treasury Obligations Fund, Institutional Shares, 2.29%^^ (b)		28
	17,191,716	State Street Institutional Treasury Plus Money Market Fund, Trust Class, 1.78% (b)		17,192
		Total Investment Companies		17,771

Principal Amount (000)		Security Description	Value (000)
		Repurchase Agreement — 0.02%
$	89	Jefferies LLC, 2.40%, 10/1/19 (Purchased on 9/30/19, proceeds at maturity $88,575 collateralized by U.S. Treasury Obligation, 1.48%, 11/15/27 fair value $90,341)^^	$	89
		Total Repurchase Agreement		89
		Total Investments (cost $433,335) — 99.80%		588,689
		Other assets in excess of liabilities — 0.20%		1,178
		Net Assets — 100.00%	$	589,867

^ All or part of this security was on loan as of September 30, 2019. The total value of securities on loan as of September 30, 2019, was $108 (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 September 30, 2019.

(a) Represents non-income producing security.

(b) The rate disclosed is the rate in effect on September 30, 2019.

ADR—American Depositary Receipt

HC CAPITAL TRUST

The Value Equity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

As of September 30, 2019, 100% of the Portfolio’s net assets were managed by Parametric Portfolio Associates, LLC.

The following table reflects the open derivative positions held by the Portfolio as of September 30, 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		75		12/20/19	$	11,169	$	(130	)
E-Mini S&P Midcap 400 Future		25		12/20/19		4,845		(68	)
					$	16,014	$	(198	)
		Total Unrealized Appreciation					$	—
		Total Unrealized Depreciation						(198	)
		Total Net Unrealized Appreciation/(Depreciation)					$	(198	)

^ 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 — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks — 94.47%
		Aerospace & Defense — 2.29%
	1,153	AAR Corp.	$	48
	24,277	Arconic, Inc.		631
	4,727	BWX Technologies, Inc.		270
	3,067	Curtiss-Wright Corp.		397
	16,604	General Dynamics Corp.		3,034
	1,618	HEICO Corp.		202
	1,890	HEICO Corp., Class – A		184
	3,473	Hexcel Corp.		285
	1,291	Huntington Ingalls Industries, Inc.		273
	11,036	L3Harris Technologies, Inc.		2,303
	10,352	Lockheed Martin Corp.		4,038
	809	Moog, Inc., Class – A		66
	7,389	Northrop Grumman Corp.		2,769
	13,398	Raytheon Co.		2,629
	2,891	Spirit Aerosystems Holdings, Inc., Class – A		238
	2,489	Teledyne Technologies, Inc. (a)		801
	13,084	Textron, Inc.		641
	16,093	The Boeing Co.		6,123
	2,270	TransDigm Group, Inc.		1,182
	2,055	Triumph Group, Inc.		47
	46,634	United Technologies Corp.		6,366
				32,527
		Air Freight & Logistics — 0.50%
	946	Atlas Air Worldwide Holdings, Inc. (a)		24
	8,058	C.H. Robinson Worldwide, Inc.		683
	9,288	Expeditors International of Washington, Inc.		690
	13,752	FedEx Corp.		2,002
	1,396	Hub Group, Inc., Class – A (a)		65
	27,859	United Parcel Service, Inc., Class – B		3,338
	3,408	XPO Logistics, Inc. (a)		244
				7,046
		Airlines — 0.39%
	4,986	Alaska Air Group, Inc.		324
	264	Allegiant Travel Co.		40
	29,290	American Airlines Group, Inc.		790
	1,503	Copa Holdings SA, Class – A		148
	31,015	Delta Air Lines, Inc.		1,786
	830	Hawaiian Holdings, Inc.		22
	17,213	JetBlue Airways Corp. (a)		288
	1,297	SkyWest, Inc.		74
	19,214	Southwest Airlines Co.		1,038
	11,819	United Continental Holdings, Inc. (a)		1,045
				5,555
		Auto Components — 0.22%
	1,483	Adient PLC		34
	14,080	Aptiv PLC		1,231
	11,640	BorgWarner, Inc.		427
	2,374	Cooper Tire & Rubber Co.		62
	3,485	Dana Holding Corp.		50
	698	Dorman Products, Inc. (a)		56
	19,861	Gentex Corp.		547
	15,931	Goodyear Tire & Rubber Co.		229
	4,038	Lear Corp.		476
	704	Visteon Corp. (a)		58
				3,170
		Automobiles — 0.57%
	314,137	Ford Motor Co.		2,877
	100,421	General Motors Co.		3,764

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Automobiles (continued)
	11,275	Harley-Davidson, Inc.	$	406
	3,468	Tesla Motors, Inc. (a)		835
	3,448	Thor Industries, Inc.		195
				8,077
		Banks — 5.89%
	9,027	Associated Banc-Corp.		183
	484,438	Bank of America Corp.		14,132
	2,256	Bank of Hawaii Corp.		194
	7,583	Bank OZK		207
	4,061	BankUnited, Inc.		137
	43,632	BB&T Corp.		2,329
	1,552	BOK Financial Corp.		123
	6,509	CIT Group, Inc.		295
	129,878	Citigroup, Inc.		8,973
	25,621	Citizens Financial Group, Inc.		906
	8,220	Comerica, Inc.		542
	6,080	Commerce Bancshares, Inc.		369
	3,407	Cullen/Frost Bankers, Inc.		302
	8,574	East West Bancorp, Inc.		380
	42,196	Fifth Third Bancorp		1,155
	365	First Citizens BancShares, Inc., Class - A		172
	6,962	First Hawaiian, Inc.		186
	18,518	First Horizon National Corp.		300
	9,443	First Republic Bank		913
	19,703	FNB Corp.		227
	59,803	Huntington Bancshares, Inc.		853
	182,863	JPMorgan Chase & Co.		21,522
	58,256	KeyCorp		1,039
	7,648	M&T Bank Corp.		1,208
	6,700	PacWest Bancorp		243
	24,121	People’s United Financial, Inc.		377
	4,595	Pinnacle Financial Partners, Inc.		261
	25,561	PNC Financial Services Group, Inc.		3,583
	5,426	Popular, Inc.		293
	4,026	Prosperity Bancshares, Inc.		284
	58,205	Regions Financial Corp.		921
	2,270	Signature Bank		271
	11,617	Sterling Bancorp		233
	25,260	SunTrust Banks, Inc.		1,738
	2,891	SVB Financial Group (a)		604
	8,806	Synovus Financial Corp.		315
	8,471	TCF Financial Corp.		322
	2,735	Texas Capital Bancshares, Inc. (a)		149
	87,573	U.S. Bancorp		4,846
	12,770	Umpqua Holdings Corp.		210
	616	United Bankshares, Inc.		23
	5,535	Webster Financial Corp.		259
	228,360	Wells Fargo & Co.		11,519
	5,570	Western Alliance Bancorp		257
	3,179	Wintrust Financial Corp.		205
	10,157	Zions Bancorp		452
				84,012
		Beverages — 1.83%
	1,186	Brown-Forman Corp., Class – A		71
	10,680	Brown-Forman Corp., Class – B		670
	2,098	Coca-Cola European Partners PLC		116
	9,918	Constellation Brands, Inc., Class – A		2,056
	16,256	Keurig Dr Pepper, Inc.		444
	9,949	Molson Coors Brewing Co., Class – B		572
	12,064	Monster Beverage Corp. (a)		700
	71,981	PepsiCo, Inc.		9,869
	218	The Boston Beer Co., Inc., Class – A (a)		79

HC CAPITAL TRUST

The Institutional Value Equity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Beverages (continued)
	210,015	The Coca-Cola Co.	$	11,434
				26,011
		Biotechnology — 1.57%
	44,763	AbbVie, Inc.		3,390
	2,224	Agios Pharmaceuticals, Inc. (a)		72
	7,108	Alexion Pharmaceuticals, Inc. (a)		696
	9,545	Alkermes PLC (a)		186
	3,211	Alnylam Pharmaceuticals, Inc. (a)		258
	16,472	Amgen, Inc.		3,188
	9,149	Biogen Idec, Inc. (a)		2,130
	4,415	BioMarin Pharmaceutical, Inc. (a)		298
	3,213	Bluebird Bio, Inc. (a)		295
	23,414	Celgene Corp. (a)		2,325
	3,156	Exact Sciences Corp. (a)		285
	13,759	Exelixis, Inc. (a)		243
	81,681	Gilead Sciences, Inc.		5,178
	5,383	Incyte Corp. (a)		400
	3,170	Ionis Pharmaceuticals, Inc. (a)		190
	4,434	Moderna, Inc. (a)		71
	3,297	Myriad Genetics, Inc. (a)		94
	2,240	Neurocrine Biosciences, Inc. (a)		202
	4,103	Regeneron Pharmaceuticals, Inc. (a)		1,138
	1,248	Sage Therapeutics, Inc. (a)		175
	1,745	Sarepta Therapeutics, Inc. (a)		131
	2,706	Seattle Genetics, Inc. (a)		231
	3,287	United Therapeutics Corp. (a)		262
	6,324	Vertex Pharmaceuticals, Inc. (a)		1,071
				22,509
		Building Products — 0.37%
	8,332	A.O. Smith Corp.		398
	3,106	Allegion PLC		322
	2,218	Armstrong World Industries, Inc.		214
	7,099	Fortune Brands Home & Security, Inc.		388
	49,364	Johnson Controls International PLC		2,167
	1,671	Lennox International, Inc.		406
	20,123	Masco Corp.		839
	541	Masonite International Corp. (a)		31
	6,859	Owens Corning, Inc.		433
	5,778	Resideo Technologies, Inc. (a)		83
	1,450	Universal Forest Products, Inc.		58
				5,339
		Capital Markets — 2.66%
	3,300	Affiliated Managers Group, Inc.		275
	6,915	Ameriprise Financial, Inc.		1,017
	48,167	Bank of New York Mellon Corp.		2,178
	12,203	BGC Partners, Inc., Class – A		67
	6,763	BlackRock, Inc., Class – A		3,014
	5,507	CBOE Holdings, Inc.		633
	23,978	CME Group, Inc.		5,068
	411	Cohen & Steers, Inc.		23
	12,522	E*Trade Financial Corp.		547
	6,730	Eaton Vance Corp.		302
	2,284	Evercore Partners, Inc., Class – A		183
	1,393	FactSet Research Systems, Inc.		338
	1,798	Federated Investors, Inc., Class – B		58
	23,785	Franklin Resources, Inc.		686
	19,597	Goldman Sachs Group, Inc.		4,061
	3,808	Interactive Brokers Group, Inc., Class – A		205
	29,823	Intercontinental Exchange Group, Inc.		2,752
	24,425	Invesco Ltd.		414
	10,018	Janus Henderson Group PLC		225

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Capital Markets (continued)
	4,536	Lazard Ltd., Class – A	$	159
	6,518	Legg Mason, Inc.		249
	4,711	LPL Financial Holdings, Inc.		386
	1,169	MarketAxess Holdings, Inc.		383
	5,048	Moody’s Corp.		1,034
	68,389	Morgan Stanley		2,918
	987	Morningstar, Inc.		144
	3,071	MSCI, Inc. Common		669
	11,510	Northern Trust Corp.		1,074
	6,119	Raymond James Financial, Inc.		505
	7,789	S&P Global, Inc.		1,908
	6,782	SEI Investments Co.		402
	21,433	State Street Corp.		1,269
	13,114	T. Rowe Price Group, Inc.		1,498
	7,908	TD Ameritrade Holding Corp.		369
	44,616	The Charles Schwab Corp.		1,866
	7,864	The Nasdaq OMX Group, Inc.		781
	1,512	Virtu Financial, Inc., Class – A		25
	5,143	Waddell & Reed Financial, Inc., Class – A		88
				37,773
		Chemicals — 2.14%
	12,385	Air Products & Chemicals, Inc.		2,748
	6,196	Albemarle Corp.		431
	3,749	Ashland Global Holdings, Inc.		289
	11,359	Axalta Coating Systems Ltd. (a)		342
	2,994	Cabot Corp.		136
	7,793	Celanese Corp., Series A		953
	13,717	CF Industries Holdings, Inc.		675
	42,661	Corteva, Inc.		1,195
	42,710	Dow, Inc.		2,035
	42,812	DuPont de Nemours, Inc.		3,052
	7,751	Eastman Chemical Co.		572
	9,218	Ecolab, Inc.		1,826
	7,710	Element Solutions, Inc. (a)		78
	7,943	FMC Corp.		696
	12,966	Huntsman Corp.		302
	426	Innospec, Inc.		38
	6,925	International Flavors & Fragrances, Inc.		850
	33,416	Linde PLC		6,474
	27,846	LyondellBasell Industries N.V., Class – A		2,491
	358	NewMarket Corp.		169
	8,999	Olin Corp.		168
	1,581	PolyOne Corp.		52
	13,610	PPG Industries, Inc.		1,613
	7,558	RPM International, Inc.		520
	849	Sensient Technologies Corp.		58
	7,815	The Chemours Co.		117
	30,359	The Mosaic Co.		622
	2,119	The Scotts Miracle-Gro Co.		216
	2,334	The Sherwin-Williams Co.		1,283
	11,754	Valvoline, Inc.		259
	2,622	W.R. Grace & Co.		175
	2,479	Westlake Chemical Corp.		162
				30,597
		Commercial Services & Supplies — 0.49%
	1,852	ABM Industries, Inc.		67
	4,065	ADT, Inc.		25
	1,004	Advanced Disposal Services, Inc. (a)		33
	541	Brady Corp., Class – A		29
	3,655	Cintas Corp.		980
	3,316	Clean Harbors, Inc. (a)		256
	8,929	Copart, Inc. (a)		717

HC CAPITAL TRUST

The Institutional Value Equity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Commercial Services & Supplies (continued)
	3,098	Covanta Holding Corp.	$	54
	851	Deluxe Corp.		42
	833	Healthcare Services Group, Inc.		20
	1,326	Herman Miller, Inc.		61
	909	HNI Corp.		32
	3,836	IAA, Inc. (a)		160
	6,550	KAR Auction Services, Inc.		161
	317	MSA Safety, Inc.		35
	9,139	Pitney Bowes, Inc.		42
	14,873	Republic Services, Inc., Class – A		1,287
	5,135	Rollins, Inc.		175
	2,916	Steelcase, Inc., Class – A		54
	6,584	Stericycle, Inc. (a)		335
	274	Tetra Tech, Inc.		24
	263	The Brink’s Co.		22
	1,742	Waste Connections, Inc.		160
	19,067	Waste Management, Inc.		2,192
				6,963
		Communications Equipment — 0.71%
	3,249	ADTRAN, Inc.		37
	1,464	Arista Networks, Inc. (a)		350
	10,194	Ciena Corp. (a)		400
	106,921	Cisco Systems, Inc.		5,282
	9,667	Commscope Holding, Inc. (a)		114
	2,353	EchoStar Corp., Class – A (a)		93
	1,780	F5 Networks, Inc. (a)		250
	24,302	Juniper Networks, Inc.		601
	12,471	Motorola Solutions, Inc.		2,125
	1,718	NetScout Systems, Inc. (a)		40
	2,275	Palo Alto Networks, Inc. (a)		464
	576	Plantronics, Inc.		21
	593	Ubiquiti, Inc.		70
	3,618	ViaSat, Inc. (a)		273
				10,120
		Construction & Engineering — 0.16%
	11,488	AECOM Technology Corp. (a)		431
	638	Arcosa, Inc.		22
	256	EMCOR Group, Inc.		22
	13,084	Fluor Corp.		250
	9,701	Jacobs Engineering Group, Inc.		888
	7,472	KBR, Inc.		183
	337	MasTec, Inc. (a)		22
	9,300	Quanta Services, Inc.		352
	1,878	Tutor Perini Corp. (a)		27
	1,034	Valmont Industries, Inc.		143
				2,340
		Construction Materials — 0.12%
	1,531	Eagle Materials, Inc., Class – A		138
	3,238	Martin Marietta Materials, Inc.		887
	4,250	Vulcan Materials Co.		643
				1,668
		Consumer Finance — 0.79%
	32,920	Ally Financial, Inc.		1,092
	29,511	American Express Co.		3,490
	31,117	Capital One Financial Corp.		2,831
	298	Credit Acceptance Corp. (a)		137
	17,805	Discover Financial Services		1,444
	314	FirstCash, Inc.		29
	17,931	Navient Corp.		230
	360	Nelnet, Inc., Class – A		23

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Consumer Finance (continued)
	3,469	OneMain Holdings, Inc.	$	127
	1,073	PRA Group, Inc. (a)		36
	9,936	Santander Consumer USA Holdings, Inc.		253
	26,298	SLM Corp.		232
	34,989	Synchrony Financial		1,193
	452	World Acceptance Corp. (a)		58
				11,175
		Containers & Packaging — 0.42%
	4,160	AptarGroup, Inc.		493
	891	Ardagh Group SA		14
	3,104	Avery Dennison Corp.		353
	10,476	Ball Corp.		762
	6,049	Berry Plastics Group, Inc. (a)		238
	7,203	Crown Holdings, Inc. (a)		476
	21,729	Graphic Packaging Holding Co.		321
	602	Greif, Inc., Class – A		23
	22,827	International Paper Co.		954
	7,176	Owens-Illinois, Inc.		74
	5,412	Packaging Corporation of America		573
	11,087	Sealed Air Corp.		460
	6,764	Silgan Holdings		203
	8,773	Sonoco Products Co.		511
	14,338	WestRock Co.		523
				5,978
		Distributors — 0.13%
	1,773	Core-Mark Holding Co., Inc.		57
	10,094	Genuine Parts Co.		1,006
	16,243	LKQ Corp. (a)		511
	1,693	Pool Corp.		341
				1,915
		Diversified Consumer Services — 0.19%
	1,813	Adtalem Global Education, Inc. (a)		69
	2,107	Bright Horizons Family Solutions, Inc. (a)		321
	4,728	Frontdoor, Inc. (a)		230
	401	Graham Holdings Co.		266
	2,915	Grand Canyon Education, Inc. (a)		286
	17,221	H&R Block, Inc.		407
	3,068	Houghton Mifflin Harcourt Co. (a)		16
	1,512	Regis Corp. (a)		31
	10,109	Service Corporation International		483
	8,768	ServiceMaster Global Holdings, Inc. (a)		491
	728	Sotheby’s (a)		41
				2,641
		Diversified Financial Services — 1.74%
	17,375	AXA Equitable Holdings, Inc.		385
	112,462	Berkshire Hathaway, Inc., Class – B (a)		23,395
	738	Cannae Holdings, Inc. (a)		20
	17,139	Jefferies Financial Group, Inc.		315
	11,122	Voya Financial, Inc.		605
				24,720
		Diversified Telecommunication Services — 2.87%
	515,146	AT&T, Inc.		19,493
	86,615	CenturyLink, Inc.		1,081
	332,369	Verizon Communications, Inc.		20,062
	5,599	Zayo Group Holdings, Inc. (a)		190
				40,826
		Electric Utilities — 2.57%
	341	ALLETE, Inc.		30

HC CAPITAL TRUST

The Institutional Value Equity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Electric Utilities (continued)
	14,673	Alliant Energy Corp.	$	791
	30,098	American Electric Power, Inc.		2,820
	4,236	Avangrid, Inc.		221
	44,636	Duke Energy Corp.		4,279
	21,853	Edison International		1,648
	13,509	Entergy Corp.		1,585
	14,409	Evergy, Inc.		959
	19,722	Eversource Energy		1,686
	71,091	Exelon Corp.		3,434
	34,585	FirstEnergy Corp.		1,668
	8,862	Hawaiian Electric Industries, Inc.		404
	3,332	IDACORP, Inc.		375
	29,447	NextEra Energy, Inc.		6,861
	12,703	OGE Energy Corp.		576
	31,353	PG&E Corp. (a)		314
	7,074	Pinnacle West Capital Corp.		687
	590	PNM Resources, Inc.		31
	567	Portland General Electric Co.		32
	49,146	PPL Corp.		1,548
	73,173	The Southern Co.		4,520
	31,650	Xcel Energy, Inc.		2,054
				36,523
		Electrical Equipment — 0.53%
	2,256	Acuity Brands, Inc.		304
	8,089	AMETEK, Inc.		743
	24,375	Eaton Corp. PLC		2,027
	38,965	Emerson Electric Co.		2,605
	411	Encore Wire Corp.		23
	1,082	Generac Holdings, Inc. (a)		85
	2,967	GrafTech International Ltd.		38
	2,679	Hubbell, Inc.		352
	9,697	nVent Electric PLC		214
	2,335	Regal-Beloit Corp.		170
	3,695	Rockwell Automation, Inc.		609
	7,087	Sensata Technologies Holding PLC (a)		354
				7,524
		Electronic Equipment, Instruments & Components — 0.61%
	7,193	Amphenol Corp., Class – A		694
	852	Anixter International, Inc. (a)		59
	6,508	Arrow Electronics, Inc. (a)		485
	9,888	Avnet, Inc.		440
	2,169	Benchmark Electronics, Inc.		63
	5,494	CDW Corporation of Delaware		677
	4,063	Cognex Corp.		200
	1,333	Coherent, Inc. (a)		205
	64,089	Corning, Inc.		1,827
	4,096	Dolby Laboratories, Inc., Class – A		265
	8,576	FLIR Systems, Inc.		451
	1,457	Insight Enterprises, Inc. (a)		81
	1,972	IPG Photonics Corp. (a)		267
	10,424	Jabil Circuit, Inc.		373
	5,687	Keysight Technologies, Inc. (a)		553
	1,455	Littelfuse, Inc.		258
	7,586	National Instruments Corp.		319
	891	Plexus Corp. (a)		56
	2,012	Sanmina Corp. (a)		65
	718	ScanSource, Inc. (a)		22
	2,848	SYNNEX Corp.		322
	1,096	Tech Data Corp. (a)		114
	12,943	Trimble Navigation Ltd. (a)		502
	3,541	Vishay Intertechnology, Inc.		60

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Electronic Equipment, Instruments & Components (continued)
	1,606	Zebra Technologies Corp., Class – A (a)	$	331
				8,689
		Energy Equipment & Services — 0.43%
	3,220	Apergy Corp. (a)		87
	2,058	Archrock, Inc. Com		21
	36,810	Baker Hughes, Inc.		853
	1,815	Dril-Quip, Inc. (a)		91
	50,539	Halliburton Co.		952
	2,481	Helix Energy Solutions Group, Inc. (a)		20
	7,137	Helmerich & Payne, Inc.		286
	12,220	Nabors Industries Ltd.		23
	31,399	National Oilwell Varco, Inc.		666
	7,351	Oceaneering International, Inc. (a)		100
	2,747	Oil States International, Inc. (a)		37
	13,421	Patterson-UTI Energy, Inc.		115
	79,091	Schlumberger Ltd.		2,702
	39,349	Transocean Ltd. (a)		176
	2,504	Valaris PLC		12
				6,141
		Entertainment — 1.86%
	41,901	Activision Blizzard, Inc.		2,217
	1,895	AMC Entertainment Holdings, Inc., Class – A		20
	8,816	Cinemark Holdings, Inc.		341
	8,460	Electronic Arts, Inc. (a)		828
	1,319	Liberty Media Group, Class – A (a)		52
	12,272	Liberty Media Group, Class – C (a)		510
	2,570	Lions Gate Entertainment Corp., Class – A (a)		24
	5,804	Lions Gate Entertainment Corp., Class – B (a)		50
	4,088	Live Nation Entertainment, Inc. (a)		271
	10,504	Netflix, Inc. (a)		2,812
	2,914	Spotify Technology SA (a)		332
	4,832	Take-Two Interactive Software, Inc. (a)		606
	1,242	The Madison Square Garden Co., Class – A (a)		327
	128,797	The Walt Disney Co.		16,786
	432	Viacom, Inc., Class – A		11
	37,640	Viacom, Inc., Class – B		904
	1,239	World Wrestling Entertainment, Inc., Class – A		88
	49,570	Zynga, Inc. (a)		288
				26,467
		Equity Real Estate Investment Trusts — 4.49%
	1,018	Acadia Realty Trust		29
	7,648	Alexandria Real Estate Equities, Inc.		1,178
	10,953	American Campus Communities, Inc.		527
	13,380	American Homes 4 Rent, Class – A		346
	14,218	American Tower Corp.		3,143
	5,100	Americold Realty Trust		189
	10,496	Apartment Investment & Management Co.		547
	16,115	Apple Hospitality REIT, Inc.		267
	9,598	AvalonBay Communities, Inc.		2,067
	10,847	Boston Properties, Inc.		1,406
	10,739	Brandywine Realty Trust		163
	25,605	Brixmor Property Group, Inc.		520
	1,828	Brookfield Property REIT, Inc., Class – A		37
	6,740	Camden Property Trust		748
	37,230	Colony Capital, Inc.		224

HC CAPITAL TRUST

The Institutional Value Equity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Equity Real Estate Investment Trusts (continued)
	8,836	Columbia Property Trust, Inc.	$	187
	3,977	CoreCivic, Inc.		69
	1,279	Coresite Realty Corp.		156
	8,186	Corporate Office Properties Trust		244
	8,730	Cousins Properties, Inc.		328
	13,872	Crown Castle International Corp.		1,928
	14,046	CubeSmart		490
	7,480	CyrusOne, Inc.		592
	14,159	Digital Realty Trust, Inc.		1,838
	10,728	Douglas Emmett, Inc.		459
	25,897	Duke Realty Corp.		880
	314	EastGroup Properties, Inc.		39
	6,939	Empire State Realty Trust, Inc., Class – A		99
	5,707	EPR Properties		439
	2,622	Equinix, Inc.		1,512
	9,323	Equity Commonwealth		319
	2,877	Equity Lifestyle Properties, Inc.		384
	28,910	Equity Residential		2,494
	4,414	Essex Property Trust, Inc.		1,442
	5,226	Extra Space Storage, Inc.		611
	5,125	Federal Realty Investment Trust		698
	1,090	First Industrial Realty Trust, Inc.		43
	14,128	Gaming & Leisure Properties, Inc.		540
	37,237	HCP, Inc.		1,327
	1,918	Healthcare Realty Trust, Inc.		64
	15,238	Healthcare Trust of America, Inc., Class – A		448
	7,295	Highwoods Properties, Inc.		328
	42,114	Host Hotels & Resorts, Inc.		728
	11,106	Hudson Pacific Property, Inc.		372
	28,630	Invitation Homes, Inc.		848
	18,723	Iron Mountain, Inc.		606
	8,305	JBG SMITH Properties		326
	6,486	Kilroy Realty Corp.		505
	30,603	Kimco Realty Corp.		639
	2,784	Kite Realty Group Trust		45
	4,002	Lamar Advertising Co., Class – A		328
	5,006	Lexington Realty Trust		51
	11,458	Liberty Property Trust		588
	3,453	Life Storage, Inc.		364
	2,575	Mack-Cali Realty Corp.		56
	32,509	Medical Properties Trust, Inc.		636
	1,009	MGM Growth Properties LLC, Class – A		30
	7,545	Mid-America Apartment Communities, Inc.		981
	483	National Health Investors, Inc.		40
	11,414	National Retail Properties, Inc.		644
	16,233	OMEGA Healthcare Investors, Inc.		678
	13,158	Outfront Media, Inc.		366
	14,591	Paramount Group, Inc.		195
	16,004	Parks Hotels & Resorts, Inc.		400
	2,758	Physicians Realty Trust		49
	3,776	Piedmont Office Realty Trust, Inc., Class – A		79
	42,019	Prologis, Inc.		3,580
	353	PS Business Parks, Inc.		64
	6,723	Public Storage		1,649
	9,948	Rayonier, Inc.		281
	21,437	Realty Income Corp.		1,644
	11,613	Regency Centers Corp.		807
	1,583	Retail Opportunity Investments Corp.		29
	16,358	Retail Properties of America, Inc., Class – A		202
	1,307	RLJ Lodging Trust		22
	518	Ryman Hospitality Properties, Inc.		42
	2,982	Sabra Healthcare REIT, Inc.		68
	3,471	SBA Communications Corp.		837

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Equity Real Estate Investment Trusts (continued)
	10,427	Senior Housing Properties Trust	$	97
	13,778	Service Properties Trust		355
	12,428	Simon Property Group, Inc.		1,934
	13,284	SITE Centers Corp.		201
	6,050	SL Green Realty Corp.		495
	7,542	Spirit Realty Capital, Inc.		361
	1,060	STAG Industrial, Inc.		31
	14,829	Store Capital Corp.		555
	5,162	Sun Communities, Inc.		766
	1,794	Tanger Factory Outlet Centers, Inc.		28
	3,763	Taubman Centers, Inc.		154
	10,739	The Macerich Co.		339
	19,690	UDR, Inc.		955
	27,250	Ventas, Inc.		1,990
	75,440	VEREIT, Inc.		738
	28,270	VICI Properties, Inc.		640
	11,600	Vornado Realty Trust		739
	11,034	Washington Prime Group, Inc.		46
	1,280	Washington Real Estate Investment Trust		35
	9,549	Weingarten Realty Investors		278
	29,860	Welltower, Inc.		2,707
	46,050	Weyerhaeuser Co.		1,276
	11,971	WP Carey, Inc.		1,071
	2,747	Xenia Hotels & Resorts, Inc.		58
				63,977
		Food & Staples Retailing — 2.06%
	3,296	Casey’s General Stores, Inc.		531
	20,780	Costco Wholesale Corp.		5,987
	321	Grocery Outlet Holding Corp. (a)		11
	559	Ingles Markets, Inc., Class – A		22
	3,269	Performance Food Group Co. (a)		150
	6,404	Sprouts Farmers Market, Inc. (a)		124
	21,985	Sysco Corp.		1,746
	776	The Andersons, Inc.		17
	92,111	The Kroger Co.		2,375
	3,083	United Natural Foods, Inc. (a)		36
	17,180	US Foods Holding Corp. (a)		706
	46,061	Walgreens Boots Alliance, Inc.		2,548
	126,653	Wal-Mart Stores, Inc.		15,031
	562	Weis Markets, Inc.		21
				29,305
		Food Products — 1.59%
	49,706	Archer-Daniels-Midland Co.		2,041
	808	Beyond Meat, Inc. (a)		120
	17,015	Bunge Ltd.		963
	1,355	Cal-Maine Foods, Inc.		54
	10,543	Campbell Soup Co.		495
	32,441	ConAgra Foods, Inc.		995
	1,119	Darling Ingredients, Inc. (a)		21
	16,768	Flowers Foods, Inc.		388
	1,719	Fresh Del Monte Produce, Inc.		59
	49,032	General Mills, Inc.		2,703
	6,799	Hershey Co.		1,054
	20,500	Hormel Foods Corp.		896
	4,625	Ingredion, Inc.		378
	198	J&J Snack Foods Corp.		38
	15,685	Kellogg Co.		1,009
	8,063	Lamb Weston Holding, Inc.		586
	652	Lancaster Colony Corp.		90
	6,210	McCormick & Company, Inc.		971
	87,159	Mondelez International, Inc., Class – A		4,822
	1,013	Nomad Foods Ltd. (a)		21

HC CAPITAL TRUST

The Institutional Value Equity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Food Products (continued)
	3,084	Pilgrim’s Pride Corp. (a)	$	99
	3,285	Post Holdings, Inc. (a)		348
	1,405	Sanderson Farms, Inc.		213
	14	Seaboard Corp.		61
	4,526	The Hain Celestial Group, Inc. (a)		97
	8,758	The J.M. Smucker Co.		964
	35,892	The Kraft Heinz Co.		1,003
	3,917	TreeHouse Foods, Inc. (a)		217
	22,702	Tyson Foods, Inc., Class – A		1,956
				22,662
		Gas Utilities — 0.13%
	7,402	Atmos Energy Corp.		844
	5,061	National Fuel Gas Co.		237
	560	New Jersey Resources Corp.		25
	327	One Gas, Inc.		31
	244	Southwest Gas Corp.		22
	251	Spire, Inc.		22
	12,334	UGI Corp.		620
				1,801
		Health Care Equipment & Supplies — 3.10%
	81,956	Abbott Laboratories		6,858
	1,096	Abiomed, Inc. (a)		195
	1,953	Align Technology, Inc. (a)		353
	27,144	Baxter International, Inc.		2,374
	15,792	Becton, Dickinson & Co.		3,995
	39,553	Boston Scientific Corp. (a)		1,609
	1,343	Cantel Medical Corp.		100
	42,124	Danaher Corp.		6,084
	15,230	Dentsply Sirona, Inc.		812
	2,237	Dexcom, Inc. (a)		334
	6,065	Edwards Lifesciences Corp. (a)		1,334
	3,015	Hill-Rom Holdings, Inc.		317
	9,737	Hologic, Inc. (a)		492
	965	ICU Medical, Inc. (a)		154
	2,096	IDEXX Laboratories, Inc. (a)		570
	1,472	Insulet Corp. (a)		243
	4,333	Integra LifeSciences Holdings Corp. (a)		260
	3,142	Intuitive Surgical, Inc. (a)		1,696
	1,721	Masimo Corp. (a)		256
	77,147	Medtronic PLC		8,380
	852	Penumbra, Inc. (a)		115
	5,129	ResMed, Inc.		693
	4,649	STERIS PLC		672
	10,224	Stryker Corp.		2,211
	1,522	Teleflex, Inc.		517
	3,111	The Cooper Companies, Inc.		924
	2,492	Varian Medical Systems, Inc. (a)		297
	2,664	West Pharmaceutical Services, Inc.		378
	12,466	Zimmer Holdings, Inc.		1,711
				43,934
		Health Care Providers & Services — 2.31%
	4,801	Acadia Healthcare Company, Inc. (a)		149
	4,457	AmerisourceBergen Corp.		367
	14,694	Anthem, Inc.		3,528
	8,572	Brookdale Senior Living, Inc. (a)		65
	22,541	Cardinal Health, Inc.		1,064
	12,381	Centene Corp. (a)		536
	804	Chemed Corp.		336
	18,051	Cigna Corp.		2,740
	6,236	Covetrus, Inc. (a)		74
	125,673	CVS Caremark Corp.		7,925

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Health Care Providers & Services (continued)
	9,001	DaVita Healthcare Partners, Inc. (a)	$	514
	5,200	Encompass Health Corp.		329
	859	Guardant Health, Inc. (a)		55
	13,123	HCA Holdings, Inc.		1,580
	10,295	Henry Schein, Inc. (a)		654
	8,025	Humana, Inc.		2,052
	6,255	Laboratory Corporation of America Holdings (a)		1,051
	1,167	Magellan Health Services, Inc. (a)		72
	12,797	McKesson Corp.		1,749
	6,021	MEDNAX, Inc. (a)		136
	2,013	Molina Heathcare, Inc. (a)		221
	2,938	Patterson Companies, Inc.		52
	3,550	Premier, Inc., Class – A (a)		103
	9,818	Quest Diagnostics, Inc.		1,051
	2,776	Select Medical Holdings Corp. (a)		46
	7,767	Tenet Healthcare Corp. (a)		172
	23,491	UnitedHealth Group, Inc.		5,105
	4,946	Universal Health Services, Inc., Class – B		736
	1,397	WellCare Health Plans, Inc. (a)		362
				32,824
		Health Care Technology — 0.09%
	9,632	Cerner Corp.		656
	1,000	Change Healthcare, Inc. (a)		12
	1,618	Medidata Solutions, Inc. (a)		148
	3,142	Veeva Systems, Inc. (a)		480
				1,296
		Hotels, Restaurants & Leisure — 2.28%
	16,514	Aramark		720
	2,713	Bloomin’ Brands, Inc.		51
	5,670	Brinker International, Inc.		242
	35,821	Caesars Entertainment Corp. (a)		418
	22,900	Carnival Corp., Class – A		1,001
	1,249	Chipotle Mexican Grill, Inc. (a)		1,050
	1,344	Choice Hotels International, Inc.		120
	381	Churchill Downs, Inc.		47
	879	Cracker Barrel Old Country Store, Inc.		143
	5,496	Darden Restaurants, Inc.		650
	1,714	Domino’s Pizza, Inc.		419
	3,799	Dunkin’ Brands Group, Inc.		301
	11,726	Extended Stay America, Inc.		172
	3,949	Hilton Grand Vacations (a)		126
	8,863	Hilton Worldwide Holdings, Inc.		825
	1,908	Hyatt Hotels Corp., Class – A		141
	4,519	International Game Technology PLC		64
	1,145	Jack in the Box, Inc.		104
	17,194	Las Vegas Sands Corp.		993
	7,267	Marriott International, Inc., Class – A		904
	374	Marriott Vacations Worldwide Corp.		39
	57,714	McDonald’s Corp.		12,392
	29,808	MGM Resorts International		826
	10,846	Norwegian Cruise Line Holdings Ltd. (a)		561
	2,247	Planet Fitness, Inc., Class – A (a)		130
	9,864	Royal Caribbean Cruises Ltd.		1,069
	4,300	SeaWorld Entertainment, Inc. (a)		113
	6,700	Six Flags Entertainment Corp.		340
	48,837	Starbucks Corp.		4,318
	451	Texas Roadhouse, Inc., Class – A		24
	3,111	The Cheesecake Factory, Inc.		130
	18,218	The Wendy’s Co.		364
	1,345	Vail Resorts, Inc.		306
	4,803	Wyndham Hotels & Resorts, Inc.		249

HC CAPITAL TRUST

The Institutional Value Equity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Hotels, Restaurants & Leisure (continued)
	7,667	Wyndham Worldwide Corp.	$	353
	3,156	Wynn Resorts Ltd.		343
	11,115	Yum China Holdings, Inc.		505
	15,527	YUM! Brands, Inc.		1,761
				32,314
		Household Durables — 0.48%
	20,466	D.R. Horton, Inc.		1,078
	8,208	Garmin Ltd.		695
	140	Helen of Troy Ltd. (a)		22
	936	KB Home		32
	1,766	La-Z-Boy, Inc.		59
	10,141	Leggett & Platt, Inc.		415
	13,354	Lennar Corp., Class – A		745
	382	Lennar Corp., Class – B		17
	1,997	MDC Holdings, Inc.		86
	1,307	Meritage Homes Corp. (a)		92
	3,341	Mohawk Industries, Inc. (a)		415
	24,223	Newell Rubbermaid, Inc.		453
	155	NVR, Inc. (a)		576
	17,743	PulteGroup, Inc.		649
	2,031	Roku, Inc. (a)		207
	2,375	Taylor Morrison Home Corp., Class – A (a)		62
	2,063	Tempur Sealy International, Inc. (a)		159
	8,978	Toll Brothers, Inc.		369
	4,513	Whirlpool Corp.		715
				6,846
		Household Products — 2.31%
	11,460	Church & Dwight Co., Inc.		862
	63,133	Colgate-Palmolive Co.		4,641
	3,436	Energizer Holdings, Inc.		150
	25,784	Kimberly-Clark Corp.		3,663
	2,544	Spectrum Brands Holdings, Inc.		134
	5,780	The Clorox Co.		878
	181,494	The Procter & Gamble Co.		22,574
				32,902
		Independent Power and Renewable Electricity Producers — 0.18%
	14,581	NRG Energy, Inc., Class – C		577
	63,700	The AES Corp.		1,041
	34,499	Vistra Energy Corp.		922
				2,540
		Industrial Conglomerates — 1.10%
	23,037	3M Co.		3,787
	1,973	Carlisle Companies, Inc.		287
	494,696	General Electric Co.		4,423
	29,878	Honeywell International, Inc.		5,055
	5,712	Roper Industries, Inc.		2,037
				15,589
		Insurance — 3.63%
	58,251	Aflac, Inc.		3,048
	1,016	Alleghany Corp. (a)		811
	27,464	Allstate Corp.		2,985
	1,399	Ambac Financial Group, Inc. (a)		27
	5,110	American Financial Group, Inc.		551
	76,183	American International Group, Inc.		4,242
	718	American National Insurance Co.		89
	8,433	Aon PLC		1,632
	20,292	Arch Capital Group Ltd. (a)		853
	11,618	Arthur J. Gallagher & Co.		1,041

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Insurance (continued)
	5,480	Assurant, Inc.	$	689
	5,767	Assured Guaranty Ltd.		256
	6,641	Athene Holding Ltd. (a)		279
	4,696	AXIS Capital Holdings Ltd.		313
	8,046	Brighthouse Financial, Inc. (a)		326
	16,980	Brown & Brown, Inc.		612
	32,695	Chubb Ltd.		5,278
	11,356	Cincinnati Financial Corp.		1,325
	1,996	CNA Financial Corp.		98
	3,314	CNO Financial Group, Inc.		52
	1,368	Erie Indemnity Co., Class – A		254
	1,956	Everest Re Group Ltd.		521
	8,517	First American Financial Corp.		503
	18,565	FNF Group		824
	21,244	Genworth Financial, Inc., Class – A (a)		93
	6,352	Globe Life, Inc.		608
	2,995	Hanover Insurance Group, Inc.		406
	22,102	Hartford Financial Services Group, Inc.		1,340
	4,410	Kemper Corp.		344
	13,274	Lincoln National Corp.		801
	21,653	Loews Corp.		1,115
	854	Markel Corp. (a)		1,009
	23,674	Marsh & McLennan Companies, Inc.		2,369
	4,878	MBIA, Inc. (a)		45
	2,464	Mercury General Corp.		138
	52,959	MetLife, Inc.		2,498
	20,534	Old Republic International Corp.		484
	1,524	Primerica, Inc.		194
	16,017	Principal Financial Group, Inc.		915
	1,754	ProAssurance Corp.		71
	23,399	Prudential Financial, Inc.		2,105
	3,888	Reinsurance Group of America		622
	1,915	RenaissanceRe Holdings Ltd.		370
	304	RLI Corp.		28
	422	Selective Insurance Group, Inc.		32
	652	Stewart Information Services Corp.		25
	35,891	The Progressive Corp.		2,773
	23,365	The Travelers Companies, Inc.		3,474
	12,531	Unum Group		372
	10,705	W.R. Berkley Corp.		773
	300	White Mountains Insurance Group Ltd.		324
	8,499	Willis Towers Watson PLC		1,640
				51,577
		Interactive Media & Services — 2.30%
	7,452	Alphabet, Inc., Class – A (a)		9,100
	7,564	Alphabet, Inc., Class – C (a)		9,221
	68,783	Facebook, Inc., Class – A (a)		12,248
	3,287	InterActive Corp. (a)		716
	1,530	Match Group, Inc.		109
	3,330	Snap, Inc., Class – A (a)		53
	3,204	TripAdvisor, Inc. (a)		124
	22,270	Twitter, Inc. (a)		918
	2,628	Zillow Group, Inc., Class – A (a)		78
	7,426	Zillow Group, Inc., Class – C (a)		221
				32,788
		Internet & Direct Marketing Retail — 1.58%
	10,294	Amazon.com, Inc. (a)		17,869
	1,098	Booking Holdings, Inc. (a)		2,155
	26,341	eBay, Inc.		1,027
	2,959	Etsy, Inc. (a)		167
	4,546	Expedia, Inc.		611
	2,262	GrubHub, Inc. (a)		127

HC CAPITAL TRUST

The Institutional Value Equity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Internet & Direct Marketing Retail (continued)
	27,402	Qurate Retail, Inc. (a)	$	283
	1,523	Wayfair, Inc., Class – A (a)		171
				22,410
		IT Services — 4.00%
	21,190	Accenture PLC, Class – A		4,076
	4,946	Akamai Technologies, Inc. (a)		452
	2,465	Alliance Data Systems Corp.		316
	9,759	Amdocs Ltd.		645
	13,450	Automatic Data Processing, Inc.		2,171
	3,919	Black Knight, Inc. (a)		239
	8,831	Booz Allen Hamilton Holding Corp.		627
	3,704	Broadridge Financial Solutions, Inc.		461
	2,290	CACI International, Inc., Class – A (a)		530
	30,394	Cognizant Technology Solutions Corp.		1,832
	5,992	Conduent, Inc. (a)		37
	4,853	CoreLogic, Inc. (a)		225
	14,872	DXC Technology Co.		439
	1,524	EPAM Systems, Inc. (a)		278
	1,556	Euronet Worldwide, Inc. (a)		228
	25,997	Fidelity National Information Services, Inc.		3,451
	19,043	Fiserv, Inc. (a)		1,973
	2,531	FleetCor Technologies, Inc. (a)		726
	2,581	Gartner Group, Inc. (a)		369
	8,921	Genpact Ltd.		346
	9,427	Global Payments, Inc.		1,499
	4,346	GoDaddy, Inc., Class – A (a)		287
	62,971	International Business Machines Corp.		9,157
	3,344	Jack Henry & Associates, Inc.		488
	8,253	Leidos Holdings, Inc.		709
	812	ManTech International Corp., Class – A		58
	29,120	MasterCard, Inc., Class – A		7,908
	570	MAXIMUS, Inc.		44
	954	MongoDB, Inc. (a)		115
	2,524	Okta, Inc. (a)		249
	12,930	Paychex, Inc.		1,070
	33,895	PayPal Holdings, Inc. (a)		3,511
	838	Perspecta, Inc.		22
	16,328	Sabre Corp.		366
	691	Science Applications International Corp.		60
	8,214	Square, Inc., Class – A (a)		509
	260	Switch, Inc., Class – A		4
	730	Sykes Enterprises, Inc. (a)		22
	4,628	Teradata Corp. (a)		143
	2,849	Twilio, Inc., Class – A (a)		313
	4,786	VeriSign, Inc. (a)		903
	53,759	Visa, Inc., Class – A		9,246
	26,206	Western Union Co.		607
	1,065	WEX, Inc. (a)		215
				56,926
		Leisure Products — 0.09%
	5,234	Brunswick Corp.		273
	4,338	Hasbro, Inc.		516
	25,324	Mattel, Inc. (a)		288
	1,752	Polaris Industries, Inc.		154
	845	Sturm, Ruger & Co., Inc.		35
				1,266
		Life Sciences Tools & Services — 0.81%
	350	Adaptive Biotechnologies (a)		11
	16,856	Agilent Technologies, Inc.		1,292
	2,856	Avantor, Inc. (a)		42
	1,378	Bio-Rad Laboratories, Inc., Class – A (a)		459

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Life Sciences Tools & Services (continued)
	929	Bio-Techne Corp.	$	182
	4,208	Bruker Biosciences Corp.		185
	1,195	Charles River Laboratories International, Inc. (a)		158
	3,618	Illumina, Inc. (a)		1,101
	9,120	IQVIA Holdings, Inc. (a)		1,361
	874	Mettler-Toledo International, Inc. (a)		616
	5,497	PerkinElmer, Inc.		468
	1,566	PRA Health Sciences, Inc. (a)		155
	12,491	Qiagen N.V. (a)		412
	574	Syneos Health, Inc. (a)		31
	15,728	Thermo Electron Corp.		4,580
	1,849	Waters Corp. (a)		413
				11,466
		Machinery — 1.77%
	912	Actuant Corp., Class – A		20
	4,959	AGCO Corp.		375
	5,306	Allison Transmission Holdings, Inc.		250
	30,018	Caterpillar, Inc.		3,791
	5,025	Colfax Corp. (a)		146
	3,579	Crane Co.		289
	11,111	Cummins, Inc.		1,807
	19,011	Deere & Co.		3,206
	5,080	Donaldson Company, Inc.		265
	6,793	Dover Corp.		676
	6,857	Flowserve Corp.		320
	15,608	Fortive Corp.		1,070
	697	Franklin Electric Co., Inc.		33
	8,302	Gardner Denver Holdings, Inc. (a)		235
	1,724	Gates Industrial Corp. PLC (a)		17
	5,141	Graco, Inc.		237
	387	Hyster-Yale Materials Handling, Inc., Class – A		21
	3,575	IDEX Corp.		586
	11,814	Illinois Tool Works, Inc.		1,849
	7,290	Ingersoll-Rand PLC		898
	6,333	ITT, Inc.		388
	2,784	Lincoln Electric Holdings, Inc.		242
	1,167	Mueller Industries, Inc.		33
	2,126	Nordson, Inc.		311
	4,153	Oshkosh Corp.		315
	20,603	PACCAR, Inc.		1,442
	7,826	Parker Hannifin Corp.		1,413
	9,755	Pentair PLC		369
	3,217	Snap-on, Inc.		504
	684	SPX FLOW, Inc. (a)		27
	8,720	Stanley Black & Decker, Inc.		1,259
	3,125	Terex Corp.		81
	2,153	The Greenbrier Companies, Inc.		65
	1,373	The Middleby Corp. (a)		161
	5,909	The Timken Co.		257
	4,648	The Toro Co.		341
	7,152	Trinity Industries, Inc.		141
	2,240	Wabash National Corp.		33
	2,461	WABCO Holdings, Inc. (a)		329
	8,916	Wabtec Corp.		641
	2,085	Woodward, Inc.		225
	5,477	Xylem, Inc.		436
				25,104
		Marine — 0.02%
	3,442	Kirby Corp. (a)		283

HC CAPITAL TRUST

The Institutional Value Equity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Media — 1.49%
	9,493	Altice USA, Inc., Class A (a)	$	272
	1,153	AMC Networks, Inc. (a)		57
	198	Cable One, Inc.		248
	18,720	CBS Corp., Class – B		756
	6,776	Charter Communications, Inc., Class – A (a)		2,793
	208,418	Comcast Corp., Class – A		9,395
	11,166	Discovery Communications, Inc., Class – A (a)		297
	19,654	Discovery Communications, Inc., Class – C (a)		484
	14,429	Dish Network Corp. (a)		492
	18,994	Fox Corp., Class – A		599
	9,157	Fox Corp., Class – B		289
	7,063	Gannett Company, Inc.		76
	6,020	GCI Liberty, Inc., Class – A (a)		374
	2,095	John Wiley & Sons, Inc., Class – A		92
	1,266	Liberty Broadband, Class – A (a)		132
	7,210	Liberty Broadband, Class – C (a)		755
	4,668	Liberty SiriusXM Group, Class – A (a)		194
	17,712	Liberty SiriusXM Group, Class – C (a)		743
	5,880	News Corp., Inc.		84
	32,058	News Corp., Inc., Class – A		446
	1,859	Nexstar Broadcasting Group, Inc., Class – A		190
	13,771	Omnicom Group, Inc.		1,078
	615	Scholastic Corp.		23
	2,759	Sinclair Broadcast Group, Inc., Class – A		118
	41,546	Sirius XM Holdings, Inc.		260
	6,269	TEGNA, Inc.		97
	26,191	The Interpublic Group of Companies, Inc.		565
	9,794	The New York Times Co., Class – A		279
				21,188
		Metals & Mining — 0.41%
	14,160	Alcoa Corp. (a)		284
	2,471	Allegheny Technologies, Inc. (a)		50
	959	Carpenter Technology Corp.		50
	12,993	Cleveland-Cliffs, Inc.		94
	5,022	Commercial Metals Co.		87
	676	Compass Minerals International, Inc.		38
	85,796	Freeport-McMoRan Copper & Gold, Inc.		821
	704	Kaiser Aluminum Corp.		70
	584	Materion Corp.		36
	49,930	Newmont Mining Corp.		1,893
	17,510	Nucor Corp.		891
	5,030	Reliance Steel & Aluminum Co.		501
	3,488	Royal Gold, Inc.		430
	1,286	Schnitzer Steel Industries, Inc., Class – A		27
	3,598	Southern Copper Corp.		123
	12,548	Steel Dynamics, Inc.		374
	666	Ternium SA, ADR		13
	8,243	United States Steel Corp.		95
	1,715	Warrior Met Coal, Inc.		33
				5,910
		Mortgage Real Estate Investment Trusts — 0.28%
	37,004	AGNC Investment Corp.		595
	104,936	Annaly Capital Management, Inc.		923
	2,488	Apollo Commercial Real Estate Finance, Inc.		48
	1,902	Blackstone Mortgage Trust, Inc.		68
	18,339	Chimera Investment Corp.		359
	5,402	Invesco Mortgage Capital, Inc.		83
	1,449	Ladder Capital Corp.		25
	32,478	MFA Financial, Inc.		239

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Mortgage Real Estate Investment Trusts (continued)
	31,944	New Residential Investment Corp.	$	501
	3,411	New York Mortgage Trust, Inc.		21
	4,537	Pennymac Mortgage Investment Trust		101
	4,293	Redwood Trust, Inc.		70
	22,546	Starwood Property Trust, Inc.		546
	27,408	Two Harbors Investment Corp.		360
				3,939
		Multiline Retail — 0.83%
	1,918	Big Lots, Inc.		47
	411	Dillard’s, Inc., Class – A		27
	15,905	Dollar General Corp.		2,528
	11,284	Dollar Tree, Inc. (a)		1,288
	13,932	Kohl’s Corp.		692
	36,553	Macy’s, Inc.		568
	7,113	Nordstrom, Inc.		239
	1,439	Ollie’s Bargain Outlet Holdings, Inc. (a)		84
	59,328	Target Corp.		6,344
				11,817
		Multi-Utilities — 1.26%
	15,185	Ameren Corp.		1,216
	406	Black Hills Corp.		31
	30,869	CenterPoint Energy, Inc.		932
	17,357	CMS Energy Corp.		1,110
	20,126	Consolidated Edison, Inc.		1,901
	48,849	Dominion Resources, Inc.		3,958
	11,212	DTE Energy Co.		1,491
	12,087	MDU Resources Group, Inc.		341
	22,220	NiSource, Inc.		665
	343	NorthWestern Corp.		26
	31,074	Public Service Enterprise Group, Inc.		1,929
	16,709	Sempra Energy		2,466
	19,177	WEC Energy Group, Inc.		1,824
				17,890
		Oil, Gas & Consumable Fuels — 4.78%
	14,071	Antero Midstream Corp.		104
	12,204	Antero Resources Corp. (a)		37
	22,447	Apache Corp.		575
	231	Arch Coal, Inc.		17
	15,619	Cabot Oil & Gas Corp.		274
	8,045	Centennial Resource Development, Inc., Class – A (a)		36
	9,124	Cheniere Energy, Inc. (a)		575
	59,718	Chesapeake Energy Corp. (a)		84
	121,756	Chevron Corp.		14,441
	6,091	Cimarex Energy Co.		292
	3,036	CNX Resources Corp. (a)		22
	11,412	Concho Resources, Inc.		775
	77,408	ConocoPhillips		4,411
	5,786	Continental Resources, Inc. (a)		178
	548	CVR Energy, Inc.		24
	23,668	Devon Energy Corp.		569
	8,306	Diamondback Energy, Inc.		747
	33,122	EOG Resources, Inc.		2,458
	15,656	EQT Corp.		167
	10,840	Equitrans Midstream Corp.		158
	262,891	Exxon Mobil Corp.		18,564
	2,863	Green Plains, Inc.		30
	21,140	Hess Corp.		1,279
	17,638	HollyFrontier Corp.		946
	126,274	Kinder Morgan, Inc.		2,603
	19,539	Kosmos Energy Ltd.		122

HC CAPITAL TRUST

The Institutional Value Equity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Oil, Gas & Consumable Fuels (continued)
	56,944	Marathon Oil Corp.	$	699
	46,305	Marathon Petroleum Corp.		2,813
	12,805	Murphy Oil Corp.		283
	26,773	Noble Energy, Inc.		601
	51,090	Occidental Petroleum Corp.		2,272
	21,803	ONEOK, Inc.		1,607
	11,186	Parsley Energy, Inc., Class – A		188
	9,522	PBF Energy, Inc., Class – A		259
	965	Peabody Energy Corp.		14
	33,346	Phillips 66		3,415
	7,198	Pioneer Natural Resources Co.		905
	10,352	QEP Resources, Inc.		38
	9,851	Range Resources Corp.		38
	3,949	SM Energy Co.		38
	12,898	Targa Resources Corp.		518
	69,940	The Williams Companies, Inc.		1,683
	32,882	Valero Energy Corp.		2,803
	4,262	Whiting Petroleum Corp. (a)		34
	3,565	World Fuel Services Corp.		142
	25,788	WPX Energy, Inc. (a)		273
				68,111
		Paper & Forest Products — 0.02%
	778	Boise Cascade Co.		25
	4,949	Domtar Corp.		177
	1,358	Schweitzer-Mauduit International, Inc.		51
				253
		Personal Products — 0.17%
	6,253	Avon Products, Inc. (a)		28
	21,367	Coty, Inc., Class – A		225
	1,246	Edgewell Personal Care Co. (a)		40
	7,093	Herbalife Ltd. (a)		268
	5,180	Nu Skin Enterprises, Inc., Class – A		220
	8,270	The Estee Lauder Companies, Inc., Class – A		1,645
				2,426
		Pharmaceuticals — 3.95%
	18,733	Allergan PLC		3,153
	71,647	Bristol-Myers Squibb Co.		3,633
	9,780	Catalent, Inc. (a)		466
	21,443	Elanco Animal Health, Inc. (a)		570
	24,855	Eli Lilly & Co.		2,780
	10,384	Horizon Therapeutics PLC (a)		283
	1,583	Jazz Pharmaceuticals PLC (a)		203
	165,703	Johnson & Johnson		21,439
	103,666	Merck & Co., Inc.		8,727
	29,453	Mylan N.V. (a)		583
	9,177	Nektar Therapeutics (a)		167
	7,648	Perrigo Co. PLC		427
	337,240	Pfizer, Inc.		12,117
	14,262	Zoetis, Inc.		1,777
				56,325
		Professional Services — 0.35%
	1,100	CoStar Group, Inc. (a)		653
	3,535	Equifax, Inc.		497
	1,350	FTI Consulting, Inc. (a)		143
	17,513	IHS Markit Ltd. (a)		1,171
	900	Kelly Services, Inc., Class – A		22
	4,565	ManpowerGroup, Inc.		385
	19,638	Nielsen Holdings PLC		417
	4,892	Robert Half International, Inc.		272

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Professional Services (continued)
	4,623	TransUnion Holding Company, Inc.	$	375
	1,128	TrueBlue, Inc. (a)		24
	5,982	Versik Analytics, Inc., Class – A		946
				4,905
		Real Estate Management & Development — 0.11%
	15,846	CBRE Group, Inc., Class – A (a)		840
	2,028	Howard Hughes Corp. (a)		263
	2,919	Jones Lang LaSalle, Inc.		406
				1,509
		Road & Rail — 0.89%
	736	AMERCO, Inc.		287
	1,039	ArcBest Corp.		32
	3,246	Avis Budget Group, Inc. (a)		92
	37,523	CSX Corp.		2,598
	3,469	Genesee & Wyoming, Inc., Class – A (a)		383
	5,244	Hertz Global Holdings, Inc. (a)		73
	5,003	Hunt (JB) Transportation Services, Inc.		554
	6,061	Kansas City Southern		806
	7,438	Knight-Swift Transportation Holdings, Inc.		270
	1,888	Landstar System, Inc.		213
	1,787	Lyft, Inc., Class – A (a)		73
	14,021	Norfolk Southern Corp.		2,518
	3,093	Old Dominion Freight Line, Inc.		526
	2,814	Ryder System, Inc.		146
	2,669	Schneider National, Inc.		58
	9,799	Uber Technologies, Inc. (a)		299
	22,532	Union Pacific Corp.		3,649
	1,070	Werner Enterprises, Inc.		38
				12,615
		Semiconductors & Semiconductor Equipment — 3.16%
	24,714	Advanced Micro Devices, Inc. (a)		716
	20,754	Analog Devices, Inc.		2,319
	44,002	Applied Materials, Inc.		2,196
	11,242	Broadcom, Inc.		3,104
	946	Cirrus Logic, Inc. (a)		51
	9,613	Cree, Inc. (a)		471
	23,094	Cypress Semiconductor Corp.		539
	4,104	Entegris, Inc.		193
	5,303	First Solar, Inc. (a)		308
	254,936	Intel Corp.		13,136
	5,907	KLA-Tencor Corp.		942
	5,335	Lam Research Corp.		1,233
	39,644	Marvell Technology Group Ltd.		990
	12,304	Maxim Integrated Products, Inc.		713
	12,159	Microchip Technology, Inc.		1,130
	63,177	Micron Technology, Inc. (a)		2,707
	3,268	MKS Instruments, Inc.		302
	1,118	Monolithic Power Systems, Inc.		174
	14,568	NVIDIA Corp.		2,536
	23,587	ON Semiconductor Corp. (a)		453
	7,011	Qorvo, Inc. (a)		520
	48,327	Qualcomm, Inc.		3,686
	197	Silicon Laboratories, Inc. (a)		22
	10,155	Skyworks Solutions, Inc.		805
	5,026	Teradyne, Inc.		291
	33,239	Texas Instruments, Inc.		4,295
	1,056	Universal Display Corp.		177
	2,927	Versum Materials, Inc.		155
	8,910	Xilinx, Inc.		854
				45,018

HC CAPITAL TRUST

The Institutional Value Equity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Software — 3.71%
	1,890	2U, Inc. (a)	$	31
	12,138	Adobe Systems, Inc. (a)		3,353
	1,200	Alteryx, Inc. (a)		129
	2,300	Anaplan, Inc. (a)		108
	2,468	ANSYS, Inc. (a)		546
	2,099	Aspen Technology, Inc. (a)		258
	2,601	Atlassian Corp. PLC, Class – A (a)		326
	7,144	Autodesk, Inc. (a)		1,055
	1,213	Avalara, Inc. (a)		82
	9,634	Cadence Design Systems, Inc. (a)		637
	4,157	CDK Global, Inc.		200
	2,482	Ceridian HCM Holding, Inc. (a)		123
	3,559	Citrix Systems, Inc.		344
	1,515	Coupa Software, Inc. (a)		196
	3,785	DocuSign, Inc. (a)		234
	5,700	Dropbox, Inc. (a)		115
	550	Dynatrace, Inc. (a)		10
	1,083	Elastic N.V. (a)		89
	1,084	Fair Isaac Corp. (a)		329
	4,179	FireEye, Inc. (a)		56
	3,542	Fortinet, Inc. (a)		272
	2,021	Guidewire Software, Inc. (a)		213
	987	HubSpot, Inc. (a)		150
	8,451	Intuit, Inc.		2,247
	3,041	LogMeln, Inc.		216
	2,558	Manhattan Associates, Inc. (a)		206
	336	Medallia, Inc. (a)		9
	204,138	Microsoft Corp.		28,382
	1,291	New Relic, Inc. (a)		79
	18,968	Nuance Communications, Inc. (a)		309
	3,925	Nutanix, Inc., Class – A (a)		103
	55,952	Oracle Corp.		3,079
	384	PagerDuty, Inc. (a)		11
	1,217	PAYCOM Software, Inc. (a)		255
	926	Paylocity Holding Corp. (a)		90
	795	Pegasystems, Inc.		54
	723	Pluralsight, Inc., Class – A (a)		12
	1,452	Proofpoint, Inc. (a)		187
	2,573	PTC, Inc. (a)		175
	2,164	RealPage, Inc. (a)		136
	1,733	RingCentral, Inc., Class – A (a)		218
	20,438	Salesforce.com, Inc. (a)		3,034
	4,632	ServiceNow, Inc. (a)		1,176
	2,346	Smartsheet, Inc. (a)		85
	1,407	SolarWinds Corp. (a)		26
	3,703	Splunk, Inc. (a)		436
	6,194	SS&C Technologies Holdings, Inc.		319
	35,711	Symantec Corp.		844
	4,543	Synopsys, Inc. (a)		624
	938	The Trade Desk, Inc. (a)		176
	934	Tyler Technologies, Inc. (a)		245
	1,920	VMware, Inc., Class – A		288
	3,934	Workday, Inc., Class – A (a)		669
	2,671	Zendesk, Inc. (a)		195
	1,530	Zscaler, Inc. (a)		72
				52,813
		Specialty Retail — 2.20%
	1,418	Aaron’s, Inc.		91
	5,011	Abercrombie & Fitch Co., Class – A		78
	4,197	Advance Auto Parts, Inc.		694
	10,152	American Eagle Outfitters, Inc.		165
	949	Asbury Automotive Group, Inc. (a)		97
	3,785	AutoNation, Inc. (a)		192

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Specialty Retail (continued)
	1,004	AutoZone, Inc. (a)	$	1,089
	17,471	Bed Bath & Beyond, Inc.		186
	16,687	Best Buy Co., Inc.		1,151
	1,725	Burlington Stores, Inc. (a)		345
	1,551	Caleres, Inc.		36
	7,510	CarMax, Inc. (a)		661
	1,165	Carvana Co. (a)		77
	13,486	Chico’s FAS, Inc.		54
	5,776	Designer Brands, Inc., Class – A		99
	4,321	Dick’s Sporting Goods, Inc.		176
	1,357	Five Below, Inc. (a)		171
	1,461	Floor & Decor Holdings, Inc., Class – A (a)		75
	10,658	Foot Locker, Inc.		460
	6,478	GameStop Corp., Class – A		36
	24,490	Gap, Inc.		425
	1,617	Genesco, Inc. (a)		65
	1,141	Group 1 Automotive, Inc.		105
	3,941	Guess?, Inc.		73
	16,257	L Brands, Inc.		318
	378	Lithia Motors, Inc.		50
	28,268	Lowe’s Companies, Inc.		3,109
	2,419	Murphy USA, Inc. (a)		206
	35,118	Office Depot, Inc.		62
	3,656	O’Reilly Automotive, Inc. (a)		1,457
	2,422	Penske Automotive Group, Inc.		115
	807	Rent-A-Center, Inc.		21
	11,073	Ross Stores, Inc.		1,216
	9,270	Sally Beauty Holdings, Inc. (a)		138
	1,851	Signet Jewelers Ltd.		31
	853	Sleep Number Corp. (a)		35
	1,858	Sonic Automotive, Inc., Class – A		58
	2,579	The Buckle, Inc.		53
	285	The Children’s Place Retail Stores, Inc.		22
	54,686	The Home Depot, Inc.		12,689
	52,867	The TJX Companies, Inc.		2,947
	6,821	Tiffany & Co.		632
	5,073	Tractor Supply Co.		459
	1,641	Ulta Salon, Cosmetics & Fragrance, Inc. (a)		411
	5,485	Urban Outfitters, Inc. (a)		154
	6,885	Williams-Sonoma, Inc.		468
				31,252
		Technology Hardware, Storage & Peripherals — 2.40%
	125,014	Apple, Inc.		28,000
	5,003	Dell Technologies, Inc. (a)		259
	93,414	Hewlett Packard Enterprise Co.		1,417
	97,488	HP, Inc.		1,844
	4,809	NCR Corp. (a)		152
	6,107	NetApp, Inc.		321
	6,428	Pure Storage, Inc., Class – A (a)		109
	12,386	Seagate Technology Holdings, Inc.		666
	19,115	Western Digital Corp.		1,140
	10,295	Xerox Holdings Corp.		308
				34,216
		Textiles, Apparel & Luxury Goods — 0.58%
	6,680	Capri Holdings Ltd. (a)		222
	3,313	Carter’s, Inc.		302
	1,017	Columbia Sportswear Co.		99
	1,157	Deckers Outdoor Corp. (a)		170
	6,805	Fossil Group, Inc. (a)		85
	1,731	G-III Apparel Group Ltd. (a)		45
	16,146	Hanesbrands, Inc.		247
	2,913	Lululemon Athletica, Inc. (a)		562

HC CAPITAL TRUST

The Institutional Value Equity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Textiles, Apparel & Luxury Goods (continued)
	39,621	NIKE, Inc., Class – B	$	3,720
	4,381	PVH Corp.		387
	3,894	Ralph Lauren Corp.		372
	7,087	Skechers USA, Inc., Class – A (a)		265
	1,491	Steven Madden Ltd.		53
	17,112	Tapestry, Inc.		446
	7,304	Under Armour, Inc., Class – A (a)		146
	7,589	Under Armour, Inc., Class – C (a)		138
	10,512	V.F. Corp.		935
				8,194
		Thrifts & Mortgage Finance — 0.06%
	2,007	Capitol Federal Financial, Inc.		28
	450	Essent Group Ltd.		21
	220	LendingTree, Inc. (a)		68
	24,111	MGIC Investment Corp.		303
	30,135	New York Community Bancorp, Inc.		377
	1,637	Northwest Bancshares, Inc.		27
	1,205	Radian Group, Inc.		28
	2,701	TFS Financial Corp.		49
				901
		Tobacco — 0.91%
	92,514	Altria Group, Inc.		3,784
	120,121	Philip Morris International, Inc.		9,121
	840	Universal Corp.		46
	2,887	Vector Group Ltd.		34
				12,985
		Trading Companies & Distributors — 0.27%
	6,178	Air Lease Corp.		258
	1,830	Aircastle Ltd.		41
	562	Applied Industrial Technologies, Inc.		32
	22,121	Fastenal Co.		723
	1,158	GATX Corp.		90
	11,830	HD Supply Holdings, Inc. (a)		463
	558	Kaman Corp.		33
	2,873	MRC Global, Inc. (a)		35
	4,138	MSC Industrial Direct Co., Inc., Class – A		300
	3,865	NOW, Inc. (a)		44
	1,589	Rush Enterprises, Inc., Class – A		61
	2,873	United Rentals, Inc. (a)		358
	9,804	Univar, Inc. (a)		204
	2,176	W.W. Grainger, Inc.		647
	2,529	Watsco, Inc.		428
	4,333	WESCO International, Inc. (a)		207
				3,924
		Transportation Infrastructure — 0.02%
	6,683	Macquarie Infrastructure Corp.		264
		Water Utilities — 0.14%
	10,961	American Water Works Co., Inc.		1,362
	13,259	Aqua America, Inc.		594
				1,956
		Wireless Telecommunication Services — 0.11%
	39,581	Sprint Nextel Corp. (a)		244
	6,676	Telephone & Data Systems, Inc.		172
	13,944	T-Mobile USA, Inc. (a)		1,099

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Wireless Telecommunication Services (continued)
	1,556	U.S. Cellular Corp. (a)	$	58
				1,573
		Total Common Stocks		1,344,100
Principal Amount (000)
		U.S. Treasury Obligation — 0.01%
$	174	U.S. Treasury Bill, 1.76%, 12/12/19 (b)(c)		173
		Total U.S. Treasury Obligation		173
Shares
		Exchange-Traded Fund — 0.09%
	8,047	iShares Russell 1000 ETF		1,324
		Total Exchange-Traded Fund		1,324
		Investment Companies — 5.40%
	301,155	Dreyfus Treasury Securities Cash Management, Institutional Shares, 1.83% (d)		301
	76,470,980	State Street Institutional Treasury Plus Money Market Fund, Trust Class, 1.78% (d)		76,471
		Total Investment Companies		76,772
		Total Investments (cost $1,294,721) — 99.97%		1,422,369
		Other assets in excess of liabilities — 0.03%		356
		Net Assets — 100.00%	$	1,422,725

(a) Represents non-income producing security.

(b) The 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 September 30, 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 — September 30, 2019 (Unaudited)

The following table reflects the percentage of total net assets of the Portfolio attributable to each Specialist Manager as of September 30, 2019.

The Institutional Value Equity Portfolio	Mellon Investments Corporation			Pacific Investment Management Company, LLC			Parametric Portfolio Associates, LLC			HC Capital Solutions			Total
Common Stocks		79.13	%		15.34	%		—			—			94.47	%
U.S. Treasury Obligation		0.01	%		—			—			—			0.01	%
Exchange-Traded Fund		0.09	%		—			—			—			0.09	%
Investment Companies		0.09	%		—			4.07	%		1.24	%		5.40	%
Other Assets (Liabilities)		0.16	%		0.04	%		-0.17	%		0.00	%		0.03	%
Total Net Assets		79.48	%		15.38	%		3.90	%		1.24	%		100.00	%

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

Amounts designated as “0.00%” round to less than 0.005%.

The following table reflects the open derivative positions held by the Portfolio as of September 30, 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		400		12/20/19	$	59,570	$	(651	)
E-Mini S&P Midcap 400 Future		117		12/20/19		22,675		(307	)
					$	82,245	$	(958	)
		Total Unrealized Appreciation					$	—
		Total Unrealized Depreciation						(958	)
		Total Net Unrealized Appreciation/(Depreciation)					$	(958	)

^ 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 — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks — 98.04%
		Aerospace & Defense — 2.85%
	60,281	Airbus SE, ADR	$	1,957
	890	BWX Technologies, Inc.		51
	6,271	General Dynamics Corp.		1,146
	391	HEICO Corp.		49
	728	HEICO Corp., Class – A		71
	605	Hexcel Corp.		50
	360	Huntington Ingalls Industries, Inc.		76
	4,826	L3Harris Technologies, Inc.		1,007
	5,693	Lockheed Martin Corp.		2,221
	1,511	Northrop Grumman Corp.		566
	6,883	Raytheon Co.		1,350
	88,030	Safran SA, ADR		3,458
	20,394	The Boeing Co.		7,759
	475	TransDigm Group, Inc.		247
	18,040	United Technologies Corp.		2,463
				22,471
		Air Freight & Logistics — 0.08%
	2,907	C.H. Robinson Worldwide, Inc.		246
	4,946	Expeditors International of Washington, Inc.		368
				614
		Airlines — 0.04%
	5,393	Southwest Airlines Co.		292
	12	Spirit Airlines, Inc. (a)		—
				292
		Auto Components — 0.04%
	22,154	Goodyear Tire & Rubber Co.		319
		Automobiles — 0.48%
	253,378	Ford Motor Co.		2,321
	6,084	Tesla Motors, Inc. ^(a)		1,465
				3,786
		Banks — 2.99%
	99,079	Bank of America Corp.		2,890
	51,877	Bank OZK		1,415
	33,202	CIT Group, Inc.		1,504
	6,832	Citigroup, Inc.		472
	7,630	Citizens Financial Group, Inc.		270
	1,150	Cullen/Frost Bankers, Inc.		102
	65,896	Fifth Third Bancorp		1,804
	164,580	First Horizon National Corp.		2,666
	3,853	First Republic Bank		373
	27,297	FNB Corp.		315
	59,832	JPMorgan Chase & Co.		7,041
	3,574	PacWest Bancorp		130
	368	SVB Financial Group (a)		77
	88,602	Wells Fargo & Co.		4,469
	394	Western Alliance Bancorp		18
				23,546
		Beverages — 1.36%
	7,576	Brown-Forman Corp., Class – B		476
	20,895	Molson Coors Brewing Co., Class – B		1,201
	8,931	Monster Beverage Corp. (a)		519
	29,046	PepsiCo, Inc.		3,982
	82,613	The Coca-Cola Co.		4,497
				10,675

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Biotechnology — 1.41%
	16,356	Amgen, Inc.	$	3,165
	2,444	BioMarin Pharmaceutical, Inc. (a)		165
	15,909	Exact Sciences Corp. (a)		1,438
	10,660	Ionis Pharmaceuticals, Inc. (a)		639
	14,463	Neurocrine Biosciences, Inc. (a)		1,303
	2,019	Regeneron Pharmaceuticals, Inc. (a)		560
	5,911	Sage Therapeutics, Inc. (a)		829
	1,014	Seattle Genetics, Inc. (a)		87
	17,338	Vertex Pharmaceuticals, Inc. (a)		2,937
				11,123
		Building Products — 0.29%
	24,229	A.O. Smith Corp.		1,156
	404	Armstrong World Industries, Inc.		39
	4,621	Lennox International, Inc.		1,123
				2,318
		Capital Markets — 1.40%
	2,554	CBOE Holdings, Inc.		293
	6,242	CME Group, Inc.		1,319
	1,203	FactSet Research Systems, Inc.		292
	1,764	Federated Investors, Inc., Class – B		57
	4,446	Franklin Resources, Inc.		128
	2,582	Intercontinental Exchange Group, Inc.		238
	50,482	Legg Mason, Inc.		1,929
	5,371	LPL Financial Holdings, Inc.		440
	349	MarketAxess Holdings, Inc.		114
	1,577	Moody’s Corp.		323
	390	Morningstar, Inc.		57
	838	MSCI, Inc. Common		182
	17,141	S&P Global, Inc.		4,200
	2,729	SEI Investments Co.		162
	5,465	T. Rowe Price Group, Inc.		624
	7,304	TD Ameritrade Holding Corp.		341
	8,409	The Charles Schwab Corp.		352
				11,051
		Chemicals — 1.75%
	3,430	Air Products & Chemicals, Inc.		761
	49,856	Ecolab, Inc.		9,874
	999	FMC Corp.		88
	1,601	International Flavors & Fragrances, Inc.		196
	20,016	Olin Corp.		375
	100,434	The Chemours Co.		1,500
	1,773	The Sherwin-Williams Co.		975
				13,769
		Commercial Services & Supplies — 0.28%
	2,657	Cintas Corp.		713
	6,652	Copart, Inc. (a)		534
	1,301	IAA, Inc. (a)		54
	1,301	KAR Auction Services, Inc.		32
	4,338	Rollins, Inc.		148
	3,677	Waste Connections, Inc.		338
	3,522	Waste Management, Inc.		405
				2,224
		Communications Equipment — 0.70%
	1,194	Arista Networks, Inc. (a)		285
	101,754	Cisco Systems, Inc.		5,028
	885	F5 Networks, Inc. (a)		124
	153	Motorola Solutions, Inc.		26

HC CAPITAL TRUST

The Growth Equity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Communications Equipment (continued)
	377	Palo Alto Networks, Inc. (a)	$	77
				5,540
		Construction & Engineering — 0.03%
	2,650	Jacobs Engineering Group, Inc.		243
	374	Quanta Services, Inc.		14
				257
		Consumer Finance — 0.51%
	95	Credit Acceptance Corp. (a)		44
	135,033	Navient Corp.		1,728
	65,833	Synchrony Financial		2,244
				4,016
		Containers & Packaging — 0.06%
	1,280	AptarGroup, Inc.		152
	747	Avery Dennison Corp.		85
	841	Packaging Corporation of America		89
	2,077	Sonoco Products Co.		121
				447
		Distributors — 0.05%
	2,966	Genuine Parts Co.		295
	381	Pool Corp.		77
				372
		Diversified Consumer Services — 0.03%
	516	Bright Horizons Family Solutions, Inc. (a)		79
	1,727	Service Corporation International		83
	1,276	ServiceMaster Global Holdings, Inc. (a)		71
				233
		Diversified Financial Services — 0.80%
	18,079	AXA Equitable Holdings, Inc.		401
	28,293	Berkshire Hathaway, Inc., Class – B (a)		5,886
	99	Voya Financial, Inc.		5
				6,292
		Diversified Telecommunication Services — 1.17%
	74,251	AT&T, Inc.		2,810
	228,443	CenturyLink, Inc.		2,851
	58,986	Verizon Communications, Inc.		3,560
				9,221
		Electric Utilities — 1.30%
	27,484	Avangrid, Inc.		1,436
	30,983	Duke Energy Corp.		2,970
	28,713	Edison International		2,166
	26,999	Entergy Corp.		3,169
	9,925	Exelon Corp.		479
				10,220
		Electrical Equipment — 0.21%
	5,157	AMETEK, Inc.		474
	13,294	Emerson Electric Co.		889
	1,210	Hubbell, Inc.		159
	931	Rockwell Automation, Inc.		153
				1,675
		Electronic Equipment, Instruments & Components — 0.22%
	8,822	Amphenol Corp., Class – A		851
	1,465	CDW Corporation of Delaware		181

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Electronic Equipment, Instruments & Components (continued)
	2,490	Cognex Corp.	$	122
	1,015	Dolby Laboratories, Inc., Class – A		66
	3,517	FLIR Systems, Inc.		185
	289	IPG Photonics Corp. (a)		39
	3,147	National Instruments Corp.		132
	1,757	Trimble Navigation Ltd. (a)		68
	493	Zebra Technologies Corp., Class – A (a)		102
				1,746
		Energy Equipment & Services — 0.01%
	1,606	Apergy Corp. (a)		44
	2	Dril-Quip, Inc. (a)		—
				44
		Entertainment — 1.38%
	24,761	Netflix, Inc. (a)		6,627
	32,684	The Walt Disney Co.		4,259
				10,886
		Equity Real Estate Investment Trusts — 3.34%
	8,008	American Tower Corp.		1,771
	156,185	Apple Hospitality REIT, Inc.		2,589
	132,718	Brixmor Property Group, Inc.		2,692
	76,149	Brookfield Property REIT, Inc., Class – A		1,553
	103,101	Colony Capital, Inc.		621
	217	CoreCivic, Inc.		4
	12,245	Crown Castle International Corp.		1,702
	16,745	Equinix, Inc.		9,658
	804	Equity Lifestyle Properties, Inc.		107
	19,565	Kimco Realty Corp.		409
	11,741	Outfront Media, Inc.		326
	37,572	Service Properties Trust		969
	112,279	SITE Centers Corp.		1,697
	16,105	Taubman Centers, Inc.		658
	48,611	The Macerich Co.		1,536
				26,292
		Food & Staples Retailing — 1.66%
	25,873	Costco Wholesale Corp.		7,454
	11,718	Sysco Corp.		930
	16,968	Walgreens Boots Alliance, Inc.		939
	31,287	Wal-Mart Stores, Inc.		3,713
				13,036
		Food Products — 1.43%
	70,463	ConAgra Foods, Inc.		2,162
	3,603	Flowers Foods, Inc.		83
	1,045	Hershey Co.		162
	5,224	Hormel Foods Corp.		228
	413	Lamb Weston Holding, Inc.		30
	2,546	McCormick & Company, Inc.		398
	142,800	Mondelez International, Inc., Class – A		7,900
	2,332	The J.M. Smucker Co.		257
				11,220
		Gas Utilities — 0.18%
	29,995	National Fuel Gas Co.		1,407
		Health Care Equipment & Supplies — 2.88%
	34,185	Abbott Laboratories		2,860
	372	Abiomed, Inc. (a)		66
	650	Align Technology, Inc. (a)		118
	11,112	Baxter International, Inc.		972

HC CAPITAL TRUST

The Growth Equity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Health Care Equipment & Supplies (continued)
	6,721	Becton, Dickinson & Co.	$	1,700
	12,668	Boston Scientific Corp. (a)		515
	27,052	Danaher Corp.		3,908
	7,627	Dexcom, Inc. (a)		1,138
	15,828	Edwards Lifesciences Corp. (a)		3,481
	584	Hill-Rom Holdings, Inc.		61
	2,690	IDEXX Laboratories, Inc. (a)		731
	6,231	Intuitive Surgical, Inc. (a)		3,364
	1,587	Medtronic PLC		172
	4,072	ResMed, Inc.		550
	9,642	Stryker Corp.		2,086
	85	Teleflex, Inc.		29
	332	The Cooper Companies, Inc.		99
	824	Varex Imaging Corp. (a)		24
	2,841	Varian Medical Systems, Inc. (a)		338
	3,346	Zimmer Holdings, Inc.		459
				22,671
		Health Care Providers & Services — 2.66%
	5,215	Anthem, Inc.		1,252
	418	Centene Corp. (a)		18
	768	Cigna Corp.		117
	1,313	Covetrus, Inc. (a)		16
	22,394	CVS Caremark Corp.		1,412
	10,019	HCA Holdings, Inc.		1,206
	3,283	Henry Schein, Inc. (a)		208
	1,265	Humana, Inc.		323
	1,952	Laboratory Corporation of America Holdings (a)		328
	4,595	McKesson Corp.		628
	65,524	MEDNAX, Inc. (a)		1,482
	2,799	Quest Diagnostics, Inc.		300
	62,468	UnitedHealth Group, Inc.		13,576
	389	WellCare Health Plans, Inc. (a)		101
				20,967
		Health Care Technology — 0.50%
	51,381	Cerner Corp.		3,503
	2,596	Veeva Systems, Inc. (a)		396
				3,899
		Hotels, Restaurants & Leisure — 2.63%
	3,386	Chipotle Mexican Grill, Inc. (a)		2,846
	1,046	Choice Hotels International, Inc.		93
	419	Domino’s Pizza, Inc.		102
	874	Dunkin’ Brands Group, Inc.		69
	18,188	Marriott International, Inc., Class – A		2,262
	18,816	McDonald’s Corp.		4,040
	111,554	Starbucks Corp.		9,864
	1,032	The Wendy’s Co.		21
	310	Vail Resorts, Inc.		71
	7,868	Yum China Holdings, Inc.		357
	8,846	YUM! Brands, Inc.		1,003
				20,728
		Household Durables — 0.03%
	2,470	Garmin Ltd.		209
		Household Products — 1.25%
	5,143	Church & Dwight Co., Inc.		387
	17,683	Colgate-Palmolive Co.		1,300
	7,129	Kimberly-Clark Corp.		1,013
	30,424	Spectrum Brands Holdings, Inc.		1,604
	2,554	The Clorox Co.		388

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Household Products (continued)
	41,123	The Procter & Gamble Co.	$	5,114
				9,806
		Independent Power and Renewable Electricity Producers — 0.05%
	541	NRG Energy, Inc., Class – C		21
	13,388	Vistra Energy Corp.		358
				379
		Industrial Conglomerates — 0.90%
	12,543	3M Co.		2,062
	380,319	General Electric Co.		3,400
	4,278	Honeywell International, Inc.		724
	2,488	Roper Industries, Inc.		887
				7,073
		Insurance — 2.06%
	12,093	American National Insurance Co.		1,496
	7,992	Aon PLC		1,547
	1,196	Arthur J. Gallagher & Co.		107
	10,152	Assurant, Inc.		1,277
	38,175	Athene Holding Ltd. (a)		1,606
	24,482	AXIS Capital Holdings Ltd.		1,633
	41,294	Brighthouse Financial, Inc. (a)		1,672
	4,821	Brown & Brown, Inc.		174
	5,151	Chubb Ltd.		832
	171	Erie Indemnity Co., Class – A		32
	6,386	Everest Re Group Ltd.		1,699
	2,499	Globe Life, Inc.		239
	15,337	Marsh & McLennan Companies, Inc.		1,534
	3,306	Prudential Financial, Inc.		297
	5,631	The Progressive Corp.		435
	54,177	Unum Group		1,611
				16,191
		Interactive Media & Services — 6.51%
	11,939	Alphabet, Inc., Class – A (a)		14,579
	16,993	Alphabet, Inc., Class – C (a)		20,713
	67,994	Facebook, Inc., Class – A (a)		12,108
	646	InterActive Corp. (a)		141
	344	Match Group, Inc.^		25
	89,247	Tencent Holdings Ltd., ADR		3,715
				51,281
		Internet & Direct Marketing Retail — 4.93%
	31,658	Alibaba Group Holding Ltd., ADR (a)		5,295
	15,219	Amazon.com, Inc. (a)		26,418
	3,568	Booking Holdings, Inc. (a)		7,003
				38,716
		IT Services — 11.97%
	12,377	Accenture PLC, Class – A		2,381
	77,419	Automatic Data Processing, Inc.		12,497
	1,297	Booz Allen Hamilton Holding Corp.		92
	3,472	Broadridge Financial Solutions, Inc.		432
	12,000	Cognizant Technology Solutions Corp.		723
	4,286	Fidelity National Information Services, Inc.		569
	5,412	Fiserv, Inc. (a)		561
	56,677	FleetCor Technologies, Inc. (a)		16,254
	8,004	Global Payments, Inc.		1,273
	1,132	GoDaddy, Inc., Class – A (a)		75
	17,954	International Business Machines Corp.		2,611
	2,207	Jack Henry & Associates, Inc.		322
	61,641	MasterCard, Inc., Class – A		16,740

HC CAPITAL TRUST

The Growth Equity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		IT Services (continued)
	19,033	Okta, Inc. (a)	$	1,874
	6,384	Paychex, Inc.		528
	68,660	PayPal Holdings, Inc. (a)		7,112
	3,153	Shopify, Inc. (a)		983
	10,609	Square, Inc., Class – A (a)		657
	10,105	Twilio, Inc., Class – A (a)		1,111
	854	VeriSign, Inc. (a)		161
	158,651	Visa, Inc., Class – A		27,289
	304	WEX, Inc. (a)		61
				94,306
		Leisure Products — 0.02%
	1,422	Polaris Industries, Inc.		125
		Life Sciences Tools & Services — 1.05%
	754	Agilent Technologies, Inc.		58
	1,141	Bio-Techne Corp.		223
	440	Bruker Biosciences Corp.		19
	447	Charles River Laboratories International, Inc. (a)		59
	12,781	Illumina, Inc. (a)		3,889
	817	IQVIA Holdings, Inc. (a)		122
	785	Mettler-Toledo International, Inc. (a)		553
	239	PerkinElmer, Inc.		20
	9,568	Thermo Electron Corp.		2,787
	2,297	Waters Corp. (a)		513
				8,243
		Machinery — 0.53%
	1,017	Crane Co.		82
	3,410	Deere & Co.		575
	2,856	Donaldson Company, Inc.		149
	3,369	Dover Corp.		335
	6,615	Fortive Corp.		454
	1,569	Graco, Inc.		72
	2,179	IDEX Corp.		357
	8,257	Illinois Tool Works, Inc.		1,292
	1,218	Ingersoll-Rand PLC		150
	506	Nordson, Inc.		74
	927	The Toro Co.		68
	453	WABCO Holdings, Inc. (a)		61
	2,031	Wabtec Corp.		146
	4,438	Xylem, Inc.		353
				4,168
		Marine — 0.01%
	1,159	Kirby Corp. (a)		95
		Media — 0.24%
	32,472	Comcast Corp., Class – A		1,464
	2,004	Discovery Communications, Inc., Class – C (a)		49
	4,801	Omnicom Group, Inc.		376
				1,889
		Metals & Mining — 0.18%
	122,046	United States Steel Corp.		1,410
		Mortgage Real Estate Investment Trusts — 1.19%
	41,110	Annaly Capital Management, Inc.		362
	128,181	Chimera Investment Corp.		2,507
	338,967	MFA Financial, Inc.		2,495
	106,761	Starwood Property Trust, Inc.		2,585

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Mortgage Real Estate Investment Trusts (continued)
	110,721	Two Harbors Investment Corp.	$	1,454
				9,403
		Multiline Retail — 0.10%
	939	Dollar General Corp.		149
	4,517	Dollar Tree, Inc. (a)		516
	2,952	Kohl’s Corp.		147
				812
		Multi-Utilities — 0.53%
	34,816	CenterPoint Energy, Inc.		1,051
	35,529	Dominion Resources, Inc.		2,879
	4,488	Public Service Enterprise Group, Inc.		279
				4,209
		Oil, Gas & Consumable Fuels — 1.47%
	187,436	Antero Midstream ^		1,387
	1,313	Cheniere Energy, Inc. (a)		83
	36,263	Chevron Corp.		4,301
	49,070	Exxon Mobil Corp.		3,465
	67,947	Murphy Oil Corp.		1,502
	11,537	ONEOK, Inc.		850
				11,588
		Personal Products — 0.93%
	189,463	Coty, Inc., Class – A		1,991
	1,318	Herbalife Ltd. (a)		50
	26,361	The Estee Lauder Companies, Inc., Class– A		5,245
				7,286
		Pharmaceuticals — 2.70%
	79,989	AstraZeneca PLC, ADR		3,565
	19,396	Eli Lilly & Co.		2,169
	33,593	Johnson & Johnson		4,346
	55,581	Merck & Co., Inc.		4,679
	85,203	Mylan N.V. (a)		1,685
	56,590	Novo Nordisk A/S, Class – B, ADR		2,926
	36,656	Pfizer, Inc.		1,317
	4,788	Zoetis, Inc.		597
				21,284
		Professional Services — 0.23%
	331	CoStar Group, Inc. (a)		196
	2,353	Equifax, Inc.		331
	4,977	IHS Markit Ltd. (a)		333
	1,445	Robert Half International, Inc.		80
	1,517	TransUnion Holding Company, Inc.		123
	4,817	Versik Analytics, Inc., Class – A		763
				1,826
		Real Estate Management & Development — 0.01%
	1,272	CBRE Group, Inc., Class – A (a)		67
		Road & Rail — 1.33%
	57,529	CSX Corp.		3,985
	1,303	Landstar System, Inc.		147
	375	Old Dominion Freight Line, Inc.		64
	38,962	Union Pacific Corp.		6,311
				10,507
		Semiconductors & Semiconductor Equipment — 2.88%
	96,872	Advanced Micro Devices, Inc. (a)		2,808
	7,262	Analog Devices, Inc.		811

HC CAPITAL TRUST

The Growth Equity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Semiconductors & Semiconductor Equipment (continued)
	6,209	Applied Materials, Inc.	$	310
	12,720	Broadcom, Inc.		3,512
	94,338	Intel Corp.		4,862
	1,378	KLA-Tencor Corp.		220
	1,153	Lam Research Corp.		266
	28,189	Marvell Technology Group Ltd.		704
	2,547	Maxim Integrated Products, Inc.		147
	1,854	Microchip Technology, Inc.		172
	7,602	Micron Technology, Inc. (a)		326
	23,763	NVIDIA Corp.		4,137
	3,257	ON Semiconductor Corp. (a)		63
	36,006	Qualcomm, Inc.		2,747
	9,164	Texas Instruments, Inc.		1,184
	2,371	Versum Materials, Inc.		125
	2,830	Xilinx, Inc.		271
				22,665
		Software — 10.93%
	23,553	Adobe Systems, Inc. (a)		6,507
	1,974	ANSYS, Inc. (a)		437
	908	Atlassian Corp. PLC, Class – A (a)		114
	1,566	Autodesk, Inc. (a)		231
	3,967	Citrix Systems, Inc.		383
	1,303	Fortinet, Inc. (a)		100
	5,422	Intuit, Inc.		1,442
	276,475	Microsoft Corp.		38,437
	63,347	Oracle Corp.		3,486
	121,617	Salesforce.com, Inc. (a)		18,052
	66,571	SAP AG, ADR		7,847
	10,890	ServiceNow, Inc. (a)		2,764
	19,745	Splunk, Inc. (a)		2,327
	1,391	SS&C Technologies Holdings, Inc.		72
	151	Synopsys, Inc. (a)		21
	1,831	VMware, Inc., Class – A		275
	20,702	Workday, Inc., Class – A (a)		3,519
				86,014
		Specialty Retail — 4.16%
	1,357	Aaron’s, Inc.		87
	1,475	Advance Auto Parts, Inc.		244
	597	AutoZone, Inc. (a)		648
	6,005	Best Buy Co., Inc.		414
	376	Burlington Stores, Inc. (a)		75
	77,792	Lowe’s Companies, Inc.		8,554
	1,946	O’Reilly Automotive, Inc. (a)		776
	9,045	Ross Stores, Inc.		994
	27,678	The Home Depot, Inc.		6,422
	159,890	The TJX Companies, Inc.		8,911
	2,234	Tiffany & Co.		207
	1,256	Tractor Supply Co.		114
	21,180	Ulta Salon, Cosmetics & Fragrance, Inc. (a)		5,309
				32,755
		Technology Hardware, Storage & Peripherals — 3.84%
	116,227	Apple, Inc.		26,032
	38,672	Western Digital Corp.		2,306
	62,681	Xerox Holdings Corp.		1,875
				30,213
		Textiles, Apparel & Luxury Goods — 2.68%
	13,153	Adidas AG, ADR		2,048
	58,285	Kering SA, ADR		2,967
	960	Kontoor Brands, Inc.		34

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Textiles, Apparel & Luxury Goods (continued)
	18,943	Lululemon Athletica, Inc. (a)	$	3,647
	123,927	NIKE, Inc., Class – B		11,639
	3,743	Under Armour, Inc., Class – A (a)		75
	3,770	Under Armour, Inc., Class – C (a)		68
	6,722	V.F. Corp.		598
				21,076
		Thrifts & Mortgage Finance — 0.21%
	128,820	New York Community Bancorp, Inc.		1,617
		Tobacco — 0.29%
	30,396	Philip Morris International, Inc.		2,308
		Trading Companies & Distributors — 0.11%
	14,448	Fastenal Co.		472
	909	MSC Industrial Direct Co., Inc., Class – A		66
	1,221	W.W. Grainger, Inc.		363
				901
		Total Common Stocks		771,779
		Exchange-Traded Funds — 1.44%
	62,510	iShares Russell 1000 Growth ETF		9,978
	8,514	Vanguard Russell 1000 Growth ETF		1,398
		Total Exchange-Traded Funds		11,376
		Investment Companies — 0.42%
	719,040	Federated Treasury Obligations Fund, Institutional Shares, 2.29% ^^(b)		719
	2,622,490	State Street Institutional Treasury Plus Money Market Fund, Trust Class, 1.78% (b)		2,623
		Total Investment Companies		3,342
Principal Amount (000)
		Repurchase Agreement — 0.29%
$	2,256	Jefferies LLC, 2.40%, 10/1/19 (Purchased on 9/30/19, proceeds at maturity $2,256,044 collateralized by U.S. Treasury Obligation, 1.48%, 11/15/27 fair value $2,301,015) ^^		2,256
		Total Repurchase Agreement		2,256
		Total Investments (cost $395,947) — 100.19%		788,753
		Liabilities in excess of other assets — (0.19)%		(1,458	)
		Net Assets — 100.00%	$	787,295

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

^ All or part of this security was on loan as of September 30, 2019. The total value of securities on loan as of September 30, 2019, was $2,827 (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 September 30, 2019.

(a) Represents non-income producing security.

HC CAPITAL TRUST

The Growth Equity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

(b) The rate disclosed is the rate in effect on September 30, 2019.

ADR—American Depositary Receipt

ETF—Exchange-Traded Fund

REIT—Real Estate Investment Trust

HC CAPITAL TRUST

The Growth Equity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

The following table reflects the percentage of total net assets of the Portfolio attributable to each Specialist Manager as of September 30, 2019.

The Growth Equity Portfolio	Jennison Associates, LLC			Parametric Portfolio Associates, LLC			Total
Common Stocks		23.79	%		74.25	%		98.04	%
Exchange-Traded Funds		1.44	%		—			1.44	%
Investment Companies		0.04	%		0.38	%		0.42	%
Repurchase Agreement		0.15	%		0.14	%		0.29	%
Other Assets (Liabilities)		-0.09	%		-0.10	%		-0.19	%
Total Net Assets		25.33	%		74.67	%		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 September 30, 2019.

Futures Contracts Purchased^

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value and Unrealized Appreciation/ (Depreciation) (000)
E-Mini Nasdaq 100 Future		3		12/20/19	$	466	$	(10	)
E-Mini S&P 500 Future		4		12/20/19		596		(5	)
					$	1,062	$	(15	)
		Total Unrealized Appreciation					$	—
		Total Unrealized Depreciation						(15	)
		Total Net Unrealized Appreciation/(Depreciation)					$	(15	)

^ 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 — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks — 94.19%
		Aerospace & Defense — 3.12%
	56,369	Airbus SE, ADR	$	1,830
	6,990	Arconic, Inc.		182
	3,630	BWX Technologies, Inc.		208
	690	Curtiss-Wright Corp.		89
	5,976	General Dynamics Corp.		1,092
	1,874	HEICO Corp.		234
	6,262	HEICO Corp., Class – A		609
	3,975	Hexcel Corp.		326
	1,638	Huntington Ingalls Industries, Inc.		347
	9,666	L3Harris Technologies, Inc.		2,017
	12,981	Lockheed Martin Corp.		5,063
	8,739	Northrop Grumman Corp.		3,275
	12,335	Raytheon Co.		2,420
	82,313	Safran SA, ADR		3,234
	4,456	Spirit Aerosystems Holdings, Inc., Class – A		366
	629	Teledyne Technologies, Inc. (a)		203
	4,104	Textron, Inc.		201
	46,191	The Boeing Co.		17,575
	6,851	TransDigm Group, Inc.		3,567
	14,571	United Technologies Corp.		1,989
				44,827
		Air Freight & Logistics — 0.43%
	10,440	C.H. Robinson Worldwide, Inc.		885
	6,602	Expeditors International of Washington, Inc.		490
	4,312	FedEx Corp.		628
	33,407	United Parcel Service, Inc., Class – B		4,003
	3,117	XPO Logistics, Inc. (a)		223
				6,229
		Airlines — 0.39%
	4,010	Alaska Air Group, Inc.		260
	8,299	American Airlines Group, Inc.		224
	470	Copa Holdings SA, Class – A		46
	14,113	Delta Air Lines, Inc.		813
	6,630	JetBlue Airways Corp. (a)		111
	19,687	Southwest Airlines Co.		1,063
	36,117	United Continental Holdings, Inc. (a)		3,193
				5,710
		Auto Components — 0.06%
	5,222	Aptiv PLC		457
	3,426	BorgWarner, Inc.		126
	5,002	Gentex Corp.		137
	4,428	Goodyear Tire & Rubber Co.		64
	1,035	Lear Corp.		122
				906
		Automobiles — 0.42%
	81,414	Ford Motor Co.		746
	22,219	General Motors Co.		833
	2,550	Harley-Davidson, Inc.		92
	17,878	Tesla Motors, Inc.^ (a)		4,306
	954	Thor Industries, Inc.		54
				6,031
		Banks — 2.26%
	3,134	Associated Banc-Corp.		63
	152,185	Bank of America Corp.		4,439
	784	Bank of Hawaii Corp.		67
	2,305	Bank OZK		63
	1,873	BankUnited, Inc.		63

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Banks (continued)
	18,273	BB&T Corp.	$	975
	618	BOK Financial Corp.		49
	1,714	CIT Group, Inc.		78
	81,139	Citigroup, Inc.		5,606
	8,172	Citizens Financial Group, Inc.		289
	2,998	Comerica, Inc.		198
	1,885	Commerce Bancshares, Inc.		114
	880	Cullen/Frost Bankers, Inc.		78
	2,735	East West Bancorp, Inc.		121
	13,371	Fifth Third Bancorp		366
	149	First Citizens BancShares, Inc., Class – A		70
	2,576	First Hawaiian, Inc.		69
	6,005	First Horizon National Corp.		97
	6,701	First Republic Bank		648
	6,130	FNB Corp.		71
	18,498	Huntington Bancshares, Inc.		264
	68,579	JPMorgan Chase & Co.		8,072
	18,253	KeyCorp		326
	4,256	M&T Bank Corp.		672
	2,327	PacWest Bancorp		85
	22,465	People’s United Financial, Inc.		351
	1,421	Pinnacle Financial Partners, Inc.		81
	8,084	PNC Financial Services Group, Inc.		1,133
	1,497	Popular, Inc.		81
	1,260	Prosperity Bancshares, Inc.		89
	18,060	Regions Financial Corp.		286
	4,330	Signature Bank		516
	4,085	Sterling Bancorp		82
	8,111	SunTrust Banks, Inc.		558
	1,021	SVB Financial Group (a)		213
	2,876	Synovus Financial Corp.		103
	2,839	TCF Financial Corp.		108
	953	Texas Capital Bancshares, Inc. (a)		52
	32,174	U.S. Bancorp		1,781
	4,158	Umpqua Holdings Corp.		68
	1,731	Webster Financial Corp.		81
	71,743	Wells Fargo & Co.		3,619
	2,346	Western Alliance Bancorp		108
	1,059	Wintrust Financial Corp.		68
	3,041	Zions Bancorp		135
				32,456
		Beverages — 1.52%
	2,317	Brown-Forman Corp., Class – A		138
	15,347	Brown-Forman Corp., Class – B		963
	5,242	Constellation Brands, Inc., Class – A		1,087
	3,542	Keurig Dr Pepper, Inc.		97
	12,909	Molson Coors Brewing Co., Class – B		742
	20,774	Monster Beverage Corp. (a)		1,206
	65,242	PepsiCo, Inc.		8,945
	159,459	The Coca-Cola Co.		8,681
				21,859
		Biotechnology — 2.23%
	70,716	AbbVie, Inc.		5,354
	1,267	Agios Pharmaceuticals, Inc. (a)		41
	21,825	Alexion Pharmaceuticals, Inc. (a)		2,138
	2,915	Alkermes PLC (a)		57
	4,465	Alnylam Pharmaceuticals, Inc. (a)		359
	27,356	Amgen, Inc.		5,293
	5,290	Biogen Idec, Inc. (a)		1,232
	26,582	BioMarin Pharmaceutical, Inc. (a)		1,792
	1,025	Bluebird Bio, Inc. (a)		94
	35,747	Celgene Corp. (a)		3,550

HC CAPITAL TRUST

The Institutional Growth Equity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Biotechnology (continued)
	17,197	Exact Sciences Corp. (a)	$	1,554
	9,200	Exelixis, Inc. (a)		163
	29,869	Gilead Sciences, Inc.		1,893
	8,389	Incyte Corp. (a)		623
	6,292	Ionis Pharmaceuticals, Inc. (a)		377
	8,854	Moderna, Inc. (a)		141
	4,416	Neurocrine Biosciences, Inc. (a)		398
	1,985	Regeneron Pharmaceuticals, Inc. (a)		551
	9,390	Sage Therapeutics, Inc. (a)		1,317
	3,418	Sarepta Therapeutics, Inc. (a)		257
	5,464	Seattle Genetics, Inc. (a)		467
	814	United Therapeutics Corp. (a)		65
	25,990	Vertex Pharmaceuticals, Inc. (a)		4,403
				32,119
		Building Products — 0.19%
	2,876	A.O. Smith Corp.		137
	4,701	Allegion PLC		487
	2,273	Armstrong World Industries, Inc.		220
	3,949	Fortune Brands Home & Security, Inc.		216
	18,388	Johnson Controls International PLC		806
	2,210	Lennox International, Inc.		537
	5,152	Masco Corp.		215
	2,055	Owens Corning, Inc.		130
	2,354	Resideo Technologies, Inc. (a)		34
				2,782
		Capital Markets — 1.94%
	998	Affiliated Managers Group, Inc.		83
	2,959	Ameriprise Financial, Inc.		435
	19,086	Bank of New York Mellon Corp.		863
	5,244	BGC Partners, Inc., Class – A		29
	2,122	BlackRock, Inc., Class – A		946
	8,807	CBOE Holdings, Inc.		1,012
	9,083	CME Group, Inc.		1,920
	5,495	E*Trade Financial Corp.		240
	2,140	Eaton Vance Corp.		96
	1,151	Evercore Partners, Inc., Class – A		92
	2,429	FactSet Research Systems, Inc.		590
	5,056	Franklin Resources, Inc.		146
	5,904	Goldman Sachs Group, Inc.		1,223
	56,030	Interactive Brokers Group, Inc., Class – A		3,013
	21,436	Intercontinental Exchange Group, Inc.		1,978
	7,854	Invesco Ltd.		133
	3,121	Janus Henderson Group PLC		70
	2,659	Lazard Ltd., Class – A		93
	1,615	Legg Mason, Inc.		62
	3,844	LPL Financial Holdings, Inc.		315
	3,410	MarketAxess Holdings, Inc.		1,117
	7,890	Moody’s Corp.		1,616
	21,670	Morgan Stanley		925
	922	Morningstar, Inc.		135
	3,895	MSCI, Inc. Common		848
	3,644	Northern Trust Corp.		340
	3,037	Raymond James Financial, Inc.		250
	20,514	S&P Global, Inc.		5,026
	4,120	SEI Investments Co.		244
	6,792	State Street Corp.		402
	6,162	T. Rowe Price Group, Inc.		704
	11,885	TD Ameritrade Holding Corp.		555
	42,681	The Charles Schwab Corp.		1,785
	5,871	The Nasdaq OMX Group, Inc.		583

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Capital Markets (continued)
	1,585	Virtu Financial, Inc., Class – A	$	26
				27,895
		Chemicals — 1.28%
	6,055	Air Products & Chemicals, Inc.		1,343
	1,739	Albemarle Corp.		121
	1,180	Ashland Global Holdings, Inc.		91
	18,683	Axalta Coating Systems Ltd. (a)		563
	1,120	Cabot Corp.		51
	2,244	Celanese Corp., Series A		274
	4,580	CF Industries Holdings, Inc.		225
	13,706	Corteva, Inc.		384
	13,733	Dow, Inc.		654
	13,431	DuPont de Nemours, Inc.		958
	2,420	Eastman Chemical Co.		179
	13,850	Ecolab, Inc.		2,743
	7,232	Element Solutions, Inc. (a)		74
	31,813	FMC Corp.		2,790
	4,138	Huntsman Corp.		96
	6,585	International Flavors & Fragrances, Inc.		808
	10,824	Linde PLC		2,097
	4,825	LyondellBasell Industries N.V., Class– A		432
	293	NewMarket Corp.		138
	3,138	Olin Corp.		59
	8,258	PPG Industries, Inc.		979
	3,188	RPM International, Inc.		219
	3,274	The Chemours Co.		49
	6,792	The Mosaic Co.		139
	1,908	The Scotts Miracle-Gro Co.		194
	4,139	The Sherwin-Williams Co.		2,276
	3,584	Valvoline, Inc.		79
	2,495	W.R. Grace & Co.		167
	690	Westlake Chemical Corp.		45
				18,227
		Commercial Services & Supplies — 0.50%
	735	ADT, Inc.		5
	4,088	Cintas Corp.		1,096
	978	Clean Harbors, Inc. (a)		76
	9,422	Copart, Inc. (a)		757
	5,975	IAA, Inc. (a)		249
	6,021	KAR Auction Services, Inc.		148
	11,235	Republic Services, Inc., Class – A		972
	17,675	Rollins, Inc.		602
	1,636	Stericycle, Inc. (a)		83
	6,353	Waste Connections, Inc.		584
	22,346	Waste Management, Inc.		2,570
				7,142
		Communications Equipment — 0.98%
	2,921	Arista Networks, Inc. (a)		698
	2,878	Ciena Corp. (a)		113
	206,046	Cisco Systems, Inc.		10,181
	3,602	Commscope Holding, Inc. (a)		42
	917	EchoStar Corp., Class – A (a)		36
	2,637	F5 Networks, Inc. (a)		370
	5,842	Juniper Networks, Inc.		145
	8,234	Motorola Solutions, Inc.		1,403
	4,432	Palo Alto Networks, Inc. (a)		903
	784	Ubiquiti, Inc.		93
	1,048	ViaSat, Inc. (a)		79
				14,063

HC CAPITAL TRUST

The Institutional Growth Equity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Construction & Engineering — 0.04%
	2,966	AECOM Technology Corp. (a)	$	111
	2,751	Fluor Corp.		53
	2,430	Jacobs Engineering Group, Inc.		223
	3,389	Quanta Services, Inc.		128
	414	Valmont Industries, Inc.		57
				572
		Construction Materials — 0.31%
	1,934	Eagle Materials, Inc., Class – A		174
	12,564	Martin Marietta Materials, Inc.		3,444
	5,963	Vulcan Materials Co.		902
				4,520
		Consumer Finance — 0.39%
	7,044	Ally Financial, Inc.		234
	23,629	American Express Co.		2,794
	8,361	Capital One Financial Corp.		761
	481	Credit Acceptance Corp. (a)		222
	9,351	Discover Financial Services		758
	2,842	Navient Corp.		36
	851	OneMain Holdings, Inc.		31
	2,194	Santander Consumer USA Holdings, Inc.		56
	8,247	SLM Corp.		73
	18,035	Synchrony Financial		615
				5,580
		Containers & Packaging — 0.32%
	2,005	AptarGroup, Inc.		237
	155	Ardagh Group SA		2
	4,640	Avery Dennison Corp.		527
	21,295	Ball Corp.		1,551
	4,212	Berry Plastics Group, Inc. (a)		165
	8,411	Crown Holdings, Inc. (a)		556
	5,715	Graphic Packaging Holding Co.		84
	7,225	International Paper Co.		302
	3,033	Owens-Illinois, Inc.		31
	1,639	Packaging Corporation of America		174
	15,067	Sealed Air Corp.		626
	1,479	Silgan Holdings		44
	1,621	Sonoco Products Co.		94
	4,875	WestRock Co.		178
				4,571
		Distributors — 0.10%
	7,726	Genuine Parts Co.		769
	10,384	LKQ Corp. (a)		327
	1,897	Pool Corp.		383
				1,479
		Diversified Consumer Services — 0.28%
	2,824	Bright Horizons Family Solutions, Inc. (a)		431
	51,832	Frontdoor, Inc. (a)		2,516
	78	Graham Holdings Co.		52
	983	Grand Canyon Education, Inc. (a)		97
	23,775	H&R Block, Inc.		562
	5,146	Service Corporation International		246
	3,154	ServiceMaster Global Holdings, Inc. (a)		176
				4,080
		Diversified Financial Services — 0.54%
	4,865	AXA Equitable Holdings, Inc.		108
	35,319	Berkshire Hathaway, Inc., Class – B (a)		7,347
	4,752	Jefferies Financial Group, Inc.		87

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Diversified Financial Services (continued)
	2,776	Voya Financial, Inc.	$	151
				7,693
		Diversified Telecommunication Services — 0.83%
	147,578	AT&T, Inc.		5,584
	19,984	CenturyLink, Inc.		249
	86,376	Verizon Communications, Inc.		5,214
	27,183	Zayo Group Holdings, Inc. (a)		922
				11,969
		Electric Utilities — 1.56%
	19,211	Alliant Energy Corp.		1,036
	17,858	American Electric Power, Inc.		1,673
	1,053	Avangrid, Inc.		55
	21,935	Duke Energy Corp.		2,103
	15,722	Edison International		1,186
	10,557	Entergy Corp.		1,239
	17,133	Evergy, Inc.		1,140
	15,650	Eversource Energy		1,338
	33,666	Exelon Corp.		1,626
	26,466	FirstEnergy Corp.		1,276
	2,052	Hawaiian Electric Industries, Inc.		94
	942	IDACORP, Inc.		106
	12,207	NextEra Energy, Inc.		2,844
	20,818	OGE Energy Corp.		945
	9,797	PG&E Corp. (a)		98
	10,321	Pinnacle West Capital Corp.		1,002
	39,576	PPL Corp.		1,246
	32,566	The Southern Co.		2,012
	21,841	Xcel Energy, Inc.		1,417
				22,436
		Electrical Equipment — 0.28%
	1,083	Acuity Brands, Inc.		146
	9,482	AMETEK, Inc.		871
	7,742	Eaton Corp. PLC		644
	12,627	Emerson Electric Co.		844
	1,000	GrafTech International Ltd.		13
	1,785	Hubbell, Inc.		235
	3,050	nVent Electric PLC		67
	821	Regal-Beloit Corp.		60
	5,634	Rockwell Automation, Inc.		927
	5,006	Sensata Technologies Holding PLC (a)		251
				4,058
		Electronic Equipment, Instruments & Components — 0.41%
	13,974	Amphenol Corp., Class – A		1,347
	1,606	Arrow Electronics, Inc. (a)		120
	1,675	Avnet, Inc.		75
	6,945	CDW Corporation of Delaware		856
	8,107	Cognex Corp.		398
	459	Coherent, Inc. (a)		71
	21,475	Corning, Inc.		612
	1,493	Dolby Laboratories, Inc., Class – A		97
	4,138	FLIR Systems, Inc.		218
	781	IPG Photonics Corp. (a)		106
	3,920	Jabil Circuit, Inc.		140
	8,958	Keysight Technologies, Inc. (a)		871
	457	Littelfuse, Inc.		81
	2,362	National Instruments Corp.		99
	780	SYNNEX Corp.		88
	6,174	Trimble Navigation Ltd. (a)		240

HC CAPITAL TRUST

The Institutional Growth Equity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Electronic Equipment, Instruments & Components (continued)
	2,605	Zebra Technologies Corp., Class – A (a)	$	538
				5,957
		Energy Equipment & Services — 0.12%
	1,556	Apergy Corp. (a)		42
	11,322	Baker Hughes, Inc.		263
	15,431	Halliburton Co.		291
	2,070	Helmerich & Payne, Inc.		83
	7,394	National Oilwell Varco, Inc.		157
	4,090	Patterson-UTI Energy, Inc.		35
	24,797	Schlumberger Ltd.		847
	10,013	Transocean Ltd. (a)		45
				1,763
		Entertainment — 2.14%
	14,817	Activision Blizzard, Inc.		784
	2,031	Cinemark Holdings, Inc.		78
	13,296	Electronic Arts, Inc. (a)		1,301
	433	Liberty Media Group, Class – A (a)		17
	6,549	Liberty Media Group, Class – C (a)		272
	337	Lions Gate Entertainment Corp., Class – A (a)		3
	1,899	Lions Gate Entertainment Corp., Class – B (a)		17
	6,206	Live Nation Entertainment, Inc. (a)		412
	47,915	Netflix, Inc. (a)		12,824
	71,645	Sea Ltd., ADR (a)		2,217
	22,653	Spotify Technology SA (a)		2,582
	3,570	Take-Two Interactive Software, Inc. (a)		447
	410	The Madison Square Garden Co., Class – A (a)		108
	68,908	The Walt Disney Co.		8,980
	77	Viacom, Inc., Class – A		2
	20,715	Viacom, Inc., Class – B		498
	2,196	World Wrestling Entertainment, Inc., Class – A		156
	20,327	Zynga, Inc. (a)		118
				30,816
		Equity Real Estate Investment Trusts — 4.01%
	5,772	Alexandria Real Estate Equities, Inc.		889
	2,582	American Campus Communities, Inc.		124
	8,362	American Homes 4 Rent, Class – A		216
	31,070	American Tower Corp.		6,872
	9,324	Americold Realty Trust		346
	2,492	Apartment Investment & Management Co.		130
	4,117	Apple Hospitality REIT, Inc.		68
	5,783	AvalonBay Communities, Inc.		1,245
	7,108	Boston Properties, Inc.		922
	3,350	Brandywine Realty Trust		51
	4,845	Brixmor Property Group, Inc.		98
	3,966	Brookfield Property REIT, Inc., Class – A		81
	8,056	Camden Property Trust		894
	9,196	Colony Capital, Inc.		55
	2,257	Columbia Property Trust, Inc.		48
	1,522	Coresite Realty Corp.		185
	1,968	Corporate Office Properties Trust		59
	2,721	Cousins Properties, Inc.		102
	36,087	Crown Castle International Corp.		5,017
	3,516	CubeSmart		123
	1,981	CyrusOne, Inc.		157
	8,651	Digital Realty Trust, Inc.		1,123
	3,046	Douglas Emmett, Inc.		130

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Equity Real Estate Investment Trusts (continued)
	24,290	Duke Realty Corp.	$	825
	2,697	Empire State Realty Trust, Inc., Class – A		38
	1,398	EPR Properties		107
	5,098	Equinix, Inc.		2,942
	2,230	Equity Commonwealth		76
	9,620	Equity Lifestyle Properties, Inc.		1,285
	15,079	Equity Residential		1,301
	3,441	Essex Property Trust, Inc.		1,124
	11,600	Extra Space Storage, Inc.		1,355
	6,287	Federal Realty Investment Trust		856
	3,819	Gaming & Leisure Properties, Inc.		146
	29,705	HCP, Inc.		1,058
	3,346	Healthcare Trust of America, Inc., Class – A		98
	1,926	Highwoods Properties, Inc.		87
	30,006	Host Hotels & Resorts, Inc.		519
	2,923	Hudson Pacific Property, Inc.		98
	31,827	Invitation Homes, Inc.		942
	23,918	Iron Mountain, Inc.		775
	2,302	JBG SMITH Properties		90
	1,915	Kilroy Realty Corp.		149
	39,039	Kimco Realty Corp.		815
	4,132	Lamar Advertising Co., Class – A		339
	14,146	Liberty Property Trust		726
	868	Life Storage, Inc.		91
	7,951	Medical Properties Trust, Inc.		156
	7,387	Mid-America Apartment Communities, Inc.		960
	15,703	National Retail Properties, Inc.		886
	4,072	OMEGA Healthcare Investors, Inc.		170
	3,321	Outfront Media, Inc.		92
	3,906	Paramount Group, Inc.		52
	3,812	Parks Hotels & Resorts, Inc.		95
	17,148	Prologis, Inc.		1,461
	8,995	Public Storage		2,207
	2,447	Rayonier, Inc.		69
	15,105	Realty Income Corp.		1,158
	12,885	Regency Centers Corp.		895
	4,119	Retail Properties of America, Inc., Class – A		51
	7,796	SBA Communications Corp.		1,880
	3,086	Service Properties Trust		80
	17,893	Simon Property Group, Inc.		2,786
	2,930	SITE Centers Corp.		44
	8,073	SL Green Realty Corp.		660
	1,626	Spirit Realty Capital, Inc.		78
	3,733	Store Capital Corp.		140
	7,386	Sun Communities, Inc.		1,096
	1,129	Taubman Centers, Inc.		46
	21,684	The Macerich Co.		685
	20,104	UDR, Inc.		975
	16,870	Ventas, Inc.		1,232
	81,402	VEREIT, Inc.		796
	7,830	VICI Properties, Inc.		177
	12,798	Vornado Realty Trust		815
	2,270	Weingarten Realty Investors		66
	15,328	Welltower, Inc.		1,389
	23,610	Weyerhaeuser Co.		654
	11,167	WP Carey, Inc.		999
				57,627
		Food & Staples Retailing — 1.34%
	978	Casey’s General Stores, Inc.		158
	37,544	Costco Wholesale Corp.		10,816
	225	Grocery Outlet Holding Corp. (a)		8
	3,646	Sprouts Farmers Market, Inc. (a)		71
	30,682	Sysco Corp.		2,436

HC CAPITAL TRUST

The Institutional Growth Equity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Food & Staples Retailing (continued)
	39,334	The Kroger Co.	$	1,014
	4,081	US Foods Holding Corp. (a)		168
	16,887	Walgreens Boots Alliance, Inc.		934
	30,384	Wal-Mart Stores, Inc.		3,606
				19,211
		Food Products — 1.22%
	23,188	Archer-Daniels-Midland Co.		952
	288	Beyond Meat, Inc. (a)		43
	14,354	Bunge Ltd.		813
	22,537	Campbell Soup Co.		1,057
	29,727	ConAgra Foods, Inc.		912
	3,564	Flowers Foods, Inc.		82
	24,006	General Mills, Inc.		1,323
	11,033	Hershey Co.		1,711
	20,373	Hormel Foods Corp.		891
	9,102	Ingredion, Inc.		744
	18,355	Kellogg Co.		1,181
	13,669	Lamb Weston Holding, Inc.		994
	8,588	McCormick & Company, Inc.		1,342
	35,199	Mondelez International, Inc., Class – A		1,948
	1,705	Pilgrim’s Pride Corp. (a)		55
	2,066	Post Holdings, Inc. (a)		219
	6	Seaboard Corp.		26
	1,767	The Hain Celestial Group, Inc. (a)		38
	8,944	The J.M. Smucker Co.		984
	33,626	The Kraft Heinz Co.		939
	1,329	TreeHouse Foods, Inc. (a)		74
	12,611	Tyson Foods, Inc., Class – A		1,086
				17,414
		Gas Utilities — 0.14%
	8,967	Atmos Energy Corp.		1,021
	1,538	National Fuel Gas Co.		72
	18,536	UGI Corp.		932
				2,025
		Health Care Equipment & Supplies — 2.97%
	53,244	Abbott Laboratories		4,454
	2,173	Abiomed, Inc. (a)		387
	3,746	Align Technology, Inc. (a)		678
	17,686	Baxter International, Inc.		1,547
	5,945	Becton, Dickinson & Co.		1,504
	66,181	Boston Scientific Corp. (a)		2,693
	1,291	Cantel Medical Corp.		97
	27,759	Danaher Corp.		4,009
	13,985	Dentsply Sirona, Inc.		746
	11,829	Dexcom, Inc. (a)		1,765
	19,862	Edwards Lifesciences Corp. (a)		4,367
	2,134	Hill-Rom Holdings, Inc.		225
	13,707	Hologic, Inc. (a)		692
	487	ICU Medical, Inc. (a)		78
	4,068	IDEXX Laboratories, Inc. (a)		1,106
	2,811	Insulet Corp. (a)		464
	1,346	Integra LifeSciences Holdings Corp. (a)		81
	10,699	Intuitive Surgical, Inc. (a)		5,776
	2,203	Masimo Corp. (a)		328
	28,323	Medtronic PLC		3,076
	1,508	Penumbra, Inc. (a)		203
	7,857	ResMed, Inc.		1,062
	3,742	STERIS PLC		541
	16,406	Stryker Corp.		3,549
	2,183	Teleflex, Inc.		742
	1,941	The Cooper Companies, Inc.		576

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Health Care Equipment & Supplies (continued)
	5,919	Varian Medical Systems, Inc. (a)	$	705
	3,062	West Pharmaceutical Services, Inc.		434
	4,308	Zimmer Holdings, Inc.		591
				42,476
		Health Care Providers & Services — 2.13%
	1,651	Acadia Healthcare Company, Inc. (a)		51
	9,286	AmerisourceBergen Corp.		765
	7,897	Anthem, Inc.		1,896
	7,950	Cardinal Health, Inc.		375
	69,177	Centene Corp. (a)		2,993
	761	Chemed Corp.		318
	11,721	Cigna Corp.		1,779
	1,196	Covetrus, Inc. (a)		14
	29,022	CVS Caremark Corp.		1,830
	3,569	DaVita Healthcare Partners, Inc. (a)		204
	3,353	Encompass Health Corp.		212
	1,692	Guardant Health, Inc. (a)		108
	11,942	HCA Holdings, Inc.		1,438
	9,912	Henry Schein, Inc. (a)		629
	14,346	Humana, Inc.		3,668
	3,894	Laboratory Corporation of America Holdings (a)		654
	6,291	McKesson Corp.		860
	1,786	MEDNAX, Inc. (a)		40
	2,652	Molina Heathcare, Inc. (a)		291
	1,003	Premier, Inc., Class – A (a)		29
	6,947	Quest Diagnostics, Inc.		744
	46,326	UnitedHealth Group, Inc.		10,068
	5,053	Universal Health Services, Inc., Class – B		752
	3,528	WellCare Health Plans, Inc. (a)		914
				30,632
		Health Care Technology — 0.17%
	17,354	Cerner Corp.		1,183
	1,435	Change Healthcare, Inc. (a)		17
	2,916	Medidata Solutions, Inc. (a)		267
	6,124	Veeva Systems, Inc. (a)		935
				2,402
		Hotels, Restaurants & Leisure — 2.13%
	12,242	Aramark		534
	10,893	Caesars Entertainment Corp. (a)		127
	11,234	Carnival Corp., Class – A		491
	4,391	Chipotle Mexican Grill, Inc. (a)		3,691
	899	Choice Hotels International, Inc.		80
	10,240	Darden Restaurants, Inc.		1,211
	3,873	Domino’s Pizza, Inc.		947
	3,872	Dunkin’ Brands Group, Inc.		307
	3,595	Extended Stay America, Inc.		53
	1,627	Hilton Grand Vacations (a)		52
	40,668	Hilton Worldwide Holdings, Inc.		3,787
	765	Hyatt Hotels Corp., Class – A		56
	1,904	International Game Technology PLC		27
	11,204	Las Vegas Sands Corp.		647
	26,675	Marriott International, Inc., Class – A		3,318
	20,518	McDonald’s Corp.		4,405
	11,138	MGM Resorts International		309
	5,141	Norwegian Cruise Line Holdings Ltd. (a)		266
	4,096	Planet Fitness, Inc., Class – A (a)		237
	3,043	Royal Caribbean Cruises Ltd.		330
	1,646	Six Flags Entertainment Corp.		84
	63,015	Starbucks Corp.		5,571
	8,912	The Wendy’s Co.		178

HC CAPITAL TRUST

The Institutional Growth Equity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Hotels, Restaurants & Leisure (continued)
	1,846	Vail Resorts, Inc.	$	420
	2,655	Wyndham Hotels & Resorts, Inc.		137
	1,821	Wyndham Worldwide Corp.		84
	4,097	Wynn Resorts Ltd.		445
	15,296	Yum China Holdings, Inc.		695
	18,121	YUM! Brands, Inc.		2,055
				30,544
		Household Durables — 0.33%
	10,812	D.R. Horton, Inc.		570
	6,612	Garmin Ltd.		560
	2,484	Leggett & Platt, Inc.		102
	12,325	Lennar Corp., Class – A		688
	406	Lennar Corp., Class – B		18
	1,034	Mohawk Industries, Inc. (a)		128
	6,277	Newell Rubbermaid, Inc.		118
	299	NVR, Inc. (a)		1,112
	15,287	PulteGroup, Inc.		559
	4,014	Roku, Inc. (a)		408
	2,203	Tempur Sealy International, Inc. (a)		170
	2,585	Toll Brothers, Inc.		106
	1,187	Whirlpool Corp.		188
				4,727
		Household Products — 0.92%
	20,611	Church & Dwight Co., Inc.		1,551
	23,954	Colgate-Palmolive Co.		1,761
	1,185	Energizer Holdings, Inc.		52
	10,924	Kimberly-Clark Corp.		1,552
	588	Spectrum Brands Holdings, Inc.		31
	9,623	The Clorox Co.		1,461
	54,313	The Procter & Gamble Co.		6,755
				13,163
		Independent Power and Renewable Electricity Producers — 0.13%
	8,568	NRG Energy, Inc., Class – C		339
	49,350	The AES Corp.		807
	27,692	Vistra Energy Corp.		740
				1,886
		Industrial Conglomerates — 0.73%
	22,837	3M Co.		3,754
	2,407	Carlisle Companies, Inc.		350
	155,289	General Electric Co.		1,388
	24,256	Honeywell International, Inc.		4,105
	2,308	Roper Industries, Inc.		823
				10,420
		Insurance — 2.07%
	23,686	Aflac, Inc.		1,239
	947	Alleghany Corp. (a)		755
	10,658	Allstate Corp.		1,158
	5,565	American Financial Group, Inc.		600
	21,542	American International Group, Inc.		1,200
	157	American National Insurance Co.		19
	13,516	Aon PLC		2,617
	21,915	Arch Capital Group Ltd. (a)		920
	8,969	Arthur J. Gallagher & Co.		803
	4,437	Assurant, Inc.		558
	1,569	Assured Guaranty Ltd.		70
	6,421	Athene Holding Ltd. (a)		270
	1,869	AXIS Capital Holdings Ltd.		125
	2,278	Brighthouse Financial, Inc. (a)		92

