# EDGAR Filing Document

**Accession Number:** 0000934563
**File Stem:** 0001004726-26-004098
**Filing Date:** 2026-5
**Character Count:** 900794
**Document Hash:** 184b7ef0c661a3a301b0e734db29dcd6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001004726-26-004098.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0001004726-26-004098

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260528

**DATE AS OF CHANGE**: 20260528

**PERIOD START**: 20260630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HC CAPITAL TRUST
- **CENTRAL INDEX KEY:** 0000934563

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08918
- **FILM NUMBER:** 261030102

**BUSINESS ADDRESS:**
- **STREET 1:** 300 BARR HARBOR DRIVE, 5TH FLOOR
- **CITY:** WEST CONSHOHOCKEN
- **STATE:** PA
- **ZIP:** 19428
- **BUSINESS PHONE:** 610-828-7200

**MAIL ADDRESS:**
- **STREET 1:** 300 BARR HARBOR DRIVE, 5TH FLOOR
- **CITY:** WEST CONSHOHOCKEN
- **STATE:** PA
- **ZIP:** 19428

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HIRTLE CALLAGHAN TRUST
- **DATE OF NAME CHANGE:** 20100305

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HC CAPITAL TRUST
- **DATE OF NAME CHANGE:** 20100305

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HIRTLE CALLAGHAN TRUST
- **DATE OF NAME CHANGE:** 19941222

## Series and Classes Contracts Data

### The Intermediate Term Municipal Bond Portfolio (Series ID: S000009376)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000025691 | The Intermediate Term Municipal Bond Portfolio | HCIMX           |

## Nport-Ex

HC

CAPITAL

TRUST

The

U.S.

Equity

Portfolio

Portfolio

of

Investments

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

—

99.67%

Aerospace

&

Defense

—

2.14%

AeroVironment,

Inc.(a)

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

$

6,655

ATI,

Inc.(a)

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

968

5,461

General

Dynamics

Corp.

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

1,874

24,885

General

Electric

Co.

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

7,062

3,456

HEICO

Corp.

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

948

728

HEICO

Corp.,

Class

A

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

9,052

Kratos

Defense

&

Security

Solutions,

Inc.(a)

638

5,883

L3Harris

Technologies,

Inc.

..........

2,031

5,411

Lockheed

Martin

Corp.

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

3,270

2,258

Northrop

Grumman

Corp.

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

1,540

17,514

Rocket

Lab

Corp.(a)

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

1,125

67,703

RTX

Corp.

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

13,060

5,554

The

Boeing

Co.(a)

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

1,105

4,895

TransDigm

Group,

Inc.

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

5,673

39,508

Air

Freight

&

Logistics

—

0.23%

5,251

Expeditors

International

of

Washington,

Inc.

752

4,786

FedEx

Corp.

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

1,705

3,544

GXO

Logistics,

Inc.(a)

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

1,172

Hub

Group,

Inc.,

Class

A

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

16,845

United

Parcel

Service,

Inc.,

Class

B

.....

1,657

4,340

Automobile

Components

—

0.07%

554

Dorman

Products,

Inc.(a)

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

8,707

Lear

Corp.

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

1,054

1,395

Patrick

Industries,

Inc.

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

872

Visteon

Corp.

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

1,346

Automobiles

—

1.77%

71,725

Ford

Motor

Co.

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

828

85,806

Tesla,

Inc.(a)

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

31,898

32,726

Banks

—

3.52%

1,715

Ameris

Bancorp

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

3,234

Banc

of

California,

Inc.

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

236,440

Bank

of

America

Corp.

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

11,526

29,893

Bank

OZK

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

1,372

6,251

BankUnited,

Inc.

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

2,951

Cathay

General

Bancorp

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

7,844

Citigroup,

Inc.

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

890

22,580

Citizens

Financial

Group,

Inc.

.........

1,354

9,351

Columbia

Banking

System,

Inc.

.......

758

Commerce

Bancshares,

Inc.

..........

3,479

Cullen/Frost

Bankers,

Inc.

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

32,941

East

West

Bancorp,

Inc.

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

3,517

688

Enterprise

Financial

Services

Corp.

.....

6,060

FB

Financial

Corp.

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

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Banks

(continued)

118,611

Fifth

Third

Bancorp

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

$

5,511

2,460

First

Bancorp

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

591

First

Citizens

BancShares

,

Inc.,

Class

A

..

1,114

3,478

First

Financial

Bancorp

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

91,124

First

Horizon

Corp.

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

2,074

6,458

Fulton

Financial

Corp.

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

561

Glacier

Bancorp,

Inc.

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

3,205

Hancock

Whitney

Corp.

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

868

Hilltop

Holdings,

Inc.

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

83,727

Huntington

Bancshares,

Inc.

..........

1,310

3,570

Independent

Bank

Corp.

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

International

Bancshares

Corp.

........

75,758

JPMorgan

Chase

&

Co.

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

22,286

3,497

M&T

Bank

Corp.

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

723

18,862

Mechanics

Bancorp

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

663

Nicolet

Bankshares

,

Inc.

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

19,854

Pinnacle

Financial

Partners,

Inc.

.......

1,710

106,556

Regions

Financial

Corp.

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

2,783

990

ServisFirst

Bancshares,

Inc.

..........

997

SouthState

Bank

Corp.

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

3,405

Sterling

Bancorp,

Inc.(a)(b)

...........

—

1,311

Stock

Yards

Bancorp,

Inc.

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

510

Texas

Capital

Bancshares,

Inc.(a)

......

8,270

The

PNC

Financial

Services

Group,

Inc.

.

1,721

3,235

Towne

Bank

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

2,275

United

Bankshares

,

Inc.

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

3,391

United

Community

Banks,

Inc.

........

18,695

Wells

Fargo

&

Co.

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

1,488

16,779

Western

Alliance

Bancorp

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

1,189

963

Wintrust

Financial

Corp.

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

1,135

WSFS

Financial

Corp.

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

10,848

Zions

Bancorp

NA

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

625

65,033

Beverages

—

1.27%

9,103

Brown-Forman

Corp.,

Class

B

........

1,320

Celsius

Holdings,

Inc.(a)

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

26,922

Monster

Beverage

Corp.(a)

...........

1,951

57,885

PepsiCo,

Inc.

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

8,989

6,267

Primo

Brands

Corp.

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

160,904

The

Coca-Cola

Co.

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

12,236

23,582

Biotechnology

—

1.98%

44,744

AbbVie,

Inc.

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

9,732

11,330

Alnylam

Pharmaceuticals,

Inc.(a)

......

3,749

25,106

Amgen,

Inc.

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

8,834

1,190

Catalyst

Pharmaceuticals,

Inc.(a)

.......

1,049

Cytokinetics,

Inc.(a)

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

4,978

Halozyme

Therapeutics,

Inc.(a)

........

1,019

Insmed

,

Inc.(a)

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

HC

CAPITAL

TRUST

The

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Biotechnology

(continued)

3,976

MannKind

Corp.(a)

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

$

14,064

Natera

,

Inc.(a)

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

2,813

800

Neurocrine

Biosciences,

Inc.(a)

........

2,087

PDL

BioPharma,

Inc.(a)

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

1,755

PTC

Therapeutics,

Inc.(a)

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

2,019

Regeneron

Pharmaceuticals,

Inc.

.......

1,560

3,305

Revolution

Medicines,

Inc.(a)

.........

745

Rhythm

Pharmaceuticals,

Inc.(a)

.......

5,355

United

Therapeutics

Corp.(a)

.........

3,175

1,163

Veracyte

,

Inc.(a)

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

12,418

Vertex

Pharmaceuticals,

Inc.(a)

........

5,545

36,656

Broadline

Retail

—

3.84%

323,296

Amazon.com,

Inc.(a)

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

67,332

15,760

eBay,

Inc.

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

1,434

Etsy,

Inc.(a)

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

8,527

Macy's,

Inc.

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

928

MercadoLibre

,

Inc.(a)

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

1,605

5,126

Ollie's

Bargain

Outlet

Holdings,

Inc.(a)

..

71,014

Building

Products

—

0.50%

10,045

A.O.

Smith

Corp.

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

662

Armstrong

World

Industries,

Inc.

.......

2,770

AZZ,

Inc.

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

38,763

Carrier

Global

Corp.

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

2,183

13,273

Johnson

Controls

International

PLC

.....

1,738

6,549

Masco

Corp.

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

9,049

Trane

Technologies

PLC

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

3,771

9,163

Capital

Markets

—

2.87%

3,210

Affiliated

Managers

Group,

Inc.

.......

888

2,506

Ameriprise

Financial,

Inc.

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

1,114

2,656

Ares

Management

Corp.,

Class

A

......

4,582

Blackrock,

Inc.

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

4,407

2,335

Cboe

Global

Markets,

Inc.

...........

656

7,911

CME

Group,

Inc.,

Class

A

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

2,337

4,421

Coinbase

Global,

Inc.,

Class

A(a)

......

772

1,203

FactSet

Research

Systems,

Inc.

........

3,056

Federated

Hermes,

Inc.,

Class

B

.......

Hamilton

Lane,

Inc.,

Class

A

..........

9,172

Interactive

Brokers

Group,

Inc.,

Class

A

..

615

5,643

Intercontinental

Exchange,

Inc.

........

888

140,122

Invesco

Ltd.

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

3,404

18,395

Janus

Henderson

Group

PLC

.........

945

17,093

Jefferies

Financial

Group,

Inc.

.........

705

9,493

KKR

&

Co.,

Inc.

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

878

1,384

LPL

Financial

Holdings,

Inc.

..........

3,981

Moody's

Corp.

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

1,737

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Capital

Markets

(continued)

51,857

Morgan

Stanley

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

$

8,534

838

MSCI,

Inc.,

Class

A

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

1,887

Nasdaq,

Inc.

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

PJT

Partners,

Inc.,

Class

A

...........

39,528

Robinhood

Markets,

Inc.,

Class

A(a)

....

2,739

9,447

S&P

Global,

Inc.

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

4,018

7,695

State

Street

Corp.

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

974

2,268

Stifel

Financial

Corp.

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

1,386

StoneX

Group,

Inc.(a)

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

9,812

T. Rowe

Price

Group,

Inc.

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

884

41,953

The

Charles

Schwab

Corp.

...........

3,943

12,460

The

Goldman

Sachs

Group,

Inc.

.......

10,540

53,089

Chemicals

—

1.19%

10,894

Air

Products

and

Chemicals,

Inc.

.......

3,165

828

Avient

Corp.

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

4,923

Axalta

Coating

Systems

Ltd.(a)

........

695

Balchem

Corp.

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

Cabot

Corp.

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

43,514

CF

Industries

Holdings,

Inc.

..........

5,650

9,311

Corteva,

Inc.

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

779

9,217

Dow,

Inc.

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

13,063

DuPont

de

Nemours,

Inc.

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

598

25,632

Ecolab,

Inc.

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

6,819

Hawkins,

Inc.

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

2,671

Linde

PLC

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

1,324

24,876

Olin

Corp.

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

740

898

Sensient

Technologies

Corp.

..........

7,082

Solstice

Advanced

Materials,

Inc.

......

539

4,752

The

Sherwin-Williams

Co.

...........

1,523

21,963

Commercial

Services

&

Supplies

—

0.36%

2,183

Brady

Corp.,

Class

A

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

1,307

Casella

Waste

Systems,

Inc.,

Class

A(a)

..

105,381

Copart,

Inc.(a)

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

3,498

5,910

CoreCivic

,

Inc.(a)

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

3,253

HNI

Corp.

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

1,577

RB

Global,

Inc.

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

1,270

Republic

Services,

Inc.,

Class

A

.......

741

The

Brink's

Co.

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

9,682

Waste

Management,

Inc.

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

2,225

6,731

Communications

Equipment

—

1.10%

19,104

Arista

Networks,

Inc.(a)

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

2,346

216,571

Cisco

Systems,

Inc.

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

16,804

825

F5,

Inc.(a)

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

HC

CAPITAL

TRUST

The

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Communications

Equipment

(continued)

2,128

Motorola

Solutions,

Inc.

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

$

923

20,312

Construction

&

Engineering

—

0.06%

5,983

AECOM

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

508

Comfort

Systems

USA,

Inc.

..........

2,153

Fluor

Corp.(a)

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

MYR

Group,

Inc.(a)

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

2,938

WillScot

Holdings

Corp.

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

1,122

Construction

Materials

—

0.08%

1,351

Martin

Marietta

Materials,

Inc.

........

795

2,578

Vulcan

Materials

Co.

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

702

1,497

Consumer

Finance

—

0.70%

20,855

American

Express

Co.

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

6,308

26,557

Capital

One

Financial

Corp.

..........

4,845

Credit

Acceptance

Corp.(a)

...........

Nelnet,

Inc.,

Class

A

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

14,450

OneMain

Holdings,

Inc.,

Class

A

.......

773

39,638

SLM

Corp.

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

849

12,860

Consumer

Staples

Distribution

&

Retail

—

2.34%

14,776

Costco

Wholesale

Corp.

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

14,723

5,123

Dollar

Tree,

Inc.(a)

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

561

828

Performance

Food

Group

Co.(a)

.......

PriceSmart

,

Inc.