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Insurance (continued)
	4,491	Brown & Brown, Inc.	$	162
	11,641	Chubb Ltd.		1,879
	6,511	Cincinnati Financial Corp.		760
	569	CNA Financial Corp.		28
	3,590	Erie Indemnity Co., Class – A		666
	3,716	Everest Re Group Ltd.		988
	2,058	First American Financial Corp.		121
	17,203	FNF Group		764
	4,171	Globe Life, Inc.		399
	660	Hanover Insurance Group, Inc.		89
	13,530	Hartford Financial Services Group, Inc.		820
	1,503	Kemper Corp.		117
	3,558	Lincoln National Corp.		215
	9,781	Loews Corp.		504
	721	Markel Corp. (a)		852
	26,431	Marsh & McLennan Companies, Inc.		2,645
	527	Mercury General Corp.		29
	14,368	MetLife, Inc.		678
	5,358	Old Republic International Corp.		126
	1,743	Primerica, Inc.		222
	4,885	Principal Financial Group, Inc.		279
	7,437	Prudential Financial, Inc.		669
	3,012	Reinsurance Group of America		482
	4,711	RenaissanceRe Holdings Ltd.		911
	20,109	The Progressive Corp.		1,554
	9,440	The Travelers Companies, Inc.		1,405
	3,867	Unum Group		115
	11,153	W.R. Berkley Corp.		806
	58	White Mountains Insurance Group Ltd.		63
	4,509	Willis Towers Watson PLC		870
				29,644
		Interactive Media & Services — 6.06%
	20,855	Alphabet, Inc., Class – A (a)		25,467
	18,988	Alphabet, Inc., Class – C (a)		23,146
	159,098	Facebook, Inc., Class – A (a)		28,333
	12,721	InterActive Corp. (a)		2,773
	2,543	Match Group, Inc.		182
	80,623	Tencent Holdings Ltd., ADR		3,356
	4,400	TripAdvisor, Inc. (a)		170
	36,125	Twitter, Inc. (a)		1,488
	1,078	Zillow Group, Inc., Class – A (a)		32
	73,824	Zillow Group, Inc., Class – C (a)		2,201
				87,148
		Internet & Direct Marketing Retail — 4.91%
	45,813	Alibaba Group Holding Ltd., ADR (a)		7,662
	27,369	Amazon.com, Inc. (a)		47,510
	3,346	Booking Holdings, Inc. (a)		6,567
	100,673	eBay, Inc.		3,924
	53,357	Etsy, Inc. (a)		3,015
	8,908	Expedia, Inc.		1,197
	4,416	GrubHub, Inc. (a)		248
	6,231	Qurate Retail, Inc. (a)		64
	2,923	Wayfair, Inc., Class – A (a)		328
				70,515
		IT Services — 7.27%
	30,482	Accenture PLC, Class – A		5,863
	7,308	Akamai Technologies, Inc. (a)		668
	857	Alliance Data Systems Corp.		110
	2,349	Amdocs Ltd.		155
	20,811	Automatic Data Processing, Inc.		3,359
	7,043	Black Knight, Inc. (a)		430

HC CAPITAL TRUST

The Institutional Growth Equity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		IT Services (continued)
	6,735	Booz Allen Hamilton Holding Corp.	$	478
	6,490	Broadridge Financial Solutions, Inc.		808
	460	CACI International, Inc., Class – A (a)		106
	14,928	Cognizant Technology Solutions Corp.		900
	1,813	CoreLogic, Inc. (a)		84
	5,143	DXC Technology Co.		152
	2,543	EPAM Systems, Inc. (a)		464
	2,343	Euronet Worldwide, Inc. (a)		343
	42,466	Fidelity National Information Services, Inc.		5,638
	28,599	Fiserv, Inc. (a)		2,963
	11,094	FleetCor Technologies, Inc. (a)		3,182
	4,191	Gartner Group, Inc. (a)		599
	8,377	Genpact Ltd.		325
	14,350	Global Payments, Inc.		2,282
	47,847	GoDaddy, Inc., Class – A (a)		3,157
	31,977	International Business Machines Corp.		4,650
	5,814	Jack Henry & Associates, Inc.		849
	4,086	Leidos Holdings, Inc.		351
	81,610	MasterCard, Inc., Class – A		22,162
	1,968	MongoDB, Inc. (a)		237
	4,906	Okta, Inc. (a)		483
	17,749	Paychex, Inc.		1,469
	109,387	PayPal Holdings, Inc. (a)		11,330
	5,838	Sabre Corp.		131
	3,577	Shopify, Inc. (a)		1,115
	36,272	Square, Inc., Class – A (a)		2,247
	2,178	Switch, Inc., Class – A		34
	5,145	Teradata Corp. (a)		159
	14,754	Twilio, Inc., Class – A (a)		1,622
	4,054	VeriSign, Inc. (a)		765
	137,578	Visa, Inc., Class – A		23,664
	29,249	Western Union Co.		678
	2,044	WEX, Inc. (a)		413
				104,425
		Leisure Products — 0.10%
	1,643	Brunswick Corp.		86
	8,448	Hasbro, Inc.		1,003
	14,117	Mattel, Inc. (a)		161
	2,436	Polaris Industries, Inc.		214
				1,464
		Life Sciences Tools & Services — 1.34%
	512	Adaptive Biotechnologies (a)		16
	6,755	Agilent Technologies, Inc.		518
	163,462	Avantor, Inc. (a)		2,403
	356	Bio-Rad Laboratories, Inc., Class – A (a)		118
	1,846	Bio-Techne Corp.		361
	4,910	Bruker Biosciences Corp.		216
	2,218	Charles River Laboratories International, Inc. (a)		294
	17,624	Illumina, Inc. (a)		5,361
	21,809	IQVIA Holdings, Inc. (a)		3,258
	1,156	Mettler-Toledo International, Inc. (a)		814
	2,888	PerkinElmer, Inc.		246
	2,973	PRA Health Sciences, Inc. (a)		295
	4,202	Qiagen N.V. (a)		139
	15,279	Thermo Electron Corp.		4,450
	3,257	Waters Corp. (a)		727
				19,216
		Machinery — 1.03%
	1,007	AGCO Corp.		76
	5,196	Allison Transmission Holdings, Inc.		244

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Machinery (continued)
	11,210	Caterpillar, Inc.	$	1,416
	1,621	Colfax Corp. (a)		47
	989	Crane Co.		80
	2,737	Cummins, Inc.		445
	6,720	Deere & Co.		1,134
	5,905	Donaldson Company, Inc.		308
	4,472	Dover Corp.		445
	3,368	Flowserve Corp.		157
	7,170	Fortive Corp.		492
	2,402	Gardner Denver Holdings, Inc. (a)		68
	304	Gates Industrial Corp. PLC (a)		3
	8,145	Graco, Inc.		375
	2,438	IDEX Corp.		400
	15,455	Illinois Tool Works, Inc.		2,418
	10,965	Ingersoll-Rand PLC		1,351
	1,657	ITT, Inc.		101
	2,648	Lincoln Electric Holdings, Inc.		230
	2,522	Nordson, Inc.		369
	1,334	Oshkosh Corp.		101
	6,193	PACCAR, Inc.		434
	2,336	Parker Hannifin Corp.		422
	2,776	Pentair PLC		105
	957	Snap-on, Inc.		150
	2,764	Stanley Black & Decker, Inc.		399
	5,158	The Middleby Corp. (a)		603
	1,306	The Timken Co.		57
	5,118	The Toro Co.		375
	1,246	Trinity Industries, Inc.		25
	4,871	WABCO Holdings, Inc. (a)		651
	4,666	Wabtec Corp.		335
	2,324	Woodward, Inc.		251
	8,442	Xylem, Inc.		672
				14,739
		Marine — 0.01%
	1,164	Kirby Corp. (a)		96
		Media — 1.87%
	107,814	Altice USA, Inc., Class A (a)		3,092
	2,307	AMC Networks, Inc. (a)		113
	212	Cable One, Inc.		266
	20,712	CBS Corp., Class – B		836
	12,706	Charter Communications, Inc., Class – A (a)		5,236
	207,724	Comcast Corp., Class – A		9,365
	8,022	Discovery Communications, Inc., Class – A (a)		214
	6,569	Discovery Communications, Inc., Class – C (a)		162
	4,421	Dish Network Corp. (a)		151
	7,246	Fox Corp., Class – A		229
	3,581	Fox Corp., Class – B		113
	1,618	GCI Liberty, Inc., Class – A (a)		100
	899	John Wiley & Sons, Inc., Class – A		40
	487	Liberty Broadband, Class – A (a)		51
	29,017	Liberty Broadband, Class – C (a)		3,037
	11,215	Liberty SiriusXM Group, Class – A (a)		466
	11,591	Liberty SiriusXM Group, Class – C (a)		486
	2,341	News Corp., Inc.		33
	7,241	News Corp., Inc., Class – A		101
	1,928	Nexstar Broadcasting Group, Inc., Class – A		197
	14,520	Omnicom Group, Inc.		1,137
	2,921	Sinclair Broadcast Group, Inc., Class – A		125
	104,757	Sirius XM Holdings, Inc.		655
	23,587	The Interpublic Group of Companies, Inc.		509

HC CAPITAL TRUST

The Institutional Growth Equity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Media (continued)
	3,980	The New York Times Co., Class – A	$	113
				26,827
		Metals & Mining — 0.17%
	3,540	Alcoa Corp. (a)		71
	25,583	Freeport-McMoRan Copper & Gold, Inc.		245
	35,029	Newmont Mining Corp.		1,327
	5,393	Nucor Corp.		275
	1,058	Reliance Steel & Aluminum Co.		105
	1,825	Royal Gold, Inc.		225
	3,252	Southern Copper Corp.		111
	3,475	Steel Dynamics, Inc.		104
	3,353	United States Steel Corp.		39
				2,502
		Mortgage Real Estate Investment Trusts — 0.17%
	61,215	AGNC Investment Corp.		985
	120,057	Annaly Capital Management, Inc.		1,056
	3,538	Chimera Investment Corp.		69
	8,498	MFA Financial, Inc.		63
	7,642	New Residential Investment Corp.		120
	5,058	Starwood Property Trust, Inc.		123
	4,669	Two Harbors Investment Corp.		61
				2,477
		Multiline Retail — 0.41%
	14,368	Dollar General Corp.		2,284
	12,620	Dollar Tree, Inc. (a)		1,441
	2,768	Kohl’s Corp.		137
	5,797	Macy’s, Inc.		90
	8,845	Nordstrom, Inc.		298
	2,641	Ollie’s Bargain Outlet Holdings, Inc. (a)		155
	13,319	Target Corp.		1,424
				5,829
		Multi-Utilities — 0.93%
	14,601	Ameren Corp.		1,169
	35,017	CenterPoint Energy, Inc.		1,057
	17,782	CMS Energy Corp.		1,137
	15,140	Consolidated Edison, Inc.		1,430
	24,730	Dominion Resources, Inc.		2,004
	9,585	DTE Energy Co.		1,274
	3,676	MDU Resources Group, Inc.		104
	32,638	NiSource, Inc.		977
	22,114	Public Service Enterprise Group, Inc.		1,373
	10,195	Sempra Energy		1,505
	14,251	WEC Energy Group, Inc.		1,355
				13,385
		Oil, Gas & Consumable Fuels — 1.56%
	4,378	Antero Midstream Corp.		32
	4,614	Antero Resources Corp. (a)		14
	6,558	Apache Corp.		168
	38,382	Cabot Oil & Gas Corp.		674
	3,508	Centennial Resource Development, Inc., Class – A (a)		16
	8,213	Cheniere Energy, Inc. (a)		518
	19,330	Chesapeake Energy Corp. (a)		27
	36,821	Chevron Corp.		4,367
	1,859	Cimarex Energy Co.		89
	3,514	Concho Resources, Inc.		239
	20,284	ConocoPhillips		1,156
	1,640	Continental Resources, Inc. (a)		50
	7,156	Devon Energy Corp.		172

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Oil, Gas & Consumable Fuels (continued)
	4,032	Diamondback Energy, Inc.	$	363
	10,387	EOG Resources, Inc.		771
	4,857	EQT Corp.		52
	4,668	Equitrans Midstream Corp.		68
	80,839	Exxon Mobil Corp.		5,708
	4,765	Hess Corp.		288
	2,685	HollyFrontier Corp.		144
	41,288	Kinder Morgan, Inc.		851
	5,199	Kosmos Energy Ltd.		32
	14,309	Marathon Oil Corp.		176
	12,034	Marathon Petroleum Corp.		731
	3,109	Murphy Oil Corp.		69
	8,328	Noble Energy, Inc.		187
	21,988	Occidental Petroleum Corp.		978
	11,500	ONEOK, Inc.		847
	9,395	Parsley Energy, Inc., Class – A		158
	2,260	PBF Energy, Inc., Class – A		61
	8,121	Phillips 66		832
	5,151	Pioneer Natural Resources Co.		648
	10,171	Plains GP Holdings LP, Class – A		216
	4,030	Range Resources Corp.		15
	3,991	Targa Resources Corp.		160
	30,495	The Williams Companies, Inc.		734
	7,634	Valero Energy Corp.		651
	7,529	WPX Energy, Inc. (a)		80
				22,342
		Paper & Forest Products — 0.00%
	1,190	Domtar Corp.		43
		Personal Products — 0.47%
	56,658	Coty, Inc., Class – A		595
	2,468	Herbalife Ltd. (a)		93
	1,110	Nu Skin Enterprises, Inc., Class – A		47
	29,741	The Estee Lauder Companies, Inc., Class – A		5,918
				6,653
		Pharmaceuticals — 2.78%
	7,800	Allergan PLC		1,313
	72,971	AstraZeneca PLC, ADR		3,252
	57,348	Bristol-Myers Squibb Co.		2,908
	2,737	Catalent, Inc. (a)		130
	6,486	Elanco Animal Health, Inc. (a)		172
	45,463	Eli Lilly & Co.		5,084
	4,116	Horizon Therapeutics PLC (a)		112
	5,458	Jazz Pharmaceuticals PLC (a)		699
	64,242	Johnson & Johnson		8,312
	125,893	Merck & Co., Inc.		10,599
	9,864	Mylan N.V. (a)		195
	3,556	Nektar Therapeutics (a)		65
	2,418	Perrigo Co. PLC		135
	112,021	Pfizer, Inc.		4,025
	22,829	Zoetis, Inc.		2,844
				39,845
		Professional Services — 0.61%
	1,728	CoStar Group, Inc. (a)		1,025
	7,650	Equifax, Inc.		1,076
	56,041	IHS Markit Ltd. (a)		3,748
	956	ManpowerGroup, Inc.		81
	16,670	Nielsen Holdings PLC		354
	5,345	Robert Half International, Inc.		298
	8,881	TransUnion Holding Company, Inc.		720

HC CAPITAL TRUST

The Institutional Growth Equity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Professional Services (continued)
	9,751	Versik Analytics, Inc., Class – A	$	1,542
				8,844
		Real Estate Management & Development — 0.06%
	9,970	CBRE Group, Inc., Class – A (a)		528
	1,165	Howard Hughes Corp. (a)		151
	1,025	Jones Lang LaSalle, Inc.		143
				822
		Road & Rail — 1.20%
	1,751	AMERCO, Inc.		683
	22,043	CSX Corp.		1,527
	1,255	Genesee & Wyoming, Inc., Class – A (a)		139
	3,729	Hunt (JB) Transportation Services, Inc.		413
	1,769	Kansas City Southern		235
	2,401	Knight-Swift Transportation Holdings, Inc.		87
	1,666	Landstar System, Inc.		188
	696	Lyft, Inc., Class – A (a)		28
	5,838	Norfolk Southern Corp.		1,049
	2,071	Old Dominion Freight Line, Inc.		352
	990	Ryder System, Inc.		51
	1,009	Schneider National, Inc.		22
	78,030	Uber Technologies, Inc. (a)		2,378
	62,598	Union Pacific Corp.		10,139
				17,291
		Semiconductors & Semiconductor Equipment — 3.28%
	48,082	Advanced Micro Devices, Inc. (a)		1,394
	8,073	Analog Devices, Inc.		902
	32,036	Applied Materials, Inc.		1,599
	27,139	Broadcom, Inc.		7,491
	2,207	Cree, Inc. (a)		108
	6,798	Cypress Semiconductor Corp.		159
	6,522	Entegris, Inc.		307
	1,554	First Solar, Inc. (a)		90
	80,080	Intel Corp.		4,127
	7,746	KLA-Tencor Corp.		1,235
	6,510	Lam Research Corp.		1,505
	11,605	Marvell Technology Group Ltd.		290
	7,767	Maxim Integrated Products, Inc.		450
	6,147	Microchip Technology, Inc.		571
	19,815	Micron Technology, Inc. (a)		849
	1,015	MKS Instruments, Inc.		94
	2,017	Monolithic Power Systems, Inc.		314
	44,077	NVIDIA Corp.		7,671
	24,788	NXP Semiconductors N.V.		2,704
	7,086	ON Semiconductor Corp. (a)		136
	2,144	Qorvo, Inc. (a)		159
	85,911	Qualcomm, Inc.		6,553
	3,283	Skyworks Solutions, Inc.		260
	8,102	Teradyne, Inc.		469
	44,836	Texas Instruments, Inc.		5,795
	2,101	Universal Display Corp.		353
	4,968	Versum Materials, Inc.		263
	12,185	Xilinx, Inc.		1,169
				47,017
		Software — 9.76%
	1,829	2U, Inc. (a)		30
	49,282	Adobe Systems, Inc. (a)		13,614
	21,026	Alteryx, Inc. (a)		2,259
	4,171	Anaplan, Inc. (a)		196
	3,954	ANSYS, Inc. (a)		875
	3,297	Aspen Technology, Inc. (a)		406

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Software (continued)
	5,033	Atlassian Corp. PLC, Class – A (a)	$	631
	9,079	Autodesk, Inc. (a)		1,341
	2,152	Avalara, Inc. (a)		145
	13,170	Cadence Design Systems, Inc. (a)		870
	13,355	CDK Global, Inc.		642
	3,472	Ceridian HCM Holding, Inc. (a)		171
	9,397	Citrix Systems, Inc.		907
	2,938	Coupa Software, Inc. (a)		381
	7,425	DocuSign, Inc. (a)		460
	10,065	Dropbox, Inc. (a)		203
	1,363	Dynatrace, Inc. (a)		25
	2,041	Elastic N.V. (a)		168
	1,331	Fair Isaac Corp. (a)		404
	10,204	FireEye, Inc. (a)		136
	6,880	Fortinet, Inc. (a)		528
	3,978	Guidewire Software, Inc. (a)		419
	1,909	HubSpot, Inc. (a)		289
	11,903	Intuit, Inc.		3,165
	985	LogMeln, Inc.		70
	3,103	Manhattan Associates, Inc. (a)		250
	525	Medallia, Inc. (a)		14
	456,885	Microsoft Corp.		63,522
	2,352	New Relic, Inc. (a)		145
	5,410	Nuance Communications, Inc. (a)		88
	6,665	Nutanix, Inc., Class – A (a)		175
	107,781	Oracle Corp.		5,931
	564	PagerDuty, Inc. (a)		16
	2,381	PAYCOM Software, Inc. (a)		499
	1,639	Paylocity Holding Corp. (a)		160
	1,817	Pegasystems, Inc.		124
	3,082	Pluralsight, Inc., Class – A (a)		52
	2,592	Proofpoint, Inc. (a)		334
	4,782	PTC, Inc. (a)		326
	3,705	RealPage, Inc. (a)		233
	3,415	RingCentral, Inc., Class – A (a)		429
	85,937	Salesforce.com, Inc. (a)		12,756
	13,834	SAP AG, ADR		1,631
	27,364	ServiceNow, Inc. (a)		6,946
	4,278	Smartsheet, Inc. (a)		154
	982	SolarWinds Corp. (a)		18
	23,461	Splunk, Inc. (a)		2,765
	65,696	SS&C Technologies Holdings, Inc.		3,388
	10,641	Symantec Corp.		251
	7,127	Synopsys, Inc. (a)		978
	62,998	Talend SA, ADR (a)		2,141
	1,832	The Trade Desk, Inc. (a)		344
	1,793	Tyler Technologies, Inc. (a)		471
	3,835	VMware, Inc., Class – A		575
	25,862	Workday, Inc., Class – A (a)		4,396
	38,304	Zendesk, Inc. (a)		2,792
	2,952	Zscaler, Inc. (a)		140
				140,379
		Specialty Retail — 2.34%
	4,492	Advance Auto Parts, Inc.		743
	1,052	AutoNation, Inc. (a)		53
	1,773	AutoZone, Inc. (a)		1,923
	5,510	Best Buy Co., Inc.		380
	3,754	Burlington Stores, Inc. (a)		750
	6,210	CarMax, Inc. (a)		546
	33,304	Carvana Co. (a)		2,198
	957	Dick’s Sporting Goods, Inc.		39
	2,615	Five Below, Inc. (a)		330
	3,045	Floor & Decor Holdings, Inc., Class – A (a)		156

HC CAPITAL TRUST

The Institutional Growth Equity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Specialty Retail (continued)
	1,708	Foot Locker, Inc.	$	74
	4,242	Gap, Inc.		74
	5,574	L Brands, Inc.		109
	37,782	Lowe’s Companies, Inc.		4,155
	4,916	O’Reilly Automotive, Inc. (a)		1,959
	682	Penske Automotive Group, Inc.		32
	17,927	Ross Stores, Inc.		1,969
	53,831	The Home Depot, Inc.		12,491
	66,075	The TJX Companies, Inc.		3,683
	2,119	Tiffany & Co.		196
	6,901	Tractor Supply Co.		624
	3,840	Ulta Salon, Cosmetics & Fragrance, Inc. (a)		962
	1,510	Urban Outfitters, Inc. (a)		42
	1,759	Williams-Sonoma, Inc.		120
				33,608
		Technology Hardware, Storage & Peripherals — 4.23%
	259,323	Apple, Inc.		58,080
	6,153	Dell Technologies, Inc. (a)		319
	24,998	Hewlett Packard Enterprise Co.		379
	30,664	HP, Inc.		580
	5,703	NCR Corp. (a)		180
	11,879	NetApp, Inc.		624
	10,684	Pure Storage, Inc., Class – A (a)		181
	5,197	Western Digital Corp.		310
	3,033	Xerox Holdings Corp.		91
				60,744
		Textiles, Apparel & Luxury Goods — 1.52%
	13,531	Adidas AG, ADR		2,106
	4,771	Capri Holdings Ltd. (a)		158
	1,253	Carter’s, Inc.		114
	1,193	Columbia Sportswear Co.		116
	14,977	Hanesbrands, Inc.		229
	53,358	Kering SA, ADR		2,716
	20,645	Lululemon Athletica, Inc. (a)		3,975
	106,288	NIKE, Inc., Class – B		9,984
	1,217	PVH Corp.		107
	831	Ralph Lauren Corp.		79
	4,137	Skechers USA, Inc., Class – A (a)		155
	4,778	Tapestry, Inc.		124
	7,181	Under Armour, Inc., Class – A (a)		143
	7,374	Under Armour, Inc., Class – C (a)		134
	17,297	V.F. Corp.		1,539
				21,679
		Thrifts & Mortgage Finance — 0.02%
	389	LendingTree, Inc. (a)		120
	6,652	MGIC Investment Corp.		84
	7,349	New York Community Bancorp, Inc.		92
	866	TFS Financial Corp.		16
				312
		Tobacco — 0.41%
	75,069	Altria Group, Inc.		3,070
	36,664	Philip Morris International, Inc.		2,784
				5,854
		Trading Companies & Distributors — 0.40%
	2,084	Air Lease Corp.		87
	25,427	Fastenal Co.		831
	10,505	HD Supply Holdings, Inc. (a)		412
	881	MSC Industrial Direct Co., Inc., Class – A		64
	26,624	United Rentals, Inc. (a)		3,318

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Trading Companies & Distributors (continued)
	2,827	Univar, Inc. (a)	$	59
	2,858	W.W. Grainger, Inc.		849
	605	Watsco, Inc.		102
	897	WESCO International, Inc. (a)		43
				5,765
		Transportation Infrastructure — 0.00%
	1,078	Macquarie Infrastructure Corp.		43
		Water Utilities — 0.09%
	9,084	American Water Works Co., Inc.		1,128
	3,785	Aqua America, Inc.		170
				1,298
		Wireless Telecommunication Services — 0.26%
	9,548	Sprint Nextel Corp. (a)		59
	1,878	Telephone & Data Systems, Inc.		48
	45,509	T-Mobile USA, Inc. (a)		3,586
	91	U.S. Cellular Corp. (a)		3
				3,696
		Total Common Stocks		1,352,769
Principal Amount (000)
		U.S. Treasury Obligation — 0.01%
$	115	U.S. Treasury Bill, 1.76%, 12/12/19 (b)(c)		115
		Total U.S. Treasury Obligation		115
Shares
		Exchange-Traded Fund — 0.05%
	4,633	iShares Russell 1000 ETF		762
		Total Exchange-Traded Fund		762
		Investment Companies — 5.68%
	661,652	Federated Treasury Obligations Fund, Institutional Shares, 2.29% ^^(d)		662
	80,847,486	State Street Institutional Treasury Plus Money Market Fund, Trust Class, 1.78% (d)		80,847
		Total Investment Companies		81,509
Principal Amount (000)
		Repurchase Agreement — 0.14%
$	2,076	Jefferies LLC, 2.40%, 10/1/19 (Purchased on 9/30/19, proceeds at maturity $2,075,987 collateralized by U.S. Treasury Obligation, 1.48%, 11/15/27 fair value $2,117,369) ^^		2,076
		Total Repurchase Agreement		2,076
		Total Investments (cost $1,117,623) — 100.07%		1,437,231
		Liabilities in excess of other assets — (0.07)%		(976	)
		Net Assets — 100.00%	$	1,436,255

HC CAPITAL TRUST

The Institutional Growth Equity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

^ All or part of this security was on loan as of September 30, 2019. The total value of securities on loan as of September 30, 2019, was $2,670 (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 September 30, 2019.

(a) Represents non-income producing security.

(b) The 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 September 30, 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 — September 30, 2019 (Unaudited)

The following table reflects the percentage of total net assets of the Portfolio attributable to each Specialist Manager as of September 30, 2019.

The Institutional Growth Equity Portfolio	Jennison Associates, LLC			Mellon Investments Corporation			Parametric Portfolio Associates, LLC			HC Capital Solutions			Total
Common Stocks		12.69	%		81.50	%		—			—			94.19	%
U.S. Treasury Obligation		—			0.01	%		—			—			0.01	%
Exchange-Traded Fund		—			0.05	%		—			—			0.05	%
Investment Companies		0.05	%		0.09	%		4.80	%		0.74	%		5.68	%
Repurchase Agreement		0.14	%		—			—			—			0.14	%
Other Assets (Liabilities)		-0.10	%		0.10	%		-0.07	%		0.00	%		-0.07	%
Total Net Assets		12.78	%		81.75	%		4.73	%		0.74	%		100.00	%

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

Amounts designated as “0.00%” round to less than 0.005%.

The following table reflects the open derivative positions held by the Portfolio as of September 30, 2019.

Futures Contracts Purchased^

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value and Unrealized Appreciation/ (Depreciation) (000)
E-Mini Nasdaq 100 Future		254		12/20/19	$	39,474	$	(810	)
E-Mini S&P 500 Future		503		12/20/19		74,909		(835	)
					$	114,383	$	(1,645	)
		Total Unrealized Appreciation					$	—
		Total Unrealized Depreciation						(1,645	)
		Total Net Unrealized Appreciation/(Depreciation)					$	(1,645	)

^ 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 — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks — 76.83%
		Aerospace & Defense — 0.95%
	1,174	AAR Corp.	$	48
	235	Aerovironment, Inc. (a)		13
	3,289	Axon Enterprise, Inc. (a)		187
	1,800	CPI Aerostructures, Inc. (a)		15
	1,392	Cubic Corp.		98
	1,424	Curtiss-Wright Corp.		184
	118	Ducommun, Inc. (a)		5
	15,850	Kratos Defense & Security Solutions, Inc. (a)		295
	329	Maxar Technologies, Inc.		3
	42	Mercury Systems, Inc. (a)		3
	26	National Presto Industries, Inc.		2
	671	Triumph Group, Inc.		15
				868
		Air Freight & Logistics — 0.10%
	125	Air Transport Services Group, Inc. (a)		3
	1,032	Hub Group, Inc., Class – A (a)		48
	7,398	Radiant Logistics, Inc. (a)		38
				89
		Airlines — 3.79%
	2,331	Alaska Air Group, Inc.		151
	167	Allegiant Travel Co.		25
	21,800	American Airlines Group, Inc.		588
	15,057	Azul SA, ADR (a)		539
	644	Hawaiian Holdings, Inc.		17
	15,456	JetBlue Airways Corp. (a)		259
	21,047	Mesa Air Group, Inc. (a)		142
	49	SkyWest, Inc.		3
	393	Spirit Airlines, Inc. (a)		14
	13,960	United Continental Holdings, Inc. (a)		1,234
	50,044	Volaris Aviation Holding Co., ADR (a)		501
				3,473
		Auto Components — 1.28%
	1,186	Adient PLC		27
	1,514	American Axle & Manufacturing Holdings, Inc. (a)		12
	5,146	BorgWarner, Inc.		189
	895	Cooper-Standard Holding, Inc. (a)		37
	28,891	Dana Holding Corp.		417
	37	Dorman Products, Inc. (a)		3
	1,113	Fox Factory Holding Corp. (a)		69
	29	LCI Industries		3
	7,748	Modine Manufacturing Co. (a)		88
	839	Standard Motor Products, Inc.		41
	3,688	Stoneridge, Inc. (a)		114
	4,075	Strattec Security Corp.		81
	2,269	Tenneco, Inc.		28
	833	Visteon Corp. (a)		69
				1,178
		Automobiles — 0.02%
	421	Winnebago Industries, Inc.		16
		Banks — 4.25%
	58	1st Source, Inc.		3
	263	Allegiance Bancshares, Inc. (a)		8
	66	American National Bankshares, Inc.		2
	1,343	Ameris BanCorp		54
	612	Banc of California, Inc.		9
	3,649	Banner Corp.		205

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Banks (continued)
	2,332	BCB BanCorp, Inc.	$	30
	2,377	Berkshire Hills BanCorp, Inc.		70
	3,659	Boston Private Financial Holdings, Inc.		43
	220	Bridge BanCorp, Inc.		7
	2,659	Brookline BanCorp, Inc.		39
	268	Bryn Mawr Bank Corp.		10
	314	Byline BanCorp, Inc. (a)		6
	38	C&F Financial Corp.		2
	1,085	Cadence Bancorporation		19
	75	Carolina Financial Corp.		3
	4,158	Centerstate Bank Corp.		100
	377	Central Pacific Financial Corp.		11
	56	Chemung Financial Corp.		2
	36	City Holding Co.		3
	92	CNB Financial Corp.		3
	6,012	Columbia Banking System, Inc.		221
	857	Community Trust Bancorp, Inc.		36
	447	ConnectOne Bancorp, Inc.		10
	1,989	Cullen/Frost Bankers, Inc.		176
	959	FB Financial Corp.		36
	65	Financial Institutions, Inc.		2
	95	First BanCorp		3
	30,889	First BanCorp		308
	2,681	First Bank/Hamilton		29
	7	First Citizens BancShares, Inc., Class – A		3
	3,152	First Commonwealth Financial Corp.		42
	77	First Community Bancshares, Inc.		2
	106	First Financial BanCorp		3
	46	First Financial Corp.		2
	180	First Foundation, Inc.		3
	11,739	First Horizon National Corp.		190
	61	First Interstate BancSystem, Inc., Class – A		2
	140	First Merchants Corp.		5
	527	First Northwest BanCorp		9
	193	First United Corp.		4
	365	Flushing Financial Corp.		7
	792	Franklin Financial Services Corp.		28
	1,184	German American BanCorp, Inc.		38
	340	Great Southern Bancorp, Inc.		19
	773	Great Western Bancorp, Inc.		26
	63	Hancock Holding Co.		2
	130	Hanmi Financial Corp.		2
	1,028	Heartland Financial USA, Inc.		46
	945	Hilltop Holdings, Inc.		23
	3,520	Hope Bancorp, Inc.		50
	2,094	Horizon Bancorp, Inc.		36
	2,191	Iberiabank Corp.		166
	116	Independent Bank Corp.		2
	122	International Bancshares Corp.		5
	390	Investors Bancorp, Inc.		4
	2,369	Lakeland Bancorp, Inc.		37
	169	LCNB Corp.		3
	140	Live Oak Bancshares, Inc.		3
	1,980	Mackinac Financial Corp.		31
	292	Midland States BanCorp, Inc.		8
	50	National Bankshares, Inc.		2
	545	NBT Bancorp, Inc.		20
	116	Northrim BanCorp, Inc.		5
	557	OFG Bancorp		12
	133	Old National Bancorp		2
	1,555	Opus Bank		34
	261	Origin BanCorp, Inc.		9
	2,895	PacWest Bancorp		105
	444	Park National Corp.		42

HC CAPITAL TRUST

The Small Capitalization–Mid Capitalization Equity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Banks (continued)
	801	Peoples Bancorp, Inc.	$	25
	5,762	Popular, Inc.		312
	190	Preferred Bank		10
	141	Premier Financial Bancorp, Inc.		2
	771	Renasant Co.		27
	640	Republic First Bancorp, Inc. (a)		3
	1,171	Sandy Spring BanCorp, Inc.		39
	7,606	Seacoast Banking Corporation of Florida (a)		193
	2,138	Select BanCorp, Inc. (a)		25
	644	ServisFirst Bancshares, Inc.		21
	102	Sierra Bancorp		3
	1,210	Southside Bancshares, Inc.		41
	365	Spirit of Texas Bancshares, Inc. (a)		8
	274	Stock Yards BanCorp, Inc.		10
	69	TCF Financial Corp.		3
	3,211	Texas Capital Bancshares, Inc. (a)		175
	34	Tompkins TrustCo, Inc.		3
	902	TowneBank		25
	4,933	TriCo Bancshares		179
	333	Triumph Bancorp, Inc. (a)		11
	67	Trustmark Corp.		2
	109	Umpqua Holdings Corp.		2
	389	Univest Corp.		10
	111	Veritex Holdings, Inc.		3
	757	Washington Trust BanCorp, Inc.		37
	3,740	Webster Financial Corp.		175
	714	WesBanco, Inc.		27
	761	Westamerica Bancorp		47
				3,900
		Beverages — 0.02%
	705	Celsius Holdings, Inc. (a)		2
	175	MGP Ingredients, Inc.		9
	105	National Beverage Corp.		5
				16
		Biotechnology — 2.58%
	1,150	Abeona Therapeutics, Inc. (a)		3
	591	Acadia Pharmaceuticals, Inc. (a)		21
	58	Acceleron Pharma, Inc. (a)		2
	1,843	Achillion Pharmaceuticals, Inc. (a)		7
	889	Acorda Therapeutics, Inc. (a)		3
	9,765	ADMA Biologics, Inc. (a)		43
	212	Adverum Biotechnologies, Inc. (a)		1
	946	Affimed Therapeutics BV (a)		3
	263	Alder Biopharmaceuticals, Inc. (a)		5
	485	Aldeyra Therapeutics, Inc. (a)		3
	234	Allakos, Inc. (a)		18
	210	Amicus Therapeutics, Inc. (a)		2
	332	Anaptysbio, Inc. (a)		12
	1,049	Anavex Life Sciences Corp. (a)		3
	468	Apellis Pharmaceuticals, Inc. (a)		11
	1,201	Ardelyx, Inc. (a)		6
	643	Arena Pharmaceuticals, Inc. (a)		29
	621	ArQule, Inc. (a)		4
	1,119	Arrowhead Pharmaceuticals, Inc. (a)		32
	1,184	Ascendis Pharma A/S, ADR (a)		114
	238	Atara Biotherapeutics, Inc. (a)		3
	170	Athenex, Inc. (a)		2
	208	Blueprint Medicines Corp. (a)		15
	423	CareDx, Inc. (a)		10
	1,014	Chimerix, Inc. (a)		2
	282	Coherus Biosciences, Inc. (a)		6
	311	Cue BioPharma, Inc. (a)		3

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Biotechnology (continued)
	192	Cytokinetics, Inc. (a)	$	2
	237	Denali Therapeutics, Inc. (a)		4
	191	Dicerna Pharmaceuticals, Inc. (a)		3
	877	Dynavax Technologies Corp. (a)		3
	670	Editas Medicine, Inc. (a)		15
	161	Emergent BioSolutions, Inc. (a)		8
	595	Enochian Biosciences, Inc. ^(a)		3
	67	Esperion Therapeutics, Inc. (a)		2
	292	Fate Therapeutics, Inc. (a)		5
	373	Fibrogen, Inc. (a)		14
	472	Five Prime Therapeutics, Inc. (a)		2
	457	G1 Therapeutics, Inc. (a)		10
	745	Galectin Therapeutics, Inc. (a)		3
	35	Genomic Health, Inc. (a)		2
	293	Global Blood Therapeutics, Inc. (a)		14
	997	Heron Therapeutics, Inc. (a)		18
	165	Homology Medicines, Inc. (a)		3
	6,483	Idera Pharmaceuticals, Inc. (a)		19
	799	Immunomedics, Inc. (a)		11
	920	Insmed, Inc. (a)		16
	149	Intellia Therapeutics, Inc. (a)		2
	335	Intercept Pharmaceuticals, Inc. (a)		22
	815	Intrexon Corp. (a)		5
	391	Invitae Corp. (a)		8
	1,370	Iovance Biotherapeutics, Inc. (a)		25
	2,078	Ironwood Pharmaceuticals, Inc. (a)		18
	6,964	Jounce Therapeutics, Inc. (a)		23
	3,708	Kezar Life Sciences, Inc. (a)		12
	35,800	Kindred Biosciences, Inc. (a)		246
	28	Madrigal Pharmaceuticals, Inc. (a)		2
	2,821	Millendo Therapeutics, Inc. (a)		20
	5,131	Minerva Neurosciences, Inc. (a)		40
	125	Mirati Therapeutics, Inc. (a)		10
	13,577	Myriad Genetics, Inc. (a)		390
	494	Natera, Inc. (a)		16
	1,780	Neurocrine Biosciences, Inc. (a)		160
	5,805	Oncocyte Corp. (a)		12
	918	Pieris Pharmaceuticals, Inc. (a)		3
	902	Portola Pharmaceuticals, Inc. (a)		24
	570	PTC Therapeutics, Inc. (a)		19
	83	Ra Pharmaceuticals, Inc. (a)		2
	114	Radius Health, Inc. (a)		3
	9,942	Recro Pharma, Inc. (a)		110
	2,515	Repligen Corp. (a)		194
	119	Rhythm Pharmaceuticals, Inc. (a)		3
	560	Sage Therapeutics, Inc. (a)		79
	6,994	Sangamo BioSciences, Inc. (a)		63
	9,634	Savara, Inc. (a)		26
	5,795	Solid Biosciences, Inc.^ (a)		60
	890	Spark Therapeutics, Inc. (a)		86
	5,283	Syndax Pharmaceuticals, Inc. (a)		39
	525	Synlogic, Inc. (a)		1
	1,466	Twist Bioscience Corp. (a)		35
	198	Ultragenyx Pharmaceutical, Inc. (a)		8
	175	Vanda Pharmaceuticals, Inc. (a)		2
	99	Veracyte, Inc. (a)		2
	159	Vericel Corp. (a)		2
	1,459	Xencor, Inc. (a)		49
	1,685	Xoma Corp. (a)		33
	113	Y-mAbs Therapeutics, Inc. (a)		3
	462	ZIOPHARM Oncology, Inc. ^(a)		2
				2,379

HC CAPITAL TRUST

The Small Capitalization–Mid Capitalization Equity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Building Products — 0.99%
	331	Armstrong Flooring, Inc. (a)	$	2
	3,545	Builders FirstSource, Inc. (a)		73
	1,045	Gibraltar Industries, Inc. (a)		48
	137	Griffon Corp.		3
	2,491	Jeld-Wen Holding, Inc. (a)		48
	854	Masonite International Corp. (a)		50
	5,701	Trex Company, Inc. (a)		518
	4,158	Universal Forest Products, Inc.		166
				908
		Capital Markets — 1.54%
	438	Arlington Asset Investment Corp.		2
	6,780	Artisan Partners Asset Management, Inc., Class – A		191
	178	Blucora, Inc. (a)		4
	5,473	Gain Capital Holdings, Inc.		29
	62	GlassBridge Enterprises, Inc. (a)		3
	6,478	Greenhill & Co., Inc.		85
	184	Hamilton Lane, Inc.		10
	75	Houlihan Lokey, Inc.		3
	215	International Fcstone, Inc. (a)		9
	5,102	LPL Financial Holdings, Inc.		419
	77	Moelis & Co., Class – A		3
	314	PJT Partners, Inc.		13
	3,287	Raymond James Financial, Inc.		271
	6,700	Safeguard Scientifics, Inc. (a)		76
	3,724	Stifel Financial Corp.		214
	4,171	Victory Capital Holdings, Inc., Class – A		64
	90	Virtus Investment Partners, Inc.		10
	1,803	WisdomTree Investments, Inc.		9
				1,415
		Chemicals — 1.79%
	384	Advansix, Inc. (a)		10
	2,448	Albemarle Corp.		170
	29	Balchem Corp.		3
	48	Cabot Corp.		2
	98	Chase Corp.		11
	1,272	Flotek Industries, Inc. (a)		3
	6,817	FMC Corp.		597
	350	FutureFuel Corp.		4
	56	H.B. Fuller Co.		3
	158	Huntsman Corp.		4
	93	Innophos Holdings, Inc.		3
	12,207	Kraton Performance Polymers, Inc. (a)		393
	1,984	Livent Corp. (a)		13
	476	Minerals Technologies, Inc.		25
	394	NewMarket Corp.		186
	124	PolyOne Corp.		4
	16	Quaker Chemical Corp.		3
	883	Rayonier Advanced Materials, Inc.		4
	57	Stepan Co.		6
	289	Trecora Resources (a)		3
	160	Tredegar Industries, Inc.		3
	1,303	Trinseo SA		56
	16,893	Tronox Holdings PLC, Class – A		140
	1,337	Valhi, Inc.		3
				1,649
		Commercial Services & Supplies — 1.50%
	2,734	ABM Industries, Inc.		100
	1,359	ACCO Brands Corp.		13
	11,982	Aqua Metals, Inc. (a)		20
	2,196	BrightView Holdings, Inc. (a)		38

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Commercial Services & Supplies (continued)
	1,307	Casella Waste Systems, Inc. (a)	$	56
	7,424	CECO Environmental Corp. (a)		52
	24	Cimpress N.V. (a)		3
	14,258	Covanta Holding Corp.		248
	1,210	Deluxe Corp.		59
	93	Ennis, Inc.		2
	1,005	Healthcare Services Group, Inc.		24
	461	Herman Miller, Inc.		21
	998	HNI Corp.		35
	26,499	Interface, Inc.		384
	483	Kimball International, Inc., Class – B		9
	662	Knoll, Inc.		17
	749	McGrath RentCorp		52
	1,146	Mobile Mini, Inc.		42
	266	PICO Holdings, Inc. (a)		3
	2,450	Pitney Bowes, Inc.		11
	421	Quad Graphics, Inc.		4
	14,069	RR Donnelley & Sons Co.		53
	309	SP Plus Corp. (a)		11
	5,179	Steelcase, Inc., Class – A		95
	15	UniFirst Corp.		3
	299	US Ecology, Inc.		19
	48	VSE Corp.		2
				1,376
		Communications Equipment — 0.78%
	7,622	Acacia Communications, Inc. (a)		500
	256	Applied Optoelectronics, Inc. (a)		3
	3,296	Audiocodes Ltd.		62
	428	Casa Systems, Inc. (a)		3
	225	Ciena Corp. (a)		9
	673	Clearfield, Inc. (a)		8
	129	Comtech Telecommunications Corp.		4
	1,580	Extreme Networks, Inc. (a)		11
	363	Harmonic, Inc. (a)		2
	2,372	Infinera Corp. (a)		13
	50	InterDigital, Inc.		3
	582	Lumentum Holdings, Inc. (a)		31
	420	NETGEAR, Inc. (a)		14
	1,009	NetScout Systems, Inc. (a)		23
	764	Ribbon Communications, Inc. (a)		4
	1,713	TESSCO Technologies, Inc.		25
	226	Viavi Solutions, Inc. (a)		3
				718
		Construction & Engineering — 2.19%
	417	Aegion Corp. (a)		9
	1,546	Ameresco, Inc., Class – A (a)		25
	96	Arcosa, Inc.		3
	787	Concrete Pumping Holdings, Inc. (a)		3
	66	Dycom Industries, Inc. (a)		3
	5,666	Granite Construction, Inc.		182
	247	Great Lakes Dredge & Dock Co. (a)		3
	10,714	MasTec, Inc. (a)		696
	107	MYR Group, Inc. (a)		3
	10,158	Orion Group Holdings, Inc. (a)		46
	1,923	Primoris Services Corp.		38
	66,595	Tutor Perini Corp. (a)		954
	2,938	Willscot Corp. (a)		46
				2,011
		Construction Materials — 0.61%
	1,627	Eagle Materials, Inc., Class – A		146

HC CAPITAL TRUST

The Small Capitalization–Mid Capitalization Equity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Construction Materials (continued)
	1,058	Martin Marietta Materials, Inc.	$	290
	5,497	Summit Materials, Inc., Class – A (a)		122
				558
		Consumer Finance — 0.56%
	994	Elevate Credit, Inc. (a)		4
	417	Encore Capital Group, Inc. (a)		14
	445	Enova International, Inc. (a)		9
	5,550	Green Dot Corp., Class – A (a)		140
	4,683	LendingClub Corp. (a)		61
	43	Nelnet, Inc., Class – A		3
	8,104	PRA Group, Inc. (a)		274
	40	World Acceptance Corp. (a)		5
				510
		Containers & Packaging — 0.41%
	1,316	AptarGroup, Inc.		156
	14,890	Graphic Packaging Holding Co.		220
				376
		Distributors — 0.08%
	340	Pool Corp.		69
		Diversified Consumer Services — 0.96%
	2,784	Adtalem Global Education, Inc. (a)		106
	220	American Public Education, Inc. (a)		5
	22,770	Career Education Corp. (a)		361
	4,918	Chegg, Inc. (a)		147
	114	Collectors Universe, Inc.		3
	2,082	Frontdoor, Inc. (a)		101
	127	Grand Canyon Education, Inc. (a)		12
	1,411	Houghton Mifflin Harcourt Co. (a)		8
	521	K12, Inc. (a)		14
	1,774	Regis Corp. (a)		36
	93	Strategic Education, Inc.		13
	1,949	WW International, Inc. (a)		74
				880
		Diversified Financial Services — 0.29%
	127	Banco Latinoamericano de Comercio Exterior SA, Class – E		3
	2,195	Cannae Holdings, Inc. (a)		60
	2,605	FGL Holdings, Inc.		21
	9,830	Jefferies Financial Group, Inc.		182
	99	Marlin Business Services Corp.		2
				268
		Diversified Telecommunication Services — 0.91%
	2,217	Cincinnati Bell, Inc. (a)		11
	10,951	Cogent Communications Group, Inc.		603
	5,817	IDT Corp. (a)		61
	5,781	Intelsat SA (a)		132
	306	Iridium Communications, Inc. (a)		7
	2,565	Vonage Holdings Corp. (a)		29
				843
		Electric Utilities — 0.29%
	1,522	El Paso Electric Co.		102
	3,048	Genie Energy Ltd.		23
	98	Hawaiian Electric Industries, Inc.		4
	33	IDACORP, Inc.		4
	826	MGE Energy, Inc.		66
	1,016	Otter Tail Corp.		55
	158	PNM Resources, Inc.		8

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Electric Utilities (continued)
	73	Portland General Electric Co.	$	4
				266
		Electrical Equipment — 0.42%
	307	American Superconductor Corp. (a)		2
	88	Atkore International Group, Inc. (a)		3
	351	AZZ, Inc.		15
	2,961	Encore Wire Corp.		167
	1,012	EnerSys		67
	718	Enphase Energy, Inc. (a)		16
	6,717	Sunrun, Inc. (a)		112
	89	Vicor Corp. (a)		3
				385
		Electronic Equipment, Instruments & Components — 2.68%
	839	Anixter International, Inc. (a)		58
	527	Belden, Inc.		28
	75	Benchmark Electronics, Inc.		2
	236	Coda Octopus Group, Inc. (a)		2
	88	CTS Corp.		3
	34	Dolby Laboratories, Inc., Class – A		2
	72	ePlus, Inc. (a)		5
	3,094	Fabrinet (a)		162
	52	FARO Technologies, Inc. (a)		3
	2,995	Fitbit, Inc., Class – A (a)		11
	23,705	Flextronics International Ltd. (a)		248
	183	II-VI, Inc. (a)		6
	1,005	Insight Enterprises, Inc. (a)		56
	565	IPG Photonics Corp. (a)		77
	641	Iteris, Inc. (a)		4
	6,411	Itron, Inc. (a)		474
	12,267	Jabil Circuit, Inc.		439
	3,712	KEMET Corp.		67
	131	Kimball Electronics, Inc. (a)		2
	2,844	Knowles Corp. (a)		58
	1,065	Littelfuse, Inc.		189
	494	Methode Electronics, Inc.		17
	522	OSI Systems, Inc. (a)		53
	64	PC Connection, Inc.		2
	17,308	Perceptron, Inc. (a)		83
	37	Plexus Corp. (a)		2
	2,718	Rogers Corp. (a)		372
	59	Sanmina Corp. (a)		2
	350	ScanSource, Inc. (a)		11
	34	SYNNEX Corp.		4
	22	Tech Data Corp. (a)		2
	596	TTM Technologies, Inc. (a)		7
	135	Vishay Intertechnology, Inc.		2
	615	Wrap Technologies, Inc. (a)		3
				2,456
		Energy Equipment & Services — 1.19%
	4,629	Archrock, Inc. Com		46
	3,541	C&J Energy Services, Inc. (a)		38
	91	Cactus, Inc., Class – A (a)		3
	1,542	Covia Holdings Corp. (a)		3
	5,181	Diamond Offshore Drilling, Inc. (a)		29
	2,336	Dril-Quip, Inc. (a)		118
	276	Era Group, Inc. (a)		3
	1,431	Forum Energy Technologies, Inc. (a)		2
	195	Geospace Technologies Corp. (a)		3
	1,918	Helix Energy Solutions Group, Inc. (a)		15
	4,545	Ion Geophysical (a)		41

HC CAPITAL TRUST

The Small Capitalization–Mid Capitalization Equity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Energy Equipment & Services (continued)
	717	Keane Group, Inc. (a)	$	4
	218	KLX Energy Services Holdings, Inc. (a)		2
	617	Mammoth Energy Services, Inc.		2
	34,281	Mitcham Industries, Inc. (a)		112
	327	National Energy Services Reunited Corp. (a)		2
	1,203	Newpark Resources, Inc. (a)		9
	32,992	Noble Corp. PLC (a)		42
	3,145	Oceaneering International, Inc. (a)		43
	468	Pacific Drilling SA (a)		2
	155	ProPetro Holding Corp. (a)		1
	236	SEACOR Holdings, Inc. (a)		11
	204	SEACOR Marine Holdings, Inc. (a)		3
	974	Seadrill Ltd. (a)		2
	802	Select Energy Services, Inc. (a)		7
	7,076	TechnipFMC PLC		170
	17,958	TETRA Technologies, Inc. (a)		36
	510	Tidewater, Inc. (a)		8
	57,081	Transocean Ltd. (a)		255
	719	Unit Corp. (a)		2
	992	US Silica Holdings, Inc.		9
	15,363	Valaris PLC		74
				1,097
		Entertainment — 0.54%
	697	AMC Entertainment Holdings, Inc., Class – A		7
	61,000	Ballantyne Strong, Inc. (a)		190
	8,685	Eros International PLC^ (a)		17
	77,523	Global Eagle Entertainment, Inc. (a)		56
	1,891	IMAX Corp. (a)		42
	93	Liberty Braves Group (a)		3
	19,611	Lions Gate Entertainment Corp., Class – B (a)		171
	302	Marcus Corp.		11
				497
		Equity Real Estate Investment Trusts — 2.51%
	2,510	Alexander & Baldwin, Inc.		62
	3,912	American Finance Trust, Inc.		55
	1,218	Ashford Hospitality Trust		4
	6,576	Bluerock Residential Growth REIT, Inc.		77
	2,306	CareTrust REIT, Inc.		54
	11,854	Cedar Realty Trust, Inc.		36
	2,766	Clipper Realty, Inc.		28
	11,932	Corporate Office Properties Trust		355
	1,335	Cousins Properties, Inc.		50
	275	DiamondRock Hospitality Co.		3
	1,926	EastGroup Properties, Inc.		241
	5,118	Equity Commonwealth		175
	413	Farmland Partners, Inc.		3
	4,712	Franklin Street Properties Corp.		40
	1,197	Getty Realty Corp.		38
	6,912	Global Medical REIT, Inc.		79
	3,640	Global Net Lease, Inc.		71
	471	Hersha Hospitality Trust		7
	2,387	Independence Realty Trust, Inc.		34
	2,138	Industrial Logistics Property Trust		45
	1,805	Innovative Industrial Properties, Inc. ^		167
	2,799	Kite Realty Group Trust		45
	5,636	Lexington Realty Trust		58
	1,093	LTC Properties, Inc.		56
	2,118	Mack-Cali Realty Corp.		46
	3,088	Monmouth Real Estate Investment Corp., Class – A		44

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Equity Real Estate Investment Trusts (continued)
	1,583	National Storage Affiliates	$	53
	1,687	Office Properties Income Trust		52
	1,068	Parks Hotels & Resorts, Inc.		27
	24	PS Business Parks, Inc.		4
	59	QTS Realty Trust, Inc., Class – L		3
	2,941	RPT Realty		40
	634	Saul Centers, Inc.		35
	6,291	Senior Housing Properties Trust		58
	1,124	Seritage Growth Properties		48
	1,825	Summit Hotel Properties, Inc.		21
	2,365	Tanger Factory Outlet Centers, Inc. ^		37
	2,503	Uniti Group, Inc.		19
	165	Universal Health Realty Income Trust		17
	124	Urstadt Biddle Properties, Inc., Class – A		3
	2,527	Washington Prime Group, Inc. ^		10
				2,300
		Food & Staples Retailing — 0.29%
	109	BJ’s Wholesale Club Holdings, Inc., Class – C (a)		3
	1,052	Casey’s General Stores, Inc.		169
	311	Chefs’ Warehouse Holdings LLC (a)		13
	191	Ingles Markets, Inc., Class – A		7
	260	Natural Grocers by Vitamin Cottage, Inc. (a)		3
	304	PriceSmart, Inc.		22
	257	SpartanNash Co.		3
	425	The Andersons, Inc.		10
	688	United Natural Foods, Inc. (a)		8
	794	Weis Markets, Inc.		29
				267
		Food Products — 0.69%
	875	B&G Foods, Inc., Class – A ^		17
	517	Calavo Growers, Inc.		49
	41	Cal-Maine Foods, Inc.		2
	9,474	Darling Ingredients, Inc. (a)		181
	178	Farmer Brothers Co. (a)		2
	1,375	Fresh Del Monte Produce, Inc.		47
	382	Freshpet, Inc. (a)		19
	4,840	Hostess Brands, Inc. (a)		68
	1,147	J&J Snack Foods Corp.		220
	39	John B. Sanfilippo & Son, Inc.		4
	776	Simply Good Foods Co. (The) (a)		22
				631
		Gas Utilities — 0.34%
	480	Chesapeake Utilities Corp.		46
	776	Northwest Natural Holding Co.		55
	744	South Jersey Industries, Inc.		24
	38	Southwest Gas Corp.		3
	3,613	UGI Corp.		183
				311
		Health Care Equipment & Supplies — 5.39%
	635	Abiomed, Inc. (a)		113
	131	AngioDynamics, Inc. (a)		2
	47	Anika Therapeutics, Inc. (a)		3
	83	AtriCure, Inc. (a)		2
	79	Axonics Modulation Technologies, Inc. (a)		2
	382	BioSig Technologies, Inc. (a)		3
	1,924	Cantel Medical Corp.		144
	10,799	Cardiovascular Systems, Inc. (a)		513
	499	Cerus Corp. (a)		3
	1,506	ConforMIS, Inc. (a)		3

HC CAPITAL TRUST

The Small Capitalization–Mid Capitalization Equity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Health Care Equipment & Supplies (continued)
	3,345	Dexcom, Inc. (a)	$	499
	1,821	Edwards Lifesciences Corp. (a)		400
	3,936	Endologix, Inc. (a)		16
	6,238	Insulet Corp. (a)		1,029
	38	Integer Holdings Corp. (a)		3
	145	Intricon Corp. (a)		3
	5,703	Invacare Corp.		43
	2,396	iRhythm Technologies, Inc. (a)		178
	33	LivaNova PLC (a)		2
	2,396	Merit Medical Systems, Inc. (a)		73
	457	Natus Medical, Inc. (a)		15
	3,143	Neogen Corp. (a)		214
	5,577	Neuronetics, Inc. (a)		46
	953	Nevro Corp. (a)		82
	552	Novocure Ltd. (a)		41
	173	NuVasive, Inc. (a)		11
	245	Orthofix Medical, Inc. (a)		13
	1,732	SI-Bone, Inc. (a)		31
	4,584	STAAR Surgical Co. (a)		118
	1,725	STERIS PLC		249
	51	Tactile Systems Technology, Inc. (a)		2
	4,600	Tandem Diabetes Care, Inc. (a)		271
	2,242	The Cooper Companies, Inc.		665
	1,227	West Pharmaceutical Services, Inc.		174
				4,966
		Health Care Providers & Services — 1.36%
	9,339	Acadia Healthcare Company, Inc. (a)		292
	126	Addus HomeCare Corp. (a)		10
	695	American Renal Associates Holdings, Inc. (a)		4
	599	AMN Healthcare Services, Inc. (a)		34
	1,310	Avalon GloboCare Corp. (a)		2
	448	Biotelemetry, Inc. (a)		18
	6,225	Brookdale Senior Living, Inc. (a)		47
	13	Chemed Corp.		5
	1,165	Community Health Systems, Inc. (a)		4
	153	CorVel Corp. (a)		12
	7,741	Diplomat Pharmacy, Inc. (a)		38
	47	Encompass Health Corp.		3
	1,883	Guardant Health, Inc. (a)		120
	489	Hanger, Inc. (a)		10
	2,244	HealthEquity, Inc. (a)		128
	776	LHC Group, Inc. (a)		88
	373	Magellan Health Services, Inc. (a)		23
	36	Molina Heathcare, Inc. (a)		4
	488	National Healthcare Corp.		40
	695	National Research Corp., Class – A		40
	1,638	Option Care Health, Inc. (a)		5
	833	Owens & Minor, Inc.		5
	203	Petiq, Inc. (a)		6
	76	Providence Service Corp. (a)		5
	954	R1 RCM, Inc. (a)		9
	184	RadNet, Inc. (a)		3
	1,403	Select Medical Holdings Corp. (a)		23
	5,190	Tenet Healthcare Corp. (a)		115
	174	The Ensign Group, Inc.		8
	642	Tivity Health, Inc. (a)		11
	1,075	U.S. Physical Therapy, Inc.		140
				1,252
		Health Care Technology — 0.99%
	2,243	Allscripts Healthcare Solutions, Inc. (a)		25
	368	Evolent Health, Inc. (a)		3

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Health Care Technology (continued)
	92	HealthStream, Inc. (a)	$	2
	95	HMS Holdings Corp. (a)		3
	2,082	Inspire Medical System, Inc. (a)		127
	655	Medidata Solutions, Inc. (a)		60
	2,991	Omnicell, Inc. (a)		216
	903	Simulations Plus, Inc.		31
	1,267	Tabula Rasa Healthcare, Inc. (a)		70
	5,393	Teladoc, Inc. (a)		365
	102	Vocera Communications, Inc. (a)		3
				905
		Hotels, Restaurants & Leisure — 1.36%
	279	BJ’s Restaurant, Inc.		11
	274	Bluegreen Vacations Corp.		3
	106	Boyd Gaming Corp.		3
	505	Brinker International, Inc.		22
	26,780	Century Casinos, Inc. (a)		207
	492	Dave & Buster’s Entertainment, Inc.		19
	767	Denny’s Corp. (a)		17
	220	DineEquity, Inc.		17
	7,313	Eldorado Resorts, Inc. (a)		292
	263	Fiesta Restaurant Group, Inc. (a)		3
	54	International Speedway Corp., Class – A		2
	3,094	J. Alexander’s Holdings, Inc. (a)		36
	31	Jack in the Box, Inc.		3
	310	Lindblad Expeditions Holdings, Inc. (a)		5
	62	Marriott Vacations Worldwide Corp.		6
	566	Monarch Casino & Resort, Inc. (a)		24
	731	Papa John’s International, Inc.		38
	1,501	Penn National Gaming, Inc. (a)		28
	2,846	Planet Fitness, Inc., Class – A (a)		165
	316	PlayAGS, Inc. (a)		3
	944	Red Rock Resorts, Inc., Class – A		19
	755	Scientific Games Corp., Class – A (a)		15
	82	SeaWorld Entertainment, Inc. (a)		2
	569	The Cheesecake Factory, Inc.		24
	718	Vail Resorts, Inc.		163
	1,426	Wingstop, Inc.		124
				1,251
		Household Durables — 1.78%
	286	Cavco Industries, Inc. (a)		55
	5,884	Century Communities, Inc. (a)		180
	1,508	Gopro, Inc., Class – A (a)		8
	14,634	Green Brick Partners, Inc. (a)		157
	18	Helen of Troy Ltd. (a)		3
	157	Hooker Furniture Corp.		3
	856	La-Z-Boy, Inc.		29
	4,300	LGI Homes, Inc. (a)		359
	720	MDC Holdings, Inc.		31
	1,111	Meritage Homes Corp. (a)		78
	209	Roku, Inc. (a)		21
	2,221	Skyline Champion Corp. (a)		67
	2,716	Taylor Morrison Home Corp., Class – A (a)		70
	1,592	TopBuild Corp. (a)		154
	3,928	TRI Pointe Homes, Inc. (a)		59
	660	Tupperware Brands Corp.		10
	6,918	Universal Electronics, Inc. (a)		352
	457	Zagg, Inc. (a)		3
				1,639
		Household Products — 0.02%
	246	Spectrum Brands Holdings, Inc.		13

HC CAPITAL TRUST

The Small Capitalization–Mid Capitalization Equity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Household Products (continued)
	15	WD-40 Co.	$	3
				16
		Independent Power and Renewable Electricity Producers — 0.12%
	1,446	Atlantic Power Corp. (a)		3
	220	Clearway Energy, Inc., Class – C		4
	3,840	Pattern Energy Group, Inc.		103
				110
		Industrial Conglomerates — 0.02%
	486	Raven Industries, Inc.		16
		Insurance — 1.74%
	139	Ambac Financial Group, Inc. (a)		3
	1,071	American Equity Investment Life Holding Co.		26
	1,701	American Financial Group, Inc.		183
	242	AMERISAFE, Inc.		16
	2,744	Argo Group International Holdings Ltd.		193
	93	eHealth, Inc. (a)		6
	899	Employers Holdings, Inc.		39
	1,301	Everest Re Group Ltd.		345
	131	FBL Financial Group, Inc., Class – A		8
	2,153	FedNat Holding Co.		30
	6,844	Genworth Financial, Inc., Class – A (a)		30
	4,591	Goosehead Insurance, Inc.		227
	59	Horace Mann Educators Corp.		3
	328	James River Group Holdings		17
	655	Kinsale Capital Group, Inc.		68
	720	ProAssurance Corp.		29
	186	Safety Insurance Group, Inc.		19
	318	Stewart Information Services Corp.		12
	1,000	Third Point Reinsurance Ltd. (a)		10
	94	Trupanion, Inc. (a)		2
	57	United Fire Group, Inc.		3
	155	Universal Insurance Holdings, Inc.		5
	4,470	W.R. Berkley Corp.		322
				1,596
		Interactive Media & Services — 0.18%
	77	Cargurus, Inc. (a)		2
	757	DHI Group, Inc. (a)		3
	493	Eventbrite, Inc. (a)		9
	981	Liberty TripAdvisor Holdings, Inc., Class – A (a)		9
	5,095	QuinStreet, Inc. (a)		64
	22,715	The Meet Group, Inc. (a)		75
	218	Travelzoo, Inc. (a)		2
	544	TrueCar, Inc. (a)		2
	75	Yelp, Inc. (a)		3
				169
		Internet & Direct Marketing Retail — 0.12%
	185	1-800-FLOWERS.COM, Inc., Class – A (a)		3
	1,351	Etsy, Inc. (a)		76
	5,637	Leaf Group Ltd. (a)		24
	45	Stamps.com, Inc. (a)		3
	112	Stitch Fix, Inc., Class – A ^(a)		2
				108
		IT Services — 2.90%
	2,199	Alliance Data Systems Corp.		282
	62	Booz Allen Hamilton Holding Corp.		4

Shares		Security Description	Value (000)
		Common Stocks (continued)
		IT Services (continued)
	36,077	Brightcove, Inc. (a)	$	378
	20	CACI International, Inc., Class – A (a)		5
	1,374	Cardtronics PLC (a)		42
	46	Cass Information Systems, Inc.		2
	2,340	Conduent, Inc. (a)		15
	47	CoreLogic, Inc. (a)		2
	95	CSG Systems International, Inc.		5
	968	Endurance International Group Holdings, Inc. (a)		4
	2,321	Euronet Worldwide, Inc. (a)		340
	2,925	EVERTEC, Inc.		91
	2,314	Global Payments, Inc.		368
	450	GTT Communications, Inc. (a)		4
	1,247	Jack Henry & Associates, Inc.		182
	25,888	KBR, Inc.		635
	194	LiveRamp Holdings, Inc. (a)		8
	49	ManTech International Corp., Class – A		3
	11,798	MoneyGram International, Inc. ^(a)		47
	88	Perficient, Inc. (a)		3
	623	Presidio, Inc.		11
	32	Science Applications International Corp.		3
	530	Sykes Enterprises, Inc. (a)		16
	135	The Hackett Group, Inc.		2
	69	TTEC Holdings, Inc.		3
	925	Twilio, Inc., Class – A (a)		102
	254	Unisys Corp. (a)		2
	5,001	Verra Mobility Corp. (a)		72
	677	Virtusa Corp. (a)		24
				2,655
		Leisure Products — 0.33%
	4,164	Callaway Golf Co.		81
	77	Johnson Outdoors, Inc., Class – A		5
	16,066	Vista Outdoor, Inc. (a)		99
	4,167	Yeti Holdings, Inc. (a)		116
				301
		Life Sciences Tools & Services — 0.71%
	13	Bio-Rad Laboratories, Inc., Class – A (a)		4
	102	Bruker Biosciences Corp.		4
	2,503	Cambrex Corp. (a)		149
	8,747	ENZO Biochem, Inc. (a)		31
	207	Luminex Corp.		4
	33	Medpace Holdings, Inc. (a)		3
	102	NanoString Technologies, Inc. (a)		2
	7,961	NeoGenomics, Inc. (a)		153
	454	Pacific Biosciences of California, Inc. (a)		2
	58	PRA Health Sciences, Inc. (a)		6
	6,895	Qiagen N.V. (a)		227
	2,776	Quanterix Corp. (a)		61
	51	Syneos Health, Inc. (a)		3
				649
		Machinery — 2.01%
	1,856	Actuant Corp., Class – A		41
	48	AGCO Corp.		4
	802	Altra Holdings, Inc.		22
	301	Astec Industries, Inc.		9
	40	Chart Industries, Inc. (a)		2
	263	CIRCOR International, Inc. (a)		10
	2,944	Columbus McKinnon Corp.		107
	327	Commercial Vehicle Group, Inc. (a)		2
	59	Douglas Dynamics, Inc.		3
	646	ENPRO Industries, Inc.		44
	3,382	Evoqua Water Technologies Co. (a)		58

HC CAPITAL TRUST

The Small Capitalization–Mid Capitalization Equity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Machinery (continued)
	1,842	Federal Signal Corp.	$	60
	396	Helios Technologies, Inc.		16
	89	Hillenbrand, Inc.		3
	136	Hyster-Yale Materials Handling, Inc., Class – A		7
	1,082	IDEX Corp.		177
	1,220	ITT, Inc.		75
	368	Kadant, Inc.		32
	6,945	Kornit Digital Ltd. (a)		214
	2,067	Lincoln Electric Holdings, Inc.		180
	146	Lindsay Corp.		14
	480	Manitowoc Co., Inc. (a)		6
	20,116	Meritor, Inc. (a)		373
	623	Milacron Holdings Corp. (a)		10
	151	Miller Industries, Inc.		5
	749	Mueller Industries, Inc.		21
	2,123	Mueller Water Products, Inc., Class – A		24
	47	Oshkosh Corp.		4
	368	REV Group, Inc.		4
	1,356	SPX Corp. (a)		54
	1,977	SPX FLOW, Inc. (a)		78
	170	Standex International Corp.		12
	244	Tennant Co.		17
	98	Terex Corp.		3
	238	The Gorman-Rupp Co.		8
	865	Titan International, Inc.		2
	116	Trinity Industries, Inc.		2
	739	Wabash National Corp.		11
	940	WABCO Holdings, Inc. (a)		126
	161	Welbilt, Inc. (a)		3
	37	Woodward, Inc.		4
				1,847
		Marine — 0.34%
	2,828	Kirby Corp. (a)		233
	1,552	Matson, Inc.		58
	8,963	Safe Bulkers, Inc. (a)		16
				307
		Media — 0.78%
	9,391	Cardlytics, Inc. (a)		315
	1,331	ComScore, Inc. (a)		3
	335	Emerald Expositions Events, Inc.		3
	11,574	Fluent, Inc. (a)		32
	1,432	Gannett Company, Inc.		15
	5,607	Gray Television, Inc. (a)		92
	154	Liberty Lilac Group, Class – C (a)		3
	173	Loral Space & Communications, Inc. (a)		7
	724	Marchex, Inc. (a)		2
	2,066	MDC Partners, Inc., Class – A (a)		6
	141	MSG Networks, Inc., Class – A (a)		2
	811	New Media Investment Group, Inc. ^		7
	1,018	Nexstar Broadcasting Group, Inc., Class – A		104
	512	Scholastic Corp.		19
	4,133	TechTarget (a)		93
	180	TEGNA, Inc.		3
	740	The E.W. Scripps Co., Class – A		10
				716
		Metals & Mining — 2.31%
	5,446	Agnico-Eagle Mines Ltd.		292
	10,106	AK Steel Holding Corp. (a)		23
	31,742	Allegheny Technologies, Inc. (a)		642
	5,940	Carpenter Technology Corp.		307

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Metals & Mining (continued)
	369	Century Aluminum Co. (a)	$	2
	291	Cleveland-Cliffs, Inc.		2
	2,746	Coeur d’Alene Mines Corp. (a)		13
	151	Commercial Metals Co.		3
	3,643	Compass Minerals International, Inc.		206
	48,583	Ferroglobe PLC (a)		55
	1,533	Hecla Mining Co.		3
	275	Materion Corp.		17
	378	Novagold Resources, Inc. (a)		2
	34,333	Pan American Silver Corp.		538
	701	Ramaco Resources, Inc. (a)		3
	300	Schnitzer Steel Industries, Inc., Class – A		6
	403	SunCoke Energy, Inc. (a)		2
				2,116
		Mortgage Real Estate Investment Trusts — 0.44%
	81	Apollo Commercial Real Estate Finance, Inc.		2
	831	Arbor Realty Trust, Inc.		11
	674	ARMOUR Residential REIT, Inc.		11
	317	Capstead Mortgage Corp.		2
	1,093	Colony Credit Real Estate, Inc.		16
	1,873	Hannon Armstrong Sustainable Infrastructure Capital, Inc.		54
	657	Invesco Mortgage Capital, Inc.		10
	1,466	KKR Real Estate Finance Trust, Inc.		29
	2,760	Ladder Capital Corp.		48
	2,005	Pennymac Mortgage Investment Trust		45
	8,825	Redwood Trust, Inc.		144
	1,701	TPG RE Finance Trust, Inc.		34
				406
		Multiline Retail — 0.04%
	529	Dillard’s, Inc., Class – A ^		35
		Multi-Utilities — 0.05%
	77	Avista Corp.		4
	674	Unitil Corp.		42
				46
		Oil, Gas & Consumable Fuels — 2.30%
	926	Altus Midstream Co., Class – A (a)		3
	33	Arch Coal, Inc.		2
	857	Berry Petroleum Corp.		8
	654	California Resources Corp. (a)		7
	1,201	Carrizo Oil & Gas, Inc. (a)		10
	29,809	Centennial Resource Development, Inc., Class – A (a)		135
	1,088	Chaparral Energy, Inc., Class – A (a)		1
	1,001	Clean Energy Fuels Corp. (a)		2
	457	Comstock Resources, Inc. (a)		4
	144	CONSOL Energy, Inc. (a)		2
	267	Delek US Holdings, Inc.		10
	643	Earthstone Energy, Inc. (a)		2
	27,945	Euronav N.V.		257
	4,664	Evolution Petroleum Corp.		27
	1,353	Extraction Oil & Gas, Inc. (a)		4
	21,803	GasLog Ltd.		280
	5,738	Golar LNG Ltd.		75
	432	Goodrich Petroleum Corp. (a)		5
	2,166	Gulfport Energy Corp. (a)		6
	532	Hallador Energy Co.		2
	1,710	Jagged Peak Energy, Inc. (a)		12
	2,439	Laredo Petroleum, Inc. (a)		6

HC CAPITAL TRUST

The Small Capitalization–Mid Capitalization Equity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Oil, Gas & Consumable Fuels (continued)
	263	Magnolia Oil & Gas Corp. (a)	$	3
	3,873	Matador Resources Co. (a)		64
	6,492	Montage Resources Corp. (a)		25
	29,568	Navigator Holdings Ltd. (a)		315
	11,425	Noble Energy, Inc.		256
	3,777	Northern Oil & Gas, Inc. (a)		7
	14,435	Overseas Shipholding Group, Inc. (a)		25
	2,537	Panhandle Oil & Gas, Inc., Class – A		35
	6,725	PDC Energy, Inc. (a)		186
	956	Peabody Energy Corp.		14
	183	Penn Virginia Corp. (a)		5
	12,726	Ring Energy, Inc. (a)		21
	5,047	SandRidge Energy, Inc. (a)		24
	193	Scorpio Tankers, Inc.		6
	1,074	Semgroup Corp., Class – A		18
	3,236	Ship Finance International Ltd.		45
	7,704	SM Energy Co.		75
	7,351	Southwestern Energy Co. (a)		14
	1,277	Tellurian, Inc. ^(a)		11
	1,273	W&T Offshore, Inc. (a)		6
	1,899	World Fuel Services Corp.		76
				2,091
		Paper & Forest Products — 0.07%
	563	Boise Cascade Co.		18
	67	Domtar Corp.		2
	227	Neenah Paper, Inc.		15
	588	P.H. Glatfelter Co.		9
	418	Schweitzer-Mauduit International, Inc.		16
				60
		Personal Products — 0.07%
	354	e.l.f. Beauty, Inc. (a)		6
	1,567	Edgewell Personal Care Co. (a)		51
	58	Inter Parfums, Inc.		4
	16	Nu Skin Enterprises, Inc., Class – A		1
	529	Youngevity International, Inc. (a)		2
				64
		Pharmaceuticals — 1.44%
	1,145	AcelRx Pharmaceuticals, Inc. (a)		3
	10,185	Acer Therapeutics, Inc. (a)		32
	5,382	Aerie Pharmaceuticals, Inc. (a)		104
	826	Akorn, Inc. (a)		3
	1,267	Amneal Pharmaceuticals, Inc. (a)		4
	226	Amphastar Pharmaceuticals, Inc. (a)		4
	933	Assertio Therapeutics, Inc. (a)		1
	102	Axsome Therapeutics, Inc. (a)		2
	122	Catalent, Inc. (a)		6
	741	Cerecor, Inc. (a)		2
	1,307	Corcept Therapeutics, Inc. (a)		18
	10,318	Cumberland Pharmaceuticals, Inc. (a)		61
	322	Dova Pharmaceuticals, Inc. (a)		9
	112	Elanco Animal Health, Inc. (a)		3
	3,039	ENDO International PLC (a)		10
	4,037	Horizon Therapeutics PLC (a)		110
	157	Intersect ENT, Inc. (a)		3
	570	Kala Pharmaceuticals, Inc. (a)		2
	428	Lannett Co., Inc. (a)		5
	1,137	Mallinckrodt PLC (a)		3
	469	Myokardia, Inc. (a)		24
	2,500	Nektar Therapeutics (a)		46
	729	Ocular Therapeutix, Inc. (a)		2
	629	Omeros Corp. (a)		10

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Pharmaceuticals (continued)
	200	Omthera Pharmaceuticals, Inc.	$	–
	489	Optinose, Inc. (a)		3
	7,983	Pacira Pharmaceuticals, Inc. (a)		305
	6,757	Paratek Pharmaceuticals, Inc. ^(a)		29
	138	Phibro Animal Health Corp., Class – A		3
	1,528	Prestige Brands Holdings, Inc. (a)		53
	255	Reata Pharmaceuticals, Inc., Class – A (a)		20
	667	Supernus Pharmaceuticals, Inc. (a)		18
	2,064	The Medicines Co. (a)		103
	79,662	TherapeuticsMD, Inc. ^(a)		290
	598	Theravance Biopharma, Inc. (a)		12
	296	Tricida, Inc. (a)		9
	169	Zogenix, Inc. (a)		7
				1,319
		Professional Services — 0.43%
	279	ASGN, Inc. (a)		18
	1,823	CBIZ, Inc. (a)		43
	143	Forrester Research, Inc.		5
	37	FTI Consulting, Inc. (a)		4
	187	GP Strategies Corp. (a)		2
	93	Heidrick & Struggles International, Inc.		3
	815	Huron Consulting Group, Inc. (a)		50
	578	ICF International, Inc.		49
	447	Kelly Services, Inc., Class – A		11
	982	Kforce, Inc.		37
	66	Korn Ferry International		3
	526	Navigant Consulting, Inc.		15
	1,389	TriNet Group, Inc. (a)		85
	743	Upwork, Inc. (a)		10
	1,821	Willdan Group, Inc. (a)		63
				398
		Real Estate Management & Development — 0.18%
	142	Forestar Group, Inc. (a)		3
	176	Jones Lang LaSalle, Inc.		24
	310	Marcus & Millichap, Inc. (a)		11
	4,841	Newmark Group, Inc., Class – A		44
	40	Rafael Holdings, Inc., Class – B (a)		1
	96	RE/MAX Holdings, Inc., Class – A		3
	1,539	Realogy Holdings Corp.		10
	964	Redfin Corp. (a)		16
	458	St. Joe Corp. (a)		8
	2,622	Tejon Ranch Co. (a)		45
				165
		Road & Rail — 0.55%
	344	ArcBest Corp.		10
	481	Avis Budget Group, Inc. (a)		14
	1,115	Daseke, Inc. (a)		3
	2,401	Hertz Global Holdings, Inc. (a)		33
	8,656	Knight-Swift Transportation Holdings, Inc.		314
	364	Marten Transport Ltd.		8
	103	P.A.M. Transportation Services, Inc. (a)		6
	1,217	Saia, Inc. (a)		114
	583	US Xpress Enterprise, Inc., Class – A (a)		3
				505
		Semiconductors & Semiconductor Equipment — 5.36%
	7,612	Adesto Technologies Corp. (a)		65
	1,752	Advanced Energy Industries, Inc. (a)		101
	4,563	Advanced Micro Devices, Inc. (a)		132
	2,105	Ambarella, Inc. (a)		132
	7,266	Amkor Technology, Inc. (a)		66

HC CAPITAL TRUST

The Small Capitalization–Mid Capitalization Equity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Semiconductors & Semiconductor Equipment (continued)
	2,510	Brooks Automation, Inc.	$	93
	58	Cirrus Logic, Inc. (a)		3
	5,422	Cree, Inc. (a)		266
	12,642	Cypress Semiconductor Corp.		295
	109	Diodes, Inc. (a)		4
	126	Entegris, Inc.		6
	4,167	FormFactor, Inc. (a)		78
	6,298	GSI Technology, Inc. (a)		55
	1,376	Impinj, Inc. (a)		42
	3,341	Inphi Corp. (a)		204
	5,845	Lattice Semiconductor Corp. (a)		107
	15,484	MA-COM Technology Solutions Holdings, Inc. (a)		333
	6,088	Marvell Technology Group Ltd.		152
	3,141	MKS Instruments, Inc.		290
	4,539	Monolithic Power Systems, Inc.		707
	414	Neophotonics Corp. (a)		3
	1,306	Power Integrations, Inc.		118
	6,321	Qorvo, Inc. (a)		470
	8,383	Semtech Corp. (a)		407
	2,614	Silicon Laboratories, Inc. (a)		291
	4,859	SunPower Corp. (a)		53
	79	Synaptics, Inc. (a)		3
	3,411	Ultra Clean Holdings, Inc. (a)		50
	2,370	Universal Display Corp.		398
				4,924
		Software — 3.78%
	8,180	2U, Inc. (a)		133
	1,217	8x8, Inc. (a)		25
	52	Alarm.com Holding, Inc. (a)		2
	1,321	Alteryx, Inc. (a)		142
	60	Appian Corp. (a)		3
	4,648	Asure Software, Inc. (a)		31
	49	Avalara, Inc. (a)		3
	1,500	Avaya Holdings Corp. (a)		15
	14,157	Benefitfocus, Inc. (a)		338
	60	Bottomline Technologies, Inc. (a)		2
	180	Box, Inc., Class – A (a)		3
	754	Carbon Black, Inc. (a)		20
	3,192	Cloudera, Inc. (a)		28
	288	Coupa Software, Inc. (a)		37
	66	Ebix, Inc.		3
	436	Everbridge, Inc. (a)		27
	83	Fair Isaac Corp. (a)		25
	80	Five9, Inc. (a)		4
	386	Forescout Technologies, Inc. (a)		15
	1,782	Guidewire Software, Inc. (a)		188
	1,149	HubSpot, Inc. (a)		174
	29	J2 Global, Inc.		3
	4,271	LivePerson, Inc. (a)		152
	4,865	Model N, Inc. (a)		135
	20,476	Nuance Communications, Inc. (a)		335
	1,456	Phunware, Inc. (a)		2
	1,141	Progress Software Corp.		43
	1,472	Proofpoint, Inc. (a)		190
	1,042	PROS Holdings, Inc. (a)		62
	2,175	PTC, Inc. (a)		148
	1,392	Q2 Holdings, Inc. (a)		110
	32	Qualys, Inc. (a)		2
	477	Rapid7, Inc. (a)		22
	90,262	RealNetworks, Inc. (a)		150
	115	Sailpoint Technologies Holding, Inc. (a)		2

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Software (continued)
	229	Secureworks Corp. (a)	$	3
	239	SharpSpring, Inc. (a)		2
	56	SPS Commerce, Inc. (a)		3
	5,196	SS&C Technologies Holdings, Inc.		268
	1,703	SVMK, Inc. (a)		29
	8,923	Telaria, Inc. (a)		62
	4,129	The Rubicon Project, Inc. (a)		36
	113	The Trade Desk, Inc. (a)		21
	42,179	TiVo Corp.		322
	66	Upland Software, Inc. (a)		2
	6,107	Veritone, Inc. ^(a)		22
	60	Workiva, Inc. (a)		3
	1,074	Yext, Inc. (a)		17
	2,107	Zscaler, Inc. (a)		100
	1,153	Zuora, Inc., Class – A (a)		17
				3,481
		Specialty Retail — 1.12%
	899	Abercrombie & Fitch Co., Class – A		14
	156	American Eagle Outfitters, Inc.		3
	588	Asbury Automotive Group, Inc. (a)		60
	5,224	Boot Barn Holdings, Inc. (a)		182
	2,210	Caleres, Inc.		52
	3,007	Carvana Co. (a)		198
	1,890	Citi Trends, Inc.		35
	269	Conn’s, Inc. (a)		7
	123	Five Below, Inc. (a)		16
	1,957	Floor & Decor Holdings, Inc., Class – A (a)		100
	161	Genesco, Inc. (a)		6
	1,310	GNC Holdings, Inc., Class – A ^(a)		3
	99	Group 1 Automotive, Inc.		9
	774	Guess?, Inc.		14
	8,591	J. Jill, Inc.		16
	20	Lithia Motors, Inc.		3
	323	Lumber Liquidators Holdings, Inc. (a)		3
	610	Monro Muffler Brake, Inc.		48
	813	National Vision Holdings, Inc. (a)		20
	730	Party City Holdco, Inc. (a)		4
	53	Penske Automotive Group, Inc.		3
	100	Rent-A-Center, Inc.		3
	247	Restoration Hardware Co. (a)		42
	1,632	Sally Beauty Holdings, Inc. (a)		24
	701	Signet Jewelers Ltd.		12
	405	Sleep Number Corp. (a)		17
	330	Sonic Automotive, Inc., Class – A		10
	7,426	Sportsman’s Warehouse Holdings, Inc. (a)		38
	11,201	Tailored Brands, Inc. ^		49
	390	The Buckle, Inc.		8
	8,771	Tile Shop Holdings, Inc.		28
	540	Tilly’s, Inc., Class – A		5
				1,032
		Technology Hardware, Storage & Peripherals — 0.05%
	1,536	3D Systems Corp. (a)		12
	117	Astronova, Inc.		2
	1,038	Diebold, Inc. (a)		12
	696	Stratasys Ltd. (a)		15
				41
		Textiles, Apparel & Luxury Goods — 0.72%
	2,038	Capri Holdings Ltd. (a)		68
	1,741	Columbia Sportswear Co.		169
	103	Crocs, Inc. (a)		3
	795	Delta Apparel, Inc. (a)		19

HC CAPITAL TRUST

The Small Capitalization–Mid Capitalization Equity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Textiles, Apparel & Luxury Goods (continued)
	235	Fossil Group, Inc. (a)	$	3
	611	G-III Apparel Group Ltd. (a)		16
	1,033	Kontoor Brands, Inc.		36
	13,805	Lakeland Industries, Inc. (a)		168
	207	Vince Holding Corp. (a)		4
	6,374	Wolverine World Wide, Inc.		179
				665
		Thrifts & Mortgage Finance — 0.68%
	1,657	Axos Financial, Inc. (a)		46
	2,352	Bankfinancial Corp.		28
	196	Capitol Federal Financial, Inc.		3
	429	Dime Community Bancshares		9
	122	Federal Agricultural Mortgage Corp., Class – C		10
	47	First Capital, Inc.		3
	88	First Defiance Financial Corp.		3
	1,244	Flagstar Bancorp, Inc.		46
	79	HomeStreet, Inc. (a)		2
	2,947	Kearny Financial Corp. of Maryland		38
	270	Luther Burbank Corp.		3
	88	Meta Financial Group, Inc.		3
	228	MGIC Investment Corp.		3
	87	MMA Capital Holdings, Inc. (a)		3
	1,030	Mr Cooper Group, Inc. (a)		11
	4,468	NMI Holdings, Inc. (a)		117
	596	Northfield BanCorp, Inc.		10
	3,080	OP Bancorp		30
	1,418	PennyMac Financial Services, Inc. (a)		43
	835	Provident Financial Services, Inc.		20
	3,837	Riverview BanCorp, Inc.		28
	4,633	TrustCo Bank Corp NY		38
	2,175	United Financial Bancorp, Inc.		30
	880	Walker & Dunlop, Inc.		49
	326	Western New England Bancorp, Inc.		3
	984	WSFS Financial Corp.		43
				622
		Tobacco — 0.08%
	1,598	22nd Century Group, Inc. (a)		4
	332	Universal Corp.		18
	4,302	Vector Group Ltd.		51
				73
		Trading Companies & Distributors — 1.75%
	83	Air Lease Corp.		3
	3,305	Aircastle Ltd.		74
	7,395	Beacon Roofing Supply, Inc. (a)		248
	103	Bluelinx Holdings, Inc. (a)		3
	10,855	BMC Stock Holdings, Inc. (a)		285
	5,061	DXP Enterprises, Inc. (a)		176
	83	GATX Corp.		6
	944	Herc Holdings, Inc. (a)		44
	585	Kaman Corp.		35
	11,059	MRC Global, Inc. (a)		134
	3,321	NOW, Inc. (a)		38
	1,140	Rush Enterprises, Inc., Class – A		44
	1,424	SiteOne Landscape Supply, Inc. (a)		105
	114	Transcat, Inc. (a)		3
	2,263	Triton International Ltd.		77
	1,540	Watsco, Inc.		261
	1,283	Willis Lease Finance Corp. (a)		71
				1,607

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Transportation Infrastructure — 0.17%
	4,004	Macquarie Infrastructure Corp.	$	158
		Water Utilities — 0.34%
	839	American States Water Co.		74
	162	AquaVenture Holdings Ltd. (a)		3
	600	California Water Service Group		32
	495	Connecticut Water Service, Inc.		35
	2,136	Consolidated Water Co. Ltd.		35
	1,063	Global Water Resources, Inc.		13
	628	Middlesex Water Co.		41
	1,064	SJW Corp.		73
				306
		Wireless Telecommunication Services — 0.20%
	30,363	Gogo, Inc. ^(a)		183
	64	Spok Holdings, Inc.		1
				184
		Total Common Stocks		70,511
		Contingent Rights — 0.00%
		Biotechnology — 0.00%
	1	Tobira Therapeutics, Inc. CVR		–
		Chemicals — 0.00%
	97	Schulman, Inc. CVR (a)		–
		Metals & Mining — 0.00%
	176,955	Tahoe Resources, Inc. CVR (a)		–
		Pharmaceuticals — 0.00%
	759	Aratana Therapeutics, Inc. CVR (a)		–
		Total Contingent Rights		–
		Investment Companies — 19.74%
	215,676	Federated Treasury Obligations Fund, Institutional Shares, 2.29% ^^(b)		216
	17,895,195	State Street Institutional Treasury Plus Money Market Fund, Trust Class, 1.78% (b)		17,895
		Total Investment Companies		18,111
Principal Amount (000)
		Repurchase Agreement — 0.74%
$	677	Jefferies LLC, 2.40%, 10/1/19 (Purchased on 9/30/19, proceeds at maturity $676,702 collateralized by U.S. Treasury Obligation, 1.48%, 11/15/27 fair value $690,191) ^^		677
		Total Repurchase Agreement		677
		Total Investments (cost $69,234) — 97.31%		89,299
		Other assets in excess of liabilities — 2.69%		2,465
		Net Assets — 100.00%	$	91,764

HC CAPITAL TRUST

The Small Capitalization–Mid Capitalization Equity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

^ All or part of this security was on loan as of September 30, 2019. The total value of securities on loan as of September 30, 2019, was $841 (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 September 30, 2019.

(a) Represents non-income producing security.

(b) The rate disclosed is the rate in effect on September 30, 2019.

ADR — American Depositary Receipt

REIT — Real Estate Investment Trust

HC CAPITAL TRUST

The Small Capitalization–Mid Capitalization Equity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

The following table reflects the percentage of total net assets of the Portfolio attributable to each Specialist Manager as of September 30, 2019.

The Small Capitalization-Mid Capitalization Equity Portfolio	Frontier Capital Management Company, LLC			Parametric Portfolio Associates, LLC			HC Capital Solutions			Total
Common Stocks		40.44	%		36.39	%		—			76.83	%
Contingent Rights		—			0.00	%		—			0.00	%
Investment Companies		0.14	%		19.60	%		0.00	%		19.74	%
Repurchase Agreement		0.45	%		0.29	%		—			0.74	%
Other Assets (Liabilities)		0.34	%		2.35	%		0.00	%		2.69	%
Total Net Assets		41.37	%		58.63	%		0.00	%		100.00	%

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

Amounts designated as “0.00%” round to less than 0.005%.

The following table reflects the open derivative positions held by the Portfolio as of September 30, 2019.

Futures Contracts Purchased^

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value and Unrealized Appreciation/ (Depreciation) (000)
Russell 2000 Mini Index Future		238		12/20/19	$	18,148	$	(479	)
					$	18,148	$	(479	)
		Total Unrealized Appreciation					$	—
		Total Unrealized Depreciation						(479	)
		Total Net Unrealized Appreciation/(Depreciation)					$	(479	)

^ 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 — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks — 61.69%
		Aerospace & Defense — 0.53%
	839	AAR Corp.	$	35
	1,869	Aerojet Rocketdyne Holdings, Inc. (a)		94
	536	Aerovironment, Inc. (a)		29
	609	Astronics Corp. (a)		18
	1,490	Axon Enterprise, Inc. (a)		85
	808	Cubic Corp.		57
	270	Ducommun, Inc. (a)		11
	6,594	Kratos Defense & Security Solutions, Inc. (a)		122
	1,502	Maxar Technologies, Inc.		11
	1,384	Mercury Systems, Inc. (a)		112
	822	Moog, Inc., Class – A		67
	134	National Presto Industries, Inc.		12
	493	Park Aerospace Corp.		9
	492	Parsons Corp. (a)		16
	1,249	Triumph Group, Inc.		29
	289	Vectrus, Inc. (a)		12
	1,313	Wesco Aircraft Holdings, Inc. (a)		14
				733
		Air Freight & Logistics — 0.11%
	1,473	Air Transport Services Group, Inc. (a)		31
	606	Atlas Air Worldwide Holdings, Inc. (a)		15
	732	Echo Global Logistics, Inc. (a)		17
	721	Forward Air Corp.		46
	831	Hub Group, Inc., Class – A (a)		39
	991	Radiant Logistics, Inc. (a)		5
				153
		Airlines — 2.56%
	2,273	Alaska Air Group, Inc.		148
	328	Allegiant Travel Co.		49
	21,255	American Airlines Group, Inc.		573
	14,683	Azul SA, ADR (a)		526
	1,202	Hawaiian Holdings, Inc.		32
	15,072	JetBlue Airways Corp. (a)		252
	20,732	Mesa Air Group, Inc. (a)		140
	1,281	SkyWest, Inc.		74
	1,756	Spirit Airlines, Inc. (a)		64
	13,613	United Continental Holdings, Inc. (a)		1,203
	48,801	Volaris Aviation Holding Co., ADR (a)		488
				3,549
		Auto Components — 0.92%
	2,256	Adient PLC		52
	2,822	American Axle & Manufacturing Holdings, Inc. (a)		23
	5,019	BorgWarner, Inc.		184
	1,285	Cooper Tire & Rubber Co.		34
	459	Cooper-Standard Holding, Inc. (a)		19
	29,962	Dana Holding Corp.		432
	696	Dorman Products, Inc. (a)		55
	963	Fox Factory Holding Corp. (a)		60
	854	Gentherm, Inc. (a)		35
	630	LCI Industries		58
	8,150	Modine Manufacturing Co. (a)		93
	485	Motorcar Parts of America, Inc. (a)		8
	531	Standard Motor Products, Inc.		26
	3,930	Stoneridge, Inc. (a)		122
	1,371	Tenneco, Inc.		17
	727	Visteon Corp. (a)		60
				1,278

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Automobiles — 0.02%
	784	Winnebago Industries, Inc.	$	30
		Banks — 4.39%
	177	1st Constitution Bancorp		3
	386	1st Source, Inc.		18
	174	ACNB Corp.		6
	483	Allegiance Bancshares, Inc. (a)		15
	329	Amalgamated Bank, Class – A		5
	468	Amerant Bancorp, Inc. (a)		10
	273	American National Bankshares, Inc.		10
	1,565	Ameris BanCorp		63
	222	Ames National Corp.		6
	325	Arrow Financial Corp.		11
	574	Atlantic Capital Bancshares, Inc. (a)		10
	2,107	Atlantic Union Bankshares Corp.		78
	1,139	Banc of California, Inc.		16
	469	BancFirst Corp.		26
	1,264	Bancorp, Inc. (a)		13
	2,466	BancorpSouth Bank		73
	140	Bank First Corp. ^		9
	432	Bank of Commerce Holdings		5
	357	Bank of Marin Bancorp		15
	1,384	Bank of N.T. Butterfield & Son Ltd. (The)		41
	141	Bank of Princeton (The)		4
	167	Bankwell Financial Group, Inc.		5
	892	Banner Corp.		50
	384	Bar Harbor Bankshares, Inc.		10
	259	Baycom Corp. (a)		6
	375	BCB BanCorp, Inc.		5
	1,166	Berkshire Hills BanCorp, Inc.		34
	2,091	Boston Private Financial Holdings, Inc.		24
	410	Bridge BanCorp, Inc.		12
	1,977	Brookline BanCorp, Inc.		29
	527	Bryn Mawr Bank Corp.		19
	314	Business First Bancshares, Inc.		8
	580	Byline BanCorp, Inc. (a)		10
	83	C&F Financial Corp.		4
	3,242	Cadence Bancorporation		57
	107	Cambridge BanCorp		8
	407	Camden National Corp.		18
	175	Capital BanCorp, Inc. (a)		2
	338	Capital City Bank Group, Inc.		9
	361	Capstar Financial Holdings, Inc.		6
	527	Carolina Financial Corp.		19
	613	Carter Bank & Trust (a)		12
	1,947	Cathay BanCorp, Inc.		68
	468	CBTX, Inc.		13
	3,221	Centerstate Bank Corp.		77
	737	Central Pacific Financial Corp.		21
	295	Central Valley Community Bancorp		6
	73	Century Bancorp, Inc., Class – A		6
	86	Chemung Financial Corp.		4
	304	Citizens & Northern Corp.		8
	405	City Holding Co.		31
	376	Civista Bancshares, Inc.		8
	375	CNB Financial Corp.		11
	174	Coastal Financial Corp. (a)		3
	214	Codorus Valley BanCorp, Inc.		5
	180	Colony Bankcorp		3
	1,895	Columbia Banking System, Inc.		70
	1,301	Community Bank System, Inc.		80
	540	Community Bankers Trust Corp.		5
	121	Community Financial Corp. (The)		4

HC CAPITAL TRUST

The Institutional Small Capitalization-Mid Capitalization Equity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Banks (continued)
	412	Community Trust Bancorp, Inc.	$	18
	832	ConnectOne Bancorp, Inc.		18
	161	CrossFirst Bankshares, Inc. (a)		2
	701	Customers BanCorp, Inc. (a)		15
	3,413	CVB Financial Corp.		71
	84	DNB Financial Corp.		4
	847	Eagle BanCorp, Inc.		38
	214	Enterprise BanCorp, Inc.		6
	619	Enterprise Financial Services Corp.		25
	379	Equity Bancshares, Inc. (a)		10
	144	Esquire Financial Holdings, Inc. (a)		4
	108	Evans BanCorp, Inc.		4
	252	Farmers & Merchants Banco		7
	653	Farmers National Banc Corp.		9
	428	FB Financial Corp.		16
	68	Fidelity D&D BanCorp, Inc.		4
	407	Financial Institutions, Inc.		12
	259	First BanCorp		7
	738	First BanCorp		26
	31,224	First BanCorp		311
	413	First Bancshares, Inc.		13
	402	First Bank/Hamilton		4
	1,347	First Busey Corp.		34
	209	First Business Financial Services, Inc.		5
	245	First Choice BanCorp		5
	2,466	First Commonwealth Financial Corp.		33
	412	First Community Bancshares, Inc.		13
	2,514	First Financial BanCorp		62
	3,323	First Financial Bankshares, Inc.		111
	350	First Financial Corp.		15
	248	First Financial Northwest, Inc.		4
	983	First Foundation, Inc.		15
	141	First Guaranty Bancshares, Inc.		3
	11,447	First Horizon National Corp.		185
	247	First Internet BanCorp		5
	971	First Interstate BancSystem, Inc., Class – A		39
	1,427	First Merchants Corp.		54
	365	First Mid-Illinois Bancshares, Inc.		13
	2,750	First Midwest Bancorp, Inc.		54
	227	First Northwest BanCorp		4
	594	First of Long Island Corp. (The)		14
	681	Flushing Financial Corp.		14
	415	FNCB Bancorp, Inc.		3
	339	Franklin Financial Network, Inc.		10
	102	Franklin Financial Services Corp.		4
	4,154	Fulton Financial Corp.		67
	296	FVCBankcorp, Inc. (a)		5
	659	German American BanCorp, Inc.		21
	2,215	Glacier BanCorp, Inc.		90
	279	Great Southern Bancorp, Inc.		16
	1,479	Great Western Bancorp, Inc.		49
	233	Guaranty Bancshares, Inc.		7
	2,303	Hancock Holding Co.		88
	763	Hanmi Financial Corp.		14
	685	HarborOne Bancorp, Inc. (a)		7
	137	Hawthorn Bancshares, Inc.		3
	886	Heartland Financial USA, Inc.		40
	1,048	Heritage Commerce Corp.		12
	924	Heritage Financial Corp.		25
	1,826	Hilltop Holdings, Inc.		44
	3,971	Home Bancshares, Inc.		75
	449	Hometrust Bancshares, Inc.		12
	3,041	Hope Bancorp, Inc.		44
	940	Horizon Bancorp, Inc.		16

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Banks (continued)
	333	Howard BanCorp, Inc. (a)	$	6
	3,472	Iberiabank Corp.		263
	857	Independent Bank Corp.		64
	565	Independent Bank Corp.		12
	936	Independent Bank Group, Inc.		49
	1,437	International Bancshares Corp.		55
	242	Investar Holding Corp.		6
	5,841	Investors Bancorp, Inc.		66
	1,225	Lakeland Bancorp, Inc.		19
	621	Lakeland Financial Corp.		27
	311	LCNB Corp.		6
	1,244	LegacyTexas Financial Group, Inc.		54
	140	Level One BanCorp, Inc.		3
	642	Live Oak Bancshares, Inc.		12
	663	Macatawa Bank Corp.		7
	224	Mackinac Financial Corp.		3
	172	MainStreet Bancshares, Inc. (a)		4
	430	Mercantile Bank Corp.		14
	174	Metropolitan Bank Holding Corp. (a)		7
	172	Mid Penn BanCorp, Inc.		4
	546	Midland States BanCorp, Inc.		14
	286	MidWestOne Financial Group, Inc.		9
	146	MutualFirst Financial, Inc.		5
	237	MVB Financial Corp.		5
	742	National Bank Holdings Corp., Class – A		25
	173	National Bankshares, Inc.		7
	1,076	NBT Bancorp, Inc.		39
	205	Nicolet Bankshares, Inc. (a)		14
	175	Northeast Bank		4
	172	Northrim BanCorp, Inc.		7
	134	Norwood Financial Corp.		4
	166	Oak Valley BanCorp		3
	1,268	OFG Bancorp		28
	94	Ohio Valley Banc Corp.		3
	376	Old Line Bancshares, Inc.		11
	4,424	Old National Bancorp		76
	749	Old Second BanCorp, Inc.		9
	549	Opus Bank		12
	485	Origin BanCorp, Inc.		16
	257	Orrstown Financial Services, Inc.		6
	470	Pacific Mercantile BanCorp (a)		4
	1,512	Pacific Premier Bancorp, Inc.		47
	339	Park National Corp.		32
	226	Parke BanCorp, Inc.		5
	316	PCB Bancorp		5
	476	Peapack-Gladstone Financial Corp.		13
	115	Penns Woods BanCorp, Inc.		5
	141	Peoples BanCorp		4
	453	Peoples Bancorp, Inc.		14
	177	Peoples Financial Services Corp.		8
	395	People’s Utah BanCorp		11
	5,563	Popular, Inc.		301
	353	Preferred Bank		18
	390	Premier Financial Bancorp, Inc.		7
	370	QCR Holdings, Inc.		14
	408	RBB BanCorp		8
	17	Red River Bancshares, Inc. (a)		1
	258	Reliant BanCorp, Inc.		6
	1,463	Renasant Co.		51
	244	Republic Bancorp, Inc., Class – A		11
	1,197	Republic First Bancorp, Inc. (a)		5
	318	Richmond Mutual Bancorporation, Inc. (a)		4
	868	S & T BanCorp, Inc.		32
	885	Sandy Spring BanCorp, Inc.		30

HC CAPITAL TRUST

The Institutional Small Capitalization-Mid Capitalization Equity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Banks (continued)
	205	SB One BanCorp	$	5
	1,268	Seacoast Banking Corporation of Florida (a)		32
	422	Select BanCorp, Inc. (a)		5
	1,199	ServisFirst Bancshares, Inc.		40
	317	Shore Bancshares, Inc.		5
	378	Sierra Bancorp		10
	2,343	Simmons First National Corp.		58
	320	Smartfinancial, Inc. (a)		7
	83	South Plains Financial, Inc.		1
	866	South State Corp.		65
	191	Southern First Bancshares (a)		8
	546	Southern National BanCorp		8
	808	Southside Bancshares, Inc.		28
	391	Spirit of Texas Bancshares, Inc. (a)		8
	525	Stock Yards BanCorp, Inc.		19
	278	Summit Financial Group, Inc.		7
	3,131	Texas Capital Bancshares, Inc. (a)		171
	369	Tompkins TrustCo, Inc.		30
	1,723	TowneBank		48
	673	TriCo Bancshares		24
	657	Tristate Capital Holdings, Inc. (a)		14
	620	Triumph Bancorp, Inc. (a)		20
	1,660	Trustmark Corp.		57
	1,135	UMB Financial Corp.		73
	89	Union Bankshares, Inc.		3
	2,495	United Bankshares, Inc.		94
	2,033	United Community Banks, Inc.		58
	300	United Security Bancshare		3
	197	Unity BanCorp, Inc.		4
	760	Univest Corp.		19
	8,298	Valley National Bancorp		90
	1,318	Veritex Holdings, Inc.		32
	394	Washington Trust BanCorp, Inc.		19
	3,647	Webster Financial Corp.		171
	1,366	WesBanco, Inc.		51
	408	West Bancorporation, Inc.		9
	657	Westamerica Bancorp		41
				6,116
		Beverages — 0.12%
	787	Celsius Holdings, Inc. (a)		3
	119	Coca-Cola Bottling Co. Consolidated		36
	297	Craft Brew Alliance, Inc. (a)		2
	342	MGP Ingredients, Inc.		17
	293	National Beverage Corp.		13
	1,752	New Age Beverages Corp. ^(a)		5
	872	Primo Water Corp. (a)		11
	215	The Boston Beer Co., Inc., Class – A (a)		78
				165
		Biotechnology — 2.71%
	868	Abeona Therapeutics, Inc. (a)		2
	2,693	Acadia Pharmaceuticals, Inc. (a)		98
	1,164	Acceleron Pharma, Inc. (a)		46
	3,516	Achillion Pharmaceuticals, Inc. (a)		13
	1,128	Acorda Therapeutics, Inc. (a)		3
	590	Adamas Pharmaceuticals, Inc. (a)		3
	1,255	ADMA Biologics, Inc. (a)		6
	1,722	Aduro Biotech, Inc. (a)		2
	1,403	Adverum Biotechnologies, Inc. (a)		8
	652	Aeglea BioTherapeutics, Inc. (a)		5
	1,458	Affimed Therapeutics BV (a)		4
	2,622	Agenus, Inc. (a)		7
	525	Agex Therapeutics, Inc. (a)		1

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Biotechnology (continued)
	1,119	Aimmune Therapeutics, Inc. (a)	$	23
	2,942	Akebia Therapeutics, Inc. (a)		12
	116	Akero Therapeutics, Inc. (a)		3
	260	Albireo Pharma, Inc. (a)		5
	1,824	Alder Biopharmaceuticals, Inc. (a)		34
	586	Aldeyra Therapeutics, Inc. (a)		3
	747	Alector, Inc. (a)		11
	495	Allakos, Inc. (a)		39
	1,009	Allogene Therapeutics, Inc. (a)		28
	886	AMAG Pharmaceuticals, Inc. (a)		10
	6,500	Amicus Therapeutics, Inc. (a)		52
	616	Anaptysbio, Inc. (a)		22
	1,040	Anavex Life Sciences Corp. (a)		3
	1,247	Apellis Pharmaceuticals, Inc. (a)		30
	45	Applied Therapeutics, Inc. (a)		–
	746	Arcus Biosciences, Inc. (a)		7
	1,409	Ardelyx, Inc. (a)		7
	1,278	Arena Pharmaceuticals, Inc. (a)		58
	2,854	ArQule, Inc. (a)		20
	2,405	Arrowhead Pharmaceuticals, Inc. (a)		68
	1,304	Atara Biotherapeutics, Inc. (a)		18
	1,730	Athenex, Inc. (a)		21
	3,034	Athersys, Inc. (a)		4
	158	Atreca, Inc. (a)		2
	1,128	Audentes Therapeutics, Inc. (a)		32
	1,443	Avid Bioservices, Inc. (a)		8
	519	Avrobio, Inc. (a)		7
	259	Beyondspring, Inc. (a)		5
	2,864	BioCryst Pharmaceuticals, Inc. (a)		8
	990	Biohaven Pharmaceutical Holding Co. Ltd. (a)		41
	149	BioSpecifics Technologies Corp. (a)		8
	146	Bioxcel Therapeutics, Inc. (a)		1
	1,256	Blueprint Medicines Corp. (a)		93
	548	Bridgebio Pharma, Inc. (a)		12
	1,190	Calithera Biosciences, Inc. (a)		4
	231	Calyxt, Inc. (a)		1
	1,008	Cara Therapeutics, Inc. (a)		18
	1,067	CareDx, Inc. (a)		24
	1,309	CASI Pharmaceuticals, Inc. (a)		4
	89	Castle Biosciences, Inc. (a)		2
	2,602	Catalyst Pharmaceuticals, Inc. (a)		14
	136	Celcuity, Inc. (a)		2
	292	Cellular Biomedicine Group, Inc. (a)		4
	638	CEL-SCI Corp. (a)		6
	558	Checkpoint Therapeutics, Inc. (a)		1
	1,011	ChemoCentryx, Inc. (a)		7
	1,082	Chimerix, Inc. (a)		3
	1,229	Clovis Oncology, Inc. (a)		5
	1,623	Coherus Biosciences, Inc. (a)		33
	574	Concert Pharmaceuticals, Inc. (a)		3
	399	Constellation Pharmaceuticals, Inc. (a)		3
	1,495	Corbus Pharmaceuticals Holdings, Inc. ^(a)		7
	70	Cortexyme, Inc. (a)		2
	277	Crinetics Pharmaceuticals, Inc. (a)		4
	443	Cue BioPharma, Inc. (a)		4
	588	Cyclerion Therapeutics, Inc. (a)		7
	1,371	Cytokinetics, Inc. (a)		16
	1,134	CytomX Therapeutics, Inc. (a)		8
	478	Deciphera Pharmaceuticals, Inc. (a)		16
	1,207	Denali Therapeutics, Inc. (a)		18
	1,318	Dicerna Pharmaceuticals, Inc. (a)		19
	2,102	Dynavax Technologies Corp. (a)		8
	257	Eagle Pharmaceuticals, Inc. (a)		15

HC CAPITAL TRUST

The Institutional Small Capitalization-Mid Capitalization Equity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Biotechnology (continued)
	1,247	Editas Medicine, Inc. (a)	$	28
	300	Eidos Therapeutics, Inc. (a)		11
	567	Eiger Biopharmaceuticals, Inc. (a)		6
	1,178	Emergent BioSolutions, Inc. (a)		62
	432	Enanta Pharmaceuticals, Inc. (a)		26
	1,939	Epizyme, Inc. (a)		20
	626	Esperion Therapeutics, Inc. (a)		23
	373	Evelo Biosciences, Inc. (a)		2
	1,341	Fate Therapeutics, Inc. (a)		21
	1,984	Fibrogen, Inc. (a)		73
	849	Five Prime Therapeutics, Inc. (a)		3
	931	Flexion Therapeutics, Inc. (a)		13
	558	Forty Seven, Inc. (a)		4
	890	G1 Therapeutics, Inc. (a)		20
	1,299	Galectin Therapeutics, Inc. (a)		5
	692	Genomic Health, Inc. (a)		47
	4,547	Geron Corp. ^(a)		6
	1,475	Global Blood Therapeutics, Inc. (a)		72
	881	GlycoMimetics Industries, Inc. (a)		4
	1,065	Gossamer Bio, Inc. (a)		18
	611	Gritstone Oncology, Inc. (a)		5
	3,670	Halozyme Therapeutics, Inc. (a)		57
	146	Harpoon Therapeutics, Inc. (a)		2
	1,856	Heron Therapeutics, Inc. (a)		34
	605	Homology Medicines, Inc. (a)		11
	3,647	ImmunoGen, Inc. (a)		9
	4,482	Immunomedics, Inc. (a)		59
	2,310	Inovio Pharmaceuticals, Inc. ^(a)		5
	2,257	Insmed, Inc. (a)		40
	983	Intellia Therapeutics, Inc. (a)		13
	641	Intercept Pharmaceuticals, Inc. (a)		43
	1,765	Intrexon Corp. ^(a)		10
	2,225	Invitae Corp. (a)		43
	2,936	Iovance Biotherapeutics, Inc. (a)		53
	3,864	Ironwood Pharmaceuticals, Inc. (a)		33
	400	Jounce Therapeutics, Inc. (a)		1
	3,261	Kadmon Holdings, Inc. (a)		8
	282	Kalvista Pharmaceuticals, Inc. (a)		3
	111	Karuna Therapeutics, Inc. (a)		2
	1,451	Karyopharm Therapeutics, Inc. (a)		14
	331	Kezar Life Sciences, Inc. (a)		1
	911	Kindred Biosciences, Inc. (a)		6
	350	Kiniksa Pharmaceuticals Ltd. (a)		3
	582	Kodiak Sciences, Inc. (a)		8
	267	Krystal Biotech, Inc. (a)		9
	869	Kura Oncology, Inc. (a)		13
	577	La Jolla Pharmaceutical Co. (a)		5
	1,025	Lexicon Pharmaceuticals, Inc. ^(a)		3
	475	Ligand Pharmaceuticals, Inc., Class – B (a)		47
	2,776	Lineage Cell Therapeutics, Inc. (a)		3
	223	Logicbio Therapeutics, Inc. (a)		2
	1,192	MacroGenics, Inc. (a)		15
	196	Madrigal Pharmaceuticals, Inc. (a)		17
	486	Magenta Therapeutics, Inc. (a)		5
	5,392	MannKind Corp. (a)		7
	657	Marker Therapeutics, Inc. (a)		3
	1,036	MediciNova, Inc. (a)		8
	1,650	MEI Pharma, Inc. (a)		3
	391	Meiragtx Holdings PLC (a)		6
	883	Mersana Therapeutics, Inc. (a)		1
	228	Millendo Therapeutics, Inc. (a)		2
	791	Minerva Neurosciences, Inc. (a)		6
	692	Mirati Therapeutics, Inc. (a)		54
	60	Mirum Pharmaceuticals, Inc. (a)		1

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Biotechnology (continued)
	424	Molecular Templates, Inc. (a)	$	3
	2,579	Momenta Pharmaceuticals, Inc. (a)		33
	120	Morphic Holding, Inc. (a)		2
	689	Mustang Bio, Inc. (a)		2
	14,638	Myriad Genetics, Inc. (a)		420
	1,444	Natera, Inc. (a)		47
	344	Neon Therapeutics, Inc. (a)		1
	70	NextCure, Inc. (a)		2
	778	Novavax, Inc. (a)		4
	520	Oncocyte Corp. (a)		1
	9,075	OPKO Health, Inc. (a)		19
	255	Organogenesis Holdings, Inc. (a)		2
	4,837	Palatin Technologies, Inc. ^(a)		4
	3,370	PDL BioPharma, Inc. (a)		7
	778	Pfenex, Inc. (a)		7
	332	PhaseBio Pharmaceuticals, Inc. (a)		1
	1,212	Pieris Pharmaceuticals, Inc. (a)		4
	307	PolarityTE, Inc. (a)		1
	1,898	Portola Pharmaceuticals, Inc. (a)		51
	222	Precision Biosciences, Inc. (a)		2
	180	Prevail Therapeutics, Inc. (a)		2
	331	Principia BioPharma, Inc. (a)		9
	2,183	Progenics Pharmaceuticals, Inc. (a)		11
	487	Protagonist Therapeutics, Inc. (a)		6
	1,096	Prothena Corp. PLC (a)		8
	1,467	PTC Therapeutics, Inc. (a)		50
	773	Puma Biotechnology, Inc. (a)		8
	884	Ra Pharmaceuticals, Inc. (a)		21
	1,131	Radius Health, Inc. (a)		29
	453	Recro Pharma, Inc. (a)		5
	840	Regenxbio, Inc. (a)		30
	1,315	Repligen Corp. (a)		102
	293	Replimune Group, Inc. (a)		4
	1,044	Retrophin, Inc. (a)		12
	573	Rhythm Pharmaceuticals, Inc. (a)		12
	4,228	Rigel Pharmaceuticals, Inc. (a)		8
	745	Rocket Pharmaceuticals, Inc. (a)		9
	880	Rubius Therapeutics, Inc. (a)		7
	8,187	Sangamo BioSciences, Inc. (a)		74
	1,240	Savara, Inc. (a)		3
	552	Scholar Rock Holding Corp. (a)		5
	915	Seres Therapeutics, Inc. (a)		4
	493	Solid Biosciences, Inc. (a)		5
	2,963	Sorrento Therapeutics, Inc. ^(a)		6
	878	Spark Therapeutics, Inc. (a)		86
	2,799	Spectrum Pharmaceuticals, Inc. (a)		23
	255	Spero Therapeutics, Inc. (a)		3
	1,137	Stemline Therapeutics, Inc. (a)		12
	222	Stoke Therapeutics, Inc. (a)		5
	270	Sutro BioPharma, Inc. (a)		2
	501	Syndax Pharmaceuticals, Inc. (a)		4
	369	Synlogic, Inc. (a)		1
	241	Synthorx, Inc. (a)		4
	864	Syros Pharmaceuticals, Inc. (a)		9
	286	TCR2 Therapeutics, Inc. (a)		4
	1,969	TG Therapeutics, Inc. (a)		11
	530	Tocagen, Inc. (a)		–
	755	Translate Bio, Inc. (a)		7
	161	Turning Point Therapeutics, Inc. (a)		6
	562	Twist Bioscience Corp. (a)		13
	1,559	Tyme Technologies, Inc. (a)		2
	1,397	Ultragenyx Pharmaceutical, Inc. (a)		60
	672	UNITY Biotechnology, Inc. (a)		4
	498	UroGen Pharma Ltd. (a)		12

HC CAPITAL TRUST

The Institutional Small Capitalization-Mid Capitalization Equity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Biotechnology (continued)
	1,312	Vanda Pharmaceuticals, Inc. (a)	$	17
	2,032	VBI Vaccines, Inc. (a)		1
	1,202	Veracyte, Inc. (a)		29
	1,107	Vericel Corp. (a)		17
	1,631	Viking Therapeutics, Inc. (a)		11
	605	Voyager Therapeutics, Inc. (a)		10
	296	X4 Pharmaceuticals, Inc. (a)		4
	404	XBiotech, Inc. (a)		4
	1,221	Xencor, Inc. (a)		41
	500	Y-mAbs Therapeutics, Inc. (a)		13
	4,207	ZIOPHARM Oncology, Inc. ^(a)		18
				3,764
		Building Products — 0.92%
	1,061	AAON, Inc.		49
	917	Advanced Drainage Systems, Inc.		30
	428	American Woodmark Corp. (a)		38
	685	Apogee Enterprises, Inc.		27
	578	Armstrong Flooring, Inc. (a)		4
	2,946	Builders FirstSource, Inc. (a)		61
	547	Caesarstone Ltd.		9
	907	Continental Building Products, Inc. (a)		25
	1,154	Cornerstone Building Brands, Inc. (a)		7
	375	CSW Industrials, Inc.		26
	813	Gibraltar Industries, Inc. (a)		37
	918	Griffon Corp.		19
	464	Insteel Industries, Inc.		10
	1,745	Jeld-Wen Holding, Inc. (a)		34
	645	Masonite International Corp. (a)		37
	592	Patrick Industries, Inc. (a)		25
	1,475	PGT, Inc. (a)		25
	867	Quanex Building Products Corp.		16
	1,147	Simpson Manufacturing Co., Inc.		79
	7,060	Trex Company, Inc. (a)		641
	1,535	Universal Forest Products, Inc.		61
				1,260
		Capital Markets — 1.20%
	1,707	Ares Management Corp.		46
	906	Arlington Asset Investment Corp.		5
	7,872	Artisan Partners Asset Management, Inc., Class – A		223
	334	Assetmark Financial Holdings, Inc. (a)		9
	70	Associated Capital Group, Inc., Class – A		2
	536	B. Riley Financial, Inc.		13
	1,211	Blucora, Inc. (a)		26
	1,776	Brightsphere Investment Group, Inc.		18
	574	Cohen & Steers, Inc.		32
	724	Cowen Group, Inc., Class – A (a)		11
	79	Diamond Hill Investment Group		11
	875	Donnelley Financial Solutions, Inc. (a)		11
	2,465	Federated Investors, Inc., Class – B		80
	760	Focus Financial Partners, Inc., Class – A (a)		18
	746	Gain Capital Holdings, Inc.		4
	132	GAMCO Investors, Inc., Class – A		3
	6,738	Greenhill & Co., Inc.		88
	566	Hamilton Lane, Inc.		32
	1,043	Houlihan Lokey, Inc.		47
	401	International Fcstone, Inc. (a)		16
	2,982	Ladenburg Thalmann Financial Services, Inc.		7
	4,975	LPL Financial Holdings, Inc.		408
	1,229	Moelis & Co., Class – A		40
	246	Oppenheimer Holdings, Inc., Class – A		7

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Capital Markets (continued)
	351	Piper Jaffray Companies, Inc.	$	26
	582	PJT Partners, Inc.		24
	400	Pzena Investment Management, Inc.		4
	3,205	Raymond James Financial, Inc.		265
	488	Safeguard Scientifics, Inc. (a)		6
	408	Sculptor Capital Management, Inc.		8
	154	Siebert Financial Corp. (a)		1
	224	Silvercrest Asset Management Group, Inc.		3
	1,728	Stifel Financial Corp.		99
	56	Value Line, Inc.		1
	176	Virtus Investment Partners, Inc.		19
	1,870	Waddell & Reed Financial, Inc., Class – A		32
	194	Westwood Holdings Group, Inc.		5
	3,342	WisdomTree Investments, Inc.		17
				1,667
		Chemicals — 1.60%
	513	Advanced Emissions Solutions, Inc.		8
	732	Advansix, Inc. (a)		19
	2,387	Albemarle Corp.		166
	774	American Vanguard Corp.		12
	824	Balchem Corp.		82
	185	Chase Corp.		20
	2,122	Ferro Corp. (a)		25
	1,281	Flotek Industries, Inc. (a)		3
	6,648	FMC Corp.		583
	649	FutureFuel Corp.		8
	1,402	GCP Applied Technologies (a)		27
	1,313	H.B. Fuller Co.		61
	250	Hawkins, Inc.		11
	1,074	Ingevity Corp. (a)		91
	494	Innophos Holdings, Inc.		16
	627	Innospec, Inc.		56
	2,460	Intrepid Potash, Inc. (a)		8
	484	Koppers Holdings, Inc. (a)		14
	12,280	Kraton Performance Polymers, Inc. (a)		397
	628	Kronos Worldwide, Inc.		8
	3,853	Livent Corp. (a)		26
	668	LSB Industries, Inc. (a)		3
	1,223	Marrone Bio Innovations, Inc. (a)		2
	910	Minerals Technologies, Inc.		48
	1,100	Omnova Solutions, Inc. (a)		11
	1,551	Orion Engineered Carbons SA		26
	1,977	PolyOne Corp.		65
	954	PQ Group Holdings, Inc. (a)		15
	339	Quaker Chemical Corp.		54
	1,191	Rayonier Advanced Materials, Inc.		5
	1,091	Sensient Technologies Corp.		75
	529	Stepan Co.		51
	573	Trecora Resources (a)		5
	685	Tredegar Industries, Inc.		13
	1,057	Trinseo SA		45
	18,892	Tronox Holdings PLC, Class – A		157
	699	Valhi, Inc.		1
				2,217
		Commercial Services & Supplies — 1.47%
	1,705	ABM Industries, Inc.		62
	2,467	ACCO Brands Corp.		24
	1,875	Advanced Disposal Services, Inc. (a)		61
	11,684	Aqua Metals, Inc. (a)		20
	1,232	Brady Corp., Class – A		65
	785	BrightView Holdings, Inc. (a)		13
	1,152	Casella Waste Systems, Inc. (a)		49

HC CAPITAL TRUST

The Institutional Small Capitalization-Mid Capitalization Equity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Commercial Services & Supplies (continued)
	769	CECO Environmental Corp. (a)	$	5
	202	Charah Solutions, Inc. (a)		–
	554	Cimpress N.V. (a)		73
	26	CompX International, Inc.		–
	16,953	Covanta Holding Corp.		294
	1,100	Deluxe Corp.		54
	642	Ennis, Inc.		13
	1,875	Healthcare Services Group, Inc.		46
	378	Heritage-Crystal Clean, Inc. (a)		10
	1,518	Herman Miller, Inc.		70
	1,092	HNI Corp.		39
	26,551	Interface, Inc.		384
	899	Kimball International, Inc., Class – B		17
	1,235	Knoll, Inc.		31
	830	LSC Communications, Inc.		1
	803	Matthews International Corp., Class – A		28
	610	McGrath RentCorp		42
	1,125	Mobile Mini, Inc.		41
	902	MSA Safety, Inc.		98
	219	NL Industries, Inc. (a)		1
	246	NRC Group Holdings Corp. (a)		3
	462	PICO Holdings, Inc. (a)		5
	4,593	Pitney Bowes, Inc.		21
	781	Quad Graphics, Inc.		8
	1,974	RR Donnelley & Sons Co.		7
	574	SP Plus Corp. (a)		21
	2,240	Steelcase, Inc., Class – A		41
	749	Team, Inc. (a)		14
	1,393	Tetra Tech, Inc.		122
	1,274	The Brink’s Co.		107
	390	UniFirst Corp.		76
	556	US Ecology, Inc.		36
	506	Viad Corp.		34
	221	VSE Corp.		8
				2,044
		Communications Equipment — 0.65%
	6,360	Acacia Communications, Inc. (a)		417
	1,202	ADTRAN, Inc.		14
	522	Applied Optoelectronics, Inc. (a)		6
	864	CalAmp Corp. (a)		10
	1,148	Calix, Inc. (a)		7
	90	Cambium Networks Corp. (a)		1
	728	Casa Systems, Inc. (a)		6
	279	Clearfield, Inc. (a)		3
	604	Comtech Telecommunications Corp.		20
	305	DASAN Zhone Solutions, Inc. (a)		3
	705	Digi International, Inc. (a)		10
	2,944	Extreme Networks, Inc. (a)		21
	2,194	Harmonic, Inc. (a)		14
	4,395	Infinera Corp. (a)		24
	1,079	Inseego Corp. ^(a)		5
	798	InterDigital, Inc.		42
	469	KVH Industries, Inc. (a)		5
	1,954	Lumentum Holdings, Inc. (a)		105
	784	NETGEAR, Inc. (a)		25
	1,884	NetScout Systems, Inc. (a)		43
	842	Plantronics, Inc.		31
	1,501	Ribbon Communications, Inc. (a)		9
	150	TESSCO Technologies, Inc.		2
	5,878	Viavi Solutions, Inc. (a)		82
				905

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Construction & Engineering — 2.14%
	837	Aegion Corp. (a)	$	18
	551	Ameresco, Inc., Class – A (a)		9
	1,256	Arcosa, Inc.		43
	370	Argan, Inc.		15
	918	Comfort Systems USA, Inc.		41
	269	Concrete Pumping Holdings, Inc. (a)		1
	291	Construction Partners, Inc. (a)		5
	766	Dycom Industries, Inc. (a)		39
	1,423	EMCOR Group, Inc.		123
	6,120	Granite Construction, Inc.		197
	1,532	Great Lakes Dredge & Dock Co. (a)		16
	205	IES Holdings, Inc. (a)		4
	26,860	KBR, Inc.		659
	11,981	MasTec, Inc. (a)		777
	405	MYR Group, Inc. (a)		13
	241	Northwest Pipe Co. (a)		7
	256	NV5 Holdings, Inc. (a)		17
	1,114	Primoris Services Corp.		22
	657	Sterling Construction Co., Inc. (a)		9
	65,412	Tutor Perini Corp. (a)		936
	1,292	Willscot Corp. (a)		20
				2,971
		Construction Materials — 0.38%
	1,587	Eagle Materials, Inc., Class – A		143
	550	Forterra, Inc. (a)		4
	1,032	Martin Marietta Materials, Inc.		283
	2,906	Summit Materials, Inc., Class – A (a)		65
	423	U.S. Concrete, Inc. (a)		23
	58	United States Lime & Minerals, Inc.		4
				522
		Consumer Finance — 0.48%
	434	Curo Group Holdings Corp. (a)		6
	535	Elevate Credit, Inc. (a)		2
	808	Encore Capital Group, Inc. (a)		27
	830	Enova International, Inc. (a)		17
	1,280	EZCORP, Inc., Class – A (a)		8
	1,082	FirstCash, Inc.		99
	6,598	Green Dot Corp., Class – A (a)		167
	1,656	LendingClub Corp. (a)		22
	500	Medallion Financial Corp.		3
	459	Nelnet, Inc., Class – A		29
	7,522	PRA Group, Inc. (a)		255
	253	Regional Management Corp. (a)		7
	167	World Acceptance Corp. (a)		21
				663
		Containers & Packaging — 0.19%
	14,520	Graphic Packaging Holding Co.		213
	145	Greif, Inc.		7
	652	Greif, Inc., Class – A		25
	893	Myers Industries, Inc.		16
	169	UFP Technologies, Inc. (a)		7
				268
		Distributors — 0.04%
	1,142	Core-Mark Holding Co., Inc.		36
	424	Funko, Inc. (a)		9
	150	Greenlane Holdings, Inc., Class – A (a)		1
	154	Weyco Group, Inc.		3
				49

HC CAPITAL TRUST

The Institutional Small Capitalization-Mid Capitalization Equity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Diversified Consumer Services — 0.63%
	3,415	Adtalem Global Education, Inc. (a)	$	130
	422	American Public Education, Inc. (a)		9
	21,686	Career Education Corp. (a)		344
	421	Carriage Services, Inc.		9
	2,979	Chegg, Inc. (a)		89
	194	Collectors Universe, Inc.		6
	2,629	Houghton Mifflin Harcourt Co. (a)		14
	971	K12, Inc. (a)		26
	2,662	Laureate Education, Inc., Class – A (a)		44
	1,197	OneSpaWorld Holdings Ltd. (a)		19
	749	Regis Corp. (a)		15
	518	Select Interior Concepts, Inc., Class – A (a)		7
	823	Sotheby’s (a)		47
	544	Strategic Education, Inc.		74
	1,229	WW International, Inc. (a)		46
				879
		Diversified Financial Services — 0.20%
	777	Banco Latinoamericano de Comercio Exterior SA, Class – E		15
	1,708	Cannae Holdings, Inc. (a)		47
	3,834	FGL Holdings, Inc.		31
	9,586	Jefferies Financial Group, Inc.		176
	213	Marlin Business Services Corp.		5
	1,659	On Deck Capital, Inc. (a)		6
				280
		Diversified Telecommunication Services — 0.65%
	273	Anterix, Inc. (a)		10
	278	ATN International, Inc.		16
	419	Bandwidth, Inc. (a)		27
	1,245	Cincinnati Bell, Inc. (a)		6
	11,762	Cogent Communications Group, Inc.		649
	1,942	Consolidated Communications Holdings, Inc.		9
	2,821	Frontier Communications Corp. ^(a)		2
	403	IDT Corp. (a)		4
	1,739	Intelsat SA (a)		40
	2,537	Iridium Communications, Inc. (a)		54
	550	Ooma, Inc. (a)		6
	1,904	ORBCOMM, Inc. (a)		9
	2,602	Pareteum Corp. ^(a)		3
	5,797	Vonage Holdings Corp. (a)		66
				901
		Electric Utilities — 0.40%
	1,324	ALLETE, Inc.		115
	1,040	El Paso Electric Co.		70
	348	Genie Energy Ltd.		3
	900	MGE Energy, Inc.		72
	1,019	Otter Tail Corp.		55
	2,031	PNM Resources, Inc.		106
	2,292	Portland General Electric Co.		128
	250	Spark Energy, Inc., Class – A		3
				552
		Electrical Equipment — 0.47%
	198	Allied Motion Technologies, Inc.		7
	509	American Superconductor Corp. (a)		4
	1,217	Atkore International Group, Inc. (a)		37
	654	AZZ, Inc.		28
	1,467	Bloom Energy Corp., Class – A (a)		5
	3,400	Encore Wire Corp.		192
	606	Energous Corp. (a)		2

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Electrical Equipment (continued)
	1,106	EnerSys	$	73
	2,373	Enphase Energy, Inc. (a)		53
	1,562	Generac Holdings, Inc. (a)		122
	5,766	Plug Power, Inc. (a)		15
	226	Powell Industries, Inc.		9
	90	Preformed Line Products Co.		5
	2,883	Sunrun, Inc. (a)		48
	819	Thermon Group Holdings, Inc. (a)		19
	765	TPI Composites, Inc. (a)		14
	448	Vicor Corp. (a)		13
	1,096	Vivint Solar, Inc. (a)		7
				653
		Electronic Equipment, Instruments & Components — 2.09%
	224	Airgain, Inc. (a)		3
	609	Akoustis Technologies, Inc. (a)		5
	788	Anixter International, Inc. (a)		54
	2,042	Arlo Technologies, Inc. (a)		7
	1,166	AVX Corp.		18
	723	Badger Meter, Inc.		39
	250	BEL Fuse, Inc., Class – B		4
	1,000	Belden, Inc.		53
	966	Benchmark Electronics, Inc.		28
	112	Coda Octopus Group, Inc. (a)		1
	819	CTS Corp.		27
	919	Daktronics, Inc.		7
	337	ePlus, Inc. (a)		26
	3,911	Fabrinet (a)		204
	434	FARO Technologies, Inc. (a)		21
	5,573	Fitbit, Inc., Class – A (a)		21
	23,116	Flextronics International Ltd. (a)		242
	2,305	II-VI, Inc. (a)		81
	916	Insight Enterprises, Inc. (a)		51
	1,009	Iteris, Inc. (a)		6
	7,137	Itron, Inc. (a)		527
	11,877	Jabil Circuit, Inc.		424
	1,434	KEMET Corp.		26
	661	Kimball Electronics, Inc. (a)		10
	2,082	Knowles Corp. (a)		42
	97	Mesa Laboratories, Inc.		23
	920	Methode Electronics, Inc.		31
	452	MTS Systems Corp.		25
	313	Napco Security Technologies (a)		8
	808	nLight, Inc. (a)		13
	862	Novanta, Inc. (a)		70
	429	OSI Systems, Inc. (a)		44
	290	Par Technology Corp. ^(a)		7
	300	PC Connection, Inc.		12
	756	Plexus Corp. (a)		47
	3,108	Rogers Corp. (a)		424
	1,748	Sanmina Corp. (a)		56
	650	ScanSource, Inc. (a)		20
	941	Tech Data Corp. (a)		98
	2,491	TTM Technologies, Inc. (a)		30
	3,423	Vishay Intertechnology, Inc.		58
	267	Vishay Precision Group, Inc. (a)		9
	184	Wrap Technologies, Inc. (a)		1
				2,903
		Energy Equipment & Services — 0.81%
	3,246	Archrock, Inc. Com		32
	1,657	C&J Energy Services, Inc. (a)		18
	1,240	Cactus, Inc., Class – A (a)		36

HC CAPITAL TRUST

The Institutional Small Capitalization-Mid Capitalization Equity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Energy Equipment & Services (continued)
	858	Covia Holdings Corp. (a)	$	2
	1,599	Diamond Offshore Drilling, Inc. (a)		9
	2,736	Dril-Quip, Inc. (a)		136
	468	Era Group, Inc. (a)		5
	856	Exterran Corp. (a)		11
	2,081	Forum Energy Technologies, Inc. (a)		3
	2,653	Franks International N.V. (a)		13
	879	FTS International, Inc. (a)		2
	321	Geospace Technologies Corp. (a)		5
	3,574	Helix Energy Solutions Group, Inc. (a)		29
	1,354	Independence Contract Drilling, Inc. (a)		2
	1,335	Keane Group, Inc. (a)		8
	523	KLX Energy Services Holdings, Inc. (a)		5
	1,347	Liberty Oilfield Services, Inc.		15
	338	Mammoth Energy Services, Inc.		1
	669	Matrix Service Co. (a)		11
	4,577	McDermott International, Inc. ^(a)		9
	9,252	Nabors Industries Ltd.		17
	574	National Energy Services Reunited Corp. (a)		4
	292	Natural Gas Services Group, Inc. (a)		4
	293	NCS Multistage Holdings, Inc. (a)		1
	2,370	Newpark Resources, Inc. (a)		18
	399	Nine Energy Service, Inc. (a)		2
	38,420	Noble Corp. PLC (a)		49
	2,498	Oceaneering International, Inc. (a)		34
	1,510	Oil States International, Inc. (a)		20
	723	Pacific Drilling SA (a)		3
	226	Parker Drilling Co. (a)		4
	2,006	ProPetro Holding Corp. (a)		18
	397	RigNet, Inc. (a)		3
	1,406	RPC, Inc.		8
	438	SEACOR Holdings, Inc. (a)		21
	482	SEACOR Marine Holdings, Inc. (a)		6
	1,420	Seadrill Ltd. ^(a)		3
	1,480	Select Energy Services, Inc. (a)		13
	666	Smart Sand, Inc. ^(a)		2
	769	Solaris Oilfield Infrastructure, Inc.		10
	6,900	TechnipFMC PLC		166
	3,249	TETRA Technologies, Inc. (a)		7
	942	Tidewater, Inc. (a)		14
	55,660	Transocean Ltd. (a)		249
	1,338	Unit Corp. (a)		5
	1,913	US Silica Holdings, Inc.		18
	486	US Well Services, Inc. (a)		1
	14,983	Valaris PLC		72
				1,124
		Entertainment — 0.25%
	1,278	AMC Entertainment Holdings, Inc., Class – A		14
	1,810	Eros International PLC (a)		3
	77,917	Global Eagle Entertainment, Inc. (a)		55
	2,915	Glu Mobile, Inc. (a)		15
	1,324	IMAX Corp. (a)		29
	254	Liberty Braves Group (a)		7
	907	Liberty Braves Group (a)		25
	19,121	Lions Gate Entertainment Corp., Class – B (a)		167
	792	Livexlive Media, Inc. (a)		2
	561	Marcus Corp.		21
	425	Reading International, Inc. (a)		5
	518	Rosetta Stone, Inc. (a)		9
				352

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Equity Real Estate Investment Trusts — 2.87%
	2,101	Acadia Realty Trust	$	60
	1,044	Agree Realty Corp.		76
	1,729	Alexander & Baldwin, Inc.		42
	53	Alexander’s, Inc.		18
	1,232	American Assets Trust, Inc.		58
	2,793	American Finance Trust, Inc.		39
	1,310	Armada Hoffler Properties, Inc.		24
	2,259	Ashford Hospitality Trust		7
	660	Bluerock Residential Growth REIT, Inc.		8
	773	Braemar Hotels & Resorts, Inc.		7
	292	BRT Apartments Corp.		4
	2,449	CareTrust REIT, Inc.		58
	1,235	Catchmark Timber Trust, Inc.		13
	4,578	CBL & Associates Properties, Inc.		6
	2,155	Cedar Realty Trust, Inc.		6
	1,156	Chatham Lodging Trust		21
	32	CIM Commercial Trust Corp.		–
	1,006	City Office REIT, Inc.		14
	413	Clipper Realty, Inc.		4
	489	Community Healthcare Trust, Inc.		22
	3,079	CoreCivic, Inc.		53
	324	Corenergy Infrastructure Trust, Inc.		15
	1,102	CorePoint Lodging, Inc.		11
	11,636	Corporate Office Properties Trust		348
	5,131	DiamondRock Hospitality Co.		53
	1,994	Easterly Government Properties, Inc.		42
	946	EastGroup Properties, Inc.		118
	756	Farmland Partners, Inc.		5
	3,219	First Industrial Realty Trust, Inc.		128
	1,771	Four Corners Property Trust, Inc.		50
	2,616	Franklin Street Properties Corp.		22
	1,280	Front Yard Residential Corp.		15
	840	Getty Realty Corp.		27
	753	Gladstone Commercial Corp.		18
	553	Gladstone Land Corp.		7
	768	Global Medical REIT, Inc.		9
	2,185	Global Net Lease, Inc.		43
	3,269	Healthcare Realty Trust, Inc.		110
	873	Hersha Hospitality Trust		13
	2,267	Independence Realty Trust, Inc.		32
	1,633	Industrial Logistics Property Trust		35
	274	Innovative Industrial Properties, Inc.		25
	311	Investors Real Estate Trust		23
	1,576	iStar, Inc.		21
	525	Jernigan Capital, Inc.		10
	2,088	Kite Realty Group Trust		34
	5,876	Lexington Realty Trust		60
	1,018	LTC Properties, Inc.		52
	2,217	Mack-Cali Realty Corp.		48
	2,414	Monmouth Real Estate Investment Corp., Class – A		35
	1,070	National Health Investors, Inc.		88
	1,539	National Storage Affiliates		51
	2,077	New Senior Investment Group, Inc.		14
	488	NexPoint Residential Trust, Inc.		23
	1,203	Office Properties Income Trust		37
	387	One Liberty Properties, Inc.		11
	3,325	Pebblebrook Hotel Trust		93
	1,747	Pennsylvania Real Estate Investment Trust ^		10
	4,750	Physicians Realty Trust		84
	3,229	Piedmont Office Realty Trust, Inc., Class – A		67
	1,705	Potlatch Corp.		70

HC CAPITAL TRUST

The Institutional Small Capitalization-Mid Capitalization Equity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Equity Real Estate Investment Trusts (continued)
	1,089	Preferred Apartment Communities, Inc., Class – A	$	16
	512	PS Business Parks, Inc.		93
	1,403	QTS Realty Trust, Inc., Class – L		72
	2,909	Retail Opportunity Investments Corp.		53
	399	Retail Value, Inc.		15
	2,789	Rexford Industrial Realty, Inc.		123
	4,407	RLJ Lodging Trust		75
	2,053	RPT Realty		28
	1,174	Ryman Hospitality Properties, Inc.		96
	4,812	Sabra Healthcare REIT, Inc.		110
	269	Safehold, Inc.		8
	299	Saul Centers, Inc.		16
	6,100	Senior Housing Properties Trust		56
	859	Seritage Growth Properties		36
	3,266	STAG Industrial, Inc.		96
	2,609	Summit Hotel Properties, Inc.		30
	5,736	Sunstone Hotel Investors, Inc.		79
	2,304	Tanger Factory Outlet Centers, Inc.		36
	1,645	Terreno Realty Corp.		84
	3,075	The Geo Group, Inc.		53
	876	UMH Properties, Inc.		12
	4,779	Uniti Group, Inc.		37
	334	Universal Health Realty Income Trust		34
	2,975	Urban Edge Properties		59
	745	Urstadt Biddle Properties, Inc., Class – A		18
	4,708	Washington Prime Group, Inc. ^		19
	2,071	Washington Real Estate Investment Trust		57
	1,022	Whitestone REIT		14
	2,923	Xenia Hotels & Resorts, Inc.		62
				3,984
		Food & Staples Retailing — 0.25%
	2,854	BJ’s Wholesale Club Holdings, Inc., Class – C (a)		74
	606	Chefs’ Warehouse Holdings LLC (a)		24
	182	HF Foods Group, Inc. (a)		3
	364	Ingles Markets, Inc., Class – A		14
	278	Natural Grocers by Vitamin Cottage, Inc. (a)		3
	2,629	Performance Food Group Co. (a)		121
	566	PriceSmart, Inc.		40
	1,381	Rite Aid Corp. (a)		10
	928	SpartanNash Co.		11
	789	The Andersons, Inc.		18
	1,368	United Natural Foods, Inc. (a)		16
	207	Village Super Market, Inc., Class – A		5
	230	Weis Markets, Inc.		9
				348
		Food Products — 0.59%
	101	Alico, Inc.		3
	1,622	B&G Foods, Inc., Class – A ^		31
	42	Bridgford Foods Corp.		1
	409	Calavo Growers, Inc.		39
	794	Cal-Maine Foods, Inc.		32
	13,439	Darling Ingredients, Inc. (a)		257
	2,466	Dean Foods Co.		3
	250	Farmer Brothers Co. (a)		3
	782	Fresh Del Monte Produce, Inc.		27
	875	Freshpet, Inc. (a)		44
	3,025	Hostess Brands, Inc. (a)		42
	390	J&J Snack Foods Corp.		75
	218	John B. Sanfilippo & Son, Inc.		21
	487	Lancaster Colony Corp.		68

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Food Products (continued)
	678	Landec Corp. (a)	$	7
	382	Limoneira Co.		7
	510	Sanderson Farms, Inc.		77
	164	Seneca Foods Corp., Class – A (a)		5
	1,822	Simply Good Foods Co. (The) (a)		53
	420	Tootsie Roll Industries, Inc.		16
				811
		Gas Utilities — 0.47%
	402	Chesapeake Utilities Corp.		38
	2,267	New Jersey Resources Corp.		103
	771	Northwest Natural Holding Co.		55
	1,334	One Gas, Inc.		128
	202	RGC Resources, Inc.		6
	2,370	South Jersey Industries, Inc.		78
	1,386	Southwest Gas Corp.		126
	1,270	Spire, Inc.		111
				645
		Health Care Equipment & Supplies — 3.96%
	377	Abiomed, Inc. (a)		67
	2,183	Accuray, Inc. (a)		6
	961	Alphatec Holdings, Inc. (a)		5
	919	AngioDynamics, Inc. (a)		17
	360	Anika Therapeutics, Inc. (a)		20
	4,066	Antares Pharma, Inc. (a)		14
	806	Apyx Medical Corp. (a)		5
	935	AtriCure, Inc. (a)		23
	36	Atrion Corp.		28
	1,222	Avanos Medical, Inc. (a)		46
	195	Avedro, Inc. (a)		4
	855	AxoGen, Inc. (a)		11
	381	Axonics Modulation Technologies, Inc. (a)		10
	161	Biolife Solutions, Inc. (a)		3
	379	BioSig Technologies, Inc. (a)		3
	9,306	Cardiovascular Systems, Inc. (a)		442
	3,430	Cerus Corp. (a)		18
	1,547	ConforMIS, Inc. (a)		3
	699	CONMED Corp.		67
	2,223	Corindus Vascular Robotics, Inc., Class – I (a)		10
	918	CryoLife, Inc. (a)		25
	799	Cryoport, Inc. (a)		13
	365	Cutera, Inc. (a)		11
	878	CytoSorbents Corp. (a)		4
	3,262	Dexcom, Inc. (a)		487
	1,776	Edwards Lifesciences Corp. (a)		391
	279	Electrocore LLC (a)		1
	1,389	GenMark Diagnostics, Inc. (a)		8
	913	Glaukos Corp. (a)		57
	1,944	Globus Medical, Inc., Class – A (a)		99
	1,314	Haemonetics Corp. (a)		166
	176	Heska Corp. (a)		12
	460	Inogen, Inc. (a)		22
	6,083	Insulet Corp. (a)		1,003
	832	Integer Holdings Corp. (a)		63
	209	Intricon Corp. (a)		4
	889	Invacare Corp.		7
	110	Iradimed Corp. (a)		2
	639	iRhythm Technologies, Inc. (a)		47
	961	Lantheus Holdings, Inc. (a)		24
	414	LeMaitre Vascular, Inc.		14
	1,241	LivaNova PLC (a)		92
	1,081	Meridian Bioscience, Inc.		10

HC CAPITAL TRUST

The Institutional Small Capitalization-Mid Capitalization Equity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Health Care Equipment & Supplies (continued)
	3,720	Merit Medical Systems, Inc. (a)	$	113
	179	Misonix, Inc. (a)		4
	849	Natus Medical, Inc. (a)		27
	1,310	Neogen Corp. (a)		89
	5,773	Neuronetics, Inc. (a)		48
	764	Nevro Corp. (a)		66
	2,216	Novocure Ltd. (a)		166
	1,329	NuVasive, Inc. (a)		84
	1,547	OraSure Technologies, Inc. (a)		12
	455	Orthofix Medical, Inc. (a)		24
	243	Orthopediatrics Corp. (a)		9
	275	Pulse Biosciences, Inc. (a)		4
	915	Quidel Corp. (a)		56
	1,392	Rockwell Medical Technologies, Inc. (a)		4
	1,430	RTI Surgical, Inc. (a)		4
	374	Seaspine Holdings Corp. (a)		5
	2,655	Senseonics Holdings, Inc. ^(a)		3
	160	Shockwave Medical, Inc. (a)		5
	398	SI-Bone, Inc. (a)		7
	966	Sientra, Inc. (a)		6
	292	Silk Road Medical, Inc. (a)		9
	131	Soliton, Inc. (a)		1
	1,120	STAAR Surgical Co. (a)		29
	1,682	STERIS PLC		243
	330	SurModics, Inc. (a)		15
	457	Tactile Systems Technology, Inc. (a)		19
	5,315	Tandem Diabetes Care, Inc. (a)		313
	2,186	The Cooper Companies, Inc.		649
	4,339	Transenterix, Inc. (a)		3
	160	TransMedics Group, Inc. (a)		4
	88	Utah Medical Products, Inc.		8
	362	Vapotherm, Inc. (a)		3
	955	Varex Imaging Corp. (a)		27
	1,743	Viewray, Inc. (a)		5
	3,226	Wright Medical Group N.V. (a)		67
	377	Zynex, Inc.		4
				5,499
		Health Care Providers & Services — 0.94%
	9,107	Acadia Healthcare Company, Inc. (a)		284
	265	Addus HomeCare Corp. (a)		21
	799	Amedisys, Inc. (a)		106
	459	American Renal Associates Holdings, Inc. (a)		3
	1,187	AMN Healthcare Services, Inc. (a)		68
	671	Apollo Medical Holdings, Inc. (a)		12
	525	Avalon GloboCare Corp. (a)		1
	836	Biotelemetry, Inc. (a)		34
	4,654	Brookdale Senior Living, Inc. (a)		35
	171	Catasys, Inc. (a)		3
	2,032	Community Health Systems, Inc. (a)		7
	227	CorVel Corp. (a)		17
	896	Cross Country Healthcare, Inc. (a)		9
	9,076	Diplomat Pharmacy, Inc. (a)		44
	2,027	Genesis Healthcare, Inc. (a)		2
	962	Hanger, Inc. (a)		20
	1,767	HealthEquity, Inc. (a)		101
	769	LHC Group, Inc. (a)		87
	562	Magellan Health Services, Inc. (a)		35
	308	National Healthcare Corp.		25
	302	National Research Corp., Class – A		17
	3,375	Option Care Health, Inc. (a)		11
	1,651	Owens & Minor, Inc.		10
	2,106	Patterson Companies, Inc.		38

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Health Care Providers & Services (continued)
	472	Petiq, Inc. (a)	$	13
	293	Providence Service Corp. (a)		17
	2,579	R1 RCM, Inc. (a)		23
	1,057	RadNet, Inc. (a)		15
	2,832	Select Medical Holdings Corp. (a)		47
	603	Surgery Partners, Inc. (a)		4
	2,643	Tenet Healthcare Corp. (a)		58
	1,294	The Ensign Group, Inc.		61
	316	The Joint Corp. (a)		6
	1,253	Tivity Health, Inc. (a)		21
	577	Triple-S Management Corp., Class – A (a)		8
	317	U.S. Physical Therapy, Inc.		41
				1,304
		Health Care Technology — 0.37%
	4,301	Allscripts Healthcare Solutions, Inc. (a)		47
	2,519	Castlight Health, Inc., Class – B (a)		4
	319	Computer Programs & Systems, Inc.		7
	1,821	Evolent Health, Inc. (a)		13
	197	Health Catalyst, Inc. (a)		6
	656	HealthStream, Inc. (a)		17
	2,221	HMS Holdings Corp. (a)		77
	1,771	Inovalon Holdings, Inc., Class – A (a)		29
	341	Inspire Medical System, Inc. (a)		21
	351	Livongo Health, Inc. (a)		6
	1,363	NextGen Healthcare, Inc. (a)		21
	1,049	Omnicell, Inc. (a)		76
	418	OptimizeRx Corp. (a)		6
	248	Phreesia, Inc. (a)		6
	298	Simulations Plus, Inc.		10
	490	Tabula Rasa Healthcare, Inc. (a)		27
	1,834	Teladoc, Inc. (a)		125
	775	Vocera Communications, Inc. (a)		19
				517
		Hotels, Restaurants & Leisure — 1.28%
	1,723	BBX Capital Corp.		8
	29	Biglari Holdings, Inc., Class – B (a)		3
	546	BJ’s Restaurant, Inc.		21
	2,228	Bloomin’ Brands, Inc.		42
	209	Bluegreen Vacations Corp.		2
	2,068	Boyd Gaming Corp.		50
	942	Brinker International, Inc.		40
	877	Carrols Restaurant Group, Inc. (a)		7
	682	Century Casinos, Inc. (a)		5
	897	Churchill Downs, Inc.		111
	422	Chuy’s Holdings, Inc. (a)		10
	493	Cracker Barrel Old Country Store, Inc.		80
	960	Dave & Buster’s Entertainment, Inc.		37
	730	Del Taco Restaurants, Inc. (a)		7
	1,527	Denny’s Corp. (a)		35
	421	DineEquity, Inc.		32
	1,571	Drive Shack, Inc. (a)		7
	511	El Pollo Loco Holdings, Inc. (a)		6
	8,753	Eldorado Resorts, Inc. (a)		348
	92	Empire Resorts, Inc. (a)		1
	568	Fiesta Restaurant Group, Inc. (a)		6
	491	Golden Entertainment, Inc. (a)		7
	214	Inspired Entertainment, Inc. (a)		2
	590	International Speedway Corp., Class – A		27
	294	J. Alexander’s Holdings, Inc. (a)		3
	667	Jack in the Box, Inc.		61
	82	Kura Sushi USA, Inc., Class – A (a)		2
	576	Lindblad Expeditions Holdings, Inc. (a)		10

HC CAPITAL TRUST

The Institutional Small Capitalization-Mid Capitalization Equity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Hotels, Restaurants & Leisure (continued)
	1,096	Marriott Vacations Worldwide Corp.	$	113
	285	Monarch Casino & Resort, Inc. (a)		12
	73	Nathan’s Famous, Inc.		5
	705	Noodles & Co. (a)		4
	573	Papa John’s International, Inc.		30
	2,867	Penn National Gaming, Inc. (a)		53
	2,626	Planet Fitness, Inc., Class – A (a)		151
	665	PlayAGS, Inc. (a)		7
	666	Potbelly Corp. (a)		3
	226	RCI Hospitality Holdings, Inc.		5
	589	Red Lion Hotels Corp. (a)		4
	336	Red Robin Gourmet Burgers, Inc. (a)		11
	1,760	Red Rock Resorts, Inc., Class – A		36
	759	Ruth’s Hospitality Group, Inc.		15
	1,406	Scientific Games Corp., Class – A (a)		29
	1,211	SeaWorld Entertainment, Inc. (a)		32
	740	Shake Shack, Inc., Class – A (a)		73
	800	Target Hospitality Corp. (a)		5
	1,688	Texas Roadhouse, Inc., Class – A		89
	1,062	The Cheesecake Factory, Inc.		44
	516	The Habit Restaurants, Inc. (a)		5
	521	Twin River Worldwide Holdings, Inc.		12
	751	Wingstop, Inc.		66
				1,774
		Household Durables — 1.22%
	234	Bassett Furniture Industries, Inc.		4
	748	Beazer Homes USA, Inc. (a)		11
	219	Cavco Industries, Inc. (a)		42
	6,398	Century Communities, Inc. (a)		195
	605	Ethan Allen Interiors, Inc.		12
	183	Flexsteel Industries, Inc.		3
	3,077	Gopro, Inc., Class – A (a)		16
	575	Green Brick Partners, Inc. (a)		6
	156	Hamilton Beach Brands Holding Co.		3
	641	Helen of Troy Ltd. (a)		101
	292	Hooker Furniture Corp.		6
	570	Installed Building Products, Inc. (a)		33
	709	iRobot Corp. (a)		44
	2,174	KB Home		74
	1,152	La-Z-Boy, Inc.		39
	100	Legacy Housing Corp. (a)		2
	3,287	LGI Homes, Inc. (a)		273
	290	Lifetime Brands, Inc.		3
	221	Lovesac Co. (The) (a)		4
	668	M/I Homes, Inc. (a)		25
	1,277	MDC Holdings, Inc.		55
	944	Meritage Homes Corp. (a)		66
	210	Purple Innovation, Inc. (a)		2
	1,302	Skyline Champion Corp. (a)		39
	1,837	Sonos, Inc. (a)		25
	2,694	Taylor Morrison Home Corp., Class – A (a)		70
	867	TopBuild Corp. (a)		83
	3,653	TRI Pointe Homes, Inc. (a)		55
	1,229	Tupperware Brands Corp.		20
	7,044	Universal Electronics, Inc. (a)		358
	847	William Lyon Homes, Class – A (a)		17
	768	Zagg, Inc. (a)		5
				1,691
		Household Products — 0.09%
	263	Central Garden & Pet Co. (a)		8
	1,069	Central Garden & Pet Co., Class – A (a)		30
	149	Oil-Dri Corporation of America		5

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Household Products (continued)
	240	Spectrum Brands Holdings, Inc.	$	13
	355	WD-40 Co.		64
				120
		Independent Power and Renewable Electricity Producers — 0.16%
	2,576	Atlantic Power Corp. (a)		6
	906	Clearway Energy, Inc., Class – A		16
	1,859	Clearway Energy, Inc., Class – C		34
	1,023	Ormat Technologies, Inc.		76
	2,266	Pattern Energy Group, Inc.		61
	325	Sunnova Energy International, Inc. (a)		3
	1,842	Terraform Power, Inc., Class – A		34
				230
		Industrial Conglomerates — 0.02%
	904	Raven Industries, Inc.		30
		Insurance — 1.36%
	1,139	Ambac Financial Group, Inc. (a)		22
	2,326	American Equity Investment Life Holding Co.		56
	481	AMERISAFE, Inc.		32
	842	Argo Group International Holdings Ltd.		59
	1,354	Citizens, Inc. (a)		9
	3,992	CNO Financial Group, Inc.		63
	400	Crawford & Co.		4
	270	Donegal Group, Inc.		4
	577	eHealth, Inc. (a)		39
	820	Employers Holdings, Inc.		36
	296	Enstar Group Ltd. (a)		56
	1,269	Everest Re Group Ltd.		338
	247	FBL Financial Group, Inc., Class – A		15
	288	FedNat Holding Co.		4
	13,076	Genworth Financial, Inc., Class – A (a)		58
	198	Global Indemnity Ltd.		5
	281	Goosehead Insurance, Inc.		14
	740	Greenlight Capital Re Ltd. (a)		8
	317	Hallmark Financial Services, Inc. (a)		6
	171	HCI Group, Inc.		7
	309	Health Insurance Innovations, Inc., Class – A (a)		8
	664	Heritage Insurance Holdings, Inc.		10
	1,082	Horace Mann Educators Corp.		50
	117	Independence Holding Co.		5
	38	Investors Title Co.		6
	768	James River Group Holdings		39
	521	Kinsale Capital Group, Inc.		54
	2,157	MBIA, Inc. (a)		20
	1,755	National General Holdings Corp.		40
	59	National Western Life Group, Inc., Class – A		16
	241	NI Holdings, Inc. (a)		4
	137	Palomar Holdings, Inc. (a)		5
	1,376	ProAssurance Corp.		55
	221	ProSight Global, Inc. (a)		4
	276	Protective Insurance Corp., Class – B		5
	1,021	RLI Corp.		95
	373	Safety Insurance Group, Inc.		38
	1,495	Selective Insurance Group, Inc.		112
	440	State Auto Financial Corp.		14
	591	Stewart Information Services Corp.		23
	1,863	Third Point Reinsurance Ltd. (a)		19
	614	Tiptree, Inc., Class B		4
	713	Trupanion, Inc. (a)		18

HC CAPITAL TRUST

The Institutional Small Capitalization-Mid Capitalization Equity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Insurance (continued)
	533	United Fire Group, Inc.	$	25
	487	United Insurance Holdings Corp.		7
	786	Universal Insurance Holdings, Inc.		24
	4,359	W.R. Berkley Corp.		315
	491	Watford Holdings Ltd. (a)		13
				1,863
		Interactive Media & Services — 0.16%
	546	Care.com, Inc. (a)		6
	1,898	Cargurus, Inc. (a)		59
	1,745	Cars.com, Inc. (a)		16
	1,238	DHI Group, Inc. (a)		5
	968	Eventbrite, Inc. (a)		17
	205	EverQuote, Inc., Class – A (a)		4
	1,830	Liberty TripAdvisor Holdings, Inc., Class – A (a)		17
	1,141	QuinStreet, Inc. (a)		14
	1,825	The Meet Group, Inc. (a)		6
	104	Travelzoo, Inc. (a)		1
	2,601	TrueCar, Inc. (a)		9
	1,780	Yelp, Inc. (a)		62
				216
		Internet & Direct Marketing Retail — 0.12%
	641	1-800-FLOWERS.COM, Inc., Class – A (a)		9
	269	Duluth Holdings, Inc., Class – B (a)		2
	269	Gaia, Inc. (a)		2
	11,630	Groupon, Inc. (a)		31
	286	Lands’ End, Inc. (a)		3
	449	Leaf Group Ltd. (a)		2
	629	Liquidity Services, Inc. (a)		5
	505	PetMed Express, Inc.		9
	1,997	Quotient Technology, Inc. (a)		16
	424	Realreal, Inc. (The) (a)		9
	481	Shutterstock, Inc. (a)		17
	428	Stamps.com, Inc. (a)		32
	1,091	Stitch Fix, Inc., Class – A ^(a)		21
	1,270	Waitr Holdings, Inc. (a)		2
				160
		IT Services — 1.72%
	2,144	Alliance Data Systems Corp.		275
	36,062	Brightcove, Inc. (a)		378
	833	Carbonite, Inc. (a)		13
	979	Cardtronics PLC (a)		30
	373	Cass Information Systems, Inc.		20
	4,475	Conduent, Inc. (a)		28
	829	CSG Systems International, Inc.		43
	1,801	Endurance International Group Holdings, Inc. (a)		7
	2,263	Euronet Worldwide, Inc. (a)		331
	1,702	Everi Holdings, Inc. (a)		14
	1,580	EVERTEC, Inc.		49
	901	Evo Payments, Inc., Class – A (a)		25
	1,245	Exela Technologies, Inc. (a)		1
	866	Exlservice Holdings, Inc. (a)		58
	2,257	Global Payments, Inc.		359
	857	GTT Communications, Inc. (a)		8
	363	I3 Verticals, Inc., Class – A (a)		7
	994	Information Services Group, Inc. (a)		2
	314	International Money Express, Inc. (a)		4
	2,896	Limelight Networks, Inc. (a)		9
	1,712	LiveRamp Holdings, Inc. (a)		74
	700	ManTech International Corp., Class – A		50

Shares		Security Description	Value (000)
		Common Stocks (continued)
		IT Services (continued)
	1,624	MAXIMUS, Inc.	$	125
	1,656	NIC, Inc.		34
	809	Paysign, Inc. ^(a)		8
	813	Perficient, Inc. (a)		31
	3,616	Perspecta, Inc.		94
	1,157	Presidio, Inc.		20
	521	PRGX Global, Inc. (a)		3
	158	Priority Technology Holdings, Inc. (a)		1
	1,525	Science Applications International Corp.		133
	394	Startek, Inc. (a)		3
	986	Sykes Enterprises, Inc. (a)		30
	639	The Hackett Group, Inc.		11
	353	TTEC Holdings, Inc.		17
	231	Tucows, Inc. (a)		13
	1,314	Unisys Corp. (a)		10
	2,939	Verra Mobility Corp. (a)		42
	725	Virtusa Corp. (a)		26
				2,386
		Leisure Products — 0.19%
	887	Acushnet Holdings Corp.		23
	1,397	American Outdoor Brands Corp. (a)		8
	2,356	Callaway Golf Co.		46
	589	Clarus Corp.		7
	324	Escalade, Inc.		4
	126	Johnson Outdoors, Inc., Class – A		7
	514	Malibu Boats, Inc., Class – A (a)		16
	197	Marine Products Corp.		3
	478	Mastercraft Boat Holdings, Inc. (a)		7
	440	Sturm, Ruger & Co., Inc.		18
	17,122	Vista Outdoor, Inc. (a)		106
	775	Yeti Holdings, Inc. ^(a)		22
				267
		Life Sciences Tools & Services — 0.42%
	686	Accelerate Diagnostics, Inc. ^(a)		13
	880	Cambrex Corp. (a)		52
	961	Chromadex Corp. (a)		4
	1,331	Codexis, Inc. (a)		18
	1,286	ENZO Biochem, Inc. (a)		5
	1,799	Fluidigm Corp. (a)		8
	1,058	Luminex Corp.		22
	709	Medpace Holdings, Inc. (a)		60
	865	NanoString Technologies, Inc. (a)		19
	2,425	NeoGenomics, Inc. (a)		46
	3,582	Pacific Biosciences of California, Inc. (a)		18
	216	Personalis, Inc. (a)		3
	6,724	Qiagen N.V. (a)		221
	327	Quanterix Corp. (a)		7
	1,593	Syneos Health, Inc. (a)		85
				581
		Machinery — 1.71%
	1,429	Actuant Corp., Class – A		31
	246	Alamo Group, Inc.		29
	780	Albany International Corp., Class – A		70
	1,664	Altra Holdings, Inc.		46
	557	Astec Industries, Inc.		17
	1,204	Barnes Group, Inc.		62
	419	Blue Bird Corp. (a)		8
	1,064	Briggs & Stratton Corp.		6
	908	Chart Industries, Inc. (a)		57
	489	CIRCOR International, Inc. (a)		18
	574	Columbus McKinnon Corp.		21

HC CAPITAL TRUST

The Institutional Small Capitalization-Mid Capitalization Equity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Machinery (continued)
	710	Commercial Vehicle Group, Inc. (a)	$	5
	363	DMC Global, Inc.		16
	564	Douglas Dynamics, Inc.		25
	135	Eastern Co. (The)		3
	928	Energy Recovery, Inc. (a)		9
	533	ENPRO Industries, Inc.		37
	660	ESCO Technologies, Inc.		53
	1,887	Evoqua Water Technologies Co. (a)		32
	1,561	Federal Signal Corp.		51
	1,193	Franklin Electric Co., Inc.		57
	268	Gencor Industries, Inc. (a)		3
	240	Graham Corp.		5
	2,045	Harsco Corp. (a)		39
	738	Helios Technologies, Inc.		30
	1,590	Hillenbrand, Inc.		49
	159	Hurco Companies, Inc.		5
	253	Hyster-Yale Materials Handling, Inc., Class – A		14
	797	John Bean Technologies Corp.		79
	277	Kadant, Inc.		24
	2,103	Kennametal, Inc.		65
	248	L.B. Foster Co., Class – A (a)		5
	272	Lindsay Corp.		25
	726	Luxfer Holdings PLC		11
	469	Lydall, Inc. (a)		12
	894	Manitowoc Co., Inc. (a)		11
	19,366	Meritor, Inc. (a)		359
	1,730	Milacron Holdings Corp. (a)		29
	285	Miller Industries, Inc.		9
	1,399	Mueller Industries, Inc.		40
	3,954	Mueller Water Products, Inc., Class – A		44
	1,249	Navistar International Corp. (a)		35
	1,008	NN, Inc.		7
	80	Omega Flex, Inc.		8
	244	Park-Ohio Holdings Corp.		7
	695	Proto Labs, Inc. (a)		71
	620	RBC Bearings, Inc. (a)		104
	760	REV Group, Inc.		9
	2,694	Rexnord Corp. (a)		73
	862	Spartan Motors, Inc.		12
	1,100	SPX Corp. (a)		44
	1,056	SPX FLOW, Inc. (a)		42
	317	Standex International Corp.		23
	453	Tennant Co.		32
	1,632	Terex Corp.		42
	471	The Gorman-Rupp Co.		16
	809	The Greenbrier Companies, Inc.		24
	1,378	Titan International, Inc.		4
	1,146	TriMas Corp. (a)		35
	254	Twin Disc, Inc. (a)		3
	1,376	Wabash National Corp.		20
	917	WABCO Holdings, Inc. (a)		124
	711	Watts Water Technologies, Inc., Class – A		67
	3,340	Welbilt, Inc. (a)		56
				2,369
		Marine — 0.21%
	1,194	Costamare, Inc.		7
	1,129	Eagle Bulk Shipping, Inc. (a)		5
	377	Genco Shipping & Trading Ltd. (a)		3
	2,758	Kirby Corp. (a)		227
	1,072	Matson, Inc.		40
	1,494	Safe Bulkers, Inc. (a)		3

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Marine (continued)
	1,293	Scorpio Bulkers, Inc.	$	8
				293
		Media — 0.57%
	248	Boston Omaha Corp. (a)		5
	9,493	Cardlytics, Inc. (a)		319
	228	cbdMD, Inc. (a)		1
	2,351	Central European Media Enterprises Ltd. (a)		11
	1,102	Clear Channel Outdoor Holdings, Inc. (a)		3
	1,186	ComScore, Inc. (a)		2
	344	Cumulus Media, Inc., Class – A (a)		5
	29	Daily Journal Corp. (a)		7
	666	Emerald Expositions Events, Inc.		6
	3,121	Entercom Communications Corp.		10
	1,817	Entravision Communications Corp., Class – A		6
	1,066	Fluent, Inc. (a)		3
	2,764	Gannett Company, Inc.		30
	2,358	Gray Television, Inc. (a)		38
	462	Hemisphere Media Group, Inc. (a)		6
	1,297	Lee Enterprises, Inc. (a)		3
	1,163	Liberty Lilac Group, Class – A (a)		20
	2,972	Liberty Lilac Group, Class – C (a)		50
	346	Loral Space & Communications, Inc. (a)		14
	840	Marchex, Inc. (a)		3
	1,301	MDC Partners, Inc., Class – A (a)		4
	1,027	Meredith Corp.		38
	1,475	MSG Networks, Inc., Class – A (a)		24
	1,601	National CineMedia, Inc.		13
	1,509	New Media Investment Group, Inc. ^		13
	115	Saga Communications, Inc.		3
	751	Scholastic Corp.		28
	570	TechTarget (a)		13
	5,560	TEGNA, Inc.		87
	1,369	The E.W. Scripps Co., Class – A		18
	469	Tribune Publishing Co.		4
	796	Wideopenwest, Inc. (a)		5
				792
		Metals & Mining — 1.68%
	5,311	Agnico-Eagle Mines Ltd.		285
	8,280	AK Steel Holding Corp. (a)		19
	34,045	Allegheny Technologies, Inc. (a)		690
	2,912	Carpenter Technology Corp.		150
	1,264	Century Aluminum Co. (a)		8
	6,875	Cleveland-Cliffs, Inc. ^		50
	5,591	Coeur d’Alene Mines Corp. (a)		27
	3,045	Commercial Metals Co.		53
	3,567	Compass Minerals International, Inc.		202
	47,376	Ferroglobe PLC (a)		54
	1,447	Gold Resource Corp.		4
	321	Haynes International, Inc.		12
	12,114	Hecla Mining Co.		21
	408	Kaiser Aluminum Corp.		40
	511	Materion Corp.		31
	153	Mayville Engineering Co, Inc. (a)		2
	6,015	Novagold Resources, Inc. (a)		37
	273	Olympic Steel, Inc.		4
	33,480	Pan American Silver Corp.		525
	203	Ramaco Resources, Inc. (a)		1
	404	Ryerson Holding Corp. (a)		3
	679	Schnitzer Steel Industries, Inc., Class – A		14
	1,967	SunCoke Energy, Inc. (a)		11
	200	Synalloy Corp.		3

HC CAPITAL TRUST

The Institutional Small Capitalization-Mid Capitalization Equity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Metals & Mining (continued)
	956	Timkensteel Corp. (a)	$	6
	1,343	Warrior Met Coal, Inc.		26
	989	Worthington Industries, Inc.		36
				2,314
		Mortgage Real Estate Investment Trusts — 0.51%
	816	AG Mortgage Investment Trust, Inc.		12
	2,517	Anworth Mortgage Asset Corp.		8
	3,983	Apollo Commercial Real Estate Finance, Inc.		76
	693	Ares Commercial Real Estate Corp.		11
	1,560	ARMOUR Residential REIT, Inc.		26
	3,213	Blackstone Mortgage Trust, Inc.		116
	2,374	Capstead Mortgage Corp.		17
	433	Cherry Hill Mortgage Investment Corp.		6
	2,082	Colony Credit Real Estate, Inc.		30
	603	Dynex Capital, Inc.		9
	824	Ellington Financial, Inc.		15
	780	Exantas Capital Corp.		9
	1,426	Granite Point Mortgage Trust, Inc.		27
	402	Great Ajax Corp.		6
	1,611	Hannon Armstrong Sustainable Infrastructure Capital, Inc.		47
	3,652	Invesco Mortgage Capital, Inc.		56
	632	KKR Real Estate Finance Trust, Inc.		12
	2,664	Ladder Capital Corp.		46
	5,954	New York Mortgage Trust, Inc.		36
	1,599	Orchid Island Capital, Inc.		9
	2,198	Pennymac Mortgage Investment Trust		49
	768	Ready Capital Corp.		12
	2,423	Redwood Trust, Inc.		40
	1,236	TPG RE Finance Trust, Inc.		25
	1,320	Western Asset Mortgage Capital Corp.		13
				713
		Multiline Retail — 0.04%
	1,004	Big Lots, Inc.		25
	270	Dillard’s, Inc., Class – A		18
	7,997	J.C. Penney Co., Inc. ^(a)		7
				50
		Multi-Utilities — 0.23%
	1,679	Avista Corp.		81
	1,559	Black Hills Corp.		120
	1,295	NorthWestern Corp.		97
	367	Unitil Corp.		23
				321
		Oil, Gas & Consumable Fuels — 1.90%
	4,355	Abraxas Petroleum Corp. (a)		2
	1,220	Altus Midstream Co., Class – A (a)		3
	376	Amplify Energy Corp.		2
	923	Amyris, Inc. ^(a)		4
	432	Arch Coal, Inc.		32
	837	Ardmore Shipping Corp. (a)		6
	1,588	Berry Petroleum Corp.		15
	513	Bonanza Creek Energy, Inc. (a)		11
	390	Brigham Minerals, Inc.		8
	1,215	California Resources Corp. (a)		12
	5,768	Callon Petroleum Co. (a)		25
	2,238	Carrizo Oil & Gas, Inc. (a)		19
	29,068	Centennial Resource Development, Inc., Class – A (a)		131
	753	Chaparral Energy, Inc., Class – A (a)		1

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Oil, Gas & Consumable Fuels (continued)
	3,570	Clean Energy Fuels Corp. (a)	$	7
	4,771	CNX Resources Corp. (a)		35
	365	Comstock Resources, Inc. (a)		3
	693	CONSOL Energy, Inc. (a)		11
	499	Contura Energy, Inc. (a)		14
	762	CVR Energy, Inc.		34
	1,921	Delek US Holdings, Inc.		70
	12,328	Denbury Resources, Inc. (a)		15
	2,226	DHT Holdings, Inc.		14
	532	Diamond S Shipping, Inc. (a)		6
	736	Dorian LPG Ltd. (a)		8
	551	Earthstone Energy, Inc. (a)		2
	2,250	Energy Fuels, Inc. ^(a)		4
	27,251	Euronav N.V.		251
	679	Evolution Petroleum Corp.		4
	2,424	Extraction Oil & Gas, Inc. ^(a)		7
	934	Falcon Minerals Corp.		5
	22,341	GasLog Ltd.		287
	7,984	Golar LNG Ltd.		104
	215	Goodrich Petroleum Corp. (a)		2
	963	Green Plains, Inc.		10
	4,378	Gulfport Energy Corp. (a)		12
	509	Hallador Energy Co.		2
	2,937	Highpoint Resources Corp. (a)		5
	631	International Seaways, Inc. (a)		12
	16	Isramco, Inc. (a)		2
	1,598	Jagged Peak Energy, Inc. (a)		12
	4,521	Laredo Petroleum, Inc. (a)		11
	2,624	Magnolia Oil & Gas Corp. (a)		29
	2,871	Matador Resources Co. (a)		47
	526	Montage Resources Corp. (a)		2
	104	NACCO Industries, Inc., Class – A		7
	28,832	Navigator Holdings Ltd. (a)		308
	285	Nextdecade Corp. (a)		2
	11,141	Noble Energy, Inc.		250
	3,592	Nordic American Tankers Ltd.		8
	7,821	Northern Oil & Gas, Inc. (a)		15
	8,274	Oasis Petroleum, Inc. (a)		29
	1,378	Overseas Shipholding Group, Inc. (a)		2
	389	Panhandle Oil & Gas, Inc., Class – A		5
	938	Par Petroleum Corp. (a)		21
	7,287	PDC Energy, Inc. (a)		202
	1,756	Peabody Energy Corp.		26
	340	Penn Virginia Corp. (a)		10
	12	Primeenergy Resources Corp. (a)		1
	6,181	QEP Resources, Inc.		23
	928	Renewable Energy Group, Inc. (a)		14
	141	REX American Resources Corp. (a)		11
	1,544	Ring Energy, Inc. (a)		3
	864	Roan Resources, Inc. (a)		1
	252	Rosehill Resources, Inc. (a)		–
	834	SandRidge Energy, Inc. (a)		4
	1,118	Scorpio Tankers, Inc.		33
	2,000	Semgroup Corp., Class – A		33
	2,049	Ship Finance International Ltd.		29
	206	Silverbow Resources, Inc. (a)		2
	10,420	SM Energy Co.		101
	13,907	Southwestern Energy Co. (a)		27
	6,100	SRC Energy, Inc. (a)		28
	497	Talos Energy, Inc. (a)		10
	1,908	Teekay Shipping Corp.		8
	4,813	Teekay Tankers Ltd. (a)		6
	2,371	Tellurian, Inc. ^(a)		20
	4,112	Uranium Energy Corp. (a)		4

HC CAPITAL TRUST

The Institutional Small Capitalization-Mid Capitalization Equity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Oil, Gas & Consumable Fuels (continued)
	2,441	W&T Offshore, Inc. (a)	$	11
	2,339	Whiting Petroleum Corp. (a)		19
	1,649	World Fuel Services Corp.		66
				2,637
		Paper & Forest Products — 0.15%
	979	Boise Cascade Co.		32
	401	Clearwater Paper Corp. (a)		8
	3,169	Louisiana-Pacific Corp.		79
	421	Neenah Paper, Inc.		27
	1,097	P.H. Glatfelter Co.		17
	778	Schweitzer-Mauduit International, Inc.		29
	878	Verso Corp. (a)		11
				203
		Personal Products — 0.11%
	659	e.l.f. Beauty, Inc. (a)		12
	1,363	Edgewell Personal Care Co. (a)		44
	443	Inter Parfums, Inc.		31
	339	Lifevantage Corp. (a)		5
	288	Medifast, Inc.		30
	237	Nature’s Sunshine Products, Inc. (a)		2
	222	Revlon, Inc., Class – A ^(a)		5
	340	USANA Health Sciences, Inc. (a)		23
	200	Youngevity International, Inc. (a)		1
				153
		Pharmaceuticals — 1.08%
	1,898	AcelRx Pharmaceuticals, Inc. (a)		4
	966	Aclaris Therapeutics, Inc. (a)		1
	5,751	Aerie Pharmaceuticals, Inc. (a)		111
	347	Akcea Therapeutics, Inc. (a)		5
	2,351	Akorn, Inc. (a)		9
	2,354	Amneal Pharmaceuticals, Inc. (a)		7
	903	Amphastar Pharmaceuticals, Inc. (a)		18
	230	ANI Pharmaceuticals, Inc. (a)		17
	435	Arvinas, Inc. (a)		9
	568	Assembly Biosciences, Inc. (a)		6
	1,637	Assertio Therapeutics, Inc. (a)		2
	644	Axsome Therapeutics, Inc. (a)		13
	1,975	BioDelivery Sciences International, Inc. (a)		8
	519	Cerecor, Inc. (a)		2
	862	Chiasma, Inc. (a)		4
	807	Collegium Pharmaceutical, Inc. (a)		9
	2,438	Corcept Therapeutics, Inc. (a)		34
	571	CorMedix, Inc. (a)		4
	1,727	Cymabay Therapeutics, Inc. (a)		9
	1,167	Dermira, Inc. (a)		7
	217	Dova Pharmaceuticals, Inc. (a)		6
	571	Eloxx Pharmaceuticals, Inc. (a)		3
	5,666	ENDO International PLC (a)		18
	343	Evofem Biosciences, Inc. (a)		2
	349	Evolus, Inc. ^(a)		5
	1,500	EyePoint Pharmaceuticals, Inc. (a)		3
	100	Fulcrum Therapeutics, Inc. (a)		1
	1,735	Innoviva, Inc. (a)		18
	773	Intersect ENT, Inc. (a)		13
	1,085	Intra-Cellular Therapies, Inc. (a)		8
	545	Kala Pharmaceuticals, Inc. (a)		2
	122	Kaleido Biosciences, Inc. (a)		1
	806	Lannett Co., Inc. (a)		9
	332	Liquidia Technologies, Inc. (a)		1
	2,075	Mallinckrodt PLC (a)		5
	1,199	Marinus Pharmaceuticals, Inc. (a)		2

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Pharmaceuticals (continued)
	384	Menlo Therapeutics, Inc. (a)	$	2
	1,137	Myokardia, Inc. (a)		59
	2,438	Nektar Therapeutics (a)		44
	163	NGM Biopharmaceuticals, Inc. (a)		2
	1,362	Ocular Therapeutix, Inc. (a)		4
	294	Odonate Therapeutics, Inc. (a)		8
	1,172	Omeros Corp. (a)		19
	768	Optinose, Inc. (a)		5
	268	Osmotica Pharmaceuticals PLC (a)		1
	8,272	Pacira Pharmaceuticals, Inc. (a)		316
	895	Paratek Pharmaceuticals, Inc. (a)		4
	514	Phibro Animal Health Corp., Class – A		11
	1,311	Prestige Brands Holdings, Inc. (a)		45
	520	Reata Pharmaceuticals, Inc., Class – A (a)		42
	372	resTORbio, Inc. (a)		3
	1,103	Revance Therapeutics, Inc. (a)		14
	1,363	SIGA Technologies, Inc. (a)		7
	876	Strongbridge BioPharma PLC (a)		2
	1,243	Supernus Pharmaceuticals, Inc. (a)		34
	1,923	The Medicines Co. (a)		96
	81,665	TherapeuticsMD, Inc. ^(a)		297
	1,114	Theravance Biopharma, Inc. (a)		22
	548	Tricida, Inc. (a)		17
	322	Verrica Pharmaceuticals, Inc. (a)		5
	565	Wave Life Sciences Ltd. (a)		12
	667	Xeris Pharmaceuticals, Inc. (a)		7
	1,101	Zogenix, Inc. (a)		44
	710	Zynerba Pharmaceuticals, Inc. (a)		5
				1,503
		Professional Services — 0.59%
	1,434	Acacia Research Corp. (a)		4
	1,307	ASGN, Inc. (a)		82
	184	Barrett Business Services, Inc.		16
	248	BG Staffing, Inc.		5
	1,293	CBIZ, Inc. (a)		30
	203	CRA International, Inc.		9
	1,322	Exponent, Inc.		92
	268	Forrester Research, Inc.		9
	249	Franklin Covey Co. (a)		9
	964	FTI Consulting, Inc. (a)		102
	290	GP Strategies Corp. (a)		4
	474	Heidrick & Struggles International, Inc.		13
	565	Huron Consulting Group, Inc. (a)		35
	456	ICF International, Inc.		39
	1,347	InnerWorkings, Inc. (a)		6
	986	Insperity, Inc.		97
	833	Kelly Services, Inc., Class – A		20
	570	Kforce, Inc.		22
	1,456	Korn Ferry International		56
	452	Mistras Group, Inc. (a)		7
	974	Navigant Consulting, Inc.		27
	774	Resources Connections, Inc.		13
	1,143	TriNet Group, Inc. (a)		71
	1,043	TrueBlue, Inc. (a)		22
	1,434	Upwork, Inc. (a)		19
	250	Willdan Group, Inc. (a)		9
				818
		Real Estate Management & Development — 0.27%
	152	Altisource Portfolio Solutions SA (a)		3
	75	American Realty Investors, Inc. (a)		1
	125	Consolidated-Tomoka Land Co.		8
	2,631	Cushman & Wakefield PLC (a)		50

HC CAPITAL TRUST

The Institutional Small Capitalization-Mid Capitalization Equity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Real Estate Management & Development (continued)
	1,938	Essential Properties Realty Trust, Inc.	$	44
	386	eXp World Holdings, Inc. (a)		3
	291	Forestar Group, Inc. (a)		5
	186	FRP Holdings, Inc. (a)		9
	31	Griffin Industrial Realty, Inc.		1
	3,143	Kennedy-Wilson Holdings, Inc.		70
	575	Marcus & Millichap, Inc. (a)		20
	148	Maui Land & Pineapple Co., Inc. (a)		2
	3,658	Newmark Group, Inc., Class – A		33
	255	Rafael Holdings, Inc., Class – B (a)		5
	450	RE/MAX Holdings, Inc., Class – A		14
	3,021	Realogy Holdings Corp.		20
	2,287	Redfin Corp. (a)		39
	851	St. Joe Corp. (a)		15
	136	Stratus Properties, Inc. (a)		4
	574	Tejon Ranch Co. (a)		10
	405	The RMR Group, Inc., Class – A		18
	34	Transcontinental Realty Investors, Inc. (a)		1
				375
		Road & Rail — 0.42%
	665	ArcBest Corp.		20
	1,549	Avis Budget Group, Inc. (a)		44
	328	Covenant Transportation Group, Inc., Class – A (a)		5
	1,105	Daseke, Inc. (a)		3
	1,154	Heartland Express, Inc.		25
	2,628	Hertz Global Holdings, Inc. (a)		36
	8,368	Knight-Swift Transportation Holdings, Inc.		303
	1,031	Marten Transport Ltd.		21
	48	P.A.M. Transportation Services, Inc. (a)		3
	86	Roadrunner Transportation Systems, Inc. (a)		1
	670	Saia, Inc. (a)		63
	194	Universal Truckload Services, Inc.		5
	558	US Xpress Enterprise, Inc., Class – A (a)		3
	1,154	Werner Enterprises, Inc.		41
	843	YRC Worldwide, Inc. (a)		3
				576
		Semiconductors & Semiconductor Equipment — 3.34%
	671	Adesto Technologies Corp. (a)		6
	983	Advanced Energy Industries, Inc. (a)		56
	4,450	Advanced Micro Devices, Inc. (a)		129
	502	Alpha & Omega Semiconductor Ltd. (a)		6
	797	Ambarella, Inc. (a)		50
	2,526	Amkor Technology, Inc. (a)		23
	827	Axcelis Technologies, Inc. (a)		14
	1,088	AXT, Inc. (a)		4
	1,816	Brooks Automation, Inc.		67
	741	Cabot Microelectronics Corp.		105
	566	CEVA, Inc. (a)		17
	1,488	Cirrus Logic, Inc. (a)		80
	1,014	Cohu, Inc.		14
	5,201	Cree, Inc. (a)		255
	4,839	Cypress Semiconductor Corp.		113
	1,034	Diodes, Inc. (a)		42
	528	DSP Group, Inc. (a)		7
	1,873	FormFactor, Inc. (a)		35
	370	GSI Technology, Inc. (a)		3
	571	Ichor Holdings Ltd. (a)		14
	384	Impinj, Inc. (a)		12
	4,410	Inphi Corp. (a)		269
	3,221	Lattice Semiconductor Corp. (a)		59

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Semiconductors & Semiconductor Equipment (continued)
	15,649	MA-COM Technology Solutions Holdings, Inc. (a)	$	336
	5,937	Marvell Technology Group Ltd.		148
	1,643	MaxLinear, Inc., Class – A (a)		37
	1,239	MKS Instruments, Inc.		114
	4,269	Monolithic Power Systems, Inc.		663
	585	Nanometrics, Inc. (a)		19
	972	Neophotonics Corp. (a)		6
	124	NVE Corp.		8
	713	PDF Solutions, Inc. (a)		9
	1,642	Photronics, Inc. (a)		18
	726	Power Integrations, Inc.		66
	6,164	Qorvo, Inc. (a)		457
	2,780	Rambus, Inc. (a)		36
	779	Rudolph Technologies, Inc. (a)		21
	9,859	Semtech Corp. (a)		479
	2,630	Silicon Laboratories, Inc. (a)		293
	351	SMART Global Holdings, Inc. (a)		9
	1,583	SunPower Corp. (a)		17
	877	Synaptics, Inc. (a)		35
	4,309	Ultra Clean Holdings, Inc. (a)		63
	2,311	Universal Display Corp.		388
	1,213	Veeco Instruments, Inc. (a)		14
	1,242	Xperi Corp.		26
				4,642
		Software — 2.73%
	7,977	2U, Inc. (a)		130
	2,417	8x8, Inc. (a)		50
	1,410	A10 Networks, Inc. (a)		10
	2,934	ACI Worldwide, Inc. (a)		92
	524	Agilysys, Inc. (a)		13
	944	Alarm.com Holding, Inc. (a)		44
	993	Altair Engineering, Inc., Class – A (a)		34
	763	American Software, Inc., Class – A		11
	395	AppFolio, Inc., Class – A (a)		38
	815	Appian Corp. (a)		39
	2,792	Avaya Holdings Corp. (a)		29
	14,161	Benefitfocus, Inc. (a)		336
	1,248	Blackbaud, Inc.		113
	1,098	Blackline, Inc. (a)		52
	1,108	Bottomline Technologies, Inc. (a)		44
	3,673	Box, Inc., Class – A (a)		61
	1,454	Carbon Black, Inc. (a)		38
	664	ChannelAdvisor Corp. (a)		6
	2,285	Cision Ltd. (a)		18
	6,125	Cloudera, Inc. (a)		54
	1,026	CommVault Systems, Inc. (a)		46
	1,453	Cornerstone OnDemand, Inc. (a)		80
	288	Digimarc Corp. (a)		11
	2,099	Digital Turbine, Inc. (a)		14
	435	Domo, Inc. (a)		7
	594	Ebix, Inc.		25
	511	eGain Corp. (a)		4
	1,220	Envestnet, Inc. (a)		69
	862	Everbridge, Inc. (a)		53
	1,526	Five9, Inc. (a)		82
	1,048	Forescout Technologies, Inc. (a)		40
	998	GTY Technology Holdings, Inc. (a)		6
	1,238	Ideanomics, Inc. ^(a)		2
	891	Instructure, Inc. (a)		35
	165	Intelligent Systems Corp. (a)		7
	1,192	J2 Global, Inc.		108

HC CAPITAL TRUST

The Institutional Small Capitalization-Mid Capitalization Equity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Software (continued)
	1,572	LivePerson, Inc. (a)	$	56
	252	Majesco (a)		2
	216	MicroStrategy, Inc., Class – A (a)		32
	924	Mitek Systems, Inc. (a)		9
	2,394	MobileIron, Inc. (a)		16
	5,557	Model N, Inc. (a)		154
	1,053	Monotype Imaging Holdings, Inc.		21
	19,967	Nuance Communications, Inc. (a)		325
	823	Onespan, Inc. (a)		12
	730	Phunware, Inc. (a)		1
	1,150	Progress Software Corp.		44
	849	PROS Holdings, Inc. (a)		51
	1,098	Q2 Holdings, Inc. (a)		87
	277	QAD, Inc., Class – A		13
	870	Qualys, Inc. (a)		66
	1,262	Rapid7, Inc. (a)		57
	486	Rimini Street, Inc. (a)		2
	2,206	Sailpoint Technologies Holding, Inc. (a)		41
	210	Secureworks Corp. (a)		3
	207	SharpSpring, Inc. (a)		2
	202	ShotSpotter, Inc. (a)		5
	894	SPS Commerce, Inc. (a)		42
	5,067	SS&C Technologies Holdings, Inc.		261
	2,179	SVMK, Inc. (a)		37
	926	Synchronoss Technologies, Inc. (a)		5
	1,086	Telaria, Inc. (a)		8
	874	Telenav, Inc. (a)		4
	926	Tenable Holdings, Inc. (a)		21
	1,161	The Rubicon Project, Inc. (a)		10
	42,601	TiVo Corp.		323
	590	Upland Software, Inc. (a)		21
	766	Varonis Systems, Inc. (a)		46
	1,672	Verint Systems, Inc. (a)		72
	1,512	VirnetX Holding Corp. (a)		8
	936	Workiva, Inc. (a)		41
	2,402	Yext, Inc. (a)		38
	1,345	Zix Corp. (a)		10
	2,218	Zuora, Inc., Class – A (a)		33
				3,780
		Specialty Retail — 0.99%
	1,726	Aaron’s, Inc.		111
	1,677	Abercrombie & Fitch Co., Class – A		26
	4,143	American Eagle Outfitters, Inc.		67
	156	America’s Car-Mart, Inc. (a)		14
	491	Asbury Automotive Group, Inc. (a)		50
	4,730	Ascena Retail Group, Inc. (a)		1
	1,199	AT Home Group, Inc. (a)		12
	1,127	Barnes & Noble Education, Inc. (a)		4
	3,262	Bed Bath & Beyond, Inc.		35
	705	Boot Barn Holdings, Inc. (a)		25
	1,028	Caleres, Inc.		24
	829	Camping World Holdings, Inc., Class – A		7
	2,995	Chico’s FAS, Inc.		12
	332	Citi Trends, Inc.		6
	542	Conn’s, Inc. (a)		13
	1,683	Designer Brands, Inc., Class – A		29
	1,702	Express, Inc. (a)		6
	1,908	Floor & Decor Holdings, Inc., Class – A (a)		98
	2,563	GameStop Corp., Class – A ^		14
	411	Genesco, Inc. (a)		16
	2,314	GNC Holdings, Inc., Class – A ^(a)		5
	467	Group 1 Automotive, Inc.		43
	1,288	Guess?, Inc.		24

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Specialty Retail (continued)
	481	Haverty Furniture Companies, Inc.	$	10
	472	Hibbett Sports, Inc. (a)		11
	999	Hudson Ltd., Class – A (a)		12
	392	J. Jill, Inc.		1
	567	Lithia Motors, Inc.		75
	679	Lumber Liquidators Holdings, Inc. (a)		7
	568	MarineMax, Inc. (a)		9
	2,261	Michaels Companies, Inc. The (a)		22
	836	Monro Muffler Brake, Inc.		66
	786	Murphy USA, Inc. (a)		67
	1,996	National Vision Holdings, Inc. (a)		48
	13,698	Office Depot, Inc.		24
	1,369	Party City Holdco, Inc. (a)		8
	1,223	Rent-A-Center, Inc.		32
	424	Restoration Hardware Co. (a)		72
	675	RTW RetailWinds, Inc. (a)		1
	3,043	Sally Beauty Holdings, Inc. (a)		45
	261	Shoe Carnival, Inc.		8
	1,299	Signet Jewelers Ltd.		22
	738	Sleep Number Corp. (a)		30
	613	Sonic Automotive, Inc., Class – A		19
	1,082	Sportsman’s Warehouse Holdings, Inc. (a)		6
	11,455	Tailored Brands, Inc. ^		50
	767	The Buckle, Inc.		16
	571	The Cato Corp.		10
	388	The Children’s Place Retail Stores, Inc.		30
	397	The Container Store Group, Inc. (a)		2
	977	Tile Shop Holdings, Inc.		3
	560	Tilly’s, Inc., Class – A		5
	66	Winmark Corp.		12
	527	Zumiez, Inc. (a)		17
				1,382
		Technology Hardware, Storage & Peripherals — 0.06%
	2,858	3D Systems Corp. (a)		23
	165	Astronova, Inc.		3
	749	Avid Technology, Inc. (a)		5
	1,935	Diebold, Inc. (a)		22
	784	Immersion Corp. (a)		6
	87	Sonim Technologies, Inc. (a)		–
	1,295	Stratasys Ltd. (a)		28
				87
		Textiles, Apparel & Luxury Goods — 0.38%
	1,987	Capri Holdings Ltd. (a)		66
	399	Centric Brands, Inc. (a)		1
	1,588	Crocs, Inc. (a)		44
	261	Culp, Inc.		4
	747	Deckers Outdoor Corp. (a)		110
	150	Delta Apparel, Inc. (a)		4
	1,178	Fossil Group, Inc. (a)		15
	1,139	G-III Apparel Group Ltd. (a)		29
	1,153	Kontoor Brands, Inc.		40
	396	Movado Group, Inc.		10
	420	Oxford Industries, Inc.		30
	167	Rocky Brands, Inc.		6
	2,146	Steven Madden Ltd.		77
	250	Superior Uniform Group, Inc.		4
	373	Unifi, Inc. (a)		8
	581	Vera Bradley, Inc. (a)		6
	75	Vince Holding Corp. (a)		1
	2,148	Wolverine World Wide, Inc.		61
				516

HC CAPITAL TRUST

The Institutional Small Capitalization-Mid Capitalization Equity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Thrifts & Mortgage Finance — 0.80%
	1,458	Axos Financial, Inc. (a)	$	40
	94	Bank7 Corp.		2
	355	Bankfinancial Corp.		4
	625	Bridgewater Bancshares, Inc. (a)		7
	3,329	Capitol Federal Financial, Inc.		46
	1,331	Columbia Financial, Inc. (a)		21
	799	Dime Community Bancshares		17
	169	Entegra Financial Corp. (a)		5
	274	ESSA Bancorp, Inc.		4
	2,460	Essent Group Ltd.		117
	228	Federal Agricultural Mortgage Corp., Class – C		19
	79	First Capital, Inc.		5
	482	First Defiance Financial Corp.		14
	734	Flagstar Bancorp, Inc.		27
	97	FS BanCorp, Inc.		5
	95	Greene County BanCorp, Inc.		3
	35	Hingham Institution For Savings		7
	211	Home BanCorp, Inc.		8
	575	HomeStreet, Inc. (a)		16
	2,160	Kearny Financial Corp. of Maryland		28
	515	Luther Burbank Corp.		6
	195	Malvern BanCorp, Inc. (a)		4
	228	Merchants BanCorp/IN		4
	1,208	Meridian Bancorp, Inc.		23
	904	Meta Financial Group, Inc.		29
	119	MMA Capital Holdings, Inc. (a)		4
	1,916	Mr Cooper Group, Inc. (a)		20
	1,703	NMI Holdings, Inc. (a)		45
	1,112	Northfield BanCorp, Inc.		18
	2,529	Northwest Bancshares, Inc.		41
	1,270	OceanFirst Financial Corp.		30
	3,384	Ocwen Financial Corp. (a)		6
	298	OP Bancorp		3
	993	Oritani Financial Corp.		18
	388	PCSB Financial Corp.		8
	209	PDL Community Bancorp (a)		3
	626	PennyMac Financial Services, Inc. (a)		19
	268	Pioneer Bancorp, Inc. (a)		3
	95	Provident Bancorp, Inc. (a)		2
	142	Provident Financial Holdings		3
	1,556	Provident Financial Services, Inc.		38
	248	Prudential Bancorp, Inc.		4
	5,228	Radian Group, Inc.		120
	531	Riverview BanCorp, Inc.		4
	199	Southern Missouri BanCorp, Inc.		7
	552	Sterling Bancorp, Inc.		5
	195	Territorial Bancorp, Inc.		6
	186	Timberland Bancorp, Inc.		5
	2,395	TrustCo Bank Corp NY		20
	1,236	United Community Financial Corp.		13
	1,338	United Financial Bancorp, Inc.		18
	698	Walker & Dunlop, Inc.		39
	2,042	Washington Federal, Inc.		76
	639	Waterstone Financial, Inc.		11
	603	Western New England Bancorp, Inc.		6
	1,357	WSFS Financial Corp.		60
				1,116
		Tobacco — 0.06%
	3,201	22nd Century Group, Inc. (a)		7
	229	Pyxus International, Inc. (a)		3
	212	Turning Point Brands, Inc.		5
	618	Universal Corp.		34

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Tobacco (continued)
	2,795	Vector Group Ltd.	$	33
				82
		Trading Companies & Distributors — 1.24%
	1,341	Aircastle Ltd.		30
	989	Applied Industrial Technologies, Inc.		56
	8,874	Beacon Roofing Supply, Inc. (a)		298
	225	Bluelinx Holdings, Inc. (a)		7
	12,292	BMC Stock Holdings, Inc. (a)		321
	413	CAI International, Inc. (a)		9
	5,344	DXP Enterprises, Inc. (a)		186
	113	EVI Industries, Inc.		4
	387	Foundation Building Materials, Inc. (a)		6
	925	GATX Corp.		72
	307	General Finance Corp. (a)		3
	851	GMS, Inc. (a)		24
	828	H&E Equipment Services, Inc.		24
	607	Herc Holdings, Inc. (a)		28
	697	Kaman Corp.		41
	109	Lawson Products, Inc. (a)		4
	9,972	MRC Global, Inc. (a)		121
	2,730	NOW, Inc. (a)		31
	121	Rush Enterprises, Inc.		5
	705	Rush Enterprises, Inc., Class – A		27
	1,052	SiteOne Landscape Supply, Inc. (a)		78
	318	Systemax, Inc.		7
	707	Textainer Group Holdings Ltd. (a)		7
	476	Titan Machinery, Inc. (a)		7
	165	Transcat, Inc. (a)		4
	1,414	Triton International Ltd.		48
	324	Veritiv Corp. (a)		6
	1,502	Watsco, Inc.		254
	84	Willis Lease Finance Corp. (a)		5
				1,713
		Transportation Infrastructure — 0.11%
	3,905	Macquarie Infrastructure Corp.		154
		Water Utilities — 0.21%
	939	American States Water Co.		85
	355	AquaVenture Holdings Ltd. (a)		7
	201	Artesian Resources Corp.		7
	347	Cadiz, Inc. (a)		4
	1,240	California Water Service Group		66
	306	Connecticut Water Service, Inc.		21
	344	Consolidated Water Co. Ltd.		6
	259	Global Water Resources, Inc.		3
	403	Middlesex Water Co.		26
	428	Pure Cycle Corp. (a)		4
	681	SJW Corp.		47
	334	The York Water Co.		15
				291
		Wireless Telecommunication Services — 0.18%
	1,092	Boingo Wireless, Inc. (a)		12
	30,986	Gogo, Inc. ^(a)		188
	1,240	Shenandoah Telecommunications Co.		39
	437	Spok Holdings, Inc.		5
				244
		Total Common Stocks		85,548

HC CAPITAL TRUST

The Institutional Small Capitalization-Mid Capitalization Equity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Contingent Rights — 0.00%
		Biotechnology — 0.00%
	14	GTX, Inc. CVR	$	–
		Chemicals — 0.00%
	755	Schulman, Inc. CVR (a)		–
		Metals & Mining — 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, 1.76%, 12/12/19 (b)(c)		20
		Total U.S. Treasury Obligation		20
Shares
		Investment Companies — 38.19%
	222,489	Federated Treasury Obligations Fund, Institutional Shares, 2.29% ^^(d)		222
	3,393,906	State Street Institutional Liquid Reserves Fund, Trust Class, 1.95% (d)		3,394
	49,348,564	State Street Institutional Treasury Plus Money Market Fund, Trust Class, 1.78% (d)		49,349
		Total Investment Companies		52,965
Principal Amount (000)
		Repurchase Agreement — 0.50%
$	698	Jefferies LLC, 2.40%, 10/1/19 (Purchased on 9/30/19, proceeds at maturity $698,076 collateralized by U.S. Treasury Obligation, 1.48%, 11/15/27 fair value $711,992) ^^		698
		Total Repurchase Agreement		698
		Total Investments     (cost $128,924) — 100.39%		139,231
		Liabilities in excess of other assets — (0.39)%		(537	)
		Net Assets — 100.00%	$	138,694

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

^ All or part of this security was on loan as of September 30, 2019. The total value of securities on loan as of September 30, 2019, was $865 (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 September 30, 2019.

(a) Represents non-income producing security.

(b) The 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 September 30, 2019.

ADR — American Depositary Receipt

REIT — Real Estate Investment Trust

HC CAPITAL TRUST

The Institutional Small Capitalization-Mid Capitalization Equity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

The following table reflects the percentage of total net assets of the Portfolio attributable to each Specialist Manager as of September 30, 2019.

The Institutional Small Capitalization-Mid Capitalization Equity Portfolio	Frontier Capital Management Company, LLC			Mellon Investments Corporation			Parametric Portfolio Associates, LLC			HC Capital Solutions			Total
Common Stocks		26.10	%		35.59	%		—			—			61.69	%
Contingent Rights		0.00	%		0.00	%		—			—			0.00	%
U.S. Treasury Obligation		—			0.01	%		—			—			0.01	%
Investment Companies		0.09	%		0.23	%		34.94	%		2.93	%		38.19	%
Repurchase Agreement		0.29	%		0.21	%		—			—			0.50	%
Other Assets (Liabilities)		0.21	%		-0.28	%		-0.32	%		0.00	%		-0.39	%
Total Net Assets		26.69	%		35.76	%		34.62	%		2.93	%		100.00	%

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

Amounts designated as “0.00%” round to less than 0.005%.

The following table reflects the open derivative positions held by the Portfolio as of September 30, 2019.

Futures Contracts Purchased^

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value and Unrealized Appreciation/ (Depreciation) (000)
Russell 2000 Mini Index Future		701		12/20/19	$	53,451	$	(1,803	)
					$	53,451	$	(1,803	)
		Total Unrealized Appreciation					$	—
		Total Unrealized Depreciation						(1,803	)
		Total Net Unrealized Appreciation/(Depreciation)					$	(1,803	)

^ 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 — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks — 62.02%
		Equity Real Estate Investment Trusts — 58.12%
	12,252	Acadia Realty Trust	$	350
	13,216	Agree Realty Corp.		967
	24,050	Alexandria Real Estate Equities, Inc.		3,705
	32,688	American Assets Trust, Inc.		1,528
	12,981	American Tower Corp.		2,870
	35,357	Americold Realty Trust		1,311
	21,617	Boston Properties, Inc.		2,803
	118,874	Brixmor Property Group, Inc.		2,412
	26,067	Camden Property Trust		2,894
	25,666	Community Healthcare Trust, Inc.		1,143
	24,613	Corporate Office Properties Trust		733
	11,329	Crown Castle International Corp.		1,575
	52,452	Douglas Emmett, Inc.		2,247
	6,728	Equinix, Inc.		3,881
	14,417	Equity Lifestyle Properties, Inc.		1,926
	9,154	Essex Property Trust, Inc.		2,990
	18,234	Extra Space Storage, Inc.		2,130
	107,300	HCP, Inc.		3,823
	46,157	Hudson Pacific Property, Inc.		1,544
	51,386	Medical Properties Trust, Inc.		1,005
	34,359	NexPoint Residential Trust, Inc.		1,607
	53,228	Prologis, Inc.		4,535
	5,241	PS Business Parks, Inc.		954
	13,464	Public Storage		3,302
	29,230	Retail Value, Inc.		1,083
	51,255	Rexford Industrial Realty, Inc.		2,256
	22,857	Simon Property Group, Inc.		3,558
	51,364	Store Capital Corp.		1,922
	14,678	Sun Communities, Inc.		2,179
	31,359	Taubman Centers, Inc.		1,280
	53,579	UDR, Inc.		2,598
	49,999	VICI Properties, Inc.		1,132
	75,700	Xenia Hotels & Resorts, Inc.		1,599
				69,842
		Hotels, Restaurants & Leisure — 2.24%
	17,172	Hyatt Hotels Corp., Class – A		1,265
	4,188	Marriott International, Inc., Class – A		521
	3,965	Vail Resorts, Inc.		902
				2,688
		IT Services — 0.63%
	9,358	InterXion Holding N.V. (a)		762
		Real Estate Management & Development — 1.03%
	29,095	Essential Properties Realty Trust, Inc.		666
	26,080	Kennedy-Wilson Holdings, Inc.		572
				1,238
		Total Common Stocks		74,530
		Investment Companies — 36.25%
	658,156	DWS Government & Agency Securities Portfolio, Government Cash Institutional Shares, 1.79% (b)		658

Shares		Security Description	Value (000)
		Investment Companies (continued)
	42,910,839	State Street Institutional Treasury Plus Money Market Fund, Trust Class, 1.78% (b)	$	42,911
		Total Investment Companies		43,569
		Total Investments (cost $95,649) — 98.27%		118,099
		Other assets in excess of liabilities — 1.73%		2,080
		Net Assets — 100.00%	$	120,179

(a) Represents non-income producing security.

(b) The rate disclosed is the rate in effect on September 30, 2019.

HC CAPITAL TRUST

The Real Estate Securities Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

The following table reflects the percentage of total net assets of the Portfolio attributable to each Specialist Manager as of September 30, 2019.

The Real Estate Securities Portfolio	Parametric Portfolio Associates, LLC			Wellington Management Company, LLP			HC Capital Solutions			Total
Common Stocks		—			62.02	%		—			62.02	%
Investment Companies		35.71	%		0.54	%		0.00	%		36.25	%
Other Assets (Liabilities)		1.67	%		0.06	%		0.00	%		1.73	%
Total Net Assets		37.38	%		62.62	%		0.00	%		100.00	%

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

Amounts designated as “0.00%” round to less than 0.005%.

The following table reflects the open derivative positions held by the Portfolio as of September 30, 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		1,212		12/20/19	$	44,650	$	348
					$	44,650	$	348
		Total Unrealized Appreciation					$	348
		Total Unrealized Depreciation						—
		Total Net Unrealized Appreciation/(Depreciation)					$	348

^ 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 — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks — 82.89%
		Australia — 4.54%
	55,806	Alumina Ltd. (Metals & Mining)	$	89
	73,002	BHP Billiton Ltd. (Metals & Mining)		1,808
	52,544	BHP Group PLC (Metals & Mining)		1,119
	27,353	Boral Ltd. (Construction Materials)		89
	7,395	Caltex Australia Ltd. (Oil, Gas & Consumable Fuels)		131
	35,776	Fortescue Metals Group Ltd. (Metals & Mining)		212
	38,474	Incitec Pivot Ltd. (Chemicals)		88
	15,977	Newcrest Mining Ltd. (Metals & Mining)		375
	8,877	Orica Ltd. (Chemicals)		135
	42,362	Origin Energy Ltd. (Oil, Gas & Consumable Fuels)		228
	9,640	Rio Tinto Ltd. (Metals & Mining)		603
	36,637	Santos Ltd. (Oil, Gas & Consumable Fuels)		191
	114,540	South32 Ltd. (Metals & Mining)		203
	18,755	Woodside Petroleum Ltd. (Oil, Gas & Consumable Fuels)		410
				5,681
		Austria — 0.23%
	4,057	OMV AG (Oil, Gas & Consumable Fuels)		218
	3,040	Voestalpine AG (Metals & Mining)		70
				288
		Belgium — 0.28%
	1,718	Solvay SA (Chemicals)		178
	4,451	Umicore SA (Chemicals)		168
				346
		Bermuda — 0.10%
	112,000	Kunlun Energy Co. Ltd. (Oil, Gas & Consumable Fuels)		97
	29,000	Nine Dragons Paper Holdings Ltd. (Paper & Forest Products)		24
				121
		Brazil — 1.84%
	14,700	Companhia Siderurgica Nacional SA (CSN) (Metals & Mining)		47
	5,013	Cosan SA Industria e Comercio (Oil, Gas & Consumable Fuels)		64
	104,912	Petroleo Brasileiro SA (Oil, Gas & Consumable Fuels)		761
	23,203	Suzano Papel e Celulose SA (Paper & Forest Products)		188
	31,406	Ultrapar Participacoes SA (Oil, Gas & Consumable Fuels)		140
	96,176	Vale SA (Metals & Mining) (a)		1,105
				2,305
		Canada — 7.22%
	4,700	Agnico-Eagle Mines Ltd. (Metals & Mining)		252
	5,500	AltaGas Ltd. (Gas Utilities)		81
	11,600	ARC Resources Ltd. (Oil, Gas & Consumable Fuels)		55
	39,175	Barrick Gold Corp. (Metals & Mining)		679
	10,900	Cameco Corp. (Oil, Gas & Consumable Fuels)		104

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Canada (continued)
	26,369	Canadian Natural Resources Ltd. (Oil, Gas & Consumable Fuels)	$	702
	3,200	CCL Industries, Inc., Class – B (Containers & Packaging)		129
	19,614	Cenovus Energy, Inc. (Oil, Gas & Consumable Fuels)		184
	17,900	Crescent Point Energy Corp. (Oil, Gas & Consumable Fuels)		76
	25,911	Enbridge, Inc. (Oil, Gas & Consumable Fuels)		909
	30,800	Encana Corp. (Oil, Gas & Consumable Fuels)		141
	16,560	First Quantum Minerals Ltd. (Metals & Mining)		139
	3,740	Franco-Nevada Corp. (Metals & Mining)		341
	10,775	Husky Energy, Inc. (Oil, Gas & Consumable Fuels)		76
	6,860	Imperial Oil Ltd. (Oil, Gas & Consumable Fuels)		179
	9,500	Inter Pipeline Ltd. (Oil, Gas & Consumable Fuels)		167
	2,393	International Petroleum Corp. (Oil, Gas & Consumable Fuels) (a)		9
	5,100	Keyera Corp. (Oil, Gas & Consumable Fuels)		124
	28,100	Kinross Gold Corp. (Metals & Mining) (a)		129
	2,300	Methanex Corp. (Chemicals)		82
	14,183	Nutrien Ltd. (Chemicals)		706
	11,871	Pembina Pipelines Corp. (Oil, Gas & Consumable Fuels)		440
	5,500	Peyto Exploration & Development Corp. (Oil, Gas & Consumable Fuels) ^		14
	5,700	PrairieSky Royalty Ltd. (Oil, Gas & Consumable Fuels)		80
	8,000	Seven Generations Energy (Oil, Gas & Consumable Fuels) (a)		51
	39,722	Suncor Energy, Inc. (Oil, Gas & Consumable Fuels)		1,252
	20,600	TC Energy Corp. (Oil, Gas & Consumable Fuels)		1,066
	11,597	Teck Cominco Ltd., Class – B (Metals & Mining)		188
	7,000	Tourmaline Oil Corp. (Oil, Gas & Consumable Fuels)		69
	20,206	Turquoise Hill Resources Ltd. (Metals & Mining) (a)		9
	42,247	Uranium Participation Corp. (Capital Markets) (a)(b)		136
	3,800	Vermilion Energy, Inc. (Oil, Gas & Consumable Fuels) ^		63
	1,900	West Fraser Timber Co. Ltd. (Paper & Forest Products)		76
	9,051	Wheaton Precious Metals Corp. (Metals & Mining)		237
	22,400	Yamana Gold, Inc. (Metals & Mining)		71
				9,016
		Chile — 0.28%
	52,152	Empresas CMPC SA (Paper & Forest Products)		121

HC CAPITAL TRUST

The Commodity Returns Strategy Portfolio

Consolidated Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Chile (continued)
	23,634	Empresas Copec SA (Oil, Gas & Consumable Fuels)	$	223
				344
		China — 1.92%
	62,000	Aluminum Corporation of China Ltd., H Shares (Metals & Mining) (a)		20
	37,200	Anhui Conch Cement Co. Ltd., H Shares (Construction Materials)		221
	68,000	China Coal Energy Co. Ltd., H Shares (Oil, Gas & Consumable Fuels)		28
	70,000	China National Building Material Co. Ltd., H Shares (Construction Materials)		63
	67,000	China Oilfield Services Ltd., H Shares (Energy Equipment & Services)		80
	761,869	China Petroleum & Chemical Corp., H Shares (Oil, Gas & Consumable Fuels)		453
	122,800	China Shenhua Energy Co. Ltd., H Shares (Oil, Gas & Consumable Fuels)		247
	536,302	CNOOC Ltd. (Oil, Gas & Consumable Fuels)		817
	23,000	Jiangxi Copper Co. Ltd., H Shares (Metals & Mining)		27
	628,729	PetroChina Company Ltd., H Shares (Oil, Gas & Consumable Fuels)		323
	68,000	Sinopec Shanghai Petrochemical Co. Ltd., H Shares (Chemicals)		20
	62,000	Yanzhou Coal Mining Co., H Shares (Oil, Gas & Consumable Fuels)		63
	129,000	Zijin Mining Group Co. Ltd., H Shares (Metals & Mining)		44
				2,406
		Colombia — 0.17%
	10,130	Cementos Argos SA (Construction Materials)		22
	185,100	Ecopetrol SA (Oil, Gas & Consumable Fuels)		157
	7,931	Grupo Argos SA (Construction Materials)		39
				218
		Denmark — 0.32%
	2,208	Christian Hansen Holding A/S (Chemicals)		187
	5,157	Novozymes A/S, B Shares (Chemicals)		217
				404
		Finland — 0.71%
	10,582	Neste Oil Oyj (Oil, Gas & Consumable Fuels)		350
	12,812	Stora Enso Oyj, R Shares (Paper & Forest Products)		154
	12,859	UPM-Kymmene Oyj (Paper & Forest Products)		381
				885
		France — 3.77%
	10,569	Air Liquide SA (Chemicals)		1,504
	1,834	Arkema SA (Chemicals)		171
	732	Imerys SA (Construction Materials)		29

Shares		Security Description	Value (000)
		Common Stocks (continued)
		France (continued)
	57,640	Total SA (Oil, Gas & Consumable Fuels)	$	3,009
				4,713
		Germany — 2.10%
	22,469	BASF SE (Chemicals)		1,569
	1,771	Covestro AG (Chemicals) (c)		88
	4,113	Evonik Industries AG (Chemicals)		102
	3,311	HeidelbergCement AG (Construction Materials)		239
	4,804	K+S AG – Registered (Chemicals)		67
	2,319	Lanxess AG (Chemicals)		142
	2,961	Symrise AG (Chemicals)		288
	9,567	ThyssenKrupp AG (Metals & Mining)		132
				2,627
		Hungary — 0.07%
	9,490	MOL Hungarian Oil & Gas PLC (Oil, Gas & Consumable Fuels)		89
		India — 1.34%
	42,596	Reliance Industries Ltd., GDR (Oil, Gas & Consumable Fuels) (c)		1,589
	6,988	Tata Steel Ltd., Registered Shares, GDR (Metals & Mining)		35
	6,609	Vedanta Ltd., ADR (Metals & Mining)		57
				1,681
		Indonesia — 0.22%
	476,300	PT Adaro Energy Tbk (Oil, Gas & Consumable Fuels)		43
	39,900	PT Indocement Tunggal Prakarsa Tbk (Construction Materials)		53
	92,600	PT Semen Gresik (Persero) Tbk (Construction Materials)		75
	72,100	PT United Tractors Tbk (Oil, Gas & Consumable Fuels)		105
				276
		Ireland (Republic of) — 0.57%
	20,525	CRH PLC (Construction Materials)		707
		Israel — 0.05%
	13,052	Israel Chemicals Ltd. (Chemicals)		65
		Italy — 1.16%
	67,351	Eni SpA (Oil, Gas & Consumable Fuels)		1,030
	18,656	Saipem SpA (Energy Equipment & Services) (a)		84
	65,912	Snam Rete Gas SpA (Oil, Gas & Consumable Fuels)		333
				1,447
		Japan — 3.76%
	3,600	Air Water, Inc. (Chemicals)		64
	27,600	Asahi Kasei Corp. (Chemicals)		272
	7,200	Daicel Corp. (Chemicals)		61
	2,100	Hitachi Chemical Co. Ltd. (Chemicals)		68
	5,000	Hitachi Metals Ltd. (Metals & Mining)		54
	4,542	Idemitsu Kosan Co. Ltd. (Oil, Gas & Consumable Fuels)		128
	23,000	INPEX Corp. (Oil, Gas & Consumable Fuels)		211
	11,600	JFE Holdings, Inc. (Metals & Mining) ^		139
	4,900	JSR Corp. (Chemicals)		78

HC CAPITAL TRUST

The Commodity Returns Strategy Portfolio

Consolidated Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Japan (continued)
	73,194	JX Holdings, Inc. (Oil, Gas & Consumable Fuels)	$	334
	1,300	Kaneka Corp. (Chemicals)		40
	5,100	Kansai Paint Co. Ltd. (Chemicals)		118
	7,200	Kobe Steel Ltd. (Metals & Mining)		38
	8,600	Kuraray Co. Ltd. (Chemicals)		106
	1,100	Maruichi Steel Tube Ltd. (Metals & Mining)		29
	28,600	Mitsubishi Chemical Holdings Corp. (Chemicals)		204
	4,600	Mitsubishi Gas Chemical Co., Inc. (Chemicals)		61
	2,800	Mitsubishi Materials Corp. (Metals & Mining)		75
	4,200	Mitsui Chemicals, Inc. (Chemicals)		94
	3,900	Nippon Paint Holdings Co. Ltd. (Chemicals)		202
	16,700	Nippon Steel & Sumitomo Metal Corp. (Metals & Mining)		234
	2,600	Nissan Chemical Industries Ltd. (Chemicals)		108
	3,300	Nitto Denko Corp. (Chemicals) ^		159
	18,800	Oji Paper Co. Ltd. (Paper & Forest Products)		88
	8,715	Shin-Etsu Chemical Co. Ltd. (Chemicals)		932
	31,600	Sumitomo Chemical Co. Ltd. (Chemicals)		142
	5,000	Sumitomo Metal Mining Co. Ltd. (Metals & Mining)		155
	3,200	Taiheiyo Cement Corp. (Construction Materials)		86
	2,100	Taiyo Nippon Sanso Corp. (Chemicals)		42
	4,600	Teijin Ltd. (Chemicals)		88
	29,600	Toray Industries, Inc. (Chemicals)		220
	4,500	Toyo Seikan Kaisha Ltd. (Containers & Packaging)		70
				4,700
		Jersey — 0.77%
	303,569	Glencore International PLC (Metals & Mining)		913
	11,085	Petrofac Ltd. (Energy Equipment & Services)		55
				968
		Luxembourg — 0.28%
	14,652	ArcelorMittal (Metals & Mining)		206
	13,737	Tenaris SA (Energy Equipment & Services)		146
				352
		Malaysia — 0.16%
	74,200	Petronas Chemicals Group Berhad (Chemicals)		134
	10,100	Petronas Dagangan Berhad (Oil, Gas & Consumable Fuels)		57
	147,800	SapuraKencana Petroleum Berhad (Energy Equipment & Services)		10
				201
		Mexico — 0.45%
	499,141	CEMEX SAB de CV (Construction Materials)		195

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Mexico (continued)
	112,034	Grupo Mexico SAB de CV, Series B (Metals & Mining)	$	262
	3,534	Industrias Penoles SAB de CV (Metals & Mining)		47
	32,820	Orbia Advance Corp SAB de CV (Chemicals) (a)		64
				568
		Netherlands — 1.49%
	5,443	Akzo Nobel N.V. (Chemicals)		485
	1,585	Core Laboratories N.V. (Energy Equipment & Services)		74
	4,614	Koninklijke DSM N.V. (Chemicals)		555
	1,927	Koninklijke Vopak N.V. (Oil, Gas & Consumable Fuels)		99
	7,296	LyondellBasell Industries N.V., Class – A (Chemicals)		653
				1,866
		New Zealand — 0.04%
	16,332	Fletcher Building Ltd. (Construction Materials)		53
		Norway — 0.63%
	27,065	Equinor ASA (Oil, Gas & Consumable Fuels)		515
	33,164	Norsk Hydro ASA (Metals & Mining)		117
	3,525	Yara International ASA (Chemicals)		152
				784
		Papua New Guinea — 0.13%
	33,321	Oil Search Ltd. (Oil, Gas & Consumable Fuels)		165
		Peru — 0.06%
	4,900	Compania de Minas Buenaventura SA, ADR (Metals & Mining)		74
		Poland — 0.47%
	5,478	Grupa Lotos SA (Oil, Gas & Consumable Fuels)		121
	4,519	KGHM Polska Miedz SA (Metals & Mining) (a)		90
	11,875	Polski Koncern Naftowy Orlen SA (Oil, Gas & Consumable Fuels)		293
	70,939	Polskie Gornictwo Naftowe i Gazownictwo SA (Oil, Gas & Consumable Fuels)		83
				587
		Portugal — 0.17%
	13,709	Galp Energia SGPS SA, B Shares (Oil, Gas & Consumable Fuels)		207
		Qatar — 0.06%
	112,330	Qatar Gas Transport Co. Ltd. (Oil, Gas & Consumable Fuels)		74
		Russia — 3.77%
	70,520	ALROSA AO (Metals & Mining)		81
	193,831	Gazprom OAO, ADR (Oil, Gas & Consumable Fuels)		1,339
	14,011	LUKOIL PJSC, ADR (Oil, Gas & Consumable Fuels)		1,159

HC CAPITAL TRUST

The Commodity Returns Strategy Portfolio

Consolidated Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Russia (continued)
	16,218	MMC Norilsk Nickel PJSC, ADR (Metals & Mining)	$	415
	3,120	Novatek OAO, Registered Shares, GDR (Oil, Gas & Consumable Fuels)		633
	1,523	PhosAgro OAO, GDR (Chemicals)		19
	39,111	Rosneft Oil Co. OJSC, Registered Shares, GDR (Oil, Gas & Consumable Fuels)		251
	5,366	Severstal, Registered Shares, GDR (Metals & Mining)		77
	47,939	Surgutneftegas, ADR (Oil, Gas & Consumable Fuels)		256
	7,610	Tatneft PJSC, ADR (Oil, Gas & Consumable Fuels)		483
				4,713
		South Africa — 0.82%
	1,516	Anglo Platinum Ltd. (Metals & Mining)		91
	14,977	AngloGold Ashanti Ltd. (Metals & Mining)		282
	8,860	Exxaro Resources Ltd. (Oil, Gas & Consumable Fuels)		76
	26,554	Gold Fields Ltd. (Metals & Mining)		134
	15,281	Impala Platinum Holdings Ltd. (Metals & Mining) (a)		96
	17,739	Sappi Ltd. (Paper & Forest Products)		44
	18,250	Sasol Ltd. (Chemicals)		305
				1,028
		South Korea — 1.39%
	2,006	GS Holdings Corp. (Oil, Gas & Consumable Fuels)		84
	3,043	Hanwha Chemical Corp. (Chemicals)		46
	515	Honam Petrochemical Corp. (Chemicals)		102
	2,444	Hyundai Steel Co. (Metals & Mining)		79
	270	Korea Zinc Co. (Metals & Mining)		101
	454	Kumho Petro Chemical Co. Ltd. (Chemicals)		27
	1,533	LG Chem Ltd. (Chemicals)		384
	278	OCI Co. Ltd. (Chemicals)		16
	2,209	POSCO (Metals & Mining)		420
	2,355	SK Innovation Co. Ltd. (Oil, Gas & Consumable Fuels)		327
	1,794	S-Oil Corp. (Oil, Gas & Consumable Fuels)		149
				1,735
		Spain — 0.37%
	29,758	Repsol SA (Oil, Gas & Consumable Fuels)		465
		Sweden — 0.24%
	6,747	Boliden AB (Metals & Mining)		155
	4,821	Lundin Petroleum AB (Oil, Gas & Consumable Fuels)		145
				300
		Switzerland — 1.29%
	189	EMS-Chemie Holding AG, Registered Shares (Chemicals)		118
	204	Givaudan SA (Chemicals)		569
	9,993	LafargeHolcim Ltd., Registered Shares (Construction Materials)		492

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Switzerland (continued)
	2,925	Sika AG, Registered Shares (Chemicals)	$	428
				1,607
		Taiwan — 1.61%
	75,082	Asia Cement Corp. (Construction Materials)		105
	457,376	China Steel Corp. (Metals & Mining)		339
	125,000	Formosa Chemicals & Fibre Corp. (Chemicals)		349
	49,000	Formosa Petrochemical Corp. (Oil, Gas & Consumable Fuels)		155
	157,160	Formosa Plastics Corp. (Chemicals)		480
	179,010	Nan Ya Plastics Corp. (Chemicals)		402
	142,645	Taiwan Cement Corp. (Construction Materials)		182
	5,000	Taiwan Fertilizer Co. Ltd. (Chemicals)		7
				2,019
		Thailand — 1.20%
	49,700	Banpu Public Co. Ltd., Registered Shares (Oil, Gas & Consumable Fuels)		19
	44,800	Energy Absolute Public Co. Ltd. (Oil, Gas & Consumable Fuels)		70
	18,700	Indorama Ventures PCL (Chemicals)		20
	579,800	IRPC PCL (Oil, Gas & Consumable Fuels)		70
	78,955	PTT Chemical Public Co. Ltd. (Chemicals)		139
	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)		193
	32,700	Thai Oil Public Co. Ltd. (Oil, Gas & Consumable Fuels)		75
				1,501
		Turkey — 0.19%
	62,511	Eregli Demir ve Celik Fabrikalari TAS (Metals & Mining)		76
	6,344	Tupras-Turkiye Petrol Rafinerileri A/S (Oil, Gas & Consumable Fuels)		161
				237
		United Kingdom — 11.40%
	23,703	Amcor Ltd. (Containers & Packaging)		228
	35,545	Anglo American PLC (Metals & Mining)		818
	10,395	Antofagasta PLC (Metals & Mining)		115
	487,664	BP PLC (Oil, Gas & Consumable Fuels)		3,092
	3,420	Croda International PLC (Chemicals)		204
	6,704	Fresnillo PLC (Metals & Mining)		56
	4,869	Johnson Matthey PLC (Chemicals)		183
	5,952	Linde PLC (Chemicals)		1,153
	8,383	Mondi PLC (Paper & Forest Products)		161
	31,669	Rio Tinto PLC (Metals & Mining)		1,638
	113,876	Royal Dutch Shell PLC, A Shares (Oil, Gas & Consumable Fuels)		3,337
	99,979	Royal Dutch Shell PLC, B Shares (Oil, Gas & Consumable Fuels)		2,945

HC CAPITAL TRUST

The Commodity Returns Strategy Portfolio

Consolidated Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		United Kingdom (continued)
	6,435	TechnipFMC PLC (Energy Equipment & Services)	$	154
	6,615	TechnipFMC PLC (Energy Equipment & Services)		160
				14,244
		United States — 25.25%
	4,411	Air Products & Chemicals, Inc. (Chemicals)		979
	2,251	Albemarle Corp. (Chemicals)		156
	8,150	Apache Corp. (Oil, Gas & Consumable Fuels)		209
	1,873	Ashland Global Holdings, Inc. (Chemicals)		144
	1,751	Avery Dennison Corp. (Containers & Packaging)		199
	6,717	Axalta Coating Systems Ltd. (Chemicals) (a)		203
	7,880	Baker Hughes, Inc. (Energy Equipment & Services)		183
	6,753	Ball Corp. (Containers & Packaging)		492
	9,955	Cabot Oil & Gas Corp. (Oil, Gas & Consumable Fuels)		175
	2,919	Celanese Corp., Series A (Chemicals)		357
	4,768	CF Industries Holdings, Inc. (Chemicals)		235
	29,982	Chevron Corp. (Oil, Gas & Consumable Fuels)		3,555
	2,671	Cimarex Energy Co. (Oil, Gas & Consumable Fuels)		128
	3,137	Concho Resources, Inc. (Oil, Gas & Consumable Fuels)		213
	27,087	ConocoPhillips (Oil, Gas & Consumable Fuels)		1,543
	2,937	Continental Resources, Inc. (Oil, Gas & Consumable Fuels) (a)		90
	15,419	Corteva, Inc. (Chemicals)		432
	3,134	Crown Holdings, Inc. (Containers & Packaging) (a)		207
	10,304	Devon Energy Corp. (Oil, Gas & Consumable Fuels)		248
	1,557	Diamondback Energy, Inc. (Oil, Gas & Consumable Fuels)		140
	15,672	Dow, Inc. (Chemicals)		747
	15,494	DuPont de Nemours, Inc. (Chemicals)		1,104
	2,941	Eastman Chemical Co. (Chemicals)		217
	5,515	Ecolab, Inc. (Chemicals)		1,092
	12,746	EOG Resources, Inc. (Oil, Gas & Consumable Fuels)		946
	6,689	EQT Corp. (Oil, Gas & Consumable Fuels)		71
	5,248	Equitrans Midstream Corp. (Oil, Gas & Consumable Fuels)		76
	41,935	Exxon Mobil Corp. (Oil, Gas & Consumable Fuels)		2,961
	2,864	FMC Corp. (Chemicals)		251
	26,370	Freeport-McMoRan Copper & Gold, Inc. (Metals & Mining)		252
	18,620	Halliburton Co. (Energy Equipment & Services)		351
	3,518	Helmerich & Payne, Inc. (Energy Equipment & Services)		141
	6,295	Hess Corp. (Oil, Gas & Consumable Fuels)		381

Shares		Security Description	Value (000)
		Common Stocks (continued)
		United States (continued)
	3,410	HollyFrontier Corp. (Oil, Gas & Consumable Fuels)	$	183
	1,634	International Flavors & Fragrances, Inc. (Chemicals)		200
	8,247	International Paper Co. (Containers & Packaging)		345
	41,699	Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels)		859
	3,097	Livent Corp. (Chemicals) (a)		21
	18,251	Marathon Oil Corp. (Oil, Gas & Consumable Fuels)		224
	16,668	Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels)		1,013
	1,196	Martin Marietta Materials, Inc. (Construction Materials)		328
	5,224	Murphy Oil Corp. (Oil, Gas & Consumable Fuels)		116
	8,099	National Oilwell Varco, Inc. (Energy Equipment & Services)		172
	17,050	Newmont Mining Corp. (Metals & Mining)		646
	8,712	Noble Energy, Inc. (Oil, Gas & Consumable Fuels)		196
	6,697	Nucor Corp. (Metals & Mining)		341
	20,375	Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels)		906
	4,724	ONEOK, Inc. (Oil, Gas & Consumable Fuels)		348
	1,792	Packaging Corporation of America (Containers & Packaging)		190
	4,500	Parsley Energy, Inc., Class – A (Oil, Gas & Consumable Fuels)		76
	10,371	Phillips 66 (Oil, Gas & Consumable Fuels)		1,062
	3,703	Pioneer Natural Resources Co. (Oil, Gas & Consumable Fuels)		466
	3,287	Plains GP Holdings LP, Class – A (Oil, Gas & Consumable Fuels)		70
	5,703	PPG Industries, Inc. (Chemicals)		676
	6,355	Range Resources Corp. (Oil, Gas & Consumable Fuels)		24
	30,635	Schlumberger Ltd. (Energy Equipment & Services)		1,046
	4,317	Sealed Air Corp. (Containers & Packaging)		179
	2,360	Southern Copper Corp. (Metals & Mining)		81
	3,466	Targa Resources Corp. (Oil, Gas & Consumable Fuels)		139
	6,717	The Mosaic Co. (Chemicals)		138
	1,661	The Sherwin-Williams Co. (Chemicals)		913
	15,850	The Williams Companies, Inc. (Oil, Gas & Consumable Fuels)		381
	10,418	Valero Energy Corp. (Oil, Gas & Consumable Fuels)		888
	5,349	Valvoline, Inc. (Chemicals)		118
	2,808	Vulcan Materials Co. (Construction Materials)		425
	2,157	W.R. Grace & Co. (Chemicals)		144
	4,620	WestRock Co. (Containers & Packaging)		168
				31,560
		Total Common Stocks		103,627

HC CAPITAL TRUST

The Commodity Returns Strategy Portfolio

Consolidated Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Preferred Stocks — 1.15%
		Brazil — 0.89%
	4,600	Braskem SA — Preferred, Class – A (Chemicals) (a)	$	36
	30,600	Gerdau SA — Preferred (Metals & Mining)		97
	103,200	Klabin SA — Preferred (Containers & Packaging)		73
	136,375	Petroleo Brasileiro SA — Preferred (Oil, Gas & Consumable Fuels)		904
				1,110
		Chile — 0.11%
	5,104	Sociedad Quimica y Minera de Chile SA — Preferred, B Shares (Chemicals)		141
		Germany — 0.05%
	1,785	Fuchs Petrolub AG — Preferred (Chemicals)		67
		Russia — 0.10%
	52	AK Transneft OAO — Preferred (Oil, Gas & Consumable Fuels)		120
		Total Preferred Stocks		1,438
Principal Amount (000)
		U.S. Treasury Obligation — 0.48%
$	600	U.S. Treasury Bill, 1.70%, 10/24/19 (b)(d)(e)		599
		Total U.S. Treasury Obligation		599
Shares
		Investment Companies — 9.97%
	78,770	Federated Treasury Obligations Fund, Institutional Shares, 2.29% ^^(f)		79
	12,383,968	State Street Institutional Treasury Plus Money Market Fund, Trust Class, 1.78% (f)		12,384
		Total Investment Companies		12,463
		Purchased Options — 0.00%
		Total Purchased Options		2
Principal Amount (000)
		Repurchase Agreements — 3.88%
$	1,200	Bank of America Corp., 2.30%, 10/1/19 (Purchased on 9/30/19, proceeds at maturity $1,200,077 collateralized by U.S. Treasury Note, 1.75%, 6/30/22, fair value $1,224,183) (b)		1,200

Principal Amount (000)		Security Description	Value (000)
		Repurchase Agreements (continued)
$	900	BNP Paribas, 2.35%, 10/1/19 (Purchased on 9/30/19, proceeds at maturity $900,059 collateralized by U.S. Treasury Obligations, 0.00% – 3.00%, 1/30/20-2/15/2047, fair value $918,026)	$	900
	1,300	Deutsche Bank Securities, Inc., 2.35%, 10/1/19 (Purchased on 9/30/19, proceeds at maturity $1,300,085 collateralized by U.S. Treasury Bill, 0.00%, 12/12/19, fair value $1,326,112) (b)		1,300
	247	Jefferies LLC, 2.40%, 10/1/19 (Purchased on 9/30/19, proceeds at maturity $247,147 collateralized by U.S. Treasury Obligation, 1.48%, 11/15/27 fair value $252,073) ^^		247
	1,200	Natwest Markets PLC, 2.35%, 10/1/19 (Purchased on 9/30/19, proceeds at maturity $1,200,078 collateralized by U.S. Treasury Bill, 0.00%, 5/21/20, fair value $1,224,076) (b)		1,200
		Total Repurchase Agreements		4,847
		Total Investments (cost $99,129) — 98.37%		122,976
		Other assets in excess of liabilities — 1.63%		2,043
		Net Assets — 100.00%	$	125,019

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 September 30, 2019. The total value of securities on loan as of September 30, 2019, was $373 (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 September 30, 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) The rate disclosed represents effective yield at purchase.

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

(f) The rate disclosed is the rate in effect on September 30, 2019.

ADR — American Depositary Receipt

GDR — Global Depositary Receipt

HC CAPITAL TRUST

The Commodity Returns Strategy Portfolio

Consolidated Portfolio of Investments — September 30, 2019 (Unaudited)

The following table reflects the percentage of total net assets of the Portfolio attributable to each Specialist Manager as of September 30, 2019.

The Commodity Returns Strategy Portfolio	Mellon Investments Corporation			Parametric Portfolio Associates, LLC			Wellington Management Company, LLP			HC Capital Solutions			Total
Common Stocks		82.78	%		—			0.11	%		—			82.89	%
Preferred Stocks		1.15	%		—			—			—			1.15	%
U.S. Treasury Obligation		—			—			0.48	%		—			0.48	%
Investment Companies		0.87	%		7.39	%		—			1.71	%		9.97	%
Purchased Options		—			—			0.00	%		—			0.00	%
Repurchase Agreements		0.20	%		—			3.68	%		—			3.88	%
Other Assets		1.10	%		0.47	%		0.06	%		0.00	%		1.63	%
Total Net Assets		86.10	%		7.86	%		4.33	%		1.71	%		100.00	%

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

Amounts designated as “0.00%” round to less than 0.005%.

The following tables reflect the open derivative positions held by the Portfolio as of September 30, 2019.

Futures Contracts Purchased^

Description	Number of  Contracts		Expiration Date		Notional Amount (000)		Value and Unrealized Appreciation/ (Depreciation) (000)
Brent Crude Future (a)		9		12/31/19	$	526	$	(21	)
Canadian Dollar Future		37		12/17/19		2,799		4
Cattle Feeder Future (a)		1		10/31/19		71		4
Cocoa Future (a)		1		12/13/19		24		—
Coffee ‘C’ Future (a)		1		12/18/19		38		(1	)
Copper Future (a)		2		12/27/19		129		(2	)
Corn Future (a)		7		12/13/19		136		(18	)
Corn Future (a)		7		7/14/20		143		4
Cotton No.2 Future (a)		4		12/6/19		122		(4	)
Electrolytic Copper Future (a)		4		12/16/19		572		(13	)
E-Mini S&P 500 Future		50		12/20/19		7,447		(88	)
E-Mini Silver Future (a)		1		11/26/19		42		—
Gas Oil Future (a)		2		11/12/19		117		(4	)
Gasoline RBOB Future (a)		2		10/31/19		132		(13	)
Gold 100 Oz Future (a)		8		12/27/19		1,178		(29	)
Hard Red Winter Wheat Future (a)		9		12/13/19		187		(3	)
Lean Hogs Future (a)		8		12/13/19		232		10
Live Cattle Future (a)		4		12/31/19		176		15
LME Lead Future (a)		2		12/16/19		107		9
MSCI EAFE Index Future		11		12/20/19		1,044		(10	)
MSCI Emerging Markets Index Future		9		12/20/19		451		(10	)
Natural Gas Future (a)		3		1/29/20		78		2
NY Harbor ULSD Future (a)		1		10/31/19		80		(6	)
NYMEX WTI Crude Future (a)		9		11/20/19		486		(35	)
Primary Aluminum Future (a)		11		12/16/19		475		(14	)
S&P/Toronto Stock Exchange 60 Index Future		18		12/19/19		2,707		(36	)
Soybean Future (a)		3		11/14/19		136		6
Soybean Meal Future (a)		1		12/13/19		30		(3	)
Sugar #11 (World) Future (a)		1		2/28/20		14		1
					$	19,679	$	(255	)
Futures Contracts Sold^
Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value and Unrealized Appreciation/ (Depreciation) (000)
Corn Future (a)		4		12/14/20	$	81	$	(1	)
Hard Red Winter Wheat Future (a)		2		3/13/20		43		5
Natural Gas Future (a)		2		3/27/20		46		2
NY Harbor ULSD Future (a)		1		5/29/20		76		3
Primary Aluminum Future (a)		1		12/14/20		45		2
Wheat (CBT) Future (a)		2		12/13/19		50		(1	)
					$	341	$	10
		Total Unrealized Appreciation					$	67
		Total Unrealized Depreciation						(312	)
		Total Net Unrealized Appreciation/(Depreciation)					$	(245	)

HC CAPITAL TRUST

The Commodity Returns Strategy Portfolio

Consolidated Portfolio of Investments — September 30, 2019 (Unaudited)

Option Contracts

Exchange-traded options purchased as of September 30, 2019 were as follows:

Description	Number of Contracts		Notional Amount (000)		Exercise Price		Expiration Date		Value (000)
Crude Oil Put Option (a)		2	$	—	$	50.00		11/15/19	$	2
Total									$	2

Total Return Swap Agreements

Pay/Receive (b)	Financing Rate			Description	Counterparty	Expiration Date		Payment Frequency		Notional Amount (000)		Value (000)			Upfront Premiums Paid/ (Received) (000)		Unrealized Appreciation/ (Depreciation) (000)
Receive		0.08	%	Bloomberg Silver Subindex (a)	Goldman Sachs International		10/31/19		Monthly	$	55	$	(4	)	$	—	$	(4	)
Receive		0.35	%	Bloomberg Soybean Meal Subindex (a)	Barclays Bank PLC		2/28/20		Monthly		43		1			—		1
Receive		0.15	%	S&P GSCI Grains Index (a)	Barclays Bank PLC		2/28/20		Monthly		4		—			—		—
Receive		0.10	%	S&P GSCI Grains Index (a)	Goldman Sachs International		11/29/19		Monthly		81		—			—		—
												$	(3	)	$	—	$	(3	)

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		1/31/20	$	1,449.79	$	16	$	—	$	—	$	—
Receive	Silver (a)		Goldman Sachs International		12/2/19		14.71		32		5		—		5
										$	5	$	—	$	5
							Total swap agreements at value (assets)							$	6
							Total swap agreements at value (liabilities)								(4	)
							Net swap agreements at value							$	2

HC CAPITAL TRUST

The Commodity Returns Strategy Portfolio

Consolidated Portfolio of Investments — September 30, 2019 (Unaudited)

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

(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.