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

18,118

Sysco

Corp.

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

1,292

17,745

Target

Corp.

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

2,151

9,040

The

Kroger

Co.

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

654

191,321

Walmart,

Inc.

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

23,778

43,260

Containers

&

Packaging

—

0.16%

2,235

AptarGroup,

Inc.

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

774

Avery

Dennison

Corp.

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

22,939

Ball

Corp.

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

1,355

10,608

International

Paper

Co.

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

2,891

Packaging

Corp.

of

America

..........

613

2,452

Sonoco

Products

Co.

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

2,896

Distributors

—

0.04%

6,793

Genuine

Parts

Co.

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

718

Pool

Corp.

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

795

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Diversified

Consumer

Services

—

0.02%

4,824

Service

Corp.

International

...........

$

Diversified

REITs

—

0.00%

1,323

Essential

Properties

Realty

Trust,

Inc.

...

Diversified

Telecommunication

Services

—

0.73%

383,861

AT&T,

Inc.

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

11,128

48,780

Verizon

Communications,

Inc.

.........

2,449

13,577

Electric

Utilities

—

1.51%

1,604

Alliant

Energy

Corp.

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

30,034

American

Electric

Power

Co.,

Inc.

......

3,937

3,035

Constellation

Energy

Corp.

...........

848

7,685

Duke

Energy

Corp.

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

1,006

16,301

Edison

International

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

1,193

47,734

Evergy

,

Inc.

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

3,910

9,106

Exelon

Corp.

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

60,365

FirstEnergy

Corp.

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

3,058

39,736

NextEra

Energy,

Inc.

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

3,691

36,550

NRG

Energy,

Inc.

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

5,342

12,422

OGE

Energy

Corp.

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

596

32,159

The

Southern

Co.

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

3,104

9,169

Xcel

Energy,

Inc.

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

728

27,974

Electrical

Equipment

—

1.03%

8,507

AMETEK,

Inc.

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

1,824

17,040

Bloom

Energy

Corp.,

Class

A(a)

.......

2,309

12,355

Eaton

Corp.

PLC

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

4,418

29,952

Emerson

Electric

Co.

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

3,924

2,360

EnerSys

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

4,968

GE

Vernova

,

Inc.

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

4,337

1,210

Hubbell,

Inc.

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

594

4,506

Regal

Rexnord

Corp.

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

844

931

Rockwell

Automation,

Inc.

...........

18,994

Electronic

Equipment,

Instruments

&

Components

—

0.52%

809

Advanced

Energy

Industries,

Inc.

......

47,280

Amphenol

Corp.,

Class

A

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

5,974

521

Badger

Meter,

Inc.

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

544

Belden,

Inc.

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

Flex

Ltd.(a)

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

548

IPG

Photonics

Corp.(a)

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

1,575

Jabil,

Inc.

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

8,929

Keysight

Technologies,

Inc.(a)

........

2,521

Plexus

Corp.(a)

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

Sanmina

Corp.(a)

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

TD

SYNNEX

Corp.

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

HC

CAPITAL

TRUST

The

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Electronic

Equipment,

Instruments

&

Components

(continued)

1,116

TTM

Technologies,

Inc.(a)

...........

$

Zebra

Technologies

Corp.(a)

..........

9,600

Energy

Equipment

&

Services

—

0.27%

7,609

Archrock

,

Inc.

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

Cactus,

Inc.,

Class

A

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

26,930

Halliburton

Co.

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

1,050

747

Kodiak

Gas

Services,

Inc.

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

747

Liberty

Energy,

Inc.,

Class

A

..........

42,009

SLB

Ltd.

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

2,158

21,429

TechnipFMC

PLC

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

1,481

5,042

Entertainment

—

0.96%

2,997

Atlanta

Braves

Holdings,

Inc.(a)

.......

1,640

Atlanta

Braves

Holdings,

Inc.(a)

.......

682

Cinemark

Holdings,

Inc.

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

14,871

Liberty

Media

Corp.-Liberty

Formula

One(a)

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

1,264

128,890

Netflix,

Inc.(a)

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

12,393

18,260

ROBLOX

Corp.,

Class

A(a)

..........

1,033

30,335

The

Walt

Disney

Co.

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

2,924

17,838

Financial

Services

—

3.32%

8,213

Apollo

Global

Management,

Inc.

.......

915

861

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class

E

...........

42,603

Berkshire

Hathaway,

Inc.,

Class

B(a)

....

20,414

1,270

Corpay

,

Inc.(a)

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

49,585

Equitable

Holdings,

Inc.

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

1,840

9,518

Global

Payments,

Inc.

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

641

1,852

Jack

Henry

&

Associates,

Inc.

.........

31,792

Mastercard,

Inc.,

Class

A

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

15,885

MGIC

Investment

Corp.

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

25,934

PayPal

Holdings,

Inc.

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

1,173

59,425

Visa,

Inc.,

Class

A

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

17,961

26,487

Voya

Financial,

Inc.

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

1,810

WEX,

Inc.(a)

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

61,382

Food

Products

—

0.35%

13,782

Archer-Daniels-Midland

Co.

..........

1,002

Cal-Maine

Foods,

Inc.

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

1,587

Darling

Ingredients,

Inc.(a)

...........

Freshpet

,

Inc.(a)

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

12,760

General

Mills,

Inc.

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

Lamb

Weston

Holdings,

Inc.

..........

5,092

McCormick

&

Co.,

Inc.

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

62,480

Mondelez

International,

Inc.,

Class

A

....

3,601

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Food

Products

(continued)

1,277

Post

Holdings,

Inc.(a)

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

$

3,009

The

Hershey

Co.

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

626

2,332

The

J.M.

Smucker

Co.

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

6,471

Gas

Utilities

—

0.18%

808

Atmos

Energy

Corp.

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

33,223

National

Fuel

Gas

Co.

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

3,122

2,134

UGI

Corp.

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

3,349

Ground

Transportation

—

1.21%

128,274

CSX

Corp.

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

5,266

5,345

Norfolk

Southern

Corp.

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

1,534

3,682

Old

Dominion

Freight

Line,

Inc.

.......

719

62,802

Uber

Technologies,

Inc.(a)

...........

4,517

42,704

Union

Pacific

Corp.

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

10,361

22,397

Health

Care

Equipment

&

Supplies

—

1.62%

82,859

Abbott

Laboratories

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

8,507

4,799

Becton

Dickinson

&

Co.

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

755

10,892

Boston

Scientific

Corp.(a)

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

683

4,886

Dexcom,

Inc.(a)

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

15,552

Edwards

Lifesciences

Corp.(a)

........

1,245

6,535

GE

HealthCare

Technologies,

Inc.

......