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

HC CAPITAL TRUST

The ESG Growth Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks — 94.31%
		Australia — 2.50%
	2,368	AGL Energy Ltd. (Multi-Utilities)	$	31
	11,323	Alumina Ltd. (Metals & Mining)		18
	12,454	AMP Ltd. (Diversified Financial Services)		15
	4,261	APA Group (Gas Utilities)		33
	2,155	Aristocrat Leisure Ltd. (Hotels, Restaurants & Leisure)		45
	726	ASX Ltd. (Capital Markets)		40
	8,342	Aurizon Holdings Ltd. (Road & Rail)		33
	6,595	AusNet Services (Electric Utilities)		8
	10,608	Australia & New Zealand Banking Group Ltd. (Banks)		204
	1,451	Bank of Queensland Ltd. (Banks)		10
	1,760	Bendigo & Adelaide Bank Ltd. (Banks)		14
	11,070	BHP Billiton Ltd. (Metals & Mining)		274
	7,940	BHP Group PLC (Metals & Mining)		169
	1,927	BlueScope Steel Ltd. (Metals & Mining)		16
	4,233	Boral Ltd. (Construction Materials)		14
	5,980	Brambles Ltd. (Commercial Services & Supplies)		46
	902	Caltex Australia Ltd. (Oil, Gas & Consumable Fuels)		16
	1,986	Challenger Ltd. (Diversified Financial Services)		10
	351	CIMIC Group Ltd. (Construction & Engineering)		7
	2,419	Coca-Cola Amatil Ltd. (Beverages)		17
	209	Cochlear Ltd. (Health Care Equipment & Supplies)		29
	4,252	Coles Group Ltd. (Food & Staples Retailing)		44
	6,652	Commonwealth Bank of Australia (Banks)		363
	1,764	Computershare Ltd. (IT Services)		19
	1,344	Crown Resorts Ltd. (Hotels, Restaurants & Leisure)		11
	1,703	CSL Ltd. (Biotechnology)		269
	3,942	Dexus Property Group (Equity Real Estate Investment Trusts)		32
	201	Flight Centre Ltd. (Hotels, Restaurants & Leisure)		6
	5,732	Fortescue Metals Group Ltd. (Metals & Mining)		34
	6,122	Goodman Group (Equity Real Estate Investment Trusts)		58
	7,833	GPT Group (Equity Real Estate Investment Trusts)		33
	1,917	Harvey Norman Holdings Ltd. (Multiline Retail)		6
	5,798	Incitec Pivot Ltd. (Chemicals)		13
	8,667	Insurance Australia Group Ltd. (Insurance)		45
	2,036	Lend Lease Group Ltd. (Real Estate Management & Development)		24
	1,213	Macquarie Group Ltd. (Capital Markets)		107
	664	Magellan Financial Group Ltd. (Capital Markets)		23
	9,945	Medibank Private Ltd. (Insurance)		23
	14,108	Mirvac Group (Equity Real Estate Investment Trusts)		29
	10,556	National Australia Bank Ltd. (Banks)		212
	2,882	Newcrest Mining Ltd. (Metals & Mining)		68
	1,372	Orica Ltd. (Chemicals)		21

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Australia (continued)
	6,354	Origin Energy Ltd. (Oil, Gas & Consumable Fuels)	$	34
	4,799	QBE Insurance Group Ltd. (Insurance)		41
	625	Ramsay Health Care Ltd. (Health Care Providers & Services)		27
	190	REA Group Ltd. (Interactive Media & Services)		14
	1,394	Rio Tinto Ltd. (Metals & Mining)		87
	6,393	Santos Ltd. (Oil, Gas & Consumable Fuels)		33
	19,939	Scentre Group (Equity Real Estate Investment Trusts)		53
	1,205	Seek Ltd. (Professional Services)		17
	1,626	Sonic Healthcare Ltd. (Health Care Providers & Services)		31
	20,247	South32 Ltd. (Metals & Mining)		36
	8,686	Stockland Trust Group (Equity Real Estate Investment Trusts)		27
	4,728	Suncorp Group Ltd. (Insurance) (a)		44
	3,994	Sydney Airport (Transportation Infrastructure)		22
	7,278	Tabcorp Holdings Ltd. (Hotels, Restaurants & Leisure)		24
	16,699	Telstra Corp. Ltd. (Diversified Telecommunication Services)		40
	10,038	Transurban Group (Transportation Infrastructure)		99
	2,595	Treasury Wine Estates Ltd. (Beverages)		33
	11,760	Vicinity Centres (Equity Real Estate Investment Trusts)		20
	433	Washington H Soul Pattinson & Co. Ltd. (Oil, Gas & Consumable Fuels)		6
	4,254	Wesfarmers Ltd. (Food & Staples Retailing)		114
	12,956	Westpac Banking Corp. (Banks)		259
	3,580	Woodside Petroleum Ltd. (Oil, Gas & Consumable Fuels)		79
	4,721	Woolworths Ltd. (Food & Staples Retailing)		119
	1,164	WorleyParsons Ltd. (Energy Equipment & Services)		10
				3,758
		Austria — 0.08%
	263	ANDRITZ AG (Machinery)		11
	1,086	Erste Group Bank AG (Banks)		36
	557	OMV AG (Oil, Gas & Consumable Fuels)		30
	706	Raiffeisen Bank International AG (Banks)		16
	246	Verbund AG (Electric Utilities)		13
	419	Voestalpine AG (Metals & Mining)		10
				116
		Belgium — 0.35%
	660	Ageas (Insurance)		37
	2,864	Anheuser-Busch InBev N.V. (Beverages)		272
	549	Belgacom SA (Diversified Telecommunication Services)		16
	207	Colruyt SA (Food & Staples Retailing)		11
	291	Groupe Bruxelles Lambert SA (Diversified Financial Services)		28
	936	KBC Groep N.V. (Banks)		61
	267	Solvay SA (Chemicals)		28
	170	Telenet Group Holding N.V. (Media)		8
	456	UCB SA (Pharmaceuticals)		33

HC CAPITAL TRUST

The ESG Growth Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Belgium (continued)
	712	Umicore SA (Chemicals)	$	27
				521
		Bermuda — 0.19%
	1,514	Arch Capital Group Ltd. (Insurance) (a)		64
	583	Bunge Ltd. (Food Products)		33
	1,451	IHS Markit Ltd. (Professional Services) (a)		96
	1,434	Invesco Ltd. (Capital Markets)		24
	2,348	Marvell Technology Group Ltd. (Semiconductors & Semiconductor Equipment)		59
	2,500	Yue Yuen Industrial Holdings Ltd. (Textiles, Apparel & Luxury Goods)		7
				283
		Canada — 3.50%
	900	Agnico-Eagle Mines Ltd. (Metals & Mining)		48
	700	Air Canada (Airlines) (a)		23
	3,400	Alimentation Couche-Tard, Inc., Class - B (Food & Staples Retailing)		105
	1,000	AltaGas Ltd. (Gas Utilities)		15
	300	Atco Ltd. (Multi-Utilities)		11
	2,500	Aurora Cannabis, Inc. (Pharmaceuticals) (a)		11
	2,400	Bank of Montreal (Banks)		177
	4,600	Bank of Nova Scotia (Banks)		261
	6,600	Barrick Gold Corp. (Metals & Mining)		113
	600	BCE, Inc. (Diversified Telecommunication Services)		29
	1,900	Blackberry Ltd. (Software) (a)		10
	7,700	Bombardier, Inc. (Aerospace & Defense) (a)		10
	3,200	Brookfield Asset Management, Inc. (Capital Markets)		170
	1,000	CAE, Inc. (Aerospace & Defense)		26
	1,400	Cameco Corp. (Oil, Gas & Consumable Fuels)		13
	1,700	Canadian Imperial Bank of Commerce (Banks)		140
	2,700	Canadian National Railway Co. (Road & Rail)		243
	500	Canadian Pacific Railway Ltd. (Road & Rail)		111
	200	Canadian Tire Corp. Ltd., Class - A (Multiline Retail)		22
	500	Canadian Utilities Ltd., Class - A (Multi-Utilities)		15
	800	Canopy Growth Corp. (Pharmaceuticals) (a)		19
	600	CCL Industries, Inc., Class - B (Containers & Packaging)		24
	3,800	Cenovus Energy, Inc. (Oil, Gas & Consumable Fuels)		36
	900	CGI, Inc. (IT Services) (a)		71
	900	Ci Financial Corp. (Capital Markets)		13
	700	Cronos Group, Inc. (Pharmaceuticals) (a)		6
	1,100	Dollarama, Inc. (Multiline Retail)		40
	1,000	Emera, Inc. (Electric Utilities)		44
	600	Empire Co. Ltd. (Food & Staples Retailing)		16
	7,600	Enbridge, Inc. (Oil, Gas & Consumable Fuels)		268
	5,400	Encana Corp. (Oil, Gas & Consumable Fuels)		25
	700	First Capital Realty, Inc. (Real Estate Management & Development)		12

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Canada (continued)
	2,500	First Quantum Minerals Ltd. (Metals & Mining)	$	21
	1,600	Fortis, Inc. (Electric Utilities)		68
	700	Franco-Nevada Corp. (Metals & Mining)		64
	800	Gildan Activewear, Inc. (Textiles, Apparel & Luxury Goods)		28
	1,000	Great-West Lifeco, Inc. (Insurance)		24
	1,300	Husky Energy, Inc. (Oil, Gas & Consumable Fuels)		9
	1,200	Hydro One Ltd. (Electric Utilities) (b)		22
	300	IGM Financial, Inc. (Capital Markets)		9
	1,000	Imperial Oil Ltd. (Oil, Gas & Consumable Fuels)		26
	500	Intact Financial Corp. (Insurance)		50
	1,500	Inter Pipeline Ltd. (Oil, Gas & Consumable Fuels)		26
	800	Keyera Corp. (Oil, Gas & Consumable Fuels)		19
	4,500	Kinross Gold Corp. (Metals & Mining) (a)		21
	800	Kirkland Lake Gold Ltd. (Metals & Mining)		36
	700	Loblaw Companies Ltd. (Food & Staples Retailing)		40
	416	Lululemon Athletica, Inc. (Textiles, Apparel & Luxury Goods) (a)		80
	2,400	Lundin Mining Corp. (Metals & Mining)		11
	1,200	Magna Internationl (Auto Components)		64
	7,400	Manulife Financial Corp. (Insurance)		136
	300	Methanex Corp. (Chemicals)		11
	1,000	Metro, Inc. (Food & Staples Retailing)		44
	1,300	National Bank of Canada (Banks)		65
	2,200	Nutrien Ltd. (Chemicals)		109
	300	Onex Corp. (Diversified Financial Services)		19
	1,000	Open Text Corp. (Software)		41
	1,900	Pembina Pipelines Corp. (Oil, Gas & Consumable Fuels)		70
	1,100	Power Corp. of Canada (Insurance)		25
	1,000	Power Financial Corp. (Insurance)		23
	800	PrairieSky Royalty Ltd. (Oil, Gas & Consumable Fuels)		11
	700	Quebecor, Inc. (Media)		16
	900	Restaurant Brands International, Inc. (Hotels, Restaurants & Leisure)		64
	1,400	Rogers Communications, Inc. (Wireless Telecommunication Services)		68
	5,400	Royal Bank of Canada (Banks)		438
	1,700	Shaw Communications, Inc., Class - B (Media)		33
	400	Shopify, Inc. (IT Services) (a)		125
	600	SNC-Lavalin Group, Inc. (Construction & Engineering)		8
	900	Stars Group, Inc. (The) (Hotels, Restaurants & Leisure) (a)		13
	2,300	Sun Life Financial, Inc. (Insurance)		103
	5,900	Suncor Energy, Inc. (Oil, Gas & Consumable Fuels)		186
	3,500	TC Energy Corp. (Oil, Gas & Consumable Fuels)		181
	1,900	Teck Cominco Ltd., Class - B (Metals & Mining)		31
	800	TELUS Corp. (Diversified Telecommunication Services)		28
	800	Thomson Reuters Corp. (Professional Services)		53

HC CAPITAL TRUST

The ESG Growth Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Canada (continued)
	6,900	Toronto-Dominion Bank (Banks)	$	402
	900	Tourmaline Oil Corp. (Oil, Gas & Consumable Fuels)		9
	600	Vermilion Energy, Inc. (Oil, Gas & Consumable Fuels)		10
	1,000	Waste Connections, Inc. (Commercial Services & Supplies)		92
	200	West Fraser Timber Co. Ltd. (Paper & Forest Products)		8
	300	Weston (George) Ltd. (Food & Staples Retailing)		25
	1,700	Wheaton Precious Metals Corp. (Metals & Mining)		45
	400	WSP Global, Inc. (Construction & Engineering)		24
				5,261
		Denmark — 0.58%
	14	A.P. Moller - Maersk A/S, Class - A (Marine)		15
	24	A.P. Moller - Maersk A/S, Class - B (Marine)		27
	401	Carlsberg A/S, Class - B (Beverages)		59
	381	Christian Hansen Holding A/S (Chemicals)		32
	446	Coloplast A/S, Class - B (Health Care Equipment & Supplies)		53
	410	Demant A/S (Health Care Equipment & Supplies) (a)		11
	818	DSV A/S (Road & Rail)		78
	242	Genmab A/S (Biotechnology) (a)		49
	251	H. Lundbeck A/S (Pharmaceuticals)		8
	570	ISS A/S (Commercial Services & Supplies)		14
	6,635	Novo Nordisk A/S, Class - B (Pharmaceuticals)		342
	791	Novozymes A/S, B Shares (Chemicals)		34
	710	Orsted A/S (Electric Utilities) (b)		66
	377	Pandora A/S (Textiles, Apparel & Luxury Goods)		15
	561	Tryg A/S (Insurance)		16
	706	Vestas Wind Systems A/S (Electrical Equipment)		55
				874
		Finland — 0.39%
	514	Elisa Oyj (Diversified Telecommunication Services)		26
	1,604	Fortum Oyj (Electric Utilities)		38
	1,275	Kone Oyj (Machinery)		73
	380	Metso Oyj (Machinery)		14
	1,587	Neste Oil Oyj (Oil, Gas & Consumable Fuels)		53
	21,141	Nokia Oyj (Communications Equipment)		107
	448	Nokian Renkaat Oyj (Auto Components)		13
	12,132	Nordea Bank Abp (Banks)		86
	376	Orion Oyj, Class - B (Pharmaceuticals)		14
	1,677	Sampo Oyj, Class - A (Insurance)		67
	2,101	Stora Enso Oyj, R Shares (Paper & Forest Products)		25
	2,002	UPM-Kymmene Oyj (Paper & Forest Products)		59
	1,603	Wartsila Oyj, Class - B (Machinery)		18
				593

Shares		Security Description	Value (000)
		Common Stocks (continued)
		France — 3.63%
	663	Accor SA (Hotels, Restaurants & Leisure)	$	28
	107	Aeroports de Paris (Transportation Infrastructure)		19
	1,614	Air Liquide SA (Chemicals)		229
	735	Alstom SA (Machinery)		30
	219	Amundi SA (Capital Markets) (b)		15
	296	Arkema SA (Chemicals)		28
	368	Atos SE (IT Services)		26
	7,289	AXA SA (Insurance)		186
	149	BioMerieux (Health Care Equipment & Supplies)		12
	4,228	BNP Paribas (Banks)		206
	805	Bouygues SA (Construction & Engineering)		32
	1,038	Bureau Veritas SA (Professional Services)		25
	596	Capgemini SE (IT Services)		70
	2,673	Carrefour SA (Food & Staples Retailing)		46
	305	Casino Guichard-Perrachon SA (Food & Staples Retailing)		15
	620	CNP Assurances (Insurance)		12
	1,845	Compagnie de Saint-Gobain (Building Products)		72
	641	Compagnie Generale des Etablissements Michelin, Class – B (Auto Components)		72
	4,300	Credit Agricole SA (Banks)		52
	2,320	Danone SA (Food Products)		204
	493	Dassault Systemes SE (Software)		70
	898	Edenred (Commercial Services & Supplies)		43
	326	Eiffage SA (Construction & Engineering)		34
	2,487	Electricite de France SA (Electric Utilities)		28
	6,855	ENGIE (Multi-Utilities)		112
	1,065	Essilor International SA (Health Care Equipment & Supplies)		154
	146	Eurazeo SE (Diversified Financial Services)		11
	42	Eurofins Scientific SE (Life Sciences Tools & Services)		20
	849	Eutelsat Communications (Media)		16
	274	Faurecia (Auto Components)		13
	164	Fonciere des Regions (Equity Real Estate Investment Trusts)		17
	165	Gecina SA (Equity Real Estate Investment Trusts)		26
	1,589	Getlink SE (Transportation Infrastructure)		24
	119	Hermes International (Textiles, Apparel & Luxury Goods)		82
	108	Icade (Equity Real Estate Investment Trusts)		10
	96	Iliad SA (Diversified Telecommunication Services)		9
	129	Imerys SA (Construction Materials)		5
	217	Ingenico Group SA (Electronic Equipment, Instruments & Components)		21
	137	Ipsen SA (Pharmaceuticals)		13
	269	JC Decaux SA (Media)		7
	285	Kering (Textiles, Apparel & Luxury Goods)		145
	738	Klepierre (Equity Real Estate Investment Trusts)		25
	1,001	Legrand SA (Electrical Equipment)		71
	950	L’Oreal SA (Personal Products)		266
	1,044	LVMH Moet Hennessy Louis Vuitton SA (Textiles, Apparel & Luxury Goods)		416
	3,413	Natixism SA (Capital Markets)		14
	7,528	Orange SA (Diversified Telecommunication Services)		118

HC CAPITAL TRUST

The ESG Growth Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		France (continued)
	798	Pernod Ricard SA (Beverages)	$	142
	2,311	Peugeot SA (Automobiles)		58
	881	Publicis Groupe (Media)		43
	81	Remy Cointreau SA (Beverages)		11
	721	Renault SA (Automobiles)		41
	1,230	Safran SA (Aerospace & Defense)		194
	4,227	Sanofi-Aventis (Pharmaceuticals)		392
	100	Sartorius Stedim Biotech (Life Sciences Tools & Services)		14
	2,067	Schneider Electric SA (Electrical Equipment)		182
	81	Seb SA (Household Durables)		12
	91	Societe BIC SA (Commercial Services & Supplies)		6
	2,879	Societe Generale (Banks)		79
	320	Sodexo (Hotels, Restaurants & Leisure)		36
	1,235	Suez Environnement Co. (Multi-Utilities)		19
	219	Teleperformance (Professional Services)		47
	400	Thales SA (Aerospace & Defense)		46
	8,980	Total SA (Oil, Gas & Consumable Fuels)		469
	302	UbiSoft Entertainment SA (Entertainment) (a)		22
	518	Unibail-Rodamco-Westfield (Equity Real Estate Investment Trusts)		76
	867	Valeo SA (Auto Components)		28
	2,124	Veolia Environnement (Multi-Utilities)		54
	1,918	Vinci SA (Construction & Engineering)		207
	3,435	Vivendi SA (Entertainment)		94
	130	Wendel SA (Diversified Financial Services)		18
	297	Worldline SA (IT Services) (a)(b)		19
				5,458
		Germany — 2.74%
	678	Adidas AG (Textiles, Apparel & Luxury Goods)		212
	1,596	Allianz SE (Insurance)		371
	3,383	Aroundtown SA (Real Estate Management & Development)		28
	175	Axel Springer SE (Media) (a)		12
	3,452	BASF SE (Chemicals)		241
	3,504	Bayer AG (Pharmaceuticals)		247
	1,245	Bayerische Motoren Werke AG (Automobiles)		88
	378	Beiersdorf AG (Personal Products)		45
	558	Brenntag AG (Trading Companies & Distributors)		27
	146	Carl Zeiss Meditec AG (Health Care Equipment & Supplies)		17
	3,617	Commerzbank AG (Banks)		21
	413	Continental AG (Auto Components)		53
	628	Covestro AG (Chemicals) (b)		31
	3,418	Daimler AG, Registered Shares (Automobiles)		170
	406	Delivery Hero SE (Internet & Direct Marketing Retail) (a)(b)		18
	7,363	Deutsche Bank AG (Capital Markets)		55
	713	Deutsche Boerse AG (Capital Markets)		112
	858	Deutsche Lufthansa AG, Registered Shares (Airlines)		14
	3,735	Deutsche Post AG (Air Freight & Logistics)		125
	12,528	Deutsche Telekom AG (Diversified Telecommunication Services)		210

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Germany (continued)
	1,339	Deutsche Wohnen AG (Real Estate Management & Development)	$	49
	8,421	E.ON AG (Multi-Utilities)		82
	673	Evonik Industries AG (Chemicals)		17
	150	Fraport AG (Transportation Infrastructure)		13
	808	Fresenius Medical Care AG & Co. KGAA (Health Care Providers & Services)		54
	1,599	Fresenius Se & Co. KGAA (Health Care Providers & Services)		75
	554	GEA Group AG (Machinery)		15
	218	Hannover Rueckversicherung AG (Insurance)		37
	558	HeidelbergCement AG (Construction Materials)		40
	375	Henkel AG & Co. KGAA (Household Products)		34
	123	Hochtief AG (Construction & Engineering)		14
	229	Hugo Boss AG (Textiles, Apparel & Luxury Goods)		12
	4,794	Infineon Technologies AG (Semiconductors & Semiconductor Equipment)		86
	304	KION Group AG (Machinery)		16
	174	Knorr-Bremse AG (Machinery)		16
	314	Lanxess AG (Chemicals)		19
	484	Merck KGaA (Pharmaceuticals)		55
	650	Metro AG (Food & Staples Retailing)		10
	195	MTU Aero Engines AG (Aerospace & Defense)		52
	553	Muenchener Rueckversicherungs-Gesellschaft AG (Insurance)		143
	300	Puma SE (Textiles, Apparel & Luxury Goods)		23
	2,051	RWE AG (Multi-Utilities)		64
	3,693	SAP SE (Software)		433
	129	Sartorius AG (Health Care Equipment & Supplies)		23
	2,874	Siemens AG (Industrial Conglomerates)		308
	542	Siemens Healthineers AG (Health Care Equipment & Supplies) (b)		21
	482	Symrise AG (Chemicals)		47
	3,222	Telefonica Deutschland Holding AG (Diversified Telecommunication Services)		9
	1,461	ThyssenKrupp AG (Metals & Mining)		20
	1,592	TUI AG (Hotels, Restaurants & Leisure)		19
	696	Uniper SE (Independent Power and Renewable Electricity Producers)		23
	1,884	Vonovia SE (Real Estate Management & Development)		95
	441	Wirecard AG (IT Services)		71
	536	Zalando SE (Internet & Direct Marketing Retail) (a)(b)		24
				4,116
		Hong Kong — 1.06%
	45,400	AIA Group Ltd. (Insurance)		429
	1,100	ASM Pacific Technology Ltd. (Semiconductors & Semiconductor Equipment)		13
	14,000	BOC Hong Kong (Holdings) Ltd. (Banks)		48
	10,000	CK Asset Holdings Ltd. (Real Estate Management & Development)		68

HC CAPITAL TRUST

The ESG Growth Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Hong Kong (continued)
	2,500	CK Infrastructure Holdings Ltd. (Electric Utilities)	$	17
	6,500	CLP Holdings Ltd. (Electric Utilities)		68
	8,000	Galaxy Entertainment Group Ltd. (Hotels, Restaurants & Leisure)		50
	8,000	Hang Lung Properties Ltd. (Real Estate Management & Development)		18
	2,900	Hang Seng Bank Ltd. (Banks)		62
	6,000	Henderson Land Development Co. Ltd. (Real Estate Management & Development)		28
	9,500	HK Electric Investments Ltd. (Electric Utilities)		9
	14,000	HKT Trust & HKT Ltd. (Diversified Telecommunication Services)		23
	38,000	Hong Kong & China Gas Co. Ltd. (Gas Utilities)		74
	4,500	Hong Kong Exchanges & Clearing Ltd. (Capital Markets)		132
	3,000	Hysan Development Co. (Real Estate Management & Development)		12
	2,500	Kerry Properties Ltd. (Real Estate Management & Development)		8
	747	Melco Crown Entertainment Ltd., ADR (Hotels, Restaurants & Leisure)		14
	3,600	MGM China Holdings Ltd. (Hotels, Restaurants & Leisure)		6
	6,000	MTR Corp. Ltd. (Road & Rail)		34
	6,000	NWS Holdings Ltd. (Industrial Conglomerates)		9
	15,000	PCCW Ltd. (Diversified Telecommunication Services)		8
	5,500	Power Assets Holdings Ltd. (Electric Utilities)		37
	9,200	Sands China Ltd. (Hotels, Restaurants & Leisure)		42
	4,000	Shangri-La Asia Ltd. (Hotels, Restaurants & Leisure)		4
	12,000	Sino Land Co. Ltd. (Real Estate Management & Development)		18
	6,000	Sun Hung Kai Properties Ltd. (Real Estate Management & Development)		86
	2,000	Swire Pacific Ltd., Class - A (Real Estate Management & Development)		19
	4,200	Swire Properties Ltd. (Real Estate Management & Development)		13
	5,000	Techtronic Industries Co. (Household Durables)		35
	4,600	The Bank of East Asia Ltd. (Banks)		11
	8,000	The Link Real Estate Investment Trust (Equity Real Estate Investment Trusts)		88
	5,000	The Wharf (Holdings) Ltd. (Real Estate Management & Development)		11
	2,000	Vitasoy International Holdings Ltd. (Food Products)		8
	34,500	WH Group Ltd. (Food Products) (b)		31
	5,000	Wharf Real Estate Investment Co. Ltd. (Real Estate Management & Development)		27
	3,000	Wheelock & Co. Ltd. (Real Estate Management & Development)		17
	5,600	Wynn Macau Ltd. (Hotels, Restaurants & Leisure)		11
				1,588

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Ireland (Republic of) — 0.90%
	2,940	AIB Group PLC (Banks)	$	9
	563	Alkermes PLC (Biotechnology) (a)		11
	342	Allegion PLC (Building Products)		35
	3,507	Bank of Ireland Group PLC (Banks)		14
	3,047	CRH PLC (Construction Materials)		105
	354	DCC PLC (Industrial Conglomerates)		31
	1,585	Eaton Corp. PLC (Electrical Equipment)		132
	3,415	Experian PLC (Professional Services)		109
	900	Ingersoll-Rand PLC (Machinery)		111
	1,597	James Hardie Industries SE (Construction Materials)		27
	595	Kerry Group PLC (Food Products)		70
	553	Kingspan Group PLC (Building Products)		27
	5,039	Medtronic PLC (Health Care Equipment & Supplies)		547
	283	Paddy Power PLC (Hotels, Restaurants & Leisure)		26
	588	Pentair PLC (Machinery)		22
	815	Smurfit Kappa Group PLC (Containers & Packaging)		24
	317	STERIS PLC (Health Care Equipment & Supplies)		46
				1,346
		Isle of Man — 0.01%
	2,101	GVC Holdings PLC (Hotels, Restaurants & Leisure)		19
		Israel — 0.17%
	153	Azrieli Group (Real Estate Management & Development)		12
	4,094	Bank Hapoalim Ltd. (Banks) (a)		32
	5,600	Bank Leumi Le (Banks)		40
	451	Checkpoint Software Technologies Ltd. (Software) (a)		49
	130	CyberArk Software Ltd. (Software) (a)		13
	85	Elbit Systems Ltd. (Aerospace & Defense)		14
	2,543	Israel Chemicals Ltd. (Chemicals)		13
	4,204	Israel Discount Bank, Class - A (Banks)		18
	506	Mizrahi Tefahot Bank Ltd. (Banks)		13
	224	Nice Ltd. (Software) (a)		33
	177	Wix.com Ltd. (IT Services) (a)		21
				258
		Italy — 0.71%
	4,127	Assicurazioni Generali SpA (Insurance)		80
	1,858	Atlantia SpA (Transportation Infrastructure)		45
	2,097	Davide Campari - Milano SpA (Beverages)		19
	30,559	Enel SpA (Electric Utilities)		228
	9,530	Eni SpA (Oil, Gas & Consumable Fuels)		146
	459	Ferrari N.V. (Automobiles)		71
	2,384	FinecoBank Banca Fineco SpA (Banks)		25
	55,899	Intesa Sanpaolo SpA (Banks)		133
	1,461	Leonardo SpA (Aerospace & Defense)		17
	2,242	Mediobanca SpA (Banks)		24
	646	Moncler SpA (Textiles, Apparel & Luxury Goods)		23
	1,444	Pirelli & C SpA (Auto Components) (b)		9
	1,887	Poste Italiane SpA (Insurance) (b)		21
	871	Prusmian SpA (Electrical Equipment)		19
	377	Recordati SpA (Pharmaceuticals)		16
	7,516	Snam Rete Gas SpA (Oil, Gas & Consumable Fuels)		38

HC CAPITAL TRUST

The ESG Growth Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Italy (continued)
	32,939	Telecom Italia SpA (Diversified Telecommunication Services) (a)	$	19
	21,767	Telecom Italia SpA (Diversified Telecommunication Services)		12
	5,081	Terna - Rete Elettrica Nazionale SpA (Electric Utilities)		33
	7,671	Unicredit SpA (Banks)		90
				1,068
		Japan — 7.85%
	800	Advantest Corp. (Semiconductors & Semiconductor Equipment)		35
	2,500	Aeon Co. Ltd. (Food & Staples Retailing)		46
	400	AEON Credit Service Co. Ltd. (Consumer Finance)		6
	400	AEON Mall Co. Ltd. (Real Estate Management & Development)		6
	600	Air Water, Inc. (Chemicals)		11
	1,600	Ajinomoto Co., Inc. (Food Products)		30
	700	Alfresa Holdings Corp. (Health Care Providers & Services)		16
	500	All Nippon Airways Co. Ltd. (Airlines)		17
	800	ALPS Electric Co. Ltd. (Electronic Equipment, Instruments & Components)		15
	1,200	Amada Holdings Co. Ltd. (Machinery)		13
	400	Aozora Bank Ltd. (Banks)		10
	700	Asahi Glass Co. Ltd. (Building Products)		22
	1,400	Asahi Group Holdings Ltd. (Beverages)		69
	800	ASAHI INTECC Co. Ltd. (Health Care Equipment & Supplies)		21
	4,600	Asahi Kasei Corp. (Chemicals)		45
	7,200	Astellas Pharma, Inc. (Pharmaceuticals)		102
	300	Benesse Holdings, Inc. (Diversified Consumer Services)		8
	2,200	Bridgestone Corp. (Auto Components)		86
	800	Brother Industries Ltd. (Technology Hardware, Storage & Peripherals)		14
	300	CALBEE, Inc. (Food Products)		9
	3,800	Canon, Inc. (Technology Hardware, Storage & Peripherals)		102
	700	Casio Computer Co. Ltd. (Household Durables)		11
	500	Central Japan Railway Co. (Road & Rail)		103
	200	Century Tokyo Leasing Corp. (Diversified Financial Services)		9
	2,400	Chubu Electric Power Company, Inc. (Electric Utilities)		34
	900	Chugai Pharmaceutical Co. Ltd. (Pharmaceuticals)		70
	3,900	Concordia Financial Group Ltd. (Banks)		15
	600	Credit Saison Co. Ltd. (Consumer Finance)		8
	400	CyberAgent, Inc. (Media)		15
	900	Dai Nippon Printing Co. Ltd. (Commercial Services & Supplies)		23
	900	Daicel Corp. (Chemicals)		8
	400	Daifuku Co. Ltd. (Machinery)		21
	2,100	Daiichi Sankyo Co. Ltd. (Pharmaceuticals)		133
	900	Daikin Industries Ltd. (Building Products)		118
	800	Dainippon Sumitomo Pharma Co. Ltd. (Pharmaceuticals)		13
	300	Daito Trust Construction Co. Ltd. (Real Estate Management & Development)		38

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Japan (continued)
	2,200	Daiwa House Industry Co. Ltd. (Real Estate Management & Development)	$	71
	5,500	Daiwa Securities Group, Inc. (Capital Markets)		24
	1,600	Denso Corp. (Auto Components)		70
	100	Disco Corp. (Semiconductors & Semiconductor Equipment)		19
	1,700	Don Quijote Co. Ltd. (Multiline Retail)		29
	1,200	East Japan Railway Co. (Road & Rail)		113
	1,000	Eisai Co. Ltd. (Pharmaceuticals)		51
	500	Electric Power Development Co. Ltd. (Independent Power and Renewable Electricity Producers)		11
	900	FamilyMart Co. Ltd. (Food & Staples Retailing)		22
	700	Fanuc Ltd. (Machinery)		131
	200	Fast Retailing Co. Ltd. (Specialty Retail)		118
	500	Fuji Electric Co. Ltd. (Electrical Equipment)		15
	1,400	FUJIFILM Holdings Corp. (Technology Hardware, Storage & Peripherals)		61
	800	Fujitsu Ltd. (IT Services)		63
	200	GMO Payment Gateway, Inc. (IT Services)		13
	900	Hakuhodo DY Holdings, Inc. (Media)		13
	900	Hankyu Hanshin Holdings, Inc. (Road & Rail)		35
	100	Hikari Tsushin, Inc. (Specialty Retail)		22
	1,000	Hino Motors Ltd. (Machinery)		8
	100	Hirose Electric Co. Ltd. (Electronic Equipment, Instruments & Components)		12
	200	Hisamitsu Pharmaceutical Co., Inc. (Pharmaceuticals)		9
	400	Hitachi Chemical Co. Ltd. (Chemicals)		13
	400	Hitachi Construction Machinery Co. Ltd. (Machinery)		10
	300	Hitachi High-Technologies Corp. (Electronic Equipment, Instruments & Components)		17
	3,700	Hitachi Ltd. (Electronic Equipment, Instruments & Components)		138
	800	Hitachi Metals Ltd. (Metals & Mining)		9
	6,100	Honda Motor Co. Ltd. (Automobiles)		158
	200	Hoshizaki Electric Co. Ltd. (Machinery)		16
	1,400	HOYA Corp. (Health Care Equipment & Supplies)		115
	1,000	Hulic Co. Ltd. (Real Estate Management & Development)		10
	800	Idemitsu Kosan Co. Ltd. (Oil, Gas & Consumable Fuels)		23
	500	IHI Corp. (Machinery)		11
	3,700	INPEX Corp. (Oil, Gas & Consumable Fuels)		34
	2,000	Isuzu Motors Ltd. (Automobiles)		22
	5,100	ITOCHU Corp. (Trading Companies & Distributors)		105
	400	ITOCHU Techno-Solutions Corp. (IT Services)		11
	800	J. Front Retailing Co. Ltd. (Multiline Retail)		9
	400	Japan Airlines Co. Ltd. (Airlines)		12
	200	Japan Airport Terminal Co. Ltd. (Transportation Infrastructure)		9
	2,000	Japan Exchange Group, Inc. (Capital Markets)		31

HC CAPITAL TRUST

The ESG Growth Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Japan (continued)
	1,500	Japan Post Bank Co. Ltd. (Banks)	$	15
	5,900	Japan Post Holdings Co. Ltd. (Insurance)		54
	3	Japan Prime Realty Investment Corp. (Equity Real Estate Investment Trusts)		14
	5	Japan Real Estate Investment Corp. (Equity Real Estate Investment Trusts)		34
	10	Japan Retail Fund Investment Corp. (Equity Real Estate Investment Trusts)		21
	1,800	JFE Holdings, Inc. (Metals & Mining)		22
	800	JGC Corp. (Construction & Engineering)		10
	1,000	JS Group Corp. (Building Products)		18
	700	JSR Corp. (Chemicals)		11
	700	JTEKT Corp. (Machinery)		8
	12,100	JX Holdings, Inc. (Oil, Gas & Consumable Fuels)		55
	1,900	Kajima Corp. (Construction & Engineering)		25
	500	Kakaku.com, Inc. (Interactive Media & Services)		12
	400	Kamigumi Co. Ltd. (Transportation Infrastructure)		9
	200	Kaneka Corp. (Chemicals)		6
	700	Kansai Paint Co. Ltd. (Chemicals)		16
	1,900	Kao Corp. (Personal Products)		140
	500	Kawasaki Heavy Industries Ltd. (Machinery)		11
	6,600	KDDI Corp. (Wireless Telecommunication Services)		172
	400	Keihan Holdings Co. Ltd. (Industrial Conglomerates)		18
	800	Keikyu Corp. (Road & Rail)		16
	400	Keio Corp. (Road & Rail)		25
	500	Keisei Electric Railway Co. Ltd. (Road & Rail)		21
	400	Keyence Corp. (Electronic Equipment, Instruments & Components)		248
	600	Kikkoman Corp. (Food Products)		29
	700	Kintetsu Corp. (Road & Rail)		36
	3,100	Kirin Holdings Co. Ltd. (Beverages)		66
	200	Kobayashi Pharmaceutical Co. Ltd. (Personal Products)		15
	1,100	Kobe Steel Ltd. (Metals & Mining)		6
	3,500	Komatsu Ltd. (Machinery)		80
	400	Konami Corp. (Entertainment)		19
	2,100	Konica Minolta, Inc. (Technology Hardware, Storage & Peripherals)		15
	100	Kose Corp. (Personal Products)		17
	3,900	Kubota Corp. (Machinery)		59
	1,200	Kuraray Co. Ltd. (Chemicals)		15
	400	Kurita Water Industries Ltd. (Machinery)		11
	1,200	Kyocera Corp. (Electronic Equipment, Instruments & Components)		74
	900	Kyowa Hakko Kirin Co. Ltd. (Pharmaceuticals)		17
	1,400	Kyushu Electric Power Co., Inc. (Electric Utilities)		13
	600	Kyushu Railway Co. (Road & Rail)		19
	200	Lawson, Inc. (Food & Staples Retailing)		10
	800	Lion Corp. (Household Products)		16
	1,600	M3, Inc. (Health Care Technology)		39
	6,100	Marubeni Corp. (Trading Companies & Distributors)		40
	700	Marui Group Co. Ltd. (Multiline Retail)		15
	2,100	Mazda Motor Corp. (Automobiles)		19

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Japan (continued)
	300	McDonald’s Holdings Co. (Japan) Ltd. (Hotels, Restaurants & Leisure)	$	15
	3,200	Mebuki Financial Group, Inc. (Banks)		8
	700	Medipal Holdings Corp. (Health Care Providers & Services)		16
	500	MEIJI Holdings Co. Ltd. (Food Products)		36
	300	Mercari, Inc. (Internet & Direct Marketing Retail) (a)		7
	1,400	Minebea Co. Ltd. (Machinery)		22
	1,100	MISUMI Group, Inc. (Machinery)		26
	4,800	Mitsubishi Chemical Holdings Corp. (Chemicals)		34
	5,100	Mitsubishi Corp. (Trading Companies & Distributors)		126
	6,900	Mitsubishi Electric Corp. (Electrical Equipment)		91
	4,400	Mitsubishi Estate Co. Ltd. (Real Estate Management & Development)		86
	600	Mitsubishi Gas Chemical Co., Inc. (Chemicals)		8
	1,300	Mitsubishi Heavy Industries Ltd. (Machinery)		51
	400	Mitsubishi Materials Corp. (Metals & Mining)		11
	800	Mitsubishi Tanabe Pharma Corp. (Pharmaceuticals)		9
	46,200	Mitsubishi UFJ Financial Group, Inc. (Banks)		233
	1,500	Mitsubishi UFJ Lease & Finance Co. Ltd. (Diversified Financial Services)		9
	6,300	Mitsui & Co. Ltd. (Trading Companies & Distributors)		103
	700	Mitsui Chemicals, Inc. (Chemicals)		16
	3,400	Mitsui Fudosan Co. Ltd. (Real Estate Management & Development)		84
	400	Mitsui O.S.K. Lines Ltd. (Marine)		10
	89,900	Mizuho Financial Group, Inc. (Banks)		138
	500	MonotaRO Co. Ltd. (Trading Companies & Distributors)		13
	1,800	MS&AD Insurance Group Holdings, Inc. (Insurance)		58
	2,200	Murata Manufacturing Co. Ltd. (Electronic Equipment, Instruments & Components)		106
	400	Nabtesco Corp. (Machinery)		12
	700	Nagoya Railroad Co. Ltd. (Road & Rail)		21
	1,000	NEC Corp. (Technology Hardware, Storage & Peripherals)		42
	900	NGK Insulators Ltd. (Machinery)		13
	600	NGK Spark Plug Co. Ltd. (Auto Components)		11
	300	NH Foods Ltd. (Food Products)		12
	900	Nidec Corp. (Electrical Equipment)		122
	1,200	Nikon Corp. (Household Durables)		15
	400	Nintendo Co. Ltd. (Entertainment)		148
	5	Nippon Building Fund, Inc. (Equity Real Estate Investment Trusts)		39
	300	Nippon Electric Glass Co. Ltd. (Electronic Equipment, Instruments & Components)		7
	300	Nippon Express Co. Ltd. (Road & Rail)		15
	600	Nippon Paint Holdings Co. Ltd. (Chemicals)		31

HC CAPITAL TRUST

The ESG Growth Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Japan (continued)
	7	Nippon Prologis REIT, Inc. (Equity Real Estate Investment Trusts)	$	19
	2,900	Nippon Steel & Sumitomo Metal Corp. (Metals & Mining)		39
	2,400	Nippon Telegraph & Telephone Corp. (Diversified Telecommunication Services)		114
	600	Nippon Yusen Kabushiki Kaisha (Marine)		10
	500	Nissan Chemical Industries Ltd. (Chemicals)		21
	700	Nisshin Seifun Group, Inc. (Food Products)		13
	300	Nissin Foods Holdings Co. Ltd. (Food Products)		22
	300	Nitori Holdings Co. Ltd. (Specialty Retail)		44
	600	Nitto Denko Corp. (Chemicals)		29
	12,400	Nomura Holdings, Inc. (Capital Markets)		53
	500	Nomura Real Estate Holdings, Inc. (Real Estate Management & Development)		11
	15	Nomura Real Estate Master Fund, Inc. (Equity Real Estate Investment Trusts)		27
	1,300	Nomura Research Institute Ltd. (IT Services)		26
	1,300	NSK Ltd. (Machinery)		11
	2,600	NTT Data Corp. (IT Services)		34
	5,000	NTT DoCoMo, Inc. (Wireless Telecommunication Services)		127
	2,800	Obayashi Corp. (Construction & Engineering)		28
	1,100	Odakyu Electric Railway Co. Ltd. (Road & Rail)		26
	3,100	Oji Paper Co. Ltd. (Paper & Forest Products)		14
	700	OMRON Corp. (Electronic Equipment, Instruments & Components)		38
	1,400	Ono Pharmaceutical Co. Ltd. (Pharmaceuticals)		25
	200	Oracle Corp. Japan (Software)		17
	800	Oriental Land Co. Ltd. (Hotels, Restaurants & Leisure)		121
	5,000	ORIX Corp. (Diversified Financial Services)		74
	1,400	Osaka Gas Co. Ltd. (Gas Utilities)		27
	400	OTSUKA Corp. (IT Services)		16
	1,500	Otsuka Holdings Co. Ltd. (Pharmaceuticals)		56
	8,300	Panasonic Corp. (Household Durables)		67
	400	Park24 Co. Ltd. (Commercial Services & Supplies)		9
	700	Persol Holdings Co. Ltd. (Professional Services)		13
	3,100	Rakuten, Inc. (Internet & Direct Marketing Retail)		31
	5,100	Recruit Holdings Co. Ltd. (Professional Services)		155
	7,600	Resona Holdings, Inc. (Banks)		33
	2,400	Ricoh Co. Ltd. (Technology Hardware, Storage & Peripherals)		22
	100	Rinnai Corp. (Household Durables)		7
	400	Rohm Co. Ltd. (Semiconductors & Semiconductor Equipment)		31
	200	Sankyo Co. Ltd. (Leisure Products)		7
	1,400	Santen Pharmaceutical Co. Ltd. (Pharmaceuticals)		24
	800	SECOM Co. Ltd. (Commercial Services & Supplies)		73

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Japan (continued)
	600	Sega Sammy Holdings, Inc. (Leisure Products)	$	8
	700	Seibu Holdings, Inc. (Industrial Conglomerates)		12
	1,000	Seiko Epson Corp. (Technology Hardware, Storage & Peripherals)		14
	1,400	Sekisui Chemical Co. Ltd. (Household Durables)		22
	2,300	Sekisui House Ltd. (Household Durables)		45
	2,900	Seven & I Holdings Co. Ltd. (Food & Staples Retailing)		111
	2,200	Seven Bank Ltd. (Banks)		6
	500	SG Holdings Co. Ltd. (Air Freight & Logistics)		12
	800	Sharp Corp. (Household Durables)		9
	800	Shimadzu Corp. (Electronic Equipment, Instruments & Components)		20
	300	Shimano, Inc. (Leisure Products)		45
	2,100	Shimizu Corp. (Construction & Engineering)		19
	1,400	Shin-Etsu Chemical Co. Ltd. (Chemicals)		150
	600	Shinsei Bank Ltd. (Banks)		9
	1,100	Shionogi & Co. Ltd. (Pharmaceuticals)		61
	1,500	Shiseido Co. Ltd. (Personal Products)		120
	500	Showa Denko KK (Chemicals)		13
	6,300	Softbank Corp. (Wireless Telecommunication Services)		85
	6,200	SoftBank Group Corp. (Wireless Telecommunication Services)		244
	300	Sohgo Security Services Co. Ltd. (Commercial Services & Supplies)		16
	1,300	Sompo Japan Nipponkoa Holdings, Inc. (Insurance)		54
	4,800	Sony Corp. (Household Durables)		281
	500	Stanley Electric Co. Ltd. (Auto Components)		13
	800	Start Today Co. Ltd. (Internet & Direct Marketing Retail)		18
	6,300	Sumitomo Chemical Co. Ltd. (Chemicals)		28
	4,500	Sumitomo Corp. (Trading Companies & Distributors)		70
	2,700	Sumitomo Electric Industries Ltd. (Auto Components)		34
	400	Sumitomo Heavy Industries Ltd. (Machinery)		12
	900	Sumitomo Metal Mining Co. Ltd. (Metals & Mining)		28
	5,000	Sumitomo Mitsui Financial Group, Inc. (Banks)		170
	1,300	Sumitomo Mitsui Trust Holdings, Inc. (Banks)		47
	600	Sumitomo Rubber Industries Ltd. (Auto Components)		7
	300	Sundrug Co. Ltd. (Food & Staples Retailing)		9
	500	Suntory Beverage & Food Ltd. (Beverages)		21
	300	SUZUKEN Co. Ltd. (Health Care Providers & Services)		15
	600	Sysmex Corp. (Health Care Equipment & Supplies)		40
	2,000	T&D Holdings, Inc. (Insurance)		21
	600	Taiheiyo Cement Corp. (Construction Materials)		16
	800	Taisei Corp. (Construction & Engineering)		31

HC CAPITAL TRUST

The ESG Growth Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Japan (continued)
	200	Taisho Pharmaceutical Holdings Co. Ltd. (Pharmaceuticals)	$	15
	5,600	Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals)		192
	500	TDK Corp. (Electronic Equipment, Instruments & Components)		45
	700	Teijin Ltd. (Chemicals)		13
	2,400	Terumo Corp. (Health Care Equipment & Supplies)		77
	2,000	The Chiba Bank Ltd. (Banks)		10
	1,000	The Chugoku Electric Power Company, Inc. (Electric Utilities)		13
	4,200	The Dai-ichi Life Insurance Co. Ltd. (Insurance)		64
	2,500	The Kansai Electric Power Co., Inc. (Electric Utilities)		28
	1,700	The Shizuoka Bank Ltd. (Banks)		13
	400	THK Co. Ltd. (Machinery)		10
	700	Tobu Railway Co. Ltd. (Road & Rail)		23
	400	Toho Co. Ltd. (Entertainment)		18
	400	Toho Gas Co. Ltd. (Gas Utilities)		15
	1,500	Tohoku Electric Power Co., Inc. (Electric Utilities)		15
	2,400	Tokio Marine Holdings, Inc. (Insurance)		129
	600	Tokyo Electron Ltd. (Semiconductors & Semiconductor Equipment)		114
	2,200	Tokyo Fudosan Holdings Corp. (Real Estate Management & Development)		14
	1,600	Tokyo Gas Co. Ltd. (Gas Utilities)		40
	1,900	Tokyu Corp. (Road & Rail)		36
	1,000	Toppan Printing Co. Ltd. (Commercial Services & Supplies)		18
	5,200	Toray Industries, Inc. (Chemicals)		39
	900	Tosoh Corp. (Chemicals)		12
	600	TOTO Ltd. (Building Products)		22
	500	Toyo Seikan Kaisha Ltd. (Containers & Packaging)		8
	400	Toyo Suisan Kaisha Ltd. (Food Products)		16
	200	Toyoda Gosei Co. Ltd. (Auto Components)		4
	8,600	Toyota Motor Corp. (Automobiles)		575
	900	Toyota Tsusho Corp. (Trading Companies & Distributors)		29
	500	Trend Micro, Inc. (Software)		24
	200	Tsuruha Holdings, Inc. (Food & Staples Retailing)		22
	1,500	Unicharm Corp. (Household Products)		47
	10	United Urban Investment Corp. (Equity Real Estate Investment Trusts)		19
	800	USS Co. Ltd. (Specialty Retail)		16
	200	Welcia Holdings Co. Ltd. (Food & Staples Retailing)		10
	600	West Japan Railway Co. (Road & Rail)		51
	10,200	Yahoo Japan Corp. (Interactive Media & Services)		29
	500	Yakult Honsha Co. Ltd. (Food Products)		28
	2,300	Yamada Denki Co. Ltd. (Specialty Retail)		11
	600	Yamaha Corp. (Leisure Products)		27
	1,000	Yamaha Motor Co. Ltd. (Automobiles)		18
	500	Yamazaki Baking Co. Ltd. (Food Products)		9
	900	Yaskawa Electric Corp. (Electronic Equipment, Instruments & Components)		33

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Japan (continued)
	900	Yokogawa Electric Corp. (Electronic Equipment, Instruments & Components)	$	16
				11,797
		Jersey — 0.12%
	41,427	Glencore International PLC (Metals & Mining)		124
	4,923	WPP PLC (Media)		62
				186
		Liberia — 0.05%
	668	Royal Caribbean Cruises Ltd. (Hotels, Restaurants & Leisure)		72
		Luxembourg — 0.04%
	239	Millicom International Cellular SA (Wireless Telecommunication Services)		12
	140	RTL Group (Media)		7
	1,316	SES - FDR, Class - A (Media)		23
	1,705	Tenaris SA (Energy Equipment & Services)		18
				60
		Netherlands — 1.48%
	1,528	ABN AMRO Group N.V. (Banks) (b)		27
	38	Adyen N.V. (IT Services) (a)(b)		25
	6,690	AEGON N.V. (Insurance)		28
	477	Aercap Holdings N.V. (Trading Companies & Distributors) (a)		26
	2,193	Airbus Group N.V. (Aerospace & Defense)		286
	854	Akzo Nobel N.V. (Chemicals)		76
	1,599	ASML Holding N.V. (Semiconductors & Semiconductor Equipment)		397
	3,754	CNH Industrial N.V. (Machinery)		38
	454	Exor N.V. (Diversified Financial Services)		30
	432	Heineken Holding N.V., Class - A (Beverages)		43
	973	Heineken N.V. (Beverages)		105
	14,644	ING Groep N.V. (Banks)		153
	13,568	Koninklijke (Royal) KPN N.V. (Diversified Telecommunication Services)		42
	4,487	Koninklijke Ahold Delhaize N.V. (Food & Staples Retailing)		112
	700	Koninklijke DSM N.V. (Chemicals)		84
	3,482	Koninklijke Philips Electronics N.V. (Health Care Equipment & Supplies)		161
	253	Koninklijke Vopak N.V. (Oil, Gas & Consumable Fuels)		13
	1,115	LyondellBasell Industries N.V., Class - A (Chemicals)		101
	1,207	NN Group N.V. (Insurance)		43
	1,108	NXP Semiconductors N.V. (Semiconductors & Semiconductor Equipment)		121
	1,846	Prosus N.V. (Internet & Direct Marketing Retail) (a)		135
	834	QIAGEN N.V. (Life Sciences Tools & Services) (a)		27
	431	Randstad Holding N.V. (Professional Services)		21
	2,561	STMicroelectronics N.V. (Semiconductors & Semiconductor Equipment)		49

HC CAPITAL TRUST

The ESG Growth Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Netherlands (continued)
	1,049	Wolters Kluwer N.V. (Professional Services)	$	77
				2,220
		New Zealand — 0.08%
	2,648	A2 Milk Co. Ltd. (Food Products) (a)		22
	3,489	Auckland International Airport Ltd. (Transportation Infrastructure)		20
	2,071	Fisher & Paykel Healthcare COR (Health Care Equipment & Supplies)		23
	3,082	Fletcher Building Ltd. (Construction Materials)		10
	4,627	Meridian Energy Ltd. (Independent Power and Renewable Electricity Producers)		15
	1,444	Ryman Healthcare Ltd. (Health Care Providers & Services)		12
	6,631	Telecom Corporation of New Zealand Ltd. (Diversified Telecommunication Services)		18
				120
		Norway — 0.22%
	390	Aker BP ASA (Oil, Gas & Consumable Fuels)		10
	3,610	DNB ASA (Banks)		64
	3,857	Equinor ASA (Oil, Gas & Consumable Fuels)		73
	722	Gjensidige Forsikring ASA (Insurance)		14
	1,645	Marine Harvest ASA (Food Products)		38
	4,856	Norsk Hydro ASA (Metals & Mining)		17
	2,759	Orkla ASA (Food Products)		25
	353	Schibsted ASA (Media)		10
	2,866	Telenor ASA (Diversified Telecommunication Services)		58
	642	Yara International ASA (Chemicals)		28
				337
		Papua New Guinea — 0.02%
	4,952	Oil Search Ltd. (Oil, Gas & Consumable Fuels)		24
		Portugal — 0.06%
	10,361	EDP - Energias de Portugal SA (Electric Utilities)		41
	1,810	Galp Energia SGPS SA, B Shares (Oil, Gas & Consumable Fuels)		27
	909	Jeronimo Martins, SGPS, SA (Food & Staples Retailing)		15
				83
		Singapore — 0.43%
	9,000	Ascendas Real Estate Investment Trust (Equity Real Estate Investment Trusts)		21
	9,500	CapitaCommercial Trust (Equity Real Estate Investment Trusts)		14
	9,300	Capitaland Ltd. (Real Estate Management & Development)		24
	9,300	CapitaMall Trust (Equity Real Estate Investment Trusts)		18
	1,600	City Developments Ltd. (Real Estate Management & Development)		11
	7,800	ComfortDelGro Corp. Ltd. (Road & Rail)		14
	6,700	DBS Group Holdings Ltd. (Banks)		121

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Singapore (continued)
	1,883	Flextronics International Ltd. (Electronic Equipment, Instruments & Components) (a)	$	20
	21,800	Genting Singapore PLC (Hotels, Restaurants & Leisure)		14
	400	Jardine Cycle & Carriage Ltd. (Distributors)		9
	5,300	Keppel Corp. Ltd. (Industrial Conglomerates)		23
	12,000	Oversea-Chinese Banking Corp. Ltd. (Banks)		94
	2,400	SATS Ltd. (Transportation Infrastructure)		8
	3,600	SembCorp Industries Ltd. (Industrial Conglomerates)		5
	1,900	Singapore Airlines Ltd. (Airlines)		13
	3,600	Singapore Exchange Ltd. (Capital Markets)		22
	5,800	Singapore Press Holdings Ltd. (Media)		9
	5,600	Singapore Tech Engineering (Aerospace & Defense)		16
	30,900	Singapore Telecommunications Ltd. (Diversified Telecommunication Services)		68
	6,800	Suntec REIT (Equity Real Estate Investment Trusts)		9
	4,700	United Overseas Bank Ltd. (Banks)		87
	1,700	United Overseas Land Ltd. (Real Estate Management & Development)		9
	6,900	Wilmar International Ltd. (Food Products)		19
				648
		Spain — 1.00%
	946	ACS Actividades de Construccion y Servicios SA (Construction & Engineering)		38
	36	ACS Actividades de Construccion y Servicios SA (Construction & Engineering) (a)		1
	253	Aena SME SA (Transportation Infrastructure) (b)		46
	1,636	Amadeus IT Holding SA, A Shares (IT Services)		117
	24,835	Banco Bilbao Vizcaya Argentaria SA (Banks)		129
	20,321	Banco de Sabadell SA (Banks)		20
	62,990	Banco Santander SA (Banks)		257
	4,456	Bankia SA (Banks)		8
	2,434	Bankinter SA (Banks)		15
	12,960	CaixaBank SA (Banks)		34
	701	Cellnex Telecom SA (Diversified Telecommunication Services) (b)		29
	3,893	Corporacion Mapfre (Insurance)		10
	819	Enagas (Oil, Gas & Consumable Fuels)		19
	1,147	Endesa (Electric Utilities)		30
	1,815	Ferrovial SA (Construction & Engineering)		53
	861	Gamesa Corporacion Tecnologica SA (Electrical Equipment)		12
	1,234	Gas Natural SDG SA (Gas Utilities)		33
	1,077	Grifols SA (Biotechnology)		32
	22,955	Iberdrola SA (Electric Utilities)		238
	4,071	Industria de Diseno Textil SA (Specialty Retail)		126
	1,563	Red Electrica Corp. (Electric Utilities)		32
	5,555	Repsol SA (Oil, Gas & Consumable Fuels)		87

HC CAPITAL TRUST

The ESG Growth Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Spain (continued)
	17,527	Telefonica SA (Diversified Telecommunication Services)	$	134
				1,500
		Sweden — 0.80%
	1,137	Alfa Laval AB (Machinery)		22
	3,841	Assa Abloy AB, B Shares (Building Products)		86
	2,518	Atlas Copco AB, A Shares (Machinery)		77
	1,463	Atlas Copco AB, B Shares (Machinery)		40
	988	Boliden AB (Metals & Mining)		23
	815	Electrolux AB, B Shares (Household Durables)		20
	2,380	Epiroc AB, Class - A (Machinery)		26
	1,408	Epiroc AB, Class - B (Machinery)		15
	2,275	Essity Aktiebolag, Class - B (Household Products)		66
	3,181	Hennes & Mauritz AB, B Shares (Specialty Retail)		62
	977	Hexagon AB (Electronic Equipment, Instruments & Components)		47
	1,508	Husqvarna AB (Household Durables)		11
	327	ICA Gruppen AB (Food & Staples Retailing)		15
	603	Industrivarden AB, C Shares (Diversified Financial Services)		13
	1,721	Investor AB, B Shares (Diversified Financial Services)		85
	873	Kinnevik AB (Diversified Financial Services)		23
	274	L E Lundbergforetagen AB (Diversified Financial Services)		10
	821	Lundin Petroleum AB (Oil, Gas & Consumable Fuels)		25
	4,234	Sandvik AB (Machinery)		66
	1,131	Securitas AB, B Shares (Commercial Services & Supplies)		17
	6,103	Skandinaviska Enskilda Banken AB, Class - A (Banks)		55
	1,467	Skanska AB, B Shares (Construction & Engineering)		30
	1,372	SKF AB, B Shares (Machinery)		23
	5,743	Svenska Handelsbanken AB, A Shares (Banks)		54
	3,396	Swedbank AB, A Shares (Banks)		49
	1,803	Tele2 AB, B Shares (Wireless Telecommunication Services)		27
	11,516	Telefonaktiebolaget LM Ericsson, B Shares (Communications Equipment)		92
	11,166	TeliaSonera AB (Diversified Telecommunication Services)		50
	5,684	Volvo AB, B Shares (Machinery)		79
				1,208
		Switzerland — 3.53%
	6,867	ABB Ltd., Registered Shares (Electrical Equipment)		135
	571	Adecco SA, Registered Shares (Professional Services)		32
	1,629	Alcon, Inc. (Health Care Equipment & Supplies) (a)		95
	176	Baloise Holding AG, Registered Shares (Insurance)		32

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Switzerland (continued)
	8	Barry Callebaut AG (Food Products)	$	17
	4	Chocoladefabriken Lindt & Sprungil AG (Food Products)		30
	1,722	Chubb Ltd. (Insurance)		278
	719	Clariant AG (Chemicals)		14
	725	Coca-Cola HBC AG (Beverages)		24
	1,962	Compagnie Financiere Richemont SA, Registered Shares (Textiles, Apparel & Luxury Goods)		144
	9,541	Credit Suisse Group AG (Capital Markets)		117
	155	Dufry AG (Specialty Retail)		13
	30	EMS-Chemie Holding AG, Registered Shares (Chemicals)		19
	498	Garmin Ltd. (Household Durables)		42
	139	Geberit AG (Building Products)		66
	35	Givaudan SA (Chemicals)		97
	808	Julius Baer Group Ltd. (Capital Markets)		36
	195	Kuehne & Nagel International Ltd. (Marine)		29
	1,826	LafargeHolcim Ltd., Registered Shares (Construction Materials)		90
	284	Lonza Group AG (Life Sciences Tools & Services)		96
	11,546	Nestle SA (Food Products)		1,252
	8,070	Novartis AG, Registered Shares (Pharmaceuticals)		700
	140	Pargesa Holding SA (Diversified Financial Services)		11
	70	Partners Group Holding AG (Capital Markets)		54
	2,641	Roche Holding AG (Pharmaceuticals)		769
	148	Schindler Holding AG (Machinery)		33
	72	Schindler Holding AG (Machinery)		16
	21	SGS SA, Registered Shares (Professional Services)		52
	489	Sika AG, Registered Shares (Chemicals)		72
	208	Sonova Holding AG, Registered Shares (Health Care Equipment & Supplies)		48
	38	Straumann Holding AG (Health Care Equipment & Supplies)		31
	129	Swiss Life Holding AG (Insurance)		62
	274	Swiss Prime Site AG (Real Estate Management & Development)		27
	1,142	Swiss Re AG (Insurance)		119
	97	Swisscom AG (Diversified Telecommunication Services)		48
	1,300	TE Connectivity Ltd. (Electronic Equipment, Instruments & Components)		121
	244	Temenos Group AG (Software)		41
	202	The Swatch Group AG (Textiles, Apparel & Luxury Goods)		10
	106	The Swatch Group AG, B Shares (Textiles, Apparel & Luxury Goods)		28
	14,504	UBS Group AG (Capital Markets)		164
	164	Vifor Pharma AG (Pharmaceuticals)		26
	568	Zurich Financial Services AG (Insurance)		217
				5,307
		United Arab Emirates — 0.01%
	339	NMC Health PLC (Health Care Providers & Services)		11
		United Kingdom — 5.84%
	3,851	3i Group PLC (Capital Markets)		55

HC CAPITAL TRUST

The ESG Growth Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		United Kingdom (continued)
	682	Admiral Group PLC (Insurance)	$	18
	6,189	Amcor PLC (Containers & Packaging)		60
	3,990	Anglo American PLC (Metals & Mining)		92
	1,424	Antofagasta PLC (Metals & Mining)		16
	904	Aon PLC (Insurance)		175
	968	Aptiv PLC (Auto Components)		85
	1,707	Ashtead Group PLC (Trading Companies & Distributors)		48
	1,336	Associated British Foods PLC (Food Products)		38
	4,964	AstraZeneca PLC (Pharmaceuticals)		443
	3,374	Auto Trader Group PLC (Interactive Media & Services) (b)		21
	15,003	Aviva PLC (Insurance)		74
	12,009	BAE Systems PLC (Aerospace & Defense)		84
	64,787	Barclays PLC (Banks)		120
	4,260	Barratt Developments PLC (Household Durables)		33
	76,416	BP PLC (Oil, Gas & Consumable Fuels)		485
	3,272	British Land Co. PLC (Equity Real Estate Investment Trusts)		24
	31,634	BT Group PLC (Diversified Telecommunication Services)		69
	1,215	Bunzl PLC (Trading Companies & Distributors)		32
	1,543	Burberry Group PLC (Textiles, Apparel & Luxury Goods)		41
	600	Capri Holdings Ltd. (Textiles, Apparel & Luxury Goods) (a)		20
	20,572	Centrica PLC (Multi-Utilities)		19
	883	Coca-Cola European Partners PLC (Beverages)		49
	5,963	Compass Group PLC (Hotels, Restaurants & Leisure)		154
	464	Croda International PLC (Chemicals)		28
	8,952	Diageo PLC (Beverages)		367
	4,966	Direct Line Insurance Group PLC (Insurance)		18
	931	easyJet PLC (Airlines)		13
	870	Ferguson PLC (Trading Companies & Distributors)		63
	798	Fresnillo PLC (Metals & Mining)		7
	18,734	GlaxoSmithKline PLC (Pharmaceuticals)		402
	1,371	Halma PLC (Electronic Equipment, Instruments & Components)		33
	1,028	Hargreaves Lansdown PLC (Capital Markets)		26
	76,017	HSBC Holdings PLC (Banks)		583
	4,694	Informa PLC (Media)		49
	649	Intercontinental Hotels Group PLC (Hotels, Restaurants & Leisure)		41
	605	Intertek Group PLC (Professional Services)		41
	2,463	Investec PLC (Capital Markets)		13
	13,083	ITV PLC (Media)		20
	6,364	J Sainsbury PLC (Food & Staples Retailing)		17
	2,461	John Wood Group PLC (Energy Equipment & Services)		11
	699	Johnson Matthey PLC (Chemicals)		26
	7,620	Kingfisher PLC (Specialty Retail)		19
	2,543	Land Securities Group PLC (Equity Real Estate Investment Trusts)		27
	22,355	Legal & General Group PLC (Insurance)		68
	664	Liberty Global PLC, Class - A (Media) (a)		16

Shares		Security Description	Value (000)
		Common Stocks (continued)
		United Kingdom (continued)
	1,807	Liberty Global PLC, Class - C (Media) (a)	$	43
	2,047	Linde PLC (Chemicals)		397
	268,470	Lloyds Banking Group PLC (Banks)		179
	1,184	London Stock Exchange Group (Capital Markets)		106
	8,536	Marks & Spencer Group PLC (Multiline Retail)		19
	2,806	Meggitt PLC (Aerospace & Defense)		22
	18,219	Melrose Industries PLC (Electrical Equipment)		45
	2,584	Merlin Entertainments PLC (Hotels, Restaurants & Leisure) (b)		14
	1,237	Micro Focus International PLC (Software)		17
	1,787	Mondi PLC (Paper & Forest Products)		34
	12,706	National Grid PLC (Multi-Utilities)		137
	497	Next PLC (Multiline Retail)		38
	1,641	Ocado Group PLC (Internet & Direct Marketing Retail) (a)		27
	2,821	Pearson PLC (Media)		26
	1,146	Persimmon PLC (Household Durables)		31
	9,630	Prudential PLC (Insurance)		175
	2,660	RecKitt Benckiser Group PLC (Household Products)		207
	7,296	RELX PLC (Professional Services)		173
	6,935	Rentokil Initial PLC (Commercial Services & Supplies)		40
	4,268	Rio Tinto PLC (Metals & Mining)		220
	6,426	Rolls-Royce Holdings PLC (Aerospace & Defense)		63
	18,133	Royal Bank of Scotland Group PLC (Banks)		46
	16,487	Royal Dutch Shell PLC, A Shares (Oil, Gas & Consumable Fuels)		483
	14,072	Royal Dutch Shell PLC, B Shares (Oil, Gas & Consumable Fuels)		414
	3,709	RSA Insurance Group PLC (Insurance)		24
	448	Schroders PLC (Capital Markets)		17
	4,104	SEGRO PLC (Equity Real Estate Investment Trusts)		40
	593	Sensata Technologies Holding PLC (Electrical Equipment) (a)		30
	856	Severn Trent PLC (Water Utilities)		23
	3,280	Smith & Nephew PLC (Health Care Equipment & Supplies)		79
	1,430	Smiths Group PLC (Industrial Conglomerates)		28
	266	Spirax-Sarco Engineering PLC (Machinery)		26
	3,875	SSE PLC (Electric Utilities)		59
	1,912	St. James Place PLC (Capital Markets)		23
	10,572	Standard Chartered PLC (Banks)		89
	8,996	Standard Life Aberdeen PLC (Diversified Financial Services)		32
	13,972	Taylor Wimpey PLC (Household Durables)		28
	1,544	TechnipFMC PLC (Energy Equipment & Services)		38
	36,372	Tesco PLC (Food & Staples Retailing)		108
	536	The Berkeley Group Holdings PLC (Household Durables)		28
	3,920	The Sage Group PLC (Software)		34
	938	The Weir Group PLC (Machinery)		16
	5,477	Unilever N.V (Personal Products)		329
	4,170	Unilever PLC (Personal Products)		251
	2,868	United Utilities Group PLC (Water Utilities)		29

HC CAPITAL TRUST

The ESG Growth Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		United Kingdom (continued)
	100,448	Vodafone Group PLC (Wireless Telecommunication Services)	$	200
	651	Whitbread PLC (Hotels, Restaurants & Leisure)		34
	8,553	William Morrison Supermarkets PLC (Food & Staples Retailing)		21
	485	Willis Towers Watson PLC (Insurance)		94
				8,779
		United States — 55.97%
	2,167	3M Co. (Industrial Conglomerates)		356
	512	A.O. Smith Corp. (Building Products)		24
	6,628	Abbott Laboratories (Health Care Equipment & Supplies)		554
	5,555	AbbVie, Inc. (Biotechnology)		421
	175	Abiomed, Inc. (Health Care Equipment & Supplies) (a)		31
	2,397	Accenture PLC, Class - A (IT Services)		461
	2,859	Activision Blizzard, Inc. (Entertainment)		151
	145	Acuity Brands, Inc. (Electrical Equipment)		20
	1,834	Adobe Systems, Inc. (Software) (a)		506
	269	Advance Auto Parts, Inc. (Specialty Retail)		44
	3,843	Advanced Micro Devices, Inc. (Semiconductors & Semiconductor Equipment) (a)		111
	188	Affiliated Managers Group, Inc. (Capital Markets)		16
	1,216	Agilent Technologies, Inc. (Life Sciences Tools & Services)		93
	827	Air Products & Chemicals, Inc. (Chemicals)		183
	646	Akamai Technologies, Inc. (IT Services) (a)		59
	382	Albemarle Corp. (Chemicals)		27
	424	Alexandria Real Estate Equities, Inc. (Equity Real Estate Investment Trusts)		65
	285	Align Technology, Inc. (Health Care Equipment & Supplies) (a)		52
	172	Alliance Data Systems Corp. (IT Services)		22
	886	Alliant Energy Corp. (Electric Utilities)		48
	1,243	Allstate Corp. (Insurance)		135
	1,454	Ally Financial, Inc. (Consumer Finance)		48
	1,129	Alphabet, Inc., Class - A (Interactive Media & Services) (a)		1,379
	1,182	Alphabet, Inc., Class - C (Interactive Media & Services) (a)		1,441
	1,577	Amazon.com, Inc. (Internet & Direct Marketing Retail) (a)		2,738
	32	AMERCO, Inc. (Road & Rail)		12
	921	Ameren Corp. (Multi-Utilities)		74
	1,842	American Electric Power, Inc. (Electric Utilities)		173
	2,669	American Express Co. (Consumer Finance)		316
	274	American Financial Group, Inc. (Insurance)		30
	3,245	American International Group, Inc. (Insurance)		181
	1,661	American Tower Corp. (Equity Real Estate Investment Trusts)		366
	683	American Water Works Co., Inc. (Water Utilities)		85
	513	Ameriprise Financial, Inc. (Capital Markets)		75
	591	AmerisourceBergen Corp. (Health Care Providers & Services)		49
	2,312	Amgen, Inc. (Biotechnology)		447

Shares		Security Description	Value (000)
		Common Stocks (continued)
		United States (continued)
	1,119	Amphenol Corp., Class - A (Electronic Equipment, Instruments & Components)	$	108
	1,390	Analog Devices, Inc. (Semiconductors & Semiconductor Equipment)		155
	315	ANSYS, Inc. (Software) (a)		70
	1,354	Apache Corp. (Oil, Gas & Consumable Fuels)		35
	17,376	Apple, Inc. (Technology Hardware, Storage & Peripherals)		3,892
	3,548	Applied Materials, Inc. (Semiconductors & Semiconductor Equipment)		177
	924	Aramark (Hotels, Restaurants & Leisure)		40
	2,146	Archer-Daniels-Midland Co. (Food Products)		88
	1,576	Arconic, Inc. (Aerospace & Defense)		41
	201	Arista Networks, Inc. (Communications Equipment) (a)		48
	307	Arrow Electronics, Inc. (Electronic Equipment, Instruments & Components) (a)		23
	694	Arthur J. Gallagher & Co. (Insurance)		62
	223	Assurant, Inc. (Insurance)		28
	27,513	AT&T, Inc. (Diversified Telecommunication Services)		1,041
	439	Atmos Energy Corp. (Gas Utilities)		50
	819	Autodesk, Inc. (Software) (a)		121
	299	Autoliv, Inc. (Auto Components)		24
	1,636	Automatic Data Processing, Inc. (IT Services)		264
	520	AvalonBay Communities, Inc. (Equity Real Estate Investment Trusts)		112
	317	Avery Dennison Corp. (Containers & Packaging)		36
	1,064	AXA Equitable Holdings, Inc. (Diversified Financial Services)		24
	761	Axalta Coating Systems Ltd. (Chemicals) (a)		23
	2,405	Baker Hughes, Inc. (Energy Equipment & Services)		56
	1,200	Ball Corp. (Containers & Packaging)		88
	34,023	Bank of America Corp. (Banks)		992
	3,215	Bank of New York Mellon Corp. (Capital Markets)		145
	1,820	Baxter International, Inc. (Health Care Equipment & Supplies)		159
	2,856	BB&T Corp. (Banks)		152
	1,014	Becton, Dickinson & Co. (Health Care Equipment & Supplies)		256
	4,900	Berkshire Hathaway, Inc., Class - B (Diversified Financial Services) (a)		1,019
	941	Best Buy Co., Inc. (Specialty Retail)		65
	734	Biogen Idec, Inc. (Biotechnology) (a)		171
	672	BioMarin Pharmaceutical, Inc. (Biotechnology) (a)		45
	443	BlackRock, Inc., Class - A (Capital Markets)		197
	168	Booking Holdings, Inc. (Internet & Direct Marketing Retail) (a)		330
	750	BorgWarner, Inc. (Auto Components)		27
	585	Boston Properties, Inc. (Equity Real Estate Investment Trusts)		76
	6,145	Bristol-Myers Squibb Co. (Pharmaceuticals)		312

HC CAPITAL TRUST

The ESG Growth Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		United States (continued)
	435	Broadridge Financial Solutions, Inc. (IT Services)	$	54
	1,155	Brown-Forman Corp., Class - B (Beverages)		73
	244	Burlington Stores, Inc. (Specialty Retail) (a)		49
	546	C.H. Robinson Worldwide, Inc. (Air Freight & Logistics)		46
	1,060	Cadence Design Systems, Inc. (Software) (a)		70
	363	Camden Property Trust (Equity Real Estate Investment Trusts)		40
	598	Campbell Soup Co. (Food Products)		28
	1,176	Cardinal Health, Inc. (Health Care Providers & Services)		55
	614	CarMax, Inc. (Specialty Retail) (a)		54
	2,142	Caterpillar, Inc. (Machinery)		270
	419	CBOE Holdings, Inc. (Capital Markets)		48
	1,199	CBRE Group, Inc., Class - A (Real Estate Management & Development) (a)		64
	450	CDK Global, Inc. (Software)		22
	475	Celanese Corp., Series A (Chemicals)		58
	2,650	Celgene Corp. (Biotechnology) (a)		263
	1,550	Centene Corp. (Health Care Providers & Services) (a)		67
	1,883	CenterPoint Energy, Inc. (Multi-Utilities)		57
	3,678	CenturyLink, Inc. (Diversified Telecommunication Services)		46
	1,241	Cerner Corp. (Health Care Technology)		85
	869	Cheniere Energy, Inc. (Oil, Gas & Consumable Fuels) (a)		55
	7,182	Chevron Corp. (Oil, Gas & Consumable Fuels)		853
	99	Chipotle Mexican Grill, Inc. (Hotels, Restaurants & Leisure) (a)		83
	923	Church & Dwight Co., Inc. (Household Products)		69
	1,427	Cigna Corp. (Health Care Providers & Services)		217
	365	Cimarex Energy Co. (Oil, Gas & Consumable Fuels)		17
	336	Cintas Corp. (Commercial Services & Supplies)		90
	16,323	Cisco Systems, Inc. (Communications Equipment)		807
	364	CIT Group, Inc. (Banks)		16
	8,727	Citigroup, Inc. (Banks)		603
	1,770	Citizens Financial Group, Inc. (Banks)		63
	493	Citrix Systems, Inc. (Software)		48
	1,346	CME Group, Inc. (Capital Markets)		284
	1,064	CMS Energy Corp. (Multi-Utilities)		68
	617	Cognex Corp. (Electronic Equipment, Instruments & Components)		30
	2,151	Cognizant Technology Solutions Corp. (IT Services)		130
	3,050	Colgate-Palmolive Co. (Household Products)		224
	574	Comerica, Inc. (Banks)		38
	1,822	ConAgra Foods, Inc. (Food Products)		56
	4,248	ConocoPhillips (Oil, Gas & Consumable Fuels)		242
	1,229	Consolidated Edison, Inc. (Multi-Utilities)		116
	625	Constellation Brands, Inc., Class - A (Beverages)		130
	773	Copart, Inc. (Commercial Services & Supplies) (a)		62

Shares		Security Description	Value (000)
		Common Stocks (continued)
		United States (continued)
	2,956	Corning, Inc. (Electronic Equipment, Instruments & Components)	$	84
	2,856	Corteva, Inc. (Chemicals)		80
	1,653	Costco Wholesale Corp. (Food & Staples Retailing)		476
	1,563	Crown Castle International Corp. (Equity Real Estate Investment Trusts)		217
	489	Crown Holdings, Inc. (Containers & Packaging) (a)		32
	2,877	CSX Corp. (Road & Rail)		199
	561	Cummins, Inc. (Machinery)		91
	4,882	CVS Caremark Corp. (Health Care Providers & Services)		307
	2,418	Danaher Corp. (Health Care Equipment & Supplies)		348
	462	Darden Restaurants, Inc. (Hotels, Restaurants & Leisure)		55
	450	DaVita Healthcare Partners, Inc. (Health Care Providers & Services) (a)		26
	1,134	Deere & Co. (Machinery)		191
	558	Dell Technologies, Inc. (Technology Hardware, Storage & Peripherals) (a)		29
	690	Delta Air Lines, Inc. (Airlines)		40
	874	Dentsply Sirona, Inc. (Health Care Equipment & Supplies)		47
	1,746	Devon Energy Corp. (Oil, Gas & Consumable Fuels)		42
	342	Dexcom, Inc. (Health Care Equipment & Supplies) (a)		51
	780	Digital Realty Trust, Inc. (Equity Real Estate Investment Trusts)		101
	1,234	Discover Financial Services (Consumer Finance)		100
	567	Discovery Communications, Inc., Class - A (Media) (a)		15
	1,300	Discovery Communications, Inc., Class - C (Media) (a)		32
	360	DocuSign, Inc. (Software) (a)		22
	3,016	Dominion Resources, Inc. (Multi-Utilities)		244
	147	Domino’s Pizza, Inc. (Hotels, Restaurants & Leisure)		36
	570	Dover Corp. (Machinery)		57
	2,860	Dow, Inc. (Chemicals)		136
	668	Dropbox, Inc. (Software) (a)		13
	687	DTE Energy Co. (Multi-Utilities)		91
	2,737	Duke Energy Corp. (Electric Utilities)		262
	1,348	Duke Realty Corp. (Equity Real Estate Investment Trusts)		46
	2,826	DuPont de Nemours, Inc. (Chemicals)		201
	969	DXC Technology Co. (IT Services)		29
	889	E*Trade Financial Corp. (Capital Markets)		39
	524	East West Bancorp, Inc. (Banks)		23
	505	Eastman Chemical Co. (Chemicals)		37
	3,253	eBay, Inc. (Internet & Direct Marketing Retail)		127
	970	Ecolab, Inc. (Chemicals)		192
	1,325	Edison International (Electric Utilities)		100
	783	Edwards Lifesciences Corp. (Health Care Equipment & Supplies) (a)		172
	1,300	Elanco Animal Health, Inc. (Pharmaceuticals) (a)		35
	1,124	Electronic Arts, Inc. (Entertainment) (a)		110
	3,320	Eli Lilly & Co. (Pharmaceuticals)		371

HC CAPITAL TRUST

The ESG Growth Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		United States (continued)
	713	Entergy Corp. (Electric Utilities)	$	84
	205	EPAM Systems, Inc. (IT Services) (a)		37
	315	Equinix, Inc. (Equity Real Estate Investment Trusts)		182
	1,388	Equity Residential (Equity Real Estate Investment Trusts)		120
	92	Erie Indemnity Co., Class - A (Insurance)		17
	246	Essex Property Trust, Inc. (Equity Real Estate Investment Trusts)		80
	1,192	Eversource Energy (Electric Utilities)		102
	3,650	Exelon Corp. (Electric Utilities)		176
	520	Expedia, Inc. (Internet & Direct Marketing Retail)		70
	645	Expeditors International of Washington, Inc. (Air Freight & Logistics)		48
	478	Extra Space Storage, Inc. (Equity Real Estate Investment Trusts)		56
	15,950	Exxon Mobil Corp. (Oil, Gas & Consumable Fuels)		1,127
	215	F5 Networks, Inc. (Communications Equipment) (a)		30
	9,055	Facebook, Inc., Class - A (Interactive Media & Services) (a)		1,612
	144	FactSet Research Systems, Inc. (Capital Markets)		35
	2,146	Fastenal Co. (Trading Companies & Distributors)		70
	281	Federal Realty Investment Trust (Equity Real Estate Investment Trusts)		38
	926	FedEx Corp. (Air Freight & Logistics)		135
	2,304	Fidelity National Information Services, Inc. (IT Services)		306
	3,101	Fifth Third Bancorp (Banks)		85
	628	First Republic Bank (Banks)		61
	2,032	FirstEnergy Corp. (Electric Utilities)		98
	2,157	Fiserv, Inc. (IT Services) (a)		223
	489	FLIR Systems, Inc. (Electronic Equipment, Instruments & Components)		26
	558	Flowserve Corp. (Machinery)		26
	504	Fluor Corp. (Construction & Engineering)		10
	478	FMC Corp. (Chemicals)		42
	582	Fortinet, Inc. (Software) (a)		45
	1,129	Fortive Corp. (Machinery)		77
	508	Fortune Brands Home & Security, Inc. (Building Products)		28
	1,233	Franklin Resources, Inc. (Capital Markets)		36
	934	Gap, Inc. (Specialty Retail)		16
	338	Gartner Group, Inc. (IT Services) (a)		48
	923	General Dynamics Corp. (Aerospace & Defense)		169
	32,774	General Electric Co. (Industrial Conglomerates)		293
	2,235	General Mills, Inc. (Food Products)		123
	548	Genuine Parts Co. (Distributors)		54
	4,778	Gilead Sciences, Inc. (Biotechnology)		303
	383	Globe Life, Inc. (Insurance)		37
	1,234	Goldman Sachs Group, Inc. (Capital Markets)		256
	328	GrubHub, Inc. (Internet & Direct Marketing Retail) (a)		18
	889	H&R Block, Inc. (Diversified Consumer Services)		21

Shares		Security Description	Value (000)
		Common Stocks (continued)
		United States (continued)
	3,301	Halliburton Co. (Energy Equipment & Services)	$	62
	1,305	Hanesbrands, Inc. (Textiles, Apparel & Luxury Goods)		20
	695	Harley-Davidson, Inc. (Automobiles)		25
	1,355	Hartford Financial Services Group, Inc. (Insurance)		82
	449	Hasbro, Inc. (Leisure Products)		53
	1,030	HCA Holdings, Inc. (Health Care Providers & Services)		124
	1,792	HCP, Inc. (Equity Real Estate Investment Trusts)		64
	644	HD Supply Holdings, Inc. (Trading Companies & Distributors) (a)		25
	154	HEICO Corp. (Aerospace & Defense)		19
	273	HEICO Corp., Class - A (Aerospace & Defense)		27
	607	Henry Schein, Inc. (Health Care Providers & Services) (a)		39
	569	Hershey Co. (Food Products)		88
	1,024	Hess Corp. (Oil, Gas & Consumable Fuels)		62
	5,295	Hewlett Packard Enterprise Co. (Technology Hardware, Storage & Peripherals)		80
	1,045	Hilton Worldwide Holdings, Inc. (Hotels, Restaurants & Leisure)		97
	624	HollyFrontier Corp. (Oil, Gas & Consumable Fuels)		33
	1,005	Hologic, Inc. (Health Care Equipment & Supplies) (a)		51
	2,736	Honeywell International, Inc. (Industrial Conglomerates)		464
	1,104	Hormel Foods Corp. (Food Products)		48
	2,778	Host Hotels & Resorts, Inc. (Equity Real Estate Investment Trusts)		48
	5,787	HP, Inc. (Technology Hardware, Storage & Peripherals)		109
	507	Humana, Inc. (Health Care Providers & Services)		130
	314	Hunt (JB) Transportation Services, Inc. (Road & Rail)		35
	3,924	Huntington Bancshares, Inc. (Banks)		56
	149	Huntington Ingalls Industries, Inc. (Aerospace & Defense)		32
	284	IDEX Corp. (Machinery)		47
	323	IDEXX Laboratories, Inc. (Health Care Equipment & Supplies) (a)		88
	1,224	Illinois Tool Works, Inc. (Machinery)		192
	548	Illumina, Inc. (Life Sciences Tools & Services) (a)		167
	241	Ingredion, Inc. (Food Products)		20
	16,831	Intel Corp. (Semiconductors & Semiconductor Equipment)		868
	2,121	Intercontinental Exchange Group, Inc. (Capital Markets)		196
	3,334	International Business Machines Corp. (IT Services)		485
	380	International Flavors & Fragrances, Inc. (Chemicals)		47
	1,416	International Paper Co. (Containers & Packaging)		59
	974	Intuit, Inc. (Software)		259

HC CAPITAL TRUST

The ESG Growth Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		United States (continued)
	500	Ionis Pharmaceuticals, Inc. (Biotechnology) (a)	$	30
	631	IQVIA Holdings, Inc. (Life Sciences Tools & Services) (a)		94
	1,035	Iron Mountain, Inc. (Equity Real Estate Investment Trusts)		34
	289	Jack Henry & Associates, Inc. (IT Services)		42
	504	Jacobs Engineering Group, Inc. (Construction & Engineering)		46
	238	Jazz Pharmaceuticals PLC (Pharmaceuticals) (a)		30
	10,007	Johnson & Johnson (Pharmaceuticals)		1,295
	3,003	Johnson Controls International PLC (Building Products)		132
	211	Jones Lang LaSalle, Inc. (Real Estate Management & Development)		29
	12,203	JPMorgan Chase & Co. (Banks)		1,437
	1,256	Juniper Networks, Inc. (Communications Equipment)		31
	377	Kansas City Southern (Road & Rail)		50
	959	Kellogg Co. (Food Products)		62
	3,781	KeyCorp (Banks)		67
	706	Keysight Technologies, Inc. (Electronic Equipment, Instruments & Components) (a)		69
	1,285	Kimberly-Clark Corp. (Household Products)		183
	1,522	Kimco Realty Corp. (Equity Real Estate Investment Trusts)		32
	7,610	Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels)		157
	1,835	KKR & Co., Inc., Class - A (Capital Markets)		49
	607	KLA-Tencor Corp. (Semiconductors & Semiconductor Equipment)		97
	468	Knight-Swift Transportation Holdings, Inc. (Road & Rail)		17
	686	Kohl’s Corp. (Multiline Retail)		34
	844	L Brands, Inc. (Specialty Retail)		17
	834	L3Harris Technologies, Inc. (Aerospace & Defense)		174
	370	Laboratory Corporation of America Holdings (Health Care Providers & Services) (a)		62
	573	Lam Research Corp. (Semiconductors & Semiconductor Equipment)		132
	529	Lamb Weston Holding, Inc. (Food Products)		38
	1,318	Las Vegas Sands Corp. (Hotels, Restaurants & Leisure)		76
	473	Leggett & Platt, Inc. (Household Durables)		19
	501	Leidos Holdings, Inc. (IT Services)		43
	1,071	Lennar Corp., Class - A (Household Durables)		60
	130	Lennox International, Inc. (Building Products)		32
	401	Liberty Broadband, Class - C (Media) (a)		42
	584	Liberty Property Trust (Equity Real Estate Investment Trusts)		30
	738	Lincoln National Corp. (Insurance)		45
	555	Live Nation Entertainment, Inc. (Entertainment) (a)		37
	1,141	LKQ Corp. (Distributors) (a)		36
	957	Lockheed Martin Corp. (Aerospace & Defense)		373

Shares		Security Description	Value (000)
		Common Stocks (continued)
		United States (continued)
	1,012	Loews Corp. (Insurance)	$	52
	2,980	Lowe’s Companies, Inc. (Specialty Retail)		328
	505	M&T Bank Corp. (Banks)		80
	1,111	Macy’s, Inc. (Multiline Retail)		17
	218	ManpowerGroup, Inc. (Professional Services)		18
	3,276	Marathon Oil Corp. (Oil, Gas & Consumable Fuels)		40
	2,521	Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels)		153
	142	MarketAxess Holdings, Inc. (Capital Markets)		47
	1,084	Marriott International, Inc., Class - A (Hotels, Restaurants & Leisure)		135
	1,921	Marsh & McLennan Companies, Inc. (Insurance)		192
	234	Martin Marietta Materials, Inc. (Construction Materials)		64
	1,101	Masco Corp. (Building Products)		46
	3,427	MasterCard, Inc., Class - A (IT Services)		931
	1,022	Maxim Integrated Products, Inc. (Semiconductors & Semiconductor Equipment)		59
	473	McCormick & Company, Inc. (Food Products)		74
	2,870	McDonald’s Corp. (Hotels, Restaurants & Leisure)		617
	167	MercadoLibre, Inc. (Internet & Direct Marketing Retail) (a)		92
	9,677	Merck & Co., Inc. (Pharmaceuticals)		815
	94	Mettler-Toledo International, Inc. (Life Sciences Tools & Services) (a)		66
	1,914	MGM Resorts International (Hotels, Restaurants & Leisure)		53
	896	Microchip Technology, Inc. (Semiconductors & Semiconductor Equipment)		83
	4,192	Micron Technology, Inc. (Semiconductors & Semiconductor Equipment) (a)		180
	27,430	Microsoft Corp. (Software)		3,813
	428	Mid-America Apartment Communities, Inc. (Equity Real Estate Investment Trusts)		56
	222	Mohawk Industries, Inc. (Household Durables) (a)		28
	712	Molson Coors Brewing Co., Class - B (Beverages)		41
	5,415	Mondelez International, Inc., Class - A (Food Products)		300
	145	MongoDB, Inc. (IT Services) (a)		17
	643	Moody’s Corp. (Capital Markets)		132
	4,777	Morgan Stanley (Capital Markets)		204
	615	Motorola Solutions, Inc. (Communications Equipment)		105
	1,385	National Oilwell Varco, Inc. (Energy Equipment & Services)		29
	625	Nektar Therapeutics (Pharmaceuticals) (a)		11
	926	NetApp, Inc. (Technology Hardware, Storage & Peripherals)		49
	1,602	Newell Rubbermaid, Inc. (Household Durables)		30
	3,065	Newmont Mining Corp. (Metals & Mining)		117
	1,800	NextEra Energy, Inc. (Electric Utilities)		419

HC CAPITAL TRUST

The ESG Growth Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		United States (continued)
	1,284	Nielsen Holdings PLC (Professional Services)	$	27
	4,724	NIKE, Inc., Class - B (Textiles, Apparel & Luxury Goods)		443
	1,399	NiSource, Inc. (Multi-Utilities)		42
	1,746	Noble Energy, Inc. (Oil, Gas & Consumable Fuels)		39
	550	Nordstrom, Inc. (Multiline Retail)		19
	996	Norfolk Southern Corp. (Road & Rail)		179
	776	Northern Trust Corp. (Capital Markets)		72
	607	Northrop Grumman Corp. (Aerospace & Defense)		227
	786	Norwegian Cruise Line Holdings Ltd. (Hotels, Restaurants & Leisure) (a)		41
	1,144	Nucor Corp. (Metals & Mining)		58
	2,174	NVIDIA Corp. (Semiconductors & Semiconductor Equipment)		378
	13	NVR, Inc. (Household Durables) (a)		48
	3,363	Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels)		150
	722	OGE Energy Corp. (Electric Utilities)		33
	399	Okta, Inc. (IT Services) (a)		39
	235	Old Dominion Freight Line, Inc. (Road & Rail)		40
	808	Omnicom Group, Inc. (Media)		64
	1,479	ON Semiconductor Corp. (Semiconductors & Semiconductor Equipment) (a)		28
	1,545	ONEOK, Inc. (Oil, Gas & Consumable Fuels)		114
	9,326	Oracle Corp. (Software)		512
	396	Owens Corning, Inc. (Building Products)		25
	1,304	PACCAR, Inc. (Machinery)		91
	482	Parker Hannifin Corp. (Machinery)		87
	1,012	Parsley Energy, Inc., Class - A (Oil, Gas & Consumable Fuels)		17
	1,213	Paychex, Inc. (IT Services)		100
	186	PAYCOM Software, Inc. (Software) (a)		39
	4,194	PayPal Holdings, Inc. (IT Services) (a)		434
	1,434	People’s United Financial, Inc. (Banks)		22
	5,269	PepsiCo, Inc. (Beverages)		722
	400	PerkinElmer, Inc. (Life Sciences Tools & Services)		34
	466	Perrigo Co. PLC (Pharmaceuticals)		26
	1,704	Phillips 66 (Oil, Gas & Consumable Fuels)		174
	421	Pinnacle West Capital Corp. (Electric Utilities)		41
	632	Pioneer Natural Resources Co. (Oil, Gas & Consumable Fuels)		79
	1,703	PNC Financial Services Group, Inc. (Banks)		239
	885	PPG Industries, Inc. (Chemicals)		105
	2,764	PPL Corp. (Electric Utilities)		87
	1,045	Principal Financial Group, Inc. (Insurance)		60
	2,371	Prologis, Inc. (Equity Real Estate Investment Trusts)		202
	1,528	Prudential Financial, Inc. (Insurance)		137
	407	PTC, Inc. (Software) (a)		28
	1,894	Public Service Enterprise Group, Inc. (Multi-Utilities)		118
	950	PulteGroup, Inc. (Household Durables)		35
	273	PVH Corp. (Textiles, Apparel & Luxury Goods)		24
	444	Qorvo, Inc. (Semiconductors & Semiconductor Equipment) (a)		33

Shares		Security Description	Value (000)
		Common Stocks (continued)
		United States (continued)
	504	Quest Diagnostics, Inc. (Health Care Providers & Services)	$	54
	190	Ralph Lauren Corp. (Textiles, Apparel & Luxury Goods)		18
	458	Raymond James Financial, Inc. (Capital Markets)		38
	1,053	Raytheon Co. (Aerospace & Defense)		207
	1,184	Realty Income Corp. (Equity Real Estate Investment Trusts)		91
	627	Regency Centers Corp. (Equity Real Estate Investment Trusts)		44
	3,801	Regions Financial Corp. (Banks)		60
	227	Reinsurance Group of America (Insurance)		36
	537	ResMed, Inc. (Health Care Equipment & Supplies)		73
	494	Robert Half International, Inc. (Professional Services)		27
	444	Rockwell Automation, Inc. (Electrical Equipment)		73
	349	Roku, Inc. (Household Durables) (a)		36
	532	Rollins, Inc. (Commercial Services & Supplies)		18
	388	Roper Industries, Inc. (Industrial Conglomerates)		138
	1,385	Ross Stores, Inc. (Specialty Retail)		152
	926	S&P Global, Inc. (Capital Markets)		227
	995	Sabre Corp. (IT Services)		22
	3,142	Salesforce.com, Inc. (Software) (a)		466
	356	Sarepta Therapeutics, Inc. (Biotechnology) (a)		27
	422	SBA Communications Corp. (Equity Real Estate Investment Trusts)		102
	5,168	Schlumberger Ltd. (Energy Equipment & Services)		177
	916	Seagate Technology Holdings, Inc. (Technology Hardware, Storage & Peripherals)		49
	562	Sealed Air Corp. (Containers & Packaging)		23
	1,025	Sempra Energy (Multi-Utilities)		151
	693	ServiceNow, Inc. (Software) (a)		176
	199	Signature Bank (Banks)		24
	1,153	Simon Property Group, Inc. (Equity Real Estate Investment Trusts)		179
	5,988	Sirius XM Holdings, Inc. (Media)		37
	648	Skyworks Solutions, Inc. (Semiconductors & Semiconductor Equipment)		51
	302	SL Green Realty Corp. (Equity Real Estate Investment Trusts)		25
	2,650	Snap, Inc., Class - A (Interactive Media & Services) (a)		42
	227	Snap-on, Inc. (Machinery)		36
	581	Southwest Airlines Co. (Airlines)		31
	381	Spirit Aerosystems Holdings, Inc., Class - A (Aerospace & Defense)		31
	563	Splunk, Inc. (Software) (a)		66
	2,946	Sprint Nextel Corp. (Wireless Telecommunication Services) (a)		18
	1,262	Square, Inc., Class - A (IT Services) (a)		78
	854	SS&C Technologies Holdings, Inc. (Software)		44
	580	Stanley Black & Decker, Inc. (Machinery)		84
	4,621	Starbucks Corp. (Hotels, Restaurants & Leisure)		409

HC CAPITAL TRUST

The ESG Growth Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		United States (continued)
	1,453	State Street Corp. (Capital Markets)	$	86
	809	Steel Dynamics, Inc. (Metals & Mining)		24
	1,664	SunTrust Banks, Inc. (Banks)		114
	190	SVB Financial Group (Banks) (a)		40
	2,309	Symantec Corp. (Software)		55
	562	Synopsys, Inc. (Software) (a)		77
	1,834	Sysco Corp. (Food & Staples Retailing)		146
	899	T. Rowe Price Group, Inc. (Capital Markets)		103
	422	Take-Two Interactive Software, Inc. (Entertainment) (a)		53
	1,172	Tapestry, Inc. (Textiles, Apparel & Luxury Goods)		31
	871	Targa Resources Corp. (Oil, Gas & Consumable Fuels)		35
	1,948	Target Corp. (Multiline Retail)		208
	1,102	TD Ameritrade Holding Corp. (Capital Markets)		51
	173	Teleflex, Inc. (Health Care Equipment & Supplies)		59
	486	Tesla Motors, Inc. (Automobiles) (a)		117
	3,528	Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment)		457
	847	Textron, Inc. (Aerospace & Defense)		41
	2,651	The AES Corp. (Independent Power and Renewable Electricity Producers)		43
	2,009	The Boeing Co. (Aerospace & Defense)		765
	4,516	The Charles Schwab Corp. (Capital Markets)		189
	478	The Clorox Co. (Household Products)		73
	15,233	The Coca-Cola Co. (Beverages)		829
	185	The Cooper Companies, Inc. (Health Care Equipment & Supplies)		55
	824	The Estee Lauder Companies, Inc., Class - A (Personal Products)		164
	4,189	The Home Depot, Inc. (Specialty Retail)		971
	1,390	The Interpublic Group of Companies, Inc. (Media)		30
	427	The J.M. Smucker Co. (Food Products)		47
	2,536	The Kraft Heinz Co. (Food Products)		71
	3,076	The Kroger Co. (Food & Staples Retailing)		79
	408	The Macerich Co. (Equity Real Estate Investment Trusts)		13
	201	The Middleby Corp. (Machinery) (a)		23
	1,323	The Mosaic Co. (Chemicals)		27
	435	The Nasdaq OMX Group, Inc. (Capital Markets)		43
	9,456	The Procter & Gamble Co. (Household Products)		1,176
	2,179	The Progressive Corp. (Insurance)		168
	312	The Sherwin-Williams Co. (Chemicals)		172
	3,909	The Southern Co. (Electric Utilities)		241
	4,592	The TJX Companies, Inc. (Specialty Retail)		256
	984	The Travelers Companies, Inc. (Insurance)		146
	6,785	The Walt Disney Co. (Entertainment)		884
	4,536	The Williams Companies, Inc. (Oil, Gas & Consumable Fuels)		109
	1,503	Thermo Electron Corp. (Life Sciences Tools & Services)		438
	396	Tiffany & Co. (Specialty Retail)		37
	1,296	T-Mobile USA, Inc. (Wireless Telecommunication Services) (a)		102
	453	Tractor Supply Co. (Specialty Retail)		41

Shares		Security Description	Value (000)
		Common Stocks (continued)
		United States (continued)
	179	TransDigm Group, Inc. (Aerospace & Defense)	$	93
	702	TransUnion Holding Company, Inc. (Professional Services)		57
	908	Trimble Navigation Ltd. (Electronic Equipment, Instruments & Components) (a)		35
	385	TripAdvisor, Inc. (Interactive Media & Services) (a)		15
	418	Twilio, Inc., Class - A (IT Services) (a)		46
	2,737	Twitter, Inc. (Interactive Media & Services) (a)		113
	1,130	Tyson Foods, Inc., Class - A (Food Products)		97
	5,687	U.S. Bancorp (Banks)		315
	667	Uber Technologies, Inc. (Road & Rail) (a)		20
	1,055	UDR, Inc. (Equity Real Estate Investment Trusts)		51
	773	UGI Corp. (Gas Utilities)		39
	204	Ulta Salon, Cosmetics & Fragrance, Inc. (Specialty Retail) (a)		51
	678	Under Armour, Inc., Class - A (Textiles, Apparel & Luxury Goods) (a)		14
	695	Under Armour, Inc., Class - C (Textiles, Apparel & Luxury Goods) (a)		13
	2,684	Union Pacific Corp. (Road & Rail)		436
	2,621	United Parcel Service, Inc., Class - B (Air Freight & Logistics)		314
	287	United Rentals, Inc. (Trading Companies & Distributors) (a)		36
	3,079	United Technologies Corp. (Aerospace & Defense)		420
	3,574	UnitedHealth Group, Inc. (Health Care Providers & Services)		776
	1,261	V.F. Corp. (Textiles, Apparel & Luxury Goods)		112
	146	Vail Resorts, Inc. (Hotels, Restaurants & Leisure)		33
	1,564	Valero Energy Corp. (Oil, Gas & Consumable Fuels)		133
	341	Varian Medical Systems, Inc. (Health Care Equipment & Supplies) (a)		41
	473	Veeva Systems, Inc. (Health Care Technology) (a)		72
	1,339	Ventas, Inc. (Equity Real Estate Investment Trusts)		98
	407	VeriSign, Inc. (IT Services) (a)		77
	15,593	Verizon Communications, Inc. (Diversified Telecommunication Services)		941
	595	Versik Analytics, Inc., Class - A (Professional Services)		95
	963	Vertex Pharmaceuticals, Inc. (Biotechnology) (a)		163
	1,277	Viacom, Inc., Class - B (Entertainment)		31
	6,539	Visa, Inc., Class - A (IT Services)		1,126
	310	VMware, Inc., Class - A (Software)		47
	644	Vornado Realty Trust (Equity Real Estate Investment Trusts)		41
	527	Voya Financial, Inc. (Diversified Financial Services)		29
	495	Vulcan Materials Co. (Construction Materials)		75

HC CAPITAL TRUST

The ESG Growth Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		United States (continued)
	188	W.W. Grainger, Inc. (Trading Companies & Distributors)	$	56
	185	WABCO Holdings, Inc. (Machinery) (a)		25
	676	Wabtec Corp. (Machinery)		49
	2,996	Walgreens Boots Alliance, Inc. (Food & Staples Retailing)		166
	5,391	Wal-Mart Stores, Inc. (Food & Staples Retailing)		640
	1,597	Waste Management, Inc. (Commercial Services & Supplies)		184
	258	Waters Corp. (Life Sciences Tools & Services) (a)		58
	216	Wayfair, Inc., Class - A (Internet & Direct Marketing Retail) (a)		24
	1,184	WEC Energy Group, Inc. (Multi-Utilities)		113
	1,517	Welltower, Inc. (Equity Real Estate Investment Trusts)		138
	1,574	Western Union Co. (IT Services)		36
	923	WestRock Co. (Containers & Packaging)		34
	2,794	Weyerhaeuser Co. (Equity Real Estate Investment Trusts)		77
	230	Whirlpool Corp. (Household Durables)		36
	605	Workday, Inc., Class - A (Software) (a)		103
	638	WP Carey, Inc. (Equity Real Estate Investment Trusts)		57
	1,927	Xcel Energy, Inc. (Electric Utilities)		125
	868	Xerox Holdings Corp. (Technology Hardware, Storage & Peripherals)		26
	958	Xilinx, Inc. (Semiconductors & Semiconductor Equipment)		92
	675	Xylem, Inc. (Machinery)		54
	1,159	YUM! Brands, Inc. (Hotels, Restaurants & Leisure)		131
	202	Zebra Technologies Corp., Class - A (Electronic Equipment, Instruments & Components) (a)		42
	672	Zions Bancorp (Banks)		30
	1,800	Zoetis, Inc. (Pharmaceuticals)		224
				84,064
		Total Common Stocks		141,675
		Preferred Stocks — 0.06%
		Germany — 0.06%
	201	Bayerische Motoren Werke Aktiengesellschaft — Preferred (Automobiles)		11
	251	Fuchs Petrolub AG — Preferred (Chemicals)		9
	668	Henkel AG & Co. KGaA — Preferred (Household Products)		67
		Total Preferred Stocks		87
		Right — 0.00%
		Australia — 0.00%
	112	Harvey Norman Holdings Ltd. (Multiline Retail) (a)		—
		Total Right		—

Shares		Security Description	Value (000)
		Investment Company — 4.99%
	7,491,873	State Street Institutional Treasury Plus Money Market Fund, Trust Class, 1.78% (c)	$	7,492
		Total Investment Company		7,492
		Total Investments (cost $141,012) — 99.36%		149,254
		Other assets in excess of liabilities — 0.64%		961
		Net Assets — 100.00%	$	150,215

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

(a) Represents non-income producing security.

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

(c) The rate disclosed is the rate in effect on September 30, 2019.

ADR — American Depositary Receipt

FDR — Fiduciary Depositary Receipt

REIT — Real Estate Investment Trust

HC CAPITAL TRUST

The ESG Growth Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

The following table reflects the percentage of total net assets of the Portfolio attributable to each Specialist Manager as of September 30, 2019.

The ESG Growth Portfolio	Mellon Investments Corporation			Parametric Portfolio Associates, LLC			Total
Common Stocks		94.31	%		—			94.31	%
Preferred Stocks		0.06	%		—			0.06	%
Right		0.00	%		—			0.00	%
Investment Company		0.08	%		4.91	%		4.99	%
Other Assets (Liabilities)		0.12	%		0.52	%		0.64	%
Total Net Assets		94.57	%		5.43	%		100.00	%

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

Amounts designated as “0.00%” round to less than 0.005%.

The following table reflects the open derivative positions held by the Portfolio as of September 30, 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		31		12/20/19	$	4,617	$	(55	)
MSCI EAFE Index Future		32		12/20/19		3,037		(19	)
					$	7,654	$	(74	)
		Total Unrealized Appreciation					$	—
		Total Unrealized Depreciation						(74	)
		Total Net Unrealized Appreciation/(Depreciation)					$	(74	)

^ 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 — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks — 99.36%
		Australia — 2.53%
	929	AGL Energy Ltd. (Multi-Utilities)	$	12
	3,121	Alumina Ltd. (Metals & Mining)		5
	4,355	AMP Ltd. (Diversified Financial Services)		6
	1,672	APA Group (Gas Utilities)		13
	812	Aristocrat Leisure Ltd. (Hotels, Restaurants & Leisure)		17
	274	ASX Ltd. (Capital Markets)		15
	2,899	Aurizon Holdings Ltd. (Road & Rail)		12
	2,299	AusNet Services (Electric Utilities)		3
	3,976	Australia & New Zealand Banking Group Ltd. (Banks)		77
	506	Bank of Queensland Ltd. (Banks)		3
	726	Bendigo & Adelaide Bank Ltd. (Banks)		6
	4,200	BHP Billiton Ltd. (Metals & Mining)		104
	3,015	BHP Group PLC (Metals & Mining)		64
	791	BlueScope Steel Ltd. (Metals & Mining)		6
	1,738	Boral Ltd. (Construction Materials)		6
	2,249	Brambles Ltd. (Commercial Services & Supplies)		17
	369	Caltex Australia Ltd. (Oil, Gas & Consumable Fuels)		7
	693	Challenger Ltd. (Diversified Financial Services)		3
	123	CIMIC Group Ltd. (Construction & Engineering)		3
	670	Coca-Cola Amatil Ltd. (Beverages)		5
	82	Cochlear Ltd. (Health Care Equipment & Supplies)		12
	1,604	Coles Group Ltd. (Food & Staples Retailing)		17
	2,524	Commonwealth Bank of Australia (Banks)		137
	718	Computershare Ltd. (IT Services)		8
	469	Crown Resorts Ltd. (Hotels, Restaurants & Leisure)		4
	1,545	Dexus Property Group (Equity Real Estate Investment Trusts)		12
	70	Flight Centre Ltd. (Hotels, Restaurants & Leisure)		2
	2,162	Fortescue Metals Group Ltd. (Metals & Mining)		13
	2,302	Goodman Group (Equity Real Estate Investment Trusts)		23
	2,746	GPT Group (Equity Real Estate Investment Trusts)		11
	668	Harvey Norman Holdings Ltd. (Multiline Retail)		2
	2,022	Incitec Pivot Ltd. (Chemicals)		5
	3,263	Insurance Australia Group Ltd. (Insurance)		18
	829	Lend Lease Group Ltd. (Real Estate Management & Development)		10
	455	Macquarie Group Ltd. (Capital Markets)		41
	156	Magellan Financial Group Ltd. (Capital Markets)		5
	3,915	Medibank Private Ltd. (Insurance)		9
	5,538	Mirvac Group (Equity Real Estate Investment Trusts)		11
	3,965	National Australia Bank Ltd. (Banks)		79
	1,084	Newcrest Mining Ltd. (Metals & Mining)		25
	559	Orica Ltd. (Chemicals)		8
	2,493	Origin Energy Ltd. (Oil, Gas & Consumable Fuels)		13
	1,879	QBE Insurance Group Ltd. (Insurance)		16

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Australia (continued)
	66	REA Group Ltd. (Interactive Media & Services)	$	5
	523	Rio Tinto Ltd. (Metals & Mining)		33
	2,509	Santos Ltd. (Oil, Gas & Consumable Fuels)		13
	7,504	Scentre Group (Equity Real Estate Investment Trusts)		21
	492	Seek Ltd. (Professional Services)		7
	638	Sonic Healthcare Ltd. (Health Care Providers & Services)		12
	7,513	South32 Ltd. (Metals & Mining)		13
	3,417	Stockland Trust Group (Equity Real Estate Investment Trusts)		10
	1,782	Suncorp Group Ltd. (Insurance) (a)		16
	1,620	Sydney Airport (Transportation Infrastructure)		9
	2,868	Tabcorp Holdings Ltd. (Hotels, Restaurants & Leisure)		9
	6,212	Telstra Corp. Ltd. (Diversified Telecommunication Services)		15
	467	TPG Telecom Ltd. (Diversified Telecommunication Services)		2
	3,764	Transurban Group (Transportation Infrastructure)		37
	1,020	Treasury Wine Estates Ltd. (Beverages)		13
	4,776	Vicinity Centres (Equity Real Estate Investment Trusts)		8
	150	Washington H Soul Pattinson & Co. Ltd. (Oil, Gas & Consumable Fuels)		2
	1,595	Wesfarmers Ltd. (Food & Staples Retailing)		42
	4,919	Westpac Banking Corp. (Banks)		98
	1,318	Woodside Petroleum Ltd. (Oil, Gas & Consumable Fuels)		29
	1,770	Woolworths Ltd. (Food & Staples Retailing)		44
	406	WorleyParsons Ltd. (Energy Equipment & Services)		4
				1,307
		Austria — 0.08%
	91	ANDRITZ AG (Machinery)		4
	425	Erste Group Bank AG (Banks)		14
	198	OMV AG (Oil, Gas & Consumable Fuels)		11
	187	Raiffeisen Bank International AG (Banks)		4
	86	Verbund AG (Electric Utilities)		5
	146	Voestalpine AG (Metals & Mining)		3
				41
		Belgium — 0.39%
	258	Ageas (Insurance)		14
	1,087	Anheuser-Busch InBev N.V. (Beverages)		103
	225	Belgacom SA (Diversified Telecommunication Services)		7
	73	Colruyt SA (Food & Staples Retailing)		4
	114	Groupe Bruxelles Lambert SA (Diversified Financial Services)		11
	352	KBC Groep N.V. (Banks)		23
	105	Solvay SA (Chemicals)		11
	59	Telenet Group Holding N.V. (Media)		3
	174	UCB SA (Pharmaceuticals)		13
	289	Umicore SA (Chemicals)		11
				200

HC CAPITAL TRUST

The Catholic SRI Growth Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Bermuda — 0.27%
	567	Arch Capital Group Ltd. (Insurance) (a)	$	23
	230	Athene Holding Ltd. (Insurance) (a)		10
	207	Bunge Ltd. (Food Products)		12
	58	Everest Re Group Ltd. (Insurance)		15
	534	IHS Markit Ltd. (Professional Services) (a)		35
	563	Invesco Ltd. (Capital Markets)		10
	881	Marvell Technology Group Ltd. (Semiconductors & Semiconductor Equipment)		22
	60	RenaissanceRe Holdings Ltd. (Insurance)		12
	1,000	Yue Yuen Industrial Holdings Ltd. (Textiles, Apparel & Luxury Goods)		3
				142
		Canada — 3.98%
	300	Agnico-Eagle Mines Ltd. (Metals & Mining)		16
	200	Air Canada (Airlines) (a)		7
	1,200	Alimentation Couche-Tard, Inc., Class - B (Food & Staples Retailing)		37
	400	AltaGas Ltd. (Gas Utilities)		6
	100	Atco Ltd. (Multi-Utilities)		4
	1,000	Aurora Cannabis, Inc. (Pharmaceuticals) ^(a)		4
	919	Bank of Montreal (Banks)		68
	1,772	Bank of Nova Scotia (Banks)		100
	2,500	Barrick Gold Corp. (Metals & Mining)		43
	200	BCE, Inc. (Diversified Telecommunication Services)		10
	700	Blackberry Ltd. (Software) (a)		4
	2,700	Bombardier, Inc. (Aerospace & Defense) (a)		4
	1,200	Brookfield Asset Management, Inc. (Capital Markets)		64
	600	Cameco Corp. (Oil, Gas & Consumable Fuels)		6
	600	Canadian Imperial Bank of Commerce (Banks)		50
	1,029	Canadian National Railway Co. (Road & Rail)		93
	1,700	Canadian Natural Resources Ltd. (Oil, Gas & Consumable Fuels)		45
	200	Canadian Pacific Railway Ltd. (Road & Rail)		44
	100	Canadian Tire Corp. Ltd., Class - A (Multiline Retail)		11
	200	Canadian Utilities Ltd., Class - A (Multi-Utilities)		6
	300	Canopy Growth Corp. (Pharmaceuticals) ^(a)		7
	200	CCL Industries, Inc., Class - B (Containers & Packaging)		8
	1,500	Cenovus Energy, Inc. (Oil, Gas & Consumable Fuels)		14
	300	CGI, Inc. (IT Services) (a)		24
	300	Ci Financial Corp. (Capital Markets)		4
	26	Constellation Software, Inc. (Software)		26
	300	Cronos Group, Inc. (Pharmaceuticals) ^(a)		3
	400	Dollarama, Inc. (Multiline Retail)		15
	300	Emera, Inc. (Electric Utilities)		13
	200	Empire Co. Ltd. (Food & Staples Retailing)		5
	2,895	Enbridge, Inc. (Oil, Gas & Consumable Fuels)		102
	2,100	Encana Corp. (Oil, Gas & Consumable Fuels)		10
	36	Fairfax Financial Holdings Ltd. (Insurance)		16

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Canada (continued)
	300	First Capital Realty, Inc. (Real Estate Management & Development)	$	5
	900	First Quantum Minerals Ltd. (Metals & Mining)		8
	650	Fortis, Inc. (Electric Utilities)		28
	239	Franco-Nevada Corp. (Metals & Mining)		22
	300	Gildan Activewear, Inc. (Textiles, Apparel & Luxury Goods)		11
	400	Great-West Lifeco, Inc. (Insurance)		10
	200	H&R Real Estate Investment Trust (Equity Real Estate Investment Trusts)		3
	500	Husky Energy, Inc. (Oil, Gas & Consumable Fuels)		4
	500	Hydro One Ltd. (Electric Utilities) (b)		9
	138	iA Financial Corp., Inc. (Insurance)		6
	100	IGM Financial, Inc. (Capital Markets)		3
	349	Imperial Oil Ltd. (Oil, Gas & Consumable Fuels)		9
	200	Intact Financial Corp. (Insurance)		20
	600	Inter Pipeline Ltd. (Oil, Gas & Consumable Fuels)		11
	300	Keyera Corp. (Oil, Gas & Consumable Fuels)		7
	1,800	Kinross Gold Corp. (Metals & Mining) (a)		8
	300	Kirkland Lake Gold Ltd. (Metals & Mining)		13
	237	Loblaw Companies Ltd. (Food & Staples Retailing)		14
	159	Lululemon Athletica, Inc. (Textiles, Apparel & Luxury Goods) (a)		30
	1,000	Lundin Mining Corp. (Metals & Mining)		5
	400	Magna Internationl (Auto Components)		21
	2,800	Manulife Financial Corp. (Insurance)		52
	100	Methanex Corp. (Chemicals)		4
	400	Metro, Inc. (Food & Staples Retailing)		18
	430	National Bank of Canada (Banks)		21
	800	Nutrien Ltd. (Chemicals)		39
	100	Onex Corp. (Diversified Financial Services)		6
	345	Open Text Corp. (Software)		14
	752	Pembina Pipelines Corp. (Oil, Gas & Consumable Fuels)		28
	400	Power Corp. of Canada (Insurance)		9
	400	Power Financial Corp. (Insurance)		9
	300	PrairieSky Royalty Ltd. (Oil, Gas & Consumable Fuels)		4
	300	Quebecor, Inc. (Media)		7
	300	Restaurant Brands International, Inc. (Hotels, Restaurants & Leisure)		22
	200	RioCan Real Estate Investment Trust (Equity Real Estate Investment Trusts)		5
	500	Rogers Communications, Inc. (Wireless Telecommunication Services)		24
	2,041	Royal Bank of Canada (Banks)		165
	300	Saputo, Inc. (Food Products)		9
	700	Shaw Communications, Inc., Class - B (Media)		14
	126	Shopify, Inc. (IT Services) (a)		39
	100	Smartcentres Real Estate INV (Equity Real Estate Investment Trusts)		2
	300	SNC-Lavalin Group, Inc. (Construction & Engineering)		4
	300	Stars Group, Inc. (The) (Hotels, Restaurants & Leisure) (a)		4
	800	Sun Life Financial, Inc. (Insurance)		36

HC CAPITAL TRUST

The Catholic SRI Growth Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Canada (continued)
	2,200	Suncor Energy, Inc. (Oil, Gas & Consumable Fuels)	$	69
	1,300	TC Energy Corp. (Oil, Gas & Consumable Fuels)		67
	700	Teck Cominco Ltd., Class - B (Metals & Mining)		11
	300	TELUS Corp. (Diversified Telecommunication Services)		10
	300	Thomson Reuters Corp. (Professional Services)		20
	2,548	Toronto-Dominion Bank (Banks)		148
	400	Tourmaline Oil Corp. (Oil, Gas & Consumable Fuels)		4
	200	Vermilion Energy, Inc. (Oil, Gas & Consumable Fuels) ^		3
	400	Waste Connections, Inc. (Commercial Services & Supplies)		37
	100	West Fraser Timber Co. Ltd. (Paper & Forest Products)		4
	100	Weston (George) Ltd. (Food & Staples Retailing)		8
	600	Wheaton Precious Metals Corp. (Metals & Mining)		16
	134	WSP Global, Inc. (Construction & Engineering)		8
				2,056
		China — 0.03%
	300	Jardine Matheson Holdings Ltd. (Industrial Conglomerates)		16
		Denmark — 0.37%
	5	A.P. Moller - Maersk A/S, Class - A (Marine)		5
	9	A.P. Moller - Maersk A/S, Class - B (Marine)		11
	151	Carlsberg A/S, Class - B (Beverages)		22
	149	Christian Hansen Holding A/S (Chemicals)		13
	168	Coloplast A/S, Class - B (Health Care Equipment & Supplies)		20
	950	Danske Bank A/S (Banks)		13
	143	Demant A/S (Health Care Equipment & Supplies) (a)		4
	306	DSV A/S (Road & Rail)		29
	234	ISS A/S (Commercial Services & Supplies)		6
	310	Novozymes A/S, B Shares (Chemicals)		13
	266	Orsted A/S (Electric Utilities) (b)		25
	156	Pandora A/S (Textiles, Apparel & Luxury Goods)		6
	168	Tryg A/S (Insurance)		5
	275	Vestas Wind Systems A/S (Electrical Equipment)		21
				193
		Finland — 0.43%
	202	Elisa Oyj (Diversified Telecommunication Services)		10
	629	Fortum Oyj (Electric Utilities)		15
	477	Kone Oyj (Machinery)		27
	157	Metso Oyj (Machinery)		6
	597	Neste Oil Oyj (Oil, Gas & Consumable Fuels)		20
	7,931	Nokia Oyj (Communications Equipment)		40
	186	Nokian Renkaat Oyj (Auto Components)		5

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Finland (continued)
	62	Nordea Bank Abp (Banks)	$	—
	4,703	Nordea Bank Abp (Banks)		34
	625	Sampo Oyj, Class - A (Insurance)		25
	827	Stora Enso Oyj, R Shares (Paper & Forest Products)		10
	754	UPM-Kymmene Oyj (Paper & Forest Products)		22
	631	Wartsila Oyj, Class - B (Machinery)		7
				221
		France — 3.51%
	261	Accor SA (Hotels, Restaurants & Leisure)		11
	43	Aeroports de Paris (Transportation Infrastructure)		8
	613	Air Liquide SA (Chemicals)		87
	222	Alstom SA (Machinery)		9
	77	Amundi SA (Capital Markets) (b)		5
	98	Arkema SA (Chemicals)		9
	137	Atos SE (IT Services)		10
	2,770	AXA SA (Insurance)		70
	1,605	BNP Paribas (Banks)		77
	1,308	Bollore SA (Air Freight & Logistics)		5
	316	Bouygues SA (Construction & Engineering)		13
	408	Bureau Veritas SA (Professional Services)		10
	224	Capgemini SE (IT Services)		26
	807	Carrefour SA (Food & Staples Retailing) ^		14
	66	Casino Guichard-Perrachon SA (Food & Staples Retailing)		3
	255	CNP Assurances (Insurance)		5
	693	Compagnie de Saint-Gobain (Building Products)		27
	241	Compagnie Generale des Etablissements Michelin, Class - B (Auto Components)		26
	1,619	Credit Agricole SA (Banks)		20
	880	Danone SA (Food Products)		78
	184	Dassault Systemes SE (Software)		26
	339	Edenred (Commercial Services & Supplies)		16
	115	Eiffage SA (Construction & Engineering)		12
	940	Electricite de France SA (Electric Utilities)		11
	2,570	ENGIE (Multi-Utilities)		42
	406	Essilor International SA (Health Care Equipment & Supplies)		59
	50	Eurazeo SE (Diversified Financial Services)		4
	218	Eutelsat Communications (Media)		4
	95	Faurecia (Auto Components)		5
	67	Fonciere des Regions (Equity Real Estate Investment Trusts)		7
	65	Gecina SA (Equity Real Estate Investment Trusts)		10
	625	Getlink SE (Transportation Infrastructure)		9
	45	Hermes International (Textiles, Apparel & Luxury Goods)		31
	37	Icade (Equity Real Estate Investment Trusts)		3
	33	Iliad SA (Diversified Telecommunication Services)		3
	45	Imerys SA (Construction Materials)		2
	88	Ingenico Group SA (Electronic Equipment, Instruments & Components)		9
	56	Ipsen SA (Pharmaceuticals)		5
	93	JC Decaux SA (Media)		3
	108	Kering (Textiles, Apparel & Luxury Goods)		55

HC CAPITAL TRUST

The Catholic SRI Growth Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		France (continued)
	291	Klepierre (Equity Real Estate Investment Trusts)	$	10
	376	Legrand SA (Electrical Equipment)		27
	360	L’Oreal SA (Personal Products)		101
	392	LVMH Moet Hennessy Louis Vuitton SA (Textiles, Apparel & Luxury Goods)		155
	1,408	Natixism SA (Capital Markets)		6
	2,806	Orange SA (Diversified Telecommunication Services)		44
	299	Pernod Ricard SA (Beverages)		53
	849	Peugeot SA (Automobiles)		21
	310	Publicis Groupe (Media)		15
	29	Remy Cointreau SA (Beverages)		4
	272	Renault SA (Automobiles)		16
	41	Sartorius Stedim Biotech (Life Sciences Tools & Services)		6
	785	Schneider Electric SA (Electrical Equipment)		69
	232	SCOR SE (Insurance)		10
	29	Seb SA (Household Durables)		4
	31	Societe BIC SA (Commercial Services & Supplies)		2
	1,081	Societe Generale (Banks)		30
	125	Sodexo (Hotels, Restaurants & Leisure)		14
	504	Suez Environnement Co. (Multi-Utilities)		8
	82	Teleperformance (Professional Services)		18
	3,388	Total SA (Oil, Gas & Consumable Fuels)		177
	119	UbiSoft Entertainment SA (Entertainment) (a)		9
	195	Unibail-Rodamco-Westfield (Equity Real Estate Investment Trusts)		29
	341	Valeo SA (Auto Components)		11
	759	Veolia Environnement (Multi-Utilities)		19
	726	Vinci SA (Construction & Engineering)		78
	1,287	Vivendi SA (Entertainment)		35
	37	Wendel SA (Diversified Financial Services)		5
	121	Worldline SA (IT Services) (a)(b)		8
				1,813
		Germany — 2.76%
	258	Adidas AG (Textiles, Apparel & Luxury Goods)		81
	605	Allianz SE (Insurance)		141
	1,360	Aroundtown SA (Real Estate Management & Development)		11
	61	Axel Springer SE (Media) (a)		4
	1,311	BASF SE (Chemicals)		91
	466	Bayerische Motoren Werke AG (Automobiles)		33
	142	Beiersdorf AG (Personal Products)		17
	220	Brenntag AG (Trading Companies & Distributors)		11
	51	Carl Zeiss Meditec AG (Health Care Equipment & Supplies)		6
	1,423	Commerzbank AG (Banks)		8
	155	Continental AG (Auto Components)		20
	247	Covestro AG (Chemicals) (b)		12
	1,299	Daimler AG, Registered Shares (Automobiles)		64
	166	Delivery Hero SE (Internet & Direct Marketing Retail) (a)(b)		7
	2,771	Deutsche Bank AG (Capital Markets)		21
	267	Deutsche Boerse AG (Capital Markets)		41

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Germany (continued)
	354	Deutsche Lufthansa AG, Registered Shares (Airlines)	$	6
	1,391	Deutsche Post AG (Air Freight & Logistics)		46
	4,757	Deutsche Telekom AG (Diversified Telecommunication Services)		79
	504	Deutsche Wohnen AG (Real Estate Management & Development)		18
	67	Drillisch AG (Wireless Telecommunication Services) ^		2
	3,099	E.ON AG (Multi-Utilities)		30
	274	Evonik Industries AG (Chemicals)		7
	52	Fraport AG (Transportation Infrastructure)		4
	304	Fresenius Medical Care AG & Co. KGAA (Health Care Providers & Services)		20
	194	GEA Group AG (Machinery)		5
	86	Hannover Rueckversicherung AG (Insurance)		15
	211	HeidelbergCement AG (Construction Materials)		15
	147	Henkel AG & Co. KGAA (Household Products)		13
	30	Hochtief AG (Construction & Engineering)		3
	94	Hugo Boss AG (Textiles, Apparel & Luxury Goods)		5
	1,760	Infineon Technologies AG (Semiconductors & Semiconductor Equipment)		32
	102	KION Group AG (Machinery)		5
	71	Knorr-Bremse AG (Machinery)		7
	128	Lanxess AG (Chemicals)		8
	227	Metro AG (Food & Staples Retailing)		4
	74	MTU Aero Engines AG (Aerospace & Defense)		20
	202	Muenchener Rueckversicherungs-Gesellschaft AG (Insurance)		52
	122	Puma SE (Textiles, Apparel & Luxury Goods)		9
	772	RWE AG (Multi-Utilities)		24
	1,386	SAP SE (Software)		163
	51	Sartorius AG (Health Care Equipment & Supplies)		9
	1,090	Siemens AG (Industrial Conglomerates)		117
	219	Siemens Healthineers AG (Health Care Equipment & Supplies) (b)		9
	181	Symrise AG (Chemicals)		18
	1,124	Telefonica Deutschland Holding AG (Diversified Telecommunication Services)		3
	596	ThyssenKrupp AG (Metals & Mining)		8
	655	TUI AG (Hotels, Restaurants & Leisure)		8
	294	Uniper SE (Independent Power and Renewable Electricity Producers)		10
	183	United Internet AG (Diversified Telecommunication Services)		7
	47	Volkswagen AG (Automobiles)		8
	693	Vonovia SE (Real Estate Management & Development)		36
	166	Wirecard AG (IT Services)		27
	184	Zalando SE (Internet & Direct Marketing Retail) (a)(b)		9
				1,429
		Hong Kong — 1.22%
	17,092	AIA Group Ltd. (Insurance)		161

HC CAPITAL TRUST

The Catholic SRI Growth Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Hong Kong (continued)
	400	ASM Pacific Technology Ltd. (Semiconductors & Semiconductor Equipment)	$	5
	5,000	BOC Hong Kong (Holdings) Ltd. (Banks)		17
	3,500	CK Asset Holdings Ltd. (Real Estate Management & Development)		24
	1,000	CK Infrastructure Holdings Ltd. (Electric Utilities)		7
	2,500	CLP Holdings Ltd. (Electric Utilities)		26
	600	Dairy Farm International Holdings Ltd. (Food & Staples Retailing)		4
	3,000	Galaxy Entertainment Group Ltd. (Hotels, Restaurants & Leisure)		19
	3,000	Hang Lung Properties Ltd. (Real Estate Management & Development)		7
	1,100	Hang Seng Bank Ltd. (Banks)		24
	2,000	Henderson Land Development Co. Ltd. (Real Estate Management & Development)		9
	3,500	HK Electric Investments Ltd. (Electric Utilities)		3
	5,000	HKT Trust & HKT Ltd. (Diversified Telecommunication Services)		8
	14,000	Hong Kong & China Gas Co. Ltd. (Gas Utilities)		27
	1,700	Hong Kong Exchanges & Clearing Ltd. (Capital Markets)		50
	1,700	Hongkong Land Holdings Ltd. (Real Estate Management & Development)		10
	1,000	Hysan Development Co. (Real Estate Management & Development)		4
	300	Jardine Strategic Holdings Ltd. (Industrial Conglomerates)		9
	1,000	Kerry Properties Ltd. (Real Estate Management & Development)		3
	305	Melco Crown Entertainment Ltd., ADR (Hotels, Restaurants & Leisure)		6
	1,200	MGM China Holdings Ltd. (Hotels, Restaurants & Leisure)		2
	2,000	MTR Corp. Ltd. (Road & Rail)		11
	9,000	New World Development Co. Ltd. (Real Estate Management & Development)		12
	2,000	NWS Holdings Ltd. (Industrial Conglomerates)		3
	5,000	PCCW Ltd. (Diversified Telecommunication Services)		3
	1,779	Power Assets Holdings Ltd. (Electric Utilities)		12
	3,600	Sands China Ltd. (Hotels, Restaurants & Leisure)		16
	2,000	Shangri-La Asia Ltd. (Hotels, Restaurants & Leisure)		2
	4,000	Sino Land Co. Ltd. (Real Estate Management & Development)		6
	3,000	SJM Holdings Ltd. (Hotels, Restaurants & Leisure)		3
	2,500	Sun Hung Kai Properties Ltd. (Real Estate Management & Development)		35
	639	Swire Pacific Ltd., Class - A (Real Estate Management & Development)		6
	1,800	Swire Properties Ltd. (Real Estate Management & Development)		6

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Hong Kong (continued)
	1,757	Techtronic Industries Co. (Household Durables)	$	12
	2,000	The Bank of East Asia Ltd. (Banks)		5
	3,206	The Link Real Estate Investment Trust (Equity Real Estate Investment Trusts)		35
	2,000	The Wharf (Holdings) Ltd. (Real Estate Management & Development)		4
	953	Vitasoy International Holdings Ltd. (Food Products)		4
	13,500	WH Group Ltd. (Food Products) (b)		12
	2,000	Wharf Real Estate Investment Co. Ltd. (Real Estate Management & Development)		11
	1,000	Wheelock & Co. Ltd. (Real Estate Management & Development)		6
	2,000	Wynn Macau Ltd. (Hotels, Restaurants & Leisure)		4
				633
		Ireland (Republic of) — 0.98%
	1,025	AIB Group PLC (Banks)		3
	197	Alkermes PLC (Biotechnology) (a)		4
	133	Allegion PLC (Building Products)		13
	1,431	Bank of Ireland Group PLC (Banks)		6
	1,142	CRH PLC (Construction Materials)		39
	139	DCC PLC (Industrial Conglomerates)		12
	596	Eaton Corp. PLC (Electrical Equipment)		50
	1,280	Experian PLC (Professional Services)		41
	300	Ingersoll-Rand PLC (Machinery)		37
	649	James Hardie Industries SE (Construction Materials)		11
	224	Kerry Group PLC (Food Products)		26
	217	Kingspan Group PLC (Building Products)		11
	1,889	Medtronic PLC (Health Care Equipment & Supplies)		205
	112	Paddy Power PLC (Hotels, Restaurants & Leisure)		10
	239	Pentair PLC (Machinery)		9
	320	Smurfit Kappa Group PLC (Containers & Packaging)		10
	120	STERIS PLC (Health Care Equipment & Supplies)		17
				504
		Isle of Man — 0.02%
	863	GVC Holdings PLC (Hotels, Restaurants & Leisure)		8
		Israel — 0.18%
	53	Azrieli Group (Real Estate Management & Development)		4
	1,607	Bank Hapoalim Ltd. (Banks) (a)		13
	2,113	Bank Leumi Le (Banks)		15
	176	Checkpoint Software Technologies Ltd. (Software) (a)		20
	55	CyberArk Software Ltd. (Software) (a)		5
	887	Israel Chemicals Ltd. (Chemicals)		4
	1,718	Israel Discount Bank, Class - A (Banks)		8
	176	Mizrahi Tefahot Bank Ltd. (Banks)		4
	88	Nice Ltd. (Software) (a)		13
	67	Wix.com Ltd. (IT Services) (a)		8
				94
		Italy — 0.81%
	1,544	Assicurazioni Generali SpA (Insurance)		30

HC CAPITAL TRUST

The Catholic SRI Growth Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Italy (continued)
	700	Atlantia SpA (Transportation Infrastructure)	$	17
	853	Davide Campari - Milano SpA (Beverages)		8
	11,607	Enel SpA (Electric Utilities)		86
	3,635	Eni SpA (Oil, Gas & Consumable Fuels)		55
	172	Ferrari N.V. (Automobiles)		26
	1,531	Fiat DaimlerChrysler Automobiles N.V. (Automobiles)		20
	889	FinecoBank Banca Fineco SpA (Banks)		9
	20,934	Intesa Sanpaolo SpA (Banks)		50
	883	Mediobanca SpA (Banks)		10
	254	Moncler SpA (Textiles, Apparel & Luxury Goods)		9
	503	Pirelli & C SpA (Auto Components) (b)		3
	767	Poste Italiane SpA (Insurance) (b)		9
	356	Prusmian SpA (Electrical Equipment)		8
	155	Recordati SpA (Pharmaceuticals)		7
	2,945	Snam Rete Gas SpA (Oil, Gas & Consumable Fuels)		15
	13,448	Telecom Italia SpA (Diversified Telecommunication Services) (a)		8
	7,590	Telecom Italia SpA (Diversified Telecommunication Services)		4
	1,993	Terna - Rete Elettrica Nazionale SpA (Electric Utilities)		13
	2,825	Unicredit SpA (Banks)		33
				420
		Japan — 8.39%
	42	ABC-Mart, Inc. (Specialty Retail)		3
	500	ACOM Co. Ltd. (Consumer Finance)		2
	300	Advantest Corp. (Semiconductors & Semiconductor Equipment)		13
	900	Aeon Co. Ltd. (Food & Staples Retailing)		16
	200	AEON Credit Service Co. Ltd. (Consumer Finance)		3
	100	AEON Mall Co. Ltd. (Real Estate Management & Development)		2
	200	Air Water, Inc. (Chemicals)		4
	200	Aisin Seiki Co. Ltd. (Auto Components)		6
	600	Ajinomoto Co., Inc. (Food Products)		11
	300	Alfresa Holdings Corp. (Health Care Providers & Services)		7
	200	All Nippon Airways Co. Ltd. (Airlines)		7
	300	ALPS Electric Co. Ltd. (Electronic Equipment, Instruments & Components)		6
	500	Amada Holdings Co. Ltd. (Machinery)		5
	200	Aozora Bank Ltd. (Banks)		5
	300	Asahi Glass Co. Ltd. (Building Products)		9
	500	Asahi Group Holdings Ltd. (Beverages)		25
	300	ASAHI INTECC Co. Ltd. (Health Care Equipment & Supplies)		8
	100	Benesse Holdings, Inc. (Diversified Consumer Services)		3
	833	Bridgestone Corp. (Auto Components)		33
	300	Brother Industries Ltd. (Technology Hardware, Storage & Peripherals)		5
	100	CALBEE, Inc. (Food Products)		3
	1,400	Canon, Inc. (Technology Hardware, Storage & Peripherals)		37
	300	Casio Computer Co. Ltd. (Household Durables)		5
	200	Central Japan Railway Co. (Road & Rail)		42

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Japan (continued)
	100	Century Tokyo Leasing Corp. (Diversified Financial Services)	$	5
	900	Chubu Electric Power Company, Inc. (Electric Utilities)		13
	200	Coca-Cola West Co. Ltd. (Beverages)		4
	1,400	Concordia Financial Group Ltd. (Banks)		5
	200	Credit Saison Co. Ltd. (Consumer Finance)		3
	100	CyberAgent, Inc. (Media)		4
	400	Daicel Corp. (Chemicals)		3
	130	Daifuku Co. Ltd. (Machinery)		7
	320	Daikin Industries Ltd. (Building Products)		43
	100	Daito Trust Construction Co. Ltd. (Real Estate Management & Development)		13
	800	Daiwa House Industry Co. Ltd. (Real Estate Management & Development)		26
	3	Daiwa House REIT Investment Corp. (Equity Real Estate Investment Trusts)		8
	2,200	Daiwa Securities Group, Inc. (Capital Markets)		10
	656	Denso Corp. (Auto Components)		29
	300	Dentsu, Inc. (Media)		11
	35	Disco Corp. (Semiconductors & Semiconductor Equipment)		7
	568	Don Quijote Co. Ltd. (Multiline Retail)		9
	400	East Japan Railway Co. (Road & Rail)		38
	200	Electric Power Development Co. Ltd. (Independent Power and Renewable Electricity Producers)		5
	400	FamilyMart Co. Ltd. (Food & Staples Retailing)		10
	249	Fanuc Ltd. (Machinery)		48
	100	Fast Retailing Co. Ltd. (Specialty Retail)		58
	200	Fuji Electric Co. Ltd. (Electrical Equipment)		6
	900	Fuji Heavy Industries Ltd. (Automobiles)		25
	500	FUJIFILM Holdings Corp. (Technology Hardware, Storage & Peripherals)		22
	252	Fujitsu Ltd. (IT Services)		20
	200	Fukuoka Financial Group, Inc. (Banks)		4
	100	GMO Payment Gateway, Inc. (IT Services)		7
	300	Hakuhodo DY Holdings, Inc. (Media)		4
	200	Hamamatsu Photonics K.K. (Electronic Equipment, Instruments & Components)		7
	300	Hankyu Hanshin Holdings, Inc. (Road & Rail)		12
	27	Hikari Tsushin, Inc. (Specialty Retail)		6
	400	Hino Motors Ltd. (Machinery)		3
	42	Hirose Electric Co. Ltd. (Electronic Equipment, Instruments & Components)		5
	100	Hisamitsu Pharmaceutical Co., Inc. (Pharmaceuticals)		4
	100	Hitachi Chemical Co. Ltd. (Chemicals)		3
	200	Hitachi Construction Machinery Co. Ltd. (Machinery)		5
	100	Hitachi High-Technologies Corp. (Electronic Equipment, Instruments & Components)		6
	1,340	Hitachi Ltd. (Electronic Equipment, Instruments & Components)		50
	300	Hitachi Metals Ltd. (Metals & Mining)		3
	2,300	Honda Motor Co. Ltd. (Automobiles)		60
	100	Hoshizaki Electric Co. Ltd. (Machinery)		8

HC CAPITAL TRUST

The Catholic SRI Growth Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Japan (continued)
	500	HOYA Corp. (Health Care Equipment & Supplies)	$	41
	400	Hulic Co. Ltd. (Real Estate Management & Development)		4
	252	Idemitsu Kosan Co. Ltd. (Oil, Gas & Consumable Fuels)		7
	200	IHI Corp. (Machinery)		4
	200	Iida Group Holdings Co. Ltd. (Household Durables)		3
	1,500	INPEX Corp. (Oil, Gas & Consumable Fuels)		14
	500	Isetan Mitsukoshi Holdings Ltd. (Multiline Retail)		4
	800	Isuzu Motors Ltd. (Automobiles)		9
	1,900	ITOCHU Corp. (Trading Companies & Distributors)		39
	100	ITOCHU Techno-Solutions Corp. (IT Services)		3
	300	J. Front Retailing Co. Ltd. (Multiline Retail)		4
	148	Japan Airlines Co. Ltd. (Airlines)		4
	100	Japan Airport Terminal Co. Ltd. (Transportation Infrastructure)		4
	700	Japan Exchange Group, Inc. (Capital Markets)		11
	600	Japan Post Bank Co. Ltd. (Banks)		6
	2,200	Japan Post Holdings Co. Ltd. (Insurance)		20
	1	Japan Prime Realty Investment Corp. (Equity Real Estate Investment Trusts)		5
	2	Japan Real Estate Investment Corp. (Equity Real Estate Investment Trusts)		13
	4	Japan Retail Fund Investment Corp. (Equity Real Estate Investment Trusts)		8
	700	JFE Holdings, Inc. (Metals & Mining)		8
	300	JGC Corp. (Construction & Engineering)		4
	400	JS Group Corp. (Building Products)		7
	300	JSR Corp. (Chemicals)		5
	300	JTEKT Corp. (Machinery)		3
	4,500	JX Holdings, Inc. (Oil, Gas & Consumable Fuels)		20
	600	Kajima Corp. (Construction & Engineering)		8
	200	Kakaku.com, Inc. (Interactive Media & Services)		5
	200	Kamigumi Co. Ltd. (Transportation Infrastructure)		5
	100	Kaneka Corp. (Chemicals)		3
	300	Kansai Paint Co. Ltd. (Chemicals)		7
	727	Kao Corp. (Personal Products)		54
	200	Kawasaki Heavy Industries Ltd. (Machinery)		4
	2,474	KDDI Corp. (Wireless Telecommunication Services)		65
	100	Keihan Holdings Co. Ltd. (Industrial Conglomerates)		4
	300	Keikyu Corp. (Road & Rail)		6
	132	Keio Corp. (Road & Rail)		8
	200	Keisei Electric Railway Co. Ltd. (Road & Rail)		8
	117	Keyence Corp. (Electronic Equipment, Instruments & Components)		72
	200	Kikkoman Corp. (Food Products)		10
	200	Kintetsu Corp. (Road & Rail)		10
	1,200	Kirin Holdings Co. Ltd. (Beverages)		25

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Japan (continued)
	100	Kobayashi Pharmaceutical Co. Ltd. (Personal Products)	$	8
	400	Kobe Steel Ltd. (Metals & Mining)		2
	134	Koito Manufacturing Co. Ltd. (Auto Components)		7
	1,300	Komatsu Ltd. (Machinery)		30
	100	Konami Corp. (Entertainment)		5
	600	Konica Minolta, Inc. (Technology Hardware, Storage & Peripherals)		4
	43	Kose Corp. (Personal Products)		7
	1,500	Kubota Corp. (Machinery)		23
	500	Kuraray Co. Ltd. (Chemicals)		6
	100	Kurita Water Industries Ltd. (Machinery)		3
	500	Kyocera Corp. (Electronic Equipment, Instruments & Components)		31
	300	Kyowa Hakko Kirin Co. Ltd. (Pharmaceuticals)		6
	500	Kyushu Electric Power Co., Inc. (Electric Utilities)		5
	200	Kyushu Railway Co. (Road & Rail)		6
	100	Lawson, Inc. (Food & Staples Retailing)		5
	100	LINE Corp. (Interactive Media & Services) (a)		4
	300	Lion Corp. (Household Products)		6
	600	M3, Inc. (Health Care Technology)		14
	300	Makita Corp. (Machinery)		9
	2,200	Marubeni Corp. (Trading Companies & Distributors)		15
	300	Marui Group Co. Ltd. (Multiline Retail)		6
	100	Maruichi Steel Tube Ltd. (Metals & Mining)		3
	800	Mazda Motor Corp. (Automobiles)		7
	100	McDonald’s Holdings Co. (Japan) Ltd. (Hotels, Restaurants & Leisure)		5
	1,100	Mebuki Financial Group, Inc. (Banks)		3
	300	Medipal Holdings Corp. (Health Care Providers & Services)		7
	100	Mercari, Inc. (Internet & Direct Marketing Retail) (a)		2
	500	Minebea Co. Ltd. (Machinery)		8
	400	MISUMI Group, Inc. (Machinery)		9
	1,900	Mitsubishi Corp. (Trading Companies & Distributors)		46
	2,600	Mitsubishi Electric Corp. (Electrical Equipment)		34
	1,700	Mitsubishi Estate Co. Ltd. (Real Estate Management & Development)		33
	200	Mitsubishi Gas Chemical Co., Inc. (Chemicals)		3
	200	Mitsubishi Materials Corp. (Metals & Mining)		5
	1,000	Mitsubishi Motors Corp. (Automobiles)		4
	17,579	Mitsubishi UFJ Financial Group, Inc. (Banks)		89
	500	Mitsubishi UFJ Lease & Finance Co. Ltd. (Diversified Financial Services)		3
	300	Mitsui Chemicals, Inc. (Chemicals)		7
	1,300	Mitsui Fudosan Co. Ltd. (Real Estate Management & Development)		32
	200	Mitsui O.S.K. Lines Ltd. (Marine)		5
	34,800	Mizuho Financial Group, Inc. (Banks)		53
	200	MonotaRO Co. Ltd. (Trading Companies & Distributors)		5

HC CAPITAL TRUST

The Catholic SRI Growth Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Japan (continued)
	630	MS&AD Insurance Group Holdings, Inc. (Insurance)	$	20
	837	Murata Manufacturing Co. Ltd. (Electronic Equipment, Instruments & Components)		40
	200	Nabtesco Corp. (Machinery)		6
	300	Nagoya Railroad Co. Ltd. (Road & Rail)		9
	300	Namco Bandai Holdings, Inc. (Leisure Products)		19
	330	NEC Corp. (Technology Hardware, Storage & Peripherals)		14
	700	Nexon Co. Ltd. (Entertainment) (a)		8
	400	NGK Insulators Ltd. (Machinery)		6
	200	NGK Spark Plug Co. Ltd. (Auto Components)		4
	100	NH Foods Ltd. (Food Products)		4
	300	Nidec Corp. (Electrical Equipment)		41
	500	Nikon Corp. (Household Durables)		6
	145	Nintendo Co. Ltd. (Entertainment)		54
	2	Nippon Building Fund, Inc. (Equity Real Estate Investment Trusts)		16
	100	Nippon Electric Glass Co. Ltd. (Electronic Equipment, Instruments & Components)		2
	100	Nippon Express Co. Ltd. (Road & Rail)		5
	200	Nippon Paint Holdings Co. Ltd. (Chemicals)		10
	3	Nippon Prologis REIT, Inc. (Equity Real Estate Investment Trusts)		8
	1,100	Nippon Steel & Sumitomo Metal Corp. (Metals & Mining)		16
	931	Nippon Telegraph & Telephone Corp. (Diversified Telecommunication Services)		44
	200	Nippon Yusen Kabushiki Kaisha (Marine)		3
	3,300	Nissan Motor Co. Ltd. (Automobiles)		21
	254	Nisshin Seifun Group, Inc. (Food Products)		5
	100	Nissin Foods Holdings Co. Ltd. (Food Products)		7
	100	Nitori Holdings Co. Ltd. (Specialty Retail)		15
	200	Nitto Denko Corp. (Chemicals)		10
	4,700	Nomura Holdings, Inc. (Capital Markets)		20
	200	Nomura Real Estate Holdings, Inc. (Real Estate Management & Development)		4
	6	Nomura Real Estate Master Fund, Inc. (Equity Real Estate Investment Trusts)		11
	435	Nomura Research Institute Ltd. (IT Services)		9
	500	NSK Ltd. (Machinery)		4
	900	NTT Data Corp. (IT Services)		12
	1,866	NTT DoCoMo, Inc. (Wireless Telecommunication Services)		48
	900	Obayashi Corp. (Construction & Engineering)		9
	100	OBIC Co. Ltd. (IT Services)		11
	400	Odakyu Electric Railway Co. Ltd. (Road & Rail)		10
	1,300	Oji Paper Co. Ltd. (Paper & Forest Products)		6
	1,700	Olympus Corp. (Health Care Equipment & Supplies)		23
	247	OMRON Corp. (Electronic Equipment, Instruments & Components)		14

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Japan (continued)
	500	Ono Pharmaceutical Co. Ltd. (Pharmaceuticals)	$	9
	49	Oracle Corp. Japan (Software)		4
	300	Oriental Land Co. Ltd. (Hotels, Restaurants & Leisure)		45
	1,900	ORIX Corp. (Diversified Financial Services)		28
	500	Osaka Gas Co. Ltd. (Gas Utilities)		10
	134	OTSUKA Corp. (IT Services)		5
	600	Otsuka Holdings Co. Ltd. (Pharmaceuticals)		23
	3,100	Panasonic Corp. (Household Durables)		25
	200	Park24 Co. Ltd. (Commercial Services & Supplies)		5
	100	PeptiDream, Inc. (Biotechnology) (a)		5
	300	Persol Holdings Co. Ltd. (Professional Services)		6
	148	Pigeon Corp. (Household Products)		6
	100	Pola Orbis Holdings, Inc. (Personal Products)		2
	1,200	Rakuten, Inc. (Internet & Direct Marketing Retail)		12
	1,900	Recruit Holdings Co. Ltd. (Professional Services)		57
	1,100	Renesas Electronics Corp. (Semiconductors & Semiconductor Equipment) (a)		7
	3,000	Resona Holdings, Inc. (Banks)		13
	1,000	Ricoh Co. Ltd. (Technology Hardware, Storage & Peripherals)		9
	43	Rinnai Corp. (Household Durables)		3
	121	Rohm Co. Ltd. (Semiconductors & Semiconductor Equipment)		9
	310	Ryohin Keikaku Co. (Multiline Retail)		6
	100	Sankyo Co. Ltd. (Leisure Products)		3
	500	Santen Pharmaceutical Co. Ltd. (Pharmaceuticals)		9
	300	SBI Holdings, Inc. (Capital Markets)		6
	300	SECOM Co. Ltd. (Commercial Services & Supplies)		27
	200	Sega Sammy Holdings, Inc. (Leisure Products)		3
	300	Seibu Holdings, Inc. (Industrial Conglomerates)		5
	400	Seiko Epson Corp. (Technology Hardware, Storage & Peripherals)		6
	500	Sekisui Chemical Co. Ltd. (Household Durables)		8
	900	Sekisui House Ltd. (Household Durables)		18
	1,067	Seven & I Holdings Co. Ltd. (Food & Staples Retailing)		41
	800	Seven Bank Ltd. (Banks)		2
	200	SG Holdings Co. Ltd. (Air Freight & Logistics)		5
	300	Sharp Corp. (Household Durables)		3
	28	Shimamura Co. Ltd. (Specialty Retail)		2
	100	Shimano, Inc. (Leisure Products)		15
	900	Shimizu Corp. (Construction & Engineering)		8
	500	Shin-Etsu Chemical Co. Ltd. (Chemicals)		53
	300	Shinsei Bank Ltd. (Banks)		4
	600	Shiseido Co. Ltd. (Personal Products)		48
	200	Showa Denko KK (Chemicals)		5
	100	SMC Corp. (Machinery)		43
	2,400	Softbank Corp. (Wireless Telecommunication Services)		33

HC CAPITAL TRUST

The Catholic SRI Growth Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Japan (continued)
	2,318	SoftBank Group Corp. (Wireless Telecommunication Services)	$	90
	100	Sohgo Security Services Co. Ltd. (Commercial Services & Supplies)		5
	500	Sompo Japan Nipponkoa Holdings, Inc. (Insurance)		21
	1,800	Sony Corp. (Household Durables)		106
	200	Sony Financial Holdings, Inc. (Insurance)		4
	200	Stanley Electric Co. Ltd. (Auto Components)		5
	300	Start Today Co. Ltd. (Internet & Direct Marketing Retail)		7
	400	Sumco Corp. (Semiconductors & Semiconductor Equipment)		5
	1,700	Sumitomo Corp. (Trading Companies & Distributors)		27
	1,100	Sumitomo Electric Industries Ltd. (Auto Components)		14
	142	Sumitomo Heavy Industries Ltd. (Machinery)		4
	300	Sumitomo Metal Mining Co. Ltd. (Metals & Mining)		9
	1,900	Sumitomo Mitsui Financial Group, Inc. (Banks)		65
	523	Sumitomo Mitsui Trust Holdings, Inc. (Banks)		19
	500	Sumitomo Realty & Development Co. Ltd. (Real Estate Management & Development)		19
	200	Sumitomo Rubber Industries Ltd. (Auto Components)		2
	100	Sundrug Co. Ltd. (Food & Staples Retailing)		3
	200	Suntory Beverage & Food Ltd. (Beverages)		9
	100	SUZUKEN Co. Ltd. (Health Care Providers & Services)		5
	500	Suzuki Motor Corp. (Automobiles)		21
	200	Sysmex Corp. (Health Care Equipment & Supplies)		13
	800	T&D Holdings, Inc. (Insurance)		8
	200	Taiheiyo Cement Corp. (Construction Materials)		5
	300	Taisei Corp. (Construction & Engineering)		11
	46	Taisho Pharmaceutical Holdings Co. Ltd. (Pharmaceuticals)		3
	200	Taiyo Nippon Sanso Corp. (Chemicals)		4
	200	TDK Corp. (Electronic Equipment, Instruments & Components)		18
	300	Teijin Ltd. (Chemicals)		6
	100	The Bank of Kyoto Ltd. (Banks)		4
	700	The Chiba Bank Ltd. (Banks)		4
	400	The Chugoku Electric Power Company, Inc. (Electric Utilities)		5
	1,486	The Dai-ichi Life Insurance Co. Ltd. (Insurance)		22
	1,000	The Kansai Electric Power Co., Inc. (Electric Utilities)		11
	600	The Shizuoka Bank Ltd. (Banks)		4
	200	The Yokohama Rubber Co. Ltd. (Auto Components)		4
	200	THK Co. Ltd. (Machinery)		5
	245	Tobu Railway Co. Ltd. (Road & Rail)		8
	145	Toho Co. Ltd. (Entertainment)		6
	100	Toho Gas Co. Ltd. (Gas Utilities)		4

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Japan (continued)
	700	Tohoku Electric Power Co., Inc. (Electric Utilities)	$	7
	931	Tokio Marine Holdings, Inc. (Insurance)		51
	2,200	Tokyo Electric Power Co., Inc. (Electric Utilities) (a)		11
	200	Tokyo Electron Ltd. (Semiconductors & Semiconductor Equipment)		39
	800	Tokyo Fudosan Holdings Corp. (Real Estate Management & Development)		5
	500	Tokyo Gas Co. Ltd. (Gas Utilities)		12
	700	Tokyu Corp. (Road & Rail)		13
	400	Toppan Printing Co. Ltd. (Commercial Services & Supplies)		7
	2,000	Toray Industries, Inc. (Chemicals)		15
	700	Toshiba Corp. (Industrial Conglomerates)		22
	400	Tosoh Corp. (Chemicals)		5
	200	TOTO Ltd. (Building Products)		7
	200	Toyo Seikan Kaisha Ltd. (Containers & Packaging)		3
	100	Toyo Suisan Kaisha Ltd. (Food Products)		4
	100	Toyoda Gosei Co. Ltd. (Auto Components)		2
	200	Toyota Industries Corp. (Auto Components)		11
	3,230	Toyota Motor Corp. (Automobiles)		216
	200	Trend Micro, Inc. (Software)		10
	47	Tsuruha Holdings, Inc. (Food & Staples Retailing)		5
	600	Unicharm Corp. (Household Products)		19
	4	United Urban Investment Corp. (Equity Real Estate Investment Trusts)		8
	300	USS Co. Ltd. (Specialty Retail)		6
	100	Welcia Holdings Co. Ltd. (Food & Staples Retailing)		5
	4,000	Yahoo Japan Corp. (Interactive Media & Services)		11
	200	Yakult Honsha Co. Ltd. (Food Products)		11
	800	Yamada Denki Co. Ltd. (Specialty Retail)		4
	200	Yamaha Corp. (Leisure Products)		9
	400	Yamaha Motor Co. Ltd. (Automobiles)		7
	400	Yamato Holdings Co. Ltd. (Air Freight & Logistics)		6
	200	Yamazaki Baking Co. Ltd. (Food Products)		4
	300	Yaskawa Electric Corp. (Electronic Equipment, Instruments & Components)		11
	300	Yokogawa Electric Corp. (Electronic Equipment, Instruments & Components)		5
				4,334
		Jersey — 0.14%
	15,907	Glencore International PLC (Metals & Mining)		48
	1,780	WPP PLC (Media)		22
				70
		Liberia — 0.05%
	250	Royal Caribbean Cruises Ltd. (Hotels, Restaurants & Leisure)		27
		Luxembourg — 0.07%
	939	ArcelorMittal (Metals & Mining)		14
	84	Millicom International Cellular SA (Wireless Telecommunication Services)		4

HC CAPITAL TRUST

The Catholic SRI Growth Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Luxembourg (continued)
	49	RTL Group (Media)	$	2
	535	SES - FDR, Class - A (Media)		10
	691	Tenaris SA (Energy Equipment & Services)		7
				37
		Netherlands — 1.59%
	599	ABN AMRO Group N.V. (Banks) (b)		11
	15	Adyen N.V. (IT Services) (a)(b)		10
	2,625	AEGON N.V. (Insurance) ^		11
	188	Aercap Holdings N.V. (Trading Companies & Distributors) (a)		10
	830	Airbus Group N.V. (Aerospace & Defense)		107
	320	Akzo Nobel N.V. (Chemicals)		29
	601	ASML Holding N.V. (Semiconductors & Semiconductor Equipment)		148
	1,436	CNH Industrial N.V. (Machinery)		15
	154	Exor N.V. (Diversified Financial Services)		10
	163	Heineken Holding N.V., Class - A (Beverages)		16
	365	Heineken N.V. (Beverages)		40
	5,560	ING Groep N.V. (Banks)		58
	5,052	Koninklijke (Royal) KPN N.V. (Diversified Telecommunication Services)		16
	1,666	Koninklijke Ahold Delhaize N.V. (Food & Staples Retailing)		42
	256	Koninklijke DSM N.V. (Chemicals) ^		31
	1,324	Koninklijke Philips Electronics N.V. (Health Care Equipment & Supplies)		61
	88	Koninklijke Vopak N.V. (Oil, Gas & Consumable Fuels)		5
	372	LyondellBasell Industries N.V., Class - A (Chemicals)		33
	443	NN Group N.V. (Insurance)		16
	415	NXP Semiconductors N.V. (Semiconductors & Semiconductor Equipment)		45
	577	Prosus N.V. (Internet & Direct Marketing Retail) (a)		42
	327	QIAGEN N.V. (Life Sciences Tools & Services) (a)		11
	169	Randstad Holding N.V. (Professional Services)		8
	965	STMicroelectronics N.V. (Semiconductors & Semiconductor Equipment)		19
	394	Wolters Kluwer N.V. (Professional Services)		29
				823
		New Zealand — 0.09%
	1,042	A2 Milk Co. Ltd. (Food Products) (a)		9
	1,374	Auckland International Airport Ltd. (Transportation Infrastructure)		8
	841	Fisher & Paykel Healthcare COR (Health Care Equipment & Supplies)		10
	1,074	Fletcher Building Ltd. (Construction Materials)		3
	1,904	Meridian Energy Ltd. (Independent Power and Renewable Electricity Producers)		6
	503	Ryman Healthcare Ltd. (Health Care Providers & Services)		4
	2,712	Telecom Corporation of New Zealand Ltd. (Diversified Telecommunication Services)		7
				47

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Norway — 0.25%
	136	Aker BP ASA (Oil, Gas & Consumable Fuels)	$	4
	1,357	DNB ASA (Banks)		24
	1,401	Equinor ASA (Oil, Gas & Consumable Fuels)		27
	298	Gjensidige Forsikring ASA (Insurance)		6
	620	Marine Harvest ASA (Food Products)		14
	1,987	Norsk Hydro ASA (Metals & Mining)		7
	1,086	Orkla ASA (Food Products)		10
	124	Schibsted ASA (Media)		3
	1,048	Telenor ASA (Diversified Telecommunication Services)		21
	252	Yara International ASA (Chemicals)		11
				127
		Panama — 0.05%
	594	Carnival Corp., Class - A (Hotels, Restaurants & Leisure)		26
		Papua New Guinea — 0.02%
	1,949	Oil Search Ltd. (Oil, Gas & Consumable Fuels)		10
		Portugal — 0.06%
	3,711	EDP - Energias de Portugal SA (Electric Utilities)		14
	711	Galp Energia SGPS SA, B Shares (Oil, Gas & Consumable Fuels)		11
	374	Jeronimo Martins, SGPS, SA (Food & Staples Retailing)		6
				31
		Singapore — 0.48%
	3,700	Ascendas Real Estate Investment Trust (Equity Real Estate Investment Trusts)		9
	3,900	CapitaCommercial Trust (Equity Real Estate Investment Trusts)		6
	3,600	Capitaland Ltd. (Real Estate Management & Development)		10
	3,800	CapitaMall Trust (Equity Real Estate Investment Trusts)		7
	600	City Developments Ltd. (Real Estate Management & Development)		4
	3,200	ComfortDelGro Corp. Ltd. (Road & Rail)		6
	2,500	DBS Group Holdings Ltd. (Banks)		45
	769	Flextronics International Ltd. (Electronic Equipment, Instruments & Components) (a)		8
	9,000	Genting Singapore PLC (Hotels, Restaurants & Leisure)		6
	8,233	Golden Agri-Resources Ltd. (Food Products)		1
	100	Jardine Cycle & Carriage Ltd. (Distributors)		2
	2,100	Keppel Corp. Ltd. (Industrial Conglomerates)		9
	4,500	Oversea-Chinese Banking Corp. Ltd. (Banks)		35
	800	SATS Ltd. (Transportation Infrastructure)		3
	1,200	SembCorp Industries Ltd. (Industrial Conglomerates)		2
	700	Singapore Airlines Ltd. (Airlines)		5
	1,200	Singapore Exchange Ltd. (Capital Markets)		7
	2,000	Singapore Press Holdings Ltd. (Media)		3

HC CAPITAL TRUST

The Catholic SRI Growth Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Singapore (continued)
	11,500	Singapore Telecommunications Ltd. (Diversified Telecommunication Services)	$	26
	2,400	Suntec REIT (Equity Real Estate Investment Trusts)		3
	1,800	United Overseas Bank Ltd. (Banks)		33
	600	United Overseas Land Ltd. (Real Estate Management & Development)		3
	400	Venture Corp. Ltd. (Electronic Equipment, Instruments & Components)		4
	2,800	Wilmar International Ltd. (Food Products)		8
	3,000	Yangzijiang Shipbuilding Holdings Ltd. (Machinery)		2
				247
		Spain — 1.09%
	358	ACS Actividades de Construccion y Servicios SA (Construction & Engineering)		14
	12	ACS Actividades de Construccion y Servicios SA (Construction & Engineering) (a)		—
	96	Aena SME SA (Transportation Infrastructure) (b)		18
	617	Amadeus IT Holding SA, A Shares (IT Services)		44
	9,375	Banco Bilbao Vizcaya Argentaria SA (Banks)		49
	8,252	Banco de Sabadell SA (Banks)		8
	23,912	Banco Santander SA (Banks)		98
	1,554	Bankia SA (Banks)		3
	996	Bankinter SA (Banks)		6
	5,078	CaixaBank SA (Banks)		13
	275	Cellnex Telecom SA (Diversified Telecommunication Services) (b)		11
	1,358	Corporacion Mapfre (Insurance)		4
	335	Enagas (Oil, Gas & Consumable Fuels)		8
	450	Endesa (Electric Utilities)		12
	688	Ferrovial SA (Construction & Engineering)		21
	355	Gamesa Corporacion Tecnologica SA (Electrical Equipment)		5
	437	Gas Natural SDG SA (Gas Utilities)		12
	422	Grifols SA (Biotechnology)		12
	8,436	Iberdrola SA (Electric Utilities)		88
	1,534	Industria de Diseno Textil SA (Specialty Retail)		47
	613	Red Electrica Corp. (Electric Utilities)		12
	1,887	Repsol SA (Oil, Gas & Consumable Fuels)		29
	6,679	Telefonica SA (Diversified Telecommunication Services)		51
				565
		Sweden — 0.87%
	447	Alfa Laval AB (Machinery)		9
	1,412	Assa Abloy AB, B Shares (Building Products)		31
	946	Atlas Copco AB, A Shares (Machinery)		29
	551	Atlas Copco AB, B Shares (Machinery)		15
	389	Boliden AB (Metals & Mining)		9
	331	Electrolux AB, B Shares (Household Durables)		8
	936	Epiroc AB, Class - A (Machinery)		10
	491	Epiroc AB, Class - B (Machinery)		5

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Sweden (continued)
	855	Essity Aktiebolag, Class - B (Household Products)	$	25
	1,158	Hennes & Mauritz AB, B Shares (Specialty Retail)		22
	367	Hexagon AB (Electronic Equipment, Instruments & Components)		18
	526	Husqvarna AB (Household Durables)		4
	135	ICA Gruppen AB (Food & Staples Retailing)		6
	249	Industrivarden AB, C Shares (Diversified Financial Services)		5
	642	Investor AB, B Shares (Diversified Financial Services)		32
	354	Kinnevik AB (Diversified Financial Services)		9
	95	L E Lundbergforetagen AB (Diversified Financial Services)		4
	248	Lundin Petroleum AB (Oil, Gas & Consumable Fuels)		7
	1,590	Sandvik AB (Machinery)		25
	460	Securitas AB, B Shares (Commercial Services & Supplies)		7
	2,297	Skandinaviska Enskilda Banken AB, Class - A (Banks)		22
	454	Skanska AB, B Shares (Construction & Engineering)		9
	541	SKF AB, B Shares (Machinery)		9
	2,155	Svenska Handelsbanken AB, A Shares (Banks)		20
	1,279	Swedbank AB, A Shares (Banks)		18
	709	Tele2 AB, B Shares (Wireless Telecommunication Services)		11
	4,322	Telefonaktiebolaget LM Ericsson, B Shares (Communications Equipment)		35
	3,939	TeliaSonera AB (Diversified Telecommunication Services)		18
	2,091	Volvo AB, B Shares (Machinery)		29
				451
		Switzerland — 2.74%
	2,591	ABB Ltd., Registered Shares (Electrical Equipment)		51
	224	Adecco SA, Registered Shares (Professional Services)		12
	588	Alcon, Inc. (Health Care Equipment & Supplies) (a)		35
	69	Baloise Holding AG, Registered Shares (Insurance)		12
	3	Barry Callebaut AG (Food Products)		6
	2	Chocoladefabriken Lindt & Sprungil AG (Food Products)		15
	654	Chubb Ltd. (Insurance)		105
	251	Clariant AG (Chemicals)		5
	284	Coca-Cola HBC AG (Beverages)		9
	746	Compagnie Financiere Richemont SA, Registered Shares (Textiles, Apparel & Luxury Goods)		54
	3,596	Credit Suisse Group AG (Capital Markets)		44
	54	Dufry AG (Specialty Retail)		5
	12	EMS-Chemie Holding AG, Registered Shares (Chemicals)		7
	188	Garmin Ltd. (Household Durables)		16
	52	Geberit AG (Building Products)		25

HC CAPITAL TRUST

The Catholic SRI Growth Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Switzerland (continued)
	13	Givaudan SA (Chemicals)	$	37
	317	Julius Baer Group Ltd. (Capital Markets)		14
	77	Kuehne & Nagel International Ltd. (Marine)		11
	684	LafargeHolcim Ltd., Registered Shares (Construction Materials)		34
	4,324	Nestle SA (Food Products)		468
	48	Pargesa Holding SA (Diversified Financial Services)		4
	26	Partners Group Holding AG (Capital Markets)		20
	58	Schindler Holding AG (Machinery)		13
	26	Schindler Holding AG (Machinery)		6
	8	SGS SA, Registered Shares (Professional Services)		20
	180	Sika AG, Registered Shares (Chemicals)		26
	79	Sonova Holding AG, Registered Shares (Health Care Equipment & Supplies)		18
	15	Straumann Holding AG (Health Care Equipment & Supplies)		12
	48	Swiss Life Holding AG (Insurance)		23
	108	Swiss Prime Site AG (Real Estate Management & Development)		11
	428	Swiss Re AG (Insurance)		45
	36	Swisscom AG (Diversified Telecommunication Services)		18
	500	TE Connectivity Ltd. (Electronic Equipment, Instruments & Components)		47
	91	Temenos Group AG (Software)		15
	71	The Swatch Group AG (Textiles, Apparel & Luxury Goods)		4
	41	The Swatch Group AG, B Shares (Textiles, Apparel & Luxury Goods)		11
	5,508	UBS Group AG (Capital Markets)		63
	65	Vifor Pharma AG (Pharmaceuticals)		10
	216	Zurich Financial Services AG (Insurance)		83
				1,414
		United Arab Emirates — 0.01%
	118	NMC Health PLC (Health Care Providers & Services)		4
		United Kingdom — 5.56%
	1,422	3i Group PLC (Capital Markets)		20
	278	Admiral Group PLC (Insurance)		7
	2,287	Amcor PLC (Containers & Packaging)		22
	1,482	Anglo American PLC (Metals & Mining)		34
	585	Antofagasta PLC (Metals & Mining)		6
	342	Aon PLC (Insurance)		66
	367	Aptiv PLC (Auto Components)		32
	667	Ashtead Group PLC (Trading Companies & Distributors)		19
	504	Associated British Foods PLC (Food Products)		14
	1,329	Auto Trader Group PLC (Interactive Media & Services) (b)		8
	5,499	Aviva PLC (Insurance)		27
	24,099	Barclays PLC (Banks)		45
	1,370	Barratt Developments PLC (Household Durables)		11
	28,861	BP PLC (Oil, Gas & Consumable Fuels)		183
	1,290	British Land Co. PLC (Equity Real Estate Investment Trusts)		9

Shares		Security Description	Value (000)
		Common Stocks (continued)
		United Kingdom (continued)
	11,881	BT Group PLC (Diversified Telecommunication Services)	$	26
	477	Bunzl PLC (Trading Companies & Distributors)		12
	582	Burberry Group PLC (Textiles, Apparel & Luxury Goods)		15
	200	Capri Holdings Ltd. (Textiles, Apparel & Luxury Goods) (a)		7
	234	Carnival PLC (Hotels, Restaurants & Leisure)		10
	8,104	Centrica PLC (Multi-Utilities)		7
	335	Coca-Cola European Partners PLC (Beverages)		19
	2,267	Compass Group PLC (Hotels, Restaurants & Leisure)		58
	182	Croda International PLC (Chemicals)		11
	3,345	Diageo PLC (Beverages)		137
	2,018	Direct Line Insurance Group PLC (Insurance)		7
	181	easyJet PLC (Airlines)		3
	753	Evraz PLC (Metals & Mining)		4
	329	Ferguson PLC (Trading Companies & Distributors)		24
	278	Fresnillo PLC (Metals & Mining)		2
	2,313	G4S PLC (Commercial Services & Supplies)		5
	537	Halma PLC (Electronic Equipment, Instruments & Components)		13
	404	Hargreaves Lansdown PLC (Capital Markets)		10
	28,558	HSBC Holdings PLC (Banks)		219
	1,768	Informa PLC (Media)		19
	243	Intercontinental Hotels Group PLC (Hotels, Restaurants & Leisure)		15
	228	Intertek Group PLC (Professional Services)		15
	1,012	Investec PLC (Capital Markets)		5
	5,347	ITV PLC (Media)		8
	2,611	J Sainsbury PLC (Food & Staples Retailing)		7
	1,013	John Wood Group PLC (Energy Equipment & Services)		5
	274	Johnson Matthey PLC (Chemicals)		10
	3,099	Kingfisher PLC (Specialty Retail)		8
	1,000	Land Securities Group PLC (Equity Real Estate Investment Trusts)		11
	8,397	Legal & General Group PLC (Insurance)		26
	272	Liberty Global PLC, Class - A (Media) (a)		7
	588	Liberty Global PLC, Class - C (Media) (a)		14
	764	Linde PLC (Chemicals)		148
	101,870	Lloyds Banking Group PLC (Banks)		68
	441	London Stock Exchange Group (Capital Markets)		41
	2,577	Marks & Spencer Group PLC (Multiline Retail)		6
	1,145	Meggitt PLC (Aerospace & Defense)		9
	6,870	Melrose Industries PLC (Electrical Equipment)		17
	1,065	Merlin Entertainments PLC (Hotels, Restaurants & Leisure) (b)		6
	486	Micro Focus International PLC (Software)		7
	719	Mondi PLC (Paper & Forest Products)		14
	4,795	National Grid PLC (Multi-Utilities)		52
	195	Next PLC (Multiline Retail)		15

HC CAPITAL TRUST

The Catholic SRI Growth Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		United Kingdom (continued)
	647	Ocado Group PLC (Internet & Direct Marketing Retail) (a)	$	11
	1,108	Pearson PLC (Media)		10
	450	Persimmon PLC (Household Durables)		12
	3,588	Prudential PLC (Insurance)		65
	2,803	RELX PLC (Professional Services)		67
	2,619	Rentokil Initial PLC (Commercial Services & Supplies)		15
	1,626	Rio Tinto PLC (Metals & Mining)		85
	6,805	Royal Bank of Scotland Group PLC (Banks)		17
	6,132	Royal Dutch Shell PLC, A Shares (Oil, Gas & Consumable Fuels)		180
	5,337	Royal Dutch Shell PLC, B Shares (Oil, Gas & Consumable Fuels)		157
	1,457	RSA Insurance Group PLC (Insurance)		10
	184	Schroders PLC (Capital Markets)		7
	1,547	SEGRO PLC (Equity Real Estate Investment Trusts)		15
	233	Sensata Technologies Holding PLC (Electrical Equipment) (a)		12
	347	Severn Trent PLC (Water Utilities)		9
	1,233	Smith & Nephew PLC (Health Care Equipment & Supplies)		30
	561	Smiths Group PLC (Industrial Conglomerates)		11
	104	Spirax-Sarco Engineering PLC (Machinery)		10
	1,449	SSE PLC (Electric Utilities)		22
	752	St. James Place PLC (Capital Markets)		9
	3,959	Standard Chartered PLC (Banks)		33
	3,528	Standard Life Aberdeen PLC (Diversified Financial Services)		12
	4,379	Taylor Wimpey PLC (Household Durables)		9
	605	TechnipFMC PLC (Energy Equipment & Services)		14
	13,780	Tesco PLC (Food & Staples Retailing)		40
	163	The Berkeley Group Holdings PLC (Household Durables)		8
	1,536	The Sage Group PLC (Software)		13
	383	The Weir Group PLC (Machinery)		7
	2,078	Unilever N.V (Personal Products)		125
	1,583	Unilever PLC (Personal Products)		95
	996	United Utilities Group PLC (Water Utilities)		10
	38,173	Vodafone Group PLC (Wireless Telecommunication Services)		76
	180	Whitbread PLC (Hotels, Restaurants & Leisure)		10
	3,471	William Morrison Supermarkets PLC (Food & Staples Retailing)		9
	182	Willis Towers Watson PLC (Insurance)		35
				2,875
		United States — 60.34%
	821	3M Co. (Industrial Conglomerates)		135
	202	A.O. Smith Corp. (Building Products)		10
	2,502	Abbott Laboratories (Health Care Equipment & Supplies)		210
	63	Abiomed, Inc. (Health Care Equipment & Supplies) (a)		11
	901	Accenture PLC, Class - A (IT Services)		173
	1,100	Activision Blizzard, Inc. (Entertainment)		58
	59	Acuity Brands, Inc. (Electrical Equipment)		8
	687	Adobe Systems, Inc. (Software) (a)		190
	102	Advance Auto Parts, Inc. (Specialty Retail)		17

Shares		Security Description	Value (000)
		Common Stocks (continued)
		United States (continued)
	1,440	Advanced Micro Devices, Inc. (Semiconductors & Semiconductor Equipment) (a)	$	42
	77	Affiliated Managers Group, Inc. (Capital Markets)		6
	1,072	Aflac, Inc. (Insurance)		56
	456	Agilent Technologies, Inc. (Life Sciences Tools & Services)		35
	760	AGNC Investment Corp. (Mortgage Real Estate Investment Trusts)		12
	313	Air Products & Chemicals, Inc. (Chemicals)		69
	231	Akamai Technologies, Inc. (IT Services) (a)		21
	150	Albemarle Corp. (Chemicals)		10
	159	Alexandria Real Estate Equities, Inc. (Equity Real Estate Investment Trusts)		24
	314	Alexion Pharmaceuticals, Inc. (Biotechnology) (a)		31
	107	Align Technology, Inc. (Health Care Equipment & Supplies) (a)		19
	21	Alleghany Corp. (Insurance) (a)		17
	68	Alliance Data Systems Corp. (IT Services)		9
	334	Alliant Energy Corp. (Electric Utilities)		18
	467	Allstate Corp. (Insurance)		51
	569	Ally Financial, Inc. (Consumer Finance)		19
	154	Alnylam Pharmaceuticals, Inc. (Biotechnology) (a)		12
	423	Alphabet, Inc., Class - A (Interactive Media & Services) (a)		517
	443	Alphabet, Inc., Class - C (Interactive Media & Services) (a)		540
	187	Altice USA, Inc., Class A (Media) (a)		5
	592	Amazon.com, Inc. (Internet & Direct Marketing Retail) (a)		1,027
	11	AMERCO, Inc. (Road & Rail)		4
	345	Ameren Corp. (Multi-Utilities)		28
	142	American Airlines Group, Inc. (Airlines)		4
	705	American Electric Power, Inc. (Electric Utilities)		66
	999	American Express Co. (Consumer Finance)		117
	107	American Financial Group, Inc. (Insurance)		12
	1,242	American International Group, Inc. (Insurance)		70
	629	American Tower Corp. (Equity Real Estate Investment Trusts)		140
	255	American Water Works Co., Inc. (Water Utilities)		32
	191	Ameriprise Financial, Inc. (Capital Markets)		28
	223	AmerisourceBergen Corp. (Health Care Providers & Services)		18
	320	AMETEK, Inc. (Electrical Equipment)		29
	419	Amphenol Corp., Class - A (Electronic Equipment, Instruments & Components)		40
	526	Analog Devices, Inc. (Semiconductors & Semiconductor Equipment)		59
	1,978	Annaly Capital Management, Inc. (Mortgage Real Estate Investment Trusts)		18
	118	ANSYS, Inc. (Software) (a)		26
	367	Anthem, Inc. (Health Care Providers & Services)		88
	530	Apache Corp. (Oil, Gas & Consumable Fuels)		14

HC CAPITAL TRUST

The Catholic SRI Growth Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		United States (continued)
	6,506	Apple, Inc. (Technology Hardware, Storage & Peripherals)	$	1,457
	1,312	Applied Materials, Inc. (Semiconductors & Semiconductor Equipment)		65
	349	Aramark (Hotels, Restaurants & Leisure)		15
	789	Archer-Daniels-Midland Co. (Food Products)		32
	541	Arconic, Inc. (Aerospace & Defense)		14
	74	Arista Networks, Inc. (Communications Equipment) (a)		18
	125	Arrow Electronics, Inc. (Electronic Equipment, Instruments & Components) (a)		9
	259	Arthur J. Gallagher & Co. (Insurance)		23
	88	Assurant, Inc. (Insurance)		11
	10,297	AT&T, Inc. (Diversified Telecommunication Services)		390
	165	Atmos Energy Corp. (Gas Utilities)		18
	308	Autodesk, Inc. (Software) (a)		45
	122	Autoliv, Inc. (Auto Components)		10
	622	Automatic Data Processing, Inc. (IT Services)		100
	35	AutoZone, Inc. (Specialty Retail) (a)		38
	195	AvalonBay Communities, Inc. (Equity Real Estate Investment Trusts)		42
	119	Avery Dennison Corp. (Containers & Packaging)		14
	431	AXA Equitable Holdings, Inc. (Diversified Financial Services)		10
	300	Axalta Coating Systems Ltd. (Chemicals) (a)		9
	725	Baker Hughes, Inc. (Energy Equipment & Services)		17
	447	Ball Corp. (Containers & Packaging)		33
	12,743	Bank of America Corp. (Banks)		371
	1,229	Bank of New York Mellon Corp. (Capital Markets)		56
	696	Baxter International, Inc. (Health Care Equipment & Supplies)		61
	1,074	BB&T Corp. (Banks)		57
	384	Becton, Dickinson & Co. (Health Care Equipment & Supplies)		97
	1,835	Berkshire Hathaway, Inc., Class - B (Diversified Financial Services) (a)		381
	344	Best Buy Co., Inc. (Specialty Retail)		24
	251	BioMarin Pharmaceutical, Inc. (Biotechnology) (a)		17
	163	BlackRock, Inc., Class - A (Capital Markets)		73
	61	Booking Holdings, Inc. (Internet & Direct Marketing Retail) (a)		120
	294	BorgWarner, Inc. (Auto Components)		10
	218	Boston Properties, Inc. (Equity Real Estate Investment Trusts)		28
	1,978	Boston Scientific Corp. (Health Care Equipment & Supplies) (a)		80
	133	Brighthouse Financial, Inc. (Insurance) (a)		5
	557	Broadcom, Inc. (Semiconductors & Semiconductor Equipment)		154
	163	Broadridge Financial Solutions, Inc. (IT Services)		20
	434	Brown-Forman Corp., Class - B (Beverages)		27
	96	Burlington Stores, Inc. (Specialty Retail) (a)		19

Shares		Security Description	Value (000)
		Common Stocks (continued)
		United States (continued)
	194	C.H. Robinson Worldwide, Inc. (Air Freight & Logistics)	$	16
	600	Cabot Oil & Gas Corp. (Oil, Gas & Consumable Fuels)		11
	395	Cadence Design Systems, Inc. (Software) (a)		26
	137	Camden Property Trust (Equity Real Estate Investment Trusts)		15
	235	Campbell Soup Co. (Food Products)		11
	669	Capital One Financial Corp. (Consumer Finance)		61
	434	Cardinal Health, Inc. (Health Care Providers & Services)		20
	240	CarMax, Inc. (Specialty Retail) (a)		21
	804	Caterpillar, Inc. (Machinery)		102
	158	CBOE Holdings, Inc. (Capital Markets)		18
	456	CBRE Group, Inc., Class - A (Real Estate Management & Development) (a)		24
	466	CBS Corp., Class - B (Media)		19
	178	CDK Global, Inc. (Software)		9
	207	CDW Corporation of Delaware (Electronic Equipment, Instruments & Components)		26
	181	Celanese Corp., Series A (Chemicals)		22
	581	Centene Corp. (Health Care Providers & Services) (a)		25
	707	CenterPoint Energy, Inc. (Multi-Utilities)		21
	1,375	CenturyLink, Inc. (Diversified Telecommunication Services)		17
	464	Cerner Corp. (Health Care Technology)		32
	316	CF Industries Holdings, Inc. (Chemicals)		16
	225	Charter Communications, Inc., Class - A (Media) (a)		92
	327	Cheniere Energy, Inc. (Oil, Gas & Consumable Fuels) (a)		21
	2,687	Chevron Corp. (Oil, Gas & Consumable Fuels)		319
	37	Chipotle Mexican Grill, Inc. (Hotels, Restaurants & Leisure) (a)		31
	543	Cigna Corp. (Health Care Providers & Services)		82
	149	Cimarex Energy Co. (Oil, Gas & Consumable Fuels)		7
	218	Cincinnati Financial Corp. (Insurance)		25
	126	Cintas Corp. (Commercial Services & Supplies)		34
	6,037	Cisco Systems, Inc. (Communications Equipment)		298
	148	CIT Group, Inc. (Banks)		7
	3,259	Citigroup, Inc. (Banks)		225
	650	Citizens Financial Group, Inc. (Banks)		23
	186	Citrix Systems, Inc. (Software)		18
	510	CME Group, Inc. (Capital Markets)		107
	399	CMS Energy Corp. (Multi-Utilities)		26
	243	Cognex Corp. (Electronic Equipment, Instruments & Components)		12
	809	Cognizant Technology Solutions Corp. (IT Services)		49
	1,169	Colgate-Palmolive Co. (Household Products)		87
	6,387	Comcast Corp., Class - A (Media)		287
	225	Comerica, Inc. (Banks)		15
	686	ConAgra Foods, Inc. (Food Products)		21

HC CAPITAL TRUST

The Catholic SRI Growth Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		United States (continued)
	282	Concho Resources, Inc. (Oil, Gas & Consumable Fuels)	$	19
	1,618	ConocoPhillips (Oil, Gas & Consumable Fuels)		92
	451	Consolidated Edison, Inc. (Multi-Utilities)		43
	235	Constellation Brands, Inc., Class - A (Beverages)		49
	140	Continental Resources, Inc. (Oil, Gas & Consumable Fuels) (a)		4
	290	Copart, Inc. (Commercial Services & Supplies) (a)		23
	1,058	Corteva, Inc. (Chemicals)		30
	51	CoStar Group, Inc. (Professional Services) (a)		30
	619	Costco Wholesale Corp. (Food & Staples Retailing)		178
	378	Coty, Inc., Class - A (Personal Products)		4
	593	Crown Castle International Corp. (Equity Real Estate Investment Trusts)		83
	192	Crown Holdings, Inc. (Containers & Packaging) (a)		13
	1,105	CSX Corp. (Road & Rail)		77
	211	Cummins, Inc. (Machinery)		34
	1,850	CVS Caremark Corp. (Health Care Providers & Services)		118
	501	D.R. Horton, Inc. (Household Durables)		25
	174	Darden Restaurants, Inc. (Hotels, Restaurants & Leisure)		21
	138	DaVita Healthcare Partners, Inc. (Health Care Providers & Services) (a)		8
	425	Deere & Co. (Machinery)		72
	220	Dell Technologies, Inc. (Technology Hardware, Storage & Peripherals) (a)		11
	222	Delta Air Lines, Inc. (Airlines)		12
	314	Dentsply Sirona, Inc. (Health Care Equipment & Supplies)		17
	619	Devon Energy Corp. (Oil, Gas & Consumable Fuels)		15
	127	Dexcom, Inc. (Health Care Equipment & Supplies) (a)		19
	220	Diamondback Energy, Inc. (Oil, Gas & Consumable Fuels)		20
	292	Digital Realty Trust, Inc. (Equity Real Estate Investment Trusts)		38
	463	Discover Financial Services (Consumer Finance)		38
	231	Discovery Communications, Inc., Class - A (Media) (a)		6
	509	Discovery Communications, Inc., Class - C (Media) (a)		13
	325	Dish Network Corp. (Media) (a)		11
	150	DocuSign, Inc. (Software) (a)		9
	370	Dollar General Corp. (Multiline Retail)		59
	335	Dollar Tree, Inc. (Multiline Retail) (a)		38
	1,140	Dominion Resources, Inc. (Multi-Utilities)		91
	55	Domino’s Pizza, Inc. (Hotels, Restaurants & Leisure)		13
	204	Dover Corp. (Machinery)		20
	1,076	Dow, Inc. (Chemicals)		51
	281	Dropbox, Inc. (Software) (a)		6
	256	DTE Energy Co. (Multi-Utilities)		34
	1,037	Duke Energy Corp. (Electric Utilities)		99

Shares		Security Description	Value (000)
		Common Stocks (continued)
		United States (continued)
	508	Duke Realty Corp. (Equity Real Estate Investment Trusts)	$	17
	1,073	DuPont de Nemours, Inc. (Chemicals)		78
	378	DXC Technology Co. (IT Services)		11
	348	E*Trade Financial Corp. (Capital Markets)		15
	206	East West Bancorp, Inc. (Banks)		9
	198	Eastman Chemical Co. (Chemicals)		15
	170	Eaton Vance Corp. (Capital Markets)		8
	1,157	eBay, Inc. (Internet & Direct Marketing Retail)		45
	371	Ecolab, Inc. (Chemicals)		73
	512	Edison International (Electric Utilities)		39
	297	Edwards Lifesciences Corp. (Health Care Equipment & Supplies) (a)		65
	500	Elanco Animal Health, Inc. (Pharmaceuticals) (a)		13
	421	Electronic Arts, Inc. (Entertainment) (a)		41
	878	Emerson Electric Co. (Electrical Equipment)		59
	267	Entergy Corp. (Electric Utilities)		31
	828	EOG Resources, Inc. (Oil, Gas & Consumable Fuels)		61
	77	EPAM Systems, Inc. (IT Services) (a)		14
	170	Equifax, Inc. (Professional Services)		24
	119	Equinix, Inc. (Equity Real Estate Investment Trusts)		69
	121	Equity Lifestyle Properties, Inc. (Equity Real Estate Investment Trusts)		16
	521	Equity Residential (Equity Real Estate Investment Trusts)		45
	37	Erie Indemnity Co., Class - A (Insurance)		7
	92	Essex Property Trust, Inc. (Equity Real Estate Investment Trusts)		30
	359	Evergy, Inc. (Electric Utilities)		24
	447	Eversource Energy (Electric Utilities)		38
	177	Exact Sciences Corp. (Biotechnology) (a)		16
	1,385	Exelon Corp. (Electric Utilities)		67
	204	Expedia, Inc. (Internet & Direct Marketing Retail)		27
	243	Expeditors International of Washington, Inc. (Air Freight & Logistics)		18
	180	Extra Space Storage, Inc. (Equity Real Estate Investment Trusts)		21
	5,971	Exxon Mobil Corp. (Oil, Gas & Consumable Fuels)		421
	84	F5 Networks, Inc. (Communications Equipment) (a)		12
	3,403	Facebook, Inc., Class - A (Interactive Media & Services) (a)		606
	54	FactSet Research Systems, Inc. (Capital Markets)		13
	807	Fastenal Co. (Trading Companies & Distributors)		26
	105	Federal Realty Investment Trust (Equity Real Estate Investment Trusts)		14
	357	FedEx Corp. (Air Freight & Logistics)		52
	863	Fidelity National Information Services, Inc. (IT Services)		115
	1,018	Fifth Third Bancorp (Banks)		28
	236	First Republic Bank (Banks)		23
	747	FirstEnergy Corp. (Electric Utilities)		36
	824	Fiserv, Inc. (IT Services) (a)		85
	123	FleetCor Technologies, Inc. (IT Services) (a)		35
	175	Flowserve Corp. (Machinery)		8

HC CAPITAL TRUST

The Catholic SRI Growth Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		United States (continued)
	207	Fluor Corp. (Construction & Engineering)	$	4
	188	FMC Corp. (Chemicals)		16
	389	FNF Group (Insurance)		17
	5,585	Ford Motor Co. (Automobiles)		51
	199	Fortinet, Inc. (Software) (a)		15
	424	Fortive Corp. (Machinery)		29
	199	Fortune Brands Home & Security, Inc. (Building Products)		11
	497	Fox Corp., Class - A (Media)		16
	246	Fox Corp., Class - B (Media)		8
	461	Franklin Resources, Inc. (Capital Markets)		13
	2,043	Freeport-McMoRan Copper & Gold, Inc. (Metals & Mining)		20
	295	Gap, Inc. (Specialty Retail)		5
	127	Gartner Group, Inc. (IT Services) (a)		18
	839	General Mills, Inc. (Food Products)		46
	1,812	General Motors Co. (Automobiles)		68
	206	Genuine Parts Co. (Distributors)		21
	413	Global Payments, Inc. (IT Services)		66
	150	Globe Life, Inc. (Insurance)		14
	245	GoDaddy, Inc., Class - A (IT Services) (a)		16
	462	Goldman Sachs Group, Inc. (Capital Markets)		96
	129	GrubHub, Inc. (Internet & Direct Marketing Retail) (a)		7
	269	H&R Block, Inc. (Diversified Consumer Services)		6
	1,230	Halliburton Co. (Energy Equipment & Services)		23
	530	Hanesbrands, Inc. (Textiles, Apparel & Luxury Goods)		8
	231	Harley-Davidson, Inc. (Automobiles)		8
	506	Hartford Financial Services Group, Inc. (Insurance)		31
	169	Hasbro, Inc. (Leisure Products)		21
	392	HCA Holdings, Inc. (Health Care Providers & Services)		47
	674	HCP, Inc. (Equity Real Estate Investment Trusts)		24
	253	HD Supply Holdings, Inc. (Trading Companies & Distributors) (a)		10
	63	HEICO Corp. (Aerospace & Defense)		8
	107	HEICO Corp., Class - A (Aerospace & Defense)		10
	161	Helmerich & Payne, Inc. (Energy Equipment & Services)		6
	226	Henry Schein, Inc. (Health Care Providers & Services) (a)		14
	208	Hershey Co. (Food Products)		32
	385	Hess Corp. (Oil, Gas & Consumable Fuels)		23
	1,977	Hewlett Packard Enterprise Co. (Technology Hardware, Storage & Peripherals)		30
	391	Hilton Worldwide Holdings, Inc. (Hotels, Restaurants & Leisure)		36
	231	HollyFrontier Corp. (Oil, Gas & Consumable Fuels)		12
	378	Hologic, Inc. (Health Care Equipment & Supplies) (a)		19
	415	Hormel Foods Corp. (Food Products)		18
	1,046	Host Hotels & Resorts, Inc. (Equity Real Estate Investment Trusts)		18

Shares		Security Description	Value (000)
		Common Stocks (continued)
		United States (continued)
	2,157	HP, Inc. (Technology Hardware, Storage & Peripherals)	$	41
	194	Humana, Inc. (Health Care Providers & Services)		50
	123	Hunt (JB) Transportation Services, Inc. (Road & Rail)		14
	1,477	Huntington Bancshares, Inc. (Banks)		21
	107	IDEX Corp. (Machinery)		18
	121	IDEXX Laboratories, Inc. (Health Care Equipment & Supplies) (a)		33
	460	Illinois Tool Works, Inc. (Machinery)		72
	210	Illumina, Inc. (Life Sciences Tools & Services) (a)		63
	257	Incyte Corp. (Biotechnology) (a)		19
	98	Ingredion, Inc. (Food Products)		8
	6,314	Intel Corp. (Semiconductors & Semiconductor Equipment)		325
	110	InterActive Corp. (Interactive Media & Services) (a)		24
	792	Intercontinental Exchange Group, Inc. (Capital Markets)		73
	1,249	International Business Machines Corp. (IT Services)		182
	143	International Flavors & Fragrances, Inc. (Chemicals)		18
	536	International Paper Co. (Containers & Packaging)		22
	370	Intuit, Inc. (Software)		98
	163	Intuitive Surgical, Inc. (Health Care Equipment & Supplies) (a)		88
	630	Invitation Homes, Inc. (Equity Real Estate Investment Trusts)		19
	186	Ionis Pharmaceuticals, Inc. (Biotechnology) (a)		11
	53	IPG Photonics Corp. (Electronic Equipment, Instruments & Components) (a)		7
	237	IQVIA Holdings, Inc. (Life Sciences Tools & Services) (a)		35
	406	Iron Mountain, Inc. (Equity Real Estate Investment Trusts)		13
	109	Jack Henry & Associates, Inc. (IT Services)		16
	198	Jacobs Engineering Group, Inc. (Construction & Engineering)		18
	90	Jazz Pharmaceuticals PLC (Pharmaceuticals) (a)		12
	378	Jefferies Financial Group, Inc. (Diversified Financial Services)		7
	1,119	Johnson Controls International PLC (Building Products)		49
	73	Jones Lang LaSalle, Inc. (Real Estate Management & Development)		10
	4,578	JPMorgan Chase & Co. (Banks)		538
	493	Juniper Networks, Inc. (Communications Equipment)		12
	143	Kansas City Southern (Road & Rail)		19
	371	Kellogg Co. (Food Products)		24
	1,422	KeyCorp (Banks)		25
	264	Keysight Technologies, Inc. (Electronic Equipment, Instruments & Components) (a)		26
	492	Kimberly-Clark Corp. (Household Products)		70
	598	Kimco Realty Corp. (Equity Real Estate Investment Trusts)		12

HC CAPITAL TRUST

The Catholic SRI Growth Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		United States (continued)
	2,910	Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels)	$	60
	687	KKR & Co., Inc., Class - A (Capital Markets)		18
	231	KLA-Tencor Corp. (Semiconductors & Semiconductor Equipment)		37
	193	Knight-Swift Transportation Holdings, Inc. (Road & Rail)		7
	220	Kohl’s Corp. (Multiline Retail)		11
	343	L Brands, Inc. (Specialty Retail)		7
	139	Laboratory Corporation of America Holdings (Health Care Providers & Services) (a)		23
	215	Lam Research Corp. (Semiconductors & Semiconductor Equipment)		50
	207	Lamb Weston Holding, Inc. (Food Products)		15
	491	Las Vegas Sands Corp. (Hotels, Restaurants & Leisure)		28
	84	Lear Corp. (Auto Components)		10
	193	Leggett & Platt, Inc. (Household Durables)		8
	405	Lennar Corp., Class - A (Household Durables)		23
	50	Lennox International, Inc. (Building Products)		12
	151	Liberty Broadband, Class - C (Media) (a)		16
	288	Liberty Media Group, Class - C (Entertainment) (a)		12
	211	Liberty Property Trust (Equity Real Estate Investment Trusts)		11
	110	Liberty SiriusXM Group, Class - A (Media) (a)		5
	240	Liberty SiriusXM Group, Class - C (Media) (a)		10
	289	Lincoln National Corp. (Insurance)		17
	209	Live Nation Entertainment, Inc. (Entertainment) (a)		14
	448	LKQ Corp. (Distributors) (a)		14
	395	Loews Corp. (Insurance)		20
	1,118	Lowe’s Companies, Inc. (Specialty Retail)		123
	186	M&T Bank Corp. (Banks)		29
	437	Macy’s, Inc. (Multiline Retail)		7
	89	ManpowerGroup, Inc. (Professional Services)		7
	1,217	Marathon Oil Corp. (Oil, Gas & Consumable Fuels)		15
	963	Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels)		59
	20	Markel Corp. (Insurance) (a)		24
	53	MarketAxess Holdings, Inc. (Capital Markets)		17
	396	Marriott International, Inc., Class - A (Hotels, Restaurants & Leisure)		49
	722	Marsh & McLennan Companies, Inc. (Insurance)		73
	89	Martin Marietta Materials, Inc. (Construction Materials)		24
	416	Masco Corp. (Building Products)		17
	1,282	MasterCard, Inc., Class - A (IT Services)		348
	385	Maxim Integrated Products, Inc. (Semiconductors & Semiconductor Equipment)		22
	173	McCormick & Company, Inc. (Food Products)		27

Shares		Security Description	Value (000)
		Common Stocks (continued)
		United States (continued)
	1,077	McDonald’s Corp. (Hotels, Restaurants & Leisure)	$	232
	270	McKesson Corp. (Health Care Providers & Services)		37
	61	MercadoLibre, Inc. (Internet & Direct Marketing Retail) (a)		34
	1,163	MetLife, Inc. (Insurance)		55
	35	Mettler-Toledo International, Inc. (Life Sciences Tools & Services) (a)		25
	719	MGM Resorts International (Hotels, Restaurants & Leisure)		20
	333	Microchip Technology, Inc. (Semiconductors & Semiconductor Equipment)		31
	1,553	Micron Technology, Inc. (Semiconductors & Semiconductor Equipment) (a)		67
	10,295	Microsoft Corp. (Software)		1,431
	161	Mid-America Apartment Communities, Inc. (Equity Real Estate Investment Trusts)		21
	87	Mohawk Industries, Inc. (Household Durables) (a)		11
	268	Molson Coors Brewing Co., Class - B (Beverages)		15
	2,036	Mondelez International, Inc., Class - A (Food Products)		114
	58	MongoDB, Inc. (IT Services) (a)		7
	574	Monster Beverage Corp. (Beverages) (a)		33
	242	Moody’s Corp. (Capital Markets)		50
	1,770	Morgan Stanley (Capital Markets)		76
	231	Motorola Solutions, Inc. (Communications Equipment)		39
	119	MSCI, Inc. Common (Capital Markets)		26
	544	National Oilwell Varco, Inc. (Energy Equipment & Services)		12
	229	National Retail Properties, Inc. (Equity Real Estate Investment Trusts)		13
	247	Nektar Therapeutics (Pharmaceuticals) (a)		4
	348	NetApp, Inc. (Technology Hardware, Storage & Peripherals)		18
	622	Netflix, Inc. (Entertainment) (a)		166
	1,150	Newmont Mining Corp. (Metals & Mining)		44
	568	News Corp., Inc., Class - A (Media)		8
	681	NextEra Energy, Inc. (Electric Utilities)		159
	505	Nielsen Holdings PLC (Professional Services)		11
	1,770	NIKE, Inc., Class - B (Textiles, Apparel & Luxury Goods)		167
	526	NiSource, Inc. (Multi-Utilities)		16
	684	Noble Energy, Inc. (Oil, Gas & Consumable Fuels)		15
	136	Nordstrom, Inc. (Multiline Retail)		5
	382	Norfolk Southern Corp. (Road & Rail)		69
	292	Northern Trust Corp. (Capital Markets)		27
	307	Norwegian Cruise Line Holdings Ltd. (Hotels, Restaurants & Leisure) (a)		16
	398	NRG Energy, Inc., Class - C (Independent Power and Renewable Electricity Producers)		16
	431	Nucor Corp. (Metals & Mining)		22
	821	NVIDIA Corp. (Semiconductors & Semiconductor Equipment)		143
	5	NVR, Inc. (Household Durables) (a)		19

HC CAPITAL TRUST

The Catholic SRI Growth Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		United States (continued)
	1,289	Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels)	$	57
	283	OGE Energy Corp. (Electric Utilities)		13
	143	Okta, Inc. (IT Services) (a)		14
	92	Old Dominion Freight Line, Inc. (Road & Rail)		16
	316	Omnicom Group, Inc. (Media)		25
	581	ON Semiconductor Corp. (Semiconductors & Semiconductor Equipment) (a)		11
	579	ONEOK, Inc. (Oil, Gas & Consumable Fuels)		43
	3,370	Oracle Corp. (Software)		185
	110	O’Reilly Automotive, Inc. (Specialty Retail) (a)		44
	156	Owens Corning, Inc. (Building Products)		10
	488	PACCAR, Inc. (Machinery)		34
	134	Packaging Corporation of America (Containers & Packaging)		14
	132	Palo Alto Networks, Inc. (Communications Equipment) (a)		27
	182	Parker Hannifin Corp. (Machinery)		33
	413	Parsley Energy, Inc., Class - A (Oil, Gas & Consumable Fuels)		7
	455	Paychex, Inc. (IT Services)		38
	71	PAYCOM Software, Inc. (Software) (a)		15
	1,588	PayPal Holdings, Inc. (IT Services) (a)		165
	565	People’s United Financial, Inc. (Banks)		9
	1,977	PepsiCo, Inc. (Beverages)		271
	652	Phillips 66 (Oil, Gas & Consumable Fuels)		67
	158	Pinnacle West Capital Corp. (Electric Utilities)		15
	237	Pioneer Natural Resources Co. (Oil, Gas & Consumable Fuels)		30
	191	Plains GP Holdings LP, Class - A (Oil, Gas & Consumable Fuels)		4
	634	PNC Financial Services Group, Inc. (Banks)		89
	85	Polaris Industries, Inc. (Leisure Products)		7
	332	PPG Industries, Inc. (Chemicals)		39
	1,015	PPL Corp. (Electric Utilities)		32
	392	Principal Financial Group, Inc. (Insurance)		22
	900	Prologis, Inc. (Equity Real Estate Investment Trusts)		77
	585	Prudential Financial, Inc. (Insurance)		53
	159	PTC, Inc. (Software) (a)		11
	711	Public Service Enterprise Group, Inc. (Multi-Utilities)		44
	226	Public Storage (Equity Real Estate Investment Trusts)		55
	373	PulteGroup, Inc. (Household Durables)		14
	107	PVH Corp. (Textiles, Apparel & Luxury Goods)		9
	174	Qorvo, Inc. (Semiconductors & Semiconductor Equipment) (a)		13
	1,726	Qualcomm, Inc. (Semiconductors & Semiconductor Equipment)		132
	189	Quest Diagnostics, Inc. (Health Care Providers & Services)		20
	598	Qurate Retail, Inc. (Internet & Direct Marketing Retail) (a)		6
	77	Ralph Lauren Corp. (Textiles, Apparel & Luxury Goods)		7
	180	Raymond James Financial, Inc. (Capital Markets)		15

Shares		Security Description	Value (000)
		Common Stocks (continued)
		United States (continued)
	445	Realty Income Corp. (Equity Real Estate Investment Trusts)	$	34
	237	Regency Centers Corp. (Equity Real Estate Investment Trusts)		16
	1,436	Regions Financial Corp. (Banks)		23
	89	Reinsurance Group of America (Insurance)		14
	317	Republic Services, Inc., Class - A (Commercial Services & Supplies)		27
	202	ResMed, Inc. (Health Care Equipment & Supplies)		27
	174	Robert Half International, Inc. (Professional Services)		10
	169	Rockwell Automation, Inc. (Electrical Equipment)		28
	119	Roku, Inc. (Household Durables) (a)		12
	217	Rollins, Inc. (Commercial Services & Supplies)		7
	148	Roper Industries, Inc. (Industrial Conglomerates)		53
	530	Ross Stores, Inc. (Specialty Retail)		58
	346	S&P Global, Inc. (Capital Markets)		85
	403	Sabre Corp. (IT Services)		9
	1,172	Salesforce.com, Inc. (Software) (a)		174
	93	Sarepta Therapeutics, Inc. (Biotechnology) (a)		7
	159	SBA Communications Corp. (Equity Real Estate Investment Trusts)		38
	1,978	Schlumberger Ltd. (Energy Equipment & Services)		68
	363	Seagate Technology Holdings, Inc. (Technology Hardware, Storage & Peripherals)		20
	221	Sealed Air Corp. (Containers & Packaging)		9
	160	Seattle Genetics, Inc. (Biotechnology) (a)		14
	185	SEI Investments Co. (Capital Markets)		11
	392	Sempra Energy (Multi-Utilities)		58
	258	ServiceNow, Inc. (Software) (a)		65
	80	Signature Bank (Banks)		10
	442	Simon Property Group, Inc. (Equity Real Estate Investment Trusts)		69
	2,349	Sirius XM Holdings, Inc. (Media)		15
	246	Skyworks Solutions, Inc. (Semiconductors & Semiconductor Equipment)		19
	119	SL Green Realty Corp. (Equity Real Estate Investment Trusts)		10
	962	Snap, Inc., Class - A (Interactive Media & Services) (a)		15
	79	Snap-on, Inc. (Machinery)		12
	182	Southwest Airlines Co. (Airlines)		10
	9	Spectrum Brands Holdings, Inc. (Household Products)		—
	150	Spirit Aerosystems Holdings, Inc., Class - A (Aerospace & Defense)		12
	208	Splunk, Inc. (Software) (a)		25
	1,198	Sprint Nextel Corp. (Wireless Telecommunication Services) (a)		7
	461	Square, Inc., Class - A (IT Services) (a)		29
	319	SS&C Technologies Holdings, Inc. (Software)		16
	213	Stanley Black & Decker, Inc. (Machinery)		31
	1,706	Starbucks Corp. (Hotels, Restaurants & Leisure)		151
	544	State Street Corp. (Capital Markets)		32

HC CAPITAL TRUST

The Catholic SRI Growth Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		United States (continued)
	318	Steel Dynamics, Inc. (Metals & Mining)	$	9
	478	Stryker Corp. (Health Care Equipment & Supplies)		104
	122	Sun Communities, Inc. (Equity Real Estate Investment Trusts)		18
	624	SunTrust Banks, Inc. (Banks)		43
	75	SVB Financial Group (Banks) (a)		16
	903	Symantec Corp. (Software)		21
	900	Synchrony Financial (Consumer Finance)		31
	211	Synopsys, Inc. (Software) (a)		29
	686	Sysco Corp. (Food & Staples Retailing)		54
	338	T. Rowe Price Group, Inc. (Capital Markets)		39
	160	Take-Two Interactive Software, Inc. (Entertainment) (a)		20
	411	Tapestry, Inc. (Textiles, Apparel & Luxury Goods)		11
	325	Targa Resources Corp. (Oil, Gas & Consumable Fuels)		13
	719	Target Corp. (Multiline Retail)		76
	397	TD Ameritrade Holding Corp. (Capital Markets)		19
	65	Teleflex, Inc. (Health Care Equipment & Supplies)		22
	183	Tesla Motors, Inc. (Automobiles) (a)		44
	1,322	Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment)		171
	985	The AES Corp. (Independent Power and Renewable Electricity Producers)		16
	1,714	The Charles Schwab Corp. (Capital Markets)		72
	181	The Clorox Co. (Household Products)		27
	5,717	The Coca-Cola Co. (Beverages)		312
	1,553	The Home Depot, Inc. (Specialty Retail)		361
	546	The Interpublic Group of Companies, Inc. (Media)		12
	161	The J.M. Smucker Co. (Food Products)		18
	945	The Kraft Heinz Co. (Food Products)		26
	1,147	The Kroger Co. (Food & Staples Retailing)		30
	143	The Macerich Co. (Equity Real Estate Investment Trusts)		5
	79	The Middleby Corp. (Machinery) (a)		9
	519	The Mosaic Co. (Chemicals)		11
	163	The Nasdaq OMX Group, Inc. (Capital Markets)		16
	834	The Progressive Corp. (Insurance)		64
	117	The Sherwin-Williams Co. (Chemicals)		64
	1,477	The Southern Co. (Electric Utilities)		91
	1,704	The TJX Companies, Inc. (Specialty Retail)		95
	377	The Travelers Companies, Inc. (Insurance)		56
	2,539	The Walt Disney Co. (Entertainment)		332
	1,703	The Williams Companies, Inc. (Oil, Gas & Consumable Fuels)		41
	155	Tiffany & Co. (Specialty Retail)		14
	479	T-Mobile USA, Inc. (Wireless Telecommunication Services) (a)		38
	171	Tractor Supply Co. (Specialty Retail)		15
	67	TransDigm Group, Inc. (Aerospace & Defense)		36
	263	TransUnion Holding Company, Inc. (Professional Services)		21
	356	Trimble Navigation Ltd. (Electronic Equipment, Instruments & Components) (a)		14

Shares		Security Description	Value (000)
		Common Stocks (continued)
		United States (continued)
	158	TripAdvisor, Inc. (Interactive Media & Services) (a)	$	6
	157	Twilio, Inc., Class - A (IT Services) (a)		17
	1,026	Twitter, Inc. (Interactive Media & Services) (a)		42
	416	Tyson Foods, Inc., Class - A (Food Products)		36
	2,127	U.S. Bancorp (Banks)		118
	262	Uber Technologies, Inc. (Road & Rail) (a)		8
	390	UDR, Inc. (Equity Real Estate Investment Trusts)		19
	290	UGI Corp. (Gas Utilities)		15
	79	Ulta Salon, Cosmetics & Fragrance, Inc. (Specialty Retail) (a)		20
	277	Under Armour, Inc., Class - A (Textiles, Apparel & Luxury Goods) (a)		6
	285	Under Armour, Inc., Class - C (Textiles, Apparel & Luxury Goods) (a)		5
	997	Union Pacific Corp. (Road & Rail)		160
	98	United Continental Holdings, Inc. (Airlines) (a)		9
	993	United Parcel Service, Inc., Class - B (Air Freight & Logistics)		119
	113	United Rentals, Inc. (Trading Companies & Distributors) (a)		14
	1,341	UnitedHealth Group, Inc. (Health Care Providers & Services)		292
	118	Universal Health Services, Inc., Class - B (Health Care Providers & Services)		18
	305	Unum Group (Insurance)		9
	473	V.F. Corp. (Textiles, Apparel & Luxury Goods)		42
	58	Vail Resorts, Inc. (Hotels, Restaurants & Leisure)		13
	587	Valero Energy Corp. (Oil, Gas & Consumable Fuels)		50
	128	Varian Medical Systems, Inc. (Health Care Equipment & Supplies) (a)		15
	177	Veeva Systems, Inc. (Health Care Technology) (a)		27
	502	Ventas, Inc. (Equity Real Estate Investment Trusts)		37
	1,371	VEREIT, Inc. (Equity Real Estate Investment Trusts)		13
	152	VeriSign, Inc. (IT Services) (a)		29
	5,834	Verizon Communications, Inc. (Diversified Telecommunication Services)		352
	219	Versik Analytics, Inc., Class - A (Professional Services)		35
	365	Vertex Pharmaceuticals, Inc. (Biotechnology) (a)		62
	500	Viacom, Inc., Class - B (Entertainment)		12
	2,454	Visa, Inc., Class - A (IT Services)		421
	517	Vistra Energy Corp. (Independent Power and Renewable Electricity Producers)		14
	117	VMware, Inc., Class - A (Software)		18
	243	Vornado Realty Trust (Equity Real Estate Investment Trusts)		15
	207	Voya Financial, Inc. (Diversified Financial Services)		11
	186	Vulcan Materials Co. (Construction Materials)		29
	207	W.R. Berkley Corp. (Insurance)		15

HC CAPITAL TRUST

The Catholic SRI Growth Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		United States (continued)
	69	W.W. Grainger, Inc. (Trading Companies & Distributors)	$	21
	73	WABCO Holdings, Inc. (Machinery) (a)		10
	267	Wabtec Corp. (Machinery)		19
	1,088	Walgreens Boots Alliance, Inc. (Food & Staples Retailing)		60
	2,021	Wal-Mart Stores, Inc. (Food & Staples Retailing)		240
	605	Waste Management, Inc. (Commercial Services & Supplies)		70
	101	Waters Corp. (Life Sciences Tools & Services) (a)		23
	85	Wayfair, Inc., Class - A (Internet & Direct Marketing Retail) (a)		10
	444	WEC Energy Group, Inc. (Multi-Utilities)		42
	70	WellCare Health Plans, Inc. (Health Care Providers & Services) (a)		18
	6,021	Wells Fargo & Co. (Banks)		303
	569	Welltower, Inc. (Equity Real Estate Investment Trusts)		52
	411	Western Digital Corp. (Technology Hardware, Storage & Peripherals)		25
	617	Western Union Co. (IT Services)		14
	48	Westlake Chemical Corp. (Chemicals)		3
	362	WestRock Co. (Containers & Packaging)		13
	1,052	Weyerhaeuser Co. (Equity Real Estate Investment Trusts)		29
	90	Whirlpool Corp. (Household Durables)		14
	227	Workday, Inc., Class - A (Software) (a)		39
	235	WP Carey, Inc. (Equity Real Estate Investment Trusts)		21
	137	Wynn Resorts Ltd. (Hotels, Restaurants & Leisure)		15
	723	Xcel Energy, Inc. (Electric Utilities)		47
	331	Xerox Holdings Corp. (Technology Hardware, Storage & Peripherals)		10
	356	Xilinx, Inc. (Semiconductors & Semiconductor Equipment)		34
	123	XPO Logistics, Inc. (Air Freight & Logistics) (a)		9
	254	Xylem, Inc. (Machinery)		20
	431	YUM! Brands, Inc. (Hotels, Restaurants & Leisure)		49
	333	Zayo Group Holdings, Inc. (Diversified Telecommunication Services) (a)		11
	77	Zebra Technologies Corp., Class - A (Electronic Equipment, Instruments & Components) (a)		16
	185	Zillow Group, Inc., Class - C (Interactive Media & Services) (a)		6
	288	Zimmer Holdings, Inc. (Health Care Equipment & Supplies)		40
	264	Zions Bancorp (Banks)		12
	683	Zoetis, Inc. (Pharmaceuticals)		85
				31,183
		Total Common Stocks		51,348
		Preferred Stocks — 0.17%
		Germany — 0.17%
	70	Bayerische Motoren Werke Aktiengesellschaft — Preferred (Automobiles)		4

Shares		Security Description	Value (000)
		Preferred Stocks (continued)
		Germany (continued)
	87	Fuchs Petrolub AG — Preferred (Chemicals)	$	3
	251	Henkel AG & Co. KGaA — Preferred (Household Products)		25
	217	Porsche Automobil Holding SE — Preferred (Automobiles)		14
	261	Volkswagen AG — Preferred (Automobiles)		44
		Total Preferred Stocks		90
		Right — 0.00%
		Australia — 0.00%
	39	Harvey Norman Holdings Ltd. (Multiline Retail) (a)		—
		Total Right		—
		Investment Companies — 0.14%
	5,333	Federated Treasury Obligations Fund, Institutional Shares, 2.29% ^^(c)		5
	64,261	State Street Institutional Treasury Plus Money Market Fund, Trust Class, 1.78% (c)		65
		Total Investment Companies		70
Principal Amount (000)
		Repurchase Agreement — 0.03%
$	17	Jefferies LLC, 2.40%, 10/1/19 (Purchased on 9/30/19, proceeds at maturity $16,734 collateralized by U.S. Treasury Obligation, 1.48%, 11/15/27 fair value $17,068) ^^		17
		Total Repurchase Agreement		17
		Total Investments (cost $49,509) — 99.70%		51,525
		Other assets in excess of liabilities — 0.30%		157
		Net Assets — 100.00%	$	51,682

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

^ All or part of this security was on loan as of September 30, 2019. The total value of securities on loan as of September 30, 2019, was $21 (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 September 30, 2019.

(a) Represents non-income producing security.

HC CAPITAL TRUST

The Catholic SRI Growth Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

(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 September 30, 2019.

ADR — American Depositary Receipt

FDR — Fiduciary Depositary Receipt

REIT — Real Estate Investment Trust

As of September 30, 2019, 100% of the Portfolio’s net assets were managed by Mellon Investments Corporation.

HC CAPITAL TRUST

The International Equity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks — 94.73%
		Australia — 2.95%
	20,557	AGL Energy Ltd. (Multi-Utilities)	$	266
	172,848	Alumina Ltd. (Metals & Mining)		276
	53,970	AMP Ltd. (Diversified Financial Services)		66
	37,434	APA Group (Gas Utilities)		289
	128,105	Aurizon Holdings Ltd. (Road & Rail)		510
	78,246	AusNet Services (Electric Utilities)		96
	72,126	Australia & New Zealand Banking Group Ltd. (Banks)		1,388
	11,383	Bank of Queensland Ltd. (Banks)		76
	13,332	Bendigo & Adelaide Bank Ltd. (Banks)		103
	178,396	BHP Billiton Ltd. (Metals & Mining)		4,420
	138,339	BHP Group PLC (Metals & Mining)		2,946
	69,254	Boral Ltd. (Construction Materials)		226
	16,305	Caltex Australia Ltd. (Oil, Gas & Consumable Fuels)		290
	8,572	Challenger Ltd. (Diversified Financial Services)		43
	6,155	CIMIC Group Ltd. (Construction & Engineering)		131
	40,184	Coca-Cola Amatil Ltd. (Beverages)		289
	42,189	Commonwealth Bank of Australia (Banks)		2,302
	27,743	Crown Resorts Ltd. (Hotels, Restaurants & Leisure)		226
	64,257	GPT Group (Equity Real Estate Investment Trusts)		267
	46,399	Harvey Norman Holdings Ltd. (Multiline Retail)		142
	59,653	Insurance Australia Group Ltd. (Insurance)		318
	5,429	Macquarie Group Ltd. (Capital Markets)		480
	64,561	National Australia Bank Ltd. (Banks)		1,294
	22,320	Rio Tinto Ltd. (Metals & Mining)		1,396
	175,088	Scentre Group (Equity Real Estate Investment Trusts)		465
	296,218	South32 Ltd. (Metals & Mining)		524
	87,746	Stockland Trust Group (Equity Real Estate Investment Trusts)		269
	32,110	Suncorp Group Ltd. (Insurance) (a)		296
	129,467	Tabcorp Holdings Ltd. (Hotels, Restaurants & Leisure)		423
	121,722	Vicinity Centres (Equity Real Estate Investment Trusts)		211
	64,961	Wesfarmers Ltd. (Food & Staples Retailing)		1,745
	82,489	Westpac Banking Corp. (Banks)		1,650
	56,377	Woodside Petroleum Ltd. (Oil, Gas & Consumable Fuels)		1,231
				24,654
		Austria — 0.12%
	4,423	ANDRITZ AG (Machinery)		181
	6,667	Erste Group Bank AG (Banks)		220
	8,360	OMV AG (Oil, Gas & Consumable Fuels)		449
	6,887	Voestalpine AG (Metals & Mining)		158
				1,008
		Belgium — 0.36%
	7,276	Ageas (Insurance)		403
	8,162	Belgacom SA (Diversified Telecommunication Services)		242
	2,174	Groupe Bruxelles Lambert SA (Diversified Financial Services)		209
	9,827	KBC Groep N.V. (Banks)		638

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Belgium (continued)
	7,523	Solvay SA (Chemicals)	$	779
	20,206	Umicore SA (Chemicals)		763
				3,034
		Bermuda — 0.02%
	47,167	Yue Yuen Industrial Holdings Ltd. (Textiles, Apparel & Luxury Goods)		129
		Brazil — 0.66%
	86,295	B3 SA - Brasil Bolsa Balcao (Capital Markets)		906
	87,800	Petrobras Distribuidora SA (Specialty Retail) (b)		582
	278,681	Petroleo Brasileiro SA, ADR (Oil, Gas & Consumable Fuels)		4,033
				5,521
		Canada — 2.17%
	31,785	Canadian Imperial Bank of Commerce (Banks)		2,623
	16,376	Canadian National Railway Co. (Road & Rail)		1,472
	22,609	Dollarama, Inc. (Multiline Retail)		810
	1,164,953	Encana Corp. (Oil, Gas & Consumable Fuels)		5,337
	115,870	Gildan Activewear, Inc. (Textiles, Apparel & Luxury Goods)		4,113
	182,780	Manulife Financial Corp. (Insurance)		3,353
	5,300	TMX Group Ltd. (Capital Markets)		457
				18,165
		Cayman Islands — 0.07%
	73,000	Anta Sports Products Ltd. (Textiles, Apparel & Luxury Goods)		604
		China — 2.14%
	57,581	Baidu, Inc., ADR (Interactive Media & Services) (a)		5,917
	1,216,000	China Merchants Holdings (International) Co. Ltd. (Transportation Infrastructure)		1,831
	1,131,863	China Mobile Ltd. (Wireless Telecommunication Services)		9,365
	249,400	Sinopharm Group Co. (Health Care Providers & Services)		781
				17,894
		Denmark — 1.47%
	126	A.P. Moller - Maersk A/S, Class - A (Marine)		134
	316	A.P. Moller - Maersk A/S, Class - B (Marine)		358
	3,003	Carlsberg A/S, Class - B (Beverages)		444
	5,010	Christian Hansen Holding A/S (Chemicals)		425
	16,524	Danske Bank A/S (Banks)		230
	2,054	DSV A/S (Road & Rail)		195
	20,993	Genmab A/S (Biotechnology) (a)		4,262
	3,479	H. Lundbeck A/S (Pharmaceuticals)		116
	10,548	ISS A/S (Commercial Services & Supplies)		261
	106,715	Novo Nordisk A/S, Class - B (Pharmaceuticals)		5,488

HC CAPITAL TRUST

The International Equity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Denmark (continued)
	7,101	Pandora A/S (Textiles, Apparel & Luxury Goods)	$	285
	3,005	Tryg A/S (Insurance)		86
				12,284
		Finland — 0.55%
	17,096	Fortum Oyj (Electric Utilities)		404
	25,874	Neste Oil Oyj (Oil, Gas & Consumable Fuels)		856
	10,167	Nokian Renkaat Oyj (Auto Components)		287
	1,622	Nordea Bank Abp (Banks)		11
	117,285	Nordea Bank Abp (Banks)		832
	13,363	Sampo Oyj, Class - A (Insurance)		531
	44,232	Stora Enso Oyj, R Shares (Paper & Forest Products)		533
	39,555	UPM-Kymmene Oyj (Paper & Forest Products)		1,170
				4,624
		France — 8.72%
	27,380	Air France-KLM (Airlines) (a)		287
	54,964	Air Liquide SA (Chemicals)		7,822
	23,742	Amundi SA (Capital Markets)		1,656
	4,587	Arkema SA (Chemicals)		428
	6,536	Atos SE (IT Services)		461
	50,675	AXA SA (Insurance)		1,294
	254,622	BNP Paribas (Banks)		12,394
	14,336	Bouygues SA (Construction & Engineering)		574
	186,172	Carrefour SA (Food & Staples Retailing) ^		3,258
	3,791	Casino Guichard-Perrachon SA (Food & Staples Retailing) ^		181
	4,471	CNP Assurances (Insurance)		86
	33,512	Compagnie de Saint-Gobain (Building Products)		1,315
	11,495	Compagnie Generale des Etablissements Michelin, Class - B (Auto Components)		1,282
	28,876	Credit Agricole SA (Banks)		351
	18,311	Danone SA (Food Products)		1,613
	23,790	Eiffage SA (Construction & Engineering) (b)		2,466
	20,990	Electricite de France SA (Electric Utilities)		235
	61,878	ENGIE (Multi-Utilities)		1,011
	11,640	Eutelsat Communications (Media)		217
	1,660	Fonciere des Regions (Equity Real Estate Investment Trusts)		176
	1,607	Gecina SA (Equity Real Estate Investment Trusts)		253
	1,305	Icade (Equity Real Estate Investment Trusts)		117
	2,543	Imerys SA (Construction Materials)		102
	17,537	Ingenico Group SA (Electronic Equipment, Instruments & Components) ^		1,711
	7,203	Klepierre (Equity Real Estate Investment Trusts)		245
	27,890	Natixism SA (Capital Markets)		116
	67,289	Orange SA (Diversified Telecommunication Services)		1,056
	39,690	Peugeot SA (Automobiles)		989
	12,752	Publicis Groupe (Media)		627
	13,222	Renault SA (Automobiles)		759
	11,616	Safran SA (Aerospace & Defense)		1,829
	60,406	Sanofi-Aventis (Pharmaceuticals)		5,600

Shares		Security Description	Value (000)
		Common Stocks (continued)
		France (continued)
	45,646	Schneider Electric SA (Electrical Equipment)	$	4,004
	4,329	SCOR SE (Insurance)		179
	1,928	Societe BIC SA (Commercial Services & Supplies)		129
	19,320	Societe Generale (Banks)		529
	12,673	Suez Environnement Co. (Multi-Utilities)		199
	243,158	Total SA (Oil, Gas & Consumable Fuels)		12,688
	4,840	Unibail-Rodamco-Westfield (Equity Real Estate Investment Trusts)		704
	16,828	Valeo SA (Auto Components)		546
	18,388	Veolia Environnement (Multi-Utilities)		466
	27,766	Vinci SA (Construction & Engineering)		2,991
				72,946
		Germany — 11.67%
	28,326	Allianz SE (Insurance)		6,602
	21,802	Aroundtown SA (Real Estate Management & Development)		178
	213,399	BASF SE (Chemicals)		14,912
	94,451	Bayer AG (Pharmaceuticals)		6,659
	14,980	Bayerische Motoren Werke AG (Automobiles)		1,054
	9,194	Beiersdorf AG (Personal Products)		1,084
	4,962	Continental AG (Auto Components)		636
	8,401	Covestro AG (Chemicals)		416
	41,140	Daimler AG, Registered Shares (Automobiles)		2,046
	83,210	Deutsche Boerse AG (Capital Markets)		13,004
	11,602	Deutsche Lufthansa AG, Registered Shares (Airlines)		184
	398,198	Deutsche Post AG (Air Freight & Logistics)		13,299
	74,003	Deutsche Telekom AG (Diversified Telecommunication Services)		1,242
	50,300	E.ON AG (Multi-Utilities)		489
	8,833	Evonik Industries AG (Chemicals)		218
	7,341	GEA Group AG (Machinery)		198
	1,115	Hannover Rueckversicherung AG (Insurance)		188
	6,546	HeidelbergCement AG (Construction Materials)		473
	1,149	Hochtief AG (Construction & Engineering)		131
	3,148	Hugo Boss AG (Textiles, Apparel & Luxury Goods)		169
	25,352	Infineon Technologies AG (Semiconductors & Semiconductor Equipment)		456
	8,390	Metro AG (Food & Staples Retailing)		132
	2,540	Muenchener Rueckversicherungs-Gesellschaft AG (Insurance)		657
	95,595	SAP SE (Software)		11,239
	82,659	Siemens AG (Industrial Conglomerates)		8,851
	21,520	Symrise AG (Chemicals)		2,091
	22,288	Telefonica Deutschland Holding AG (Diversified Telecommunication Services)		62
	31,235	TUI AG (Hotels, Restaurants & Leisure)		363
	4,767	Uniper SE (Independent Power and Renewable Electricity Producers)		156
	1,532	Volkswagen AG (Automobiles)		263
	63,945	Wirecard AG (IT Services)		10,227
				97,679

HC CAPITAL TRUST

The International Equity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Hong Kong — 2.01%
	774,680	AIA Group Ltd. (Insurance) (b)	$	7,320
	19,500	ASM Pacific Technology Ltd. (Semiconductors & Semiconductor Equipment)		238
	78,055	BOC Hong Kong (Holdings) Ltd. (Banks)		265
	334,000	China Common Rich Renewable Energy Investment Ltd. (Independent Power and Renewable Electricity Producers) (a)		—
	77,000	CK Asset Holdings Ltd. (Real Estate Management & Development)		521
	149,000	CK Hutchison Holdings Ltd. (Industrial Conglomerates)		1,316
	19,500	CK Infrastructure Holdings Ltd. (Electric Utilities)		131
	46,093	CLP Holdings Ltd. (Electric Utilities)		485
	69,675	Hang Lung Properties Ltd. (Real Estate Management & Development)		158
	15,506	Hang Seng Bank Ltd. (Banks)		335
	52,619	Henderson Land Development Co. Ltd. (Real Estate Management & Development)		245
	87,073	HK Electric Investments Ltd. (Electric Utilities)		83
	121,000	HKT Trust & HKT Ltd. (Diversified Telecommunication Services)		192
	37,100	Hongkong Land Holdings Ltd. (Real Estate Management & Development)		209
	19,000	Hysan Development Co. (Real Estate Management & Development)		77
	24,000	Kerry Properties Ltd. (Real Estate Management & Development)		74
	201,483	New World Development Co. Ltd. (Real Estate Management & Development)		262
	77,000	NWS Holdings Ltd. (Industrial Conglomerates)		119
	134,000	PCCW Ltd. (Diversified Telecommunication Services)		75
	39,224	Power Assets Holdings Ltd. (Electric Utilities)		263
	134,400	Sands China Ltd. (Hotels, Restaurants & Leisure)		609
	107,205	Sino Land Co. Ltd. (Real Estate Management & Development)		161
	44,256	Sun Hung Kai Properties Ltd. (Real Estate Management & Development)		636
	12,000	Swire Pacific Ltd., Class - A (Real Estate Management & Development)		112
	27,400	The Bank of East Asia Ltd. (Banks)		67
	59,417	The Link Real Estate Investment Trust (Equity Real Estate Investment Trusts)		655
	44,000	The Wharf (Holdings) Ltd. (Real Estate Management & Development)		96
	604,500	WH Group Ltd. (Food Products)		541
	34,000	Wharf Real Estate Investment Co. Ltd. (Real Estate Management & Development)		186
	28,000	Wheelock & Co. Ltd. (Real Estate Management & Development)		160
	633,600	Wynn Macau Ltd. (Hotels, Restaurants & Leisure)		1,237
				16,828

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Ireland (Republic of) — 1.84%
	9,155	AIB Group PLC (Banks)	$	27
	105,718	Amarin Corp. PLC, ADR (Biotechnology) (a)		1,603
	13,014	Bank of Ireland Group PLC (Banks)		52
	24,053	CRH PLC (Construction Materials)		828
	77,209	Experian PLC (Professional Services)		2,467
	50,991	Medtronic PLC (Health Care Equipment & Supplies)		5,538
	2,451	Paddy Power PLC (Hotels, Restaurants & Leisure)		229
	67,040	Ryanair Holdings PLC, ADR (Airlines) (a)		4,450
	7,193	Smurfit Kappa Group PLC (Containers & Packaging)		214
				15,408
		Isle of Man — 0.04%
	38,227	GVC Holdings PLC (Hotels, Restaurants & Leisure)		349
		Israel — 0.29%
	1,711	Azrieli Group (Real Estate Management & Development)		134
	40,849	Bank Leumi Le (Banks)		290
	992	Elbit Systems Ltd. (Aerospace & Defense)		164
	99,530	Israel Chemicals Ltd. (Chemicals)		494
	19,213	Israel Discount Bank, Class - A (Banks)		85
	8,595	Nice Systems Ltd., ADR (Software) (a)		1,237
				2,404
		Italy — 2.85%
	184,386	Assicurazioni Generali SpA (Insurance)		3,572
	202,756	Enel SpA (Electric Utilities)		1,514
	126,427	Eni SpA (Oil, Gas & Consumable Fuels)		1,934
	1,741,457	Intesa Sanpaolo SpA (Banks)		4,129
	12,985	Mediobanca SpA (Banks)		142
	10,356	Poste Italiane SpA (Insurance)		118
	111,085	Snam Rete Gas SpA (Oil, Gas & Consumable Fuels)		561
	169,150	Telecom Italia SpA (Diversified Telecommunication Services)		92
	37,671	Terna - Rete Elettrica Nazionale SpA (Electric Utilities)		242
	982,717	Unicredit SpA (Banks)		11,588
				23,892
		Japan — 15.74%
	2,861	AEON Credit Service Co. Ltd. (Consumer Finance)		43
	9,300	Aisin Seiki Co. Ltd. (Auto Components)		292
	13,300	ALPS Electric Co. Ltd. (Electronic Equipment, Instruments & Components)		248
	20,100	Amada Holdings Co. Ltd. (Machinery)		216
	2,816	Aozora Bank Ltd. (Banks)		70
	9,845	Asahi Glass Co. Ltd. (Building Products)		305
	71,300	Asahi Kasei Corp. (Chemicals)		702
	105,800	Astellas Pharma, Inc. (Pharmaceuticals)		1,506
	34,511	Bridgestone Corp. (Auto Components)		1,335
	14,000	Brother Industries Ltd. (Technology Hardware, Storage & Peripherals)		253

HC CAPITAL TRUST

The International Equity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Japan (continued)
	56,810	Canon, Inc. (Technology Hardware, Storage & Peripherals)	$	1,514
	12,600	Casio Computer Co. Ltd. (Household Durables) ^		195
	700	Century Tokyo Leasing Corp. (Diversified Financial Services)		32
	18,500	Chubu Electric Power Company, Inc. (Electric Utilities)		267
	40,800	Coca-Cola West Co. Ltd. (Beverages)		915
	25,300	Concordia Financial Group Ltd. (Banks)		97
	2,800	Credit Saison Co. Ltd. (Consumer Finance)		38
	13,388	Dai Nippon Printing Co. Ltd. (Commercial Services & Supplies)		345
	15,700	Daicel Corp. (Chemicals)		133
	12,500	Daiichi Sankyo Co. Ltd. (Pharmaceuticals)		787
	1,779	Daito Trust Construction Co. Ltd. (Real Estate Management & Development)		227
	15,550	Daiwa House Industry Co. Ltd. (Real Estate Management & Development)		505
	54	Daiwa House REIT Investment Corp. (Equity Real Estate Investment Trusts)		152
	24,900	Daiwa Securities Group, Inc. (Capital Markets)		111
	24,700	Denso Corp. (Auto Components)		1,085
	6,400	Dentsu, Inc. (Media)		225
	71,600	East Japan Railway Co. (Road & Rail)		6,829
	14,000	Eisai Co. Ltd. (Pharmaceuticals)		711
	4,700	Electric Power Development Co. Ltd. (Independent Power and Renewable Electricity Producers)		107
	51,100	Fanuc Ltd. (Machinery)		9,614
	35,398	Fuji Heavy Industries Ltd. (Automobiles)		995
	21,800	FUJIFILM Holdings Corp. (Technology Hardware, Storage & Peripherals)		956
	10,900	Fujitsu Ltd. (IT Services)		873
	3,277	Fukuoka Financial Group, Inc. (Banks)		62
	16,700	Hino Motors Ltd. (Machinery)		137
	1,600	Hirose Electric Co. Ltd. (Electronic Equipment, Instruments & Components)		196
	6,800	Hitachi Construction Machinery Co. Ltd. (Machinery) ^		164
	4,200	Hitachi High-Technologies Corp. (Electronic Equipment, Instruments & Components)		242
	55,500	Hitachi Ltd. (Electronic Equipment, Instruments & Components)		2,066
	12,600	Hitachi Metals Ltd. (Metals & Mining)		136
	95,041	Honda Motor Co. Ltd. (Automobiles)		2,460
	8,800	Hulic Co. Ltd. (Real Estate Management & Development)		90
	10,640	Idemitsu Kosan Co. Ltd. (Oil, Gas & Consumable Fuels)		301
	8,600	IHI Corp. (Machinery)		187
	9,900	Iida Group Holdings Co. Ltd. (Household Durables) ^		161
	31,900	Isuzu Motors Ltd. (Automobiles)		351
	80,017	ITOCHU Corp. (Trading Companies & Distributors)		1,651
	14,700	J. Front Retailing Co. Ltd. (Multiline Retail)		172
	6,800	Japan Airlines Co. Ltd. (Airlines)		202

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Japan (continued)
	8,200	Japan Exchange Group, Inc. (Capital Markets)	$	129
	10,500	Japan Post Bank Co. Ltd. (Banks) ^		102
	34,000	Japan Post Holdings Co. Ltd. (Insurance)		313
	17	Japan Prime Realty Investment Corp. (Equity Real Estate Investment Trusts)		81
	38	Japan Real Estate Investment Corp. (Equity Real Estate Investment Trusts)		254
	84	Japan Retail Fund Investment Corp. (Equity Real Estate Investment Trusts)		178
	68,000	Japan Tobacco, Inc. (Tobacco)		1,488
	27,500	JFE Holdings, Inc. (Metals & Mining) ^		331
	15,779	JS Group Corp. (Building Products)		277
	11,354	JSR Corp. (Chemicals)		182
	12,800	JTEKT Corp. (Machinery)		147
	188,757	JX Holdings, Inc. (Oil, Gas & Consumable Fuels)		859
	26,000	Kajima Corp. (Construction & Engineering)		341
	2,800	Kaneka Corp. (Chemicals)		87
	8,500	Kawasaki Heavy Industries Ltd. (Machinery) ^		188
	342,000	KDDI Corp. (Wireless Telecommunication Services)		8,937
	46,400	Kirin Holdings Co. Ltd. (Beverages)		982
	52,345	Komatsu Ltd. (Machinery)		1,198
	27,700	Konica Minolta, Inc. (Technology Hardware, Storage & Peripherals)		193
	19,184	Kuraray Co. Ltd. (Chemicals)		235
	17,800	Kyocera Corp. (Electronic Equipment, Instruments & Components)		1,104
	11,100	Kyushu Electric Power Co., Inc. (Electric Utilities)		105
	9,700	Kyushu Railway Co. (Road & Rail)		309
	3,694	Lawson, Inc. (Food & Staples Retailing)		189
	90,016	Marubeni Corp. (Trading Companies & Distributors)		598
	3,287	Maruichi Steel Tube Ltd. (Metals & Mining)		87
	34,600	Mazda Motor Corp. (Automobiles) ^		307
	22,300	Mebuki Financial Group, Inc. (Banks)		55
	71,500	Mitsubishi Chemical Holdings Corp. (Chemicals)		509
	76,945	Mitsubishi Corp. (Trading Companies & Distributors)		1,887
	104,900	Mitsubishi Electric Corp. (Electrical Equipment)		1,390
	9,800	Mitsubishi Gas Chemical Co., Inc. (Chemicals)		131
	17,900	Mitsubishi Heavy Industries Ltd. (Machinery)		701
	6,600	Mitsubishi Materials Corp. (Metals & Mining)		178
	39,000	Mitsubishi Motors Corp. (Automobiles)		169
	15,426	Mitsubishi Tanabe Pharma Corp. (Pharmaceuticals)		169
	260,105	Mitsubishi UFJ Financial Group, Inc. (Banks)		1,319
	6,600	Mitsubishi UFJ Lease & Finance Co. Ltd. (Diversified Financial Services)		38
	92,488	Mitsui & Co. Ltd. (Trading Companies & Distributors)		1,513
	11,000	Mitsui Chemicals, Inc. (Chemicals)		246

HC CAPITAL TRUST

The International Equity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Japan (continued)
	518,577	Mizuho Financial Group, Inc. (Banks)	$	794
	10,300	MS&AD Insurance Group Holdings, Inc. (Insurance)		333
	32,300	Murata Manufacturing Co. Ltd. (Electronic Equipment, Instruments & Components)		1,549
	6,900	Nabtesco Corp. (Machinery)		213
	15,000	NEC Corp. (Technology Hardware, Storage & Peripherals)		633
	15,800	NGK Insulators Ltd. (Machinery)		225
	9,100	NGK Spark Plug Co. Ltd. (Auto Components)		173
	21,000	Nikon Corp. (Household Durables)		262
	35	Nippon Building Fund, Inc. (Equity Real Estate Investment Trusts)		268
	5,684	Nippon Electric Glass Co. Ltd. (Electronic Equipment, Instruments & Components)		126
	4,600	Nippon Express Co. Ltd. (Road & Rail)		234
	57	Nippon Prologis REIT, Inc. (Equity Real Estate Investment Trusts)		156
	45,200	Nippon Shinyaku Co. Ltd. (Pharmaceuticals)		3,800
	45,400	Nippon Steel & Sumitomo Metal Corp. (Metals & Mining)		632
	18,200	Nippon Telegraph & Telephone Corp. (Diversified Telecommunication Services)		868
	137,581	Nissan Motor Co. Ltd. (Automobiles) ^		858
	9,300	Nitto Denko Corp. (Chemicals) ^		448
	3,911	Nomura Real Estate Holdings, Inc. (Real Estate Management & Development)		84
	119	Nomura Real Estate Master Fund, Inc. (Equity Real Estate Investment Trusts)		215
	19,300	Nomura Research Institute Ltd. (IT Services)		384
	23,000	NSK Ltd. (Machinery)		194
	36,925	NTT DoCoMo, Inc. (Wireless Telecommunication Services)		940
	36,300	Obayashi Corp. (Construction & Engineering)		361
	49,900	Oji Paper Co. Ltd. (Paper & Forest Products)		233
	10,400	OMRON Corp. (Electronic Equipment, Instruments & Components)		569
	19,100	ORIX Corp. (Diversified Financial Services)		285
	11,042	Osaka Gas Co. Ltd. (Gas Utilities)		211
	128,200	Panasonic Corp. (Household Durables)		1,038
	7,400	Park24 Co. Ltd. (Commercial Services & Supplies)		172
	5,300	Pola Orbis Holdings, Inc. (Personal Products)		119
	32,230	Recruit Holdings Co. Ltd. (Professional Services) (b)		980
	49,738	Resona Holdings, Inc. (Banks)		213
	38,883	Ricoh Co. Ltd. (Technology Hardware, Storage & Peripherals)		350
	5,600	Rohm Co. Ltd. (Semiconductors & Semiconductor Equipment)		427
	3,715	Sankyo Co. Ltd. (Leisure Products)		128
	3,500	SBI Holdings, Inc. (Capital Markets)		75

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Japan (continued)
	10,800	Sega Sammy Holdings, Inc. (Leisure Products)	$	151
	16,596	Seiko Epson Corp. (Technology Hardware, Storage & Peripherals) ^		233
	21,600	Sekisui Chemical Co. Ltd. (Household Durables)		334
	35,552	Sekisui House Ltd. (Household Durables)		699
	41,800	Seven & I Holdings Co. Ltd. (Food & Staples Retailing)		1,598
	14,200	Seven Bank Ltd. (Banks)^		39
	47,770	Softbank Corp. (Wireless Telecommunication Services) ^		647
	80,100	Sompo Japan Nipponkoa Holdings, Inc. (Insurance)		3,346
	4,508	Sony Financial Holdings, Inc. (Insurance)		98
	86,600	Sumitomo Chemical Co. Ltd. (Chemicals)		389
	67,086	Sumitomo Corp. (Trading Companies & Distributors)		1,047
	43,100	Sumitomo Electric Industries Ltd. (Auto Components)		547
	6,700	Sumitomo Heavy Industries Ltd. (Machinery)		198
	139,148	Sumitomo Mitsui Financial Group, Inc. (Banks)		4,756
	7,383	Sumitomo Mitsui Trust Holdings, Inc. (Banks)		266
	11,191	Sumitomo Rubber Industries Ltd. (Auto Components)		133
	13,500	T&D Holdings, Inc. (Insurance)		143
	11,300	Taisei Corp. (Construction & Engineering)		437
	161,700	Taiyo Nippon Sanso Corp. (Chemicals)		3,264
	417,700	Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals)		14,256
	7,000	TDK Corp. (Electronic Equipment, Instruments & Components)		626
	11,200	Teijin Ltd. (Chemicals)		215
	12,900	The Chiba Bank Ltd. (Banks)		66
	9,242	The Chugoku Electric Power Company, Inc. (Electric Utilities)		119
	23,500	The Dai-ichi Life Insurance Co. Ltd. (Insurance)		354
	20,900	The Kansai Electric Power Co., Inc. (Electric Utilities)		234
	13,900	The Shizuoka Bank Ltd. (Banks)		104
	7,200	The Yokohama Rubber Co. Ltd. (Auto Components)		144
	8,000	THK Co. Ltd. (Machinery)		210
	12,800	Tohoku Electric Power Co., Inc. (Electric Utilities)		125
	13,800	Tokio Marine Holdings, Inc. (Insurance)		738
	8,800	Tokyo Electron Ltd. (Semiconductors & Semiconductor Equipment)		1,674
	19,500	Tokyo Fudosan Holdings Corp. (Real Estate Management & Development)		124
	15,300	Toppan Printing Co. Ltd. (Commercial Services & Supplies)		271
	15,400	Tosoh Corp. (Chemicals) ^		203
	3,900	Toyoda Gosei Co. Ltd. (Auto Components)		78
	8,400	Toyota Industries Corp. (Auto Components)		482
	70,300	Toyota Motor Corp. (Automobiles)		4,693

HC CAPITAL TRUST

The International Equity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Japan (continued)
	11,670	Toyota Tsusho Corp. (Trading Companies & Distributors)	$	376
	7,327	Trend Micro, Inc. (Software)		348
	87	United Urban Investment Corp. (Equity Real Estate Investment Trusts)		167
	13,000	USS Co. Ltd. (Specialty Retail)		252
	153,500	Yahoo Japan Corp. (Interactive Media & Services)		432
	38,400	Yamada Denki Co. Ltd. (Specialty Retail)		186
	17,200	Yamaha Motor Co. Ltd. (Automobiles)		312
	14,200	Yokogawa Electric Corp. (Electronic Equipment, Instruments & Components)		260
				131,691
		Jersey — 0.39%
	738,842	Glencore International PLC (Metals & Mining)		2,223
	81,366	WPP PLC (Media)		1,018
				3,241
		Luxembourg — 0.08%
	3,640	Millicom International Cellular SA (Wireless Telecommunication Services)		177
	1,802	RTL Group (Media)		87
	21,380	SES - FDR, Class - A (Media)		389
				653
		Netherlands — 3.60%
	8,480	ABN AMRO Group N.V. (Banks)		149
	2,572	Adyen N.V. (IT Services) (a)(b)		1,694
	37,816	AEGON N.V. (Insurance)		157
	56,321	Airbus Group N.V. (Aerospace & Defense)		7,316
	61,972	Akzo Nobel N.V. (Chemicals)		5,524
	952,678	ING Groep N.V. (Banks)		9,971
	96,243	Koninklijke (Royal) KPN N.V. (Diversified Telecommunication Services)		300
	63,821	Koninklijke Ahold Delhaize N.V. (Food & Staples Retailing)		1,597
	23,712	Koninklijke DSM N.V. (Chemicals) ^		2,853
	6,578	NN Group N.V. (Insurance)		234
	6,504	Randstad Holding N.V. (Professional Services) ^		320
				30,115
		New Zealand — 0.02%
	4,911	Auckland International Airport Ltd. (Transportation Infrastructure)		28
	10,194	Meridian Energy Ltd. (Independent Power and Renewable Electricity Producers)		33
	27,208	Telecom Corporation of New Zealand Ltd. (Diversified Telecommunication Services)		75
				136
		Norway — 0.30%
	24,508	DNB ASA (Banks)		432
	50,720	Equinor ASA (Oil, Gas & Consumable Fuels)		964
	27,024	Marine Harvest ASA (Food Products)		624

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Norway (continued)
	24,702	Telenor ASA (Diversified Telecommunication Services)	$	496
				2,516
		Portugal — 0.13%
	175,842	EDP - Energias de Portugal SA (Electric Utilities)		683
	27,476	Galp Energia SGPS SA, B Shares (Oil, Gas & Consumable Fuels)		414
				1,097
		Russia — 0.12%
	38,897	MMC Norilsk Nickel PJSC, ADR (Metals & Mining)		996
		Singapore — 0.74%
	338,572	Ascendas Real Estate Investment Trust (Equity Real Estate Investment Trusts)		764
	353,344	CapitaCommercial Trust (Equity Real Estate Investment Trusts)		529
	339,415	CapitaMall Trust (Equity Real Estate Investment Trusts)		646
	366,300	ComfortDelGro Corp. Ltd. (Road & Rail)		636
	54,900	Singapore Exchange Ltd. (Capital Markets)		337
	220,500	Singapore Press Holdings Ltd. (Media)		332
	911,979	Singapore Telecommunications Ltd. (Diversified Telecommunication Services)		2,046
	251,780	Suntec REIT (Equity Real Estate Investment Trusts)		346
	47,000	Venture Corp. Ltd. (Electronic Equipment, Instruments & Components)		521
				6,157
		South Korea — 1.99%
	202,398	Samsung Electronics Co. Ltd. (Technology Hardware, Storage & Peripherals)		8,300
	10,004	SK Innovation Co. Ltd. (Oil, Gas & Consumable Fuels)		1,389
	34,375	SK Telecom Co. Ltd. (Wireless Telecommunication Services)		6,941
				16,630
		Spain — 1.35%
	16,693	ACS Actividades de Construccion y Servicios SA (Construction & Engineering)		667
	178,723	Banco Bilbao Vizcaya Argentaria SA (Banks)		931
	433,262	Banco Santander SA (Banks)		1,764
	30,807	Bankia SA (Banks)		58
	17,003	Bankinter SA (Banks)		107
	1,417,089	CaixaBank SA (Banks)		3,723
	34,880	Corporacion Mapfre (Insurance)		94
	16,493	Enagas (Oil, Gas & Consumable Fuels)		382
	11,451	Endesa (Electric Utilities)		301
	10,874	Gas Natural SDG SA (Gas Utilities)		288
	15,632	Red Electrica Corp. (Electric Utilities)		318
	94,078	Repsol SA (Oil, Gas & Consumable Fuels)		1,470

HC CAPITAL TRUST

The International Equity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Spain (continued)
	160,236	Telefonica SA (Diversified Telecommunication Services)	$	1,223
				11,326
		Sweden — 1.18%
	26,364	Boliden AB (Metals & Mining)		606
	25,307	Electrolux AB, B Shares (Household Durables)		600
	145,803	Hennes & Mauritz AB, B Shares (Specialty Retail)		2,828
	6,435	Kinnevik AB (Diversified Financial Services)		169
	61,868	Skandinaviska Enskilda Banken AB, Class - A (Banks)		568
	33,960	Skanska AB, B Shares (Construction & Engineering)		688
	36,959	SKF AB, B Shares (Machinery)		611
	57,090	Svenska Handelsbanken AB, A Shares (Banks)		535
	35,041	Swedbank AB, A Shares (Banks)		505
	24,390	Tele2 AB, B Shares (Wireless Telecommunication Services)		363
	140,240	TeliaSonera AB (Diversified Telecommunication Services)		628
	125,583	Volvo AB, B Shares (Machinery)		1,765
				9,866
		Switzerland — 8.14%
	678,453	ABB Ltd., Registered Shares (Electrical Equipment)		13,334
	14,924	Adecco SA, Registered Shares (Professional Services)		826
	1,838	Baloise Holding AG, Registered Shares (Insurance)		329
	18,718	Clariant AG (Chemicals)		364
	4,069	Dufry AG (Specialty Retail)		340
	761	EMS-Chemie Holding AG, Registered Shares (Chemicals)		474
	36,984	Idorsia Ltd. (Biotechnology) ^(a)(b)		910
	5,204	Julius Baer Group Ltd. (Capital Markets)		231
	5,080	Kuehne & Nagel International Ltd. (Marine)		748
	45,421	LafargeHolcim Ltd., Registered Shares (Construction Materials)		2,236
	8,952	Lonza Group AG (Life Sciences Tools & Services)		3,027
	77,163	Nestle SA (Food Products)		8,374
	171,482	Novartis AG, Registered Shares (Pharmaceuticals)		14,872
	936	Pargesa Holding SA (Diversified Financial Services)		72
	441	Partners Group Holding AG (Capital Markets)		338
	42,323	Roche Holding AG (Pharmaceuticals)		12,320
	500	SGS SA, Registered Shares (Professional Services)		1,240
	1,212	Swiss Life Holding AG (Insurance)		580
	3,698	Swiss Prime Site AG (Real Estate Management & Development)		362
	10,932	Swiss Re AG (Insurance)		1,141
	1,212	Swisscom AG (Diversified Telecommunication Services)		598

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Switzerland (continued)
	4,114	The Swatch Group AG (Textiles, Apparel & Luxury Goods)	$	207
	2,766	The Swatch Group AG, B Shares (Textiles, Apparel & Luxury Goods)		734
	211,493	UBS Group AG (Capital Markets)		2,402
	5,361	Zurich Financial Services AG (Insurance)		2,052
				68,111
		United Kingdom — 21.72%
	5,633	Admiral Group PLC (Insurance)		147
	69,395	Anglo American PLC (Metals & Mining)		1,596
	33,038	Aon PLC (Insurance)		6,394
	77,318	AstraZeneca PLC (Pharmaceuticals)		6,901
	36,140	Aveva Group PLC (Software)		1,644
	1,110,279	Aviva PLC (Insurance)		5,450
	1,121,699	Balfour Beatty PLC (Construction & Engineering)		3,061
	5,336,849	Barclays PLC (Banks)		9,867
	72,724	Barratt Developments PLC (Household Durables)		579
	2,013,138	BP PLC (Oil, Gas & Consumable Fuels)		12,764
	374,800	British American Tobacco PLC (Tobacco)		13,857
	35,319	British Land Co. PLC (Equity Real Estate Investment Trusts)		254
	286,106	BT Group PLC (Diversified Telecommunication Services)		628
	10,962	Carnival PLC (Hotels, Restaurants & Leisure)		454
	194,724	Centrica PLC (Multi-Utilities)		177
	1,364,123	Cobham PLC (Aerospace & Defense) (a)		2,630
	60,431	Diageo PLC (Beverages)		2,476
	39,474	Direct Line Insurance Group PLC (Insurance)		146
	11,941	easyJet PLC (Airlines)		169
	110,375	G4S PLC (Commercial Services & Supplies)		257
	269,769	GlaxoSmithKline PLC (Pharmaceuticals)		5,786
	500,653	HSBC Holdings PLC (Banks)		3,844
	65,086	Imperial Tobacco Group PLC (Tobacco)		1,463
	11,868	Investec PLC (Capital Markets)		61
	240,753	ITV PLC (Media)		373
	117,138	J Sainsbury PLC (Food & Staples Retailing)		317
	52,774	John Wood Group PLC (Energy Equipment & Services)		246
	90,883	Johnson Matthey PLC (Chemicals)		3,415
	145,809	Kingfisher PLC (Specialty Retail)		371
	27,158	Land Securities Group PLC (Equity Real Estate Investment Trusts)		286
	152,198	Legal & General Group PLC (Insurance)		465
	109,597	Linde PLC (Chemicals)		21,259
	8,244,364	Lloyds Banking Group PLC (Banks)		5,485
	4,746	London Stock Exchange Group (Capital Markets)		427
	139,611	Marks & Spencer Group PLC (Multiline Retail)		317
	202,846	Micro Focus International PLC (Software)		2,835
	120,433	National Grid PLC (Multi-Utilities)		1,305
	23,052	Persimmon PLC (Household Durables)		615
	520,994	Prudential PLC (Insurance)		9,446
	136,338	RELX PLC (Professional Services)		3,239
	85,071	Rio Tinto PLC (Metals & Mining)		4,402

HC CAPITAL TRUST

The International Equity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		United Kingdom (continued)
	830,209	Rolls-Royce Holdings PLC (Aerospace & Defense)	$	8,087
	133,530	Royal Dutch Shell PLC, A Shares (Oil, Gas & Consumable Fuels)		3,913
	401,395	Royal Dutch Shell PLC, B Shares (Oil, Gas & Consumable Fuels)		11,823
	8,382	Severn Trent PLC (Water Utilities)		223
	363,929	SSE PLC (Electric Utilities)		5,572
	9,244	St. James Place PLC (Capital Markets)		111
	46,083	Standard Life Aberdeen PLC (Diversified Financial Services)		162
	239,123	Taylor Wimpey PLC (Household Durables)		475
	63,353	Unilever N.V (Personal Products)		3,808
	24,123	United Utilities Group PLC (Water Utilities)		245
	4,189,775	Vodafone Group PLC (Wireless Telecommunication Services)		8,344
	19,260	Willis Towers Watson PLC (Insurance)		3,717
				181,888
		United States — 1.30%
	1,836	Alphabet, Inc., Class - A (Interactive Media & Services) (a)		2,242
	1,805	Alphabet, Inc., Class - C (Interactive Media & Services) (a)		2,200
	2,333	Amazon.com, Inc. (Internet & Direct Marketing Retail) (a)		4,050
	26,313	Intercontinental Exchange Group, Inc. (Capital Markets)		2,428
				10,920
		Total Common Stocks		792,766
		Preferred Stocks — 2.27%
		Brazil — 0.52%
	653,895	Petroleo Brasileiro SA — Preferred (Oil, Gas & Consumable Fuels)		4,336
		Germany — 1.75%
	2,687	Bayerische Motoren Werke Aktiengesellschaft — Preferred (Automobiles)		149
	6,998	Porsche Automobil Holding SE — Preferred (Automobiles)		455
	82,727	Volkswagen AG — Preferred (Automobiles)		14,070
				14,674
		Total Preferred Stocks		19,010
		Investment Companies — 2.23%
	1,234,236	Dreyfus Treasury Securities Cash Management, Institutional Shares, 1.83% (c)		1,234
	503,335	Federated Treasury Obligations Fund, Institutional Shares, 2.29% ^^(c)		503
	16,897,045	State Street Institutional Treasury Plus Money Market Fund, Trust Class, 1.78% (c)		16,898
		Total Investment Companies		18,635

Principal Amount (000)		Security Description	Value (000)
		Repurchase Agreement — 0.19%
$	1,579	Jefferies LLC, 2.40%, 10/1/19 (Purchased on 9/30/19, proceeds at maturity $1,579,253 collateralized by U.S. Treasury Obligation, 1.48%, 11/15/27 fair value $1,610,733) ^^	$	1,579
		Total Repurchase Agreement		1,579
		Total Investments (cost $740,874) — 99.42%		831,990
		Other assets in excess of liabilities — 0.58%		4,875
		Net Assets — 100.00%	$	836,865

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

^ All or part of this security was on loan as of September 30, 2019. The total value of securities on loan as of September 30, 2019, was $4,527 (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 September 30, 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 September 30, 2019.

ADR — American Depositary Receipt

FDR — Fiduciary Depositary Receipt

REIT — Real Estate Investment Trust

HC CAPITAL TRUST

The International Equity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

The following table reflects the percentage of total net assets of the Portfolio attributable to each Specialist Manager as of September 30, 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		22.02	%		37.12	%		35.59	%		—			—			94.73	%
Preferred Stocks		0.52	%		0.24	%		1.51	%		—			—			2.27	%
Investment Companies		0.00	%		0.21	%		—			2.01	%		0.01	%		2.23	%
Repurchase Agreement		0.01	%		0.18	%		—			—			—			0.19	%
Other Assets (Liabilities)		0.86	%		0.17	%		0.69	%		-1.14	%		0.00	%		0.58	%
Total Net Assets		23.41	%		37.92	%		37.79	%		0.87	%		0.01	%		100.00	%

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

Amounts designated as “0.00%” round to less than 0.005%.

The following tables reflect the open derivative positions held by the Portfolio as of September 30, 2019.