698

Glaukos

Corp.(a)

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

6,568

ICU

Medical,

Inc.(a)

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

848

3,889

IDEXX

Laboratories,

Inc.(a)

..........

2,185

19,494

Intuitive

Surgical,

Inc.(a)

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

8,987

LeMaitre

Vascular,

Inc.

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

Medtronic

PLC

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

4,151

Merit

Medical

Systems,

Inc.(a)

........

1,434

Penumbra,

Inc.(a)

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

4,072

ResMed,

Inc.

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

914

3,135

Solventum

Corp.(a)

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

1,498

STERIS

PLC

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

9,642

Stryker

Corp.

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

3,168

2,516

The

Cooper

Cos.,

Inc.(a)

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

3,346

Zimmer

Biomet

Holdings,

Inc.

........

29,951

Health

Care

Providers

&

Services

—

1.73%

3,127

Cencora

,

Inc.

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

982

Chemed

Corp.

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

1,113

Concentra

Group

Holdings

Parent,

Inc.

..

CorVel

Corp.(a)

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

22,394

CVS

Health

Corp.

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

1,608

9,467

Elevance

Health,

Inc.

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

2,771

Encompass

Health

Corp.

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

4,756

HCA

Healthcare,

Inc.

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

2,251

HC

CAPITAL

TRUST

The

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Health

Care

Providers

&

Services

(continued)

3,283

Henry

Schein,

Inc.(a)

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

$

4,083

Labcorp

Holdings,

Inc.

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

1,089

8,667

McKesson

Corp.

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

7,500

717

National

HealthCare

Corp.

...........

10,773

Quest

Diagnostics,

Inc.

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

2,111

1,380

Select

Medical

Holdings

Corp.

........

8,991

Strata

Critical

Medical,

Inc.(a)

........

11,241

The

Cigna

Group

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

2,999

The

Ensign

Group,

Inc.

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

37,638

UnitedHealth

Group,

Inc.

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

10,185

32,011

Health

Care

REITs

—

0.52%

8,558

CareTrust

REIT,

Inc.

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

686

National

Health

Investors,

Inc.

........

36,358

Omega

Healthcare

Investors,

Inc.

......

1,593

6,550

Sabra

Health

Care

REIT,

Inc.

.........

40,605

Ventas,

Inc.

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

3,321

21,088

Welltower,

Inc.

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

4,169

9,578

Health

Care

Technology

—

0.14%

14,457

Veeva

Systems,

Inc.,

Class

A(a)

........

2,540

Hotel

&

Resort

REITs

—

0.01%

9,262

DiamondRock

Hospitality

Co.

.........

1,766

Ryman

Hospitality

Properties,

Inc.

......

Hotels,

Restaurants

&

Leisure

—

1.63%

5,277

Airbnb,

Inc.,

Class

A(a)

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

666

BJ's

Restaurants,

Inc.(a)

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

1,179

Booking

Holdings,

Inc.

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

4,964

3,538

Boyd

Gaming

Corp.

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

31,802

Carnival

Corp.

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

823

28,400

Chipotle

Mexican

Grill,

Inc.,

Class

A(a)

..

909

1,046

Choice

Hotels

International,

Inc.^

......

2,249

Darden

Restaurants,

Inc.

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

1,221

Dave

&

Buster's

Entertainment,

Inc.(a)

..

23,594

DraftKings,

Inc.(a)

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

510

1,218

Hilton

Grand

Vacations,

Inc.(a)

........

Hilton

Worldwide

Holdings,

Inc.

.......

3,826

Hyatt

Hotels

Corp.,

Class

A

...........

550

13,101

Marriott

International,

Inc.,

Class

A

.....

4,285

20,983

McDonald's

Corp.

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

6,522

50,929

Norwegian

Cruise

Line

Holdings

Ltd.(a)

.

952

3,005

Planet

Fitness,

Inc.,

Class

A(a)

........

16,947

Royal

Caribbean

Cruises

Ltd.

.........

4,663

43,742

Starbucks

Corp.

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

3,919

5,395

Super

Group

SGHC

Ltd.

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

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Hotels,

Restaurants

&

Leisure

(continued)

581

Texas

Roadhouse,

Inc.,

Class

A

........

$

30,093

Household

Durables

—

0.23%

Cavco

Industries,

Inc.(a)

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

1,030

Champion

Homes,

Inc.(a)

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

3,443

D.R.

Horton,

Inc.

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

5,591

Garmin

Ltd.

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

1,297

6,964

Lennar

Corp.,

Class

A

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

605

Lennar

Corp.,

Class

B

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

4,132

PulteGroup,

Inc.

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

7,991

Toll

Brothers,

Inc.

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

1,091

2,166

Tri

Pointe

Homes,

Inc.(a)

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

4,233

Household

Products

—

0.89%

6,339

Church

&

Dwight

Co.,

Inc.

...........

592

9,514

Colgate-Palmolive

Co.

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

811

16,281

Kimberly-Clark

Corp.

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

1,571

92,793

The

Procter

&

Gamble

Co.

...........

13,402

16,376

Independent

Power

and

Renewable

Electricity

Producers

—

0.29%

1,536

Clearway

Energy,

Inc.,

Class

C

........

35,390

Vistra

Corp.

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

5,321

5,381

Industrial

Conglomerates

—

0.45%

12,543

3M

Co.

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

1,822

1,120

Brookfield

Business

Corp.

...........

28,328

Honeywell

International,

Inc.

.........

6,403

8,260

Industrial

REITs

—

0.17%

1,133

EastGroup

Properties,

Inc.

...........

20,968

Prologis,

Inc.

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

2,771

2,707

STAG

Industrial,

Inc.

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

3,079

Insurance

—

2.04%

33,180

Aflac,

Inc.

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

3,640

8,552

Aon

PLC,

Class

A

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

2,760

1,831

Arthur

J. Gallagher

&

Co.

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

1,195

Assurant,

Inc.

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

29,344

Axis

Capital

Holdings

Ltd.

...........

2,976

1,709

Brown

&

Brown,

Inc.

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

11,297

Chubb

Ltd.

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

3,682

3,252

Cincinnati

Financial

Corp.

...........

512

Everest

Group

Ltd.

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

52,976

Fidelity

National

Financial,

Inc.

.......

2,457

HC

CAPITAL

TRUST

The

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Insurance

(continued)

23,943

Lincoln

National

Corp.

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

$

850

14,422

Marsh

&

McLennan

Cos.,

Inc.

........

2,501

26,353

MetLife,

Inc.

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

1,864

7,077

Old

Republic

International

Corp.

.......

22,534

Principal

Financial

Group,

Inc.

........

2,031

11,007

Prudential

Financial,

Inc.

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

1,075

7,591

Reinsurance

Group

of

America,

Inc.