Futures Contracts Purchased^

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value and Unrealized Appreciation/ (Depreciation) (000)
MSCI EAFE Index Future		187		12/20/19	$	17,750	$	(67	)
					$	17,750	$	(67	)
		Total Unrealized Appreciation					$	—
		Total Unrealized Depreciation						(67	)
		Total Net Unrealized Appreciation/(Depreciation)					$	(67	)

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

Forward Currency Contracts
Short Contracts
Description and amount of currency to be purchased (000)		Description and amount of currency to be sold (000)			Counterparty		Settlement Date		Unrealized Appreciation/ (Depreciation) (000)
U.S. Dollar	17		Israeli Shekel	59		State Street		10/2/19	$	—
									$	—
			Total Unrealized Appreciation						$	—
			Total Unrealized Depreciation							—
			Total Net Unrealized Appreciation/(Depreciation)						$	—

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

HC CAPITAL TRUST

The Institutional International Equity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks — 77.43%
		Australia — 3.83%
	40,169	AGL Energy Ltd. (Multi-Utilities)	$	519
	332,076	Alumina Ltd. (Metals & Mining)		531
	110,453	AMP Ltd. (Diversified Financial Services)		136
	75,016	APA Group (Gas Utilities)		580
	41,971	Appen Ltd. (IT Services)		599
	25,258	Aristocrat Leisure Ltd. (Hotels, Restaurants & Leisure)		522
	9,595	ASX Ltd. (Capital Markets)		525
	261,482	Aurizon Holdings Ltd. (Road & Rail)		1,041
	162,969	AusNet Services (Electric Utilities)		200
	146,171	Australia & New Zealand Banking Group Ltd. (Banks)		2,813
	23,378	Bank of Queensland Ltd. (Banks)		156
	189,477	Beach Energy Ltd. (Oil, Gas & Consumable Fuels)		323
	27,583	Bendigo & Adelaide Bank Ltd. (Banks)		214
	394,456	BHP Billiton Ltd. (Metals & Mining)		9,774
	276,127	BHP Group PLC (Metals & Mining)		5,881
	136,917	Boral Ltd. (Construction Materials)		446
	152,997	Brambles Ltd. (Commercial Services & Supplies)		1,177
	32,660	Caltex Australia Ltd. (Oil, Gas & Consumable Fuels)		580
	17,150	Challenger Ltd. (Diversified Financial Services)		85
	35,188	Charter Hall Group (Equity Real Estate Investment Trusts)		277
	12,320	CIMIC Group Ltd. (Construction & Engineering)		261
	80,494	Coca-Cola Amatil Ltd. (Beverages)		578
	6,620	Cochlear Ltd. (Health Care Equipment & Supplies)		930
	83,894	Commonwealth Bank of Australia (Banks)		4,577
	57,627	Crown Resorts Ltd. (Hotels, Restaurants & Leisure)		469
	14,833	CSL Ltd. (Biotechnology)		2,339
	311,612	Fortescue Metals Group Ltd. (Metals & Mining)		1,850
	128,729	GPT Group (Equity Real Estate Investment Trusts)		535
	93,409	Harvey Norman Holdings Ltd. (Multiline Retail)		286
	39,945	IDP Education Ltd. (Diversified Consumer Services)		420
	119,495	Insurance Australia Group Ltd. (Insurance)		637
	10,862	Macquarie Group Ltd. (Capital Markets)		961
	57,375	Magellan Financial Group Ltd. (Capital Markets)		1,991
	125,065	National Australia Bank Ltd. (Banks)		2,506
	171,421	NRW Holdings Ltd. (Construction & Engineering)		269
	463,574	Qantas Airways Ltd. (Airlines)		1,968
	85,759	Regis Resources Ltd. (Metals & Mining)		284
	43,598	Rio Tinto Ltd. (Metals & Mining)		2,726
	50,953	Sandfire Resources NL (Metals & Mining)		226
	335,172	Santos Ltd. (Oil, Gas & Consumable Fuels)		1,748
	313,076	Saracen Mineral Holdings Ltd. (Metals & Mining) (a)		729
	352,979	Scentre Group (Equity Real Estate Investment Trusts)		935
	579,196	South32 Ltd. (Metals & Mining)		1,024
	173,126	Stockland Trust Group (Equity Real Estate Investment Trusts)		532

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Australia (continued)
	64,318	Suncorp Group Ltd. (Insurance) (a)	$	592
	43,323	Super Retail Group Ltd. (Specialty Retail)		290
	259,378	Tabcorp Holdings Ltd. (Hotels, Restaurants & Leisure)		848
	243,854	Vicinity Centres (Equity Real Estate Investment Trusts)		423
	130,965	Wesfarmers Ltd. (Food & Staples Retailing)		3,517
	163,232	Westpac Banking Corp. (Banks)		3,266
	113,665	Woodside Petroleum Ltd. (Oil, Gas & Consumable Fuels)		2,484
	18,840	Woolworths Ltd. (Food & Staples Retailing)		474
				67,054
		Austria — 0.27%
	9,033	ANDRITZ AG (Machinery)		369
	53,700	Erste Group Bank AG (Banks)		1,776
	36,917	OMV AG (Oil, Gas & Consumable Fuels)		1,981
	10,924	Raiffeisen Bank International AG (Banks)		253
	13,394	Voestalpine AG (Metals & Mining)		308
				4,687
		Belgium — 0.42%
	14,919	Ageas (Insurance)		827
	35,192	Belgacom SA (Diversified Telecommunication Services)		1,045
	4,340	Groupe Bruxelles Lambert SA (Diversified Financial Services)		417
	18,030	KBC Groep N.V. (Banks)		1,171
	15,173	Solvay SA (Chemicals)		1,572
	14,304	UCB SA (Pharmaceuticals)		1,038
	35,296	Umicore SA (Chemicals)		1,332
				7,402
		Bermuda — 0.02%
	99,000	Yue Yuen Industrial Holdings Ltd. (Textiles, Apparel & Luxury Goods)		271
		Brazil — 0.39%
	104,382	B3 SA - Brasil Bolsa Balcao (Capital Markets)		1,096
	100,400	Petrobras Distribuidora SA (Specialty Retail) (b)		665
	350,072	Petroleo Brasileiro SA, ADR (Oil, Gas & Consumable Fuels)		5,066
				6,827
		Canada — 0.87%
	20,713	Canadian Imperial Bank of Commerce (Banks)		1,709
	20,572	Canadian National Railway Co. (Road & Rail)		1,849
	28,372	Dollarama, Inc. (Multiline Retail)		1,016
	868,875	Encana Corp. (Oil, Gas & Consumable Fuels)		3,981
	95,873	Gildan Activewear, Inc. (Textiles, Apparel & Luxury Goods)		3,403
	151,011	Manulife Financial Corp. (Insurance)		2,770
	6,700	TMX Group Ltd. (Capital Markets)		578
				15,306
		Cayman Islands — 0.04%
	92,000	Anta Sports Products Ltd. (Textiles, Apparel & Luxury Goods)		761

HC CAPITAL TRUST

The Institutional International Equity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		China — 0.87%
	48,199	Baidu, Inc., ADR (Interactive Media & Services) (a)	$	4,953
	1,004,827	China Merchants Holdings (International) Co. Ltd. (Transportation Infrastructure)		1,513
	955,123	China Mobile Ltd. (Wireless Telecommunication Services)		7,903
	4,900	Jardine Matheson Holdings Ltd. (Industrial Conglomerates)		262
	191,928	Sinopharm Group Co. (Health Care Providers & Services)		601
				15,232
		Denmark — 1.59%
	240	A.P. Moller - Maersk A/S, Class – A (Marine)		256
	650	A.P. Moller - Maersk A/S, Class – B (Marine)		735
	3,773	Carlsberg A/S, Class – B (Beverages)		558
	10,108	Christian Hansen Holding A/S (Chemicals)		858
	7,216	Coloplast A/S, Class – B (Health Care Equipment & Supplies)		869
	33,091	Danske Bank A/S (Banks)		461
	2,580	DSV A/S (Road & Rail)		246
	26,145	Genmab A/S (Biotechnology) (a)		5,308
	13,416	H. Lundbeck A/S (Pharmaceuticals)		445
	21,122	ISS A/S (Commercial Services & Supplies)		523
	299,059	Novo Nordisk A/S, Class – B (Pharmaceuticals)		15,377
	14,716	Pandora A/S (Textiles, Apparel & Luxury Goods)		591
	15,757	Simcorp A/S (Software)		1,384
	6,012	Tryg A/S (Insurance)		172
				27,783
		Finland — 0.53%
	43,570	Fortum Oyj (Electric Utilities)		1,030
	52,167	Neste Oil Oyj (Oil, Gas & Consumable Fuels) ^		1,727
	20,363	Nokian Renkaat Oyj (Auto Components)		574
	2,996	Nordea Bank Abp (Banks)		21
	215,454	Nordea Bank Abp (Banks)		1,529
	26,949	Sampo Oyj, Class – A (Insurance)		1,071
	86,338	Stora Enso Oyj, R Shares (Paper & Forest Products)		1,040
	77,281	UPM-Kymmene Oyj (Paper & Forest Products)		2,284
				9,276
		France — 7.46%
	129,841	Air France-KLM (Airlines) (a)		1,359
	69,048	Air Liquide SA (Chemicals)		9,828
	30,921	Amundi SA (Capital Markets)		2,157
	9,253	Arkema SA (Chemicals)		862
	13,183	Atos SE (IT Services)		929
	116,763	AXA SA (Insurance)		2,981
	298,631	BNP Paribas (Banks)		14,538
	28,910	Bouygues SA (Construction & Engineering)		1,158
	154,074	Carrefour SA (Food & Staples Retailing) ^		2,697
	7,587	Casino Guichard-Perrachon SA (Food & Staples Retailing) ^		362
	9,456	CNP Assurances (Insurance)		183
	64,357	Compagnie de Saint-Gobain (Building Products)		2,525

Shares		Security Description	Value (000)
		Common Stocks (continued)
		France (continued)
	22,088	Compagnie Generale des Etablissements Michelin, Class – B (Auto Components)	$	2,465
	58,602	Credit Agricole SA (Banks)		711
	15,512	Danone SA (Food Products)		1,366
	30,078	Eiffage SA (Construction & Engineering) (b)		3,118
	147,449	Electricite de France SA (Electric Utilities)		1,650
	124,753	ENGIE (Multi-Utilities)		2,036
	22,697	Eutelsat Communications (Media)		422
	29,714	Faurecia (Auto Components)		1,409
	3,418	Fonciere des Regions (Equity Real Estate Investment Trusts)		362
	3,278	Gecina SA (Equity Real Estate Investment Trusts)		515
	3,800	Hermes International (Textiles, Apparel & Luxury Goods)		2,626
	2,672	Icade (Equity Real Estate Investment Trusts)		239
	5,171	Imerys SA (Construction Materials)		208
	19,379	Ingenico Group SA (Electronic Equipment, Instruments & Components) ^		1,890
	772	Ipsen SA (Pharmaceuticals)		73
	1,671	Kering (Textiles, Apparel & Luxury Goods)		851
	14,545	Klepierre (Equity Real Estate Investment Trusts)		494
	10,284	L’Oreal SA (Personal Products)		2,879
	57,165	Natixism SA (Capital Markets)		237
	220,351	Orange SA (Diversified Telecommunication Services)		3,457
	231,151	Peugeot SA (Automobiles)		5,764
	25,716	Publicis Groupe (Media)		1,265
	26,662	Renault SA (Automobiles)		1,530
	14,592	Safran SA (Aerospace & Defense)		2,297
	121,003	Sanofi-Aventis (Pharmaceuticals)		11,217
	111,385	Schneider Electric SA (Electrical Equipment)		9,772
	8,750	SCOR SE (Insurance)		361
	3,940	Societe BIC SA (Commercial Services & Supplies)		264
	37,109	Societe Generale (Banks)		1,017
	24,603	Suez Environnement Co. (Multi-Utilities)		387
	439,972	Total SA (Oil, Gas & Consumable Fuels)		22,960
	9,804	Unibail-Rodamco-Westfield (Equity Real Estate Investment Trusts)		1,429
	28,693	Valeo SA (Auto Components)		930
	37,617	Veolia Environnement (Multi-Utilities)		954
	35,013	Vinci SA (Construction & Engineering)		3,770
				130,504
		Germany — 8.44%
	7,894	Adidas AG (Textiles, Apparel & Luxury Goods)		2,458
	71,387	Allianz SE (Insurance)		16,637
	42,142	Aroundtown SA (Real Estate Management & Development)		345
	222,224	BASF SE (Chemicals)		15,528
	129,382	Bayer AG (Pharmaceuticals)		9,121
	30,207	Bayerische Motoren Werke AG (Automobiles)		2,126
	11,550	Beiersdorf AG (Personal Products)		1,362
	18,363	Continental AG (Auto Components)		2,355
	16,945	Covestro AG (Chemicals)		838
	13,757	CTS Eventim AG & Co. KGaA (Entertainment)		775

HC CAPITAL TRUST

The Institutional International Equity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Germany (continued)
	77,191	Daimler AG, Registered Shares (Automobiles)	$	3,838
	105,810	Deutsche Boerse AG (Capital Markets)		16,536
	22,551	Deutsche Lufthansa AG, Registered Shares (Airlines)		358
	453,478	Deutsche Post AG (Air Freight & Logistics)		15,145
	149,195	Deutsche Telekom AG (Diversified Telecommunication Services)		2,503
	101,411	E.ON AG (Multi-Utilities)		986
	17,077	Evonik Industries AG (Chemicals)		422
	14,325	GEA Group AG (Machinery)		387
	2,266	Hannover Rueckversicherung AG (Insurance)		383
	13,204	HeidelbergCement AG (Construction Materials)		954
	2,290	Hochtief AG (Construction & Engineering)		261
	6,445	Hugo Boss AG (Textiles, Apparel & Luxury Goods)		345
	135,668	Infineon Technologies AG (Semiconductors & Semiconductor Equipment)		2,441
	17,388	Metro AG (Food & Staples Retailing)		274
	16,536	MTU Aero Engines AG (Aerospace & Defense)		4,394
	5,128	Muenchener Rueckversicherungs-Gesellschaft AG (Insurance)		1,327
	10,135	Rheinmetall AG (Industrial Conglomerates)		1,282
	124,747	SAP SE (Software)		14,666
	45,730	Schaeffler AG (Auto Components)		351
	105,805	Siemens AG (Industrial Conglomerates)		11,329
	16,023	Siemens Healthineers AG (Health Care Equipment & Supplies)		630
	27,034	Symrise AG (Chemicals)		2,626
	45,914	Telefonica Deutschland Holding AG (Diversified Telecommunication Services)		128
	62,564	TUI AG (Hotels, Restaurants & Leisure)		727
	9,813	Uniper SE (Independent Power and Renewable Electricity Producers)		322
	3,096	Volkswagen AG (Automobiles)		532
	81,178	Wirecard AG (IT Services)		12,983
				147,675
		Hong Kong — 2.08%
	973,118	AIA Group Ltd. (Insurance) (b)		9,195
	39,110	ASM Pacific Technology Ltd. (Semiconductors & Semiconductor Equipment)		478
	156,195	BOC Hong Kong (Holdings) Ltd. (Banks)		530
	588,000	China Common Rich Renewable Energy Investment Ltd. (Independent Power and Renewable Electricity Producers) (a)		—
	373,200	CK Asset Holdings Ltd. (Real Estate Management & Development)		2,528
	408,410	CK Hutchison Holdings Ltd. (Industrial Conglomerates)		3,606
	38,000	CK Infrastructure Holdings Ltd. (Electric Utilities)		256
	95,719	CLP Holdings Ltd. (Electric Utilities)		1,005
	138,720	Hang Lung Properties Ltd. (Real Estate Management & Development)		315
	33,039	Hang Seng Bank Ltd. (Banks)		713

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Hong Kong (continued)
	105,845	Henderson Land Development Co. Ltd. (Real Estate Management & Development)	$	493
	186,377	HK Electric Investments Ltd. (Electric Utilities)		178
	241,550	HKT Trust & HKT Ltd. (Diversified Telecommunication Services)		383
	74,240	Hongkong Land Holdings Ltd. (Real Estate Management & Development)		417
	40,000	Hysan Development Co. (Real Estate Management & Development)		161
	219,500	Kerry Properties Ltd. (Real Estate Management & Development)		676
	403,240	New World Development Co. Ltd. (Real Estate Management & Development)		524
	154,000	NWS Holdings Ltd. (Industrial Conglomerates)		239
	286,000	PCCW Ltd. (Diversified Telecommunication Services)		161
	78,868	Power Assets Holdings Ltd. (Electric Utilities)		530
	778,660	Sands China Ltd. (Hotels, Restaurants & Leisure)		3,527
	213,429	Sino Land Co. Ltd. (Real Estate Management & Development)		321
	91,360	Sun Hung Kai Properties Ltd. (Real Estate Management & Development)		1,315
	150,930	Swire Pacific Ltd., Class – A (Real Estate Management & Development)		1,405
	53,500	Techtronic Industries Co. (Household Durables)		372
	55,000	The Bank of East Asia Ltd. (Banks)		135
	178,586	The Link Real Estate Investment Trust (Equity Real Estate Investment Trusts)		1,970
	86,000	The Wharf (Holdings) Ltd. (Real Estate Management & Development)		188
	2,500,160	WH Group Ltd. (Food Products)		2,239
	67,000	Wharf Real Estate Investment Co. Ltd. (Real Estate Management & Development)		366
	55,880	Wheelock & Co. Ltd. (Real Estate Management & Development)		318
	913,600	Wynn Macau Ltd. (Hotels, Restaurants & Leisure)		1,783
				36,327
		Ireland (Republic of) — 1.09%
	19,125	AIB Group PLC (Banks)		57
	132,793	Amarin Corp. PLC, ADR (Biotechnology) (a)		2,013
	25,550	Bank of Ireland Group PLC (Banks)		101
	48,497	CRH PLC (Construction Materials)		1,670
	114,828	Experian PLC (Professional Services)		3,669
	64,055	Medtronic PLC (Health Care Equipment & Supplies)		6,957
	4,903	Paddy Power PLC (Hotels, Restaurants & Leisure)		458
	56,728	Ryanair Holdings PLC, ADR (Airlines) (a)		3,766
	13,946	Smurfit Kappa Group PLC (Containers & Packaging)		415
				19,106

HC CAPITAL TRUST

The Institutional International Equity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Isle of Man — 0.04%
	71,682	GVC Holdings PLC (Hotels, Restaurants & Leisure)	$	655
		Israel — 0.36%
	3,221	Azrieli Group (Real Estate Management & Development)		253
	120,780	Bank Leumi Le (Banks)		860
	8,100	CyberArk Software Ltd. (Software) (a)		809
	1,911	Elbit Systems Ltd. (Aerospace & Defense)		317
	203,799	Israel Chemicals Ltd. (Chemicals)		1,012
	324,647	Israel Discount Bank, Class – A (Banks)		1,428
	10,798	Nice Systems Ltd., ADR (Software) (a)		1,553
				6,232
		Italy — 2.22%
	248,202	Assicurazioni Generali SpA (Insurance)		4,810
	8,798	Banca Generali SpA (Capital Markets)		271
	1,313,225	Enel SpA (Electric Utilities)		9,804
	254,881	Eni SpA (Oil, Gas & Consumable Fuels)		3,898
	52,147	Fiat DaimlerChrysler Automobiles N.V. (Automobiles)		675
	2,397,330	Intesa Sanpaolo SpA (Banks)		5,684
	26,000	Mediobanca SpA (Banks)		284
	142,026	Poste Italiane SpA (Insurance)		1,614
	223,951	Snam Rete Gas SpA (Oil, Gas & Consumable Fuels)		1,131
	322,255	Telecom Italia SpA (Diversified Telecommunication Services)		176
	78,570	Terna - Rete Elettrica Nazionale SpA (Electric Utilities)		505
	846,403	Unicredit SpA (Banks)		9,981
				38,833
		Japan — 15.47%
	24,600	Advantest Corp. (Semiconductors & Semiconductor Equipment)		1,087
	5,400	AEON Credit Service Co. Ltd. (Consumer Finance)		81
	18,800	Aisin Seiki Co. Ltd. (Auto Components)		590
	25,300	ALPS Electric Co. Ltd. (Electronic Equipment, Instruments & Components)		472
	39,200	Amada Holdings Co. Ltd. (Machinery)		422
	5,900	Aozora Bank Ltd. (Banks)		147
	51,565	Asahi Glass Co. Ltd. (Building Products)		1,598
	26,200	Asahi Group Holdings Ltd. (Beverages)		1,297
	132,510	Asahi Kasei Corp. (Chemicals)		1,304
	209,090	Astellas Pharma, Inc. (Pharmaceuticals)		2,976
	69,560	Bridgestone Corp. (Auto Components)		2,691
	27,300	Brother Industries Ltd. (Technology Hardware, Storage & Peripherals)		494
	115,147	Canon, Inc. (Technology Hardware, Storage & Peripherals)		3,070
	25,240	Casio Computer Co. Ltd. (Household Durables) ^		391
	1,200	Century Tokyo Leasing Corp. (Diversified Financial Services)		55
	36,400	Chubu Electric Power Company, Inc. (Electric Utilities)		527
	33,000	Coca-Cola West Co. Ltd. (Beverages)		740
	52,400	Concordia Financial Group Ltd. (Banks)		201
	6,100	Credit Saison Co. Ltd. (Consumer Finance)		82
	24,339	Dai Nippon Printing Co. Ltd. (Commercial Services & Supplies)		628

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Japan (continued)
	32,800	Daicel Corp. (Chemicals)	$	277
	15,700	Daiichi Sankyo Co. Ltd. (Pharmaceuticals)		988
	4,147	Daito Trust Construction Co. Ltd. (Real Estate Management & Development)		530
	199,730	Daiwa House Industry Co. Ltd. (Real Estate Management & Development)		6,477
	102	Daiwa House REIT Investment Corp. (Equity Real Estate Investment Trusts)		287
	52,100	Daiwa Securities Group, Inc. (Capital Markets)		232
	49,300	Denso Corp. (Auto Components)		2,166
	12,770	Dentsu, Inc. (Media)		449
	15,800	Dip Corp. (Interactive Media & Services)		383
	39,000	DMG Mori Co. Ltd. (Machinery)		552
	98,900	East Japan Railway Co. (Road & Rail)		9,432
	29,440	Eisai Co. Ltd. (Pharmaceuticals)		1,495
	10,000	Electric Power Development Co. Ltd. (Independent Power and Renewable Electricity Producers)		228
	54,250	Fanuc Ltd. (Machinery)		10,207
	72,754	Fuji Heavy Industries Ltd. (Automobiles)		2,046
	75,110	FUJIFILM Holdings Corp. (Technology Hardware, Storage & Peripherals)		3,293
	22,850	Fujitsu Ltd. (IT Services)		1,829
	68,800	Fukuoka Financial Group, Inc. (Banks)		1,299
	13,900	Fullcast Holdings Co. Ltd. (Professional Services)		281
	13,100	Goldcrest Co. Ltd. (Real Estate Management & Development)		257
	34,200	Hino Motors Ltd. (Machinery)		282
	3,880	Hirose Electric Co. Ltd. (Electronic Equipment, Instruments & Components)		475
	14,200	Hitachi Construction Machinery Co. Ltd. (Machinery)		342
	8,600	Hitachi High-Technologies Corp. (Electronic Equipment, Instruments & Components)		496
	141,080	Hitachi Ltd. (Electronic Equipment, Instruments & Components)		5,251
	25,400	Hitachi Metals Ltd. (Metals & Mining)		274
	175,354	Honda Motor Co. Ltd. (Automobiles)		4,539
	11,800	HOYA Corp. (Health Care Equipment & Supplies)		962
	18,300	Hulic Co. Ltd. (Real Estate Management & Development)		187
	21,259	Idemitsu Kosan Co. Ltd. (Oil, Gas & Consumable Fuels)		601
	17,160	IHI Corp. (Machinery)		373
	19,100	Iida Group Holdings Co. Ltd. (Household Durables) ^		311
	63,970	Isuzu Motors Ltd. (Automobiles)		704
	156,158	ITOCHU Corp. (Trading Companies & Distributors)		3,223
	31,000	J. Front Retailing Co. Ltd. (Multiline Retail)		362
	13,000	Japan Airlines Co. Ltd. (Airlines)		386
	15,900	Japan Exchange Group, Inc. (Capital Markets)		250
	22,000	Japan Post Bank Co. Ltd. (Banks) ^		213
	437,060	Japan Post Holdings Co. Ltd. (Insurance)		4,023
	41	Japan Prime Realty Investment Corp. (Equity Real Estate Investment Trusts)		195

HC CAPITAL TRUST

The Institutional International Equity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Japan (continued)
	76	Japan Real Estate Investment Corp. (Equity Real Estate Investment Trusts)	$	510
	168	Japan Retail Fund Investment Corp. (Equity Real Estate Investment Trusts)		355
	211,727	Japan Tobacco, Inc. (Tobacco)		4,634
	55,600	JFE Holdings, Inc. (Metals & Mining) ^		669
	31,145	JS Group Corp. (Building Products)		547
	22,833	JSR Corp. (Chemicals)		365
	26,600	JTEKT Corp. (Machinery)		305
	348,678	JX Holdings, Inc. (Oil, Gas & Consumable Fuels)		1,588
	51,000	Kajima Corp. (Construction & Engineering)		668
	5,680	Kaneka Corp. (Chemicals)		177
	43,100	Kawasaki Heavy Industries Ltd. (Machinery) ^		954
	385,200	KDDI Corp. (Wireless Telecommunication Services)		10,067
	92,410	Kirin Holdings Co. Ltd. (Beverages)		1,955
	100,890	Komatsu Ltd. (Machinery)		2,310
	54,400	Konica Minolta, Inc. (Technology Hardware, Storage & Peripherals)		378
	38,349	Kuraray Co. Ltd. (Chemicals)		471
	9,600	Kureha Corp. (Chemicals)		571
	36,620	Kyocera Corp. (Electronic Equipment, Instruments & Components)		2,271
	23,400	Kyushu Electric Power Co., Inc. (Electric Utilities)		221
	19,450	Kyushu Railway Co. (Road & Rail)		620
	7,726	Lawson, Inc. (Food & Staples Retailing)		395
	176,871	Marubeni Corp. (Trading Companies & Distributors)		1,174
	6,477	Maruichi Steel Tube Ltd. (Metals & Mining)		171
	69,350	Mazda Motor Corp. (Automobiles) ^		615
	46,200	Mebuki Financial Group, Inc. (Banks)		114
	141,710	Mitsubishi Chemical Holdings Corp. (Chemicals)		1,009
	152,640	Mitsubishi Corp. (Trading Companies & Distributors)		3,742
	192,890	Mitsubishi Electric Corp. (Electrical Equipment)		2,556
	20,700	Mitsubishi Gas Chemical Co., Inc. (Chemicals)		276
	156,497	Mitsubishi Heavy Industries Ltd. (Machinery)		6,126
	13,800	Mitsubishi Materials Corp. (Metals & Mining)		372
	78,140	Mitsubishi Motors Corp. (Automobiles)		339
	31,943	Mitsubishi Tanabe Pharma Corp. (Pharmaceuticals)		350
	920,482	Mitsubishi UFJ Financial Group, Inc. (Banks)		4,669
	13,800	Mitsubishi UFJ Lease & Finance Co. Ltd. (Diversified Financial Services)		80
	176,766	Mitsui & Co. Ltd. (Trading Companies & Distributors)		2,891
	21,950	Mitsui Chemicals, Inc. (Chemicals)		491
	1,009,822	Mizuho Financial Group, Inc. (Banks)		1,547
	20,700	MS&AD Insurance Group Holdings, Inc. (Insurance)		670
	60,700	Murata Manufacturing Co. Ltd. (Electronic Equipment, Instruments & Components)		2,911
	14,100	Nabtesco Corp. (Machinery)		436

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Japan (continued)
	30,030	NEC Corp. (Technology Hardware, Storage & Peripherals)	$	1,267
	30,900	NGK Insulators Ltd. (Machinery)		440
	18,260	NGK Spark Plug Co. Ltd. (Auto Components)		348
	27,100	Nikkiso Co. Ltd. (Health Care Equipment & Supplies)		289
	41,200	Nikon Corp. (Household Durables)		514
	76	Nippon Building Fund, Inc. (Equity Real Estate Investment Trusts)		583
	11,900	Nippon Electric Glass Co. Ltd. (Electronic Equipment, Instruments & Components)		265
	9,000	Nippon Express Co. Ltd. (Road & Rail)		459
	113	Nippon Prologis REIT, Inc. (Equity Real Estate Investment Trusts)		309
	57,100	Nippon Shinyaku Co. Ltd. (Pharmaceuticals)		4,801
	92,320	Nippon Steel & Sumitomo Metal Corp. (Metals & Mining)		1,285
	37,420	Nippon Telegraph & Telephone Corp. (Diversified Telecommunication Services)		1,785
	267,839	Nissan Motor Co. Ltd. (Automobiles) ^		1,670
	18,660	Nitto Denko Corp. (Chemicals) ^		898
	9,400	Nomura Real Estate Holdings, Inc. (Real Estate Management & Development)		203
	232	Nomura Real Estate Master Fund, Inc. (Equity Real Estate Investment Trusts)		419
	38,620	Nomura Research Institute Ltd. (IT Services)		768
	47,300	NSK Ltd. (Machinery)		398
	316,550	NTT DoCoMo, Inc. (Wireless Telecommunication Services)		8,061
	72,800	Obayashi Corp. (Construction & Engineering)		725
	100,000	Oji Paper Co. Ltd. (Paper & Forest Products)		466
	20,700	OMRON Corp. (Electronic Equipment, Instruments & Components)		1,132
	7,700	Oracle Corp. Japan (Software)		667
	251,900	ORIX Corp. (Diversified Financial Services)		3,754
	22,045	Osaka Gas Co. Ltd. (Gas Utilities)		421
	8,300	OTSUKA Corp. (IT Services)		331
	251,300	Panasonic Corp. (Household Durables)		2,034
	14,400	Park24 Co. Ltd. (Commercial Services & Supplies)		334
	11,100	Pola Orbis Holdings, Inc. (Personal Products)		248
	19,900	Raysum Co. Ltd. (Real Estate Management & Development)		206
	40,478	Recruit Holdings Co. Ltd. (Professional Services) (b)		1,231
	97,085	Resona Holdings, Inc. (Banks)		416
	76,300	Ricoh Co. Ltd. (Technology Hardware, Storage & Peripherals)		687
	10,170	Rohm Co. Ltd. (Semiconductors & Semiconductor Equipment)		776
	7,404	Sankyo Co. Ltd. (Leisure Products)		254
	6,900	SBI Holdings, Inc. (Capital Markets)		147
	22,800	Sega Sammy Holdings, Inc. (Leisure Products)		319

HC CAPITAL TRUST

The Institutional International Equity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Japan (continued)
	32,569	Seiko Epson Corp. (Technology Hardware, Storage & Peripherals) ^	$	458
	43,200	Sekisui Chemical Co. Ltd. (Household Durables)		669
	68,925	Sekisui House Ltd. (Household Durables)		1,355
	133,330	Seven & I Holdings Co. Ltd. (Food & Staples Retailing)		5,096
	29,500	Seven Bank Ltd. (Banks) ^		81
	37,600	Shin-Etsu Chemical Co. Ltd. (Chemicals)		4,020
	17,600	Shionogi & Co. Ltd. (Pharmaceuticals)		977
	32,900	Showa Denko KK (Chemicals)		860
	98,054	Softbank Corp. (Wireless Telecommunication Services) ^		1,328
	31,400	SoftBank Group Corp. (Wireless Telecommunication Services)		1,231
	76,760	Sompo Japan Nipponkoa Holdings, Inc. (Insurance)		3,207
	10,500	Sony Financial Holdings, Inc. (Insurance)		227
	173,460	Sumitomo Chemical Co. Ltd. (Chemicals)		778
	130,440	Sumitomo Corp. (Trading Companies & Distributors)		2,037
	84,220	Sumitomo Electric Industries Ltd. (Auto Components)		1,068
	32,100	Sumitomo Heavy Industries Ltd. (Machinery)		950
	148,303	Sumitomo Mitsui Financial Group, Inc. (Banks)		5,068
	56,600	Sumitomo Mitsui Trust Holdings, Inc. (Banks)		2,040
	23,431	Sumitomo Rubber Industries Ltd. (Auto Components)		278
	24,400	SUZUKEN Co. Ltd. (Health Care Providers & Services)		1,309
	28,300	T&D Holdings, Inc. (Insurance)		300
	23,350	Taisei Corp. (Construction & Engineering)		904
	204,500	Taiyo Nippon Sanso Corp. (Chemicals)		4,130
	452,745	Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals)		15,454
	13,900	TDK Corp. (Electronic Equipment, Instruments & Components)		1,243
	22,450	Teijin Ltd. (Chemicals)		431
	66,500	The Chiba Bank Ltd. (Banks)		342
	20,900	The Chugoku Electric Power Company, Inc. (Electric Utilities)		269
	286,400	The Dai-ichi Life Insurance Co. Ltd. (Insurance)		4,315
	41,910	The Kansai Electric Power Co., Inc. (Electric Utilities)		468
	60,300	The Shizuoka Bank Ltd. (Banks)		449
	15,000	The Yokohama Rubber Co. Ltd. (Auto Components)		300
	15,000	THK Co. Ltd. (Machinery)		393
	27,100	Tohoku Electric Power Co., Inc. (Electric Utilities)		264
	28,340	Tokio Marine Holdings, Inc. (Insurance)		1,515
	26,160	Tokyo Electron Ltd. (Semiconductors & Semiconductor Equipment)		4,976
	41,200	Tokyo Fudosan Holdings Corp. (Real Estate Management & Development)		263
	24,900	Tokyu Construction Co. Ltd. (Construction & Engineering)		190
	32,630	Toppan Printing Co. Ltd. (Commercial Services & Supplies)		577

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Japan (continued)
	30,300	Tosoh Corp. (Chemicals) ^	$	400
	8,200	Toyoda Gosei Co. Ltd. (Auto Components)		164
	16,600	Toyota Industries Corp. (Auto Components)		952
	142,220	Toyota Motor Corp. (Automobiles)		9,493
	24,200	Toyota Tsusho Corp. (Trading Companies & Distributors)		780
	14,500	Trend Micro, Inc. (Software)		690
	4,500	Tri Chemical Laboratories, Inc. (Semiconductors & Semiconductor Equipment) (a)		276
	173	United Urban Investment Corp. (Equity Real Estate Investment Trusts)		331
	25,500	USS Co. Ltd. (Specialty Retail)		494
	5,700	West Japan Railway Co. (Road & Rail)		481
	287,700	Yahoo Japan Corp. (Interactive Media & Services)		809
	75,200	Yamada Denki Co. Ltd. (Specialty Retail) ^		364
	35,200	Yamaha Motor Co. Ltd. (Automobiles)		638
	28,900	Yokogawa Electric Corp. (Electronic Equipment, Instruments & Components)		528
				270,710
		Jersey — 0.36%
	1,384,556	Glencore International PLC (Metals & Mining)		4,166
	164,040	WPP PLC (Media)		2,053
				6,219
		Luxembourg — 0.09%
	14,850	ArcelorMittal (Metals & Mining)		209
	7,286	Millicom International Cellular SA (Wireless Telecommunication Services)		354
	3,835	RTL Group (Media)		184
	43,110	SES - FDR, Class – A (Media)		786
				1,533
		Netherlands — 2.53%
	17,988	ABN AMRO Group N.V. (Banks)		317
	3,231	Adyen N.V. (IT Services) (a)(b)		2,128
	76,340	AEGON N.V. (Insurance)		318
	70,753	Airbus Group N.V. (Aerospace & Defense)		9,191
	50,079	Akzo Nobel N.V. (Chemicals)		4,464
	4,561	Euronext N.V. (Capital Markets)		373
	23,758	Exor N.V. (Diversified Financial Services)		1,592
	1,253,810	ING Groep N.V. (Banks)		13,122
	194,031	Koninklijke (Royal) KPN N.V. (Diversified Telecommunication Services)		605
	128,667	Koninklijke Ahold Delhaize N.V. (Food & Staples Retailing)		3,219
	29,322	Koninklijke DSM N.V. (Chemicals) ^		3,528
	13,171	NN Group N.V. (Insurance)		467
	13,540	Randstad Holding N.V. (Professional Services) ^		665
	35,794	Signify NV (Electrical Equipment)		984
	21,429	STMicroelectronics N.V. (Semiconductors & Semiconductor Equipment)		414
	38,569	Wolters Kluwer N.V. (Professional Services)		2,816
				44,203

HC CAPITAL TRUST

The Institutional International Equity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		New Zealand — 0.02%
	11,184	Auckland International Airport Ltd. (Transportation Infrastructure)	$	64
	23,336	Meridian Energy Ltd. (Independent Power and Renewable Electricity Producers)		76
	59,234	Telecom Corporation of New Zealand Ltd. (Diversified Telecommunication Services)		164
				304
		Norway — 0.53%
	31,154	Aker BP ASA (Oil, Gas & Consumable Fuels)		834
	49,416	DNB ASA (Banks)		871
	226,164	Equinor ASA (Oil, Gas & Consumable Fuels)		4,303
	54,486	Marine Harvest ASA (Food Products)		1,258
	98,494	Telenor ASA (Diversified Telecommunication Services)		1,977
				9,243
		Portugal — 0.13%
	354,499	EDP - Energias de Portugal SA (Electric Utilities)		1,376
	56,820	Galp Energia SGPS SA, B Shares (Oil, Gas & Consumable Fuels)		856
				2,232
		Russia — 0.07%
	48,863	MMC Norilsk Nickel PJSC, ADR (Metals & Mining)		1,251
		Singapore — 0.86%
	683,300	Ascendas Real Estate Investment Trust (Equity Real Estate Investment Trusts)		1,543
	712,939	CapitaCommercial Trust (Equity Real Estate Investment Trusts)		1,068
	684,990	CapitaMall Trust (Equity Real Estate Investment Trusts)		1,304
	414,900	China Sunsine Chemical Holdings Ltd. (Chemicals)		324
	739,270	ComfortDelGro Corp. Ltd. (Road & Rail)		1,284
	37,000	DBS Group Holdings Ltd. (Banks)		669
	11,600	Jardine Cycle & Carriage Ltd. (Distributors)		252
	114,070	Singapore Exchange Ltd. (Capital Markets)		699
	445,267	Singapore Press Holdings Ltd. (Media)		670
	1,839,140	Singapore Telecommunications Ltd. (Diversified Telecommunication Services)		4,126
	508,380	Suntec REIT (Equity Real Estate Investment Trusts)		699
	14,300	United Overseas Bank Ltd. (Banks)		266
	95,400	Venture Corp. Ltd. (Electronic Equipment, Instruments & Components)		1,057
	1,521,000	Yangzijiang Shipbuilding Holdings Ltd. (Machinery)		1,057
				15,018
		South Korea — 0.79%
	168,467	Samsung Electronics Co. Ltd. (Technology Hardware, Storage & Peripherals)		6,909
	8,187	SK Innovation Co. Ltd. (Oil, Gas & Consumable Fuels)		1,136

Shares		Security Description	Value (000)
		Common Stocks (continued)
		South Korea (continued)
	28,653	SK Telecom Co. Ltd. (Wireless Telecommunication Services)	$	5,786
				13,831
		Spain — 1.55%
	33,661	ACS Actividades de Construccion y Servicios SA (Construction & Engineering)		1,345
	24,624	Amadeus IT Holding SA, A Shares (IT Services)		1,764
	698,169	Banco Bilbao Vizcaya Argentaria SA (Banks)		3,637
	852,674	Banco Santander SA (Banks)		3,472
	62,704	Bankia SA (Banks)		118
	34,050	Bankinter SA (Banks)		215
	1,298,732	CaixaBank SA (Banks)		3,411
	70,757	Corporacion Mapfre (Insurance)		191
	33,390	Enagas (Oil, Gas & Consumable Fuels)		774
	22,606	Endesa (Electric Utilities)		595
	22,261	Gas Natural SDG SA (Gas Utilities)		590
	277,398	Iberdrola SA (Electric Utilities)		2,883
	68,464	Industria de Diseno Textil SA (Specialty Retail)		2,119
	30,886	Red Electrica Corp. (Electric Utilities)		627
	182,665	Repsol SA (Oil, Gas & Consumable Fuels)		2,854
	323,038	Telefonica SA (Diversified Telecommunication Services)		2,465
				27,060
		Sweden — 1.34%
	46,874	Boliden AB (Metals & Mining)		1,077
	51,028	Electrolux AB, B Shares (Household Durables)		1,210
	27,468	Evolution Gaming Group AB (Hotels, Restaurants & Leisure)		540
	19,640	Granges AB (Metals & Mining)		201
	250,271	Hennes & Mauritz AB, B Shares (Specialty Retail)		4,853
	12,489	Kinnevik AB (Diversified Financial Services)		329
	12,914	Nordic Entertainment Group AB, Class – B (Media)		305
	305,436	Skandinaviska Enskilda Banken AB, Class – A (Banks)		2,809
	67,409	Skanska AB, B Shares (Construction & Engineering)		1,366
	92,049	SKF AB, B Shares (Machinery)		1,522
	115,100	Svenska Handelsbanken AB, A Shares (Banks)		1,078
	67,572	Swedbank AB, A Shares (Banks)		973
	49,720	Tele2 AB, B Shares (Wireless Telecommunication Services)		740
	282,727	TeliaSonera AB (Diversified Telecommunication Services)		1,266
	370,126	Volvo AB, B Shares (Machinery)		5,200
				23,469
		Switzerland — 7.16%
	771,502	ABB Ltd., Registered Shares (Electrical Equipment)		15,163
	30,094	Adecco SA, Registered Shares (Professional Services)		1,665
	3,669	Baloise Holding AG, Registered Shares (Insurance)		657

HC CAPITAL TRUST

The Institutional International Equity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Switzerland (continued)
	37,745	Clariant AG (Chemicals)	$	735
	8,214	Dufry AG (Specialty Retail)		687
	1,576	EMS-Chemie Holding AG, Registered Shares (Chemicals)		982
	46,357	Idorsia Ltd. (Biotechnology) ^(a)(b)		1,140
	10,735	Julius Baer Group Ltd. (Capital Markets)		476
	10,247	Kuehne & Nagel International Ltd. (Marine)		1,510
	91,575	LafargeHolcim Ltd., Registered Shares (Construction Materials)		4,508
	11,311	Lonza Group AG (Life Sciences Tools & Services)		3,825
	136,864	Nestle SA (Food Products)		14,852
	339,884	Novartis AG, Registered Shares (Pharmaceuticals)		29,478
	1,675	Pargesa Holding SA (Diversified Financial Services)		129
	3,433	Partners Group Holding AG (Capital Markets)		2,635
	100,555	Roche Holding AG (Pharmaceuticals)		29,271
	1,017	SGS SA, Registered Shares (Professional Services)		2,522
	2,450	Swiss Life Holding AG (Insurance)		1,171
	7,400	Swiss Prime Site AG (Real Estate Management & Development)		724
	22,046	Swiss Re AG (Insurance)		2,300
	2,450	Swisscom AG (Diversified Telecommunication Services)		1,209
	8,341	The Swatch Group AG (Textiles, Apparel & Luxury Goods)		419
	5,582	The Swatch Group AG, B Shares (Textiles, Apparel & Luxury Goods)		1,482
	329,618	UBS Group AG (Capital Markets)		3,742
	10,478	Zurich Financial Services AG (Insurance)		4,012
				125,294
		United Kingdom — 15.22%
	11,627	Admiral Group PLC (Insurance)		303
	215,555	Anglo American PLC (Metals & Mining)		4,958
	41,503	Aon PLC (Insurance)		8,034
	85,148	Associated British Foods PLC (Food Products)		2,411
	62,507	AstraZeneca PLC (Pharmaceuticals)		5,579
	158,158	Auto Trader Group PLC (Interactive Media & Services)		991
	112,000	Avast PLC (Software)		534
	45,370	Aveva Group PLC (Software)		2,064
	1,068,089	Aviva PLC (Insurance)		5,243
	962,376	Balfour Beatty PLC (Construction & Engineering)		2,626
	5,025,822	Barclays PLC (Banks)		9,293
	146,617	Barratt Developments PLC (Household Durables)		1,168
	2,561,696	BP PLC (Oil, Gas & Consumable Fuels)		16,244
	465,661	British American Tobacco PLC (Tobacco)		17,216
	69,943	British Land Co. PLC (Equity Real Estate Investment Trusts)		503
	84,516	Britvic PLC (Beverages)		1,022
	562,542	BT Group PLC (Diversified Telecommunication Services)		1,235
	12,192	Burberry Group PLC (Textiles, Apparel & Luxury Goods)		326
	22,108	Carnival PLC (Hotels, Restaurants & Leisure)		916
	379,699	Centrica PLC (Multi-Utilities)		344

Shares		Security Description	Value (000)
		Common Stocks (continued)
		United Kingdom (continued)
	211,421	Cineworld Group PLC (Entertainment)	$	593
	1,164,198	Cobham PLC (Aerospace & Defense) (a)		2,245
	58,370	Compass Group PLC (Hotels, Restaurants & Leisure)		1,502
	75,915	Diageo PLC (Beverages)		3,110
	82,273	Direct Line Insurance Group PLC (Insurance)		304
	37,696	Dunelm Group PLC (Specialty Retail)		388
	24,445	easyJet PLC (Airlines)		346
	77,525	Evraz PLC (Metals & Mining)		446
	215,860	G4S PLC (Commercial Services & Supplies)		502
	9,259	Games Workshop Group PLC (Leisure Products)		537
	543,851	GlaxoSmithKline PLC (Pharmaceuticals)		11,664
	9,123	Greggs PLC (Hotels, Restaurants & Leisure)		234
	31,344	Halma PLC (Electronic Equipment, Instruments & Components)		759
	247,105	Howden Joinery Group PLC (Trading Companies & Distributors)		1,702
	989,190	HSBC Holdings PLC (Banks)		7,595
	235,008	Imperial Tobacco Group PLC (Tobacco)		5,282
	271,450	International Consolidated Airlines Group SA (Airlines)		1,580
	23,771	Investec PLC (Capital Markets)		122
	485,356	ITV PLC (Media)		751
	243,210	J Sainsbury PLC (Food & Staples Retailing)		657
	35,001	JD Sports Fashion PLC (Specialty Retail)		323
	95,187	John Wood Group PLC (Energy Equipment & Services)		445
	74,311	Johnson Matthey PLC (Chemicals)		2,793
	45,779	Kazakhmys PLC (Metals & Mining)		244
	292,117	Kingfisher PLC (Specialty Retail)		743
	53,332	Land Securities Group PLC (Equity Real Estate Investment Trusts)		561
	288,764	Legal & General Group PLC (Insurance)		882
	120,999	Linde PLC (Chemicals)		23,471
	12,620,173	Lloyds Banking Group PLC (Banks)		8,396
	5,959	London Stock Exchange Group (Capital Markets)		535
	279,703	Marks & Spencer Group PLC (Multiline Retail)		634
	174,316	Micro Focus International PLC (Software)		2,436
	242,796	National Grid PLC (Multi-Utilities)		2,632
	43,808	Persimmon PLC (Household Durables)		1,169
	458,980	Prudential PLC (Insurance)		8,321
	227,994	RELX PLC (Professional Services)		5,416
	75,589	Rightmove PLC (Interactive Media & Services)		512
	221,435	Rio Tinto PLC (Metals & Mining)		11,457
	725,073	Rolls-Royce Holdings PLC (Aerospace & Defense)		7,063
	1,086,139	Royal Bank of Scotland Group PLC (Banks)		2,772
	424,260	Royal Dutch Shell PLC, A Shares (Oil, Gas & Consumable Fuels)		12,434
	486,555	Royal Dutch Shell PLC, B Shares (Oil, Gas & Consumable Fuels)		14,331
	16,788	Severn Trent PLC (Water Utilities)		447
	348,635	SSE PLC (Electric Utilities)		5,338
	18,999	St. James Place PLC (Capital Markets)		229
	95,291	Standard Life Aberdeen PLC (Diversified Financial Services)		335
	175,449	Tate & Lyle PLC (Food Products)		1,587

HC CAPITAL TRUST

The Institutional International Equity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		United Kingdom (continued)
	439,828	Taylor Wimpey PLC (Household Durables)	$	873
	190,144	Tesco PLC (Food & Staples Retailing)		563
	228,873	Unilever N.V (Personal Products)		13,756
	48,314	United Utilities Group PLC (Water Utilities)		490
	4,599,291	Vodafone Group PLC (Wireless Telecommunication Services)		9,159
	24,195	Willis Towers Watson PLC (Insurance)		4,669
				266,345
		United States — 0.79%
	2,306	Alphabet, Inc., Class – A (Interactive Media & Services) (a)		2,817
	2,267	Alphabet, Inc., Class – C (Interactive Media & Services) (a)		2,763
	2,931	Amazon.com, Inc. (Internet & Direct Marketing Retail) (a)		5,088
	33,362	Intercontinental Exchange Group, Inc. (Capital Markets)		3,078
				13,746
		Total Common Stocks		1,354,389
		Preferred Stocks — 1.19%
		Brazil — 0.31%
	821,380	Petroleo Brasileiro SA — Preferred (Oil, Gas & Consumable Fuels)		5,447
		Germany — 0.88%
	5,582	Bayerische Motoren Werke Aktiengesellschaft — Preferred (Automobiles)		310
	25,135	Porsche Automobil Holding SE — Preferred (Automobiles)		1,635
	79,041	Volkswagen AG — Preferred (Automobiles)		13,443
				15,388
		Total Preferred Stocks		20,835
		Investment Companies — 19.25%
	150,415	Aberdeen Japan Investment Trust PLC		1,119
	124,437	Aberforth Smaller Companies Trust PLC		1,906
	37,838	Argo Investments Ltd.		209
	102,761	Australian Foundation Investment Co. Ltd.		442
	1,437,497	Baillie Gifford UK Growth Fund PLC		3,128
	219,906	Biotech Growth Trust PLC (The)		1,887
	166,052	BlackRock International Growth Fund		902
	459,960	BlackRock World Mining Trust PLC		2,024
	27,331	BMO Global Smaller Companies PLC		456
	2,547,354	Dreyfus Treasury Securities Cash Management, Institutional Shares, 1.83% (c)		2,547
	363,425	Edinburgh Dragon Trust PLC		1,805
	385,010	Edinburgh Investment Trust PLC		2,797
	952,802	European Assets Trust PLC		1,212
	428,708	European Investment Trust PLC		4,269
	1,689,550	Federated Treasury Obligations Fund, Institutional Shares, 2.29% ^^(c)		1,690
	1,414,772	Fidelity European Values PLC		4,287

Shares		Security Description	Value (000)
		Investment Companies (continued)
	183,490	Genesis Emerging Markets Fund Ltd.	$	1,723
	218,000	Henderson European Focus Trust PLC		3,336
	155,245	Henderson EuroTrust PLC		2,214
	605,024	Japan Smaller Capitalization Fund, Inc.		5,307
	764,592	JPMorgan European Investment Trust PLC - Growth		2,651
	900,891	JPMorgan European Smaller Companies Trust PLC		3,965
	739,097	JPMorgan Japan Smaller Companies Investment Trust, Ordinary Shares		3,716
	782,201	JPMorgan Japanese Investment Trust PLC		4,240
	702,132	Mercantile Investment Trust PLC		1,821
	64,745	Mexico Fund, Inc. (The)		845
	78,464	Milton Corp Ltd.		253
	106,152	Morgan Stanley China Fund, Inc.		2,172
	481,590	Neuberger Berman MLP Income Fund, Inc.		3,467
	160,196	New Germany Fund, Inc. (The)		2,220
	98,285	NexPoint Strategic Opportunities Fund		1,762
	779,273	Oakley Capital Investments Ltd.		2,160
	849,096	Perpetual Income & Growth Investment Trust		3,257
	2,839,311	Platinum Asia Investments Ltd.		1,801
	3,703,762	PM Capital Global Opportunities Fund Ltd.		2,674
	1,183,260	Polar Capital Global Financials Trust PLC		2,036
	1,339,229	Schroder Japan Growth Fund PLC		3,194
	238,894,054	State Street Institutional Treasury Plus Money Market Fund, Trust Class, 1.78% (c)		238,894
	5,744,218	State Street Institutional U.S. Government Money Market Fund, Administrative Class, 1.57% (c)		5,744
	47,042	Tekla Healthcare Investors Fund		863
	25,000	Temple Bar Investment Trust PLC		387
	12,908	The Gabelli Dividend & Income Trust		278
	255,414	TR European Growth Trust PLC		2,710
	112,765	Voya Infrastructure Industrials and Materials Fund		1,291
	2,035,873	Woodford Patient Capital Trust PLC		1,124
		Total Investment Companies		336,785
Principal Amount (000)
		Repurchase Agreement — 0.30%
$	5,301	Jefferies LLC, 2.40%, 10/1/19 (Purchased on 9/30/19, proceeds at maturity $5,301,097 collateralized by U.S. Treasury Obligation, 1.48%, 11/15/27 fair value $5,406,767) ^^		5,301
		Total Repurchase Agreement		5,301
		Total Investments (cost $1,609,907) — 98.17%		1,717,310
		Other assets in excess of liabilities — 1.83%		31,958
		Net Assets — 100.00%	$	1,749,268

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

HC CAPITAL TRUST

The Institutional International Equity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

^ All or part of this security was on loan as of September 30, 2019. The total value of securities on loan as of September 30, 2019, was $12,121 (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 September 30, 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 September 30, 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 — September 30, 2019 (Unaudited)

The following table reflects the percentage of total net assets of the Portfolio attributable to each Specialist Manager as of September 30, 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		13.26	%		35.31	%		14.19	%		—			14.67	%		—			—			77.43	%
Preferred Stocks		0.31	%		0.23	%		0.61	%		—			0.04	%		—			—			1.19	%
Investment Companies		0.01	%		0.23	%		—			5.05	%		0.32	%		13.63	%		0.01	%		19.25	%
Repurchase Agreement		0.05	%		0.25	%		—			—			—			—			—			0.30	%
Other Assets (Liabilities)		0.44	%		0.13	%		0.30	%		0.01	%		0.10	%		0.85	%		0.00	%		1.83	%
Total Net Assets		14.07	%		36.15	%		15.10	%		5.06	%		15.13	%		14.48	%		0.01	%		100.00	%

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

Amounts designated as “0.00%” round to less than 0.005%.

The following table reflects the open derivative positions held by the Portfolio as of September 30, 2019.

Futures Contracts Purchased^

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value and Unrealized Appreciation/ (Depreciation) (000)
MSCI EAFE Index Future		2,660		12/20/19	$	252,487	$	(1,739	)
					$	252,487	$	(1,739	)
		Total Unrealized Appreciation					$	—
		Total Unrealized Depreciation						(1,739	)
		Total Net Unrealized Appreciation/(Depreciation)					$	(1,739	)

^ 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 — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks — 82.28%
		Bermuda — 0.10%
	2,515,733	Beijing Enterprises Water Group Ltd. (Water Utilities)	$	1,287
		Brazil — 5.47%
	1,025,100	Ambev SA (Beverages)		4,750
	80,700	B2W CIA Digital (Internet & Direct Marketing Retail) (a)		939
	438,800	B3 SA - Brasil Bolsa Balcao (Capital Markets)		4,608
	598,370	Banco Bradesco SA (Banks)		4,501
	639,500	Banco do Brasil SA (Banks)		7,002
	436,450	BB Seguridade Participacoes SA (Insurance)		3,680
	228,800	BRF SA (Food Products) (a)		2,104
	69,300	Centrais Electricas Brasileiras SA (Electric Utilities)		670
	380,300	Companhia Siderurgica Nacional SA (CSN) (Metals & Mining)		1,211
	137,400	Embraer SA (Aerospace & Defense)		592
	686,500	Itau Unibanco Holding SA (Banks)		5,788
	133,700	JBS SA (Food Products)		1,055
	442,400	Klabin SA (Containers & Packaging)		1,639
	53,300	Localiza Rent A Car SA (Road & Rail)		583
	190,740	Lojas Renner SA (Multiline Retail)		2,317
	304,000	Magazine Luiza SA (Multiline Retail)		2,710
	341,400	Natura Cosmeticos SA (Personal Products)		2,782
	830,600	Petroleo Brasileiro SA (Oil, Gas & Consumable Fuels)		6,028
	289,200	Raia Drogasil SA (Food & Staples Retailing)		6,669
	581,900	Rumo SA (Road & Rail) (a)		3,432
	96,500	Suzano Papel e Celulose SA (Paper & Forest Products)		782
	648,400	Tim Participacoes SA (Wireless Telecommunication Services)		1,859
	554,600	Vale SA (Metals & Mining) (a)		6,374
	196,900	WEG SA (Machinery)		1,148
				73,223
		Cayman Islands — 0.48%
	40,500	Ctrip.com International, ADR (Internet & Direct Marketing Retail) (a)		1,186
	1,584,000	Geely Automobile Holdings Ltd. (Automobiles)		2,688
	62,000	Kingsoft Corp. Ltd. (Software) (a)		132
	22,000	New Oriental Education & Technology Group, Inc., ADR (Diversified Consumer Services) (a)		2,437
				6,443
		Chile — 0.60%
	17,142	Banco de Credito e Inversiones SA (Banks)		1,080
	650,292	Empresas CMPC SA (Paper & Forest Products)		1,513
	9,436,244	Enersis Chile SA (Electric Utilities)		816
	17,721,587	Enersis SA (Electric Utilities)		3,247
	77,887	LATAM Airlines Group SA (Airlines)		861
	104,319	S.A.C.I. Falabella (Multiline Retail)		583
				8,100
		China — 20.40%
	263,765	360 Security Technology, Inc., Class - A (Software)		868
	24,100	58.com, Inc., ADR (Interactive Media & Services) (a)		1,188

Shares		Security Description	Value (000)
		Common Stocks (continued)
		China (continued)
	6,274,000	Agricultural Bank of China Ltd., H Shares (Banks)	$	2,458
	118,000	Air China Ltd. (Airlines)		104
	263,170	Alibaba Group Holding Ltd., ADR (Internet & Direct Marketing Retail) (a)		44,010
	314,000	Aluminum Corporation of China Ltd., H Shares (Metals & Mining) (a)		99
	8,900	Autohome, Inc., ADR (Interactive Media & Services) (a)		740
	97,600	Avic Shenyang Aircraft Co. Ltd. (Aerospace & Defense) (a)		424
	186,000	BAIC Motor Corp. Ltd. (Automobiles) (b)		115
	48,678	Baidu, Inc., ADR (Interactive Media & Services) (a)		5,002
	14,859,100	Bank of China Ltd., H Shares (Banks)		5,839
	5,579,000	Bank of Communications Co. Ltd., H Shares (Banks)		3,645
	3,400	Baozun, Inc., ADR (Internet & Direct Marketing Retail) ^(a)		145
	1,853,350	Beijing Dabeinong Technology Group Co Ltd., Class - A (Food Products)		1,187
	152,400	Beijing Shiji Information Technology Co. Ltd. (Software)		842
	122,000	Brilliance China Automotive Holdings Ltd. (Automobiles)		131
	109,053	BYD Co. Ltd. (Automobiles)		746
	194,500	BYD Electronic International Co. Ltd. (Communications Equipment) ^		291
	2,828,000	China Communications Services Corp. Ltd., H Shares (Diversified Telecommunication Services)		1,602
	1,259,000	China Conch Venture Holdings Ltd. (Machinery)		4,659
	24,081,350	China Construction Bank Corp., H Shares (Banks)		18,375
	1,641,000	China Everbright Bank Co. Ltd., H Shares (Banks)		699
	2,401,000	China Life Insurance Co. Ltd., H Shares (Insurance)		5,563
	22,400	China Literature Ltd. (Media) (a)(b)		76
	27,000	China Merchants Bank Co. Ltd. (Banks)		131
	1,427,000	China Merchants Bank Co. Ltd., H Shares (Banks)		6,791
	91,224	China Mobile Ltd., ADR (Wireless Telecommunication Services)		3,777
	719,000	China Mobile Ltd. (Wireless Telecommunication Services)		5,949
	197,450	China Northern Rare Earth Group High-Tech Co. Ltd. (Metals & Mining)		301
	805,400	China Petroleum & Chemical Corp., H Shares (Oil, Gas & Consumable Fuels)		479
	1,254,000	China Resources Cement Holdings Ltd. (Construction Materials)		1,258
	1,029,972	China Resources Land Ltd. (Real Estate Management & Development)		4,317
	1,370,143	China Resources Power Holdings Co. Ltd. (Independent Power and Renewable Electricity Producers)		1,663
	697,500	China Shenhua Energy Co. Ltd., H Shares (Oil, Gas & Consumable Fuels)		1,401
	162,000	China Southern Airlines Co. Ltd., H Shares (Airlines)		98

HC CAPITAL TRUST

The Emerging Markets Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		China (continued)
	1,214,000	China Tower Corp. Ltd. (Diversified Telecommunication Services) (b)	$	276
	304,900	China Vanke Co. Ltd., H Shares (Real Estate Management & Development)		1,062
	485,000	Chongqing Rural Commercial Bank Co. Ltd., H Shares (Banks)		258
	192,000	CIFI Holdings Group Co. Ltd. (Real Estate Management & Development)		112
	3,170,000	CNOOC Ltd. (Oil, Gas & Consumable Fuels)		4,837
	888,000	COSCO Shipping Holdings Co. Ltd. (Marine) (a)		592
	3,291,000	Country Garden Holdings Co. (Real Estate Management & Development)		4,170
	413,678	Country Garden Services Holdings Co. Ltd., Series S (Commercial Services & Supplies)		1,193
	426,400	ENN Energy Holdings Ltd. (Gas Utilities)		4,412
	133,400	Focus Media Information Technology Co. Ltd. (Technology Hardware, Storage & Peripherals)		98
	119,927	Foshan Haitian Flavouring & Food Co. Ltd. (Food Products)		1,846
	142,000	Future Land Development Holdings Ltd. (Real Estate Management & Development) ^		124
	1,824,800	Fuyao Glass Industry Group Co. Ltd. (Auto Components)		5,064
	18,700	GDS Holdings Ltd., ADR (IT Services) (a)		749
	78,000	Genscript Biotech Corp. (Life Sciences Tools & Services) (a)		149
	164,500	Great Wall Motor Co. Ltd., H Shares (Automobiles)		110
	43,000	Gree Electric Appliances, Inc. of Zhuhai (Household Durables)		345
	598,000	Guangzhou Automobile Group Co. Ltd., H Shares (Automobiles)		572
	100,900	Iflytek Co. Ltd. (Software) (a)		450
	12,650,440	Industrial & Commercial Bank of China Ltd., H Shares (Banks)		8,474
	11,100	iQiyi, Inc., ADR (Entertainment) (a)		179
	140,900	JD.com, Inc., ADR (Internet & Direct Marketing Retail) (a)		3,975
	1,516,000	Jiangsu Expressway Co. Ltd., H Shares (Transportation Infrastructure)		1,927
	230,703	Jiangsu Hengrui Medicine Co. Ltd. (Pharmaceuticals)		2,607
	376,000	Kaisa Group Holdings Ltd. (Real Estate Management & Development)		165
	572,000	Kingdee International Software Group Co. Ltd. (Software)		603
	264,173	Luxshare Precision Industry Co. Ltd. (Electrical Equipment)		990
	218,160	Meinian Onehealth Healthcare Holdings Co. Ltd. (Health Care Providers & Services)		372
	352,500	Meitu, Inc. (Technology Hardware, Storage & Peripherals) ^(a)(b)		81
	29,200	Meituan Dianping (Internet & Direct Marketing Retail) (a)		298
	433,421	Midea Group Co. Ltd., Class - A (Household Durables)		3,103

Shares		Security Description	Value (000)
		Common Stocks (continued)
		China (continued)
	34,300	Momo, Inc., ADR (Interactive Media & Services)	$	1,063
	8,139	NetEase, Inc., ADR (Entertainment)		2,166
	5,300	Noah Holdings Ltd., ADR (Capital Markets) (a)		155
	77,290	O-FILM Tech Co. Ltd. (Electronic Equipment, Instruments & Components) (a)		129
	74,400	Perfect World Co. Ltd., Class - A (Entertainment)		289
	6,696,000	PetroChina Company Ltd., H Shares (Oil, Gas & Consumable Fuels)		3,443
	8,621	Pinduoduo, Inc., ADR (Internet & Direct Marketing Retail) (a)		278
	1,702,500	Ping An Insurance (Group) Company of China Ltd. (Insurance)		19,561
	230,400	Rongsheng Petro Chemical Co. Ltd., Class - A (Chemicals)		353
	1,772,500	Semiconductor Manufacturing International Corp. (Semiconductors & Semiconductor Equipment) (a)		2,216
	120,299	Shandong Buchang Pharmaceuticals Co Ltd., Class - A (Pharmaceuticals)		321
	181,000	Shanghai Industrial Holdings Ltd. (Industrial Conglomerates)		337
	2,278,800	Shanghai Pharmaceuticals Holding Co. Ltd., H Shares (Health Care Providers & Services)		4,128
	873,000	Shimao Property Holdings Ltd. (Real Estate Management & Development)		2,551
	1,147,500	SOHO China Ltd. (Real Estate Management & Development)		328
	146,065	Songcheng Performance Development Co. Ltd., Class - A (Hotels, Restaurants & Leisure)		572
	53,221	Spring Airlines Co. Ltd., Class - A (Airlines)		317
	155,000	Sunac China Holdings Ltd. (Real Estate Management & Development)		623
	52,900	Sunny Optical Technology Group Co. Ltd. (Electronic Equipment, Instruments & Components)		777
	76,200	TAL Education Group, ADR (Diversified Consumer Services) (a)		2,609
	1,175,250	Tencent Holdings Ltd. (Interactive Media & Services)		49,514
	15,400	Tencent Music Entertainment Group, ADR (Entertainment) (a)		197
	126,381	Tianqi Lithium Corp. (Chemicals)		482
	56,563	Vipshop Holdings Ltd., ADR (Internet & Direct Marketing Retail) (a)		505
	495,575	Walvax Biotechnology Co Ltd., Class - A (Biotechnology)		1,874
	8,500	Weibo Corp., ADR (Interactive Media & Services) (a)		380
	26,500	Wuxi Biologics Cayman, Inc. (Life Sciences Tools & Services) (a)(b)		271
	170,000	Xiaomi Corp. (Technology Hardware, Storage & Peripherals) (a)(b)		191
	61,000	Yihai International Holdings (Food Products)		363
	92,520	Yonyou Network Technology Co. Ltd. (Software)		400

HC CAPITAL TRUST

The Emerging Markets Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		China (continued)
	28,000	Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. (Pharmaceuticals)	$	400
	1,094,000	Zhejiang Expressway Co. Ltd., H Shares (Transportation Infrastructure)		946
	63,500	Zhongsheng Group Holdings Ltd. (Specialty Retail)		201
	170,500	ZTE Corp. (Communications Equipment) (a)		765
	12,800	ZTO Express Cayman, Inc., ADR (Air Freight & Logistics)		273
				273,144
		Colombia — 0.19%
	2,938,428	Ecopetrol SA (Oil, Gas & Consumable Fuels)		2,493
		Czech Republic — 0.05%
	196,480	Moneta Money Bank A/S (Banks) (b)		606
		Egypt — 0.21%
	578,027	Commercial International Bank Egypt SAE (Banks)		2,762
		Greece — 0.27%
	264,971	Hellenic Telecommunication Organization SA (Diversified Telecommunication Services)		3,650
		Hong Kong — 2.35%
	1,370,000	AIA Group Ltd. (Insurance)		12,944
	6,640,000	Alibaba Pictures Group Ltd. (Entertainment) (a)		1,076
	144,000	China Ding Yi Feng Holdings Ltd. (Capital Markets)		424
	1,745,182	China Everbright International Ltd. (Commercial Services & Supplies)		1,345
	1,830,000	China Overseas Land & Investment Ltd. (Real Estate Management & Development)		5,755
	72,000	CSPC Pharmaceutical Group Ltd. (Pharmaceuticals)		145
	1,172,000	Far East Horizon Ltd. (Diversified Financial Services)		1,089
	2,368,000	Franshion Properties China Ltd. (Real Estate Management & Development)		1,357
	62,400	Guangzhou R&F Properties Co. Ltd., H Shares (Real Estate Management & Development)		94
	358,000	Hengan International Group Co. Ltd. (Personal Products)		2,348
	25,200	Hutchison China Meditech Ltd., ADR (Pharmaceuticals) (a)		450
	117,000	KWG Group Holdings Ltd. (Real Estate Management & Development)		103
	1,224,000	Samsonite International SA (Textiles, Apparel & Luxury Goods)		2,592
	181,000	Shanghai Industrial Urban Development (Real Estate Management & Development)		23
	427,000	Sino Biopharmaceutiical Ltd. (Pharmaceuticals)		542
	678,000	Sino-Ocean Land Holdings Ltd. (Real Estate Management & Development)		230

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Hong Kong (continued)
	4,500,000	Yuexiu Property Co. Ltd. (Real Estate Management & Development)	$	976
				31,493
		Hungary — 0.56%
	193,451	MOL Hungarian Oil & Gas PLC (Oil, Gas & Consumable Fuels)		1,821
	86,621	OTP Bank Nyrt PLC (Banks)		3,609
	129,491	Richter Gedeon Nyrt (Pharmaceuticals)		2,096
				7,526
		India — 9.31%
	826,497	Adani Ports and Special Economic Zone Ltd. (Transportation Infrastructure)		4,828
	319,100	Ambuja Cements Ltd. (Construction Materials)		918
	34,614	Aurobindo Pharma Ltd. (Pharmaceuticals)		288
	88,627	Avenue Supermarts Ltd. (Food & Staples Retailing) (a)(b)		2,327
	387,549	Axis Bank Ltd. (Banks)		3,746
	63,617	Bajaj Auto Ltd. (Automobiles)		2,641
	43,704	Bajaj Finance Ltd. (Consumer Finance)		2,495
	8,504	Bajaj Finserv Ltd. (Insurance)		1,022
	243,767	Bharat Petroleum Corp. Ltd. (Oil, Gas & Consumable Fuels)		1,617
	8,842,285	Chennai Super Kings Cricket Ltd. (Entertainment) (a)		—
	1,137,938	Coal India Ltd. (Oil, Gas & Consumable Fuels)		3,209
	151,302	Dr. Reddy’s Laboratories Ltd., ADR (Pharmaceuticals)		5,733
	1,202	Eicher Motors Ltd. (Automobiles)		301
	479,732	GAIL India Ltd. (Gas Utilities)		911
	66,845	HCL Technologies Ltd. (IT Services)		1,019
	261,330	HDFC Bank Ltd. (Banks)		4,527
	97,074	Hero MotoCorp Ltd. (Automobiles)		3,705
	610,513	Housing Development Finance Corp. Ltd. (Thrifts & Mortgage Finance)		17,033
	1,046,109	ICICI Bank Ltd. (Banks)		6,403
	77,142	Indiabulls Housing Finance Ltd. (Thrifts & Mortgage Finance)		279
	389,156	Infosys Ltd. (IT Services)		4,424
	1,317,147	ITC Ltd. (Tobacco)		4,830
	738,990	Mahindra & Mahindra Ltd. (Automobiles)		5,707
	837,768	NTPC Ltd. (Independent Power and Renewable Electricity Producers)		1,389
	562,281	Oil & Natural Gas Corp. Ltd. (Oil, Gas & Consumable Fuels)		1,046
	19,352	Pidilite Industries Ltd. (Chemicals)		394
	546,399	Reliance Industries Ltd. (Oil, Gas & Consumable Fuels)		10,273
	136,393	Rural Electrification Corp. Ltd. (Diversified Financial Services)		237
	382,804	Sesa Sterlite Ltd. (Metals & Mining)		833
	5,607	Shree Cement Ltd. (Construction Materials)		1,495
	1,096,154	State Bank of India (Banks) (a)		4,189
	547,609	Tata Consultancy Services Ltd. (IT Services)		16,224
	226,883	Tata Power Co. Ltd. (Electric Utilities)		200
	499,758	Tata Steel Ltd. (Metals & Mining)		2,542
	19,873	Titan Co. Ltd. (Textiles, Apparel & Luxury Goods)		357
	41,901	Ultra Tech Cement Ltd. (Construction Materials)		2,567

HC CAPITAL TRUST

The Emerging Markets Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		India (continued)
	222,144	United Spirits Ltd. (Beverages) (a)	$	2,091
	853,754	Wipro Ltd. (IT Services)		2,889
				124,689
		Indonesia — 2.01%
	687,800	Indah Kiat Pulp & Paper TBK (Paper & Forest Products)		314
	286,100	Pabrik Kertas Tjiwi (Paper & Forest Products)		213
	1,627,800	PT Astra International Tbk (Automobiles)		757
	2,136,400	PT Bank Central Asia Tbk (Banks)		4,569
	16,210,000	PT Bank Rakyat Indonesia Persero Tbk (Banks)		4,707
	2,244,400	PT Charoen Pokphand Indonesia Tbk (Food Products)		846
	436,600	PT Indocement Tunggal Prakarsa Tbk (Construction Materials)		576
	2,506,800	PT Indofood Sukses Makmur Tbk (Food Products)		1,360
	53,535,100	PT Kalbe Farma Tbk (Pharmaceuticals)		6,319
	3,254,500	PT Perusahaan Gas Negara Tbk (Gas Utilities)		482
	913,200	PT Semen Gresik (Persero) Tbk (Construction Materials)		743
	15,999,350	PT Telekomunikasi Indonesia Persero Tbk (Diversified Telecommunication Services)		4,860
	814,800	PT United Tractors Tbk (Oil, Gas & Consumable Fuels)		1,181
				26,927
		Japan — 0.40%
	137,600	SoftBank Group Corp. (Wireless Telecommunication Services)		5,397
		Malaysia — 1.40%
	741,500	AMMB Holdings Berhad (Banks)		734
	2,347,300	Dialog Group Berhad (Energy Equipment & Services)		1,907
	281,400	Hartalega Holdings Berhad (Health Care Equipment & Supplies)		353
	1,093,800	IHH Healthcare Berhad (Health Care Providers & Services)		1,485
	2,223,000	IOI Corp. Berhad (Food Products)		2,353
	857,914	Malayan Banking Berhad (Banks)		1,744
	741,400	Maxis Berhad (Wireless Telecommunication Services)		992
	2,095,300	Press Metal Aluminum Holdings (Metals & Mining)		2,383
	95,000	Public Bank Berhad (Banks)		456
	1,414,700	Ql Resources Berhad (Food Products)		2,438
	1,695,900	Sime Darby Berhad (Industrial Conglomerates)		912
	1,695,900	Sime Darby Plantation Berhad (Food Products)		1,917
	1,695,900	Sime Darby Property Berhad (Real Estate Management & Development)		340
	310,700	Top Glove Corp. Berhad (Health Care Equipment & Supplies)		330
	1,566,312	YTL Corp. Berhad (Multi-Utilities)		344
				18,688

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Mexico — 2.16%
	5,161,500	America Movil SAB de CV (Wireless Telecommunication Services)	$	3,830
	2,686,000	CEMEX SAB de CV (Construction Materials)		1,047
	386,200	Coca-Cola Femsa SAB de CV (Beverages)		2,351
	573,300	Fibra Uno Amdinistracion SA (Equity Real Estate Investment Trusts)		838
	5,100	Fomento Economico Mexicano SAB de CV, ADR (Beverages)		467
	80,200	Fomento Economico Mexicano SAB de CV, ADR (Beverages)		7,344
	204,305	Grupo Aeroportuario del Sureste SAB de CV, Class - B (Transportation Infrastructure)		3,123
	363,500	Grupo Bimbo SAB de CV, Series A (Food Products)		663
	461,100	Grupo Financiero Banorte SAB de CV (Banks)		2,479
	724,545	Grupo Mexico SAB de CV, Series B (Metals & Mining)		1,694
	255,700	Grupo Televisa SAB de CV (Media) ^		501
	1,231,800	Kimberly-Clark de Mexico SAB de CV, A Shares (Household Products)		2,474
	1,063,125	Orbia Advance Corp SAB de CV (Chemicals) (a)		2,075
				28,886
		Netherlands — 0.43%
	78,400	Prosus N.V. (Internet & Direct Marketing Retail) (a)		5,754
		Peru — 0.70%
	154,656	Compania de Minas Buenaventura SA, ADR (Metals & Mining)		2,348
	700	Credicorp Ltd. (Banks)		146
	33,100	Credicorp Ltd. (Banks)		6,899
				9,393
		Philippines — 1.13%
	1,181,140	Aboitiz Equity Ventures, Inc. (Industrial Conglomerates)		1,209
	719,500	Aboitiz Power Corp. (Independent Power and Renewable Electricity Producers)		533
	2,027,900	Alliance Global Group, Inc. (Industrial Conglomerates)		427
	4,014,700	DMCI Holdings, Inc. (Industrial Conglomerates)		644
	2,545,552	Metropolitan Bank & Trust Co. (Banks)		3,361
	17,765	PLDT, Inc. (Wireless Telecommunication Services)		388
	457,290	SM Investments Corp. (Industrial Conglomerates)		8,570
				15,132
		Poland — 0.58%
	192,885	Bank Pekao SA (Banks)		4,927
	4,987	CD Projekt SA (Entertainment)		303
	236,005	Powszechny Zaklad Ubezpieczen SA (Insurance)		2,201
	269,900	Telekomunikacja Polska SA (Diversified Telecommunication Services) (a)		372
				7,803

HC CAPITAL TRUST

The Emerging Markets Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Qatar — 0.45%
	1,361,550	Industries Qatar QSC (Industrial Conglomerates)	$	4,079
	277,120	Qatar National Bank (Banks)		1,468
	427,550	The Commercial Bank of Qatar QSC (Banks)		506
				6,053
		Russia — 2.41%
	280,855	Gazprom OAO, ADR (Oil, Gas & Consumable Fuels)		1,939
	939,810	Gazprom OAO (Oil, Gas & Consumable Fuels)		3,275
	63,788	LUKOIL (Oil, Gas & Consumable Fuels)		5,301
	39,088	LUKOIL PJSC, ADR (Oil, Gas & Consumable Fuels)		3,234
	27,234	Novatek OAO, Registered Shares, GDR (Oil, Gas & Consumable Fuels)		5,524
	1,013,417	Sberbank (Banks)		3,559
	231,938	Sberbank of Russia, ADR (Banks)		3,288
	113,164	Severstal, Registered Shares, GDR (Metals & Mining)		1,624
	55,190	Tatneft, Class - S (Oil, Gas & Consumable Fuels)		585
	2,363,836	The Moscow Exchange (Capital Markets)		3,454
	814,600,000	VTB Bank OJSC (Banks)		535
				32,318
		Saudi Arabia — 1.32%
	63,145	Advanced Petrochemical Co. (Chemicals)		816
	149,250	Al Rajhi Bank (Banks)		2,518
	103,614	Banque Saudi Fransi (Banks)		891
	16,955	Bupa Arabia For Cooperative Insurance Co. (Insurance)		481
	162,908	Dar Al Arkan Real Estate Development Co. (Real Estate Management & Development) (a)		519
	262,721	Emaar Economic City (Real Estate Management & Development) (a)		694
	166,492	National Commercial Bank (Banks)		2,043
	286,661	Riyad Bank (Banks)		1,865
	46,591	Sahara International Petrochemical Co. (Chemicals) (a)		224
	59,797	Saudi Arabian Fertilizer Co. (Chemicals)		1,280
	98,341	Saudi Arabian Mining Co. (Metals & Mining) (a)		1,190
	78,058	Saudi Basic Industries Corp. (Chemicals)		1,915
	31,231	Saudi Industrial Investment Group (Chemicals)		192
	127,544	Saudi Kayan Petrochemical Co. (Chemicals) (a)		347
	62,907	Saudi Telecom Co. (Diversified Telecommunication Services)		1,825
	110,071	The Saudi British Bank (Banks)		894
				17,694
		South Africa — 4.43%
	50,032	Anglo Platinum Ltd. (Metals & Mining)		3,017
	84,699	AngloGold Ashanti Ltd. (Metals & Mining)		1,590
	69,391	Bid Corp. Ltd. (Food & Staples Retailing)		1,476
	440,153	Clicks Group Ltd. (Food & Staples Retailing)		6,252
	402,288	Discovery Ltd. (Insurance)		3,032
	109,992	Exxaro Resources Ltd. (Oil, Gas & Consumable Fuels)		949

Shares		Security Description	Value (000)
		Common Stocks (continued)
		South Africa (continued)
	987,428	FirstRand Ltd. (Diversified Financial Services) ^	$	4,057
	625,187	Growthpoint Properties Ltd. (Equity Real Estate Investment Trusts)		954
	51,643	Liberty Holdings Ltd. (Insurance)		383
	628,024	Life Healthcare Group Holdings Ltd. (Health Care Providers & Services)		941
	542,500	Momentum Metropolitan Holdings (Insurance)		668
	286,830	MTN Group Ltd. (Wireless Telecommunication Services)		1,825
	79,012	MultiChoice Group Ltd. (Media) (a)		616
	155,415	Naspers Ltd. (Media)		23,562
	1,249,711	Redefine Properties Ltd. (Equity Real Estate Investment Trusts)		646
	142,761	Sasol Ltd. (Chemicals)		2,387
	368,878	Standard Bank Group Ltd. (Banks)		4,257
	175,684	The Foschini Group Ltd. (Specialty Retail)		1,897
	212,428	Truworths International Ltd. (Specialty Retail)		744
				59,253
		South Korea — 9.72%
	19,951	AmorePacific Corp. (Personal Products)		2,344
	6,684	Celltrion Healthcare Co. Ltd. (Health Care Providers & Services) (a)		282
	7,040	Celltrion Pharma, Inc. (Pharmaceuticals) (a)		206
	17,402	Celltrion, Inc. (Biotechnology) ^(a)		2,386
	11,088	CJ Cheiljedang Corp. (Food Products)		2,174
	29,220	Coway Co. Ltd. (Household Durables)		2,067
	9,828	Daewoo International Corp. (Trading Companies & Distributors)		157
	87,500	Daewoo Securities Co. Ltd. (Capital Markets)		549
	20,870	Dongbu Insurance Co. Ltd. (Insurance)		900
	15,040	E-Mart Co. Ltd. (Food & Staples Retailing)		1,421
	7,366	Fila Korea Ltd. (Textiles, Apparel & Luxury Goods)		357
	49,700	GS Holdings Corp. (Oil, Gas & Consumable Fuels)		2,090
	46,765	Hana Financial Group, Inc. (Banks)		1,378
	46,020	Hankook Tire Co. Ltd. (Auto Components)		1,241
	479,472	Hanon Systems (Auto Components)		4,810
	3,023	Helixmith Co. Ltd. (Biotechnology) ^(a)		168
	11,339	HLB, Inc. (Leisure Products) ^(a)		573
	5,698	Hotel Shilla Co. Ltd. (Specialty Retail)		411
	140,567	Hynix Semiconductor, Inc. (Semiconductors & Semiconductor Equipment)		9,661
	32,747	Hyundai Engineering & Construction Co. Ltd. (Construction & Engineering)		1,268
	16,803	Hyundai Heavy Industries Co. Ltd. (Machinery) (a)		1,742
	18,178	Hyundai Marine & Fire Insurance Co. Ltd. (Insurance)		401
	18,897	Hyundai Mobis Co. Ltd. (Auto Components)		3,982
	30,947	Hyundai Motor Co. Ltd. (Automobiles)		3,467
	42,225	Industrial Bank of Korea (Banks)		466
	73,526	Kangwon Land, Inc. (Hotels, Restaurants & Leisure)		1,817
	81,753	KB Financial Group, Inc. (Banks)		2,919
	111,768	Kia Motors Corp. (Automobiles)		4,262
	52,858	Korea Electric Power Corp. (Electric Utilities) (a)		1,145

HC CAPITAL TRUST

The Emerging Markets Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		South Korea (continued)
	42,887	Korea Life Insurance Co. Ltd. (Insurance)	$	85
	34,183	KT&G Corp. (Tobacco)		3,015
	6,700	Kumho Petro Chemical Co. Ltd. (Chemicals)		401
	35,797	LG Display Co. Ltd. (Electronic Equipment, Instruments & Components) (a)		424
	630	LG Household & Health Care Ltd. (Personal Products)		688
	22,275	Naver Corp. (Interactive Media & Services)		2,924
	11,111	NCsoft Corp. (Entertainment)		4,840
	88,865	Pan Ocean Co. Ltd. (Marine) (a)		340
	16,203	POSCO (Metals & Mining)		3,075
	6,713	POSCO Chemical Co. Ltd. (Construction Materials) ^		248
	3,213	Samsung Biologics Co. Ltd. (Life Sciences Tools & Services) ^(a)(b)		826
	16,220	Samsung Card Co. Ltd. (Consumer Finance)		477
	10,104	Samsung Electro-Mechanics Co. Ltd. (Electronic Equipment, Instruments & Components)		870
	784,821	Samsung Electronics Co. Ltd. (Technology Hardware, Storage & Peripherals)		32,186
	54,624	Samsung Engineering Co. Ltd. (Construction & Engineering) (a)		767
	31,156	Samsung Fire & Marine Insurance Co. Ltd. (Insurance)		5,810
	4,798	Samsung SDI Co. Ltd. (Electronic Equipment, Instruments & Components)		894
	294,487	Shinhan Financial Group Co. Ltd. (Banks)		10,293
	10,645	Sillajen, Inc. (Biotechnology) (a)		72
	21,018	SK Innovation Co. Ltd. (Oil, Gas & Consumable Fuels)		2,917
	4,528	SK Telecom Co. Ltd. (Wireless Telecommunication Services)		914
	45,994	SK Telecom Co. Ltd., ADR (Wireless Telecommunication Services)		1,021
	226,272	Woori Financial Group, Inc. (Banks)		2,355
				130,086
		Taiwan — 9.96%
	74,000	Airtac International Group (Machinery)		881
	1,342,672	ASE Technology Holding Co. Ltd., Class - H (Semiconductors & Semiconductor Equipment)		3,064
	787,971	Asia Cement Corp. (Construction Materials)		1,100
	313,000	Asustek Computer, Inc. (Technology Hardware, Storage & Peripherals)		2,083
	30,000	Catcher Technology Co. Ltd. (Technology Hardware, Storage & Peripherals)		227
	1,126,000	Cheng Shin Rubber Industry Co. Ltd. (Auto Components)		1,662
	383,049	Chicony Electronics Co. Ltd. (Technology Hardware, Storage & Peripherals)		1,129
	5,034,000	China Development Financial Holding Corp. (Banks)		1,499
	307,000	Chunghwa Telecom Co. Ltd. (Diversified Telecommunication Services)		1,098
	1,359,000	Compal Electronics, Inc. (Technology Hardware, Storage & Peripherals)		784
	4,550,867	E.Sun Financial Holding Co. Ltd. (Banks)		3,850
	42,000	ECLAT Textile Co. Ltd. (Textiles, Apparel & Luxury Goods)		563

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Taiwan (continued)
	454,000	Far EasTone Telecommunications Co. Ltd. (Wireless Telecommunication Services)	$	1,061
	539,000	Formosa Taffeta Co. Ltd. (Textiles, Apparel & Luxury Goods)		587
	4,095,996	Fubon Financial Holding Co. Ltd. (Diversified Financial Services)		5,882
	356,000	Giant Manufacturing Co. Ltd. (Leisure Products)		2,421
	51,000	Globalwafers Co. Ltd. (Semiconductors & Semiconductor Equipment)		516
	6,700	Highwealth Construction Corp. (Real Estate Management & Development)		11
	183,340	Hiwin Technologies Corp. (Machinery)		1,599
	1,201,000	Hon Hai Precision Industry Co. Ltd. (Electronic Equipment, Instruments & Components)		2,835
	839,000	Inventec Corp. (Technology Hardware, Storage & Peripherals)		579
	35,100	Largan Precision Co. Ltd. (Electronic Equipment, Instruments & Components)		5,036
	1,231,554	Lite-On Technology Corp. (Technology Hardware, Storage & Peripherals)		1,957
	567,962	MediaTek, Inc. (Semiconductors & Semiconductor Equipment)		6,756
	3,561,477	Mega Financial Holding Co. Ltd. (Banks)		3,301
	58,000	Nanya Technology Corp. (Semiconductors & Semiconductor Equipment)		151
	71,000	Novatek Microelectronics Corp. (Semiconductors & Semiconductor Equipment)		407
	1,011,000	Pegatron Corp. (Technology Hardware, Storage & Peripherals)		1,760
	99,620	Pou Chen Corp. (Textiles, Apparel & Luxury Goods)		128
	150,000	Powertech Technology, Inc. (Semiconductors & Semiconductor Equipment)		422
	2,653,000	President Enterprises Corp. (Food Products)		6,397
	1,369,000	Quanta Computer, Inc. (Technology Hardware, Storage & Peripherals)		2,498
	179,280	Ruentex Development Co. Ltd. (Real Estate Management & Development)		240
	225,000	Ruentex Industries Ltd. (Textiles, Apparel & Luxury Goods)		485
	163,000	Shanghai Commercial & Savings Bank Ltd. (The) (Banks)		274
	1,533,200	Standard Foods Corp. (Food Products)		3,069
	637,900	Synnex Technology International Corp. (Electronic Equipment, Instruments & Components)		746
	211,000	Taimed Biologics, Inc. (Biotechnology) (a)		1,013
	1,410,178	Taiwan Cement Corp. (Construction Materials)		1,802
	249,000	Taiwan Mobile Co. Ltd. (Wireless Telecommunication Services)		899
	6,236,000	Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment)		54,676
	1,683,000	Tatung Co. Ltd. (Household Durables) (a)		922

HC CAPITAL TRUST

The Emerging Markets Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Taiwan (continued)
	1,000	Vanguard International Semiconductor Corp. (Semiconductors & Semiconductor Equipment)	$	2
	59,000	Walsin Technology Corp. (Electronic Equipment, Instruments & Components)		332
	42,000	Win Semiconductors Corp. (Semiconductors & Semiconductor Equipment)		377
	238,000	Winbond Electronics Corp. (Semiconductors & Semiconductor Equipment)		137
	1,877,155	Wistron Corp. (Technology Hardware, Storage & Peripherals)		1,516
	686,400	WPG Holdings Ltd. (Electronic Equipment, Instruments & Components)		845
	29,000	Yageo Corp. (Electronic Equipment, Instruments & Components)		230
	5,945,000	Yuanta Financial Holding Co. Ltd. (Capital Markets)		3,545
				133,354
		Thailand — 2.06%
	275,000	Advanced Info Service Public Co. Ltd. (Wireless Telecommunication Services)		1,978
	379,300	Airports of Thailand PCL (Transportation Infrastructure)		927
	12,200	Bangkok Bank Public Co. Ltd. – Foreign Registered Shares (Banks)		69
	16,300	Bangkok Bank Public Co. Ltd. – NVDR (Banks)		92
	946,200	Banpu Public Co. Ltd., Registered Shares (Oil, Gas & Consumable Fuels)		365
	691,100	Berli Jucker PCL (Food & Staples Retailing)		1,192
	3,111,600	BTS Group Holdings PCL (Road & Rail)		1,363
	619,000	Delta Electronics Public Co. Ltd. – NVDR (Electronic Equipment, Instruments & Components)		2,644
	688,700	Energy Absolute PCL (Independent Power and Renewable Electricity Producers)		1,081
	415,000	Gulf Energy Development PCL (Independent Power and Renewable Electricity Producers)		2,172
	702,400	Kasikornbank Public Co. Ltd. (Banks)		3,595
	6,748,600	Krung Thai Bank Public Co. Ltd., Registered Shares (Banks)		3,797
	682,900	Minor International PCL (Hotels, Restaurants & Leisure)		837
	1,177,700	Muangthai Capital PCL (Consumer Finance)		2,195
	429,142	PTT Chemical Public Co. Ltd. (Chemicals)		754
	634,175	PTT Exploration & Production Public Co. Ltd. (Oil, Gas & Consumable Fuels)		2,510
	108,400	Robinson PCL (Multiline Retail)		226
	411,000	Siam Commercial Bank Public Co. Ltd. – NVDR (Banks)		1,586
	98,100	Thai Oil Public Co. Ltd. (Oil, Gas & Consumable Fuels)		224
				27,607
		Turkey — 0.62%
	230,178	Aselsan Elektronik Sanayi VE Ticaret A/S (Aerospace & Defense)		822
	39,242	BIM Birlesik Magazalar A/S (Food & Staples Retailing)		342

Shares		Security Description	Value (000)
		Common Stocks (continued)
		Turkey (continued)
	4,256,558	Enka Insaat ve Sanayi A/S (Industrial Conglomerates)	$	4,265
	693,800	Eregli Demir ve Celik Fabrikalari TAS (Metals & Mining)		843
	1	Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S, Class - D (Metals & Mining)		—
	162,200	TAV Havalimanlari Holding A/S (Transportation Infrastructure)		679
	40,398	Turk Hava Yollari Anonim Ortakligi A/S (Airlines) (a)		89
	524,122	Turkcell Iletisim Hizmetleri A/S (Wireless Telecommunication Services)		1,210
				8,250
		United Arab Emirates — 0.40%
	193,132	Abu Dhabi Commercial Bank PJSC (Banks)		413
	145,077	DP World Ltd. (Transportation Infrastructure)		2,030
	488,800	Dubai Islamic Bank PJSC (Banks)		699
	542,072	National Bank of Abu Dhabi (Banks)		2,219
				5,361
		United Kingdom — 1.82%
	794,134	Antofagasta PLC (Metals & Mining)		8,776
	245,225	Mondi PLC (Paper & Forest Products)		4,705
	180,320	Unilever PLC (Personal Products)		10,840
				24,321
		United States — 0.29%
	6,800	Southern Copper Corp. (Metals & Mining)		232
	79,800	Yum China Holdings, Inc. (Hotels, Restaurants & Leisure)		3,625
				3,857
		Total Common Stocks		1,101,550
		Preferred Stocks — 1.13%
		Brazil — 0.69%
	484,200	Banco Bradesco SA – Preferred (Banks)		3,954
	294,812	Companhia Energetica de Minas Gerais SA – Preferred, ADR (Electric Utilities)		1,017
	435,100	Lojas Americanas SA – Preferred (Multiline Retail)		2,090
	267,400	Petroleo Brasileiro SA – Preferred (Oil, Gas & Consumable Fuels)		1,773
	31,935	Petroleo Brasileiro SA – Preferred, ADR (Oil, Gas & Consumable Fuels)		420
				9,254
		Chile — 0.01%
	5,610	Sociedad Quimica y Minera de Chile SA – Preferred, B Shares (Chemicals)		154
		Colombia — 0.05%
	1,637,100	Grupo Aval Acciones y Valores SA – Preferred (Banks)		612
		South Korea — 0.38%
	5,056	Hyundai Motor Co. Ltd. – Preferred (Automobiles)		323
	7,683	Hyundai Motor Co. Ltd. 2nd – Preferred (Automobiles)		545

HC CAPITAL TRUST

The Emerging Markets Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Value (000)
		Preferred Stocks (continued)
		South Korea (continued)
	127,289	Samsung Electronics Co. Ltd. – Preferred (Technology Hardware, Storage & Peripherals)	$	4,204
				5,072
		Total Preferred Stocks		15,092
		Right — 0.00%
		Taiwan — 0.00%
	13,243	Shanghai Commercial (Banks) (a)		7
		Total Right		7
Principal Amount (000)
		U.S. Treasury Obligation — 0.09%
$	1,260	U.S. Treasury Bill, 1.76%, 12/12/19 (c)(d)		1,256
		Total U.S. Treasury Obligation		1,256
Shares
		Investment Companies — 15.46%
	1,769,020	Federated Treasury Obligations Fund, Institutional Shares, 2.29% ^^(e)		1,769
	205,188,314	State Street Institutional Treasury Plus Money Market Fund, Trust Class, 1.78% (e)		205,188
		Total Investment Companies		206,957

Principal Amount (000)		Security Description	Value (000)
		Repurchase Agreement — 0.41%
$	5,550	Jefferies LLC, 2.40%, 10/1/19 (Purchased on 9/30/19, proceeds at maturity $5,550,441 collateralized by U.S. Treasury Obligation, 1.48%, 11/15/27 fair value $5,661,082) ^^	$	5,550
		Total Repurchase Agreement		5,550
		Total Investments (cost $1,280,138) — 99.37%		1,330,412
		Other assets in excess of liabilities — 0.63%		8,461
		Net Assets — 100.00%	$	1,338,873

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

^ All or part of this security was on loan as of September 30, 2019. The total value of securities on loan as of September 30, 2019, was $8,049 (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 September 30, 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 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 September 30, 2019.

ADR — American Depositary Receipt

GDR — Global Depositary Receipt

NVDR — Non-Voting Depository Receipt

The following table reflects the percentage of total net assets of the Portfolio attributable to each Specialist Manager as of September 30, 2019.

The Emerging Markets Portfolio	Mellon Investments Corporation			Parametric Portfolio Associates, LLC			RBC Global Asset Management (UK) Limited			Total
Common Stocks		62.30	%		—			19.98	%		82.28	%
Preferred Stocks		1.13	%		—			—			1.13	%
Right		0.00	%		—			—			0.00	%
U.S. Treasury Obligation		0.09	%		—			—			0.09	%
Investment Companies		1.19	%		13.74	%		0.53	%		15.46	%
Repurchase Agreement		0.41	%		—			—			0.41	%
Other Assets (Liabilities)		-0.01	%		0.63	%		0.01	%		0.63	%
Total Net Assets		65.11	%		14.37	%		20.52	%		100.00	%

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

Amounts designated as “0.00%” round to less than 0.005%.

HC CAPITAL TRUST

The Emerging Markets Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

The following table reflects the open derivative positions held by the Portfolio as of September 30, 2019.

Futures Contracts Purchased^

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value and Unrealized Appreciation/ (Depreciation) (000)
MSCI Emerging Markets Index Future		4,368		12/20/19	$	218,815	$	(4,999	)
					$	218,815	$	(4,999	)
		Total Unrealized Appreciation					$	—
		Total Unrealized Depreciation						(4,999	)
		Total Net Unrealized Appreciation/(Depreciation)					$	(4,999	)

^ 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 — September 30, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %			Maturity Date		Value (000)
		Asset Backed Securities — 0.36%
$	35	Ally Auto Receivables Trust, Series 2019-2, Class – A4, Callable 7/15/22 @ 100.00		2.26			8/15/24	$	35
	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		102
	25	Nissan Auto Receivables Owner Trust, Series 2019-A, Class – A3, Callable 3/15/23 @ 100.00		2.90			10/16/23		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							230
		Collateralized Mortgage Obligations — 1.57%
	40	Bank, Series 2017-BNK8, Class – A3		3.23			11/15/50		42
	25	Bank, Series 2017-BNK9, Class – ASB		3.47			11/15/54		27
	10	Benchmark Mortgage Trust, Series 2019-B9, Class – A5		4.02			3/15/52		11
	25	Citigroup Commercial Mortgage Trust, Series 2015-GC27, Class – A4		2.88			2/10/48		26
	20	Citigroup Commercial Mortgage Trust, Series 2015-GC27, Class – A5		3.14			2/10/48		21
	25	Citigroup Commercial Mortgage Trust, Series 2016-GC37, Class – A4		3.31			4/10/49		26
	25	Citigroup Commercial Mortgage Trust, Series 2014-GC23, Class – A4		3.62			7/10/47		27
	25	Commercial Mortgage Trust, Series 2015-LC19, Class – A4		3.18			2/10/48		26
	20	Commercial Mortgage Trust, Series 2015-DC1, Class – A5		3.35			2/10/48		21
	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		27
	25	Commercial Mortgage Trust, Series 2013-CR11, Class – B		5.28	(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		26
	25	Fannie Mae-ACES, Series 2018-M1, Class – A2		3.08	(a)		12/25/27		26
	30	Fannie Mae-ACES, Series 2014-M9, Class – A2		3.10	(a)		7/25/24		32
	25	Fannie Mae-ACES, Series 2017-M12, Class – A2		3.18	(a)		6/25/27		27
	25	Fannie Mae-ACES, Series 2018-M10, Class – A2		3.50	(a)		7/25/28		27
	35	Freddie Mac Multifamily Structured Pass Through Certificates, Series K726, Class – A2		2.91			7/25/49		37
	25	Freddie Mac Multifamily Structured Pass Through Certificates, Series K082, Class – A2		3.92	(a)		9/25/28		28
	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
	9	Freddie Mac Multifamily Structured Pass-Through Certificates, Series K032, Class – A1		3.02			2/25/23		9
	30	Freddie Mac Multifamily Structured Pass-Through Certificates, Series K033, Class – A2		3.06	(a)		7/25/23		32
	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
	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		55
	25	JPMBB Commercial Mortgage Securities Trust, Series 2014-C24, Class – A5		3.64			11/15/47		27
	50	JPMDB Commercial Mortgage Securities Trust, Series 2016-C4, Class – A3		3.14			12/15/49		52
	20	JPMorgan Chase Commercial Mortgage Securities Corp., Series 2012-C8, Class – A3		2.83			10/15/45		20
	25	Morgan Stanley BAML Trust, Series 2013-C9, Class – AS		3.46			5/15/46		26
	25	Morgan Stanley BAML Trust, Series 2014-C19, Class – A4		3.53			12/15/47		27
	25	Morgan Stanley BAML Trust, Series 2017-C33, Class – A5		3.60			5/15/50		27
	25	SG Commercial Mortgage Securities Trust, Series 2016-C5, Class – A4		3.06			10/10/48		26
	25	UBS Commercial Mortgage Trust, Series 2018-C12, Class – A5		4.30			8/15/51		29
	25	Wells Fargo Commercial Mortgage Trust, Series 2018-C47, Class – A4		4.44			9/15/61		29
	4	WF-RBS Commercial Mortgage Trust, Series 2012-C7, Class – A1		2.30			6/15/45		4
		Total Collateralized Mortgage Obligations							1,002
		U.S. Government Agency Mortgages — 21.17%
	30	Fannie Mae, Pool #AS2673		2.00			5/1/29		29

HC CAPITAL TRUST

The Core Fixed Income Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Government Agency Mortgages (continued)
$	22	Fannie Mae, Pool #BD8046		2.50		9/1/31	$	22
	57	Fannie Mae, Pool #AP4742		2.50		8/1/27		58
	38	Fannie Mae, Pool #AU6677		2.50		9/1/28		39
	30	Fannie Mae, Pool #AB7391		2.50		12/1/42		30
	29	Fannie Mae, Pool #MA1277		2.50		12/1/27		29
	19	Fannie Mae, Pool #MA3154		2.50		10/1/32		19
	19	Fannie Mae, Pool #AS4946		2.50		5/1/30		20
	20	Fannie Mae, Pool #MA3246		2.50		1/1/33		21
	35	Fannie Mae, Pool #BC9041		2.50		11/1/31		36
	19	Fannie Mae, Pool #MA2789		2.50		10/1/36		19
	26	Fannie Mae, Series 2015-M1, Class A2		2.53		9/25/24		27
	19	Fannie Mae, Pool #MA2897		3.00		2/1/37		20
	20	Fannie Mae, Pool #MA2863		3.00		1/1/47		21
	20	Fannie Mae, Pool #AS8739		3.00		2/1/37		21
	22	Fannie Mae, Pool #MA3237		3.00		1/1/48		23
	82	Fannie Mae, Pool #AS8483		3.00		12/1/46		84
	21	Fannie Mae, Pool #BH8817		3.00		10/1/47		21
	28	Fannie Mae, Pool #AS5977		3.00		10/1/30		29
	20	Fannie Mae, Pool #MA3127		3.00		9/1/37		21
	11	Fannie Mae, Pool #AO7628		3.00		6/1/27		11
	86	Fannie Mae, Pool #AO0752		3.00		4/1/42		89
	38	Fannie Mae, Pool #AS7908		3.00		9/1/46		39
	39	Fannie Mae, Pool #AS8276		3.00		11/1/46		40
	24	Fannie Mae, Pool #AS8414		3.00		11/1/46		24
	14	Fannie Mae, Pool #MA2416		3.00		10/1/35		15
	20	Fannie Mae, Pool #AL9996		3.00		4/1/32		21
	23	Fannie Mae, Pool #AL9263		3.00		10/1/46		24
	58	Fannie Mae, Pool #AS0302		3.00		8/1/43		60
	47	Fannie Mae, Pool #MA2246		3.00		4/1/30		48
	47	Fannie Mae, Pool #AQ7920		3.00		12/1/42		48
	52	Fannie Mae, Pool #AK0006		3.00		1/1/27		53
	41	Fannie Mae, Pool #AL9865		3.00		2/1/47		42
	40	Fannie Mae, Pool #BC4764		3.00		10/1/46		41
	24	Fannie Mae, Pool #AZ2936		3.00		9/1/45		24
	24	Fannie Mae, Pool #MA3377		3.00		5/1/48		24
	30	Fannie Mae, Pool #AB2047		3.00		1/1/26		31
	49	Fannie Mae, Pool #AY2961		3.00		5/1/45		49
	74	Fannie Mae, Pool #AB7099		3.00		11/1/42		76
	26	Fannie Mae, Pool #AU3353		3.00		8/1/43		27
	53	Fannie Mae, Pool #AT0682		3.00		4/1/43		54
	55	Fannie Mae, Pool #AB8897		3.00		4/1/43		56
	15	Fannie Mae, Pool #MA2523		3.00		2/1/36		15
	16	Fannie Mae, Pool #890566		3.00		12/1/43		16
	21	Fannie Mae, Pool #MA1307		3.00		1/1/33		22
	40	Fannie Mae, Pool #BC9003		3.00		11/1/46		41
	41	Fannie Mae, Pool #BD2446		3.00		1/1/47		42
	20	Fannie Mae, Pool #MA3339		3.00		4/1/33		21
	20	Fannie Mae, Pool #BD5545		3.00		10/1/46		21
	25	Fannie Mae, Pool #FM1299		3.00		7/1/49		25
	44	Fannie Mae, Pool #BJ4916		3.50		3/1/48		45
	22	Fannie Mae, Pool #MA3614		3.50		3/1/49		22
	42	Fannie Mae, Pool #MA3182		3.50		11/1/47		44
	45	Fannie Mae, Pool #MA3520		3.50		10/1/48		46
	22	Fannie Mae, Pool #MA3494		3.50		10/1/48		22
	39	Fannie Mae, Pool #MA3026		3.50		6/1/47		41
	19	Fannie Mae, Pool #MA3059		3.50		7/1/37		19
	22	Fannie Mae, Pool #MA3148		3.50		10/1/47		23
	77	Fannie Mae, Pool #AQ0546		3.50		11/1/42		80
	21	Fannie Mae, Pool #MA3597		3.50		2/1/49		22
	22	Fannie Mae, Pool #MA3305		3.50		3/1/48		23
	16	Fannie Mae, Pool #MA2522		3.50		2/1/46		16
	20	Fannie Mae, Pool #AS0024		3.50		7/1/43		21
	42	Fannie Mae, Pool #MA3243		3.50		1/1/38		43
	141	Fannie Mae, Pool #AO2548		3.50		4/1/42		147
	32	Fannie Mae, Pool #MA2706		3.50		8/1/46		34
	34	Fannie Mae, Pool #AS7491		3.50		7/1/46		35

HC CAPITAL TRUST

The Core Fixed Income Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Government Agency Mortgages (continued)
$	22	Fannie Mae, Pool #BK9038		3.50		10/1/33	$	22
	15	Fannie Mae, Pool #MA2389		3.50		9/1/35		16
	14	Fannie Mae, Pool #BA1893		3.50		8/1/45		15
	33	Fannie Mae, Pool #BA3123		3.50		2/1/46		35
	19	Fannie Mae, Pool #BC0443		3.50		12/1/45		20
	28	Fannie Mae, Pool #BC1158		3.50		2/1/46		29
	33	Fannie Mae, Pool #BC2926		3.50		3/1/46		34
	15	Fannie Mae, Pool #AJ1886		3.50		3/1/42		16
	19	Fannie Mae, Pool #BD5046		3.50		2/1/47		20
	47	Fannie Mae, Pool #MA2125		3.50		12/1/44		50
	36	Fannie Mae, Pool #MA1980		3.50		8/1/44		37
	85	Fannie Mae, Pool #AB6017		3.50		8/1/42		88
	44	Fannie Mae, Pool #AB5511		3.50		7/1/42		46
	30	Fannie Mae, Pool #AZ0862		3.50		7/1/45		31
	32	Fannie Mae, Pool #AB2052		3.50		1/1/26		33
	23	Fannie Mae, Pool #BJ3716		3.50		12/1/47		23
	53	Fannie Mae, Pool #AS3133		3.50		8/1/44		55
	23	Fannie Mae, Pool #MA3637		3.50		4/1/49		23
	13	Fannie Mae, Pool #AS4236		3.50		1/1/45		14
	23	Fannie Mae, Pool #AL1717		3.50		5/1/27		24
	50	Fannie Mae, Pool #AS4771		3.50		4/1/45		51
	40	Fannie Mae, Pool #AS4772		3.50		4/1/45		41
	13	Fannie Mae, Pool #AS5596		3.50		8/1/45		13
	31	Fannie Mae, Pool #AS6102		3.50		11/1/45		32
	16	Fannie Mae, Pool #AS6394		3.50		12/1/45		16
	32	Fannie Mae, Pool #AS7388		3.50		6/1/46		33
	19	Fannie Mae, Pool #BM1568		3.50		7/1/47		20
	25	Fannie Mae, Pool #MA3692		3.50		7/1/49		25
	22	Fannie Mae, Pool #BM5485		3.50		2/1/49		23
	36	Fannie Mae, Pool #BM2002		4.00		10/1/47		38
	21	Fannie Mae, Pool #MA3615		4.00		3/1/49		22
	21	Fannie Mae, Pool #CA2316		4.00		7/1/48		22
	18	Fannie Mae, Pool #CA0183		4.00		8/1/47		19
	38	Fannie Mae, Pool #AC7328		4.00		12/1/39		40
	21	Fannie Mae, Pool #BK0909		4.00		7/1/48		22
	21	Fannie Mae, Pool #BM4991		4.00		9/1/48		22
	20	Fannie Mae, Pool #MA3183		4.00		11/1/47		21
	20	Fannie Mae, Pool #MA3277		4.00		2/1/48		21
	21	Fannie Mae, Pool #BK0920		4.00		7/1/48		22
	37	Fannie Mae, Pool #BM1066		4.00		2/1/47		39
	24	Fannie Mae, Pool #MA0534		4.00		10/1/30		25
	14	Fannie Mae, Pool #MA2415		4.00		10/1/45		15
	22	Fannie Mae, Pool #BD7060		4.00		3/1/47		23
	16	Fannie Mae, Pool #AS8532		4.00		12/1/46		17
	23	Fannie Mae, Pool #MA3638		4.00		4/1/49		24
	32	Fannie Mae, Pool #AH6242		4.00		4/1/26		33
	41	Fannie Mae, Pool #AS3467		4.00		10/1/44		43
	24	Fannie Mae, Pool #AS3452		4.00		9/1/44		26
	18	Fannie Mae, Pool #BE8373		4.00		2/1/47		19
	18	Fannie Mae, Pool #AS7600		4.00		7/1/46		19
	25	Fannie Mae, Pool #AU8849		4.00		11/1/43		26
	100	Fannie Mae, Pool #190405		4.00		10/1/40		106
	41	Fannie Mae, Pool #AS8823		4.00		2/1/47		43
	39	Fannie Mae, Pool #AS9831		4.00		6/1/47		41
	36	Fannie Mae, Pool #AS9314		4.00		3/1/47		38
	23	Fannie Mae, Pool #BD7165		4.00		4/1/47		24
	58	Fannie Mae, Pool #AJ5303		4.00		11/1/41		62
	42	Fannie Mae, Pool #AS3468		4.00		10/1/44		44
	11	Fannie Mae, Pool #AV0606		4.00		11/1/43		12
	30	Fannie Mae, Pool #AL8139		4.00		2/1/32		32
	42	Fannie Mae, Pool #AO2959		4.00		5/1/42		45
	32	Fannie Mae, Pool #AX0841		4.00		9/1/44		34
	39	Fannie Mae, Pool #MA3121		4.00		9/1/47		40
	38	Fannie Mae, Pool #MA2995		4.00		5/1/47		40
	20	Fannie Mae, Pool #MA3592		4.00		2/1/49		21
	11	Fannie Mae, Pool #AY9901		4.00		7/1/45		11

HC CAPITAL TRUST

The Core Fixed Income Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Government Agency Mortgages (continued)
$	21	Fannie Mae, Pool #MA3521		4.00		11/1/48	$	22
	7	Fannie Mae, Pool #AZ1210		4.00		5/1/45		8
	15	Fannie Mae, Pool #AZ7362		4.00		11/1/45		16
	—	Fannie Mae, Pool #735646		4.50		7/1/20		–
	—	Fannie Mae, Pool #AB0339		4.50		1/1/20		–
	8	Fannie Mae, Pool #930998		4.50		4/1/29		9
	12	Fannie Mae, Pool #BE6489		4.50		1/1/47		12
	12	Fannie Mae, Pool #AU9017		4.50		9/1/43		12
	3	Fannie Mae, Pool #829106		4.50		10/1/20		3
	20	Fannie Mae, Pool #BK6328		4.50		6/1/48		21
	64	Fannie Mae, Pool #AE0217		4.50		8/1/40		69
	47	Fannie Mae, Pool #AE0954		4.50		2/1/41		52
	20	Fannie Mae, Pool #MA3537		4.50		12/1/48		21
	16	Fannie Mae, Pool #AL6567		4.50		10/1/44		17
	21	Fannie Mae, Pool #BK4850		4.50		5/1/48		22
	20	Fannie Mae, Pool #CA1711		4.50		5/1/48		21
	19	Fannie Mae, Pool #CA0623		4.50		10/1/47		20
	51	Fannie Mae, Pool #AL1107		4.50		11/1/41		55
	22	Fannie Mae, Pool #BN4309		4.50		1/1/49		23
	17	Fannie Mae, Pool #AS2751		4.50		6/1/44		18
	21	Fannie Mae, Pool #BM3286		4.50		11/1/47		22
	13	Fannie Mae, Pool #BH3310		4.50		5/1/47		14
	23	Fannie Mae, Pool #MA3639		4.50		4/1/49		24
	22	Fannie Mae, Pool #725238		5.00		3/1/34		25
	10	Fannie Mae, Pool #725027		5.00		11/1/33		11
	19	Fannie Mae, Pool #BM3904		5.00		5/1/48		21
	48	Fannie Mae, Pool #889117		5.00		10/1/35		54
	7	Fannie Mae, Pool #890603		5.00		8/1/41		8
	9	Fannie Mae, Pool #890221		5.50		12/1/33		10
	53	Fannie Mae, Pool #725228		6.00		3/1/34		61
	18	Fannie Mae, Pool #959451		6.00		12/1/37		21
	27	Fannie Mae, Pool #AE0442		6.50		1/1/39		31
	50	Fannie Mae, 15 YR TBA		3.00		10/25/34		51
	25	Fannie Mae, 15 YR TBA		3.00		11/25/32		26
	25	Fannie Mae, 15 YR TBA		4.00		10/25/34		26
	75	Fannie Mae, 30 YR TBA		3.00		11/25/48		76
	50	Fannie Mae, 30 YR TBA		3.00		10/25/49		51
	75	Fannie Mae, 30 YR TBA		3.50		10/25/34		78
	50	Fannie Mae, 30 YR TBA		3.50		11/25/49		51
	200	Fannie Mae, 30 YR TBA		3.50		10/25/48		204
	400	Fannie Mae, 30 YR TBA		4.00		10/25/49		414
	25	Fannie Mae, 30 YR TBA		4.50		11/25/49		26
	175	Fannie Mae, 30 YR TBA		4.50		10/25/49		183
	26	Freddie Mac, Pool #J25686		2.00		9/1/28		27
	39	Freddie Mac, Pool #G18470		2.50		6/1/28		39
	17	Freddie Mac, Pool #J35896		2.50		12/1/31		17
	18	Freddie Mac, Pool #G18635		2.50		3/1/32		18
	22	Freddie Mac, Pool #G18687		2.50		5/1/33		22
	22	Freddie Mac, Pool #G18683		2.50		4/1/33		23
	17	Freddie Mac, Pool #G07445		2.50		7/1/43		17
	52	Freddie Mac, Pool #G18459		2.50		3/1/28		52
	39	Freddie Mac, Pool #G18485		2.50		10/1/28		39
	21	Freddie Mac, Pool #Q46441		3.00		2/1/47		21
	81	Freddie Mac, Pool #G08741		3.00		1/1/47		82
	27	Freddie Mac, Pool #G15145		3.00		7/1/29		28
	23	Freddie Mac, Pool #G08803		3.00		3/1/48		23
	23	Freddie Mac, Pool #G61680		3.00		4/1/47		23
	41	Freddie Mac, Pool #G60989		3.00		12/1/46		42
	89	Freddie Mac, Pool #G08537		3.00		7/1/43		93
	22	Freddie Mac, Pool #J36428		3.00		2/1/32		22
	41	Freddie Mac, Pool #G08750		3.00		3/1/47		42
	20	Freddie Mac, Pool #ZM2089		3.00		11/1/46		20
	22	Freddie Mac, Pool #J38057		3.00		12/1/32		23
	21	Freddie Mac, Pool #Q44665		3.00		11/1/46		21
	18	Freddie Mac, Pool #J25193		3.00		8/1/23		19
	39	Freddie Mac, Pool #G08737		3.00		12/1/46		40

HC CAPITAL TRUST

The Core Fixed Income Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Government Agency Mortgages (continued)
$	9	Freddie Mac, Pool #J15438		3.00		5/1/21	$	9
	16	Freddie Mac, Pool #G08635		3.00		4/1/45		16
	87	Freddie Mac, Pool #C09035		3.00		4/1/43		90
	13	Freddie Mac, Pool #C91809		3.00		2/1/35		13
	60	Freddie Mac, Pool #G08524		3.00		3/1/43		62
	60	Freddie Mac, Pool #G08631		3.00		3/1/45		62
	34	Freddie Mac, Pool #C91709		3.00		6/1/33		35
	42	Freddie Mac, Pool #G08701		3.00		4/1/46		43
	20	Freddie Mac, Pool #C91927		3.00		5/1/37		20
	39	Freddie Mac, Pool #G18663		3.00		10/1/32		40
	15	Freddie Mac, Pool #G18601		3.00		5/1/31		15
	10	Freddie Mac, Pool #G18518		3.00		7/1/29		10
	19	Freddie Mac, Pool #G08732		3.00		11/1/46		20
	19	Freddie Mac, Pool #G08757		3.50		4/1/47		20
	47	Freddie Mac, Pool #C03759		3.50		2/1/42		50
	15	Freddie Mac, Pool #J14069		3.50		1/1/26		15
	24	Freddie Mac, Pool #ZA5052		3.50		11/1/47		25
	11	Freddie Mac, Pool #J30284		3.50		11/1/29		11
	20	Freddie Mac, Pool #ZA5128		3.50		12/1/47		21
	44	Freddie Mac, Pool #ZS4618		3.50		6/1/45		46
	22	Freddie Mac, Pool #ZS4771		3.50		6/1/48		23
	44	Freddie Mac, Pool #Q09896		3.50		8/1/42		46
	21	Freddie Mac, Pool #V83453		3.50		10/1/47		22
	26	Freddie Mac, Pool #Q43933		3.50		10/1/46		27
	24	Freddie Mac, Pool #Q57871		3.50		8/1/48		24
	35	Freddie Mac, Pool #C91456		3.50		6/1/32		37
	25	Freddie Mac, Pool #Q53176		3.50		12/1/47		25
	41	Freddie Mac, Pool #G61148		3.50		9/1/47		42
	22	Freddie Mac, Pool #ZM4908		3.50		11/1/47		22
	6	Freddie Mac, Pool #J13919		3.50		12/1/20		7
	94	Freddie Mac, Pool #G08495		3.50		6/1/42		100
	16	Freddie Mac, Pool #G08623		3.50		1/1/45		17
	58	Freddie Mac, Pool #G08681		3.50		12/1/45		61
	63	Freddie Mac, Pool #G08636		3.50		4/1/45		66
	20	Freddie Mac, Pool #G08770		3.50		7/1/47		21
	33	Freddie Mac, Pool #G08698		3.50		3/1/46		34
	35	Freddie Mac, Pool #G08784		3.50		10/1/47		36
	20	Freddie Mac, Pool #G08620		3.50		12/1/44		21
	30	Freddie Mac, Pool #G08693		3.50		3/1/46		31
	32	Freddie Mac, Pool #G08687		3.50		1/1/46		33
	52	Freddie Mac, Pool #G08554		3.50		10/1/43		54
	17	Freddie Mac, Pool #G08702		3.50		4/1/46		17
	14	Freddie Mac, Pool #G08627		3.50		2/1/45		15
	38	Freddie Mac, Pool #G08761		3.50		5/1/47		40
	50	Freddie Mac, Series K091, Class A2		3.51		3/25/29		55
	32	Freddie Mac, Pool #G08669		4.00		9/1/45		33
	37	Freddie Mac, Pool #ZA4988		4.00		8/1/47		39
	1	Freddie Mac, Pool #G11690		4.00		2/1/20		1
	23	Freddie Mac, Pool #G08563		4.00		1/1/44		24
	15	Freddie Mac, Pool #C91395		4.00		9/1/31		16
	23	Freddie Mac, Pool #Q58680		4.00		9/1/48		24
	32	Freddie Mac, Pool #A96286		4.00		1/1/41		34
	40	Freddie Mac, Pool #G06506		4.00		12/1/40		43
	24	Freddie Mac, Pool #G08771		4.00		7/1/47		25
	38	Freddie Mac, Pool #G08775		4.00		8/1/47		39
	44	Freddie Mac, Pool #Q24955		4.00		2/1/44		46
	43	Freddie Mac, Pool #ZT1320		4.00		11/1/48		45
	39	Freddie Mac, Pool #G08606		4.00		9/1/44		40
	21	Freddie Mac, Pool #G08801		4.00		2/1/48		22
	33	Freddie Mac, Pool #ZS4708		4.00		3/1/47		35
	32	Freddie Mac, Pool #G08567		4.00		1/1/44		34
	52	Freddie Mac, Pool #G08637		4.00		4/1/45		54
	18	Freddie Mac, Pool #A97186		4.50		3/1/41		19
	13	Freddie Mac, Pool #C09059		4.50		3/1/44		14
	53	Freddie Mac, Pool #A97692		4.50		3/1/41		57
	5	Freddie Mac, Pool #C90686		4.50		6/1/23		6

HC CAPITAL TRUST

The Core Fixed Income Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Government Agency Mortgages (continued)
$	33	Freddie Mac, Pool #G01890		4.50		10/1/35	$	36
	23	Freddie Mac, Pool #Q58217		4.50		9/1/48		24
	21	Freddie Mac, Pool #Q52321		4.50		11/1/47		22
	17	Freddie Mac, Pool #G08781		4.50		9/1/47		18
	19	Freddie Mac, Pool #G08820		4.50		5/1/48		20
	21	Freddie Mac, Pool #G01962		5.00		12/1/35		23
	20	Freddie Mac, Pool #G04817		5.00		9/1/38		22
	22	Freddie Mac, Pool #G05904		5.00		9/1/39		24
	48	Freddie Mac, Pool #ZT1779		5.00		3/1/49		51
	19	Freddie Mac, Pool #G08838		5.00		9/1/48		20
	32	Freddie Mac, Pool #G01665		5.50		3/1/34		36
	21	Freddie Mac, Pool #G02794		6.00		5/1/37		24
	10	Freddie Mac, Pool #G03616		6.00		12/1/37		12
	3	Freddie Mac, Pool #C90989		6.00		9/1/26		4
	18	Government National Mortgage Association, Pool #MA4355		2.50		4/20/32		18
	10	Government National Mortgage Association, Pool #MA1155		2.50		7/20/43		10
	19	Government National Mortgage Association, Pool #MA4194		2.50		1/20/47		19
	8	Government National Mortgage Association, Pool #AA8341		2.50		2/15/28		8
	18	Government National Mortgage Association, Pool #MA4261		3.00		2/20/47		19
	33	Government National Mortgage Association, Pool #MA3802		3.00		7/20/46		34
	64	Government National Mortgage Association, Pool #MA4899		3.00		12/20/47		66
	41	Government National Mortgage Association, Pool #MA4777		3.00		10/20/47		43
	46	Government National Mortgage Association, Pool #MA1447		3.00		11/20/43		48
	20	Government National Mortgage Association, Pool #AA5897		3.00		12/15/42		20
	45	Government National Mortgage Association, Pool #AA6149		3.00		3/20/43		47
	40	Government National Mortgage Association, Pool #MA0851		3.00		3/20/43		41
	16	Government National Mortgage Association, Pool #MA3735		3.00		6/20/46		17
	23	Government National Mortgage Association, Pool #MA0205		3.00		7/20/27		23
	41	Government National Mortgage Association, Pool #MA0461		3.00		10/20/42		42
	39	Government National Mortgage Association, Pool #MA1011		3.00		5/20/43		41
	31	Government National Mortgage Association, Pool #MA3662		3.00		5/20/46		32
	38	Government National Mortgage Association, Pool #MA2520		3.00		1/20/45		39
	20	Government National Mortgage Association, Pool #MA3873		3.00		8/20/46		21
	35	Government National Mortgage Association, Pool #MA3936		3.00		9/20/46		36
	22	Government National Mortgage Association, Pool #MA5018		3.00		2/20/48		23
	21	Government National Mortgage Association, Pool #MA4068		3.00		11/20/46		22
	41	Government National Mortgage Association, Pool #MA3375		3.00		1/20/46		42
	21	Government National Mortgage Association, Pool # MA4003		3.00		10/20/46		22
	15	Government National Mortgage Association, Pool #MA3596		3.00		4/20/46		15
	28	Government National Mortgage Association, Pool #MA3309		3.00		12/20/45		29
	27	Government National Mortgage Association, Pool #MA2960		3.00		7/20/45		28
	36	Government National Mortgage Association, Pool #MA4320		3.00		3/20/47		37
	21	Government National Mortgage Association, Pool #MA2826		3.50		5/20/45		22
	34	Government National Mortgage Association, Pool #MA0318		3.50		8/20/42		36
	62	Government National Mortgage Association, Pool #MA0462		3.50		10/20/42		66
	26	Government National Mortgage Association, Pool #MA3376		3.50		1/20/46		27
	32	Government National Mortgage Association, Pool #MA0934		3.50		4/20/43		33
	27	Government National Mortgage Association, Pool #MA2371		3.50		11/20/44		29
	38	Government National Mortgage Association, Pool #MA2445		3.50		12/20/44		40
	27	Government National Mortgage Association, Pool #MA3597		3.50		4/20/46		28
	21	Government National Mortgage Association, Pool #MA4837		3.50		11/20/47		21
	36	Government National Mortgage Association, Pool #MA0699		3.50		1/20/43		38
	42	Government National Mortgage Association, Pool #MA0220		3.50		7/20/42		45
	15	Government National Mortgage Association, Pool #AC3938		3.50		1/15/43		15
	12	Government National Mortgage Association, Pool #AB9211		3.50		11/15/42		13
	22	Government National Mortgage Association, Pool #MA2961		3.50		7/20/45		23
	26	Government National Mortgage Association, Pool #MA3105		3.50		9/20/45		28
	37	Government National Mortgage Association, Pool #MA3173		3.50		10/20/45		39
	12	Government National Mortgage Association, Pool #MA1574		3.50		1/20/29		13
	8	Government National Mortgage Association, Pool #MA1600		3.50		1/20/44		8
	43	Government National Mortgage Association, Pool #MA1157		3.50		7/20/43		46
	26	Government National Mortgage Association, Pool #MA2223		3.50		9/20/44		27
	36	Government National Mortgage Association, Pool #MA4382		3.50		4/20/47		37
	14	Government National Mortgage Association, Pool #MA3454		3.50		2/20/46		14
	25	Government National Mortgage Association, Pool #MA3310		3.50		12/20/45		26
	19	Government National Mortgage Association, Pool #MA3244		3.50		11/20/45		20

HC CAPITAL TRUST

The Core Fixed Income Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Government Agency Mortgages (continued)
$	38	Government National Mortgage Association, Pool #MA4510		3.50		6/20/47	$	39
	20	Government National Mortgage Association, Pool #MA4778		3.50		10/20/47		21
	25	Government National Mortgage Association, Pool #MA5875		3.50		4/20/49		25
	30	Government National Mortgage Association, Pool #MA3874		3.50		8/20/46		32
	30	Government National Mortgage Association, Pool #MA3803		3.50		7/20/46		31
	40	Government National Mortgage Association, Pool #MA4719		3.50		9/20/47		42
	29	Government National Mortgage Association, Pool #MA3736		3.50		6/20/46		30
	33	Government National Mortgage Association, Pool #MA4127		3.50		12/20/46		35
	25	Government National Mortgage Association, Pool #MA5191		3.50		5/20/48		26
	31	Government National Mortgage Association, Pool #MA4004		3.50		10/20/46		33
	34	Government National Mortgage Association, Pool #MA4586		3.50		7/20/47		35
	16	Government National Mortgage Association, Pool #AM4971		3.50		4/20/45		17
	17	Government National Mortgage Association, Pool #AJ0411		3.50		9/15/44		18
	35	Government National Mortgage Association, Pool #MA4262		3.50		2/20/47		36
	31	Government National Mortgage Association, Pool #MA3937		3.50		9/20/46		32
	35	Government National Mortgage Association, Pool #MA4321		3.50		3/20/47		36
	24	Government National Mortgage Association, Pool #MA5762		3.50		2/20/49		25
	40	Government National Mortgage Association, Pool #MA4652		3.50		8/20/47		41
	15	Government National Mortgage Association, Pool #MA4322		4.00		3/20/47		16
	20	Government National Mortgage Association, Pool #MA5466		4.00		9/20/48		21
	11	Government National Mortgage Association, Pool #MA3377		4.00		1/20/46		11
	34	Government National Mortgage Association, Pool #MA4587		4.00		7/20/47		35
	35	Government National Mortgage Association, Pool #MA3737		4.00		6/20/46		36
	19	Government National Mortgage Association, Pool #MA2224		4.00		9/20/44		20
	21	Government National Mortgage Association, Pool #MA5595		4.00		11/20/48		22
	10	Government National Mortgage Association, Pool #MA3245		4.00		11/20/45		11
	18	Government National Mortgage Association, Pool #MA1996		4.00		6/20/44		20
	31	Government National Mortgage Association, Pool #MA4383		4.00		4/20/47		32
	22	Government National Mortgage Association, Pool #MA1286		4.00		9/20/43		24
	32	Government National Mortgage Association, Pool #MA4511		4.00		6/20/47		34
	19	Government National Mortgage Association, Pool #MA2304		4.00		10/20/44		20
	16	Government National Mortgage Association, Pool #MA4452		4.00		5/20/47		17
	21	Government National Mortgage Association, Pool #MA5651		4.00		12/20/48		22
	63	Government National Mortgage Association, Pool #MA1091		4.00		6/20/43		67
	10	Government National Mortgage Association, Pool #MA0023		4.00		4/20/42		10
	16	Government National Mortgage Association, Pool #BD9886		4.00		1/15/48		17
	14	Government National Mortgage Association, Pool #MA4263		4.00		2/20/47		15
	23	Government National Mortgage Association, Pool #MA5710		4.00		1/20/49		23
	17	Government National Mortgage Association, Pool #MA4653		4.00		8/20/47		18
	18	Government National Mortgage Association, Pool #MA1761		4.00		3/20/44		19
	16	Government National Mortgage Association, Pool #MA3522		4.00		3/20/46		17
	37	Government National Mortgage Association, Pool #MA5399		4.50		8/20/48		39
	18	Government National Mortgage Association, Pool #MA5193		4.50		5/20/48		19
	16	Government National Mortgage Association, Pool #738906		4.50		10/15/41		17
	39	Government National Mortgage Association, Pool #721760		4.50		8/15/40		42
	66	Government National Mortgage Association, Pool #4801		4.50		9/20/40		71
	18	Government National Mortgage Association, Pool #BA2485		4.50		4/15/47		20
	24	Government National Mortgage Association, Pool #MA5818		4.50		3/20/49		25
	24	Government National Mortgage Association, Pool #MA5764		4.50		2/20/49		25
	8	Government National Mortgage Association, Pool #MA1762		4.50		3/20/44		8
	15	Government National Mortgage Association, Pool #MA4721		4.50		9/20/47		15
	19	Government National Mortgage Association, Pool #MA2756		4.50		4/20/45		20
	19	Government National Mortgage Association, Pool #MA5596		4.50		11/20/48		20
	14	Government National Mortgage Association, Pool #MA2373		4.50		11/20/44		15
	28	Government National Mortgage Association, Pool #697946		5.00		3/15/39		31
	20	Government National Mortgage Association, Pool #MA5653		5.00		12/20/48		21
	17	Government National Mortgage Association, Pool #MA5530		5.00		10/20/48		18
	39	Government National Mortgage Association, Pool #4559		5.00		10/20/39		43
	18	Government National Mortgage Association, Pool #MA0466		5.50		10/20/42		20
	17	Government National Mortgage Association, Pool #510835		5.50		2/15/35		19
	17	Government National Mortgage Association, Pool #4222		6.00		8/20/38		19
	2	Government National Mortgage Association, Pool #582199		6.50		1/15/32		3
	75	Government National Mortgage Association, 30 YR TBA		3.00		10/20/49		77
	50	Government National Mortgage Association, 30 YR TBA		3.00		11/20/49		51
	150	Government National Mortgage Association, 30 YR TBA		3.50		10/20/48		155
	50	Government National Mortgage Association, 30 YR TBA		3.50		11/20/49		52

HC CAPITAL TRUST

The Core Fixed Income Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Government Agency Mortgages (continued)
$	325	Government National Mortgage Association, 30 YR TBA		4.00		10/20/49	$	337
	75	Government National Mortgage Association, 30 YR TBA		4.50		10/20/49		78
	50	Government National Mortgage Association, 30 YR TBA		5.00		10/20/48		53
		Total U.S. Government Agency Mortgages						13,484
		U.S. Government Agency Securities — 1.00%
	65	Fannie Mae		1.25		5/6/21		64
	50	Fannie Mae, Callable 10/27/19 @ 100.00		1.70		1/27/20		50
	30	Fannie Mae		2.13		4/24/26		31
	10	Fannie Mae		5.63		7/15/37		15
	20	Fannie Mae		6.63		11/15/30		29
	25	Federal Farm Credit Bank		1.55		8/16/21		25
	25	Federal Home Loan Bank		1.13		7/14/21		25
	55	Federal Home Loan Bank		1.88		11/29/21		55
	50	Federal Home Loan Bank		1.88		7/7/21		50
	25	Federal Home Loan Bank		2.13		3/10/23		25
	40	Federal Home Loan Bank		2.88		9/13/24		42
	15	Federal Home Loan Bank		5.63		6/11/21		16
	20	Freddie Mac		1.88		11/17/20		20
	40	Freddie Mac		2.38		1/13/22		41
	15	Freddie Mac		6.25		7/15/32		22
	10	Freddie Mac		6.75		3/15/31		15
	25	Freddie Mac		6.75		9/15/29		36
	5	Tennessee Valley Authority		3.50		12/15/42		6
	30	Tennessee Valley Authority		5.88		4/1/36		44
	20	Tennessee Valley Authority, Series E		6.75		11/1/25		26
		Total U.S. Government Agency Securities						637
		Corporate Bonds — 34.93%
	116	Abbott Laboratories (Health Care Equipment & Supplies), Callable 8/30/26 @ 100.00		3.75		11/30/26		126
	145	AbbVie, Inc. (Biotechnology)		4.40		11/6/42		150
	135	AbbVie, Inc. (Biotechnology), Callable 11/14/34 @ 100.00		4.50		5/14/35		146
	25	Alabama Power Co. (Electric Utilities), Callable 2/15/44 @ 100.00		4.15		8/15/44		28
	100	American Express Co. (Consumer Finance), Callable 1/27/23 @ 100.00		3.40		2/27/23		104
	395	Ameriprise Financial, Inc. (Capital Markets)		3.70		10/15/24		423
	280	Amgen, Inc. (Biotechnology), Callable 2/1/25 @ 100.00		3.13		5/1/25		290
	10	Amgen, Inc. (Biotechnology), Callable 5/15/41 @ 100.00		5.15		11/15/41		12
	195	Analog Devices, Inc. (Semiconductors & Semiconductor Equipment), Callable 9/5/26 @ 100.00		3.50		12/5/26		204
	255	Analog Devices, Inc. (Semiconductors & Semiconductor Equipment), Callable 9/15/25 @ 100.00		3.90		12/15/25		273
	140	Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide, Inc. (Beverages), Callable 8/1/35 @ 100.00		4.70		2/1/36		162
	140	Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide, Inc. (Beverages), Callable 8/1/45 @ 100.00		4.90		2/1/46		166
	170	Anheuser-Busch InBev N.V. (Beverages), Callable 8/1/35 @ 100.00		4.70		2/1/36		197
	40	Anthem, Inc. (Health Care Providers & Services)		3.30		1/15/23		41
	162	Anthem, Inc. (Health Care Providers & Services), Callable 9/1/27 @ 100.00		3.65		12/1/27		171
	150	Anthem, Inc. (Health Care Providers & Services)		4.35		8/15/20		153
	70	Anthem, Inc. (Health Care Providers & Services)		4.63		5/15/42		77
	185	Apple, Inc. (Technology Hardware, Storage & Peripherals), Callable 8/23/45 @ 100.00		4.65		2/23/46		232
	90	Archer-Daniels-Midland Co., Class - C (Food Products)		4.02		4/16/43		104
	340	AT&T, Inc. (Diversified Telecommunication Services), Callable 1/1/24 @ 100.00		4.45		4/1/24		369
	135	AT&T, Inc. (Diversified Telecommunication Services)		5.35		9/1/40		158
	90	AT&T, Inc. (Diversified Telecommunication Services)		5.55		8/15/41		107
	65	Atmos Energy Corp. (Gas Utilities), Callable 4/15/44 @ 100.00		4.13		10/15/44		73
	35	Atmos Energy Corp. (Gas Utilities), Callable 7/15/42 @ 100.00		4.15		1/15/43		40
	325	Bank of America Corp. (Banks), Callable 10/1/24 @ 100.00		3.09 (US0003M + 109.00 bps) (b)		10/1/25		334
	20	Bank of America Corp., MTN (Banks), Callable 10/21/26 @ 100.00		3.25		10/21/27		21
	550	Bank of America Corp., MTN (Banks)		3.88		8/1/25		594
	135	Bank One Corp. (Banks)		8.00		4/29/27		180

HC CAPITAL TRUST

The Core Fixed Income Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		Corporate Bonds (continued)
$	270	Berkshire Hathaway, Inc. (Multi-Utilities), Callable 8/1/44 @ 100.00		4.50		2/1/45	$	319
	75	Bristol-Myers Squibb Co. (Pharmaceuticals)		6.80		11/15/26		95
	50	Bunge Limited Finance Corp. (Food Products), Callable 8/25/22 @ 100.00		3.00		9/25/22		51
	155	Bunge Limited Finance Corp. (Food Products), Callable 5/15/26 @ 100.00		3.25		8/15/26		154
	130	Capital One Financial Corp. (Consumer Finance), Callable 9/30/24 @ 100.00		3.30		10/30/24		134
	470	Capital One Financial Corp. (Consumer Finance)		3.50		6/15/23		489
	35	Cisco Systems, Inc. (Communications Equipment)		5.50		1/15/40		48
	250	Citibank NA, Series BKNT (Banks), Callable 12/23/23 @ 100.00		3.65		1/23/24		265
	555	Citigroup, Inc. (Banks), Callable 7/21/26 @ 100.00		3.20		10/21/26		573
	35	Comcast Corp. (Media), Callable 9/1/37 @ 100.00		3.90		3/1/38		38
	245	Comcast Corp. (Media)		4.75		3/1/44		298
	170	ConocoPhillips (Oil, Gas & Consumable Fuels)		6.50		2/1/39		246
	20	Consolidated Edison Company of New York, Inc., Series 2008-B (Multi-Utilities)		6.75		4/1/38		29
	45	Constellation Brands, Inc. (Beverages)		4.75		12/1/25		50
	180	Constellation Brands, Inc. (Beverages)		4.75		11/15/24		198
	210	CSX Corp. (Road & Rail)		6.22		4/30/40		284
	115	CVS Health Corp. (Health Care Providers & Services), Callable 9/1/22 @ 100.00		2.75		12/1/22		116
	125	CVS Health Corp. (Health Care Providers & Services), Callable 2/9/23 @ 100.00		3.70		3/9/23		130
	535	CVS Health Corp. (Health Care Providers & Services), Callable 12/25/27 @ 100.00		4.30		3/25/28		579
	188	Devon Energy Corp. (Oil, Gas & Consumable Fuels), Callable 1/15/41 @ 100.00		5.60		7/15/41		228
	225	Digital Realty Trust LP (Equity Real Estate Investment Trusts), Callable 1/1/23 @ 100.00		2.75		2/1/23		227
	225	Dominion Gas Holdings LLC (Multi-Utilities), Callable 9/15/24 @ 100.00		3.60		12/15/24		238
	35	Duke Energy Carolinas LLC (Electric Utilities), Callable 6/15/41 @ 100.00		4.25		12/15/41		40
	100	Duke Energy Corp. (Electric Utilities), Callable 5/15/27 @ 100.00		3.15		8/15/27		103
	25	Duke Energy Progress LLC (Electric Utilities), Callable 2/15/45 @ 100.00		4.20		8/15/45		29
	145	Energy Transfer Partners LP (Oil, Gas & Consumable Fuels), Callable 3/15/28 @ 100.00		4.95		6/15/28		159
	85	Enterprise Products Operating LLC (Oil, Gas & Consumable Fuels), Callable 11/15/24 @ 100.00		3.75		2/15/25		90
	184	Enterprise Products Operating LLC (Oil, Gas & Consumable Fuels), Callable 9/15/43 @ 100.00		4.85		3/15/44		210
	100	FedEx Corp. (Air Freight & Logistics)		4.90		1/15/34		114
	35	Fiserv, Inc. (IT Services), Callable 4/1/29 @ 100.00		3.50		7/1/29		37
	190	Fiserv, Inc. (IT Services), Callable 3/1/25 @ 100.00		3.85		6/1/25		203
	10	Fiserv, Inc. (IT Services), Callable 1/1/49 @ 100.00		4.40		7/1/49		11
	295	General Motors Financial Co. (Consumer Finance), Callable 2/1/21 @ 100.00		4.20		3/1/21		301
	60	Georgia Power Co. (Electric Utilities)		2.00		9/8/20		60
	101	Gilead Sciences, Inc. (Biotechnology), Callable 8/1/44 @ 100.00		4.50		2/1/45		116
	50	GlaxoSmithKline PLC (Diversified Financial Services)		6.38		5/15/38		72
	215	Goldman Sachs Group, Inc. (Capital Markets), Callable 10/23/24 @ 100.00		3.50		1/23/25		224
	255	Goldman Sachs Group, Inc. (Capital Markets)		5.25		7/27/21		269
	155	Healthcare Trust of America Holdings LP (Equity Real Estate Investment Trusts), Callable 5/1/26 @ 100.00		3.50		8/1/26		160
	105	International Paper Co. (Containers & Packaging), Callable 5/15/41 @ 100.00		6.00		11/15/41		128
	120	Interpublic Group of Companies, Inc. (Media)		3.50		10/1/20		121
	250	Interpublic Group of Companies, Inc. (Media)		4.20		4/15/24		268
	400	JPMorgan Chase & Co. (Banks), Callable 10/23/24 @ 100.00		3.13		1/23/25		414
	110	Lincoln National Corp. (Insurance), Callable 9/15/26 @ 100.00		3.63		12/12/26		116
	175	Lincoln National Corp. (Insurance)		7.00		6/15/40		250
	135	Lockheed Martin Corp. (Aerospace & Defense), Callable 11/15/35 @ 100.00		4.50		5/15/36		161
	85	LYB International Finance BV (Chemicals), Callable 9/15/43 @ 100.00		4.88		3/15/44		93
	45	Martin Marietta Materials, Inc. (Construction Materials), Callable 3/1/27 @ 100.00		3.45		6/1/27		46
	135	Martin Marietta Materials, Inc. (Construction Materials), Callable 4/2/24 @ 100.00		4.25		7/2/24		144
	39	Medtronic, Inc. (Health Care Equipment & Supplies)		4.38		3/15/35		47

HC CAPITAL TRUST

The Core Fixed Income Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		Corporate Bonds (continued)
$	85	MetLife, Inc. (Insurance)		5.70		6/15/35	$	114
	240	Microsoft Corp. (Software), Callable 8/6/56 @ 100.00		4.50		2/6/57		313
	305	Morgan Stanley (Capital Markets)		2.63		11/17/21		308
	155	Morgan Stanley (Capital Markets)		3.13		1/23/23		159
	255	National Rural Utilities Cooperative Finance Corp. (Diversified Financial Services), Callable 12/7/23 @ 100.00		2.95		2/7/24		262
	145	Nucor Corp. (Metals & Mining), Callable 2/1/43 @ 100.00		5.20		8/1/43		181
	195	NVIDIA Corp. (Semiconductors & Semiconductor Equipment), Callable 6/16/26 @ 100.00		3.20		9/16/26		204
	173	Oracle Corp. (Software)		5.38		7/15/40		225
	100	Pfizer, Inc. (Pharmaceuticals), Callable 3/15/38 @ 100.00		4.10		9/15/38		115
	75	Philip Morris International, Inc. (Tobacco)		3.25		11/10/24		78
	105	Philip Morris International, Inc. (Tobacco)		4.50		3/20/42		118
	95	Principal Financial Group, Inc. (Insurance), Callable 2/15/25 @ 100.00		3.40		5/15/25		99
	225	Progress Energy, Inc. (Electric Utilities)		6.00		12/1/39		297
	45	Prudential Financial, Inc., MTN (Insurance), Callable 12/27/27 @ 100.00		3.88		3/27/28		49
	15	Prudential Financial, Inc. (Insurance)		6.63		6/21/40		21
	30	Public Service Electric & Gas Co. (Electric Utilities), Callable 3/1/42 @ 100.00		3.65		9/1/42		32
	125	RELX Capital, Inc. (Professional Services), Callable 7/15/22 @ 100.00		3.13		10/15/22		128
	170	RELX Capital, Inc. (Professional Services), Callable 2/16/23 @ 100.00		3.50		3/16/23		176
	155	Rockwell Collins, Inc. (Aerospace & Defense), Callable 12/15/26 @ 100.00		3.50		3/15/27		165
	190	Roper Technologies, Inc. (Industrial Conglomerates), Callable 9/15/25 @ 100.00		3.85		12/15/25		205
	115	Ryder System, Inc. (Road & Rail), Callable 2/1/22 @ 100.00		2.80		3/1/22		116
	50	Ryder System, Inc. (Road & Rail), Callable 10/15/21 @ 100.00		3.45		11/15/21		51
	150	Southern Company Gas Capital Corp. (Electric Utilities), Callable 8/1/23 @ 100.00		2.45		10/1/23		151
	30	Southern Company Gas Capital Corp. (Electric Utilities), Callable 3/15/26 @ 100.00		3.25		6/15/26		31
	60	Southwest Airlines Co. (Airlines), Callable 8/15/26 @ 100.00		3.00		11/15/26		61
	135	Southwest Airlines Co., Series 2017-1 (Airlines)		6.15		2/1/24		142
	255	Sunoco Logistics Partners LP (Oil, Gas & Consumable Fuels), Callable 10/15/22 @ 100.00		3.45		1/15/23		262
	185	Sunoco Logistics Partners LP (Oil, Gas & Consumable Fuels), Callable 7/15/42 @ 100.00		4.95		1/15/43		187
	150	TCI Communications, Inc. (Media)		7.88		2/15/26		196
	65	The Home Depot, Inc. (Specialty Retail), Callable 6/6/48 @ 100.00		4.50		12/6/48		81
	145	The Home Depot, Inc. (Specialty Retail), Callable 3/15/40 @ 100.00		5.40		9/15/40		192
	205	The Sherwin-Williams Co. (Chemicals), Callable 4/1/24 @ 100.00		3.13		6/1/24		211
	15	The Sherwin-Williams Co. (Chemicals), Callable 5/1/25 @ 100.00		3.45		8/1/25		16
	170	The Travelers Companies, Inc. (Insurance)		6.25		6/15/37		240
	135	The Walt Disney Co. (Entertainment), Callable 3/15/44 @ 100.00		4.75		9/15/44		175
	250	Thermo Fisher Scientific, Inc. (Life Sciences Tools & Services), Callable 11/1/23 @ 100.00		4.15		2/1/24		268
	95	Union Pacific Corp. (Road & Rail), Callable 6/10/28 @ 100.00		3.95		9/10/28		105
	30	United Parcel Service, Inc. (Air Freight & Logistics), Callable 9/15/48 @ 100.00		4.25		3/15/49		35
	50	United Technologies Corp. (Aerospace & Defense)		4.50		6/1/42		60
	75	UnitedHealth Group, Inc. (Health Care Providers & Services), Callable 5/15/41 @ 100.00		4.63		11/15/41		88
	85	UnitedHealth Group, Inc. (Health Care Providers & Services)		4.75		7/15/45		103
	110	Valero Energy Corp. (Oil, Gas & Consumable Fuels)		6.63		6/15/37		142
	175	Ventas Realty LP (Equity Real Estate Investment Trusts), Callable 11/1/24 @ 100.00		3.50		2/1/25		183
	415	Verizon Communications, Inc. (Diversified Telecommunication Services), Callable 9/3/29 @ 100.00		4.02		12/3/29		462
	200	Verizon Communications, Inc. (Diversified Telecommunication Services)		5.01		8/21/54		252
	80	Virginia Electric & Power Co. (Electric Utilities), Callable 2/15/43 @ 100.00		4.65		8/15/43		96
	60	Walmart, Inc. (Food & Staples Retailing)		5.63		4/1/40		84
	65	Waste Management, Inc. (Commercial Services & Supplies), Callable 1/15/39 @ 100.00		4.00		7/15/39		73
	470	Wells Fargo & Co. (Banks)		3.00		2/19/25		482
	35	Wells Fargo & Co. (Banks)		3.30		9/9/24		37

HC CAPITAL TRUST

The Core Fixed Income Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		Corporate Bonds (continued)
$	115	Wells Fargo & Co., MTN (Banks), Callable 10/24/28 @ 100.00		4.15		1/24/29	$	127
	250	WestRock Co. (Containers & Packaging)		4.90		3/1/22		264
	55	Westvaco Corp. (Containers & Packaging)		8.20		1/15/30		76
	165	XTO Energy, Inc. (Oil, Gas & Consumable Fuels)		6.75		8/1/37		242
		Total Corporate Bonds						22,250
		U.S. Treasury Obligations — 31.11%
	73	U.S. Treasury Bond		2.25		8/15/49		75
	117	U.S. Treasury Bond		2.25		8/15/46		120
	60	U.S. Treasury Bond		2.50		2/15/45		65
	125	U.S. Treasury Bond		2.50		5/15/46		135
	145	U.S. Treasury Bond		2.50		2/15/46		156
	58	U.S. Treasury Bond		2.75		8/15/42		65
	79	U.S. Treasury Bond		2.75		11/15/42		89
	125	U.S. Treasury Bond		2.75		11/15/47		142
	55	U.S. Treasury Bond		2.75		8/15/47		62
	69	U.S. Treasury Bond		2.88		5/15/49		81
	115	U.S. Treasury Bond		2.88		11/15/46		133
	125	U.S. Treasury Bond		2.88		5/15/43		143
	110	U.S. Treasury Bond		2.88		8/15/45		127
	50	U.S. Treasury Bond		3.00		5/15/45		59
	75	U.S. Treasury Bond		3.00		2/15/47		89
	125	U.S. Treasury Bond		3.00		5/15/47		148
	125	U.S. Treasury Bond		3.00		11/15/44		147
	75	U.S. Treasury Bond		3.00		11/15/45		89
	50	U.S. Treasury Bond		3.00		2/15/48		59
	120	U.S. Treasury Bond		3.00		8/15/48		143
	90	U.S. Treasury Bond		3.00		2/15/49		107
	14	U.S. Treasury Bond		3.00		5/15/42		16
	90	U.S. Treasury Bond		3.13		2/15/43		107
	80	U.S. Treasury Bond		3.13		5/15/48		97
	47	U.S. Treasury Bond		3.13		2/15/42		56
	115	U.S. Treasury Bond		3.13		8/15/44		138
	75	U.S. Treasury Bond		3.38		5/15/44		94
	55	U.S. Treasury Bond		3.38		11/15/48		70
	8	U.S. Treasury Bond		3.50		2/15/39		10
	115	U.S. Treasury Bond		3.63		2/15/44		149
	75	U.S. Treasury Bond		3.63		8/15/43		97
	120	U.S. Treasury Bond		3.75		11/15/43		158
	53	U.S. Treasury Bond		3.75		8/15/41		69
	10	U.S. Treasury Bond		3.88		8/15/40		13
	60	U.S. Treasury Bond		4.38		5/15/40		84
	35	U.S. Treasury Bond		4.38		5/15/41		50
	15	U.S. Treasury Bond		4.38		11/15/39		21
	25	U.S. Treasury Bond		4.38		2/15/38		35
	10	U.S. Treasury Bond		4.50		2/15/36		14
	15	U.S. Treasury Bond		4.63		2/15/40		22
	70	U.S. Treasury Bond		4.75		2/15/41		104
	40	U.S. Treasury Bond		5.00		5/15/37		59
	20	U.S. Treasury Bond		5.25		2/15/29		26
	55	U.S. Treasury Bond		5.38		2/15/31		76
	25	U.S. Treasury Bond		6.00		2/15/26		32
	25	U.S. Treasury Bond		6.13		8/15/29		35
	60	U.S. Treasury Bond		6.13		11/15/27		80
	35	U.S. Treasury Bond		6.25		5/15/30		50
	15	U.S. Treasury Bond		6.50		11/15/26		20
	17	U.S. Treasury Bond		7.50		11/15/24		22
	15	U.S. Treasury Bond		7.63		2/15/25		20
	40	U.S. Treasury Bond		8.00		11/15/21		45
	35	U.S. Treasury Note		1.13		2/28/21		35
	105	U.S. Treasury Note		1.13		7/31/21		104
	55	U.S. Treasury Note		1.13		8/31/21		54
	25	U.S. Treasury Note		1.13		9/30/21		25
	100	U.S. Treasury Note		1.25		3/31/21		99
	95	U.S. Treasury Note		1.25		8/31/24		94
	80	U.S. Treasury Note		1.38		1/31/21		80

HC CAPITAL TRUST

The Core Fixed Income Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Treasury Obligations (continued)
$	100	U.S. Treasury Note		1.38		4/30/21	$	99
	25	U.S. Treasury Note		1.38		8/31/23		25
	75	U.S. Treasury Note		1.38		9/30/23		74
	75	U.S. Treasury Note		1.38		8/31/26		74
	100	U.S. Treasury Note		1.38		5/31/21		99
	70	U.S. Treasury Note		1.38		6/30/23		69
	130	U.S. Treasury Note		1.38		10/31/20		129
	40	U.S. Treasury Note		1.50		8/15/22		40
	100	U.S. Treasury Note		1.50		3/31/23		100
	45	U.S. Treasury Note		1.50		8/15/26		45
	45	U.S. Treasury Note		1.50		8/31/21		45
	80	U.S. Treasury Note		1.50		9/15/22		80
	105	U.S. Treasury Note		1.50		2/28/23		105
	130	U.S. Treasury Note		1.63		11/30/20		130
	70	U.S. Treasury Note		1.63		9/30/26		70
	120	U.S. Treasury Note		1.63		2/15/26		120
	65	U.S. Treasury Note		1.63		8/15/29		65
	90	U.S. Treasury Note		1.63		9/30/21		90
	65	U.S. Treasury Note		1.63		8/15/22		65
	100	U.S. Treasury Note		1.63		4/30/23		100
	60	U.S. Treasury Note		1.63		5/15/26		60
	80	U.S. Treasury Note		1.63		5/31/23		80
	50	U.S. Treasury Note		1.63		6/30/21		50
	80	U.S. Treasury Note		1.63		9/30/24		80
	100	U.S. Treasury Note		1.63		10/31/23		100
	102	U.S. Treasury Note		1.63		11/15/22		102
	90	U.S. Treasury Note		1.75		5/15/22		90
	80	U.S. Treasury Note		1.75		7/31/24		81
	115	U.S. Treasury Note		1.75		4/30/22		115
	105	U.S. Treasury Note		1.75		10/31/20		105
	75	U.S. Treasury Note		1.75		6/30/24		76
	5	U.S. Treasury Note		1.75		11/30/21		5
	164	U.S. Treasury Note		1.75		5/15/23		165
	85	U.S. Treasury Note		1.75		3/31/22		85
	50	U.S. Treasury Note		1.75		6/15/22		50
	95	U.S. Treasury Note		1.75		7/31/21		95
	90	U.S. Treasury Note		1.75		7/15/22		90
	80	U.S. Treasury Note		1.75		1/31/23		80
	110	U.S. Treasury Note		1.75		9/30/22		111
	60	U.S. Treasury Note		1.75		12/31/20		60
	85	U.S. Treasury Note		1.88		8/31/22		86
	70	U.S. Treasury Note		1.88		10/31/22		71
	100	U.S. Treasury Note		1.88		3/31/22		101
	105	U.S. Treasury Note		1.88		1/31/22		106
	75	U.S. Treasury Note		1.88		7/31/26		76
	50	U.S. Treasury Note		1.88		2/28/22		50
	110	U.S. Treasury Note		1.88		11/30/21		111
	50	U.S. Treasury Note		1.88		6/30/26		51
	65	U.S. Treasury Note		1.88		7/31/22		65
	20	U.S. Treasury Note		1.88		8/31/24		20
	90	U.S. Treasury Note		1.88		9/30/22		91
	125	U.S. Treasury Note		1.88		4/30/22		126
	85	U.S. Treasury Note		1.88		5/31/22		86
	110	U.S. Treasury Note		2.00		12/31/21		111
	75	U.S. Treasury Note		2.00		10/31/22		76
	25	U.S. Treasury Note		2.00		11/30/20		25
	80	U.S. Treasury Note		2.00		8/31/21		80
	100	U.S. Treasury Note		2.00		2/28/21		100
	100	U.S. Treasury Note		2.00		5/31/21		100
	10	U.S. Treasury Note		2.00		1/15/21		10
	60	U.S. Treasury Note		2.00		10/31/21		60
	185	U.S. Treasury Note		2.00		11/15/26		191
	150	U.S. Treasury Note		2.00		11/30/22		152
	125	U.S. Treasury Note		2.00		6/30/24		127
	120	U.S. Treasury Note		2.00		4/30/24		122
	125	U.S. Treasury Note		2.00		5/31/24		128

HC CAPITAL TRUST

The Core Fixed Income Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Treasury Obligations (continued)
$	25	U.S. Treasury Note		2.00		2/15/25	$	26
	195	U.S. Treasury Note		2.00		8/15/25		200
	145	U.S. Treasury Note		2.00		11/15/21		146
	95	U.S. Treasury Note		2.00		7/31/22		96
	100	U.S. Treasury Note		2.00		2/15/22		101
	100	U.S. Treasury Note		2.13		5/31/26		103
	105	U.S. Treasury Note		2.13		12/31/21		106
	55	U.S. Treasury Note		2.13		7/31/24		56
	90	U.S. Treasury Note		2.13		6/30/22		91
	65	U.S. Treasury Note		2.13		9/30/24		67
	70	U.S. Treasury Note		2.13		6/30/21		71
	105	U.S. Treasury Note		2.13		5/15/25		108
	45	U.S. Treasury Note		2.13		8/15/21		45
	90	U.S. Treasury Note		2.13		11/30/23		92
	70	U.S. Treasury Note		2.13		3/31/24		72
	110	U.S. Treasury Note		2.13		12/31/22		112
	105	U.S. Treasury Note		2.13		2/29/24		107
	30	U.S. Treasury Note		2.13		1/31/21		30
	5	U.S. Treasury Note		2.13		9/30/21		5
	185	U.S. Treasury Note		2.25		8/15/27		194
	75	U.S. Treasury Note		2.25		10/31/24		77
	175	U.S. Treasury Note		2.25		11/15/27		183
	165	U.S. Treasury Note		2.25		2/15/27		172
	80	U.S. Treasury Note		2.25		12/31/23		82
	50	U.S. Treasury Note		2.25		4/30/24		52
	55	U.S. Treasury Note		2.25		12/31/24		57
	80	U.S. Treasury Note		2.25		3/31/26		83
	80	U.S. Treasury Note		2.25		1/31/24		82
	40	U.S. Treasury Note		2.25		4/30/21		40
	40	U.S. Treasury Note		2.25		7/31/21		40
	95	U.S. Treasury Note		2.25		11/15/25		99
	85	U.S. Treasury Note		2.25		2/15/21		86
	180	U.S. Treasury Note		2.25		3/31/21		181
	150	U.S. Treasury Note		2.25		11/15/24		155
	100	U.S. Treasury Note		2.25		4/15/22		102
	10	U.S. Treasury Note		2.38		3/15/21		10
	110	U.S. Treasury Note		2.38		1/31/23		113
	175	U.S. Treasury Note		2.38		5/15/27		185
	100	U.S. Treasury Note		2.38		2/29/24		103
	100	U.S. Treasury Note		2.38		8/15/24		104
	80	U.S. Treasury Note		2.38		4/30/26		84
	70	U.S. Treasury Note		2.38		12/31/20		70
	90	U.S. Treasury Note		2.38		4/15/21		91
	95	U.S. Treasury Note		2.38		3/15/22		97
	120	U.S. Treasury Note		2.38		5/15/29		127
	50	U.S. Treasury Note		2.50		1/31/24		52
	110	U.S. Treasury Note		2.50		1/31/21		111
	110	U.S. Treasury Note		2.50		12/31/20		111
	110	U.S. Treasury Note		2.50		2/28/21		111
	105	U.S. Treasury Note		2.50		2/15/22		107
	127	U.S. Treasury Note		2.50		8/15/23		131
	105	U.S. Treasury Note		2.50		5/15/24		109
	50	U.S. Treasury Note		2.50		1/15/22		51
	85	U.S. Treasury Note		2.50		2/28/26		90
	50	U.S. Treasury Note		2.50		3/31/23		52
	95	U.S. Treasury Note		2.63		5/15/21		96
	105	U.S. Treasury Note		2.63		6/30/23		109
	105	U.S. Treasury Note		2.63		12/15/21		107
	90	U.S. Treasury Note		2.63		12/31/25		95
	100	U.S. Treasury Note		2.63		12/31/23		104
	95	U.S. Treasury Note		2.63		6/15/21		96
	130	U.S. Treasury Note		2.63		7/15/21		132
	100	U.S. Treasury Note		2.63		3/31/25		105
	110	U.S. Treasury Note		2.63		2/28/23		114
	165	U.S. Treasury Note		2.63		2/15/29		178
	75	U.S. Treasury Note		2.63		11/15/20		76

HC CAPITAL TRUST

The Core Fixed Income Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %			Maturity Date		Value (000)
		U.S. Treasury Obligations (continued)
$	85	U.S. Treasury Note		2.63			1/31/26	$	90
	90	U.S. Treasury Note		2.75			6/30/25		96
	90	U.S. Treasury Note		2.75			7/31/23		94
	170	U.S. Treasury Note		2.75			11/15/23		178
	110	U.S. Treasury Note		2.75			11/30/20		111
	45	U.S. Treasury Note		2.75			4/30/23		47
	80	U.S. Treasury Note		2.75			2/15/28		87
	90	U.S. Treasury Note		2.75			2/28/25		95
	95	U.S. Treasury Note		2.75			5/31/23		99
	45	U.S. Treasury Note		2.75			9/30/20		45
	50	U.S. Treasury Note		2.75			9/15/21		51
	105	U.S. Treasury Note		2.75			8/31/23		110
	95	U.S. Treasury Note		2.75			8/15/21		97
	100	U.S. Treasury Note		2.75			2/15/24		105
	85	U.S. Treasury Note		2.75			8/31/25		90
	35	U.S. Treasury Note		2.88			11/30/23		37
	140	U.S. Treasury Note		2.88			10/31/20		142
	100	U.S. Treasury Note		2.88			11/15/21		103
	200	U.S. Treasury Note		2.88			8/15/28		221
	90	U.S. Treasury Note		2.88			5/31/25		96
	90	U.S. Treasury Note		2.88			4/30/25		96
	140	U.S. Treasury Note		2.88			5/15/28		154
	90	U.S. Treasury Note		2.88			11/30/25		97
	105	U.S. Treasury Note		2.88			9/30/23		110
	50	U.S. Treasury Note		2.88			10/15/21		51
	50	U.S. Treasury Note		2.88			10/31/23		53
	75	U.S. Treasury Note		2.88			7/31/25		80
	85	U.S. Treasury Note		3.00			10/31/25		92
	85	U.S. Treasury Note		3.00			9/30/25		92
	115	U.S. Treasury Note		3.13			11/15/28		129
	100	U.S. Treasury Note		3.13			5/15/21		102
	100	U.S. Treasury Note		3.63			2/15/21		103
		Total U.S. Treasury Obligations							19,813
		Yankee Dollars — 6.30%
	100	America Movil SAB de CV (Wireless Telecommunication Services)		5.00			3/30/20		101
	85	America Movil SAB de CV (Wireless Telecommunication Services)		6.13			11/15/37		114
	100	Aptiv PLC (Auto Components), Callable 10/15/25 @ 100.00		4.25			1/15/26		107
	45	BHP Billiton Ltd. (Metals & Mining)		5.00			9/30/43		58
	185	BP Capital Markets PLC (Diversified Financial Services)		3.54			11/4/24		196
	114	British Telecommunications PLC (Diversified Telecommunication Services)		9.63			12/15/30		173
	155	Canadian Natural Resources Ltd. (Oil, Gas & Consumable Fuels), Callable 12/15/22 @ 100.00		2.95			1/15/23		157
	120	Canadian Natural Resources Ltd. (Oil, Gas & Consumable Fuels), Callable 8/15/21 @ 100.00		3.45			11/15/21		122
	50	Canadian Natural Resources Ltd. (Oil, Gas & Consumable Fuels), Callable 3/1/27 @ 100.00		3.85			6/1/27		53
	270	Canadian Pacific Railway Co. (Road & Rail), Callable 12/15/22 @ 100.00		4.45			3/15/23		288
	105	Deutsche Telekom International Finance BV (Diversified Telecommunication Services)		8.75	(c)		6/15/30		155
	90	Diageo Capital PLC (Diversified Financial Services)		5.88			9/30/36		124
	210	HSBC Holdings PLC (Banks)		4.00			3/30/22		219
	200	HSBC Holdings PLC (Banks)		5.10			4/5/21		208
	140	Iberdrola International BV (Electric Utilities)		5.81			3/15/25		161
	145	Iberdrola International BV (Electric Utilities)		6.75			7/15/36		200
	40	LYB International Finance II BV (Chemicals), Callable 12/2/26 @ 100.00		3.50			3/2/27		42
	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		36
	105	Orange SA (Diversified Telecommunication Services)		9.00			3/1/31		164
	90	Shell International Finance BV (Oil, Gas & Consumable Fuels)		4.13			5/11/35		104
	170	Shell International Finance BV (Oil, Gas & Consumable Fuels)		6.38			12/15/38		247
	105	Statoil ASA (Oil, Gas & Consumable Fuels)		5.10			8/17/40		135
	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		102

HC CAPITAL TRUST

The Core Fixed Income Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %			Maturity Date		Value (000)
		Yankee Dollars (continued)
$	240	TransCanada PipeLines Ltd. (Oil, Gas & Consumable Fuels), Callable 2/15/28 @ 100.00		4.25			5/15/28	$	266
	140	TransCanada PipeLines Ltd. (Oil, Gas & Consumable Fuels)		6.10			6/1/40		180
	20	TransCanada PipeLines Ltd. (Oil, Gas & Consumable Fuels)		6.20			10/15/37		26
	35	Vodafone Group PLC (Wireless Telecommunication Services)		5.00			5/30/38		40
	90	Vodafone Group PLC (Wireless Telecommunication Services)		6.15			2/27/37		114
		Total Yankee Dollars							4,011
Shares
		Investment Companies — 15.57%
	334,499	State Street Institutional Treasury Money Market Fund, Premier Class		1.94	(d)				334
	9,584,910	State Street Institutional Treasury Plus Money Market Fund, Trust Class		1.78	(d)				9,585
		Total Investment Companies							9,919
		Total Investments (cost $68,327) — 112.01%							71,346
		Liabilities in excess of other assets — (12.01)%							(7,651	)
		Net Assets — 100.00%						$	63,695

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 September 30, 2019.

(b) Variable Rate Security. The rate disclosed is the rate in effect on September 30, 2019.

(c) 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 on September 30, 2019.

(d) The rate disclosed is the rate in effect on September 30, 2019.

bps—Basis Points

MTN—Medium Term Note

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

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 September 30, 2019.

The Core Fixed Income Portfolio	Agincourt Capital Management, LLC			Mellon Investments Corporation			HC Capital Solutions			Total
Asset Backed Securities		—			0.36	%		—			0.36	%
Collateralized Mortgage Obligations		—			1.57	%		—			1.57	%
U.S. Government Agency Mortgages		—			21.17	%		—			21.17	%
U.S. Government Agency Securities		—			1.00	%		—			1.00	%
Corporate Bonds		34.93	%		—			—			34.93	%
U.S. Treasury Obligations		—			31.11	%		—			31.11	%
Yankee Dollars		6.30	%		—			—			6.30	%
Investment Companies		0.53	%		3.24	%		11.80	%		15.57	%
Other Assets (Liabilities)		0.36	%		-2.93	%		-9.44	%		-12.01	%
Total Net Assets		42.12	%		55.52	%		2.36	%		100.00	%

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 — September 30, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %	Maturity Date		Value (000)
		Asset Backed Securities — 1.31%
$	1,293	Dividend Solar Loans LLC, Series 2017-1, Class - B, Callable 7/20/30 @ 100.00 (a)	5.25		3/22/38	$	1,352
	2,140	Legacy Mortgage Asset Trust, Series 2019-GS2, Class - A2, Callable 4/25/21 @ 100.00 (a)	4.25(b)		1/25/59		2,083
	2,117	Mill City Mortgage Trust, Series 2017-3, Class - B2, Callable 6/25/34 @ 100.00 (a)	3.25(b)		1/25/61		1,839
	1,537	Mill City Mortgage Trust, Series 2017-1, Class - B2, Callable 8/25/29 @ 100.00 (a)	3.78(b)		11/25/58		1,487
	721	Mill City Mortgage Trust, Series 2016-1, Class - B2, Callable 8/25/32 @ 100.00 (a)	3.98(b)		4/25/57		752
		Total Asset Backed Securities					7,513
		Collateralized Mortgage Obligations — 12.15%
	5,189	Bank of America Merrill Lynch Large Loan, Inc., Series 2016-GG10, Class - AJA (a)	6.01(b)		8/10/45		3,353
	1,407	Connecticut Avenue Securities, Series 2016-C03, Class - 1B, Callable 4/25/26 @ 100.00 (a)	13.77 (US0001M + 1175.00 bps)(c)		10/25/28		2,007
	4,818	Connecticut Avenue Securities, Series 2016-C02, Class - 1B, Callable 3/25/26 @ 100.00 (a)	14.27 (US0001M + 1225.00 bps)(c)		9/25/28		6,772
	1,732	Countrywide Home Loans Mortgage Pass-Through Trust, Series 2007-1, Class - A2, Callable 10/25/19 @ 100.00	6.00		3/25/37		1,354
	1,492	Credit Suisse Mortgage Trust, Series 2017-RPL1, Class - B1, Callable 10/25/48 @ 100.00 (a)	3.08(b)		7/25/57		1,227
	1,712	Credit Suisse Mortgage Trust, Series 2017-RPL1, Class - B2, Callable 10/25/48 @ 100.00 (a)	3.08(b)		7/25/57		1,245
	1,455	Credit Suisse Mortgage Trust, Series 2017-RPL1, Class - B3, Callable 10/25/48 @ 100.00 (a)	3.08(b)		7/25/57		914
	1,665	Credit Suisse Mortgage Trust, Series 2017-RPL1, Class - B4, Callable 10/25/48 @ 100.00 (a)	3.08(b)		7/25/57		246
	1,500	Credit Suisse Mortgage Trust, Series 2019-SLKZ, Class - D (a)	5.63 (US0001M + 360.00 bps)(c)		1/15/34		1,510
	1,506	Credit Suisse Mortgage Trust, Series 2007-C5, Class - AM	5.87		9/15/40		1,194
	3,864	Credit Suisse Mortgage Trust, Series 2015-LHMZ, Class - MZ (a)	7.49(b)		7/6/20		3,877
	1,500	Credit Suisse Mortgage Trust, Series 2017-CHOP, Class - H (a)	9.65 (US0001M + 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		1,549
	2,062	Downey Savings And Loan Association Mortgage Loan Trust, Series 2007-AR1, Class - 1A1B, Callable 3/19/29 @ 100.00	2.20 (US0001M + 14.00 bps)(c)		4/19/47		1,795
	2,260	GE Commercial Mortgage Corp. Trust, Series 2007-C1, Class - AJ	5.68(b)		12/10/49		682
	4,850	GS Mortgage Securities Corp. II, Series 2018-SRP5, Class - D (a)	8.03 (US0001M + 600.00 bps)(c)		9/15/31		4,850
	1,412	Helios Issuer LLC, Series 2018-1A, Class - B, Callable 1/20/26 @ 100.00 (a)	7.71		7/20/48		1,509
	1,650	JPMCC Commercial Mortgage Securities Trust, Series 2019-BOLT, Class - C (a)	5.83 (US0001M + 380.00 bps)(c)		7/15/34		1,650
	2,497	JPMorgan Chase Commercial Mortgage Securities Corp., Series 2007-CB19, Class - AJ	6.00(b)		2/12/49		1,688
	2,000	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2018-PHMZ, Class - M (a)	10.24 (US0001M + 820.77 bps)(c)		6/15/35		1,994
	4,010	Lone Star Portfolio Trust, Series 2015-LSP, Class - F (a)	9.18 (US0001M + 690.00 bps)(c)		9/15/28		4,079
	1,729	Multifamily Trust, Series 2016-1, Class - B (a)	10.96 (US0003M + 113.00 bps)(c)		4/25/46		1,705
	950	Natixis Commercial Mortgage Securities Trust, Series 2019-FAME, Class - D (a)	4.54(b)		8/5/24		930
	480	Natixis Commercial Mortgage Securities Trust, Series 2019-FAME, Class - E (a)	4.54(b)		8/5/24		435
	1,736	PMT Credit Risk Transfer Trust, Series 2019-2R, Class - A, Callable 5/27/23 @ 100.00 (a)	4.89 (US0001M + 275.00 bps)(c)		5/27/23		1,741
	1,489	Structured Agency Credit Risk Debt Notes, Series 2015-DNA3, Class - B, Callable 10/25/25 @ 100.00	11.37 (US0001M + 935.00 bps)(c)		4/25/28		1,922
	4,467	Structured Agency Credit Risk Debt Notes, Series 2016-DNA1, Class - B, Callable 1/25/26 @ 100.00	12.15 (US0001M + 1000.00 bps)(c)		7/25/28		5,951

HC CAPITAL TRUST

The Fixed Income Opportunity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %	Maturity Date		Value (000)
		Collateralized Mortgage Obligations (continued)
$	2,430	Tharaldson Hotel Portfolio Trust, Series 2018-THL, Class - G (a)	8.39 (US0001M + 635.00 bps)(c)		11/11/34	$	2,430
	1,620	Tharaldson Hotel Portfolio Trust, Series 2018-THL, Class - H (a)	11.84 (US0001M + 980.00 bps) (c)		11/11/34		1,620
	4,726	UBS-Barclays Commercial Mortgage Trust, Series 2012-C2, Class - G (a)	5.00(b)		5/10/63		1,550
	8,192	UBS-Barclays Commercial Mortgage Trust, Series 2012-C2, Class - H (a)	5.00(b)		5/10/63		2,717
	3,531	Upgrade Pass-Through Trust, Series 2018-7, Class - A (a)	14.78		1/15/25		3,364
	561	Wachovia Bank Commercial Mortgage Trust, Series 2007-C33, Class - AJ	5.84(b)		2/15/51		392
		Total Collateralized Mortgage Obligations					69,750
		U.S. Government Agency Mortgages — 5.64%
	1,140	Fannie Mae, Series 2017-C05, Class - 1B1, Callable 7/25/27 @ 100.00 (a)	5.62 (US0001M + 360.00 bps) (c)		1/25/30		1,201
	3,050	Fannie Mae, Series 2017-C07, Class - 1B1, Callable 11/25/27 @ 100.00 (a)	6.02 (US0001M + 400.00 bps)(c)		5/25/30		3,297
	3,190	Fannie Mae, Series 2018-R07, Class - 1B1, Callable 6/25/25 @ 100.00 (a)	6.37 (US0001M + 435.00 bps)(c)		4/25/31		3,481
	530	Fannie Mae, Series 2017-C03, Class - 1B1, Callable 4/25/27 @ 100.00 (a)	6.87 (US0001M + 485.00 bps)(c)		10/25/29		603
	1,497	Fannie Mae, Series 2016-C06, Class - 1B, Callable 10/25/26 @ 100.00 (a)	11.27 (US0001M + 925.00 bps)(c)		4/25/29		1,914
	3,490	Fannie Mae, Series 2016-C04, Class - 1B, Callable 7/25/26 @ 100.00 (a)	12.27 (US0001M + 1025.00 bps)(c)		1/25/29		4,667
	338	Fannie Mae, Series 2016-C01, Class - 1B, Callable 2/25/26 @ 100.00 (a)	13.77 (US0001M + 1175.00 bps)(c)		8/25/28		490
	2,650	Freddie Mac, Series 2018-SPI4, Class - B, Callable 2/25/23 @ 100.00 (a)	4.46(b)		11/25/48		1,524
	528	Freddie Mac, Series 2017-DNA1, Class - B2, Callable 1/25/27 @ 100.00	12.02 (US0001M + 1000.00 bps)(c)		7/25/29		606
	1,090	Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2017-DNA2, Class - B1, Callable 4/25/27 @ 100.00	7.17 (US0001M + 515.00 bps)(c)		10/25/29		1,259
	3,062	Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2017-DNA2, Class - B2, Callable 4/25/27 @ 100.00	13.27 (US0001M + 1125.00 bps)(c)		10/25/29		3,861
	5,887	Freddie Mac, Seasoned Credit Risk Transfer Trust, Series 2017-2, Class - B, Callable 9/25/43 @ 100.00 (d)	0.00(b)		8/25/56		1,142
	140,742	Freddie Mac, Seasoned Credit Risk Transfer Trust, Series 2016-1, Class - XSIO, Callable 10/25/39 @ 100.00 (d)	0.07(b)		9/25/55		506
	246,429	Freddie Mac, Seasoned Credit Risk Transfer Trust, Series 2017-2, Class - XSIO, Callable 9/25/43 @ 100.00 (d)	0.07(b)		8/25/56		982
	8,877	Freddie Mac, Seasoned Credit Risk Transfer Trust, Series 2017-2, Class - BIO, Callable 9/25/43 @ 100.00 (d)	1.17(b)		8/25/56		1,426
	19,192	Freddie Mac, Seasoned Credit Risk Transfer Trust, Series 2016-1, Class - BIO, Callable 10/25/39 @ 100.00 (d)	1.27(b)		9/25/55		1,799
	1,220	Freddie Mac, Seasoned Credit Risk Transfer Trust, Series 2017-2, Class - M1, Callable 9/25/43 @ 100.00 (a)	4.00(b)		8/25/56		1,201
	1,850	Freddie Mac, Seasoned Credit Risk Transfer Trust, Series 2019-1, Class - M, Callable 6/25/39 @ 100.00 (a)	4.75(b)		7/25/58		1,683
	8,062	Freddie Mac, Seasoned Credit Risk Transfer Trust, Series 2016-1, Class - B, Callable 10/25/39 @ 100.00 (d)	6.54		9/25/55		770
		Total U.S. Government Agency Mortgages					32,412
		Corporate Bonds — 45.61%
	1,100	Acadia Healthcare Co., Inc. (Health Care Providers & Services), Callable 11/7/19 @ 101.28	5.13		7/1/22		1,110
	928	Acadia Healthcare Co., Inc. (Health Care Providers & Services), Callable 11/7/19 @ 102.81	5.63		2/15/23		947
	1,510	Adient US LLC (Auto Components), Callable 5/15/22 @ 103.50 (a)	7.00		5/15/26		1,580
	96	Advanced Drainage Systems, Inc. (Building Products), Callable 9/30/22 @ 102.50 (a)	5.00		9/30/27		97
	1,011	Ahern Rentals, Inc. (Trading Companies & Distributors), Callable 11/7/19 @ 103.69 (a)	7.38		5/15/23		859
	1,885	Albertsons Companies LLC (Food & Staples Retailing), Callable 11/7/19 @ 104.31	5.75		3/15/25		1,942
	732	Albertsons Companies LLC (Food & Staples Retailing), Callable 8/15/22 @ 104.41 (a)	5.88		2/15/28		774
	371	Albertsons Companies LLC (Food & Staples Retailing), Callable 11/7/19 @ 104.97	6.63		6/15/24		389

HC CAPITAL TRUST

The Fixed Income Opportunity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %	Maturity Date		Value (000)
		Corporate Bonds (continued)
$	746	Albertsons Companies LLC (Food & Staples Retailing), Callable 3/15/22 @ 105.63 (a)	7.50		3/15/26	$	835
	1,073	Allison Transmission, Inc. (Machinery), Callable 10/18/19 @ 102.50 (a)	5.00		10/1/24		1,096
	97	Ally Financial, Inc. (Consumer Finance), Callable 10/21/25 @ 100.00	5.75		11/20/25		109
	1,070	Ally Financial, Inc. (Consumer Finance)	8.00		11/1/31		1,474
	443	AMC Networks, Inc. (Media), Callable 8/1/21 @ 102.38	4.75		8/1/25		455
	662	AMC Networks, Inc. (Media), Callable 4/1/20 @ 102.50	5.00		4/1/24		682
	1,194	American Builders & Contractors Supply Co., Inc. (Trading Companies & Distributors), Callable 5/15/21 @ 102.94 (a)	5.88		5/15/26		1,249
	660	AMN Healthcare, Inc. (Health Care Providers & Services), Callable 11/21/19 @ 103.84 (a)	5.13		10/1/24		685
	1,294	Amsted Industries, Inc. (Machinery), Callable 11/7/19 @ 102.69 (a)	5.38		9/15/24		1,326
	1,204	Amsted Industries, Inc. (Machinery), Callable 7/1/22 @ 102.81 (a)	5.63		7/1/27		1,267
	2,315	Ascent Resources Utica Holdings LLC/ARU Finance Corp. (Oil, Gas & Consumable Fuels), Callable 11/1/21 @ 103.50 (a)	7.00		11/1/26		1,933
	773	Ashtead Capital, Inc. (Trading Companies & Distributors), Callable 8/15/22 @ 102.19 (a)	4.38		8/15/27		790
	96	Avis Budget Car Rental LLC (Road & Rail), Callable 11/7/19 @ 101.83	5.50		4/1/23		98
	931	Avis Budget Car Rental LLC/Avis Budget Finance, Inc. (Road & Rail), Callable 6/15/22 @ 102.88 (a)	5.75		7/15/27		959
	573	Ball Corp. (Containers & Packaging), Callable 12/15/25 @ 100.00	4.88		3/15/26		621
	1,546	Bank of America Corp. (Banks), Callable 3/17/25 @ 100.00, Perpetual Bond(e)	6.10 (US0003M + 389.80 bps)(c)		12/29/49		1,689
	1,356	Bausch Health Americas, Inc. (Pharmaceuticals), Callable 7/31/22 @ 104.25 (a)	8.50		1/31/27		1,520
	1,450	Beacon Escrow Corp. (Trading Companies & Distributors), Callable 11/1/20 @ 102.44 (a)	4.88		11/1/25		1,421
	204	Beacon Roofing Supply, Inc. (Trading Companies & Distributors), Callable 11/15/22 @ 102.25 (a)	4.50		11/15/26		206
	438	Block Communications, Inc. (Media), Callable 2/15/20 @ 103.44 (a)	6.88		2/15/25		454
	1,406	Blue Racer Midstream LLC/Blue Racer Finance Corp. (Oil, Gas & Consumable Fuels), Callable 11/7/19 @ 103.06 (a)	6.13		11/15/22		1,410
	2,139	Blue Racer Midstream LLC/Blue Racer Finance Corp. (Oil, Gas & Consumable Fuels), Callable 7/15/21 @ 104.97 (a)	6.63		7/15/26		2,096
	638	Booz Allen Hamilton, Inc. (IT Services), Callable 5/1/20 @ 102.56 (a)	5.13		5/1/25		655
	784	Brinker International, Inc. (Hotels, Restaurants & Leisure)	3.88		5/15/23		797
	966	Brinker International, Inc. (Hotels, Restaurants & Leisure), Callable 7/1/24 @ 100.00 (a)	5.00		10/1/24		1,005
	781	Brookfield Property REIT (Equity Real Estate Investment Trusts), Callable 5/15/22 @ 102.88 (a)	5.75		5/15/26		818
	1,830	Buckeye Partners LP (Oil, Gas & Consumable Fuels), Callable 9/1/26 @ 100.00	3.95		12/1/26		1,606
	1,648	Building Materials Corporation of America (Building Products), Callable 11/15/19 @ 102.69 (a)	5.38		11/15/24		1,696
	1,390	Cablevision Systems Corp. (Media)	5.88		9/15/22		1,496
	2,354	Calpine Corp. (Independent Power and Renewable Electricity Producers), Callable 6/1/21 @ 102.63 (a)	5.25		6/1/26		2,432
	1,233	Cardtronics, Inc. (IT Services), Callable 5/1/20 @ 104.13 (a)	5.50		5/1/25		1,255
	1,620	Care Capital Properties, Inc. WI (Equity Real Estate Investment Trusts), Callable 5/15/26 @ 100.00	5.13		8/15/26		1,733
	1,599	Carriage Services, Inc. (Diversified Consumer Services), Callable 6/1/21 @ 104.97 (a)	6.63		6/1/26		1,639
	2,740	CCO Holdings LLC/CCO Holdings Capital Corp. (Media), Callable 9/1/24 @ 102.38 (a)	4.75		3/1/30		2,782
	1,281	CCO Holdings LLC/CCO Holdings Capital Corp. (Media), Callable 5/1/22 @ 102.56 (a)	5.13		5/1/27		1,335
	1,718	CCO Holdings LLC/CCO Holdings Capital Corp. (Media), Callable 6/1/24 @ 102.69 (a)	5.38		6/1/29		1,830
	1,010	CCO Holdings LLC/CCO Holdings Capital Corp. (Media), Callable 2/15/21 @ 102.88	5.75		2/15/26		1,064
	969	CDK Global, Inc. (Software), Callable 6/1/22 @ 102.44	4.88		6/1/27		1,009
	512	Cedar Fair LP (Hotels, Restaurants & Leisure), Callable 7/15/24 @ 102.63 (a)	5.25		7/15/29		547
	974	CenturyLink, Inc. (Diversified Telecommunication Services), Callable 1/1/25 @ 100.00	5.63		4/1/25		1,011
	1,256	CenturyLink, Inc., Series T (Diversified Telecommunication Services)	5.80		3/15/22		1,321

HC CAPITAL TRUST

The Fixed Income Opportunity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %	Maturity Date		Value (000)
		Corporate Bonds (continued)
$	97	CenturyLink, Inc., Series G (Diversified Telecommunication Services)	6.88		1/15/28	$	101
	1,572	Chesapeake Energy Corp. (Oil, Gas & Consumable Fuels), Callable 11/7/19 @ 101.22 ^	4.88		4/15/22		1,265
	825	Chesapeake Energy Corp. (Oil, Gas & Consumable Fuels)	5.75		3/15/23		631
	158	Chesapeake Energy Corp. (Oil, Gas & Consumable Fuels), Callable 4/1/21 @ 103.50	7.00		10/1/24		115
	986	CHS/Community Health Systems, Inc. (Health Care Providers & Services), Callable 3/31/20 @ 103.13	6.25		3/31/23		981
	1,854	Churchill Downs, Inc. (Hotels, Restaurants & Leisure), Callable 1/15/23 @ 102.38 (a)	4.75		1/15/28		1,896
	240	Clean Harbors, Inc. (Commercial Services & Supplies), Callable 7/15/22 @ 102.44 (a)	4.88		7/15/27		251
	600	Clearwater Paper Corp. (Paper & Forest Products) (a)	5.38		2/1/25		576
	890	Clearway Energy Operating LLC (Independent Power and Renewable Electricity Producers), Callable 9/15/21 @ 102.50	5.00		9/15/26		912
	577	Clearway Energy Operating LLC (Independent Power and Renewable Electricity Producers), Callable 10/15/21 @ 102.88 (a)	5.75		10/15/25		609
	371	Commercial Metals Co. (Metals & Mining), Callable 2/15/23 @ 100.00	4.88		5/15/23		385
	976	Commercial Metals Co. (Metals & Mining), Callable 4/15/21 @ 102.88	5.75		4/15/26		1,005
	1,104	CommScope Technologies LLC (Communications Equipment), Callable 3/15/22 @ 102.50	5.00		3/15/27		911
	1,051	CommScope, Inc. (Communications Equipment), Callable 10/18/19 @ 102.75 (a)	5.50		6/15/24		987
	301	CommScope, Inc. (Communications Equipment), Callable 3/1/21 @ 102.75 (a)	5.50		3/1/24		310
	1,528	Corrections Corporation of America (Equity Real Estate Investment Trusts), Callable 2/1/23 @ 100.00	4.63		5/1/23		1,480
	2,713	Corrections Corporation of America (Equity Real Estate Investment Trusts), Callable 7/15/22 @ 100.00	5.00		10/15/22		2,706
	1,041	Credit Acceptance Corp. (Consumer Finance), Callable 3/15/22 @ 103.31 (a)	6.63		3/15/26		1,116
	483	Credit Acceptance Corp. (Consumer Finance), Callable 11/7/19 @ 103.69	7.38		3/15/23		501
	499	Crown Americas LLC/Crown Americas Capital Corp VI (Containers & Packaging), Callable 2/1/21 @ 103.56	4.75		2/1/26		522
	1,129	CSC Holdings LLC (Media)	5.25		6/1/24		1,212
	1,141	CSC Holdings LLC (Media), Callable 5/15/21 @ 102.75	5.50		5/15/26		1,199
	1,714	CSC Holdings LLC (Media), Callable 1/15/25 @ 102.88 (a)	5.75		1/15/30		1,791
	1,237	CSC Holdings LLC (Media), Callable 2/1/24 @ 103.25 (a)	6.50		2/1/29		1,373
	287	Cumberland Farms, Inc. (Food & Staples Retailing), Callable 5/1/20 @ 105.06 (a)	6.75		5/1/25		307
	960	CVR Partners/CVR Nitrogen (Chemicals), Callable 10/23/19 @ 104.63 (a)	9.25		6/15/23		1,002
	267	CyrusOne LP/CyrusOne Finance Corp. (Equity Real Estate Investment Trusts), Callable 3/15/22 @ 102.69	5.38		3/15/27		285
	1,330	DaVita, Inc. (Health Care Providers & Services), Callable 10/23/19 @ 102.56	5.13		7/15/24		1,352
	1,051	Delek Logistics Partners LP/Delek Logistics Finance Corp. (Oil, Gas & Consumable Fuels), Callable 5/15/20 @ 105.06	6.75		5/15/25		1,044
	1,906	Diamond Sports Group LLC/Diamond Sports Finance Co. (Hotels, Restaurants & Leisure), Callable 8/15/22 @ 103.31 (a)	6.63		8/15/27		1,974
	4,405	DISH DBS Corp. (Media)	5.88		7/15/22		4,577
	706	DISH DBS Corp. (Media)	6.75		6/1/21		741
	685	Downstream Development Authority of the Quapaw Tribe of Oklahoma (Capital Markets), Callable 2/15/20 @ 107.25 (a)	10.50		2/15/23		730
	1,235	EMC Corp. (Technology Hardware, Storage & Peripherals), Callable 3/1/23 @ 100.00	3.38		6/1/23		1,234
	188	Encompass Health Corp. (Health Care Providers & Services), Callable 2/1/25 @ 102.38	4.75		2/1/30		190
	190	Endeavor Energy Resources LP/Endeavor Energy Resources Finance, Inc. (Oil, Gas & Consumable Fuels), Callable 1/30/23 @ 102.88 (a)	5.75		1/30/28		201
	758	ESH Hospitality, Inc. (Hotels, Restaurants & Leisure), Callable 10/1/22 @ 102.31 (a)	4.63		10/1/27		760
	924	ESH Hospitality, Inc. (Hotels, Restaurants & Leisure), Callable 5/1/20 @ 102.63 (a)	5.25		5/1/25		954
	850	Extraction Oil & Gas, Inc. (Oil, Gas & Consumable Fuels), Callable 2/1/21 @ 104.22	5.63		2/1/26		502

HC CAPITAL TRUST

The Fixed Income Opportunity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %	Maturity Date		Value (000)
		Corporate Bonds (continued)
$	1,394	Fortress Transportation & Infrastructure Investors LLC (Trading Companies & Distributors), Callable 3/15/20 @ 105.06 (a)	6.75		3/15/22	$	1,457
	1,287	Freeport-McMoRan, Inc. (Metals & Mining), Callable 12/15/22 @ 100.00	3.88		3/15/23		1,297
	1,661	Freeport-McMoRan, Inc. (Metals & Mining), Callable 9/1/24 @ 102.63	5.25		9/1/29		1,661
	586	Freeport-McMoRan, Inc. (Metals & Mining), Callable 5/14/34 @ 100.00	5.40		11/14/34		561
	1,860	FTS International, Inc. (Energy Equipment & Services), Callable 11/7/19 @ 101.56	6.25		5/1/22		1,525
	955	Genesis Energy LP (Electric Utilities), Callable 11/7/19 @ 102.81	5.63		6/15/24		917
	1,937	Genesis Energy LP (Electric Utilities), Callable 11/7/19 @ 103.00	6.00		5/15/23		1,942
	609	Genesis Energy LP (Electric Utilities), Callable 2/15/21 @ 104.69	6.25		5/15/26		586
	897	GLP Capital LP (Equity Real Estate Investment Trusts), Callable 1/15/26 @ 100.00	5.38		4/15/26		988
	362	GLP Finance Corp. (Oil, Gas & Consumable Fuels), Callable 8/1/22 @ 103.50 (a)	7.00		8/1/27		373
	459	GMAC, Inc. (Consumer Finance)	8.00		11/1/31		636
	563	Goldman Sachs Group, Inc., Series P (Capital Markets), Callable 11/10/22 @ 100.00, Perpetual Bond(e)	5.00 (US0003M + 287.40 bps)(c)		12/31/49		553
	659	Group 1 Automotive, Inc. (Specialty Retail), Callable 11/7/19 @ 103.94 (a)	5.25		12/15/23		677
	308	GrubHub Holdings, Inc. (Internet & Direct Marketing Retail), Callable 7/1/22 @ 102.75 (a)	5.50		7/1/27		314
	2,503	Gulfport Energy Corp. (Oil, Gas & Consumable Fuels), Callable 5/15/20 @ 104.78	6.38		5/15/25		1,777
	987	H&E Equipment Services, Inc. (Trading Companies & Distributors), Callable 9/1/20 @ 104.22	5.63		9/1/25		1,014
	917	Hanesbrands, Inc. (Textiles, Apparel & Luxury Goods), Callable 2/15/24 @ 100.00 (a)	4.63		5/15/24		962
	1,508	HCA Holdings, Inc. (Health Care Providers & Services), Callable 8/15/25 @ 100.00	5.88		2/15/26		1,687
	746	HCA, Inc. (Health Care Providers & Services), Callable 3/1/26 @ 100.00	5.38		9/1/26		819
	495	HCA, Inc. (Health Care Providers & Services)	5.38		2/1/25		541
	528	HCA, Inc. (Health Care Providers & Services), Callable 8/1/28 @ 100.00	5.88		2/1/29		591
	809	Herc Holdings, Inc. (Trading Companies & Distributors), Callable 7/15/22 @ 102.75 (a)	5.50		7/15/27		837
	601	Hilcorp Energy Corp. (Oil, Gas & Consumable Fuels), Callable 11/7/19 @ 102.50 (a)	5.00		12/1/24		556
	565	Hilcorp Energy Corp. (Oil, Gas & Consumable Fuels), Callable 4/1/20 @ 102.88 (a)	5.75		10/1/25		517
	865	Hilcorp Energy Corp. (Oil, Gas & Consumable Fuels), Callable 11/1/23 @ 103.13 (a)	6.25		11/1/28		800
	456	Hilton Domestic Operating Co, Inc. (Hotels, Restaurants & Leisure), Callable 5/1/21 @ 102.56	5.13		5/1/26		478
	1,673	HLF Financing SaRL LLC/Herbalife International, Inc. (Personal Products), Callable 8/15/21 @ 103.63 (a)	7.25		8/15/26		1,702
	1,172	Horizon Pharma USA, Inc. (Pharmaceuticals), Callable 8/1/22 @ 104.13 (a)	5.50		8/1/27		1,225
	335	IAA, Inc. (Commercial Services & Supplies), Callable 6/15/22 @ 102.75 (a)	5.50		6/15/27		355
	1,078	Iron Mountain, Inc. (Equity Real Estate Investment Trusts), Callable 9/15/24 @ 102.44 (a)	4.88		9/15/29		1,091
	1,553	Iron Mountain, Inc. (Equity Real Estate Investment Trusts), Callable 12/27/22 @ 102.63 (a)	5.25		3/15/28		1,602
	1,162	Iron Mountain, Inc. (Equity Real Estate Investment Trusts), Callable 6/1/21 @ 102.69 (a)	5.38		6/1/26		1,203
	263	J2 Cloud Services LLC/J2 Global Co-Obligor, Inc. (Software), Callable 7/15/20 @ 104.50 (a)	6.00		7/15/25		277
	1,218	JB Poindexter & Co., Inc. (Machinery), Callable 4/15/21 @ 105.34 (a)	7.13		4/15/26		1,258
	387	JBS USA LLC/JBS USA Finance, Inc. (Food Products), Callable 11/7/19 @ 102.94 (a)	5.88		7/15/24		399
	456	Kraft Heinz Foods Co. (Food Products), Callable 1/1/30 @ 100.00 (a)	3.75		4/1/30		459
	952	Lennar Corp. (Household Durables), Callable 5/29/27 @ 100.00	4.75		11/29/27		1,020
	1,441	Level 3 Financing, Inc. (Diversified Financial Services), Callable 9/15/22 @ 102.31 (a)	4.63		9/15/27		1,455
	1,543	Lockheed Martin Corp. (Aerospace & Defense) (a)	9.25 (US0001M + 721.75 bps)(c)		9/15/20		1,548
	162	Louisiana-Pacific Corp. (Paper & Forest Products), Callable 11/7/19 @ 103.66	4.88		9/15/24		167
	528	M/I Homes, Inc. (Household Durables), Callable 10/23/19 @ 101.69	6.75		1/15/21		535

HC CAPITAL TRUST

The Fixed Income Opportunity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %	Maturity Date		Value (000)
		Corporate Bonds (continued)
$	811	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	$	815
	256	Match Group, Inc. (Interactive Media & Services), Callable 12/15/22 @ 102.50 (a)	5.00		12/15/27		266
	2,225	Mattel, Inc. (Leisure Products), Callable 12/31/20 @ 105.06 (a)	6.75		12/31/25		2,320
	2,263	Mednax, Inc. (Health Care Providers & Services), Callable 11/7/19 @ 103.94 (a)	5.25		12/1/23		2,304
	696	Mednax, Inc. (Health Care Providers & Services), Callable 1/15/22 @ 104.69 (a)	6.25		1/15/27		687
	1,215	Meritage Homes Corp. (Household Durables), Callable 3/1/25 @ 100.00	6.00		6/1/25		1,343
	1,247	MetLife, Inc., Series C (Insurance), Callable 6/15/20 @ 100.00, Perpetual Bond(e)	5.25 (US0003M + 357.50 bps)(c)		12/31/49		1,280
	1,727	MGM Growth/MGM Finance (Equity Real Estate Investment Trusts), Callable 2/1/24 @ 100.00	5.63		5/1/24		1,893
	1,552	MGM Resorts International (Hotels, Restaurants & Leisure)	6.00		3/15/23		1,705
	415	Midcontinent Communications/Midcontinent Finance Corp. (Media), Callable 8/15/22 @ 102.69 (a)	5.38		8/15/27		436
	1,762	Montage Resources Corp. (Oil, Gas & Consumable Fuels), Callable 11/7/19 @ 104.44	8.88		7/15/23		1,357
	864	MPT Operating Partnership LP/MPT Finance Corp. (Equity Real Estate Investment Trusts), Callable 8/1/21 @ 102.63	5.25		8/1/26		905
	380	MTS Systems Corp. (Electronic Equipment, Instruments & Components), Callable 8/15/22 @ 102.88 (a)	5.75		8/15/27		395
	1,174	Murphy Oil USA, Inc. (Specialty Retail), Callable 5/1/22 @ 102.81	5.63		5/1/27		1,259
	955	Navient Corp. (Consumer Finance)	5.50		1/25/23		988
	2,201	Navient Corp. (Consumer Finance)	5.88		10/25/24		2,219
	477	Navient Corp. (Consumer Finance)	6.50		6/15/22		509
	849	NCR Corp. (Technology Hardware, Storage & Peripherals), Callable 9/1/22 @ 102.88 (a)	5.75		9/1/27		880
	542	Netflix, Inc. (Entertainment)	4.38		11/15/26		547
	633	Netflix, Inc. (Entertainment)	4.88		4/15/28		640
	2,246	Netflix, Inc. (Entertainment) (a)	5.38		11/15/29		2,342
	1,311	New Enterprise Stone & Lime Company, Inc. (Construction Materials), Callable 3/15/21 @ 103.13 (a)	6.25		3/15/26		1,339
	417	Nexstar Escrow, Inc. (Media), Callable 7/15/22 @ 104.22 (a)	5.63		7/15/27		437
	705	NGL Energy Partners LP/NGL Energy Finance Corp. (Oil, Gas & Consumable Fuels), Callable 11/7/19 @ 103.75	7.50		11/1/23		718
	1,109	NGPL PipeCo LLC (Oil, Gas & Consumable Fuels) (a)	7.77		12/15/37		1,447
	458	Nielsen Finance LLC/Nielsen Finance Co. (Professional Services), Callable 11/7/19 @ 101.25 (a)	5.00		4/15/22		460
	1,527	Novelis Corp. (Metals & Mining), Callable 9/30/21 @ 102.94 (a)	5.88		9/30/26		1,603
	201	Novelis Corp. (Metals & Mining), Callable 11/7/19 @ 104.69 (a)	6.25		8/15/24		211
	293	NRG Energy, Inc. (Independent Power and Renewable Electricity Producers), Callable 1/15/23 @ 102.88	5.75		1/15/28		315
	933	NuStar Logistics LP (Oil, Gas & Consumable Fuels), Callable 3/1/26 @ 100.00	6.00		6/1/26		1,006
	612	Olin Corp. (Chemicals), Callable 2/1/24 @ 102.50	5.00		2/1/30		612
	1,060	Olin Corp. (Chemicals), Callable 8/1/24 @ 102.81	5.63		8/1/29		1,097
	1,112	Owens-Brockway Glass Container, Inc. (Containers & Packaging) (a)	5.88		8/15/23		1,182
	1,796	Party City Holdings, Inc. (Specialty Retail), Callable 8/1/21 @ 103.31 ^ (a)	6.63		8/1/26		1,778
	843	PDC Energy, Inc. (Oil, Gas & Consumable Fuels), Callable 5/15/21 @ 104.31	5.75		5/15/26		828
	1,446	PDC Energy, Inc. (Oil, Gas & Consumable Fuels), Callable 11/7/19 @ 104.59	6.13		9/15/24		1,442
	778	Peabody Finance Corp. (Oil, Gas & Consumable Fuels), Callable 11/7/19 @ 103.00 (a)	6.00		3/31/22		782
	2,423	Peabody Finance Corp. (Oil, Gas & Consumable Fuels), Callable 3/31/20 @ 104.78 (a)	6.38		3/31/25		2,378
	577	Penske Automotive Group (Specialty Retail), Callable 12/1/19 @ 102.69	5.38		12/1/24		594
	1,758	Pilgrim’s Pride Corp. (Food Products), Callable 3/15/20 @ 102.88 (a)	5.75		3/15/25		1,816
	480	Pilgrim’s Pride Corp. (Food Products), Callable 9/30/22 @ 102.94 (a)	5.88		9/30/27		517
	1,820	Plastipak Holdings, Inc. (Containers & Packaging), Callable 10/15/20 @ 103.13 ^ (a)	6.25		10/15/25		1,514
	1,397	Post Holdings, Inc. (Food Products), Callable 8/15/21 @ 102.50 (a)	5.00		8/15/26		1,447
	573	Post Holdings, Inc. (Food Products), Callable 12/15/24 @ 102.75 (a)	5.50		12/15/29		597

HC CAPITAL TRUST

The Fixed Income Opportunity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %	Maturity Date		Value (000)
		Corporate Bonds (continued)
$	2,018	Prime Security Services Borrower LLC/Prime Finance, Inc. (Commercial Services & Supplies) (a)	5.75		4/15/26	$	2,096
	608	PulteGroup, Inc. (Household Durables), Callable 12/1/25 @ 100.00	5.50		3/1/26		664
	730	PulteGroup, Inc. (Household Durables)	6.00		2/15/35		777
	2,084	Quad Graphics, Inc. (Commercial Services & Supplies)	7.00		5/1/22		2,126
	1,068	QualityTech LP/QTS Finance Corp. (Diversified Financial Services), Callable 11/15/20 @ 103.56 (a)	4.75		11/15/25		1,105
	1,789	Quicken Loans, Inc. (Thrifts & Mortgage Finance), Callable 1/15/23 @ 102.63 (a)	5.25		1/15/28		1,846
	311	Quicken Loans, Inc. (Thrifts & Mortgage Finance), Callable 5/1/20 @ 102.88 (a)	5.75		5/1/25		320
	1,128	Radian Group, Inc. (Thrifts & Mortgage Finance), Callable 7/1/24 @ 100.00	4.50		10/1/24		1,165
	2,880	Rose Rock Midstream LP (Oil, Gas & Consumable Fuels), Callable 10/23/19 @ 102.81	5.63		11/15/23		2,953
	957	Rose Rock Midstream LP (Oil, Gas & Consumable Fuels), Callable 10/23/19 @ 101.41	5.63		7/15/22		971
	1,637	Select Medical Corp. (Health Care Providers & Services), Callable 8/15/22 @ 103.13 (a)	6.25		8/15/26		1,711
	755	Shea Homes LP/Funding Corp. (Household Durables), Callable 11/7/19 @ 102.94 (a)	5.88		4/1/23		773
	998	Silgan Holdings, Inc. (Containers & Packaging), Callable 3/15/20 @ 102.38	4.75		3/15/25		1,022
	817	Sinclair Television Group, Inc. (Media), Callable 8/15/21 @ 102.56 (a)	5.13		2/15/27		822
	1,066	Sirius XM Radio, Inc. (Media), Callable 7/15/21 @ 102.31 (a)	4.63		7/15/24		1,103
	646	Sirius XM Radio, Inc. (Media), Callable 7/15/21 @ 102.69 (a)	5.38		7/15/26		677
	1,106	Sirius XM Radio, Inc. (Media), Callable 7/1/24 @ 102.75 (a)	5.50		7/1/29		1,178
	755	Sonic Automotive, Inc. (Specialty Retail), Callable 11/7/19 @ 101.67	5.00		5/15/23		763
	383	Sonic Automotive, Inc. (Specialty Retail), Callable 3/15/22 @ 103.06	6.13		3/15/27		390
	1,414	Southwestern Energy Co. (Oil, Gas & Consumable Fuels), Callable 10/23/24 @ 100.00	6.20		1/23/25		1,244
	1,363	Southwestern Energy Co. (Oil, Gas & Consumable Fuels), Callable 4/1/21 @ 105.63	7.50		4/1/26		1,189
	155	Spectrum Brands, Inc. (Household Products), Callable 10/1/24 @ 102.50 (a)	5.00		10/1/29		158
	713	Springleaf Finance Corp. (Consumer Finance)	5.63		3/15/23		761
	658	Springleaf Finance Corp. (Consumer Finance), Callable 9/15/23 @ 100.00	6.13		3/15/24		709
	308	Springleaf Finance Corp. (Consumer Finance), Callable 7/15/27 @ 100.00	6.63		1/15/28		331
	266	Springleaf Finance Corp. (Consumer Finance)	6.88		3/15/25		293
	665	Springleaf Finance Corp. (Consumer Finance)	7.13		3/15/26		736
	3,710	Sprint Capital Corp. (Wireless Telecommunication Services)	6.88		11/15/28		4,036
	1,593	Sprint Corp. (Wireless Telecommunication Services)	7.13		6/15/24		1,716
	590	Sprint Corp. (Wireless Telecommunication Services), Callable 11/1/25 @ 100.00	7.63		3/1/26		650
	424	Sprint Corp. (Wireless Telecommunication Services), Callable 11/15/24 @ 100.00	7.63		2/15/25		465
	518	Sprint Nextel Corp. (Wireless Telecommunication Services)	11.50		11/15/21		601
	1,829	SS&C Technologies, Inc. (Software), Callable 3/30/22 @ 104.13 (a)	5.50		9/30/27		1,907
	2,757	Staples, Inc. (Specialty Retail), Callable 4/15/22 @ 103.75 (a)	7.50		4/15/26		2,839
	770	Steel Dynamics, Inc. (Metals & Mining), Callable 9/15/20 @ 102.06	4.13		9/15/25		772
	1,362	Sunoco LP/Sunoco Finance Corp. (Oil, Gas & Consumable Fuels), Callable 4/15/22 @ 103.00	6.00		4/15/27		1,444
	1,753	Talen Energy Supply LLC (Independent Power and Renewable Electricity Producers), Callable 5/15/22 @ 103.63 (a)	7.25		5/15/27		1,775
	1,539	Tallgrass Energy Partners (Oil, Gas & Consumable Fuels), Callable 11/7/19 @ 104.13	5.50		9/15/24		1,531
	629	Tallgrass Energy Partners (Oil, Gas & Consumable Fuels), Callable 1/15/23 @ 102.75 (a)	5.50		1/15/28		613
	1,968	Taylor Morrison Communities, Inc. (Household Durables), Callable 12/1/23 @ 100.00 (a)	5.63		3/1/24		2,098
	1,144	Taylor Morrison Communities, Inc. (Household Durables), Callable 3/15/27 @ 100.00 (a)	5.88		6/15/27		1,247
	1,850	TEGNA, Inc. (Media), Callable 9/15/24 @ 102.50 (a)	5.00		9/15/29		1,871
	48	Teleflex, Inc. (Health Care Equipment & Supplies), Callable 11/15/22 @ 102.31	4.63		11/15/27		50
	1,125	Teleflex, Inc. (Health Care Equipment & Supplies), Callable 6/1/21 @ 102.44	4.88		6/1/26		1,176

HC CAPITAL TRUST

The Fixed Income Opportunity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %	Maturity Date		Value (000)
		Corporate Bonds (continued)
$	1,043	Tenet Healthcare Corp. (Health Care Providers & Services), Callable 5/1/20 @ 102.56	5.13		5/1/25	$	1,056
	482	Tenet Healthcare Corp. (Health Care Providers & Services), Callable 2/1/22 @ 103.13 (a)	6.25		2/1/27		500
	292	TerraForm Power Operating LLC (Independent Power and Renewable Electricity Producers), Callable 10/31/22 @ 100.00 (a)	4.25		1/31/23		299
	596	TerraForm Power Operating LLC (Independent Power and Renewable Electricity Producers), Callable 7/31/27 @ 100.00 (a)	5.00		1/31/28		621
	805	The EW Scripps Co. (Media), Callable 5/15/20 @ 103.84 (a)	5.13		5/15/25		807
	1,203	The Geo Group, Inc. (Equity Real Estate Investment Trusts), Callable 11/7/19 @ 101.47	5.88		1/15/22		1,159
	1,507	The Hertz Corp. (Road & Rail), Callable 10/18/19 @ 104.13 (a)	5.50		10/15/24		1,511
	552	The Hertz Corp. (Road & Rail), Callable 8/1/22 @ 103.56 (a)	7.13		8/1/26		576
	462	TransDigm, Inc. (Aerospace & Defense), Callable 11/7/19 @ 101.50	6.00		7/15/22		470
	293	Triumph Group, Inc. (Aerospace & Defense), Callable 10/24/19 @ 100.00	4.88		4/1/21		293
	1,029	Triumph Group, Inc. (Aerospace & Defense), Callable 11/7/19 @ 101.31	5.25		6/1/22		1,026
	361	Triumph Group, Inc. (Aerospace & Defense), Callable 9/15/20 @ 103.13 (a)	6.25		9/15/24		375
	841	Twin River Worldwide Holdings, Inc. (Hotels, Restaurants & Leisure), Callable 6/1/22 @ 105.06 (a)	6.75		6/1/27		880
	4,186	Unit Corp. (Energy Equipment & Services), Callable 11/7/19 @ 100.00	6.63		5/15/21		3,182
	1,848	United Rentals North America, Inc. (Trading Companies & Distributors), Callable 9/15/21 @ 102.94	5.88		9/15/26		1,969
	368	Univision Communications, Inc. (Media), Callable 11/7/19 @ 101.71	5.13		5/15/23		367
	21	Univision Communications, Inc. (Media), Callable 2/15/20 @ 102.56 (a)	5.13		2/15/25		20
	1,172	URS Corp. (Diversified Financial Services), Callable 1/1/22 @ 100.00	5.00		4/1/22		1,206
	1,023	VeriSign, Inc. (IT Services), Callable 7/15/22 @ 102.38	4.75		7/15/27		1,066
	412	ViaSat, Inc. (Communications Equipment), Callable 9/15/20 @ 102.81 (a)	5.63		9/15/25		417
	2,534	Vistra Operations Co. LLC (Electric Utilities), Callable 2/15/22 @ 102.81 (a)	5.63		2/15/27		2,664
	361	WellCare Health Plans, Inc. (Health Care Providers & Services), Callable 8/15/21 @ 104.03 (a)	5.38		8/15/26		384
	780	Western Digital Corp. (Technology Hardware, Storage & Peripherals), Callable 11/15/25 @ 100.00	4.75		2/15/26		800
	1,131	Wyndham Hotels & Resorts, Inc. (Hotels, Restaurants & Leisure), Callable 4/15/21 @ 102.69 (a)	5.38		4/15/26		1,182
	315	Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. (Hotels, Restaurants & Leisure), Callable 7/1/29 @ 100.00 (a)	5.13		10/1/29		330
	235	Xerox Corp. (Technology Hardware, Storage & Peripherals)	4.07		3/17/22		239
	1,710	XPO Logistics, Inc. (Air Freight & Logistics), Callable 8/15/21 @ 103.38 (a)	6.75		8/15/24		1,849
	426	Yum! Brands, Inc. (Hotels, Restaurants & Leisure), Callable 10/15/29 @ 100.00 (a)	4.75		1/15/30		439
	1,074	Zayo Group LLC/Zayo Capital, Inc. (Diversified Telecommunication Services), Callable 1/15/22 @ 102.88 (a)	5.75		1/15/27		1,097
		Total Corporate Bonds					261,822
		Yankee Dollars — 11.59%
	261	1011778 BC ULC/New Red Finance, Inc. (Hotels, Restaurants & Leisure), Callable 5/15/20 @ 102.13	4.25		5/15/24		268
	1,321	1011778 BC ULC/New Red Finance, Inc. (Hotels, Restaurants & Leisure), Callable 10/15/20 @ 102.50 (a)	5.00		10/15/25		1,362
	744	Alcoa Nederland Holding (Metals & Mining), Callable 5/15/23 @ 103.06 (a)	6.13		5/15/28		792
	1,567	Alcoa Nederland Holding (Metals & Mining), Callable 9/30/21 @ 103.50 (a)	7.00		9/30/26		1,701
	2,645	Altice Financing SA (Diversified Financial Services), Callable 11/7/19 @ 103.31 (a)	6.63		2/15/23		2,714
	800	Altice Financing SA (Diversified Financial Services), Callable 5/15/21 @ 103.75 (a)	7.50		5/15/26		848
	989	Altice France SA (Diversified Telecommunication Services), Callable 2/1/22 @ 106.09 (a)	8.13		2/1/27		1,092
	933	Ardagh Packaging Finance/Holdings USA (Containers & Packaging), Callable 2/15/20 @ 104.50 (a)	6.00		2/15/25		975
	1,547	Bausch Health Companies, Inc. (Pharmaceuticals), Callable 1/15/23 @ 103.50 (a)	7.00		1/15/28		1,663

HC CAPITAL TRUST

The Fixed Income Opportunity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %	Maturity Date		Value (000)
		Yankee Dollars (continued)
$	1,250	Bombardier, Inc. (Aerospace & Defense), Callable 11/7/19 @ 101.00 (a)	6.00		10/15/22	$	1,245
	1,067	Brookfield Residential Properties, Inc. (Household Durables), Callable 9/15/22 @ 103.13 (a)	6.25		9/15/27		1,068
	402	Brookfield Residential Properties, Inc. (Household Durables), Callable 5/15/20 @ 103.19 (a)	6.38		5/15/25		406
	773	C&W Senior Financing DAC (Diversified Financial Services), Callable 9/15/22 @ 103.44 (a)	6.88		9/15/27		799
	1,534	C&W Senior Financing DAC (Diversified Financial Services), Callable 10/15/21 @ 103.75 (a)	7.50		10/15/26		1,624
	1,076	Cascades, Inc. (Containers & Packaging), Callable 11/7/19 @ 101.38 (a)	5.50		7/15/22		1,086
	617	Cascades, Inc. (Containers & Packaging), Callable 11/7/19 @ 102.88 (a)	5.75		7/15/23		629
	2,830	Cimpress N.V. (Commercial Services & Supplies), Callable 6/15/21 @ 105.25 (a)	7.00		6/15/26		2,921
	1,093	Connect Finco SARL/Connect US Finco LLC (Media), Callable 10/1/22 @ 103.38 (a)	6.75		10/1/26		1,113
	1,092	Cooke Omega Investments, Inc./Alpha Vessel Co. Holdings, Inc. (Food Products), Callable 6/15/20 @ 104.25 (a)	8.50		12/15/22		1,059
	2,389	Cott Holdings, Inc. (Beverages), Callable 4/1/20 @ 104.13 (a)	5.50		4/1/25		2,473
	1,079	Ensign Drilling, Inc. (Energy Equipment & Services), Callable 4/15/21 @ 104.63 (a)	9.25		4/15/24		1,009
	734	Fairstone Financial, Inc. (Consumer Finance), Callable 7/15/21 @ 103.94 (a)	7.88		7/15/24		767
	2,067	Hudbay Minerals, Inc. (Metals & Mining), Callable 1/15/20 @ 105.72 (a)	7.63		1/15/25		2,095
	193	Intelsat Jackson Holdings SA (Diversified Financial Services), Callable 11/7/19 @ 101.83	5.50		8/1/23		180
	119	International Game Technology PLC (Hotels, Restaurants & Leisure), Callable 8/15/21 @ 100.00 (a)	6.25		2/15/22		126
	1,029	International Game Technology PLC (Hotels, Restaurants & Leisure), Callable 7/15/26 @ 100.00 (a)	6.25		1/15/27		1,142
	1,435	JBS USA LUX SA/JBS USA Finance, Inc. (Food Products), Callable 1/15/25 @ 102.75 (a)	5.50		1/15/30		1,519
	907	JBS USA LUX SA/JBS USA Finance, Inc. (Food Products), Callable 4/15/24 @ 103.25 (a)	6.50		4/15/29		1,007
	931	JBS USA LUX SA/JBS USA Finance, Inc. (Food Products), Callable 2/15/23 @ 103.38 (a)	6.75		2/15/28		1,031
	1,765	Mallinckrodt Finance/SB (Pharmaceuticals), Callable 11/7/19 @ 101.44 (a)	5.75		8/1/22		635
	1,954	Mallinckrodt International Finance (Pharmaceuticals), Callable 11/7/19 @ 100.00 ^ (a)	4.88		4/15/20		1,212
	957	MDC Partners, Inc. (Media), Callable 11/7/19 @ 104.88 (a)	6.50		5/1/24		872
	353	MGM China Holdings Ltd. (Hotels, Restaurants & Leisure), Callable 5/15/21 @ 102.69 (a)	5.38		5/15/24		365
	596	MGM China Holdings Ltd. (Hotels, Restaurants & Leisure), Callable 5/15/22 @ 102.94 (a)	5.88		5/15/26		623
	239	Nokia Oyj (Communications Equipment)	4.38		6/12/27		250
	480	Norbord, Inc. (Paper & Forest Products), Callable 7/15/22 @ 102.88 (a)	5.75		7/15/27		494
	1,649	Nova Chemicals Corp. (Chemicals), Callable 3/3/24 @ 100.00 (a)	4.88		6/1/24		1,684
	1,605	Nufarm Australia Ltd./Nufarm Americas, Inc. (Chemicals), Callable 4/30/21 @ 102.88 (a)	5.75		4/30/26		1,585
	530	Numericable - SFR SAS (Diversified Telecommunication Services), Callable 10/13/19 @ 103.13 (a)	6.25		5/15/24		547
	1,243	Numericable - SFR SAS (Diversified Telecommunication Services), Callable 5/1/21 @ 103.69 (a)	7.38		5/1/26		1,328
	1,388	Open Text Corp. (Software), Callable 6/1/21 @ 102.94 (a)	5.88		6/1/26		1,480
	2,695	Parkland Fuel Corp. (Oil, Gas & Consumable Fuels), Callable 4/1/21 @ 104.50 (a)	6.00		4/1/26		2,847
	780	Precision Drilling Corp. (Energy Equipment & Services), Callable 12/15/19 @ 103.88	7.75		12/15/23		757
	929	Rockpoint Gas Storage Canada Ltd. (Oil, Gas & Consumable Fuels), Callable 3/31/20 @ 107.00 (a)	7.00		3/31/23		929
	1,097	Sable International Finance Ltd. (Diversified Telecommunication Services), Callable 9/7/22 @ 102.88 (a)	5.75		9/7/27		1,133
	2,142	Shelf Drilling Holdings Ltd. (Energy Equipment & Services), Callable 2/15/21 @ 106.19 (a)	8.25		2/15/25		1,821
	1,242	Superior Plus LP/Superior General Partner, Inc. (Gas Utilities), Callable 7/15/21 @ 105.25 (a)	7.00		7/15/26		1,310
	952	Teck Resources Ltd. (Metals & Mining), Callable 1/15/41 @ 100.00	6.25		7/15/41		1,051

HC CAPITAL TRUST

The Fixed Income Opportunity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %			Maturity Date		Value (000)
		Yankee Dollars (continued)
$	702	Telecom Italia Capital SA (Diversified Telecommunication Services)		6.00			9/30/34	$	744
	1,519	Telecom Italia Capital SA (Diversified Telecommunication Services)		6.38			11/15/33		1,662
	2,362	Teva Pharmaceutical Finance Netherlands III BV (Pharmaceuticals), Callable 12/1/27 @ 100.00 ^		6.75			3/1/28		1,937
	387	Trivium Packaging Finance BV (Containers & Packaging), Callable 8/15/22 @ 102.75 (a)		5.50			8/15/26		407
	1,073	Tullow Oil PLC (Oil, Gas & Consumable Fuels), Callable 3/1/21 @ 103.50 (a)		7.00			3/1/25		1,089
	474	UPCB Finance IV Ltd. (Media), Callable 1/15/20 @ 102.69 (a)		5.38			1/15/25		488
	1,159	Virgin Media Secured Finance PLC (Diversified Financial Services), Callable 5/15/24 @ 102.75 (a)		5.50			5/15/29		1,211
	979	VRX Escrow Corp. (Pharmaceuticals), Callable 11/7/19 @ 101.47 (a)		5.88			5/15/23		992
	2,318	VRX Escrow Corp. (Pharmaceuticals), Callable 4/15/20 @ 103.06 (a)		6.13			4/15/25		2,400
		Total Yankee Dollars							66,567
Shares
		Investment Companies — 22.86%
	2,075,361	Federated Treasury Obligations Fund, Institutional Shares^^		2.29	(b)(f)				2,075
	129,216,912	State Street Institutional Treasury Plus Money Market Fund, Trust Class		1.78	(f)				129,217
		Total Investment Companies							131,292
		Common Stock — 0.00%
	1,740,900	ACC Claims Holdings LLC, Class A (Communications Equipment)							—
		Total Common Stock							—
Principal Amount (000)
		Repurchase Agreement — 1.13%
$	6,511	Jefferies LLC (Purchased on 9/30/19, proceeds at maturity $6,511,610 collateralized by U.S. Treasury Obligation, 1.48%, 11/15/27 fair value $6,641,411)^^		2.40			10/1/19		6,511
		Total Repurchase Agreement							6,511
		Total Investments (cost $562,027) — 100.29%							575,867
		Liabilities in excess of other assets — (0.29)%							(1,637	)
		Net Assets — 100.00%						$	574,230

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

^ All or part of this security was on loan as of September 30, 2019. The total value of securities on loan as of September 30, 2019, was $7,022 (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 September 30, 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 September 30, 2019.

(c) Variable Rate Security. The rate disclosed is the rate in effect on September 30, 2019.

(d) Represents a security purchased under Rule 144A or Section 4(2) and is exempt from registration under the Securities Act of 1933, as amended, or is otherwise restricted to resale. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. These securities have been deemed illiquid by the Specialist Manager and represent 1.15% of the Portfolio’s net assets.

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

(f) The rate disclosed is the rate in effect on September 30, 2019.

bps — Basis Points

REIT — Real Estate Investment Trust

ULC — Unlimited Liability Co.

US0001M — 1 Month US Dollar LIBOR

US0003M — 3 Month US Dollar LIBOR

HC CAPITAL TRUST

The Fixed Income Opportunity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

The following table reflects the percentage of total net assets of the Portfolio attributable to each Specialist Manager as of September 30, 2019.

The Fixed Income Opportunity Portfolio	Fort Washington Investment Advisors, Inc.			Parametric Portfolio Associates, LLC			Western Asset Management Company, Ltd.			Total
Asset Backed Securities		—			—			1.31	%		1.31	%
Collateralized Mortgage Obligations		—			—			12.15	%		12.15	%
U.S. Government Agency Mortgages		—			—			5.64	%		5.64	%
Corporate Bonds		45.34	%		—			0.27	%		45.61	%
Yankee Dollars		11.59	%		—			—			11.59	%
Investment Companies		0.36	%		21.59	%		0.91	%		22.86	%
Repurchase Agreement		1.13	%		—			—			1.13	%
Other Assets (Liabilities)		-0.23	%		-0.20	%		0.14	%		-0.29	%
Total Net Assets		58.19	%		21.39	%		20.42	%		100.00	%

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 September 30, 2019.

Futures Contracts Purchased^

Description	Number of  Contracts	Expiration Date		Notional Amount (000)		Value and Unrealized Appreciation/ (Depreciation) (000)
30-Year US Treasury Bond Future	71		12/19/19	$	11,524	$	(87	)
5-Year US Treasury Note Future	774		12/31/19		92,221		(358	)
90-Day Euro$ Future	583		6/15/20		143,484		232
Ultra Long Term US Treasury Bond Future	52		12/19/19		9,979		(173	)
				$	257,208	$	(386	)
Futures Contracts Sold^
Description	Number of  Contracts	Expiration Date		Notional Amount (000)		Value and Unrealized Appreciation/ (Depreciation) (000)
10-Year US Treasury Note Future	224		12/19/19	$	31,899	$	350
5-Year US Treasury Note Future	288		12/31/19		34,315		152
				$	66,214	$	502
	Total Unrealized Appreciation					$	734
	Total Unrealized Depreciation						(618	)
	Total Net Unrealized Appreciation/(Depreciation)					$	116

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

Forward Currency Contracts
Long Contracts
Description and amount of currency to be purchased (000)	Description and amount of currency to be sold (000)			Counterparty		Settlement Date		Unrealized Appreciation/ (Depreciation) (000)
Euro             —		U.S. Dollar	—		Citibank N.A.		10/17/19	$	—
								$	—
		Total Unrealized Appreciation						$	—
		Total Unrealized Depreciation							—
		Total Net Unrealized Appreciation/(Depreciation)						$	—

HC CAPITAL TRUST

The Fixed Income Opportunity Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Over-the-Counter Credit Default Swap Agreements

Open over-the-counter credit default swap agreements as of September 30, 2019 were as follows:

Buy/Sell Protection(a)	Underlying Instrument	Pay/ Receive	Fixed Rate			Payment Frequency	Implied Credit Spread at September 30, 2019(b)			Counterparty	Expiration Date		Notional Amount (000)(c)		Value (000)			Upfront Premiums (000)			Unrealized Appreciation/ (Depreciation) (000)
Buy	Markit CMBX.NA.BBB Series 12	Pay		3.00	%	Monthly		3.85	%	Morgan Stanley		8/17/61	$	2,300	$	140		$	115		$	25
Buy	Markit CMBX.NA.BBB Series 12	Pay		3.00	%	Monthly		3.85	%	Morgan Stanley		8/17/61		1,100		67			89			(22	)
Sell	Markit CMBX.NA.BBB Series 8	Receive		3.00	%	Monthly		3.98	%	Morgan Stanley		10/17/57		2,300		(100	)		(120	)		20
Sell	Markit CMBX.NA.AAA Series 12	Receive		0.50	%	Monthly		0.54	%	Morgan Stanley		8/17/61		11,100		(36	)		(165	)		129
Sell	Markit CMBX.NA.AAA Series 12	Receive		0.50	%	Monthly		0.54	%	Morgan Stanley		8/17/61		5,500		(18	)		(74	)		56
Sell	Markit CMBX.NA.BBB Series 6	Receive		3.00	%	Monthly		6.21	%	Morgan Stanley		5/11/63		1,400		(118	)		(141	)		23
Total															$	(65	)	$	(296	)	$	231
						Total swap agreements at value (assets)															$	253
						Total swap agreements at value (liabilities)																(22	)
						Net swap agreements at value															$	231

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

(a) When a credit event occurs as defined under the terms of the swap agreement, the Portfolio as a seller of credit protection will either (i) pay to the buyer of protection an amount equal to the par value of the defaulted reference entity and take delivery of the reference entity or (ii) pay a net amount equal to the par value of the defaulted reference entity less its recovery value. Alternatively, the Portfolio as a buyer of credit protection will either (i) receive from the seller of protection an amount equal to the par value of the defaulted reference entity and deliver the reference entity to the seller or (ii) receive a net amount of equal to the par value of the defaulted reference entity less its recovery value.

(b) Implied credit spread, represented in absolute terms, utilized in determining the market value of the credit default swap agreements as of period end will serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a referenced entity reflects the cost of buying/selling protection and may include upfront or daily payments required to be made to enter into the agreement. Generally, wider credit spreads represent a perceived deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the swap agreement.

(c) The notional amount represents the maximum potential amount the Portfolio could be required to make as a seller of credit protection if a credit event occurs, as defined under the terms of the swap agreement.

HC CAPITAL TRUST

The U.S. Government Fixed Income Securities Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Government Agency Securities — 2.82%
$	350	Fannie Mae		1.38		10/7/21	$	348
	275	Fannie Mae		1.75		7/2/24		277
	350	Fannie Mae		1.88		9/24/26		354
	400	Fannie Mae		2.00		10/5/22		405
	400	Fannie Mae		2.00		1/5/22		403
	150	Fannie Mae		2.13		4/24/26		154
	250	Fannie Mae		2.63		9/6/24		262
	95	Fannie Mae		6.25		5/15/29		131
	160	Fannie Mae		6.63		11/15/30		234
	180	Fannie Mae		7.25		5/15/30		271
	325	Federal Farm Credit Bank		1.55		8/16/21		324
	50	Federal Farm Credit Bank, Callable 10/15/19 @ 100.00		1.58		2/17/21		50
	500	Federal Home Loan Bank		1.13		7/14/21		495
	500	Federal Home Loan Bank		1.38		9/28/20		498
	500	Federal Home Loan Bank		1.38		2/18/21		497
	50	Federal Home Loan Bank		2.13		3/10/23		51
	75	Federal Home Loan Bank, Callable 1/29/20 @ 100.00		2.25		1/29/21		75
	100	Federal Home Loan Bank		2.63		10/1/20		101
	150	Federal Home Loan Bank		2.88		9/13/24		159
	160	Federal Home Loan Bank		2.88		9/11/20		162
	500	Federal Home Loan Bank		3.00		10/12/21		513
	300	Federal Home Loan Bank		3.38		9/8/23		320
	180	Federal Home Loan Bank		5.25		12/11/20		187
	65	Federal Home Loan Bank		5.50		7/15/36		95
	500	Freddie Mac		1.88		11/17/20		499
	350	Freddie Mac		2.38		1/13/22		356
	150	Freddie Mac		2.75		6/19/23		156
	150	Freddie Mac		6.25		7/15/32		222
	180	Freddie Mac		6.75		3/15/31		268
	110	Tennessee Valley Authority		4.70		7/15/33		142
	85	Tennessee Valley Authority		5.25		9/15/39		120
	100	Tennessee Valley Authority		5.88		4/1/36		145
	190	Tennessee Valley Authority		6.15		1/15/38		292
		Total U.S. Government Agency Securities						8,566
		U.S. Treasury Obligations — 94.74%
	570	U.S. Treasury Bond		2.25		8/15/49		587
	1,260	U.S. Treasury Bond		2.25		8/15/46		1,293
	1,550	U.S. Treasury Bond		2.50		5/15/46		1,671
	1,015	U.S. Treasury Bond		2.50		2/15/45		1,093
	1,135	U.S. Treasury Bond		2.50		2/15/46		1,223
	1,110	U.S. Treasury Bond		2.75		8/15/47		1,257
	837	U.S. Treasury Bond		2.75		8/15/42		940
	671	U.S. Treasury Bond		2.75		11/15/42		754
	1,520	U.S. Treasury Bond		2.75		11/15/47		1,723
	955	U.S. Treasury Bond		2.88		11/15/46		1,106
	1,116	U.S. Treasury Bond		2.88		5/15/43		1,281
	1,255	U.S. Treasury Bond		2.88		5/15/49		1,465
	1,980	U.S. Treasury Bond		2.88		8/15/45		2,283
	1,925	U.S. Treasury Bond		3.00		5/15/47		2,283
	1,805	U.S. Treasury Bond		3.00		2/15/47		2,141
	1,615	U.S. Treasury Bond		3.00		11/15/44		1,899
	1,260	U.S. Treasury Bond		3.00		5/15/45		1,485
	1,695	U.S. Treasury Bond		3.00		8/15/48		2,018
	1,380	U.S. Treasury Bond		3.00		2/15/49		1,647
	389	U.S. Treasury Bond		3.00		5/15/42		455
	1,470	U.S. Treasury Bond		3.00		11/15/45		1,736
	1,520	U.S. Treasury Bond		3.00		2/15/48		1,806
	1,505	U.S. Treasury Bond		3.13		5/15/48		1,830
	175	U.S. Treasury Bond		3.13		2/15/42		209
	216	U.S. Treasury Bond		3.13		11/15/41		258
	1,580	U.S. Treasury Bond		3.13		8/15/44		1,895
	1,447	U.S. Treasury Bond		3.13		2/15/43		1,727
	700	U.S. Treasury Bond		3.38		11/15/48		893
	1,130	U.S. Treasury Bond		3.38		5/15/44		1,409
	40	U.S. Treasury Bond		3.50		2/15/39		50

HC CAPITAL TRUST

The U.S. Government Fixed Income Securities Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Treasury Obligations (continued)
$	1,280	U.S. Treasury Bond		3.63		2/15/44	$	1,656
	1,500	U.S. Treasury Bond		3.63		8/15/43		1,936
	1,345	U.S. Treasury Bond		3.75		11/15/43		1,771
	730	U.S. Treasury Bond		3.75		8/15/41		952
	255	U.S. Treasury Bond		3.88		8/15/40		337
	540	U.S. Treasury Bond		4.25		11/15/40		750
	30	U.S. Treasury Bond		4.25		5/15/39		41
	363	U.S. Treasury Bond		4.38		5/15/40		511
	546	U.S. Treasury Bond		4.38		5/15/41		772
	530	U.S. Treasury Bond		4.38		2/15/38		735
	280	U.S. Treasury Bond		4.38		11/15/39		393
	150	U.S. Treasury Bond		4.50		8/15/39		213
	255	U.S. Treasury Bond		4.50		5/15/38		360
	425	U.S. Treasury Bond		4.50		2/15/36		586
	673	U.S. Treasury Bond		4.63		2/15/40		975
	825	U.S. Treasury Bond		4.75		2/15/41		1,220
	70	U.S. Treasury Bond		4.75		2/15/37		100
	235	U.S. Treasury Bond		5.00		5/15/37		347
	760	U.S. Treasury Bond		5.25		2/15/29		996
	282	U.S. Treasury Bond		5.25		11/15/28		367
	599	U.S. Treasury Bond		5.38		2/15/31		826
	85	U.S. Treasury Bond		6.00		2/15/26		108
	810	U.S. Treasury Bond		6.13		11/15/27		1,085
	150	U.S. Treasury Bond		6.13		8/15/29		211
	197	U.S. Treasury Bond		6.25		8/15/23		231
	320	U.S. Treasury Bond		6.25		5/15/30		462
	100	U.S. Treasury Bond		6.38		8/15/27		135
	218	U.S. Treasury Bond		6.50		11/15/26		289
	200	U.S. Treasury Bond		6.75		8/15/26		267
	100	U.S. Treasury Bond		7.25		8/15/22		116
	295	U.S. Treasury Bond		7.63		2/15/25		386
	7	U.S. Treasury Bond		7.88		2/15/21		8
	400	U.S. Treasury Bond		8.00		11/15/21		452
	110	U.S. Treasury Bond		8.13		8/15/21		123
	1,385	U.S. Treasury Note		1.13		7/31/21		1,371
	830	U.S. Treasury Note		1.13		9/30/21		821
	1,870	U.S. Treasury Note		1.13		2/28/21		1,854
	1,100	U.S. Treasury Note		1.13		8/31/21		1,089
	280	U.S. Treasury Note		1.13		6/30/21		277
	675	U.S. Treasury Note		1.25		10/31/21		670
	1,870	U.S. Treasury Note		1.25		3/31/21		1,856
	670	U.S. Treasury Note		1.25		8/31/24		661
	930	U.S. Treasury Note		1.25		7/31/23		919
	735	U.S. Treasury Note		1.38		9/30/23		730
	1,000	U.S. Treasury Note		1.38		10/31/20		995
	1,030	U.S. Treasury Note		1.38		8/31/26		1,013
	1,470	U.S. Treasury Note		1.38		5/31/21		1,462
	1,585	U.S. Treasury Note		1.38		4/30/21		1,576
	1,425	U.S. Treasury Note		1.38		6/30/23		1,415
	1,230	U.S. Treasury Note		1.38		8/31/23		1,221
	1,025	U.S. Treasury Note		1.50		8/31/21		1,022
	1,195	U.S. Treasury Note		1.50		9/15/22		1,193
	700	U.S. Treasury Note		1.50		1/31/22		698
	1,800	U.S. Treasury Note		1.50		8/15/26		1,786
	1,350	U.S. Treasury Note		1.50		2/28/23		1,347
	1,225	U.S. Treasury Note		1.50		8/15/22		1,222
	1,115	U.S. Treasury Note		1.50		3/31/23		1,113
	1,250	U.S. Treasury Note		1.63		5/31/23		1,253
	2,075	U.S. Treasury Note		1.63		2/15/26		2,076
	1,005	U.S. Treasury Note		1.63		9/30/26		1,005
	1,200	U.S. Treasury Note		1.63		8/31/22		1,201
	500	U.S. Treasury Note		1.63		6/30/21		499
	1,315	U.S. Treasury Note		1.63		9/30/24		1,312
	490	U.S. Treasury Note		1.63		8/15/29		488
	1,780	U.S. Treasury Note		1.63		11/30/20		1,776
	1,255	U.S. Treasury Note		1.63		9/30/21		1,252

HC CAPITAL TRUST

The U.S. Government Fixed Income Securities Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Treasury Obligations (continued)
$	2,545	U.S. Treasury Note		1.63		5/15/26	$	2,546
	877	U.S. Treasury Note		1.63		11/15/22		878
	1,200	U.S. Treasury Note		1.63		10/31/23		1,203
	1,490	U.S. Treasury Note		1.63		8/15/22		1,492
	810	U.S. Treasury Note		1.63		4/30/23		811
	1,305	U.S. Treasury Note		1.75		7/31/21		1,307
	1,350	U.S. Treasury Note		1.75		6/30/22		1,356
	1,395	U.S. Treasury Note		1.75		5/31/22		1,400
	750	U.S. Treasury Note		1.75		5/15/22		753
	745	U.S. Treasury Note		1.75		7/31/24		752
	1,395	U.S. Treasury Note		1.75		11/30/21		1,398
	820	U.S. Treasury Note		1.75		3/31/22		823
	1,240	U.S. Treasury Note		1.75		7/15/22		1,245
	750	U.S. Treasury Note		1.75		11/15/20		749
	910	U.S. Treasury Note		1.75		4/30/22		913
	710	U.S. Treasury Note		1.75		9/30/22		714
	700	U.S. Treasury Note		1.75		1/31/23		704
	1,140	U.S. Treasury Note		1.75		12/31/20		1,139
	1,603	U.S. Treasury Note		1.75		5/15/23		1,613
	1,315	U.S. Treasury Note		1.75		10/31/20		1,314
	1,045	U.S. Treasury Note		1.75		2/28/22		1,048
	500	U.S. Treasury Note		1.75		6/15/22		502
	1,565	U.S. Treasury Note		1.88		5/31/22		1,577
	1,000	U.S. Treasury Note		1.88		1/31/22		1,006
	1,000	U.S. Treasury Note		1.88		4/30/22		1,007
	500	U.S. Treasury Note		1.88		6/30/26		508
	925	U.S. Treasury Note		1.88		2/28/22		930
	850	U.S. Treasury Note		1.88		3/31/22		856
	625	U.S. Treasury Note		1.88		11/30/21		628
	850	U.S. Treasury Note		1.88		10/31/22		858
	1,280	U.S. Treasury Note		1.88		12/15/20		1,281
	930	U.S. Treasury Note		1.88		7/31/22		937
	990	U.S. Treasury Note		1.88		8/31/24		1,005
	875	U.S. Treasury Note		1.88		8/31/22		882
	1,045	U.S. Treasury Note		1.88		7/31/26		1,062
	910	U.S. Treasury Note		1.88		9/30/22		918
	700	U.S. Treasury Note		2.00		5/31/21		703
	900	U.S. Treasury Note		2.00		10/31/22		911
	975	U.S. Treasury Note		2.00		8/31/21		981
	500	U.S. Treasury Note		2.00		2/28/21		502
	1,110	U.S. Treasury Note		2.00		11/15/21		1,118
	1,050	U.S. Treasury Note		2.00		11/30/20		1,052
	938	U.S. Treasury Note		2.00		2/15/22		947
	1,000	U.S. Treasury Note		2.00		10/31/21		1,007
	2,350	U.S. Treasury Note		2.00		11/30/22		2,380
	670	U.S. Treasury Note		2.00		1/15/21		672
	2,305	U.S. Treasury Note		2.00		2/15/25		2,354
	1,890	U.S. Treasury Note		2.00		11/15/26		1,938
	1,360	U.S. Treasury Note		2.00		4/30/24		1,386
	715	U.S. Treasury Note		2.00		6/30/24		729
	2,310	U.S. Treasury Note		2.00		5/31/24		2,357
	1,538	U.S. Treasury Note		2.00		2/15/23		1,559
	840	U.S. Treasury Note		2.00		7/31/22		850
	2,845	U.S. Treasury Note		2.00		8/15/25		2,909
	1,000	U.S. Treasury Note		2.00		12/31/21		1,008
	590	U.S. Treasury Note		2.13		7/31/24		605
	945	U.S. Treasury Note		2.13		6/30/22		959
	750	U.S. Treasury Note		2.13		1/31/21		753
	1,315	U.S. Treasury Note		2.13		9/30/24		1,350
	300	U.S. Treasury Note		2.13		5/31/26		310
	1,075	U.S. Treasury Note		2.13		3/31/24		1,101
	1,045	U.S. Treasury Note		2.13		11/30/24		1,073
	650	U.S. Treasury Note		2.13		11/30/23		664
	2,680	U.S. Treasury Note		2.13		12/31/22		2,726
	1,720	U.S. Treasury Note		2.13		8/15/21		1,734
	895	U.S. Treasury Note		2.13		2/29/24		916

HC CAPITAL TRUST

The U.S. Government Fixed Income Securities Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Treasury Obligations (continued)
$	800	U.S. Treasury Note		2.13		12/31/21	$	809
	2,660	U.S. Treasury Note		2.13		5/15/25		2,736
	1,085	U.S. Treasury Note		2.13		9/30/21		1,095
	1,000	U.S. Treasury Note		2.13		6/30/21		1,007
	1,100	U.S. Treasury Note		2.25		3/31/26		1,143
	1,605	U.S. Treasury Note		2.25		4/30/21		1,618
	1,845	U.S. Treasury Note		2.25		11/15/27		1,930
	1,015	U.S. Treasury Note		2.25		10/31/24		1,048
	1,680	U.S. Treasury Note		2.25		12/31/24		1,737
	2,400	U.S. Treasury Note		2.25		2/15/27		2,504
	1,900	U.S. Treasury Note		2.25		8/15/27		1,986
	785	U.S. Treasury Note		2.25		7/31/21		793
	810	U.S. Treasury Note		2.25		1/31/24		833
	950	U.S. Treasury Note		2.25		12/31/23		977
	700	U.S. Treasury Note		2.25		4/30/24		721
	1,555	U.S. Treasury Note		2.25		3/31/21		1,566
	1,290	U.S. Treasury Note		2.25		4/15/22		1,310
	735	U.S. Treasury Note		2.25		2/15/21		740
	2,455	U.S. Treasury Note		2.25		11/15/24		2,536
	1,875	U.S. Treasury Note		2.25		11/15/25		1,945
	1,375	U.S. Treasury Note		2.38		2/29/24		1,423
	2,675	U.S. Treasury Note		2.38		8/15/24		2,775
	700	U.S. Treasury Note		2.38		12/31/20		705
	815	U.S. Treasury Note		2.38		3/15/21		822
	1,140	U.S. Treasury Note		2.38		4/30/26		1,194
	1,250	U.S. Treasury Note		2.38		1/31/23		1,282
	1,305	U.S. Treasury Note		2.38		3/15/22		1,330
	2,030	U.S. Treasury Note		2.38		5/15/29		2,156
	1,810	U.S. Treasury Note		2.38		5/15/27		1,907
	1,715	U.S. Treasury Note		2.38		4/15/21		1,731
	1,345	U.S. Treasury Note		2.50		2/28/21		1,359
	1,100	U.S. Treasury Note		2.50		1/31/24		1,143
	850	U.S. Treasury Note		2.50		2/28/26		896
	1,500	U.S. Treasury Note		2.50		12/31/20		1,513
	1,255	U.S. Treasury Note		2.50		1/15/22		1,279
	1,275	U.S. Treasury Note		2.50		2/15/22		1,301
	1,320	U.S. Treasury Note		2.50		1/31/21		1,332
	1,370	U.S. Treasury Note		2.50		8/15/23		1,418
	700	U.S. Treasury Note		2.50		1/31/25		733
	2,105	U.S. Treasury Note		2.50		5/15/24		2,192
	990	U.S. Treasury Note		2.50		3/31/23		1,021
	1,500	U.S. Treasury Note		2.63		6/30/23		1,557
	985	U.S. Treasury Note		2.63		2/28/23		1,019
	1,260	U.S. Treasury Note		2.63		12/15/21		1,288
	960	U.S. Treasury Note		2.63		7/15/21		976
	885	U.S. Treasury Note		2.63		5/15/21		898
	1,055	U.S. Treasury Note		2.63		1/31/26		1,119
	750	U.S. Treasury Note		2.63		3/31/25		791
	1,870	U.S. Treasury Note		2.63		2/15/29		2,024
	700	U.S. Treasury Note		2.63		12/31/23		730
	205	U.S. Treasury Note		2.63		12/31/25		217
	2,353	U.S. Treasury Note		2.63		11/15/20		2,374
	935	U.S. Treasury Note		2.63		6/15/21		949
	885	U.S. Treasury Note		2.75		2/28/25		938
	1,897	U.S. Treasury Note		2.75		11/15/23		1,986
	2,165	U.S. Treasury Note		2.75		2/15/24		2,273
	1,320	U.S. Treasury Note		2.75		11/30/20		1,334
	1,050	U.S. Treasury Note		2.75		7/31/23		1,096
	1,385	U.S. Treasury Note		2.75		5/31/23		1,443
	990	U.S. Treasury Note		2.75		8/15/21		1,009
	1,075	U.S. Treasury Note		2.75		8/31/23		1,123
	910	U.S. Treasury Note		2.75		8/31/25		969
	1,010	U.S. Treasury Note		2.75		9/15/21		1,031
	2,120	U.S. Treasury Note		2.75		2/15/28		2,302
	875	U.S. Treasury Note		2.75		6/30/25		930
	980	U.S. Treasury Note		2.75		4/30/23		1,020

HC CAPITAL TRUST

The U.S. Government Fixed Income Securities Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %			Maturity Date		Value (000)
		U.S. Treasury Obligations (continued)
$	875	U.S. Treasury Note		2.88			7/31/25	$	937
	1,040	U.S. Treasury Note		2.88			10/15/21		1,065
	2,905	U.S. Treasury Note		2.88			8/15/28		3,195
	1,085	U.S. Treasury Note		2.88			11/30/25		1,165
	1,255	U.S. Treasury Note		2.88			11/15/21		1,287
	605	U.S. Treasury Note		2.88			10/31/23		636
	815	U.S. Treasury Note		2.88			4/30/25		871
	1,920	U.S. Treasury Note		2.88			5/15/28		2,108
	1,005	U.S. Treasury Note		2.88			5/31/25		1,074
	1,275	U.S. Treasury Note		2.88			10/31/20		1,289
	1,500	U.S. Treasury Note		2.88			9/30/23		1,576
	750	U.S. Treasury Note		2.88			11/30/23		789
	880	U.S. Treasury Note		3.00			10/31/25		951
	895	U.S. Treasury Note		3.00			9/30/25		966
	2,880	U.S. Treasury Note		3.13			11/15/28		3,234
	1,200	U.S. Treasury Note		3.13			5/15/21		1,226
	1,632	U.S. Treasury Note		3.63			2/15/21		1,673
	400	U.S. Treasury Note		5.50			8/15/28		527
		Total U.S. Treasury Obligations							287,487
		Yankee Dollar — 0.04%
	115	AID-Israel (Sovereign Bond)		5.50			9/18/23		132
		Total Yankee Dollar							132
Shares
		Investment Company — 1.83%
	5,553,335	State Street Institutional Treasury Plus Money Market Fund, Trust Class		1.78	(a)				5,553
		Total Investment Company							5,553
		Total Investments (cost $285,713) — 99.43%							301,738
		Other assets in excess of liabilities — 0.57%							1,723
		Net Assets — 100.00%							$303,461

(a) The rate disclosed is the rate in effect on September 30, 2019.

The following table reflects the percentage of total net assets of the Portfolio attributable to each Specialist Manager as of September 30, 2019.

The U.S. Government Fixed Income Securities Portfolio	Mellon Investments Corporation			HC Capital Solutions			Total
U.S. Government Agency Securities		2.82	%		—			2.82	%
U.S. Treasury Obligations		94.74	%		—			94.74	%
Yankee Dollar		0.04	%		—			0.04	%
Investment Company		—			1.83	%		1.83	%
Other Assets (Liabilities)		0.57	%		0.00	%		0.57	%
Total Net Assets		98.17	%		1.83	%		100.00	%

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

Amounts designated as “0.00%” round to less than 0.005%.

HC CAPITAL TRUST

The Inflation Protected Securities Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %			Maturity Date		Value (000)
		U.S. Treasury Obligations — 98.91%
$	3,985	U.S. Treasury Inflation Index Bond		0.63			2/15/43	$	4,092
	9,567	U.S. Treasury Inflation Index Bond		0.75			7/15/28		10,062
	6,699	U.S. Treasury Inflation Index Bond		0.75			2/15/45		7,049
	5,389	U.S. Treasury Inflation Index Bond		0.75			2/15/42		5,706
	4,830	U.S. Treasury Inflation Index Bond		0.88			2/15/47		5,252
	4,089	U.S. Treasury Inflation Index Bond		1.00			2/15/49		4,630
	4,731	U.S. Treasury Inflation Index Bond		1.00			2/15/48		5,316
	4,919	U.S. Treasury Inflation Index Bond		1.00			2/15/46		5,487
	6,010	U.S. Treasury Inflation Index Bond		1.38			2/15/44		7,208
	4,577	U.S. Treasury Inflation Index Bond		1.75			1/15/28		5,150
	5,558	U.S. Treasury Inflation Index Bond		2.00			1/15/26		6,176
	3,068	U.S. Treasury Inflation Index Bond		2.13			2/15/41		4,121
	2,413	U.S. Treasury Inflation Index Bond		2.13			2/15/40		3,215
	4,506	U.S. Treasury Inflation Index Bond		2.38			1/15/27		5,209
	7,661	U.S. Treasury Inflation Index Bond		2.38			1/15/25		8,534
	4,414	U.S. Treasury Inflation Index Bond		2.50			1/15/29		5,338
	1,782	U.S. Treasury Inflation Index Bond		3.38			4/15/32		2,464
	3,856	U.S. Treasury Inflation Index Bond		3.63			4/15/28		4,953
	4,685	U.S. Treasury Inflation Index Bond		3.88			4/15/29		6,288
	11,738	U.S. Treasury Inflation Index Note		0.13			1/15/22		11,630
	12,121	U.S. Treasury Inflation Index Note		0.13			7/15/22		12,076
	12,126	U.S. Treasury Inflation Index Note		0.13			1/15/23		12,031
	12,395	U.S. Treasury Inflation Index Note		0.13			4/15/22		12,272
	11,826	U.S. Treasury Inflation Index Note		0.13			7/15/24		11,828
	10,016	U.S. Treasury Inflation Index Note		0.13			7/15/26		10,006
	12,704	U.S. Treasury Inflation Index Note		0.13			4/15/21		12,566
	11,866	U.S. Treasury Inflation Index Note		0.25			1/15/25		11,911
	6,971	U.S. Treasury Inflation Index Note		0.25			7/15/29		7,045
	12,083	U.S. Treasury Inflation Index Note		0.38			7/15/23		12,162
	9,940	U.S. Treasury Inflation Index Note		0.38			1/15/27		10,064
	9,823	U.S. Treasury Inflation Index Note		0.38			7/15/27		9,990
	11,858	U.S. Treasury Inflation Index Note		0.38			7/15/25		12,029
	8,703	U.S. Treasury Inflation Index Note		0.50			4/15/24		8,817
	9,742	U.S. Treasury Inflation Index Note		0.50			1/15/28		9,983
	12,151	U.S. Treasury Inflation Index Note		0.63			4/15/23		12,258
	12,047	U.S. Treasury Inflation Index Note		0.63			1/15/24		12,245
	10,648	U.S. Treasury Inflation Index Note		0.63			7/15/21		10,692
	10,618	U.S. Treasury Inflation Index Note		0.63			1/15/26		10,899
	9,511	U.S. Treasury Inflation Index Note		0.88			1/15/29		10,113
	9,980	U.S. Treasury Inflation Index Note		1.13			1/15/21		10,011
		Total U.S. Treasury Obligations							336,878
Shares
		Investment Company — 0.92%
	3,130,663	State Street Institutional Treasury Plus Money Market Fund, Trust Class		1.78	(a)				3,131
		Total Investment Company							3,131
		Total Investments (cost $328,262) — 99.83%							340,009
		Other assets in excess of liabilities — 0.17%							589
		Net Assets — 100.00%							$340,598

(a) The rate disclosed is the rate in effect on September 30, 2019.

The following table reflects the percentage of total net assets of the Portfolio attributable to each Specialist Manager as of September 30, 2019.

The Inflation Protected Securities Portfolio	Mellon Investments Corporation			HC Capital Solutions			Total
U.S. Treasury Obligations		98.91	%		—			98.91	%
Investment Company		0.00	%		0.92	%		0.92	%
Other Assets (Liabilities)		0.17	%		0.00	%		0.17	%
Total Net Assets		99.08	%		0.92	%		100.00	%

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

Amounts designated as “0.00%” round to less than 0.005%.

HC CAPITAL TRUST

The U.S. Corporate Fixed Income Securities Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %			Maturity Date		Value (000)
		Corporate Bonds — 78.95%
$	2,679	Abbott Laboratories (Health Care Equipment & Supplies), Callable 8/30/26 @ 100.00		3.75			11/30/26	$	2,914
	989	AbbVie, Inc. (Biotechnology)		4.40			11/6/42		1,021
	2,205	AbbVie, Inc. (Biotechnology), Callable 11/14/34 @ 100.00		4.50			5/14/35		2,379
	530	Alabama Power Co., Series B (Electric Utilities), Callable 6/1/47 @ 100.00		3.70			12/1/47		567
	155	Alabama Power Co. (Electric Utilities), Callable 2/15/44 @ 100.00		4.15			8/15/44		175
	180	American Express Co. (Consumer Finance), Callable 1/27/23 @ 100.00		3.40			2/27/23		187
	3,990	Ameriprise Financial, Inc. (Capital Markets)		3.70			10/15/24		4,268
	540	Ameriprise Financial, Inc. (Capital Markets)		4.00			10/15/23		570
	2,235	Amgen, Inc. (Biotechnology), Callable 2/1/25 @ 100.00		3.13			5/1/25		2,322
	275	Amgen, Inc. (Biotechnology), Callable 5/15/41 @ 100.00		5.15			11/15/41		330
	3,163	Analog Devices, Inc. (Semiconductors & Semiconductor Equipment), Callable 9/5/26 @ 100.00		3.50			12/5/26		3,309
	1,610	Analog Devices, Inc. (Semiconductors & Semiconductor Equipment), Callable 9/15/25 @ 100.00		3.90			12/15/25		1,723
	1,066	Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide, Inc. (Beverages), Callable 8/1/35 @ 100.00		4.70			2/1/36		1,233
	1,910	Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide, Inc. (Beverages), Callable 8/1/45 @ 100.00		4.90			2/1/46		2,265
	1,850	Anheuser-Busch InBev N.V. (Beverages), Callable 8/1/35 @ 100.00		4.70			2/1/36		2,141
	485	Anthem, Inc. (Health Care Providers & Services)		3.30			1/15/23		501
	1,245	Anthem, Inc. (Health Care Providers & Services), Callable 9/1/27 @ 100.00		3.65			12/1/27		1,306
	1,677	Anthem, Inc. (Health Care Providers & Services)		4.35			8/15/20		1,709
	790	Anthem, Inc. (Health Care Providers & Services)		4.63			5/15/42		872
	3,020	Apple, Inc. (Technology Hardware, Storage & Peripherals), Callable 8/23/45 @ 100.00		4.65			2/23/46		3,790
	750	Archer-Daniels-Midland Co., Class - C (Food Products)		4.02			4/16/43		866
	6,145	AT&T, Inc. (Diversified Telecommunication Services), Callable 1/1/24 @ 100.00		4.45			4/1/24		6,654
	1,730	AT&T, Inc. (Diversified Telecommunication Services)		5.35			9/1/40		2,030
	585	AT&T, Inc. (Diversified Telecommunication Services)		5.55			8/15/41		696
	705	Atmos Energy Corp. (Gas Utilities), Callable 4/15/44 @ 100.00		4.13			10/15/44		800
	405	Atmos Energy Corp. (Gas Utilities), Callable 7/15/42 @ 100.00		4.15			1/15/43		459
	3,300	Bank of America Corp. (Banks), Callable 10/1/24 @ 100.00		3.09 (US0003M + 109.00 bps)	(a)		10/1/25		3,394
	165	Bank of America Corp., MTN (Banks), Callable 10/21/26 @ 100.00		3.25			10/21/27		172
	5,873	Bank of America Corp., MTN (Banks)		3.88			8/1/25		6,332
	1,358	Bank One Corp. (Banks)		8.00			4/29/27		1,813
	1,875	Berkshire Hathaway, Inc. (Multi-Utilities), Callable 8/1/44 @ 100.00		4.50			2/1/45		2,214
	823	Bristol-Myers Squibb Co. (Pharmaceuticals)		6.80			11/15/26		1,041
	300	Bunge Limited Finance Corp. (Food Products), Callable 8/25/22 @ 100.00		3.00			9/25/22		303
	1,510	Bunge Limited Finance Corp. (Food Products), Callable 5/15/26 @ 100.00		3.25			8/15/26		1,506
	1,350	Capital One Financial Corp. (Consumer Finance), Callable 9/30/24 @ 100.00		3.30			10/30/24		1,396
	4,800	Capital One Financial Corp. (Consumer Finance)		3.50			6/15/23		4,993
	600	Cisco Systems, Inc. (Communications Equipment)		5.50			1/15/40		829
	1,000	Citibank NA (Banks), Callable 9/20/20 @ 100.00		2.13			10/20/20		1,001
	1,500	Citibank NA, Series BKNT (Banks), Callable 12/23/23 @ 100.00		3.65			1/23/24		1,590
	7,220	Citigroup, Inc. (Banks), Callable 7/21/26 @ 100.00		3.20			10/21/26		7,451
	835	Comcast Corp. (Media), Callable 9/1/37 @ 100.00		3.90			3/1/38		918
	50	Comcast Corp. (Media)		4.65			7/15/42		60
	2,185	Comcast Corp. (Media)		4.75			3/1/44		2,655
	2,220	ConocoPhillips (Oil, Gas & Consumable Fuels)		6.50			2/1/39		3,207
	175	Consolidated Edison Company of New York, Inc., Series 2008-B (Multi-Utilities)		6.75			4/1/38		256
	765	Constellation Brands, Inc. (Beverages)		4.75			12/1/25		857
	1,650	Constellation Brands, Inc. (Beverages)		4.75			11/15/24		1,818
	2,315	CSX Corp. (Road & Rail)		6.22			4/30/40		3,123
	699	CVS Health Corp. (Health Care Providers & Services), Callable 9/1/22 @ 100.00		2.75			12/1/22		707
	1,550	CVS Health Corp. (Health Care Providers & Services), Callable 2/9/23 @ 100.00		3.70			3/9/23		1,613
	6,630	CVS Health Corp. (Health Care Providers & Services), Callable 12/25/27 @ 100.00		4.30			3/25/28		7,164

HC CAPITAL TRUST

The U.S. Corporate Fixed Income Securities Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		Corporate Bonds (continued)
$	1,765	Devon Energy Corp. (Oil, Gas & Consumable Fuels), Callable 1/15/41 @ 100.00		5.60		7/15/41	$	2,136
	315	Devon Energy Corp. (Oil, Gas & Consumable Fuels), Callable 9/15/25 @ 100.00		5.85		12/15/25		374
	2,445	Digital Realty Trust LP (Equity Real Estate Investment Trusts), Callable 1/1/23 @ 100.00		2.75		2/1/23		2,469
	1,830	Dominion Gas Holdings LLC (Multi-Utilities), Callable 9/15/24 @ 100.00		3.60		12/15/24		1,936
	200	Duke Energy Carolinas LLC (Electric Utilities), Callable 6/15/41 @ 100.00		4.25		12/15/41		229
	635	Duke Energy Corp. (Electric Utilities), Callable 6/1/26 @ 100.00		2.65		9/1/26		637
	960	Duke Energy Corp. (Electric Utilities), Callable 5/15/27 @ 100.00		3.15		8/15/27		993
	660	Duke Energy Progress LLC (Electric Utilities), Callable 2/15/45 @ 100.00		4.20		8/15/45		762
	1,625	Energy Transfer Partners LP (Oil, Gas & Consumable Fuels), Callable 3/15/28 @ 100.00		4.95		6/15/28		1,786
	1,000	Enterprise Products Operating LLC (Oil, Gas & Consumable Fuels), Callable 11/15/24 @ 100.00		3.75		2/15/25		1,064
	2,782	Enterprise Products Operating LLC (Oil, Gas & Consumable Fuels), Callable 9/15/43 @ 100.00		4.85		3/15/44		3,177
	995	FedEx Corp. (Air Freight & Logistics)		4.90		1/15/34		1,144
	705	Fiserv, Inc. (IT Services), Callable 4/1/29 @ 100.00		3.50		7/1/29		742
	1,195	Fiserv, Inc. (IT Services), Callable 3/1/25 @ 100.00		3.85		6/1/25		1,276
	225	Fiserv, Inc. (IT Services), Callable 1/1/49 @ 100.00		4.40		7/1/49		251
	3,220	General Motors Financial Co. (Consumer Finance), Callable 2/1/21 @ 100.00		4.20		3/1/21		3,290
	682	Georgia Power Co. (Electric Utilities)		2.00		9/8/20		681
	1,225	Gilead Sciences, Inc. (Biotechnology), Callable 8/1/44 @ 100.00		4.50		2/1/45		1,401
	393	GlaxoSmithKline PLC (Diversified Financial Services)		6.38		5/15/38		563
	3,640	Goldman Sachs Group, Inc. (Capital Markets), Callable 10/23/24 @ 100.00		3.50		1/23/25		3,793
	1,000	Goldman Sachs Group, Inc. (Capital Markets)		5.25		7/27/21		1,054
	1,650	Healthcare Trust of America Holdings LP (Equity Real Estate Investment Trusts), Callable 5/1/26 @ 100.00		3.50		8/1/26		1,701
	1,000	HSBC USA, Inc. (Banks)		2.75		8/7/20		1,006
	1,135	International Paper Co. (Containers & Packaging), Callable 5/15/41 @ 100.00		6.00		11/15/41		1,382
	1,340	Interpublic Group of Companies, Inc. (Media)		3.50		10/1/20		1,356
	2,130	Interpublic Group of Companies, Inc. (Media)		4.20		4/15/24		2,283
	2,870	JPMorgan Chase & Co. (Banks), Callable 10/23/24 @ 100.00		3.13		1/23/25		2,971
	2,353	JPMorgan Chase & Co. (Banks), Callable 4/15/25 @ 100.00		3.90		7/15/25		2,530
	1,940	Lincoln National Corp. (Insurance)		7.00		6/15/40		2,757
	1,305	Lockheed Martin Corp. (Aerospace & Defense), Callable 11/15/35 @ 100.00		4.50		5/15/36		1,555
	295	LYB International Finance BV (Chemicals), Callable 9/15/43 @ 100.00		4.88		3/15/44		321
	490	Martin Marietta Materials, Inc. (Construction Materials), Callable 3/1/27 @ 100.00		3.45		6/1/27		500
	1,380	Martin Marietta Materials, Inc. (Construction Materials), Callable 4/2/24 @ 100.00		4.25		7/2/24		1,474
	859	Medtronic, Inc. (Health Care Equipment & Supplies)		4.38		3/15/35		1,032
	745	MetLife, Inc. (Insurance)		5.70		6/15/35		1,000
	2,170	Microsoft Corp. (Software), Callable 8/6/56 @ 100.00		4.50		2/6/57		2,830
	1,504	MidAmerican Energy Holdings Co. (Multi-Utilities)		6.13		4/1/36		2,077
	2,695	Morgan Stanley (Capital Markets)		2.63		11/17/21		2,719
	3,940	Morgan Stanley (Capital Markets)		3.13		1/23/23		4,043
	2,635	National Rural Utilities Cooperative Finance Corp. (Diversified Financial Services), Callable 12/7/23 @ 100.00		2.95		2/7/24		2,716
	1,581	Nucor Corp. (Metals & Mining), Callable 2/1/43 @ 100.00		5.20		8/1/43		1,977
	2,132	NVIDIA Corp. (Semiconductors & Semiconductor Equipment), Callable 6/16/26 @ 100.00		3.20		9/16/26		2,231
	380	Oracle Corp. (Software), Callable 11/15/44 @ 100.00		4.13		5/15/45		426
	1,535	Oracle Corp. (Software)		5.38		7/15/40		1,996
	1,050	Pfizer, Inc. (Pharmaceuticals), Callable 3/15/38 @ 100.00		4.10		9/15/38		1,213
	250	Philip Morris International, Inc. (Tobacco)		3.25		11/10/24		261
	1,135	Philip Morris International, Inc. (Tobacco)		4.50		3/20/42		1,270
	950	Principal Financial Group, Inc. (Insurance), Callable 2/15/25 @ 100.00		3.40		5/15/25		994
	2,139	Progress Energy, Inc. (Electric Utilities)		6.00		12/1/39		2,817
	440	Prudential Financial, Inc., MTN (Insurance), Callable 12/27/27 @ 100.00		3.88		3/27/28		483
	152	Prudential Financial, Inc. (Insurance)		6.63		6/21/40		218

HC CAPITAL TRUST

The U.S. Corporate Fixed Income Securities Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		Corporate Bonds (continued)
$	265	Public Service Electric & Gas Co. (Electric Utilities), Callable 3/1/42 @ 100.00		3.65		9/1/42	$	284
	1,185	RELX Capital, Inc. (Professional Services), Callable 7/15/22 @ 100.00		3.13		10/15/22		1,209
	2,005	RELX Capital, Inc. (Professional Services), Callable 2/16/23 @ 100.00		3.50		3/16/23		2,076
	785	Rockwell Collins, Inc. (Aerospace & Defense), Callable 1/15/24 @ 100.00		3.20		3/15/24		815
	1,244	Rockwell Collins, Inc. (Aerospace & Defense), Callable 12/15/26 @ 100.00		3.50		3/15/27		1,328
	1,950	Roper Technologies, Inc. (Industrial Conglomerates), Callable 9/15/25 @ 100.00		3.85		12/15/25		2,100
	1,405	Ryder System, Inc. (Road & Rail), Callable 2/1/22 @ 100.00		2.80		3/1/22		1,422
	735	Ryder System, Inc. (Road & Rail), Callable 10/15/21 @ 100.00		3.45		11/15/21		751
	385	Southern Company Gas Capital Corp. (Electric Utilities), Callable 8/1/23 @ 100.00		2.45		10/1/23		387
	330	Southern Company Gas Capital Corp. (Electric Utilities), Callable 3/15/26 @ 100.00		3.25		6/15/26		339
	695	Southwest Airlines Co. (Airlines), Callable 8/15/26 @ 100.00		3.00		11/15/26		706
	848	Southwest Airlines Co., Series 2017-1 (Airlines)		6.15		2/1/24		895
	3,371	Sunoco Logistics Partners LP (Oil, Gas & Consumable Fuels), Callable 10/15/22 @ 100.00		3.45		1/15/23		3,445
	1,625	Sunoco Logistics Partners LP (Oil, Gas & Consumable Fuels), Callable 7/15/42 @ 100.00		4.95		1/15/43		1,645
	1,850	TCI Communications, Inc. (Media)		7.88		2/15/26		2,414
	1,290	The Home Depot, Inc. (Specialty Retail), Callable 6/6/48 @ 100.00		4.50		12/6/48		1,602
	1,485	The Home Depot, Inc. (Specialty Retail), Callable 3/15/40 @ 100.00		5.40		9/15/40		1,973
	2,200	The Sherwin-Williams Co. (Chemicals), Callable 4/1/24 @ 100.00		3.13		6/1/24		2,272
	375	The Sherwin-Williams Co. (Chemicals), Callable 5/1/25 @ 100.00		3.45		8/1/25		391
	1,671	The Travelers Companies, Inc. (Insurance)		6.25		6/15/37		2,364
	1,485	The Walt Disney Co. (Entertainment), Callable 3/15/44 @ 100.00		4.75		9/15/44		1,921
	2,495	Thermo Fisher Scientific, Inc. (Life Sciences Tools & Services), Callable 11/1/23 @ 100.00		4.15		2/1/24		2,678
	1,500	Union Pacific Corp. (Road & Rail), Callable 6/10/28 @ 100.00		3.95		9/10/28		1,655
	335	United Parcel Service, Inc. (Air Freight & Logistics), Callable 9/15/48 @ 100.00		4.25		3/15/49		385
	674	United Technologies Corp. (Aerospace & Defense)		4.50		6/1/42		804
	810	UnitedHealth Group, Inc. (Health Care Providers & Services), Callable 5/15/41 @ 100.00		4.63		11/15/41		955
	835	UnitedHealth Group, Inc. (Health Care Providers & Services)		4.75		7/15/45		1,013
	865	Valero Energy Corp. (Oil, Gas & Consumable Fuels)		6.63		6/15/37		1,119
	1,300	Ventas Realty LP (Equity Real Estate Investment Trusts), Callable 11/1/24 @ 100.00		3.50		2/1/25		1,363
	5,849	Verizon Communications, Inc. (Diversified Telecommunication Services), Callable 9/3/29 @ 100.00		4.02		12/3/29		6,503
	2,022	Verizon Communications, Inc. (Diversified Telecommunication Services)		5.01		8/21/54		2,546
	820	Virginia Electric & Power Co. (Electric Utilities), Callable 2/15/43 @ 100.00		4.65		8/15/43		987
	501	Walmart, Inc. (Food & Staples Retailing)		5.00		10/25/40		658
	730	Walmart, Inc. (Food & Staples Retailing)		5.63		4/1/40		1,024
	780	Waste Management, Inc. (Commercial Services & Supplies), Callable 1/15/39 @ 100.00		4.00		7/15/39		881
	1,000	Wells Fargo & Co., MTN (Banks)		2.55		12/7/20		1,006
	5,415	Wells Fargo & Co. (Banks)		3.00		2/19/25		5,557
	423	Wells Fargo & Co. (Banks)		3.30		9/9/24		442
	1,150	Wells Fargo & Co., MTN (Banks), Callable 10/24/28 @ 100.00		4.15		1/24/29		1,272
	1,375	WestRock Co. (Containers & Packaging)		4.90		3/1/22		1,453
	340	Westvaco Corp. (Containers & Packaging)		8.20		1/15/30		467
	1,846	XTO Energy, Inc. (Oil, Gas & Consumable Fuels)		6.75		8/1/37		2,702
		Total Corporate Bonds						247,206
		Yankee Dollars — 15.60%
	176	America Movil SAB de CV (Wireless Telecommunication Services)		5.00		3/30/20		178
	850	America Movil SAB de CV (Wireless Telecommunication Services)		6.13		11/15/37		1,139
	1,007	Aptiv PLC (Auto Components), Callable 10/15/25 @ 100.00		4.25		1/15/26		1,078
	1,800	Barclays PLC (Banks), Callable 1/10/22 @ 100.00		3.68		1/10/23		1,829
	480	BHP Billiton Ltd. (Metals & Mining)		5.00		9/30/43		618
	2,094	BP Capital Markets PLC (Diversified Financial Services)		3.54		11/4/24		2,222

HC CAPITAL TRUST

The U.S. Corporate Fixed Income Securities Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %			Maturity Date		Value (000)
		Yankee Dollars (continued)
$	1,246	British Telecommunications PLC (Diversified Telecommunication Services)		9.63			12/15/30	$	1,894
	716	Canadian Natural Resources Ltd. (Oil, Gas & Consumable Fuels), Callable 12/15/22 @ 100.00		2.95			1/15/23		726
	1,165	Canadian Natural Resources Ltd. (Oil, Gas & Consumable Fuels), Callable 8/15/21 @ 100.00		3.45			11/15/21		1,189
	850	Canadian Natural Resources Ltd. (Oil, Gas & Consumable Fuels), Callable 3/1/27 @ 100.00		3.85			6/1/27		897
	350	Canadian Pacific Railway Co. (Road & Rail), Callable 11/1/24 @ 100.00		2.90			2/1/25		359
	2,240	Canadian Pacific Railway Co. (Road & Rail), Callable 12/15/22 @ 100.00		4.45			3/15/23		2,388
	1,000	Coca-Cola European Partners PLC (Beverages), Callable 6/1/21 @ 100.00		4.50			9/1/21		1,030
	1,106	Deutsche Telekom International Finance BV (Diversified Telecommunication Services)		8.75	(b)		6/15/30		1,628
	1,010	Diageo Capital PLC (Diversified Financial Services)		5.88			9/30/36		1,388
	1,285	HSBC Holdings PLC (Banks)		4.00			3/30/22		1,339
	500	HSBC Holdings PLC (Banks)		4.88			1/14/22		528
	2,985	HSBC Holdings PLC (Banks)		5.10			4/5/21		3,104
	500	HSBC Holdings PLC (Banks)		6.80			6/1/38		697
	1,430	Iberdrola International BV (Electric Utilities)		5.81			3/15/25		1,645
	1,795	Iberdrola International BV (Electric Utilities)		6.75			7/15/36		2,478
	525	LYB International Finance II BV (Chemicals), Callable 12/2/26 @ 100.00		3.50			3/2/27		541
	321	LyondellBasell Industries N.V. (Chemicals), Callable 8/26/54 @ 100.00		4.63			2/26/55		330
	2,000	LyondellBasell Industries N.V. (Chemicals), Callable 1/15/24 @ 100.00		5.75			4/15/24		2,252
	1,143	Orange SA (Diversified Telecommunication Services)		9.00			3/1/31		1,782
	893	Shell International Finance BV (Oil, Gas & Consumable Fuels)		4.13			5/11/35		1,029
	1,925	Shell International Finance BV (Oil, Gas & Consumable Fuels)		6.38			12/15/38		2,806
	1,145	Statoil ASA (Oil, Gas & Consumable Fuels)		5.10			8/17/40		1,477
	831	Statoil ASA (Oil, Gas & Consumable Fuels)		7.75			6/15/23		996
	513	Telefonica Emisiones SAU (Diversified Telecommunication Services)		5.13			4/27/20		521
	540	Telefonica Emisiones SAU (Diversified Telecommunication Services)		5.46			2/16/21		564
	745	Telefonica Emisiones SAU (Diversified Telecommunication Services)		7.05			6/20/36		1,024
	685	TransCanada PipeLines Ltd. (Oil, Gas & Consumable Fuels)		2.50			8/1/22		689
	2,610	TransCanada PipeLines Ltd. (Oil, Gas & Consumable Fuels), Callable 2/15/28 @ 100.00		4.25			5/15/28		2,880
	1,040	TransCanada PipeLines Ltd. (Oil, Gas & Consumable Fuels)		6.10			6/1/40		1,341
	451	TransCanada PipeLines Ltd. (Oil, Gas & Consumable Fuels)		6.20			10/15/37		583
	440	Vodafone Group PLC (Wireless Telecommunication Services)		5.00			5/30/38		502
	946	Vodafone Group PLC (Wireless Telecommunication Services)		6.15			2/27/37		1,197
		Total Yankee Dollars							48,868
Shares
		Investment Companies — 5.30%
	5,394,869	State Street Institutional Treasury Money Market Fund, Premier Class		1.94	(c)				5,395
	11,215,806	State Street Institutional Treasury Plus Money Market Fund, Trust Class		1.78	(c)				11,216
		Total Investment Companies							16,611
		Total Investments (cost $293,921) — 99.85%							312,685
		Other assets in excess of liabilities — 0.15%							482
		Net Assets — 100.00%						$	313,167

(a) Variable Rate Security. The rate disclosed is the rate in effect on September 30, 2019.