....

1,550

3,014

RenaissanceRe

Holdings

Ltd.

.........

896

26,534

The

Allstate

Corp.

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

5,503

8,510

The

Progressive

Corp.

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

1,687

6,974

The

Travelers

Cos.,

Inc.

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

2,034

9,301

W.R.

Berkley

Corp.

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

616

37,695

Interactive

Media

&

Services

—

7.99%

182,337

Alphabet,

Inc.,

Class

A

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

52,433

190,025

Alphabet,

Inc.,

Class

C

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

54,510

1,412

Match

Group,

Inc.

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

71,284

Meta

Platforms,

Inc.,

Class

A

.........

40,784

147,770

IT

Services

—

0.72%

15,185

Accenture

PLC,

Class

A

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

3,011

3,168

Akamai

Technologies,

Inc.(a)

.........

4,094

Cognizant

Technology

Solutions

Corp.,

Class

A

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

14,421

CoreWeave

,

Inc.,

Class

A(a)

..........

1,117

1,369

DigitalOcean

Holdings,

Inc.(a)

........

13,957

GoDaddy,

Inc.,

Class

A(a)

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

1,154

15,429

International

Business

Machines

Corp.

...

3,740

32,062

Okta,

Inc.,

Class

A(a)

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

2,524

4,247

VeriSign,

Inc.

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

1,055

13,333

Leisure

Products

—

0.01%

14,953

Mattel,

Inc.(a)

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

1,461

YETI

Holdings,

Inc.(a)

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

Life

Sciences

Tools

&

Services

—

0.88%

4,371

Agilent

Technologies,

Inc.

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

4,564

Bio-Techne

Corp.

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

1,836

Bruker

Corp.

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

15,219

Danaher

Corp.

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

2,886

710

IQVIA

Holdings,

Inc.(a)

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

599

Medpace

Holdings,

Inc.(a)

...........

3,554

Mettler-Toledo

International,

Inc.(a)

....

4,482

Repligen

Corp.(a)

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

724

Revvity

,

Inc.

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

13,024

Thermo

Fisher

Scientific,

Inc.

.........

6,402

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Life

Sciences

Tools

&

Services

(continued)

3,666

Waters

Corp.(a)

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

$

1,092

16,195

Machinery

—

2.30%

11,054

AGCO

Corp.

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

1,281

21,751

Caterpillar,

Inc.

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

15,409

5,428

Cummins,

Inc.

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

2,920

4,840

Deere

&

Co.

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

2,726

Donaldson

Co.,

Inc.

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

8,121

Dover

Corp.

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

1,693

Enpro

,

Inc.

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

1,648

Esab

Corp.

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

1,328

ESCO

Technologies,

Inc.

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

1,773

Federal

Signal

Corp.

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

5,857

Fortive

Corp.

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

Franklin

Electric

Co.,

Inc.

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

1,569

Graco,

Inc.

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

2,539

IDEX

Corp.

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

8,257

Illinois

Tool

Works,

Inc.

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

2,149

13,883

Ingersoll

Rand,

Inc.

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

1,112

2,518

ITT,

Inc.

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

819

JBT

Marel

Corp.

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

16,478

Mueller

Water

Products,

Inc.,

Class

A

...

1,750

Nordson

Corp.

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

17,109

Oshkosh

Corp.

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

2,519

16,233

Otis

Worldwide

Corp.

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

1,251

1,693

Parker-Hannifin

Corp.

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

1,516

RBC

Bearings,

Inc.(a)

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

2,067

Terex

Corp.

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

11,372

The

Middleby

Corp.(a)

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

1,508

2,490

The

Timken

Co.

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

927

The

Toro

Co.

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

16,476

Westinghouse

Air

Brake

Technologies

Corp.

4,118

4,923

Xylem,

Inc.

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

588

42,499

Marine

Transportation

—

0.00%

Kirby

Corp.(a)

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

Media

—

0.13%

8,684

EchoStar

Corp.,

Class

A(a)

...........

1,017

4,889

Fox

Corp.,

Class

A

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

14,655

Omnicom

Group,

Inc.

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

1,103

2,406

Metals

&

Mining

—

0.51%

5,219

Coeur

Mining,

Inc.(a)

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

9,750

Hecla

Mining

Co.

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

67,652

Newmont

Corp.

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

7,323

8,225

Nucor

Corp.

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

1,391

108,208

Pan

American

Silver

Corp.

CVR(a)

.....

HC

CAPITAL

TRUST

The

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Metals

&

Mining

(continued)

1,912

Steel

Dynamics,

Inc.

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

$

Warrior

Met

Coal,

Inc.

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

9,416

Multi-Utilities

—

0.70%

2,674

Ameren

Corp.

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

84,210

CenterPoint

Energy,

Inc.

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

3,635

1,937

CMS

Energy

Corp.

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

1,642

Consolidated

Edison,

Inc.

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

1,144

Dominion

Energy,

Inc.

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

16,840

DTE

Energy

Co.

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

2,462

72,854

NiSource,

Inc.

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

3,399

5,865

Public

Service

Enterprise

Group,

Inc.

....

1,902

Sempra

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

17,371

WEC

Energy

Group,

Inc.

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

2,011

12,868

Office

REITs

—

0.00%

2,446

COPT

Defense

Properties

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

Oil,

Gas

&

Consumable

Fuels

—

3.81%

74,539

Antero

Midstream

Corp.

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

1,699

3,497

Antero

Resources

Corp.(a)

...........

7,263

Cheniere

Energy,

Inc.

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

2,061

37,268

Chevron

Corp.

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

7,712

23,646

Comstock

Resources,

Inc.(a)

..........

58,661

ConocoPhillips

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

7,744

1,055

Core

Natural

Resources,

Inc.

..........

63,641

Coterra

Energy,

Inc.

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

2,236

110,190

Devon

Energy

Corp.

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

5,545

8,363

DT

Midstream,

Inc.

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

1,126

3,995

EOG

Resources,

Inc.

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

578

30,723

EQT

Corp.

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

1,955

2,366

Expand

Energy

Corp.

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

112,710

Exxon

Mobil

Corp.

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

19,123

161,493

Kinder

Morgan,

Inc.

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

5,415

4,980

Kinetik

Holdings,

Inc.^

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

11,538

Marathon

Petroleum

Corp.

...........

2,817

Matador

Resources

Co.

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

26,124

Occidental

Petroleum

Corp.

..........

1,698

20,345

ONEOK,

Inc.

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

1,839

3,747

Ovintiv

,

Inc.

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

12,672

Permian

Resources

Corp.

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

90,324

The

Williams

Cos.,

Inc.

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

6,574

2,242

Valero

Energy

Corp.

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

554

70,442

Paper

&

Forest

Products

—

0.00%

1,680

Sylvamo

Corp.

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

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Passenger

Airlines

—

0.10%

10,129

Alaska

Air

Group,

Inc.(a)

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

$

2,097

Copa

Holdings

SA,

Class

A

...........

18,665

Delta

Air

Lines,

Inc.

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

1,241

1,852

Personal

Care

Products

—

0.02%

853

Interparfums

,

Inc.

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

4,797

The

Estee

Lauder

Cos.,

Inc.,

Class

A

....

Pharmaceuticals

—

3.52%

ANI

Pharmaceuticals,

Inc.(a)

.........

876

Axsome

Therapeutics,

Inc.(a)

.........

1,709

Collegium

Pharmaceutical,

Inc.(a)

......

551

Corcept

Therapeutics,

Inc.(a)

.........

23,678

Eli

Lilly

&

Co.

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

21,778

109,630

Johnson

&

Johnson

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

26,797

114,005

Merck

&

Co.,

Inc.

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

13,714

64,849

Pfizer,

Inc.

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

1,821

1,583

Prestige

Consumer

Healthcare,

Inc.(a)

...

803

Supernus

Pharmaceuticals,

Inc.(a)

......

4,740

Zoetis,

Inc.,

Class

A

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

560

65,055

Professional

Services

—

0.54%

760

Amentum

Holdings,

Inc.(a)

...........

28,761

Automatic

Data

Processing,

Inc.

.......

5,844

Booz

Allen

Hamilton

Holding

Corp.,

Class

A

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

3,434

Equifax,

Inc.

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

618

2,570

ExlService

Holdings,

Inc.(a)

..........

717

Jacobs

Solutions,

Inc.

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

3,378

KBR,

Inc.

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

1,998

Korn

Ferry

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

1,829

Leidos

Holdings,

Inc.

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

6,910

Paychex,

Inc.

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

637

1,391

SS&C

Technologies

Holdings,

Inc.

.....

10,910

Verisk

Analytics,

Inc.,

Class

A

.........

2,070

9,992

Real

Estate

Management

&

Development

—

0.14%

2,963

CBRE

Group,

Inc.,

Class

A(a)

.........

29,830

CoStar

Group,

Inc.(a)

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

1,204

4,563

Howard

Hughes

Holdings,

Inc.(a)

......

2,009

Jones

Lang

LaSalle,

Inc.(a)

...........

611

2,505

Residential

REITs

—

0.05%

3,688

American

Homes

Rent,

Class

A

......

3,730

Equity

LifeStyle

Properties,

Inc.

.......

507

Essex

Property

Trust,

Inc.

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

HC

CAPITAL

TRUST

The

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Residential

REITs

(continued)

2,029

Mid-America

Apartment

Communities,

Inc.

$

1,913

Sun

Communities,

Inc.

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

947

Retail

REITs

—

0.11%

27,975

Brixmor

Property

Group,

Inc.

.........

806

3,897

Kite

Realty

Group

Trust

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

17,542

Realty

Income

Corp.

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

1,073

3,762

Urban

Edge

Properties

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

2,050

Semiconductors

&

Semiconductor

Equipment

—

14.87%

73,066

Advanced

Micro

Devices,

Inc.(a)

.......

14,864

3,622

Amkor

Technology,

Inc.

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

15,994

Analog

Devices,

Inc.

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

5,088

27,360

Applied

Materials,

Inc.

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

9,351

148,439

Broadcom,

Inc.

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

45,943

4,234

First

Solar,

Inc.(a)

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

835

3,557

FormFactor

,

Inc.(a)

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

305,708

Intel

Corp.(a)

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

13,491

1,378

KLA

Corp.

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

2,029

56,211

Lam

Research

Corp.

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

12,010

29,400

Marvell

Technology,

Inc.

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

2,912

3,708

Microchip

Technology,

Inc.

...........

35,796

Micron

Technology,

Inc.

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

12,093

624

MKS,

Inc.

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

833,600

NVIDIA

Corp.

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

145,381

631

Onto

Innovation,

Inc.(a)

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

6,531

Qnity

Electronics,

Inc.

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

754

37,361

QUALCOMM,

Inc.

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

4,811

23,905

Texas

Instruments,

Inc.

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

4,641

661

Veeco

Instruments,

Inc.(a)

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

275,245

Software

—

8.01%

1,931

ACI

Worldwide,

Inc.(a)

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

21,800

Adobe,

Inc.(a)

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

5,299

Appfolio

,

Inc.,

Class

A(a)

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

908

Atlassian

Corp.,

Class

A(a)

...........

10,190

Autodesk,

Inc.(a)

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

2,439

8,330

Cadence

Design

Systems,

Inc.(a)

.......

2,315

2,611

Clear

Secure,

Inc.,

Class

A

...........

574

Commvault

Systems,

Inc.(a)

..........

9,116

Crowdstrike

Holdings,

Inc.,

Class

A(a)

..

3,559

546

Dolby

Laboratories,

Inc.,

Class

A

......

6,515

Fortinet,

Inc.(a)

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

532

846

Guidewire

Software,

Inc.(a)

..........

5,422

Intuit,

Inc.

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

2,344

14,613

Manhattan

Associates,

Inc.(a)

.........

1,945

247,147

Microsoft

Corp.

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

91,486

81,302

Oracle

Corp.

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

11,960

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Software

(continued)

60,123

Palantir

Technologies,

Inc.,

Class

A(a)

...

$

8,795

5,299

Palo

Alto

Networks,

Inc.(a)

...........

850

868

PTC,

Inc.(a)

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

11,757

Riot

Platforms,

Inc.(a)

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

2,517

Roper

Technologies,

Inc.

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

891

45,074

Salesforce,

Inc.

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

8,414

55,650

ServiceNow,

Inc.(a)

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

5,818

1,489

Synopsys,

Inc.(a)

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

590

566

Workday,

Inc.,

Class

A(a)

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

21,286

Zeta

Global

Holdings

Corp.,

Class

A(a)

..

148,437

Specialized

REITs

—

0.82%

8,531

American

Tower

Corp.

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

1,472

5,913

CubeSmart

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

9,861

Digital

Realty

Trust,

Inc.

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

1,777

9,416

Equinix,

Inc.

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

9,231

5,142

Extra

Space

Storage,

Inc.

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

674

5,259

Iron

Mountain,

Inc.

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

537

846

Lamar

Advertising

Co.,

Class

A

........

3,523

Millrose

Properties,

Inc.

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

6,868

Outfront

Media,

Inc.

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

2,688

Public

Storage

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

728

8,362

VICI

Properties,

Inc.,

Class

A

.........