(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 on September 30, 2019.

(c) The rate disclosed is the rate in effect on September 30, 2019.

bps — Basis Points

MTN — Medium Term Note

US0003M — 3 Month US Dollar LIBOR

HC CAPITAL TRUST

The U.S. Corporate Fixed Income Securities Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

The following table reflects the percentage of total net assets of the Portfolio attributable to each Specialist Manager as of September 30, 2019.

The U.S. Corporate Fixed Income Securities Portfolio	Agincourt Capital Management, LLC			HC Capital Solutions			Total
Corporate Bonds		78.95	%		—			78.95	%
Yankee Dollars		15.60	%		—			15.60	%
Investment Companies		1.72	%		3.58	%		5.30	%
Other Assets (Liabilities)		0.42	%		-0.27	%		0.15	%
Total Net Assets		96.69	%		3.31	%		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 — September 30, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %			Maturity Date		Value (000)
		Asset Backed Securities — 1.46%
$	200	BMW Vehicle Owner Trust, Series 2018-A, Class - A4, Callable 10/25/21 @ 100.00		2.51			6/25/24	$	202
	150	Capital One Multi-Asset Execution Trust, Series 2017-A4, Class - A4		1.99			7/17/23		150
	200	Capital One Multi-Asset Execution Trust, Series 2017-A3, Class - A3		2.43			1/15/25		202
	270	Capital One Multi-Asset Execution Trust, Series 2019-A1, Class - A1		2.84			12/16/24		276
	300	CarMax Auto Owner Trust, Series 2017-2, Class - A4, Callable 6/15/21 @ 100.00		2.25			9/15/22		300
	260	CarMax Auto Owner Trust, Series 2018-2, Class - A3, Callable 3/15/22 @ 100.00		2.98			1/17/23		263
	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		101
	350	Discover Card Execution Note Trust, Series 2018-A4, Class - A4		3.11			1/16/24		359
	156	GM Financial Consumer Automobile Receivables Trust, Series 2018-1, Class - A4, Callable 8/16/21 @ 100.00		2.46			7/17/23		158
	250	Nissan Auto Receivables Owner Trust, Series 2019-A, Class - A3, Callable 3/15/23 @ 100.00		2.90			10/16/23		254
	90	Santander Drive Auto Receivables Trust, Series 2019-2, Class - A3, Callable 12/15/22 @ 100.00		2.59			5/15/23		91
	200	Synchrony Credit Card Master Note Trust, Series 2018-1, Class - A		2.97			3/15/24		203
	200	Toyota Auto Receivables Owner Trust, Series 2018-A, Class - A4, Callable 12/15/21 @ 100.00		2.52			5/15/23		202
	50	Toyota Auto Receivables Owner Trust, Series 2019-A, Class - A3, Callable 10/15/22 @ 100.00		2.91			7/17/23		51
	200	World Omni Automobile Lease Securitization Trust, Series 2019-A, Class - A3, Callable 12/15/21 @ 100.00		2.94			5/16/22		203
		Total Asset Backed Securities							3,116
		Collateralized Mortgage Obligations — 6.78%
	100	Bank, Series 2019-BNK19, Class - A3, Callable 7/11/29 @ 100.00		3.18			8/15/61		107
	250	Bank, Series 2017-BNK9, Class - ASB		3.47			11/15/54		266
	300	Bank, Series 2018-BN10, Class - A5		3.69			2/15/61		328
	200	Bank of America Commercial Mortgage Trust, Series 2017-BNK3, Class - A2		3.12			2/15/50		204
	100	Bank of America Commercial Mortgage Trust, Series 2017-BNK3, Class - ASB		3.37			2/15/50		105
	250	Benchmark Mortgage Trust, Series 2019-B9, Class - A5		4.02			3/15/52		282
	200	Benchmark Mortgage Trust, Series 2018-B6, Class - A4		4.26			10/10/51		228
	228	Citigroup Commercial Mortgage Trust, Series 2015-GC27, Class - A4		2.88			2/10/48		235
	183	Citigroup Commercial Mortgage Trust, Series 2015-GC27, Class - A5		3.14			2/10/48		191
	100	Citigroup Commercial Mortgage Trust, Series 2016-GC37, Class - A4		3.31			4/10/49		106
	100	Citigroup Commercial Mortgage Trust, Series 2016-GC36, Class - A5		3.62			2/10/49		108
	228	Citigroup Commercial Mortgage Trust, Series 2014-GC23, Class - A4		3.62			7/10/47		243
	183	Commercial Mortgage Trust, Series 2015-LC19, Class - A4		3.18			2/10/48		191
	80	Commercial Mortgage Trust, Series 2015-DC1, Class - A5		3.35			2/10/48		84
	256	Commercial Mortgage Trust, Series 2013-CR8, Class - A5		3.61	(a)		6/10/46		269
	100	Commercial Mortgage Trust, Series 2014-UBS4, Class - AM		3.97			8/10/47		106
	100	Commercial Mortgage Trust, Series 2013-CR11, Class - B		5.28	(a)		8/10/50		108
	200	CSAIL Commercial Mortgage Trust, Series 2016-C7, Class - ASB		3.31			11/15/49		207
	500	CSAIL Commercial Mortgage Trust, Series 2018-CX11, Class - A2		3.82			4/15/51		524
	127	Fannie Mae-ACES, Series 2016-M6, Class - A1		2.14			5/25/26		128
	37	Fannie Mae-ACES, Series 2017-M8, Class - A1		2.65			5/25/27		38
	16	Fannie Mae-ACES, Series 2013-M14, Class - APT		2.71	(a)		4/25/23		16
	283	Fannie Mae-ACES, Series 2015-M3, Class - A2		2.72			10/25/24		291
	227	Fannie Mae-ACES, Series 2012-M1, Class - A2		2.73			10/25/21		230
	200	Fannie Mae-ACES, Series 2017-M7, Class - A2		2.96			2/25/27		210
	46	Fannie Mae-ACES, Series 2012-M4, Class - 1A2		2.98			4/25/22		47
	250	Fannie Mae-ACES, Series 2017-M11, Class - A2		2.98			8/25/29		270
	228	Fannie Mae-ACES, Series 2014-M9, Class - A2		3.10	(a)		7/25/24		239
	300	Fannie Mae-ACES, Series 2017-M12, Class - A2		3.18	(a)		6/25/27		318
	200	Fannie Mae-ACES, Series 2017 M15, Class - ATS2		3.20	(a)		11/25/27		212
	200	Fannie Mae-ACES, Series 2019-M2, Class - A2		3.75	(a)		11/25/28		223
	180	Freddie Mac Multifamily Structured Pass Through Certificates, Series K726, Class - A2		2.91			7/25/49		186
	400	Freddie Mac Multifamily Structured Pass Through Certificates, Series K081, Class - A2		3.90	(a)		8/25/28		453

HC CAPITAL TRUST

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

Portfolio of Investments — September 30, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %			Maturity Date		Value (000)
		Collateralized Mortgage Obligations (continued)
$	46	Freddie Mac Multifamily Structured Pass-Through Certificates, Series K023, Class - A2		2.31			8/25/22	$	46
	91	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		186
	350	Freddie Mac Multifamily Structured Pass-Through Certificates, Series K055, Class - A2		2.67			3/25/26		363
	115	Freddie Mac Multifamily Structured Pass-Through Certificates, Series K017, Class - A2		2.87			12/25/21		117
	49	Freddie Mac Multifamily Structured Pass-Through Certificates, Series K032, Class - A1		3.02			2/25/23		50
	365	Freddie Mac Multifamily Structured Pass-Through Certificates, Series K043, Class - A2		3.06			12/25/24		384
	274	Freddie Mac Multifamily Structured Pass-Through Certificates, Series K716, Class - A2		3.13			6/25/21		278
	183	Freddie Mac Multifamily Structured Pass-Through Certificates, Series K032, Class - A2		3.31	(a)		5/25/23		190
	183	Freddie Mac Multifamily Structured Pass-Through Certificates, Series K029, Class - A2		3.32	(a)		2/25/23		190
	100	Freddie Mac Multifamily Structured Pass-Through Certificates, Series K047, Class - A2, Callable 5/11/25 @ 100.00		3.33	(a)		5/25/25		106
	500	Freddie Mac Multifamily Structured Pass-Through Certificates, Series K077, Class - A2		3.85			5/25/28		561
	109	Freddie Mac Multifamily Structured Pass-Through Certificates, Series K014, Class - A2		3.87			4/25/21		111
	205	Freddie Mac Multifamily Structured Pass-Through Certificates, Series K012, Class - A2		4.18			12/25/20		209
	230	GS Mortgage Securities Trust, Series 2016-GS2, Class - A3		2.79			5/10/49		237
	100	GS Mortgage Securities Trust, Series 2017-GS5, Class - A2		3.22			3/10/50		102
	250	GS Mortgage Securities Trust, Series 2017-GS5, Class - A4		3.67			3/10/50		271
	100	GS Mortgage Securities Trust, Series 2018-GS10, Class - A5		4.16	(a)		7/10/51		113
	274	GS Mortgage Securities Trust, Series 2013-GC14, Class - A5		4.24			8/10/46		294
	137	JPMBB Commercial Mortgage Securities Trust, Series 2014-C24, Class - A5		3.64			11/15/47		146
	183	JPMBB Commercial Mortgage Securities Trust, Series 2014-C22, Class - A4, Callable 7/15/24 @ 100.00		3.80			9/15/47		195
	183	JPMBB Commercial Mortgage Securities Trust, Series 2013-C15, Class - A5		4.13			11/15/45		196
	179	JPMorgan Chase Commercial Mortgage Securities Corp., Series 2012-C8, Class - A3		2.83			10/15/45		182
	100	Morgan Stanley BAML Trust, Series 2015-C21, Class - ASB		3.15			3/15/48		103
	183	Morgan Stanley BAML Trust, Series 2015-C20, Class - A4		3.25			2/15/48		191
	200	Morgan Stanley BAML Trust, Series 2014-C19, Class - A4		3.53			12/15/47		212
	200	Morgan Stanley BAML Trust, Series 2017-C33, Class - A5		3.60			5/15/50		216
	100	Morgan Stanley BAML Trust, Series 2014-C17, Class - A5, Callable 7/11/24 @ 100.00		3.74			8/15/47		106
	100	Morgan Stanley BAML Trust, Series 2014-C15, Class - A4		4.05			4/15/47		107
	200	Morgan Stanley Capital I Trust, Series 2017-H1, Class - A4		3.26			6/15/50		210
	183	Morgan Stanley Capital I Trust, Series 2016-UBS9, Class - A4		3.59			3/15/49		195
	100	SG Commercial Mortgage Securities Trust, Series 2016-C5, Class - A4		3.06			10/10/48		104
	107	UBS Commercial Mortgage Trust, Series 2012-C1, Class - AAB		3.00			5/10/45		107
	141	UBS-Barclays Commercial Mortgage Trust, Series 2012-C2, Class - A4		3.53			5/10/63		146
	500	Wells Fargo Commercial Mortgage Trust, Series 2016-C34, Class - A4		3.10			6/15/49		522
	183	Wells Fargo Commercial Mortgage Trust, Series 2015-C30, Class - A4		3.66			9/15/58		196
	124	Wells Fargo Commercial Mortgage Trust, Series 2015-P2, Class - A4		3.81			12/15/48		134
	169	Wells Fargo Commercial Mortgage Trust, Series 2014-LC16, Class - A5		3.82			8/15/50		180
	142	Wells Fargo Commercial Mortgage Trust, Series 2015-C26, Class - C		4.07			2/15/48		146
	100	Wells Fargo Commercial Mortgage Trust, Series 2018-C47, Class - A4		4.44			9/15/61		115
	143	WF-RBS Commercial Mortgage Trust, Series 2013-C14, Class - ASB		2.98			6/15/46		145
		Total Collateralized Mortgage Obligations							14,507
		U.S. Government Agency Mortgages — 89.23%
	46	Fannie Mae, Pool #AS0001		2.00			7/1/28		46
	44	Fannie Mae, Pool #AY4232		2.00			5/1/30		43
	94	Fannie Mae, Pool #MA2906		2.00			2/1/32		94

HC CAPITAL TRUST

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

Portfolio of Investments — September 30, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Government Agency Mortgages (continued)
$	37	Fannie Mae, Pool #BJ4362		2.00		11/1/32	$	37
	20	Fannie Mae, Pool #CA0052		2.00		7/1/32		20
	223	Fannie Mae, Pool #AS1058		2.00		11/1/28		222
	552	Fannie Mae, Pool #MA3246		2.50		1/1/33		558
	21	Fannie Mae, Pool #MA2854		2.50		12/1/46		21
	92	Fannie Mae, Pool #BJ3944		2.50		1/1/33		93
	56	Fannie Mae, Pool #BJ3742		2.50		12/1/32		57
	186	Fannie Mae, Pool #AS4946		2.50		5/1/30		188
	20	Fannie Mae, Pool #MA2888		2.50		1/1/47		19
	108	Fannie Mae, Pool #AU6387		2.50		11/1/28		109
	159	Fannie Mae, Pool #BC9041		2.50		11/1/31		160
	83	Fannie Mae, Pool #MA3282		2.50		2/1/33		84
	52	Fannie Mae, Pool #MA2868		2.50		1/1/32		53
	108	Fannie Mae, Pool #AS8246		2.50		11/1/31		109
	263	Fannie Mae, Pool #AO3019		2.50		5/1/27		265
	19	Fannie Mae, Pool #AS8172		2.50		10/1/36		19
	64	Fannie Mae, Pool #AS4660		2.50		3/1/30		65
	318	Fannie Mae, Pool #MA1210		2.50		10/1/27		322
	40	Fannie Mae, Pool #AS8437		2.50		12/1/36		40
	109	Fannie Mae, Pool #AU5334		2.50		11/1/28		110
	162	Fannie Mae, Pool #AB7391		2.50		12/1/42		163
	106	Fannie Mae, Pool #MA3217		2.50		12/1/32		108
	306	Fannie Mae, Pool #MA3154		2.50		10/1/32		309
	261	Fannie Mae, Pool #AP4742		2.50		8/1/27		264
	44	Fannie Mae, Pool #MA1270		2.50		11/1/32		45
	82	Fannie Mae, Pool #AZ6458		2.50		7/1/30		83
	290	Fannie Mae, Pool #MA1277		2.50		12/1/27		293
	19	Fannie Mae, Pool #MA2789		2.50		10/1/36		19
	37	Fannie Mae, Pool #AS0513		2.50		8/1/43		37
	184	Fannie Mae, Pool #AU2619		2.50		8/1/28		186
	150	Fannie Mae, Pool #AS8892		2.50		2/1/32		152
	66	Fannie Mae, Pool #AT2717		2.50		5/1/43		66
	22	Fannie Mae, Pool #MA1511		2.50		7/1/33		23
	165	Fannie Mae, Pool #BE3032		2.50		1/1/32		167
	101	Fannie Mae, Pool #AQ3223		3.00		11/1/27		104
	464	Fannie Mae, Pool #AP2465		3.00		8/1/42		477
	183	Fannie Mae, Pool #MA3147		3.00		10/1/47		186
	136	Fannie Mae, Pool #AS8186		3.00		10/1/46		140
	113	Fannie Mae, Pool #AZ0538		3.00		9/1/30		115
	1,063	Fannie Mae, Pool #AP6375		3.00		9/1/42		1,094
	274	Fannie Mae, Pool #AS8276		3.00		11/1/46		281
	837	Fannie Mae, Pool #AQ7920		3.00		12/1/42		861
	41	Fannie Mae, Pool #MA3127		3.00		9/1/37		42
	180	Fannie Mae, Pool #MA3631		3.00		4/1/34		184
	622	Fannie Mae, Pool #AP6493		3.00		9/1/42		640
	197	Fannie Mae, Pool #MA3179		3.00		11/1/47		201
	78	Fannie Mae, Pool #AL9996		3.00		4/1/32		80
	72	Fannie Mae, Pool #AS3117		3.00		8/1/29		74
	42	Fannie Mae, Pool #AZ4358		3.00		7/1/30		43
	358	Fannie Mae, Pool #AS8414		3.00		11/1/46		367
	189	Fannie Mae, Pool #MA3657		3.00		5/1/34		193
	40	Fannie Mae, Pool #AS8056		3.00		10/1/46		41
	38	Fannie Mae, Pool #AR7426		3.00		7/1/43		39
	216	Fannie Mae, Pool #MA2246		3.00		4/1/30		221
	103	Fannie Mae, Pool #MA2230		3.00		4/1/35		105
	294	Fannie Mae, Pool #AT0682		3.00		4/1/43		302
	50	Fannie Mae, Pool #AT1575		3.00		5/1/43		51
	276	Fannie Mae, Pool #AT2014		3.00		4/1/43		283
	29	Fannie Mae, Pool #MA2287		3.00		6/1/35		29
	75	Fannie Mae, Pool #AS8438		3.00		12/1/36		76
	260	Fannie Mae, Pool #AT7620		3.00		6/1/43		266
	168	Fannie Mae, Pool #AS8521		3.00		12/1/46		172
	203	Fannie Mae, Pool #AU3735		3.00		8/1/43		209
	101	Fannie Mae, Pool #MA2425		3.00		10/1/30		103
	76	Fannie Mae, Pool #AU7890		3.00		9/1/28		78
	83	Fannie Mae, Pool #AS8483		3.00		12/1/46		85

HC CAPITAL TRUST

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

Portfolio of Investments — September 30, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Government Agency Mortgages (continued)
$	105	Fannie Mae, Pool #MA2523		3.00		2/1/36	$	108
	103	Fannie Mae, Pool #MA2773		3.00		10/1/36		106
	257	Fannie Mae, Pool #AS4884		3.00		5/1/45		262
	348	Fannie Mae, Pool #MA3082		3.00		7/1/47		355
	94	Fannie Mae, Pool #MA3090		3.00		8/1/32		96
	20	Fannie Mae, Pool #MA3100		3.00		8/1/37		20
	276	Fannie Mae, Pool #MA3106		3.00		8/1/47		281
	233	Fannie Mae, Pool #AS7238		3.00		5/1/46		239
	102	Fannie Mae, Pool #MA3339		3.00		4/1/33		105
	116	Fannie Mae, Pool #MA3331		3.00		4/1/48		118
	76	Fannie Mae, Pool #AS8424		3.00		12/1/36		79
	39	Fannie Mae, Pool #MA3078		3.00		7/1/37		40
	154	Fannie Mae, Pool #AS7908		3.00		9/1/46		158
	62	Fannie Mae, Pool #MA3185		3.00		11/1/37		64
	369	Fannie Mae, Pool #BD2446		3.00		1/1/47		378
	39	Fannie Mae, Pool #MA2961		3.00		4/1/37		40
	45	Fannie Mae, Pool #BE9547		3.00		4/1/47		46
	242	Fannie Mae, Pool #MA2863		3.00		1/1/47		248
	253	Fannie Mae, Pool #AK0006		3.00		1/1/27		259
	235	Fannie Mae, Pool #MA2833		3.00		12/1/46		241
	56	Fannie Mae, Pool #MA2832		3.00		12/1/36		58
	229	Fannie Mae, Pool #AS0196		3.00		8/1/28		234
	84	Fannie Mae, Pool #BJ2996		3.00		1/1/33		86
	65	Fannie Mae, Pool #J24886		3.00		7/1/23		66
	59	Fannie Mae, Pool #BK1015		3.00		2/1/33		61
	56	Fannie Mae, Pool #AS4334		3.00		1/1/45		57
	21	Fannie Mae, Pool #AL9848		3.00		3/1/47		21
	33	Fannie Mae, Pool #MA1058		3.00		5/1/32		33
	270	Fannie Mae, Pool #AS4333		3.00		1/1/45		275
	99	Fannie Mae, Pool #AL8861		3.00		7/1/31		101
	311	Fannie Mae, Pool #MA2806		3.00		11/1/46		319
	62	Fannie Mae, Pool #MA1338		3.00		2/1/33		64
	24	Fannie Mae, Pool #AX8309		3.00		11/1/29		24
	122	Fannie Mae, Pool #MA1401		3.00		4/1/33		126
	120	Fannie Mae, Pool #MA1527		3.00		8/1/33		123
	60	Fannie Mae, Pool #MA2579		3.00		4/1/36		62
	69	Fannie Mae, Pool #AW8295		3.00		8/1/29		71
	128	Fannie Mae, Pool #AW7383		3.00		8/1/29		132
	153	Fannie Mae, Pool #AS1527		3.00		1/1/29		157
	305	Fannie Mae, Pool #AB8897		3.00		4/1/43		313
	857	Fannie Mae, Pool #AB7099		3.00		11/1/42		882
	241	Fannie Mae, Pool #FM1134		3.00		4/1/48		247
	172	Fannie Mae, Pool #AB4483		3.00		2/1/27		176
	86	Fannie Mae, Pool #AS2312		3.00		5/1/29		88
	290	Fannie Mae, Pool #MA1307		3.00		1/1/33		298
	246	Fannie Mae, Pool #AY4829		3.00		5/1/45		251
	631	Fannie Mae, Pool #AO0752		3.00		4/1/42		650
	244	Fannie Mae, Pool #MA2895		3.00		2/1/47		250
	331	Fannie Mae, Pool #MA2956		3.00		4/1/47		338
	174	Fannie Mae, Pool #AY4200		3.00		5/1/45		177
	11	Fannie Mae, Pool #BA0826		3.00		10/1/30		12
	39	Fannie Mae, Pool #MA3218		3.00		12/1/32		39
	327	Fannie Mae, Pool #AL9865		3.00		2/1/47		335
	220	Fannie Mae, Pool #MA2737		3.00		9/1/46		226
	85	Fannie Mae, Pool #BE3861		3.00		1/1/47		87
	86	Fannie Mae, Pool #BE4400		3.00		1/1/47		88
	166	Fannie Mae, Pool #BE1901		3.00		12/1/46		170
	215	Fannie Mae, Pool #BD5787		3.00		9/1/46		221
	182	Fannie Mae, Pool #BD5545		3.00		10/1/46		186
	94	Fannie Mae, Pool #BD5076		3.00		2/1/32		96
	81	Fannie Mae, Pool #MA3247		3.00		1/1/33		83
	230	Fannie Mae, Pool #AS8784		3.00		2/1/47		235
	91	Fannie Mae, Pool #MA3304		3.00		3/1/48		92
	251	Fannie Mae, Pool #AK3302		3.00		3/1/27		257
	39	Fannie Mae, Pool #MA2897		3.00		2/1/37		40
	56	Fannie Mae, Pool #BM1370		3.00		4/1/37		58

HC CAPITAL TRUST

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

Portfolio of Investments — September 30, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Government Agency Mortgages (continued)
$	41	Fannie Mae, Pool #MA2087		3.00		11/1/34	$	42
	29	Fannie Mae, Pool #MA2065		3.00		10/1/34		30
	85	Fannie Mae, Pool #MA2149		3.00		1/1/30		87
	238	Fannie Mae, Pool #BD4225		3.00		11/1/46		244
	75	Fannie Mae, Pool #BC4276		3.00		4/1/46		77
	84	Fannie Mae, Pool #MA3237		3.00		1/1/48		86
	278	Fannie Mae, Pool #BC9003		3.00		11/1/46		286
	40	Fannie Mae, Pool #BA4786		3.00		2/1/31		41
	277	Fannie Mae, Pool #BC4764		3.00		10/1/46		284
	18	Fannie Mae, Pool #MA2909		3.50		2/1/37		19
	29	Fannie Mae, Pool #AS2081		3.50		4/1/29		30
	19	Fannie Mae, Pool #MA2996		3.50		5/1/37		20
	90	Fannie Mae, Pool #MA2923		3.50		3/1/37		94
	315	Fannie Mae, Pool #MA3026		3.50		6/1/47		325
	214	Fannie Mae, Pool #MA3663		3.50		5/1/49		219
	250	Fannie Mae, Pool #MA2292		3.50		6/1/45		261
	46	Fannie Mae, Pool #CA0234		3.50		8/1/47		47
	345	Fannie Mae, Pool #CA0487		3.50		10/1/47		357
	30	Fannie Mae, Pool #BM1231		3.50		11/1/31		31
	82	Fannie Mae, Pool #BK9622		3.50		10/1/48		84
	374	Fannie Mae, Pool #BH5155		3.50		9/1/47		386
	353	Fannie Mae, Pool #BH9215		3.50		1/1/48		365
	444	Fannie Mae, Pool #BH9277		3.50		2/1/48		460
	136	Fannie Mae, Pool #BJ0647		3.50		3/1/48		141
	360	Fannie Mae, Pool #BM5485		3.50		2/1/49		369
	411	Fannie Mae, Pool #BJ2692		3.50		4/1/48		425
	19	Fannie Mae, Pool #MA1021		3.50		3/1/27		20
	162	Fannie Mae, Pool #MA1059		3.50		5/1/32		168
	210	Fannie Mae, Pool #MA1107		3.50		7/1/32		219
	32	Fannie Mae, Pool #MA2692		3.50		7/1/36		33
	196	Fannie Mae, Pool #MA1980		3.50		8/1/44		202
	184	Fannie Mae, Pool #MA1982		3.50		8/1/34		192
	374	Fannie Mae, Pool #FM1028		3.50		6/1/49		384
	933	Fannie Mae, Pool #AB6017		3.50		8/1/42		979
	260	Fannie Mae, Pool #BK9038		3.50		10/1/33		269
	171	Fannie Mae, Pool #MA3597		3.50		2/1/49		175
	43	Fannie Mae, Pool #BM5446		3.50		2/1/49		44
	309	Fannie Mae, Pool #BM1568		3.50		7/1/47		324
	75	Fannie Mae, Pool #MA2389		3.50		9/1/35		78
	45	Fannie Mae, Pool #MA2495		3.50		1/1/46		46
	38	Fannie Mae, Pool #MA3059		3.50		7/1/37		39
	173	Fannie Mae, Pool #MA3494		3.50		10/1/48		179
	539	Fannie Mae, Pool #MA3520		3.50		10/1/48		553
	335	Fannie Mae, Pool #MA3414		3.50		7/1/48		347
	165	Fannie Mae, Pool #MA3462		3.50		9/1/33		171
	174	Fannie Mae, Pool #MA3614		3.50		3/1/49		179
	126	Fannie Mae, Pool #BM2001		3.50		12/1/46		130
	140	Fannie Mae, Pool #MA3637		3.50		4/1/49		143
	85	Fannie Mae, Pool #AE5487		3.50		10/1/25		87
	217	Fannie Mae, Pool #MA2125		3.50		12/1/44		226
	273	Fannie Mae, Pool #MA3332		3.50		4/1/48		282
	39	Fannie Mae, Pool #MA3152		3.50		10/1/37		40
	385	Fannie Mae, Pool #MA3182		3.50		11/1/47		398
	344	Fannie Mae, Pool #MA3238		3.50		1/1/48		356
	166	Fannie Mae, Pool #MA3243		3.50		1/1/38		173
	353	Fannie Mae, Pool #MA3305		3.50		3/1/48		365
	147	Fannie Mae, Pool #MA3692		3.50		7/1/49		151
	26	Fannie Mae, Pool #BA5031		3.50		1/1/46		27
	25	Fannie Mae, Pool #AV6407		3.50		2/1/29		26
	240	Fannie Mae, Pool #AS3133		3.50		8/1/44		253
	286	Fannie Mae, Pool #AU1635		3.50		7/1/43		299
	136	Fannie Mae, Pool #AU3742		3.50		8/1/43		143
	221	Fannie Mae, Pool #AS4773		3.50		4/1/45		228
	254	Fannie Mae, Pool #AS7388		3.50		6/1/46		263
	75	Fannie Mae, Pool #AY8856		3.50		9/1/45		78
	148	Fannie Mae, Pool #AS5696		3.50		8/1/45		153

HC CAPITAL TRUST

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

Portfolio of Investments — September 30, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %			Maturity Date		Value (000)
		U.S. Government Agency Mortgages (continued)
$	307	Fannie Mae, Pool #AL1717		3.50			5/1/27	$	318
	1,064	Fannie Mae, Pool #AK7497		3.50			4/1/42		1,117
	36	Fannie Mae, Pool #AK0706		3.50			2/1/27		37
	222	Fannie Mae, Pool #AJ8476		3.50			12/1/41		233
	93	Fannie Mae, Pool #AS5892		3.50			10/1/45		95
	189	Fannie Mae, Pool #AS6649		3.50			2/1/46		196
	210	Fannie Mae, Pool #AS7239		3.50			5/1/46		218
	305	Fannie Mae, Pool #AS7491		3.50			7/1/46		318
	143	Fannie Mae, Pool #BE5258		3.50			1/1/47		148
	13	Fannie Mae, Pool #AJ6181		3.50			12/1/26		13
	191	Fannie Mae, Pool #AZ9576		3.50			12/1/45		197
	155	Fannie Mae, Pool #AY3802		3.50			2/1/45		160
	98	Fannie Mae, Pool #BC0163		3.50			1/1/46		101
	316	Fannie Mae, Pool #BC1158		3.50			2/1/46		327
	143	Fannie Mae, Pool #BC3126		3.50			1/1/46		148
	75	Fannie Mae, Pool #BC7633		3.50			6/1/46		79
	338	Fannie Mae, Pool #BD2436		3.50			1/1/47		351
	289	Fannie Mae, Pool #BD5046		3.50			2/1/47		298
	93	Fannie Mae, Pool #AZ6383		3.50			9/1/45		96
	137	Fannie Mae, Pool #AZ2614		3.50			8/1/45		141
	86	Fannie Mae, Pool #BA1893		3.50			8/1/45		89
	149	Fannie Mae, Pool #AY3913		3.50			2/1/45		154
	269	Fannie Mae, Pool #AZ0862		3.50			7/1/45		278
	194	Fannie Mae, Pool #AY4300		3.50			1/1/45		202
	101	Fannie Mae, Pool #AJ4093		3.50			10/1/26		105
	115	Fannie Mae, Pool #AS4772		3.50			4/1/45		119
	196	Fannie Mae, Pool #AS5068		3.50			6/1/45		203
	168	Fannie Mae, Pool #AY5303		3.50			3/1/45		177
	998	Fannie Mae, Pool #AO2548		3.50			4/1/42		1,047
	14	Fannie Mae, Pool #AX0159		3.50			9/1/29		15
	365	Fannie Mae, Pool #AO3760		3.50			5/1/42		383
	16	Fannie Mae, Pool #AL8776		3.50			7/1/46		17
	115	Fannie Mae, Pool #AO4647		3.50			6/1/42		120
	114	Fannie Mae, Pool #AO9140		3.50			7/1/42		120
	95	Fannie Mae, Pool #AX5201		3.50			10/1/29		98
	90	Fannie Mae, Pool #AX7655		3.50			1/1/45		93
	186	Fannie Mae, Pool #AO4385		3.50			6/1/42		195
	227	Fannie Mae, Pool #AS4771		3.50			4/1/45		234
	858	Fannie Mae, Pool #AO8137		3.50			8/1/42		901
	240	Fannie Mae, Pool #AY1306		3.50			3/1/45		247
	385	Fannie Mae, Pool #AQ0546		3.50			11/1/42		404
	171	Fannie Mae, Pool #AS0024		3.50			7/1/43		178
	52	Fannie Mae, Pool #310139		3.50			11/1/25		54
	124	Fannie Mae, Pool #AS5319		3.50			7/1/45		128
	205	Fannie Mae, Pool #AX9530		3.50			2/1/45		211
	49	Fannie Mae, Pool #AP9390		3.50			10/1/42		51
	180	Fannie Mae, Pool #AX2486		3.50			10/1/44		186
	250	Fannie Mae, Series 2018-M14, Class - A2		3.70	(a)		8/25/28		276
	39	Fannie Mae, Pool #AY2291		4.00			3/1/45		40
	292	Fannie Mae, Pool #BM2002		4.00			10/1/47		305
	162	Fannie Mae, Pool #AX0841		4.00			9/1/44		170
	135	Fannie Mae, Pool #BA6910		4.00			2/1/46		142
	162	Fannie Mae, Pool #BM4991		4.00			9/1/48		169
	197	Fannie Mae, Pool #AY1595		4.00			1/1/45		207
	251	Fannie Mae, Pool #CA1015		4.00			1/1/48		263
	40	Fannie Mae, Pool #AW5109		4.00			8/1/44		43
	43	Fannie Mae, Pool #BM5525		4.00			3/1/31		45
	77	Fannie Mae, Pool #BC5559		4.00			3/1/46		81
	936	Fannie Mae, Pool #190405		4.00			10/1/40		997
	262	Fannie Mae, Pool #CA1894		4.00			6/1/48		273
	122	Fannie Mae, Pool #AS3468		4.00			10/1/44		128
	79	Fannie Mae, Pool #MA3244		4.00			1/1/38		83
	180	Fannie Mae, Pool #CA2474		4.00			7/1/48		188
	92	Fannie Mae, Pool #FM1101		4.00			7/1/34		96
	144	Fannie Mae, Pool #AW5063		4.00			7/1/44		152
	34	Fannie Mae, Pool #AH3394		4.00			1/1/41		36

HC CAPITAL TRUST

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

Portfolio of Investments — September 30, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Government Agency Mortgages (continued)
$	41	Fannie Mae, Pool #MA3216		4.00		12/1/37	$	43
	198	Fannie Mae, Pool #AH6242		4.00		4/1/26		207
	20	Fannie Mae, Pool #AW9041		4.00		8/1/44		21
	15	Fannie Mae, Pool #MA2655		4.00		6/1/36		16
	518	Fannie Mae, Pool #AJ7689		4.00		12/1/41		550
	172	Fannie Mae, Pool #BN0594		4.00		12/1/48		179
	105	Fannie Mae, Pool #AC2995		4.00		9/1/24		109
	285	Fannie Mae, Pool #AH5859		4.00		2/1/41		303
	123	Fannie Mae, Pool #AL7347		4.00		9/1/45		130
	31	Fannie Mae, Pool #MA0695		4.00		4/1/31		33
	173	Fannie Mae, Pool #MA0641		4.00		2/1/31		182
	55	Fannie Mae, Pool #MA0493		4.00		8/1/30		58
	104	Fannie Mae, Pool #AC7328		4.00		12/1/39		110
	342	Fannie Mae, Pool #BK7608		4.00		9/1/48		357
	72	Fannie Mae, Pool #AL4778		4.00		10/1/32		75
	185	Fannie Mae, Pool #BK0915		4.00		7/1/48		192
	212	Fannie Mae, Pool #BM5685		4.00		6/1/48		222
	256	Fannie Mae, Pool #BK0909		4.00		7/1/48		266
	50	Fannie Mae, Pool #AL2689		4.00		2/1/27		52
	312	Fannie Mae, Pool #BK9697		4.00		12/1/48		325
	159	Fannie Mae, Pool #AY1377		4.00		4/1/45		168
	63	Fannie Mae, Pool #BJ0639		4.00		3/1/48		66
	62	Fannie Mae, Pool #BH2623		4.00		8/1/47		65
	396	Fannie Mae, Pool #AJ7857		4.00		12/1/41		421
	476	Fannie Mae, Pool #AJ5303		4.00		11/1/41		506
	173	Fannie Mae, Pool #CA0237		4.00		8/1/47		182
	295	Fannie Mae, Pool #CA0183		4.00		8/1/47		309
	177	Fannie Mae, Pool #BN5258		4.00		2/1/49		184
	349	Fannie Mae, Pool #BJ9169		4.00		5/1/48		364
	81	Fannie Mae, Pool #AY0025		4.00		2/1/45		86
	323	Fannie Mae, Pool #BD7081		4.00		3/1/47		339
	137	Fannie Mae, Pool #AV2340		4.00		12/1/43		145
	42	Fannie Mae, Pool #AL9742		4.00		7/1/29		44
	174	Fannie Mae, Pool #AS3467		4.00		10/1/44		183
	394	Fannie Mae, Pool #AS0531		4.00		9/1/43		422
	35	Fannie Mae, Pool #AS3448		4.00		9/1/44		37
	144	Fannie Mae, Pool #AS2498		4.00		5/1/44		151
	365	Fannie Mae, Pool #MA3615		4.00		3/1/49		379
	199	Fannie Mae, Pool #AL8387		4.00		3/1/46		211
	44	Fannie Mae, Pool #AT3872		4.00		6/1/43		47
	140	Fannie Mae, Pool #AS7601		4.00		7/1/46		147
	316	Fannie Mae, Pool #BE8050		4.00		4/1/47		331
	126	Fannie Mae, Pool #AS3903		4.00		11/1/44		134
	126	Fannie Mae, Pool #AS7600		4.00		7/1/46		132
	42	Fannie Mae, Pool #MA3413		4.00		7/1/38		44
	192	Fannie Mae, Pool #AO2959		4.00		5/1/42		205
	27	Fannie Mae, Pool #AS7028		4.00		4/1/46		29
	378	Fannie Mae, Pool #MA2995		4.00		5/1/47		396
	304	Fannie Mae, Pool #MA3027		4.00		6/1/47		319
	160	Fannie Mae, Pool #MA3592		4.00		2/1/49		166
	18	Fannie Mae, Pool #MA3037		4.00		6/1/37		19
	194	Fannie Mae, Pool #AS8532		4.00		12/1/46		203
	183	Fannie Mae, Pool #MA3638		4.00		4/1/49		190
	167	Fannie Mae, Pool #MA3521		4.00		11/1/48		174
	69	Fannie Mae, Pool #AS8823		4.00		2/1/47		72
	315	Fannie Mae, Pool #MA3183		4.00		11/1/47		330
	284	Fannie Mae, Pool #MA3211		4.00		12/1/47		298
	62	Fannie Mae, Pool #BA0847		4.00		3/1/46		66
	270	Fannie Mae, Pool #MA3121		4.00		9/1/47		283
	25	Fannie Mae, Pool #AS2117		4.00		4/1/44		27
	212	Fannie Mae, Pool #MA3277		4.00		2/1/48		220
	57	Fannie Mae, Pool #G08694		4.00		2/1/46		60
	176	Fannie Mae, Pool #AS3293		4.00		9/1/44		186
	162	Fannie Mae, Pool #AZ8067		4.00		9/1/45		172
	242	Fannie Mae, Pool #AU3753		4.00		8/1/43		257
	46	Fannie Mae, Pool #AE0375		4.00		7/1/25		48

HC CAPITAL TRUST

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

Portfolio of Investments — September 30, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Government Agency Mortgages (continued)
$	80	Fannie Mae, Pool #AY8981		4.00		8/1/45	$	85
	238	Fannie Mae, Pool #AS9486		4.00		4/1/47		250
	38	Fannie Mae, Pool #MA2455		4.00		11/1/35		40
	321	Fannie Mae, Pool #AS9831		4.00		6/1/47		337
	14	Fannie Mae, Pool #MA2536		4.00		2/1/36		15
	173	Fannie Mae, Pool #AS3216		4.00		9/1/44		181
	11	Fannie Mae, Pool #AZ8874		4.00		9/1/45		11
	183	Fannie Mae, Pool #AZ7362		4.00		11/1/45		193
	116	Fannie Mae, Pool #MA3536		4.00		12/1/48		121
	414	Fannie Mae, Pool #AH7521		4.50		3/1/41		444
	32	Fannie Mae, Pool #AH6790		4.50		3/1/41		35
	33	Fannie Mae, Pool #AS8576		4.50		12/1/46		35
	98	Fannie Mae, Pool #MA0481		4.50		8/1/30		104
	209	Fannie Mae, Pool #MA3184		4.50		11/1/47		223
	33	Fannie Mae, Pool #AL8816		4.50		9/1/45		36
	9	Fannie Mae, Pool #AW7048		4.50		6/1/44		10
	170	Fannie Mae, Pool #254954		4.50		10/1/23		176
	75	Fannie Mae, Pool #AS1638		4.50		2/1/44		80
	22	Fannie Mae, Pool #982892		4.50		5/1/23		22
	26	Fannie Mae, Pool #AA0860		4.50		1/1/39		29
	36	Fannie Mae, Pool #AA9781		4.50		7/1/24		37
	—	Fannie Mae, Pool #AB0339		4.50		1/1/20		–
	83	Fannie Mae, Pool #AB1389		4.50		8/1/40		90
	33	Fannie Mae, Pool #AB1470		4.50		9/1/40		36
	170	Fannie Mae, Pool #AB3192		4.50		6/1/41		184
	87	Fannie Mae, Pool #AS2276		4.50		4/1/44		94
	38	Fannie Mae, Pool #AS0861		4.50		10/1/43		41
	60	Fannie Mae, Pool #CA1218		4.50		2/1/48		63
	147	Fannie Mae, Pool #BK5283		4.50		6/1/48		156
	128	Fannie Mae, Pool #BE6489		4.50		1/1/47		135
	182	Fannie Mae, Pool #AE0217		4.50		8/1/40		199
	176	Fannie Mae, Pool #AD8529		4.50		8/1/40		192
	367	Fannie Mae, Pool #MA3639		4.50		4/1/49		386
	424	Fannie Mae, Pool #AH9055		4.50		4/1/41		459
	63	Fannie Mae, Pool #BM1285		4.50		5/1/47		68
	304	Fannie Mae, Pool #BN4309		4.50		1/1/49		320
	172	Fannie Mae, Pool #AI4815		4.50		6/1/41		185
	135	Fannie Mae, Pool #AS8157		4.50		10/1/46		143
	119	Fannie Mae, Pool #CA0623		4.50		10/1/47		126
	43	Fannie Mae, Pool #BN0877		4.50		11/1/48		46
	283	Fannie Mae, Pool #CA1711		4.50		5/1/48		300
	418	Fannie Mae, Pool #MA3593		4.50		2/1/49		440
	108	Fannie Mae, Pool #BE5992		4.50		2/1/47		115
	158	Fannie Mae, Pool #MA3537		4.50		12/1/48		167
	227	Fannie Mae, Pool #BK1416		4.50		5/1/48		239
	40	Fannie Mae, Pool #AU5302		4.50		10/1/43		43
	427	Fannie Mae, Pool #AL1107		4.50		11/1/41		462
	77	Fannie Mae, Pool #AL5082		4.50		3/1/44		83
	137	Fannie Mae, Pool #AL4450		4.50		12/1/43		147
	38	Fannie Mae, Pool #BK8830		4.50		8/1/48		41
	168	Fannie Mae, Pool #MA3522		4.50		11/1/48		177
	28	Fannie Mae, Pool #890603		5.00		8/1/41		31
	34	Fannie Mae, Pool #890621		5.00		5/1/42		37
	97	Fannie Mae, Pool #BM3904		5.00		5/1/48		104
	48	Fannie Mae, Pool #BM3781		5.00		11/1/30		51
	47	Fannie Mae, Pool #MA3708		5.00		6/1/49		50
	68	Fannie Mae, Pool #AL5788		5.00		5/1/42		76
	1	Fannie Mae, Pool #868986		5.00		5/1/21		1
	77	Fannie Mae, Pool #836750		5.00		10/1/35		85
	35	Fannie Mae, Pool #725238		5.00		3/1/34		39
	114	Fannie Mae, Pool #MA3669		5.00		5/1/49		122
	64	Fannie Mae, Pool #AS0837		5.00		10/1/43		69
	652	Fannie Mae, Pool #889117		5.00		10/1/35		726
	73	Fannie Mae, Pool #MA3617		5.00		3/1/49		78
	154	Fannie Mae, Pool #MA3594		5.00		2/1/49		165
	70	Fannie Mae, Pool #AS0575		5.00		9/1/43		77

HC CAPITAL TRUST

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

Portfolio of Investments — September 30, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Government Agency Mortgages (continued)
$	78	Fannie Mae, Pool #CA1795		5.00		5/1/48	$	84
	79	Fannie Mae, Pool #MA3472		5.00		9/1/48		84
	64	Fannie Mae, Pool #MA3527		5.00		11/1/48		69
	58	Fannie Mae, Pool #CA0349		5.00		9/1/47		62
	125	Fannie Mae, Pool #AH5988		5.00		3/1/41		139
	5	Fannie Mae, Pool #A69671		5.50		12/1/37		5
	3	Fannie Mae, Pool #AL0725		5.50		6/1/24		3
	17	Fannie Mae, Pool #929451		5.50		5/1/38		18
	21	Fannie Mae, Pool #976945		5.50		2/1/23		22
	11	Fannie Mae, Pool #909662		5.50		2/1/22		11
	1	Fannie Mae, Pool #A79636		5.50		7/1/38		1
	999	Fannie Mae, Pool #890221		5.50		12/1/33		1,126
	605	Fannie Mae, Pool #725228		6.00		3/1/34		694
	142	Fannie Mae, Pool #889984		6.50		10/1/38		163
	75	Fannie Mae, 15 YR TBA		2.50		10/25/34		76
	325	Fannie Mae, 15 YR TBA		3.00		10/25/34		332
	150	Fannie Mae, 15 YR TBA		4.00		10/25/34		156
	200	Fannie Mae, 30 YR TBA		2.50		11/25/49		199
	675	Fannie Mae, 30 YR TBA		3.00		10/25/49		685
	1,700	Fannie Mae, 30 YR TBA		3.00		11/25/48		1,726
	675	Fannie Mae, 30 YR TBA		3.50		10/25/34		698
	3,375	Fannie Mae, 30 YR TBA		3.50		10/25/48		3,463
	900	Fannie Mae, 30 YR TBA		3.50		11/25/49		923
	7,175	Fannie Mae, 30 YR TBA		4.00		10/25/49		7,444
	75	Fannie Mae, 30 YR TBA		4.00		11/25/49		78
	2,125	Fannie Mae, 30 YR TBA		4.50		10/25/49		2,237
	54	Freddie Mac, Pool #G18547		2.00		3/1/30		54
	82	Freddie Mac, Pool #G18634		2.00		3/1/32		81
	120	Freddie Mac, Pool #J25777		2.00		9/1/28		121
	40	Freddie Mac, Pool #J25759		2.00		8/1/28		40
	43	Freddie Mac, Pool #G18665		2.50		11/1/32		44
	186	Freddie Mac, Pool #G18568		2.50		9/1/30		188
	165	Freddie Mac, Pool #J37902		2.50		11/1/32		167
	139	Freddie Mac, Pool #J35896		2.50		12/1/31		140
	104	Freddie Mac, Pool #J35643		2.50		11/1/31		105
	153	Freddie Mac, Pool #G18533		2.50		12/1/29		156
	287	Freddie Mac, Pool #J38477		2.50		2/1/33		290
	27	Freddie Mac, Pool #G18472		2.50		7/1/28		27
	77	Freddie Mac, Pool #G18485		2.50		10/1/28		78
	196	Freddie Mac, Pool #J26408		2.50		11/1/28		199
	177	Freddie Mac, Pool #G18470		2.50		6/1/28		179
	22	Freddie Mac, Pool #G08638		2.50		4/1/45		22
	167	Freddie Mac, Pool #J18954		2.50		4/1/27		169
	146	Freddie Mac, Pool #G18635		2.50		3/1/32		147
	13	Freddie Mac, Pool #J30875		2.50		3/1/30		13
	44	Freddie Mac, Pool #Q42878		2.50		9/1/46		44
	88	Freddie Mac, Pool #G18704		2.50		6/1/33		89
	38	Freddie Mac, Pool #C91904		2.50		11/1/36		38
	20	Freddie Mac, Pool #G08755		2.50		2/1/47		20
	155	Freddie Mac, Pool #J23440		2.50		4/1/28		157
	132	Freddie Mac, Pool #G18683		2.50		4/1/33		133
	68	Freddie Mac, Pool #J25585		2.50		9/1/28		69
	68	Freddie Mac, Pool #C09026		2.50		2/1/43		68
	292	Freddie Mac, Pool #G18680		2.50		3/1/33		295
	157	Freddie Mac, Pool #G18459		2.50		3/1/28		159
	19	Freddie Mac, Pool #Q39527		3.00		3/1/46		20
	24	Freddie Mac, Pool #J14241		3.00		1/1/26		24
	42	Freddie Mac, Pool #J38807		3.00		4/1/33		43
	263	Freddie Mac, Pool #J17774		3.00		1/1/27		269
	12	Freddie Mac, Pool #J17111		3.00		10/1/26		13
	42	Freddie Mac, Pool #C91969		3.00		1/1/38		44
	40	Freddie Mac, Pool #C91943		3.00		7/1/37		42
	19	Freddie Mac, Pool #C91939		3.00		6/1/37		20
	240	Freddie Mac, Pool #ZM2089		3.00		11/1/46		245
	165	Freddie Mac, Pool #G15145		3.00		7/1/29		170
	106	Freddie Mac, Pool #C91927		3.00		5/1/37		109

HC CAPITAL TRUST

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

Portfolio of Investments — September 30, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Government Agency Mortgages (continued)
$	290	Freddie Mac, Pool #Q16222		3.00		3/1/43	$	298
	45	Freddie Mac, Pool #Q18599		3.00		6/1/43		46
	343	Freddie Mac, Pool #Q45094		3.00		12/1/46		351
	89	Freddie Mac, Pool #Q41795		3.00		7/1/46		91
	98	Freddie Mac, Pool #ZT2019		3.00		5/1/34		101
	12	Freddie Mac, Pool #Q13086		3.00		11/1/42		12
	285	Freddie Mac, Pool #ZT1323		3.00		10/1/48		290
	51	Freddie Mac, Pool #G30945		3.00		9/1/36		52
	18	Freddie Mac, Pool #G30999		3.00		2/1/37		19
	16	Freddie Mac, Pool #Q18882		3.00		5/1/43		16
	54	Freddie Mac, Pool #Q19754		3.00		7/1/43		55
	154	Freddie Mac, Pool #Q20067		3.00		7/1/43		158
	484	Freddie Mac, Pool #Q21065		3.00		8/1/43		498
	304	Freddie Mac, Pool #G60989		3.00		12/1/46		311
	302	Freddie Mac, Pool #G08635		3.00		4/1/45		310
	273	Freddie Mac, Pool #G60187		3.00		8/1/45		280
	1,246	Freddie Mac, Pool #G08537		3.00		7/1/43		1,283
	57	Freddie Mac, Pool #G08540		3.00		8/1/43		59
	242	Freddie Mac, Pool #G08525		3.00		5/1/43		249
	441	Freddie Mac, Pool #G08534		3.00		6/1/43		454
	69	Freddie Mac, Pool #C91798		3.00		12/1/34		71
	182	Freddie Mac, Pool #Q46441		3.00		2/1/47		186
	384	Freddie Mac, Pool #Q45735		3.00		1/1/47		393
	167	Freddie Mac, Pool #G15217		3.00		11/1/29		172
	174	Freddie Mac, Pool #Q44665		3.00		11/1/46		178
	286	Freddie Mac, Pool #Q43734		3.00		10/1/46		293
	188	Freddie Mac, Pool #G08850		3.00		9/1/48		192
	39	Freddie Mac, Pool #C91924		3.00		4/1/37		40
	93	Freddie Mac, Pool #C91819		3.00		4/1/35		95
	133	Freddie Mac, Pool #C91724		3.00		9/1/33		137
	50	Freddie Mac, Pool #G18575		3.00		11/1/30		51
	77	Freddie Mac, Pool #G18582		3.00		1/1/31		78
	324	Freddie Mac, Pool #G18673		3.00		1/1/33		333
	123	Freddie Mac, Pool #G18677		3.00		2/1/33		126
	80	Freddie Mac, Pool #J38675		3.00		3/1/33		82
	85	Freddie Mac, Pool #G18715		3.00		11/1/33		87
	98	Freddie Mac, Pool #C91707		3.00		6/1/33		101
	185	Freddie Mac, Pool #G08783		3.00		10/1/47		189
	164	Freddie Mac, Pool #G18518		3.00		7/1/29		169
	44	Freddie Mac, Pool #J38057		3.00		12/1/32		45
	404	Freddie Mac, Pool #G08701		3.00		4/1/46		414
	88	Freddie Mac, Pool #J36428		3.00		2/1/32		90
	117	Freddie Mac, Pool #G08680		3.00		12/1/45		120
	128	Freddie Mac, Pool #G08640		3.00		5/1/45		131
	104	Freddie Mac, Pool #G08648		3.00		6/1/45		107
	330	Freddie Mac, Pool #G08653		3.00		7/1/45		338
	40	Freddie Mac, Pool #J33135		3.00		11/1/30		42
	235	Freddie Mac, Pool #G08737		3.00		12/1/46		240
	132	Freddie Mac, Pool #G18569		3.00		9/1/30		135
	35	Freddie Mac, Pool #J29932		3.00		11/1/29		36
	139	Freddie Mac, Pool #G18531		3.00		11/1/29		143
	252	Freddie Mac, Pool #C04619		3.00		3/1/43		257
	13	Freddie Mac, Pool #C91809		3.00		2/1/35		13
	29	Freddie Mac, Pool #C91826		3.00		5/1/35		30
	191	Freddie Mac, Pool #C91581		3.00		11/1/32		197
	211	Freddie Mac, Pool #G08825		3.00		6/1/48		214
	20	Freddie Mac, Pool #C91949		3.00		9/1/37		21
	441	Freddie Mac, Pool #G08741		3.00		1/1/47		452
	39	Freddie Mac, Pool #G18534		3.00		12/1/29		40
	229	Freddie Mac, Pool #C04446		3.00		1/1/43		234
	37	Freddie Mac, Pool #C91905		3.00		11/1/36		38
	165	Freddie Mac, Pool #G08750		3.00		3/1/47		168
	201	Freddie Mac, Pool #G18514		3.00		6/1/29		206
	154	Freddie Mac, Pool #G08732		3.00		11/1/46		158
	166	Freddie Mac, Pool #C04422		3.00		12/1/42		168
	82	Freddie Mac, Pool #G08747		3.00		2/1/47		84

HC CAPITAL TRUST

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

Portfolio of Investments — September 30, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Government Agency Mortgages (continued)
$	262	Freddie Mac, Pool #ZS4771		3.50		6/1/48	$	270
	59	Freddie Mac, Pool #C03920		3.50		5/1/42		63
	261	Freddie Mac, Pool #ZT1951		3.50		5/1/49		268
	67	Freddie Mac, Pool #J26144		3.50		10/1/23		69
	176	Freddie Mac, Pool #ZA5128		3.50		12/1/47		181
	347	Freddie Mac, Pool #ZS4618		3.50		6/1/45		360
	54	Freddie Mac, Pool #J27494		3.50		2/1/29		56
	144	Freddie Mac, Pool #ZS4759		3.50		3/1/48		149
	19	Freddie Mac, Pool #C91925		3.50		4/1/37		19
	260	Freddie Mac, Pool #Q57871		3.50		8/1/48		268
	195	Freddie Mac, Pool #SB0031		3.50		10/1/27		201
	150	Freddie Mac, Pool #C91456		3.50		6/1/32		156
	38	Freddie Mac, Pool #C91940		3.50		6/1/37		40
	59	Freddie Mac, Pool #C91950		3.50		9/1/37		61
	58	Freddie Mac, Pool #C92003		3.50		7/1/38		60
	72	Freddie Mac, Pool #J13582		3.50		11/1/25		75
	10	Freddie Mac, Pool #J14232		3.50		1/1/21		11
	115	Freddie Mac, Pool #Q58422		3.50		9/1/48		120
	195	Freddie Mac, Pool #J15105		3.50		4/1/26		202
	60	Freddie Mac, Pool #Q31134		3.50		2/1/45		62
	112	Freddie Mac, Pool #Q36040		3.50		9/1/45		117
	157	Freddie Mac, Pool #Q37449		3.50		11/1/45		163
	359	Freddie Mac, Pool #Q49490		3.50		7/1/47		370
	218	Freddie Mac, Pool #Q51461		3.50		10/1/47		224
	197	Freddie Mac, Pool #Q53176		3.50		12/1/47		203
	23	Freddie Mac, Pool #Q55002		3.50		3/1/48		24
	615	Freddie Mac, Pool #ZM4908		3.50		11/1/47		633
	111	Freddie Mac, Pool #Q04087		3.50		10/1/41		116
	294	Freddie Mac, Pool #G08761		3.50		5/1/47		303
	167	Freddie Mac, Pool #Q08903		3.50		6/1/42		175
	330	Freddie Mac, Pool #G61148		3.50		9/1/47		339
	82	Freddie Mac, Pool #G08605		3.50		9/1/44		85
	460	Freddie Mac, Pool #G08766		3.50		6/1/47		474
	84	Freddie Mac, Pool #G08599		3.50		8/1/44		87
	248	Freddie Mac, Pool #G08632		3.50		3/1/45		257
	415	Freddie Mac, Pool #G08636		3.50		4/1/45		431
	14	Freddie Mac, Pool #C91760		3.50		5/1/34		14
	128	Freddie Mac, Pool #G08733		3.50		11/1/46		133
	307	Freddie Mac, Pool #G08693		3.50		3/1/46		318
	294	Freddie Mac, Pool #G08681		3.50		12/1/45		306
	122	Freddie Mac, Pool #Q06749		3.50		3/1/42		128
	116	Freddie Mac, Pool #G08702		3.50		4/1/46		121
	311	Freddie Mac, Pool #G08757		3.50		4/1/47		320
	128	Freddie Mac, Pool #G08698		3.50		3/1/46		132
	246	Freddie Mac, Pool #G08654		3.50		7/1/45		255
	267	Freddie Mac, Pool #G08641		3.50		5/1/45		278
	142	Freddie Mac, Pool #G08687		3.50		1/1/46		147
	22	Freddie Mac, Pool #G14216		3.50		7/1/21		23
	37	Freddie Mac, Pool #C91742		3.50		1/1/34		38
	45	Freddie Mac, Pool #G08792		3.50		12/1/47		46
	437	Freddie Mac, Pool #G08804		3.50		3/1/48		451
	136	Freddie Mac, Pool #G08813		3.50		5/1/48		140
	184	Freddie Mac, Pool #G18707		3.50		9/1/33		190
	31	Freddie Mac, Pool #G08620		3.50		12/1/44		32
	245	Freddie Mac, Pool #G08667		3.50		9/1/45		255
	343	Freddie Mac, Pool #G08562		3.50		1/1/44		359
	380	Freddie Mac, Pool #G08554		3.50		10/1/43		397
	364	Freddie Mac, Pool #G08627		3.50		2/1/45		379
	826	Freddie Mac, Pool #G08495		3.50		6/1/42		870
	407	Freddie Mac, Pool #G08623		3.50		1/1/45		423
	128	Freddie Mac, Pool #G08841		3.50		9/1/48		132
	138	Freddie Mac, Pool #C91403		3.50		3/1/32		144
	177	Freddie Mac, Pool #G08846		3.50		11/1/48		181
	12	Freddie Mac, Pool #E02735		3.50		10/1/25		12
	233	Freddie Mac, Pool #Q20860		3.50		8/1/43		244
	63	Freddie Mac, Pool #G30776		3.50		7/1/35		65

HC CAPITAL TRUST

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

Portfolio of Investments — September 30, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Government Agency Mortgages (continued)
$	105	Freddie Mac, Pool #Q12052		3.50		10/1/42	$	111
	204	Freddie Mac, Pool #Q09896		3.50		8/1/42		214
	155	Freddie Mac, Pool #Q08998		3.50		6/1/42		163
	133	Freddie Mac, Pool #G08706		3.50		5/1/46		138
	250	Freddie Mac, Series K091, Class A2		3.51		3/25/29		277
	364	Freddie Mac, Pool #ZS4708		4.00		3/1/47		381
	41	Freddie Mac, Pool #C91994		4.00		5/1/38		43
	41	Freddie Mac, Pool #C92019		4.00		10/1/38		43
	10	Freddie Mac, Pool #J12238		4.00		5/1/20		10
	3	Freddie Mac, Pool #J11263		4.00		11/1/19		3
	230	Freddie Mac, Pool #G06506		4.00		12/1/40		244
	800	Freddie Mac, Pool #A96286		4.00		1/1/41		855
	17	Freddie Mac, Pool #J12435		4.00		6/1/25		18
	232	Freddie Mac, Pool #ZT1320		4.00		11/1/48		242
	70	Freddie Mac, Pool #G14453		4.00		6/1/26		73
	301	Freddie Mac, Pool #G08775		4.00		8/1/47		316
	75	Freddie Mac, Pool #C91738		4.00		11/1/33		80
	16	Freddie Mac, Pool #C91923		4.00		3/1/37		17
	242	Freddie Mac, Pool #G08785		4.00		10/1/47		253
	12	Freddie Mac, Pool #G08642		4.00		5/1/45		12
	63	Freddie Mac, Pool #G08483		4.00		3/1/42		67
	247	Freddie Mac, Pool #G08669		4.00		9/1/45		261
	50	Freddie Mac, Pool #G08672		4.00		10/1/45		52
	148	Freddie Mac, Pool #G08567		4.00		1/1/44		155
	141	Freddie Mac, Pool #G08459		4.00		9/1/41		151
	85	Freddie Mac, Pool #G08601		4.00		8/1/44		90
	117	Freddie Mac, Pool #Q58680		4.00		9/1/48		122
	184	Freddie Mac, Pool #G08588		4.00		5/1/44		192
	175	Freddie Mac, Pool #G08595		4.00		7/1/44		185
	138	Freddie Mac, Pool #C09070		4.00		12/1/44		144
	21	Freddie Mac, Pool #G08633		4.00		3/1/45		22
	199	Freddie Mac, Pool #Q24955		4.00		2/1/44		210
	285	Freddie Mac, Pool #ZS4627		4.00		8/1/45		301
	181	Freddie Mac, Pool #G08616		4.00		11/1/44		191
	76	Freddie Mac, Pool #Q34081		4.00		6/1/45		80
	163	Freddie Mac, Pool #G08618		4.00		12/1/44		171
	135	Freddie Mac, Pool #Q27594		4.00		8/1/44		143
	10	Freddie Mac, Pool #Q27456		4.00		7/1/44		11
	176	Freddie Mac, Pool #G08767		4.00		6/1/47		185
	169	Freddie Mac, Pool #G08836		4.00		9/1/48		176
	162	Freddie Mac, Pool #G08831		4.00		8/1/48		169
	300	Freddie Mac, Pool #ZA4988		4.00		8/1/47		314
	69	Freddie Mac, Pool #C91765		4.00		6/1/34		73
	108	Freddie Mac, Pool #G08637		4.00		4/1/45		114
	188	Freddie Mac, Pool #G08759		4.50		4/1/47		200
	22	Freddie Mac, Pool #A90437		4.50		1/1/40		23
	106	Freddie Mac, Pool #G08754		4.50		3/1/47		112
	1,471	Freddie Mac, Pool #A97692		4.50		3/1/41		1,587
	21	Freddie Mac, Pool #C09059		4.50		3/1/44		22
	139	Freddie Mac, Pool #A97495		4.50		3/1/41		150
	11	Freddie Mac, Pool #E02862		4.50		3/1/26		11
	162	Freddie Mac, Pool #G08820		4.50		5/1/48		171
	50	Freddie Mac, Pool #G08781		4.50		9/1/47		53
	151	Freddie Mac, Pool #G08827		4.50		7/1/48		160
	160	Freddie Mac, Pool #ZT1321		4.50		11/1/48		169
	441	Freddie Mac, Pool #ZT1711		4.50		2/1/49		464
	51	Freddie Mac, Pool #G60512		4.50		12/1/45		54
	165	Freddie Mac, Pool #Q59805		4.50		11/1/48		174
	16	Freddie Mac, Pool #J07849		4.50		5/1/23		17
	167	Freddie Mac, Pool #Q57957		4.50		8/1/48		177
	33	Freddie Mac, Pool #Q49599		4.50		7/1/47		35
	43	Freddie Mac, Pool #G08596		4.50		7/1/44		45
	19	Freddie Mac, Pool #Q25432		4.50		3/1/44		20
	42	Freddie Mac, Pool #Q22671		4.50		11/1/43		44
	207	Freddie Mac, Pool #Q00763		5.00		5/1/41		230
	383	Freddie Mac, Pool #ZT1779		5.00		3/1/49		410

HC CAPITAL TRUST

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

Portfolio of Investments — September 30, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Government Agency Mortgages (continued)
$	30	Freddie Mac, Pool #G13255		5.00		7/1/23	$	32
	482	Freddie Mac, Pool #C01598		5.00		8/1/33		525
	216	Freddie Mac, Pool #G04913		5.00		3/1/38		238
	32	Freddie Mac, Pool #G05205		5.00		1/1/39		35
	14	Freddie Mac, Pool #G07068		5.00		7/1/41		15
	37	Freddie Mac, Pool #G08838		5.00		9/1/48		39
	448	Freddie Mac, Pool #G01665		5.50		3/1/34		502
	69	Freddie Mac, Pool #G06031		5.50		3/1/40		77
	3	Freddie Mac, Pool #G06091		5.50		5/1/40		3
	13	Freddie Mac, Pool #A62706		6.00		6/1/37		15
	53	Freddie Mac, Pool #G03551		6.00		11/1/37		61
	32	Freddie Mac, Pool #G05709		6.00		6/1/38		37
	256	Freddie Mac, Pool #G02794		6.00		5/1/37		294
	18	Government National Mortgage Association, Pool #MA4355		2.50		4/20/32		18
	58	Government National Mortgage Association, Pool #MA4067		2.50		11/20/46		59
	36	Government National Mortgage Association, Pool #MA4424		2.50		5/20/32		37
	38	Government National Mortgage Association, Pool #MA4194		2.50		1/20/47		39
	22	Government National Mortgage Association, Pool #776954		2.50		11/15/42		23
	62	Government National Mortgage Association, Pool #MA0601		2.50		12/20/27		63
	13	Government National Mortgage Association, Pool #711729		2.50		3/15/43		13
	71	Government National Mortgage Association, Pool #MA1283		2.50		9/20/43		72
	63	Government National Mortgage Association, Pool #AA8341		2.50		2/15/28		64
	130	Government National Mortgage Association, Pool #MA4125		2.50		12/20/46		132
	16	Government National Mortgage Association, Pool #MA2890		2.50		6/20/45		16
	35	Government National Mortgage Association, Pool #MA0908		2.50		4/20/28		36
	34	Government National Mortgage Association, Pool #MA1133		2.50		7/20/28		35
	42	Government National Mortgage Association, Pool #MA4717		2.50		9/20/47		42
	22	Government National Mortgage Association, Pool #MA1890		3.00		5/20/29		22
	179	Government National Mortgage Association, Pool #MA3104		3.00		9/20/45		185
	161	Government National Mortgage Association, Pool #MA3172		3.00		10/20/45		166
	49	Government National Mortgage Association, Pool #AG0440		3.00		8/15/43		50
	216	Government National Mortgage Association, Pool #MA4320		3.00		3/20/47		222
	221	Government National Mortgage Association, Pool #MA4381		3.00		4/20/47		227
	219	Government National Mortgage Association, Pool #MA4195		3.00		1/20/47		226
	17	Government National Mortgage Association, Pool #AL5058		3.00		3/15/45		18
	34	Government National Mortgage Association, Pool #AK7285		3.00		3/15/45		35
	293	Government National Mortgage Association, Pool #MA4450		3.00		5/20/47		302
	203	Government National Mortgage Association, Pool #MA3309		3.00		12/20/45		210
	186	Government National Mortgage Association, Pool #MA0461		3.00		10/20/42		192
	71	Government National Mortgage Association, Pool #MA0205		3.00		7/20/27		73
	207	Government National Mortgage Association, Pool #MA0153		3.00		6/20/42		214
	79	Government National Mortgage Association, Pool #MA0851		3.00		3/20/43		82
	13	Government National Mortgage Association, Pool #5276		3.00		1/20/27		14
	643	Government National Mortgage Association, Pool #MA4126		3.00		12/20/46		662
	205	Government National Mortgage Association, Pool #AA6149		3.00		3/20/43		213
	24	Government National Mortgage Association, Pool #AA2934		3.00		7/15/42		25
	106	Government National Mortgage Association, Pool #AA2654		3.00		6/15/43		109
	110	Government National Mortgage Association, Pool #779084		3.00		4/15/42		113
	1,177	Government National Mortgage Association, Pool #MA0624		3.00		12/20/42		1,213
	64	Government National Mortgage Association, Pool #MA1265		3.00		9/20/28		65
	280	Government National Mortgage Association, Pool #MA3802		3.00		7/20/46		288
	69	Government National Mortgage Association, Pool #MA2600		3.00		2/20/45		71
	333	Government National Mortgage Association, Pool #MA0391		3.00		9/20/42		345
	212	Government National Mortgage Association, Pool #MA1374		3.00		10/20/43		219
	30	Government National Mortgage Association, Pool #AN5756		3.00		7/15/45		31
	114	Government National Mortgage Association, Pool #MA4068		3.00		11/20/46		117
	708	Government National Mortgage Association, Pool #MA5076		3.00		3/20/48		728
	174	Government National Mortgage Association, Pool #MA2960		3.00		7/20/45		180
	277	Government National Mortgage Association, Pool #MA2147		3.00		8/20/44		286
	192	Government National Mortgage Association, Pool #MA2444		3.00		12/20/44		198
	19	Government National Mortgage Association, Pool #MA4935		3.00		1/20/33		20
	299	Government National Mortgage Association, Pool #MA2520		3.00		1/20/45		309
	657	Government National Mortgage Association, Pool #MA4899		3.00		12/20/47		676
	333	Government National Mortgage Association, Pool #MA5018		3.00		2/20/48		342
	85	Government National Mortgage Association, Pool #MA4836		3.00		11/20/47		87
	331	Government National Mortgage Association, Pool #MA4777		3.00		10/20/47		341

HC CAPITAL TRUST

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

Portfolio of Investments — September 30, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Government Agency Mortgages (continued)
$	35	Government National Mortgage Association, Pool #MA2797		3.00		5/20/30	$	36
	180	Government National Mortgage Association, Pool #MA2825		3.00		5/20/45		186
	424	Government National Mortgage Association, Pool #MA4651		3.00		8/20/47		436
	145	Government National Mortgage Association, Pool #MA2753		3.00		4/20/45		150
	236	Government National Mortgage Association, Pool #MA3596		3.00		4/20/46		243
	70	Government National Mortgage Association, Pool #MA4559		3.00		7/20/32		72
	80	Government National Mortgage Association, Pool #MA3520		3.00		3/20/46		83
	230	Government National Mortgage Association, Pool #MA3033		3.00		8/20/45		236
	245	Government National Mortgage Association, Pool #AD8433		3.00		7/15/43		251
	192	Government National Mortgage Association, Pool #MA3735		3.00		6/20/46		198
	202	Government National Mortgage Association, Pool #MA3873		3.00		8/20/46		208
	248	Government National Mortgage Association, Pool #MA3662		3.00		5/20/46		255
	213	Government National Mortgage Association, Pool #MA4509		3.00		6/20/47		219
	295	Government National Mortgage Association, Pool #MA3936		3.00		9/20/46		304
	186	Government National Mortgage Association, Pool # MA4003		3.00		10/20/46		191
	267	Government National Mortgage Association, Pool #MA3376		3.50		1/20/46		279
	25	Government National Mortgage Association, Pool #MA1574		3.50		1/20/29		26
	150	Government National Mortgage Association, Pool #MA3454		3.50		2/20/46		156
	15	Government National Mortgage Association, Pool #MA1266		3.50		9/20/28		15
	340	Government National Mortgage Association, Pool #MA4382		3.50		4/20/47		354
	329	Government National Mortgage Association, Pool #MA1157		3.50		7/20/43		348
	320	Government National Mortgage Association, Pool #MA1090		3.50		6/20/43		338
	248	Government National Mortgage Association, Pool #MA2678		3.50		3/20/45		259
	289	Government National Mortgage Association, Pool #MA0934		3.50		4/20/43		305
	270	Government National Mortgage Association, Pool #MA3597		3.50		4/20/46		280
	166	Government National Mortgage Association, Pool #MA0699		3.50		1/20/43		176
	238	Government National Mortgage Association, Pool #MA3803		3.50		7/20/46		247
	372	Government National Mortgage Association, Pool #MA3521		3.50		3/20/46		385
	261	Government National Mortgage Association, Pool #AM4971		3.50		4/20/45		275
	19	Government National Mortgage Association, Pool #AL8566		3.50		3/15/45		20
	224	Government National Mortgage Association, Pool #MA3663		3.50		5/20/46		232
	267	Government National Mortgage Association, Pool #MA2892		3.50		6/20/45		279
	339	Government National Mortgage Association, Pool #MA0462		3.50		10/20/42		359
	199	Government National Mortgage Association, Pool #MA3310		3.50		12/20/45		208
	136	Government National Mortgage Association, Pool #MA1838		3.50		4/20/44		143
	433	Government National Mortgage Association, Pool #MA2073		3.50		7/20/44		454
	618	Government National Mortgage Association, Pool #MA0220		3.50		7/20/42		654
	386	Government National Mortgage Association, Pool #MA3173		3.50		10/20/45		404
	241	Government National Mortgage Association, Pool #MA0088		3.50		5/20/42		256
	192	Government National Mortgage Association, Pool #MA0022		3.50		4/20/42		204
	284	Government National Mortgage Association, Pool #MA0852		3.50		3/20/43		300
	605	Government National Mortgage Association, Pool #MA2148		3.50		8/20/44		633
	115	Government National Mortgage Association, Pool #MA1919		3.50		5/20/44		121
	123	Government National Mortgage Association, Pool #AC3938		3.50		1/15/43		128
	146	Government National Mortgage Association, Pool #MA4451		3.50		5/20/47		152
	330	Government National Mortgage Association, Pool #MA3034		3.50		8/20/45		345
	156	Government National Mortgage Association, Pool #MA2445		3.50		12/20/44		163
	296	Government National Mortgage Association, Pool #MA3244		3.50		11/20/45		309
	32	Government National Mortgage Association, Pool #796271		3.50		7/15/42		34
	205	Government National Mortgage Association, Pool #MA3736		3.50		6/20/46		212
	115	Government National Mortgage Association, Pool #778157		3.50		3/15/42		120
	134	Government National Mortgage Association, Pool #MA2371		3.50		11/20/44		140
	266	Government National Mortgage Association, Pool #MA2303		3.50		10/20/44		279
	197	Government National Mortgage Association, Pool #MA2961		3.50		7/20/45		206
	173	Government National Mortgage Association, Pool #MA2754		3.50		4/20/45		181
	72	Government National Mortgage Association, Pool #AD2954		3.50		7/15/44		75
	249	Government National Mortgage Association, Pool #MA3937		3.50		9/20/46		260
	282	Government National Mortgage Association, Pool #MA4004		3.50		10/20/46		295
	315	Government National Mortgage Association, Pool #MA4321		3.50		3/20/47		328
	166	Government National Mortgage Association, Pool #783976		3.50		4/20/43		175
	170	Government National Mortgage Association, Pool #MA4962		3.50		1/20/48		177
	68	Government National Mortgage Association, Pool #740798		3.50		1/15/42		71
	585	Government National Mortgage Association, Pool #MA5136		3.50		4/20/48		607
	64	Government National Mortgage Association, Pool #738602		3.50		8/15/26		67
	257	Government National Mortgage Association, Pool #MA4069		3.50		11/20/46		269
	315	Government National Mortgage Association, Pool #MA4127		3.50		12/20/46		330

HC CAPITAL TRUST

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

Portfolio of Investments — September 30, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		U.S. Government Agency Mortgages (continued)
$	230	Government National Mortgage Association, Pool #MA5263		3.50		6/20/48	$	239
	331	Government National Mortgage Association, Pool #MA4900		3.50		12/20/47		345
	329	Government National Mortgage Association, Pool #MA4837		3.50		11/20/47		343
	399	Government National Mortgage Association, Pool #MA5762		3.50		2/20/49		414
	435	Government National Mortgage Association, Pool #MA4719		3.50		9/20/47		453
	232	Government National Mortgage Association, Pool #MA4778		3.50		10/20/47		241
	213	Government National Mortgage Association, Pool #MA3874		3.50		8/20/46		221
	53	Government National Mortgage Association, Pool #AD2416		3.50		5/15/43		56
	318	Government National Mortgage Association, Pool #MA4652		3.50		8/20/47		331
	111	Government National Mortgage Association, Pool #BD5909		3.50		10/15/47		116
	235	Government National Mortgage Association, Pool #MA4586		3.50		7/20/47		245
	227	Government National Mortgage Association, Pool #MA4510		3.50		6/20/47		237
	397	Government National Mortgage Association, Pool #MA5875		3.50		4/20/49		412
	277	Government National Mortgage Association, Pool #MA4262		3.50		2/20/47		289
	412	Government National Mortgage Association, Pool #MA4196		3.50		1/20/47		432
	74	Government National Mortgage Association, Pool #MA4322		4.00		3/20/47		78
	52	Government National Mortgage Association, Pool #753254		4.00		9/15/43		55
	81	Government National Mortgage Association, Pool #MA3245		4.00		11/20/45		86
	46	Government National Mortgage Association, Pool #740068		4.00		9/15/40		48
	83	Government National Mortgage Association, Pool #AB1483		4.00		8/15/42		87
	411	Government National Mortgage Association, Pool #MA4452		4.00		5/20/47		431
	57	Government National Mortgage Association, Pool #738710		4.00		9/15/41		60
	152	Government National Mortgage Association, Pool #MA3377		4.00		1/20/46		161
	29	Government National Mortgage Association, Pool #MA3174		4.00		10/20/45		31
	54	Government National Mortgage Association, Pool #MA0155		4.00		6/20/42		57
	85	Government National Mortgage Association, Pool #MA1996		4.00		6/20/44		90
	54	Government National Mortgage Association, Pool #MA3455		4.00		2/20/46		56
	82	Government National Mortgage Association, Pool #AD5627		4.00		4/15/43		86
	121	Government National Mortgage Association, Pool #MA0319		4.00		8/20/42		128
	31	Government National Mortgage Association, Pool #779401		4.00		6/15/42		33
	442	Government National Mortgage Association, Pool #5139		4.00		8/20/41		473
	32	Government National Mortgage Association, Pool #4922		4.00		1/20/41		34
	179	Government National Mortgage Association, Pool #MA4197		4.00		1/20/47		189
	81	Government National Mortgage Association, Pool #MA5330		4.00		7/20/48		85
	247	Government National Mortgage Association, Pool #MA4383		4.00		4/20/47		259
	227	Government National Mortgage Association, Pool #MA2074		4.00		7/20/44		240
	257	Government National Mortgage Association, Pool #MA4511		4.00		6/20/47		270
	8	Government National Mortgage Association, Pool #AJ2722		4.00		8/15/44		9
	480	Government National Mortgage Association, Pool #MA4587		4.00		7/20/47		503
	70	Government National Mortgage Association, Pool #AM8203		4.00		5/15/45		73
	168	Government National Mortgage Association, Pool #MA3598		4.00		4/20/46		176
	37	Government National Mortgage Association, Pool #AV6086		4.00		7/15/47		39
	374	Government National Mortgage Association, Pool #MA5595		4.00		11/20/48		390
	279	Government National Mortgage Association, Pool #MA4653		4.00		8/20/47		293
	145	Government National Mortgage Association, Pool #713876		4.00		8/15/39		154
	99	Government National Mortgage Association, Pool #MA3737		4.00		6/20/46		103
	118	Government National Mortgage Association, Pool #MA1678		4.00		2/20/44		125
	196	Government National Mortgage Association, Pool #MA1761		4.00		3/20/44		208
	133	Government National Mortgage Association, Pool #MA2522		4.00		1/20/45		139
	361	Government National Mortgage Association, Pool #MA5710		4.00		1/20/49		376
	168	Government National Mortgage Association, Pool #MA2304		4.00		10/20/44		175
	31	Government National Mortgage Association, Pool #766495		4.00		10/15/41		32
	49	Government National Mortgage Association, Pool #MA3106		4.00		9/20/45		52
	410	Government National Mortgage Association, Pool #MA5466		4.00		9/20/48		426
	276	Government National Mortgage Association, Pool #MA5078		4.00		3/20/48		288
	233	Government National Mortgage Association, Pool #MA1839		4.00		4/20/44		248
	75	Government National Mortgage Association, Pool #MA2149		4.00		8/20/44		78
	193	Government National Mortgage Association, Pool #MA2224		4.00		9/20/44		202
	88	Government National Mortgage Association, Pool #MA2602		4.00		2/20/45		93
	165	Government National Mortgage Association, Pool #MA4263		4.00		2/20/47		173
	155	Government National Mortgage Association, Pool #MA1449		4.00		11/20/43		165
	155	Government National Mortgage Association, Pool #MA1376		4.00		10/20/43		164
	82	Government National Mortgage Association, Pool #MA1286		4.00		9/20/43		87
	150	Government National Mortgage Association, Pool #MA2756		4.50		4/20/45		158
	188	Government National Mortgage Association, Pool #MA4384		4.50		4/20/47		199
	62	Government National Mortgage Association, Pool #MA4721		4.50		9/20/47		65

HC CAPITAL TRUST

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

Portfolio of Investments — September 30, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %			Maturity Date		Value (000)
		U.S. Government Agency Mortgages (continued)
$	170	Government National Mortgage Association, Pool #MA5467		4.50			9/20/48	$	178
	307	Government National Mortgage Association, Pool #MA5529		4.50			10/20/48		322
	75	Government National Mortgage Association, Pool #MA4780		4.50			10/20/47		79
	27	Government National Mortgage Association, Pool #MA4129		4.50			12/20/46		29
	148	Government National Mortgage Association, Pool #5260		4.50			12/20/41		158
	138	Government National Mortgage Association, Pool #MA4512		4.50			6/20/47		146
	299	Government National Mortgage Association, Pool #MA5399		4.50			8/20/48		313
	342	Government National Mortgage Association, Pool #MA5652		4.50			12/20/48		359
	45	Government National Mortgage Association, Pool #MA1092		4.50			6/20/43		49
	409	Government National Mortgage Association, Pool #MA5711		4.50			1/20/49		428
	156	Government National Mortgage Association, Pool #MA1762		4.50			3/20/44		166
	105	Government National Mortgage Association, Pool #MA0701		4.50			1/20/43		115
	35	Government National Mortgage Association, Pool #738793		4.50			9/15/41		37
	246	Government National Mortgage Association, Pool #MA5764		4.50			2/20/49		257
	448	Government National Mortgage Association, Pool #721760		4.50			8/15/40		483
	198	Government National Mortgage Association, Pool #717148		4.50			5/15/39		213
	618	Government National Mortgage Association, Pool #4801		4.50			9/20/40		665
	96	Government National Mortgage Association, Pool #MA5818		4.50			3/20/49		101
	311	Government National Mortgage Association, Pool #MA5596		4.50			11/20/48		327
	37	Government National Mortgage Association, Pool #BB7097		4.50			8/15/47		39
	25	Government National Mortgage Association, Pool #BC0597		4.50			8/15/47		27
	36	Government National Mortgage Association, Pool #729511		4.50			4/15/40		39
	60	Government National Mortgage Association, Pool #MA3805		4.50			7/20/46		64
	98	Government National Mortgage Association, Pool #MA5765		5.00			2/20/49		105
	154	Government National Mortgage Association, Pool #MA5080		5.00			3/20/48		163
	44	Government National Mortgage Association, Pool #MA5712		5.00			1/20/49		47
	204	Government National Mortgage Association, Pool #MA5653		5.00			12/20/48		216
	151	Government National Mortgage Association, Pool #MA5597		5.00			11/20/48		160
	96	Government National Mortgage Association, Pool #604285		5.00			5/15/33		104
	94	Government National Mortgage Association, Pool #694531		5.00			11/15/38		104
	73	Government National Mortgage Association, Pool #MA5400		5.00			8/20/48		77
	73	Government National Mortgage Association, Pool #MA5530		5.00			10/20/48		77
	434	Government National Mortgage Association, Pool #4559		5.00			10/20/39		479
	87	Government National Mortgage Association, Pool #MA2076		5.00			7/20/44		95
	68	Government National Mortgage Association, Pool #MA4007		5.00			10/20/46		75
	16	Government National Mortgage Association, Pool #MA0465		5.00			10/20/42		17
	65	Government National Mortgage Association, Pool #712690		5.00			4/15/39		72
	28	Government National Mortgage Association, Pool #675179		5.00			3/15/38		31
	26	Government National Mortgage Association, Pool #782468		5.00			11/15/38		28
	180	Government National Mortgage Association, Pool #782523		5.00			11/15/35		195
	33	Government National Mortgage Association, Pool #658181		5.50			11/15/36		35
	149	Government National Mortgage Association, Pool #783284		5.50			6/20/40		157
	17	Government National Mortgage Association, Pool #MA0466		5.50			10/20/42		19
	96	Government National Mortgage Association, Pool #510835		5.50			2/15/35		108
	58	Government National Mortgage Association, Pool #781959		6.00			7/15/35		64
	62	Government National Mortgage Association, Pool #4222		6.00			8/20/38		71
	71	Government National Mortgage Association, Pool #4245		6.00			9/20/38		81
	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		33
	375	Government National Mortgage Association, 30 YR TBA		3.00			10/20/49		385
	400	Government National Mortgage Association, 30 YR TBA		3.00			11/20/49		410
	2,650	Government National Mortgage Association, 30 YR TBA		3.50			10/20/48		2,745
	500	Government National Mortgage Association, 30 YR TBA		3.50			11/20/49		518
	4,350	Government National Mortgage Association, 30 YR TBA		4.00			10/20/49		4,522
	100	Government National Mortgage Association, 30 YR TBA		4.00			11/20/49		104
	1,275	Government National Mortgage Association, 30 YR TBA		4.50			10/20/49		1,331
	350	Government National Mortgage Association, 30 YR TBA		5.00			10/20/48		369
		Total U.S. Government Agency Mortgages							190,821
Shares
		Investment Company — 15.63%
	33,421,540	State Street Institutional Treasury Plus Money Market Fund, Trust Class		1.78	(b)				33,422
		Total Investment Company							33,422

HC CAPITAL TRUST

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

Portfolio of Investments — September 30, 2019 (Unaudited)

Principal Amount (000)			Security Description	Rate %		Maturity Date		Value (000)
			Total Investments Before TBA Sale Commitments (cost $238,594) — 113.10%					$	241,866
			TBA Sale Commitments (c) — (0.05)%
$	(100	)	Fannie Mae, 30 YR TBA		5.50		10/25/48		(108	)
			Total TBA Sale Commitments						(108	)
			Liabilities in excess of other assets — (13.05)%						(27,909	)
			Net Assets — 100.00%					$	213,849

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 September 30, 2019.

(b) The rate disclosed is the rate in effect on September 30, 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 September 30, 2019.

The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio	Mellon Investments Corporation			HC Capital Solutions			Total
Asset Backed Securities		1.46	%		—			1.46	%
Collateralized Mortgage Obligations		6.78	%		—			6.78	%
U.S. Government Agency Mortgages		89.23	%		—			89.23	%
Investment Company		13.26	%		2.37	%		15.63	%
TBA Sale Commitments		-0.05	%		—			-0.05	%
Other Assets (Liabilities)		-12.81	%		-0.24	%		-13.05	%
Total Net Assets		97.87	%		2.13	%		100.00	%

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 — September 30, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		Municipal Bonds — 97.18%
		Alabama — 3.03%
$	2,025	County of Baldwin Alabama, GO, Callable 11/1/24 @ 100.00		5.00		5/1/25	$	2,378
	710	University of Alabama Revenue, Series A, Callable 7/1/22 @ 100.00		5.00		7/1/23		780
								3,158
		Alaska — 1.42%
	1,385	Municipality of Anchorage Alaska, GO, Series B		5.00		9/1/21		1,483
		Arizona — 4.02%
	1,350	Maricopa County Unified School District No. 41 Gilbert, GO, Series C		5.00		7/1/25		1,617
	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		1,671
	805	County of Pima Arizona Sewer System Revenue		5.00		7/1/23		912
								4,200
		Arkansas — 2.49%
	2,295	Rogers School District No. 30, GO, Callable 8/1/24 @ 100.00 (State Aid Withholding)		4.00		2/1/26		2,588
		Connecticut — 1.25%
	1,200	State of Connecticut, GO, Series A		5.00		4/15/22		1,302
		District of Columbia — 2.24%
	2,000	District of Columbia, GO, Series D		5.00		6/1/24		2,337
		Florida — 13.32%
	1,245	School District of Broward County Florida Revenue, Series A		5.00		7/1/20		1,279
	1,400	State of Florida Lottery Revenue, Series A		5.00		7/1/20		1,438
	1,110	State of Florida, GO, Series D		5.00		6/1/20		1,138
	1,645	State of Florida Department of Management Services Refunding Certificates of Participation, Series A		5.00		11/1/23		1,878
	400	State of Florida Department of Environmental Protection Preservation Revenue, Series A		5.00		7/1/20		411
	950	State of Florida Department of Education Revenue, Series A		5.00		7/1/22		1,046
	1,950	State of Florida Turnpike Enterprise Revenue, Series B		5.00		7/1/21		2,074
	425	JEA Florida Electric System Revenue, Series D		5.00		10/1/22		466
	800	JEA Florida Water & Sewer System Revenue, Series A		5.00		10/1/20		830
	1,000	County of Miami-Dade Florida, GO		5.00		7/1/21		1,064
	2,105	Tohopekaliga Water Authority Utility System Revenue, Series A (Pre-Refunded/Escrowed to Maturity)		5.25		10/1/36		2,268
								13,892
		Georgia — 4.33%
	2,000	Bulloch County Board of Education, GO (State Aid Withholding)		5.00		5/1/21		2,115
	2,375	State of Georgia, GO, Series D		5.00		2/1/20		2,404
								4,519
		Hawaii — 0.43%
	425	State of Hawaii, GO, Series EO		5.00		8/1/21		453
		Illinois — 0.87%
	425	McHenry County Illinois Conservation District, GO		5.00		2/1/20		430
	475	Northbrook Illinois, GO, Series A		5.00		12/1/19		478
								908
		Iowa — 3.37%
	1,155	City of Ankeny, GO, Series A		5.00		6/1/21		1,225
	1,440	Ankeny Community School District, GO		5.00		6/1/23		1,625
	550	Linn-Mar Community School District, GO, Callable 5/1/26 @ 100.00		5.00		5/1/27		671
								3,521
		Kentucky — 0.76%
	685	University of Kentucky, GO, Series A, Callable 4/1/24 @ 100.00 (State Intercept)		5.00		4/1/25		797
		Maine — 1.38%
	1,340	Maine Municipal Bond Bank Revenue, Series B		5.00		11/1/21		1,441
		Maryland — 1.49%
	450	Maryland State, GO, Series A		5.00		3/1/20		457
	1,000	University System of Maryland, GO, Series A		5.00		4/1/22		1,091
								1,548

HC CAPITAL TRUST

The Short-Term Municipal Bond Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		Municipal Bonds (continued)
		Michigan — 0.50%
$	500	Oakland University Michigan Revenue		5.00		3/1/21	$	525
		Minnesota — 0.50%
	525	Minnesota Higher Education Facilities Authority Revenue (Pre-Refunded/Escrowed to Maturity)		5.00		10/1/21		525
		Missouri — 1.08%
	1,125	University of Missouri Revenue, Series A		5.00		11/1/19		1,128
		Nebraska — 1.10%
	1,140	Nebraska State Public Power District Revenue, Series A		4.00		1/1/20		1,148
		Nevada — 2.05%
	1,765	County of Clark Department of Aviation Revenue, Series A		5.00		7/1/21		1,876
	250	Clark County, Nevada Highway Revenue		5.00		7/1/20		257
								2,133
		New Jersey — 2.38%
	375	Middlesex County Improvement Authority Revenue (CNTY-GTD)		3.00		9/1/20		381
	130	South Brunswick Township New Jersey, GO		4.00		9/1/20		133
	1,945	County of Union New Jersey, GO, Series A&B		3.00		3/1/20		1,958
								2,472
		New Mexico — 2.07%
	2,100	County of Bernalillo New Mexico, GO		5.00		8/15/20		2,163
		New York — 7.61%
	2,190	Metropolitan Transportation Authority Revenue, Series A		4.00		2/3/20		2,208
	1,990	New York City Fiscal 2019, GO, Series A		5.00		8/1/20		2,050
	385	New York City Transitional Finance Authority Future Tax Secured Revenue		5.00		11/1/21		415
	900	New York City Transitional Finance Authority Future Tax Secured Revenue, Series C1		5.00		5/1/21		953
	250	New York City Municipal Water Finance Authority Water & Sewer System Revenue, Callable 12/15/21 @ 100.00		5.00		6/15/23		271
	405	New York State Dormitory Authority Revenue, Series A		5.00		2/15/24		468
	1,400	New York State Dormitory Authority Revenue, Series B		5.00		2/15/23		1,577
								7,942
		North Carolina — 1.86%
	375	State of North Carolina Revenue		5.00		3/1/23		421
	1,470	North Carolina State University at Raleigh Revenue		5.00		10/1/20		1,523
								1,944
		Ohio — 3.01%
	1,020	Allen County Ohio Hospital (Pre-Refunded/Escrowed to Maturity)		5.25		9/1/27		1,056
	1,930	Cleveland Department of Public Utilities Division of Water Revenue, Series D		5.00		1/1/22		2,084
								3,140
		Oklahoma — 1.12%
	1,145	Grand River Dam Authority, Revenue, Series A		5.00		6/1/20		1,172
		Oregon — 0.60%
	590	Multnomah County School District No. 1 Portland, GO, Series B (SCH BD GTY)		5.00		6/15/21		627
		Pennsylvania — 0.53%
	525	Philadelphia Pennsylvania Authority For Industrial Development Temple University Revenue, Series 2016		5.00		4/1/21		552
		South Carolina — 1.71%
	1,635	Aiken County Consolidated School District South Carolina, GO, Series B (SCSDE)		5.00		4/1/22		1,782
		South Dakota — 0.39%
	395	City of Sioux Falls South Dakota Sales Tax Revenue, Series A		5.00		11/15/20		411
		Tennessee — 0.35%
	350	City of Clarksville Tennessee Water Sewer & Gas Revenue		5.00		2/1/21		367
		Texas — 13.67%
	1,255	City of Arlington Texas, GO, Series A		5.00		8/15/22		1,386
	1,015	Conroe Independent School District, GO (PSF-GTD)		5.00		2/15/25		1,207

HC CAPITAL TRUST

The Short-Term Municipal Bond Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %			Maturity Date		Value (000)
		Municipal Bonds (continued)
		Texas (continued)
$	685	Cypress-Fairbanks Independent School District, GO, Series C (PSF-GTD)		5.00			2/15/22	$	745
	660	Dallas Area Rapid Transit Revenue, Series A		5.00			12/1/24		781
	450	Goose Creek Texas Consolidated Independent School District, GO, Callable 2/15/21 @ 100.00 (PSF-GTD)		5.00			2/15/22		473
	2,250	City of Grand Prairie Texas, GO		5.00			2/15/22		2,443
	2,225	City of Grapevine Texas, GO		4.00			2/15/20		2,245
	430	Harris County Toll Road Authority Revenue, Series B		5.00			8/15/22		474
	690	Katy Independent School District, GO, Series B (PSF-GTD)		5.00			2/15/22		750
	625	North East Independent School District Texas, GO (PSF-GTD)		5.00			8/1/22		689
	1,150	Round Rock Independent School District, GO (PSF-GTD)		5.00			8/1/25		1,386
	950	State of Texas, GO, Series C		1.78			10/1/20		950
	705	County of Travis Texas, GO		5.00			3/1/21		742
									14,271
		Virginia — 1.33%
	360	Virginia Commonwealth Transportation Board Revenue, Series A		5.00			3/15/20		366
	1,020	Virginia Housing Development Authority Revenue, Series A, Callable 10/28/19 @ 100.00		2.05			3/1/22		1,021
									1,387
		Washington — 8.61%
	1,050	Public Utility District No. 1 of Benton County Revenue		5.00			11/1/19		1,053
	1,260	County of King Washington, GO, Series B		5.00			7/1/25		1,519
	1,085	King County Washington School District No. 405, GO, Series B (SCH BD GTY)		5.00			12/1/24		1,285
	1,300	King County School District No. 411 Issaquah, GO (SCH BD GTY)		4.00			12/1/20		1,340
	215	King County Washington Sewer Revenue (Pre-Refunded/Escrowed to Maturity)		5.00			1/1/22		220
	135	King County Washington Sewer Revenue (Pre-Refunded/Escrowed to Maturity)		5.00			1/1/22		139
	1,735	City of Seattle Washington Municipal Light & Power Revenue, Series A		5.00			1/1/24		1,999
	150	Tacoma Washington Electric System Revenue, Series A		4.00			1/1/20		151
	365	State of Washington Revenue, Series A		5.00			7/1/20		374
	820	State of Washington Revenue, Series F		5.00			9/1/22		908
									8,988
		Wisconsin — 6.31%
	1,125	City of Janesville Wisconsin, GO		3.00			2/1/20		1,131
	380	City of Milwaukee Wisconsin, GO, Series N4&B5		5.00			4/1/23		427
	1,000	Stevens Point Area Public School District Wisconsin, GO		5.00			4/1/24		1,159
	525	Wisconsin Energy Power Supply Revenue, Series A		5.00			7/1/22		577
	1,630	Wauwatosa School District, GO, Series A		4.00			3/1/21		1,689
	880	State of Wisconsin Clean Water Fund Leveraged Loan Portfolio Revenue, Series 1		4.00			6/1/21		920
	665	Wisconsin Health & Educational Facilities Authority Revenue		5.00			11/15/20		692
									6,595
		Total Municipal Bonds							101,419
Shares
		Investment Company — 1.58%
	1,653,578	State Street Institutional Treasury Plus Money Market Fund, Trust Class		1.78	(a)				1,654
		Total Investment Company							1,654
		Total Investments (cost $101,819) — 98.76%							103,073
		Other assets in excess of liabilities — 1.24%							1,296
		Net Assets — 100.00%						$	104,369

(a) The rate disclosed is the rate in effect on September 30, 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 September 30, 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 — September 30, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %			Maturity Date		Value (000)
		Municipal Bonds — 87.86%
		Alabama — 0.69%
$	1,400	Birmingham Alabama Water Works Board Water Revenue, Series B		5.00			1/1/24	$	1,604
	1,000	Jefferson County Alabama Revenue		5.00			9/15/22		1,099
									2,703
		Arizona — 0.92%
	1,015	State of Arizona, Series A		5.00			10/1/25		1,226
	1,000	Maricopa County High School District No. 210-Phoenix, GO		5.00			7/1/25		1,198
	1,000	Salt Verde Arizona Financial Corp. Senior Gas Revenue (Citigroup, Inc.)		5.25			12/1/24		1,162
									3,586
		Arkansas — 0.34%
	1,200	Arkansas State Development Finance Authority Hospital Revenue, Series B		5.00			2/1/23		1,321
		California — 3.52%
	1,500	California State, GO		5.00			8/1/24		1,761
	1,750	State of California, GO, Callable 4/1/29 @ 100.00		5.00			4/1/30		2,277
	820	California State Department of Water Resources Revenue, Central Valley Project Continuously Callable @ 100.00		5.25			7/1/22		822
	4,155	California State Public Works Board Lease Revenue, Series D		5.00			4/1/24		4,842
	2,460	Golden State Tobacco Securitization Corp. California Tobacco Settlement Revenue, Series A-1		5.00			6/1/26		2,896
	1,000	Los Angeles California Department of Airports Revenue		5.00			5/15/23		1,132
	65	University of California Revenue, Series Q Continuously Callable @ 100.00		5.25			5/15/23		65
									13,795
		Colorado — 5.40%
	5,000	Colorado State Health Facilities Authority Revenue, Catholic Health Initiatives, Series D-3		5.00	(a)		10/1/38		5,355
	3,550	Colorado Health Facilities Authority Revenue, Series A		5.00			1/1/25		4,174
	1,225	Colorado State Board of Governors University Enterprise System Revenue, Series E-2		5.00			3/1/25		1,472
	2,970	Denver City & County School District No. 1, GO, Series A (State Aid Withholding)		5.50			12/1/25		3,704
	1,750	Denver City & County Colorado Airport System Revenue, Series A		5.00			11/15/23		2,004
	3,600	Denver City & County Colorado Airport System Revenue, Series A		5.00			12/1/25		4,333
									21,042
		Connecticut — 1.88%
	3,000	State of Connecticut, GO, Series A, Callable 10/15/23 @ 100.00		5.00			10/15/25		3,398
	1,025	Connecticut State Health & Educational Facilities Authority Revenue, Series B		5.00			12/1/26		1,232
	2,500	Connecticut State Special Tax Obligation Revenue, Transportation Infrastructure, Series A		5.00			9/1/21		2,672
									7,302
		District of Columbia — 0.80%
	1,500	District of Columbia University Revenue		5.00			4/1/25		1,784
	1,200	Metropolitan Washington Airports Authority Revenue, Series A (AMT)		5.00			10/1/22		1,322
									3,106
		Florida — 3.23%
	1,415	Florida Higher Educational Facilities Financial Authority Revenue		5.00			3/1/26		1,659
	1,615	Lee County Florida Solid Waste System Revenue		5.00			10/1/22		1,770
	1,500	Lee County Florida Solid Waste System Revenue (AMT)		5.00			10/1/25		1,770
	3,250	Orange County Florida Tourist Development Tax Revenue, Series B		5.00			10/1/25		3,923
	1,500	Palm Beach County Florida Health Facilities Authority Revenue		5.00			11/15/21		1,601
	1,750	South Florida Water Management District Corps, Certificate of Participation		5.00			10/1/21		1,871
									12,594
		Georgia — 2.49%
	1,000	Atlanta Georgia Development Authority Revenue, Series A-1		5.00			7/1/23		1,127
	1,250	Fulton County Georgia Development Authority Revenue, Series A		5.00			7/1/23		1,414
	1,600	Fulton County Georgia Development Authority Revenue, Series A		5.00			7/1/24		1,861
	3,050	Georgia State Municipal Gas Authority Revenue, Gas Portfolio III Project, Series U		5.00			10/1/21		3,267
	1,000	Main Street Natural Gas, Inc. Revenue, Series B, Callable 6/1/23 @ 100.00		2.15 (US0001M + 75.00 bps)(b)			4/1/48		1,003

HC CAPITAL TRUST

The Intermediate Term Municipal Bond Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %			Maturity Date		Value (000)
		Municipal Bonds (continued)
		Georgia (continued)
$	1,000	Savannah Economic Development Authority Revenue		1.90			8/1/24	$	1,002
									9,674
		Illinois — 6.16%
	90	Chicago Illinois Certificates of Participation, Tax Increment Allocation Revenue, Diversey / Narragansett Project, Series NT Continuously Callable @ 100.00		7.46			2/15/26		71
	3,035	Metropolitan Water Reclamation District of Greater Chicago, GO, Series A, Callable 12/1/26 @ 100.00		5.00			12/1/27		3,706
	1,725	Metropolitan Water Reclamation District of Greater Chicago, GO, Series B		5.00			12/1/24		2,011
	1,000	Chicago Park District, GO, Series B, Callable 1/1/24 @ 100.00		5.00			1/1/26		1,125
	1,000	City of Chicago Illinois Waterworks Revenue, Callable 11/1/24 @ 100.00		5.00			11/1/25		1,148
	1,000	City of Chicago Illinois Waterworks Revenue		5.00			11/1/24		1,154
	1,000	City of Chicago Illinois Waterworks Revenue, Callable 11/1/22 @ 100.00		5.00			11/1/24		1,093
	1,240	Illinois State Finance Authority Revenue, Series B		5.00			5/1/22		1,345
	4,600	Illinois State Sales Tax Revenue, Series A		5.00			6/15/25		5,321
	750	Northern Illinois Municipal Power Agency Project Revenue, Series A		5.00			12/1/22		829
	2,000	Railsplitter Tobacco Settlement Authority Revenue		5.00			6/1/22		2,187
	2,000	Regional Transportation Authority Revenue (AGC)		6.00			6/1/25		2,400
	1,450	University of Illinois Revenue, Series C, Callable 10/1/21 @ 100.00		5.00			4/1/25		1,551
									23,941
		Indiana — 2.61%
	2,250	Indiana Finance Authority Revenue, Series B, Callable 1/1/25 @ 100.00		2.25	(a)		12/1/58		2,324
	1,150	Indiana Finance Authority Revenue, Series A		5.00			11/1/23		1,308
	1,000	Indiana Finance Authority Revenue, Series A		5.00			11/1/24		1,169
	1,500	Indiana Finance Authority Revenue, Series A		3.13			12/1/24		1,604
	1,000	Indiana State Finance Authority Revenue, Stadium Project, Series A		5.00			2/1/23		1,118
	2,250	Whiting Indiana Environmental Facilities Revenue		5.00	(a)		11/1/47		2,598
									10,121
		Kentucky — 2.15%
	3,160	Kentucky Public Energy Authority Revenue, Series A		4.00			4/1/23		3,425
	1,000	Kentucky Public Energy Authority Revenue, Series A, Callable 1/2/24 @ 100.40		4.00			4/1/24		1,103
	3,500	Kentucky Public Energy Authority Revenue, Series B, Callable 10/1/24 @ 100.24		4.00			1/1/49		3,863
									8,391
		Louisiana — 1.50%
	1,415	Jefferson Sales Tax District, Series A (AGM)		5.00			12/1/25		1,706
	2,850	Louisiana State Citizens Property Insurance Corp. Revenue (AGM)		5.00			6/1/22		3,124
	1,000	Parish of St John the Baptist Louisiana Revenue		2.10	(a)		6/1/37		1,002
									5,832
		Maine — 0.31%
	1,025	Finance Authority of Maine Revenue		5.00			12/1/26		1,227
		Maryland — 3.06%
	1,000	Maryland State Health & Higher Educational Facilities Authority Revenue, Series B		5.00			7/1/22		1,099
	1,000	Maryland State Economic Development Corp. Private Activity Revenue, Series A, Callable 11/30/21 @ 100.00 (AMT)		5.00			3/31/24		1,068
	4,040	Maryland State Stadium Authority Revenue		5.00			5/1/24		4,703
	2,090	Maryland State Transportation Authority Revenue (AMT)		5.00			6/1/28		2,633
	2,110	Montgomery County Maryland, GO, Series A		5.00			12/1/23		2,431
									11,934
		Massachusetts — 0.76%
	1,000	Massachusetts State Educational Financing Authority Revenue (AMT)		5.00			1/1/25		1,158
	1,615	Massachusetts State Educational Financing Authority Revenue, Series A (AMT)		5.00			7/1/23		1,810
									2,968
		Michigan — 2.69%
	1,810	Great Lakes Michigan Water Authority Sewage Disposal System Revenue, Series B		5.00			7/1/24		2,093
	1,000	Michigan Finance Authority Revenue, Callable 6/1/25 @ 100.00		5.50			12/1/29		1,203
	1,450	Michigan State Building Authority Revenue		5.00			4/15/25		1,727
	1,605	Michigan Strategic Fund Revenue		5.00			6/30/25		1,874
	2,960	Utica Community Schools, GO (Q-SBLF)		5.00			5/1/26		3,578

HC CAPITAL TRUST

The Intermediate Term Municipal Bond Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %			Maturity Date		Value (000)
		Municipal Bonds (continued)
		Michigan (continued)
								$	10,475
		Minnesota — 0.31%
$	1,000	Minneapolis-St Paul Metropolitan Airports Commission Revenue, Series C		5.00			1/1/26		1,210
		Missouri — 1.02%
	1,000	Missouri State Health & Educational Facilities Authority Revenue		5.00			11/15/23		1,143
	2,400	Health & Educational Facilities Authority of the State of Missouri Revenue		5.00			6/1/25		2,842
									3,985
		Nevada — 1.62%
	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		1,219
	1,000	State of Nevada Highway Improvement Revenue		5.00			12/1/24		1,183
									6,318
		New Jersey — 2.75%
	3,750	New Jersey State Economic Development Authority Revenue, School Facilities Construction, Series NN		5.00			3/1/21		3,928
	2,000	New Jersey State Higher Education Student Assistance Authority Revenue, Series B (AMT)		5.00			12/1/22		2,192
	1,660	New Jersey Housing & Mortgage Finance Agency Revenue, Series D		4.00			4/1/22		1,741
	2,700	Tobacco Settlement Financing Corp. New Jersey Revenue, Series B		3.20			6/1/27		2,845
									10,706
		New York — 5.25%
	2,110	Metropolitan Transportation Authority New York Revenue, Series A-1		5.00			11/15/22		2,333
	2,000	Metropolitan Transportation Authority New York Revenue, Series B		5.00			11/15/22		2,211
	2,500	New York State, GO, Series C		5.00			8/1/23		2,844
	3,000	New York City Housing Development Corp. Revenue, Series B-2, Callable 7/1/23 @ 100.00		5.00			7/1/26		3,399
	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		1,168
	3,255	New York State Transportation Development Corp. Special Facilities Revenue, Terminal One Group Associates		5.00			1/1/21		3,387
	4,500	Port Authority of New York & New Jersey New York Revenue, Consolidated 185th (AMT)		5.00			9/1/23		5,108
									20,450
		North Carolina — 2.71%
	1,000	City of Charlotte NC Airport Revenue, Series C		4.00			7/1/23		1,093
	1,000	City of Charlotte NC Airport Revenue, Series C		5.00			7/1/24		1,162
	1,000	North Carolina State Turnpike Authority Revenue (AGC)		5.00			1/1/24		1,128
	5,000	County of Wake North Carolina, GO		5.00			9/1/24		5,893
	1,000	County of Wake North Carolina Revenue		5.00			9/1/28		1,298
									10,574
		Ohio — 1.86%
	1,500	American Municipal Power, Inc. Revenue, Series A, Callable 2/15/24 @ 100.00		5.00			2/15/27		1,724
	1,750	Ohio American Municipal Power, Inc. Revenue, Series A		5.00			2/15/24		2,015
	750	Mahoning County Ohio Hospital Facilities Revenue, Western Reserve Care System Continuously Callable @ 100.00 (MBIA)		5.50			10/15/25		858
	2,500	Montgomery County Ohio Revenue, Miami Valley Hospital, Series A, Callable 11/15/20 @ 100.00		5.75			11/15/22		2,618
									7,215
		Oklahoma — 0.36%
	1,275	Grand River Oklahoma Dam Authority Revenue, Series A		5.00			6/1/22		1,401
		Oregon — 0.39%
	1,305	Benton & Linn Counties Consolidated School District No. 509J & 509A Corvallis, GO, Series A (SCH BD GTY)		0.00	(a)		6/15/25		1,511
		Pennsylvania — 4.41%
	1,250	Commonwealth Financing Authority Revenue, Tobacco Master Settlement		5.00			6/1/23		1,403
	4,000	Delaware Valley Regional Finance Authority Revenue, Series B, Callable 9/1/21 @ 100.00 (CNTY-GTD)		2.00 (MUNIPSA + 42.00 bps)	(b)		9/1/48		4,000
	2,500	Pennsylvania Economic Development Financing Authority Revenue (AMT)		2.15	(a)		7/1/41		2,534
	2,500	Pennsylvania State Turnpike Commission Revenue		5.00			6/1/24		2,880
	3,000	Philadelphia Pennsylvania Gas Works Revenue		5.00			8/1/21		3,196

HC CAPITAL TRUST

The Intermediate Term Municipal Bond Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %			Maturity Date		Value (000)
		Municipal Bonds (continued)
		Pennsylvania (continued)
$	1,000	City of Philadelphia Pennsylvania Water & Wastewater Revenue, Series B		5.00			11/1/27	$	1,258
	1,700	Southeastern Pennsylvania Transportation Authority Revenue		5.00			3/1/23		1,909
									17,180
		Rhode Island — 0.85%
	2,000	Rhode Island Health & Educational Building Corp. Revenue		5.00			5/15/23		2,235
	1,000	Rhode Island State Student Loan Authority Student Loan Revenue, Series A (AMT)		5.00			12/1/22		1,084
									3,319
		South Carolina — 1.79%
	3,680	County of Charleston South Carolina, GO, Series A (State Aid Withholding)		5.00			11/1/26		4,580
	2,250	Piedmont Municipal Power Agency Electric Revenue, Series A-2, Callable 1/1/21 @ 100.00		5.00			1/1/22		2,348
									6,928
		Tennessee — 0.77%
	1,250	Tennessee State Energy Acquisition Corp. Gas Revenue, Series E, Callable 2/1/23 @ 100.43		4.00	(a)		5/1/48		1,340
	1,500	Tennessee Energy Acquisition Corp. Revenue, Callable 8/1/25 @ 100.22		4.00	(a)		11/1/49		1,663
									3,003
		Texas — 18.19%
	2,000	Aldine Texas Independent School District, GO (PSF-GTD)		5.00			2/15/25		2,379
	1,000	Austin Texas Community College District, GO		5.00			8/1/23		1,137
	1,180	Clifton Higher Education Finance Corp. Revenue (PSF-GTD)		5.00			8/15/24		1,370
	2,200	Clifton Higher Education Finance Corp. Revenue (PSF-GTD)		5.00			8/15/25		2,628
	3,500	Dallas-Fort Worth Texas International Airport Revenue, Series E		5.00			11/1/22		3,858
	1,000	City of Dallas Texas, GO, Series A, Callable 2/15/23 @ 100.00		5.00			2/15/26		1,115
	2,450	City of Dallas Texas, GO, Callable 2/15/25 @ 100.00		5.00			2/15/27		2,905
	2,500	Dallas Independent School District, GO, Series A, Callable 2/15/25 @ 100.00 (PSF-GTD)		5.00			2/15/27		2,958
	1,100	Denton Texas Utility System Revenue		5.00			12/1/22		1,225
	1,000	El Paso Texas Water & Sewer Revenue		5.00			3/1/22		1,085
	3,500	Grand Parkway Transportation Corp. Revenue		5.00			2/1/23		3,894
	2,095	Harris County Cultural Education Facilities Finance Corp. Medicine Facilities Revenue, Baylor College of Medicine		5.00			11/15/23		2,398
	2,100	Harris County Cultural Education Facilities Finance Corp. Revenue		5.00			11/15/27		2,616
	1,650	Harris County Cultural Education Facilities Finance Corp. Revenue		5.00			11/15/25		1,991
	1,650	Harris County Toll Road Authority Revenue, Series A		5.00			8/15/23		1,878
	2,500	City of Houston Texas Airport System Revenue, Series C (AMT)		5.00			7/1/25		2,965
	1,000	Love Field Texas Airport Modernization Corp. General Airport Revenue (AMT)		5.00			11/1/22		1,105
	2,300	Dallas Love Field Revenue (AMT)		5.00			11/1/25		2,749
	1,220	Love Field Texas Airport Modernization Corp. General Airport Revenue, Callable 11/1/22 @ 100.00		5.00			11/1/28		1,332
	1,000	Lower Colorado River Texas Authority Transmission Contract Revenue		5.00			5/15/22		1,095
	1,075	Lower Colorado River Texas Authority Transmission Contract Revenue		5.00			5/15/23		1,218
	1,000	Lower Colorado River Texas Authority Revenue		5.00			5/15/26		1,226
	1,695	North Texas Tollway Authority Revenue, Series A		5.00			1/1/22		1,834
	2,500	North Texas Tollway Authority Revenue, Series A		5.00			1/1/22		2,702
	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		1,106
	1,000	Northside Texas Independent School District, GO (PSF-GTD)		5.00			6/15/24		1,167
	1,070	Sam Rayburn Texas Municipal Power Agency Revenue		5.00			10/1/20		1,105
	1,175	San Antonio Texas Water Revenue, Junior Lien, Series A		5.00			5/15/22		1,286
	1,505	Texas A&M University Revenue, Series E		5.00			5/15/23		1,700
	4,365	Texas State College Student Loan, GO		5.00			8/1/22		4,791
	2,230	University of Houston Revenue, Series C, Callable 2/15/26 @ 100.00		5.00			2/15/28		2,697
	3,000	University of Texas Revenue, Series E		5.00			8/15/23		3,417
	1,300	West Harris County Regional Water Authority Revenue		5.00			12/15/27		1,637
	1,000	West Travis County Public Utility Agency Revenue (BAM)		5.00			8/15/26		1,217
									70,934
		Utah — 0.34%
	1,090	Utah Transit Authority Revenue		5.00			12/15/26		1,342

HC CAPITAL TRUST

The Intermediate Term Municipal Bond Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %			Maturity Date		Value (000)
		Municipal Bonds (continued)
		Virginia — 2.68%
$	1,000	Fairfax County Virginia Industrial Development Authority Revenue, Series A		5.00			5/15/22	$	1,095
	1,000	Fairfax County Virginia Industrial Development Authority Revenue, Series A		5.00			5/15/23		1,129
	1,000	Fairfax County Virginia Industrial Development Authority Revenue, Series A		5.00			5/15/24		1,162
	2,000	King George County Economic Development Authority Revenue		2.50	(a)		6/1/23		2,001
	2,000	Virginia Commonwealth Transportation Board Revenue, Series A		5.00			5/15/23		2,263
	1,400	Virginia Commonwealth Transportation Board Revenue, Series A		5.00			5/15/24		1,632
	1,000	Virginia Public Building Authority Revenue, Series B (AMT)		5.00			8/1/24		1,158
									10,440
		Washington — 2.44%
	1,420	Grant County Washington Public Utilities District #2 Priest Rapids Hydro Electric Revenue, Series B (AMT)		5.00			1/1/22		1,533
	1,500	Port of Seattle Washington Revenue (AMT)		5.00			4/1/26		1,808
	2,500	Washington State, GO, Series B		5.00			7/1/23		2,840
	1,250	Washington Health Care Facilities Authority Revenue		5.00			10/1/25		1,501
	1,600	Washington Health Care Facilities Authority Revenue, Series B1, Callable 2/1/24 @ 100.00		5.00	(a)		8/1/49		1,819
									9,501
		Wisconsin — 1.61%
	1,000	Public Finance Authority Wisconsin Lease Development Revenue		5.00			3/1/22		1,082
	1,000	Public Finance Authority Wisconsin Lease Development Revenue		5.00			3/1/23		1,113
	1,225	University of Wisconsin Hospitals & Clinics Revenue		5.00			4/1/26		1,477
	1,155	Wisconsin State Health & Educational Facilities Authority Revenue, Series A		5.00			11/15/22		1,283
	1,100	Wisconsin Health & Educational Facilities Authority		4.00			11/15/26		1,284
									6,239
		Total Municipal Bonds							342,268
		Corporate Bond — 0.00%
	3,939	ASC Equipment (Trading Companies & Distributors) (c)		5.13	(d)		3/1/08		—
		Total Corporate Bond							—
Shares
		Investment Companies — 11.27%
	55,380	AllianceBernstein National Municipal Income Fund, Inc.							763
	54,643	BlackRock California Municipal Income Trust							748
	49,651	BlackRock Investment Quality Municipal Trust, Inc.							773
	91,727	BlackRock Muni Intermediate Duration Fund, Inc.							1,301
	74,935	BlackRock Municipal 2030 Target Term Trust							1,773
	84,289	BlackRock Municipal Income Quality Trust							1,193
	79,192	BlackRock Municipal Income Trust							1,118
	52,835	BlackRock MuniYield California Fund, Inc.							759
	52,400	BlackRock MuniYield California Quality Fund, Inc.							754
	29,023	BlackRock MuniYield Quality Fund II, Inc.							376
	98,895	BlackRock MuniYield Quality Fund III, Inc.							1,342
	50,267	BlackRock MuniYield Quality Fund, Inc.							756
	57,298	BNY Mellon Municipal Bond Infrastructure Fund, Inc.							815
	64,645	BNY Mellon Municipal Income, Inc.							604
	92,101	BNY Mellon Strategic Municipal Bond Fund, Inc.							775
	90,669	BNY Mellon Strategic Municipals, Inc.							778
	43,431	Eaton Vance Municipal Bond Fund							563
	65,510	Invesco Advantage Municipal Income Trust II							736
	55,851	Invesco California Value Municipal Income Trust							716
	59,044	Invesco Municipal Opportunity Trust							739
	46,389	Invesco Municipal Trust							585
	90,048	Invesco Quality Municipal Income Trust							1,152
	130,280	Invesco Trust For Investment Grade Municipals							1,677
	53,994	MFS High Income Municipal Trust							297
	130,017	Nuveen AMT-Free Municipal Credit Income Fund							2,174
	237,997	Nuveen AMT-Free Quality Municipal Income Fund							3,405
	77,890	Nuveen California AMT-Free Quality Municipal Income Fund							1,178

HC CAPITAL TRUST

The Intermediate Term Municipal Bond Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Shares		Security Description	Rate %			Value (000)
		Investment Companies (continued)
	105,585	Nuveen California Quality Municipal Income Fund				$	1,583
	83,141	Nuveen Intermediate Duration Municipal Term Fund					1,142
	101,362	Nuveen Municipal Credit Income Fund					1,645
	114,760	Nuveen New York AMT-Free Quality Municipal Income Fund					1,545
	27,418	Nuveen Pennsylvania Quality Municipal Income Fund					384
	262,381	Nuveen Quality Municipal Income Fund					3,767
	97,606	Putnam Managed Municipal Income Trust					764
	86,295	Putnam Municipal Opportunities Trust					1,128
	4,093,897	State Street Institutional Treasury Plus Money Market Fund, Trust Class		1.78	(d)		4,094
		Total Investment Companies					43,902
		Total Investments (cost $378,756) — 99.13%					386,170
		Other assets in excess of liabilities — 0.87%					3,405
		Net Assets — 100.00%				$	389,575

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 on September 30, 2019.

(b) Variable Rate Security. The rate disclosed is the rate in effect on September 30, 2019.

(c) Defaulted Bond.

(d) The rate disclosed is the rate in effect on September 30, 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 September 30, 2019.

The Intermediate Term Municipal Bond Portfolio	Mellon Investments Corporation			City of London Investment Management Company, Ltd.			HC Capital Solutions			Total
Municipal Bonds		87.86	%		—			—			87.86	%
Corporate Bond		0.00	%		—			—			0.00	%
Investment Companies		—			10.22	%		1.05	%		11.27	%
Other Assets (Liabilities)		0.95	%		0.09	%		-0.17	%		0.87	%
Total Net Assets		88.81	%		10.31	%		0.88	%		100.00	%

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

Amounts designated as “0.00%” round to less than 0.005%.

HC CAPITAL TRUST

The Intermediate Term Municipal Bond II Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %		Maturity Date		Value (000)
		Municipal Bonds — 93.67%
		Alabama — 3.68%
$	1,415	Birmingham Alabama Special Care Facilities Financing Authority Health Care Facility, Callable 6/1/25 @ 100.00		5.00		6/1/29	$	1,666
	1,000	Pell City Alabama, GO, Series A, Callable 2/1/25 @ 100.00		5.00		2/1/26		1,185
								2,851
		Alaska — 1.64%
	1,230	Municipality of Anchorage Alaska, GO, Series B		5.00		9/1/20		1,271
		Arizona — 0.81%
	450	Maricopa County Arizona Unified School District No. 48, GO		5.00		7/1/21		479
	140	Yuma County Arizona Jail District Revenue, Pledge Obligation		5.00		7/1/20		144
								623
		Florida — 15.19%
	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		1,542
	800	State of Florida, GO, Series A		5.00		6/1/23		907
	1,525	Florida Department of Environmental Protection Revenue, Series A		5.00		7/1/24		1,782
	1,400	Lee County Florida School Board Certificates of Participation, Series A, Callable 8/1/24 @ 100.00		5.00		8/1/27		1,631
	750	Miami-Dade County Florida, GO, Series A, Callable 11/1/24 @ 100.00		5.00		11/1/27		886
	1,000	Miami-Dade County Florida Water & Sewer Revenue, Series B (AGM)		5.25		10/1/20		1,040
	585	Orange County Florida School Board Certificates of Participation, Series A		5.00		8/1/23		664
	1,500	West Palm Beach Florida Utility System Revenue, Series A, Callable 10/1/21 @ 100.00		5.00		10/1/22		1,607
								11,810
		Idaho — 1.82%
	1,285	Idaho State Housing & Finance Association, Grant & Revenue Anticipation Federal Highway Trust, Series A		5.00		7/15/22		1,416
		Illinois — 2.23%
	1,400	Illinois Finance Authority Revenue		5.00		1/1/27		1,731
		Iowa — 2.16%
	1,410	City of Bettendorf Iowa, GO, Series D		5.00		6/1/25		1,681
		Kansas — 1.25%
	850	City of Olathe Kansas, GO, Series 230		5.00		10/1/23		970
		Massachusetts — 2.23%
	1,000	Massachusetts State Bay Transportation Authority Sales Tax Revenue		4.00		12/1/21		1,058
	600	Massachusetts State, GO, Series A		5.00		3/1/23		674
								1,732
		Nevada — 4.04%
	800	Clark County Nevada Highway Improvement Revenue		5.00		7/1/23		903
	1,105	Las Vegas Valley Nevada Water District, GO, Series B		5.00		12/1/24		1,308
	800	Nevada State System of Higher Education Certificates of Participation Revenue, Series A, Callable 7/1/24 @ 100.00		5.00		7/1/26		932
								3,143
		New Mexico — 1.69%
	1,025	Albuquerque Municipal School District No. 12, GO, Callable 8/1/28 @ 100.00 (State Aid Withholding)		5.00		8/1/29		1,310
		New York — 6.59%
	495	New York City Transitional Finance Authority Revenue, Series D, Callable 2/1/21 @ 100.00		5.25		2/1/22		521
	1,700	New York State Environmental Facilities Corp. Revenue, Callable 6/15/24 @ 100.00		5.00		6/15/29		1,985
	1,470	New York State Dormitory Authority Revenue, Series E, Callable 9/15/28 @ 100.00		5.00		3/15/30		1,886
	625	New York State Dormitory Authority State Personal Income Tax Revenue, Series A, Callable 2/15/24 @ 100.00		5.00		2/15/26		726
								5,118
		North Carolina — 2.89%
	1,500	North Carolina State Revenue, Series B		5.00		5/1/27		1,888
	300	University of North Carolina at Greensboro Revenue		5.00		4/1/25		359

HC CAPITAL TRUST

The Intermediate Term Municipal Bond II Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

Principal Amount (000)		Security Description	Rate %			Maturity Date		Value (000)
		Municipal Bonds (continued)
		North Carolina (continued)
								$	2,247
		Ohio — 8.38%
$	700	American Municipal Power, Inc. Revenue, Series A, Callable 2/15/24 @ 100.00		5.00			2/15/27		805
	1,000	Butler County Ohio Hospital Facilities Revenue, Series X		5.00			5/15/29		1,284
	1,600	Columbus Ohio State, GO, Series 1 (Pre-Refunded/Escrowed to Maturity)		5.00			7/1/24		1,822
	500	Ohio State Hospital Facility Revenue, Callable 1/1/28 @ 100.00		5.00			1/1/30		629
	800	Ohio State University Revenue		5.00			12/1/22		892
	975	Ohio Water Development Authority Revenue		5.00			6/1/22		1,069
									6,501
		Pennsylvania — 3.32%
	1,375	Blairsville-Saltsburg School District, GO (BAM State Aid Withholding)		5.00			3/15/23		1,551
	1,000	Pennsylvania State, GO, Series A		5.00			5/1/20		1,022
									2,573
		South Dakota — 2.68%
	1,675	South Dakota Board of Regents Revenue, Callable 10/1/27 @ 100.00		5.00			4/1/29		2,079
		Texas — 19.11%
	710	Dallas Texas Waterworks & Sewer System Revenue (Pre-Refunded/Escrowed to Maturity)		5.00			10/1/23		762
	540	Dallas Texas Waterworks & Sewer System Revenue, Callable 10/1/21 @ 100.00		5.00			10/1/23		581
	875	City of Denton Texas, GO		5.00			2/15/21		918
	1,545	Harris County Texas Revenue, Series A, Callable 8/15/26 @ 100.00		5.00			8/15/30		1,882
	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		1,810
	1,120	Houston Community College System Revenue		5.00			4/15/21		1,182
	1,460	Humble Independent School District, GO, Series C		5.00			2/15/24		1,687
	1,550	City of Missouri City Texas, GO, Callable 6/15/26 @ 100.00		5.00			6/15/30		1,876
	1,715	North East Independent School District Texas, GO, Series B (PSF-GTD)		5.00			2/1/24		1,980
	300	City of Pearland Texas, GO, Callable 3/1/27 @ 100.00		5.00			3/1/29		369
	1,500	Texas State Water Development Board Revenue, Series A, Callable 10/15/25 @ 100.00		5.00			4/15/26		1,820
									14,867
		Washington — 12.88%
	1,000	King County Washington, GO		5.25			1/1/23		1,125
	1,050	King County School District No. 405 Bellevue, GO, Callable 12/1/27 @ 100.00 (SCH BD GTY)		5.00			12/1/29		1,329
	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		1,581
	1,400	King County Washington Sewer Revenue (Pre-Refunded/Escrowed to Maturity)		5.00			1/1/24		1,516
	500	King County Washington Sewer Revenue		5.00			1/1/20		504
	540	City of Spokane Washington Water & Wastewater System Revenue		5.00			12/1/19		543
	1,500	Tacoma Washington Water Revenue, Series A, Callable 6/1/20 @ 100.00		5.00			12/1/22		1,535
	1,750	State of Washington, GO, Series A		5.00			8/1/21		1,868
									10,001
		Wisconsin — 1.08%
	800	DeForest Area School District, GO		5.00			4/1/21		841
		Total Municipal Bonds							72,765
Shares
		Investment Company — 5.22%
	4,055,814	State Street Institutional Treasury Plus Money Market Fund, Trust Class		1.78	(a)				4,056
		Total Investment Company							4,056
		Total Investments (cost $73,863) — 98.89%							76,821
		Other assets in excess of liabilities — 1.11%							865
		Net Assets — 100.00%						$	77,686

(a) The rate disclosed is the rate in effect on September 30, 2019.

AGM — Assured Guaranty Municipal Corporation

HC CAPITAL TRUST

The Intermediate Term Municipal Bond II Portfolio

Portfolio of Investments — September 30, 2019 (Unaudited)

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 September 30, 2019.

The Intermediate Term Municipal Bond II Portfolio	Breckinridge Capital Advisors, Inc.			HC Capital Solutions			Total
Municipal Bonds		93.67	%		—			93.67	%
Investment Company		0.41	%		4.81	%		5.22	%
Other Assets (Liabilities)		1.28	%		-0.17	%		1.11	%
Total Net Assets		95.36	%		4.64	%		100.00	%

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