15,252

Specialty

Retail

—

2.02%

619

AutoZone,

Inc.(a)

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

2,091

6,524

Bath

&

Body

Works,

Inc.

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

13,588

Best

Buy

Co.,

Inc.

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

872

3,328

Boot

Barn

Holdings,

Inc.(a)

..........

Burlington

Stores,

Inc.(a)

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

9,726

Floor

&

Decor

Holdings,

Inc.,

Class

A(a)

.

35,806

Lowe's

Cos.,

Inc.

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

8,460

31,050

O'Reilly

Automotive,

Inc.(a)

..........

2,866

3,973

Revolve

Group,

Inc.,

Class

A(a)

.......

9,045

Ross

Stores,

Inc.

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

1,959

Signet

Jewelers

Ltd.

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

26,193

The

Home

Depot,

Inc.

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

8,615

61,297

The

TJX

Cos.,

Inc.

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

9,790

16,575

Tractor

Supply

Co.

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

751

1,253

Ulta

Beauty,

Inc.(a)

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

655

37,387

Technology

Hardware,

Storage

&

Peripherals

—

7.22%

506,799

Apple,

Inc.

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

128,620

83,952

HP,

Inc.

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

1,613

2,448

NetApp,

Inc.

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

11,569

Western

Digital

Corp.

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

3,129

133,613

HC

CAPITAL

TRUST

The

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Textiles,

Apparel

&

Luxury

Goods

—

0.28%

8,532

Lululemon

Athletica,

Inc.(a)

..........

$

1,306

12,105

LVMH

Moet

Hennessy

Louis

Vuitton

SE,

ADR

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

1,322

27,836

NIKE,

Inc.,

Class

B

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

1,471

7,801

Tapestry,

Inc.

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

1,101

5,200

Tobacco

—

0.34%

36,600

Altria

Group,

Inc.

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

2,415

23,833

Philip

Morris

International,

Inc.

........

3,941

6,356

Trading

Companies

&

Distributors

—

0.33%

23,095

Air

Lease

Corp.,

Class

A

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

1,500

Applied

Industrial

Technologies,

Inc.

....

3,285

DNOW,

Inc.(a)

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

55,752

Fastenal

Co.

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

2,586

749

McGrath

RentCorp

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

548

SiteOne

Landscape

Supply,

Inc.(a)

......

1,221

W.W.

Grainger,

Inc.

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

1,332

1,130

Watsco

,

Inc.

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

6,066

Water

Utilities

—

0.01%

1,178

American

Water

Works

Co.,

Inc.

.......

Wireless

Telecommunication

Services

—

0.20%

17,293

T-Mobile

US,

Inc.

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

3,632

Total

Common

Stocks

(cost

$536,092)

..

1,843,939

Contingent

Rights

—

0.00%

Health

Care

Equipment

&

Supplies

—

0.00%

ABIOMED,

Inc.

CVR,

1/4/27(a)

.......

—

Health

Care

Providers

&

Services

—

0.00%

15,971

Paratek

Pharmaceuticals,

Inc.

CVR,

1/4/27(a)

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

Total

Contingent

Rights

(cost

$–)

.....

Investment

Companies

—

0.28%

Money

Market

Funds

—

0.28%

352,390

Federated

Hermes

Treasury

Obligations

Fund,

Institutional

Shares,

3.53%^^(c)

Shares

Security

Description

Value

(000) Investment

Companies

(continued)

Money

Market

Funds

(continued)

4,861,741

State

Street

Institutional

Treasury

Plus

Money

Market

Fund,

Trust

Class,

3.55%(c)

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

$

4,862

Total

Investment

Companies

(cost

$5,214)

5,214

Total

Investments

(cost

$541,306)

—

99.95%

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

1,849,154

Other

assets

in

excess

of

liabilities

—

0.05%

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

969

Net

Assets

-

100.00%

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

$

1,850,123

Amounts

designated

as

"—"

are

$0

or

have

been

rounded

to

$0.

^

All

or

part

of

this

security

was

on

loan

as

of

March

31,

2026. ^^

Purchased

with

cash

collateral

held

from

securities

lending.

The

value

of

the

collateral

could

include

collateral

held

for

securities

that

were

sold

on

or

before

March

31,

2026. (a) Represents

non-income

producing

security.

(b) Security

was

valued

using

significant

unobservable

inputs

as

of

March

31,

2026. (c) Annualized

7-day

yield

as

of

period-end.

ADR—American

Depositary

Receipt

PLC

—

Public

Limited

Company

REIT—Real

Estate

Investment

Trust

HC

CAPITAL

TRUST

The

U.S.

Equity

Portfolio

Portfolio

of

Investments

(concluded)

—

March

31,

2026

(Unaudited)

The

following

table

reflects

the

percentage

of

total

net

assets

of

the

Portfolio

attributable

to

each

Specialist

Manager

as

of

March

31,

2026. The

U.S.

Equity

Portfolio

HC

Capital

Solutions

Parametric

Portfolio

Associates,

LLC

Total

Common

Stocks

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

—

99.67 %

99.67 %

Contingent

Rights

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

—

—

—

%

Investment

Companies

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

—

0.28 %

0.28 %

Other

Assets

(Liabilities)

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

—

0.05 %

0.05 %

Total

Net

Assets

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

—

%

100.00 %

100.00 %

HC

CAPITAL

TRUST

The

Institutional

U.S.

Equity

Portfolio

Portfolio

of

Investments

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

—

67.28%

Aerospace

&

Defense

—

2.19%

1,049

ATI,

Inc.(a)

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

$

1,348

Axon

Enterprise,

Inc.(a)

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

573

716

BWX

Technologies,

Inc.

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

20,219

Carpenter

Technology

Corp.

..........

7,969

668

Curtiss-Wright

Corp.

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

1,828

FTAI

Aviation

Ltd.(b)

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

8,294

General

Dynamics

Corp.

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

2,846

41,366

General

Electric

Co.

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

11,739

1,786

HEICO

Corp.

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

2,604

HEICO

Corp.,

Class

A

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

550

636

Hexcel

Corp.

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

6,918

Howmet

Aerospace,

Inc.

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

1,594

Huntington

Ingalls

Industries,

Inc.

......

Karman

Holdings,

Inc.(a)

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

7,997

L3Harris

Technologies,

Inc.

..........

2,760

585

Leonardo

DRS,

Inc.

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

Loar

Holdings,

Inc.(a)

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

7,376

Lockheed

Martin

Corp.

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

4,458

6,048

Northrop

Grumman

Corp.

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

4,126

8,035

Rocket

Lab

Corp.(a)

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

516

31,123

RTX

Corp.

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

6,004

1,955

StandardAero,

Inc.(a)

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

3,216

Textron,

Inc.

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

13,695

The

Boeing

Co.(a)

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

2,726

6,705

TransDigm

Group,

Inc.

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

7,771

19,678

Woodward,

Inc.

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

7,042

62,946

Air

Freight

&

Logistics

—

0.18%

7,484

CH

Robinson

Worldwide,

Inc.

.........

1,243

6,066

Expeditors

International

of

Washington,

Inc.

869

3,909

FedEx

Corp.

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

1,392

884

GXO

Logistics,

Inc.(a)

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

16,566

United

Parcel

Service,

Inc.,

Class

B

.....

1,630

5,180

Automobile

Components

—

0.02%

3,749

Aptiv

PLC(a)

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

1,662

BorgWarner,

Inc.

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

1,573

Gentex

Corp.

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

Lear

Corp.

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

3,190

QuantumScape

Corp.(a)

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

Automobiles

—

0.97%

69,843

Ford

Motor

Co.

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

806

16,639

General

Motors

Co.

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

1,239

773

Harley-Davidson,

Inc.

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

961

Lucid

Group,

Inc.^(a)

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

14,175

Rivian

Automotive,

Inc.,

Class

A(a)

.....

68,322

Tesla,

Inc.(a)

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

25,400

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Automobiles

(continued)

Thor

Industries,

Inc.

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

$

27,714

Banks

—

1.77%

120,242

Bank

of

America

Corp.

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

5,862

848

Bank

OZK

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

BOK

Financial

Corp.

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

97,119

Citigroup,

Inc.

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

11,013

7,734

Citizens

Financial

Group,

Inc.

.........

2,302

Columbia

Banking

System,

Inc.

.......

997

Commerce

Bancshares,

Inc.

..........

Cullen/Frost

Bankers,

Inc.

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

1,073

East

West

Bancorp,

Inc.

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

15,944

Fifth

Third

Bancorp

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

741

First

Citizens

BancShares

,

Inc.,

Class

A

..

778

First

Hawaiian,

Inc.

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

3,891

First

Horizon

Corp.

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

2,714

FNB

Corp.

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

39,450

Huntington

Bancshares,

Inc.

..........

617

48,370

JPMorgan

Chase

&

Co.

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

14,228

16,477

KeyCorp

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

2,737

M&T

Bank

Corp.

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

566

468,035

NU

Holdings

Ltd.,

Class

A(a)

.........

6,726

2,749

Pinnacle

Financial

Partners,

Inc.

.......

534

Popular,

Inc.

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

733

Prosperity

Bancshares,

Inc.

...........

15,835

Regions

Financial

Corp.

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

776

SouthState

Bank

Corp.

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

TFS

Financial

Corp.

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

6,972

The

PNC

Financial

Services

Group,

Inc.

.

1,451

22,707

Truist

Financial

Corp.

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

1,044

27,537

U.S.

Bancorp

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

1,432

1,311

Webster

Financial

Corp.

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

55,929

Wells

Fargo

&

Co.

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

4,452

857

Western

Alliance

Bancorp

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

532

Wintrust

Financial

Corp.

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

1,117

Zions

Bancorp

NA

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

50,872

Beverages

—

0.80%

Brown-Forman

Corp.,

Class

A

.........

52,024

Brown-Forman

Corp.,

Class

B

........

1,375

1,272

Celsius

Holdings,

Inc.(a)

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

Coca-Cola

Consolidated,

Inc.

.........

13,381

Constellation

Brands,

Inc.,

Class

A

.....

2,007

105,726

Keurig

Dr

Pepper,

Inc.

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

2,783

1,224

Molson

Coors

Beverage

Co.,

Class

B

....

35,526

Monster

Beverage

Corp.(a)

...........

2,574

39,589

PepsiCo,

Inc.

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

6,147

1,987

Primo

Brands

Corp.

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

The

Boston

Beer

Co.,

Inc.,

Class

A(a)

...

HC

CAPITAL

TRUST

The

Institutional

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Beverages

(continued)

103,463

The

Coca-Cola

Co.

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

$

7,870

23,007

Biotechnology

—

1.19%

40,275

AbbVie,

Inc.

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

8,761

2,293

Alnylam

Pharmaceuticals,

Inc.(a)

......

758

13,574

Amgen,

Inc.

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

4,775

753

Apellis

Pharmaceuticals,

Inc.(a)

.......

7,988

Biogen,

Inc.(a)

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

1,464

1,514

BioMarin

Pharmaceutical,

Inc.(a)

......

Caris

Life

Sciences,

Inc.(a)

...........

2,057

Exelixis

,

Inc.(a)

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

34,527

Gilead

Sciences,

Inc.

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

4,812

878

Halozyme

Therapeutics,

Inc.(a)

........

16,145

Incyte

Corp.(a)

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

1,519

6,951

Insmed

,

Inc.(a)

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

1,137

1,266

Ionis

Pharmaceuticals,

Inc.(a)

.........

2,745

Moderna,

Inc.(a)

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

2,357

Natera

,

Inc.(a)

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

6,565

Neurocrine

Biosciences,

Inc.(a)

........

865

3,339

Regeneron

Pharmaceuticals,

Inc.

.......

2,580

2,767

Revolution

Medicines,

Inc.(a)

.........

2,932

Roivant

Sciences

Ltd.(a)

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

676

Sarepta

Therapeutics,

Inc.(a)

..........

904

Summit

Therapeutics,

Inc.(a)

.........

694

Ultragenyx

Pharmaceutical,

Inc.(a)

.....

4,434

United

Therapeutics

Corp.(a)

.........

2,630

7,450

Vertex

Pharmaceuticals,

Inc.(a)

........

3,326

807

Viking

Therapeutics,

Inc.(a)

..........

34,020

Broadline

Retail

—

1.81%

47,833

Alibaba

Group

Holding

Ltd.,

ADR

.....

6,001

207,787

Amazon.com,

Inc.(a)

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

43,276

10,233

Coupang,

Inc.,

Class

A(a)

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

Dillard's,

Inc.,

Class

A

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

16,346

eBay,

Inc.

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

1,487

695

Etsy,

Inc.(a)

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

2,044

Macy's,

Inc.

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

MercadoLibre

,

Inc.(a)

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

780

Ollie's

Bargain

Outlet

Holdings,

Inc.(a)

..

51,867

Building

Products

—

0.20%

862

A.O.

Smith

Corp.

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

524

AAON,

Inc.

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

546

Advanced

Drainage

Systems,

Inc.

......

3,839

Allegion

PLC

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

557

Armstrong

World

Industries,

Inc.

.......

1,978

Builders

FirstSource

,

Inc.(a)

..........

741

Carlisle

Cos.,

Inc.

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

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Building

Products

(continued)

13,815

Carrier

Global

Corp.

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

$

778

876

Fortune

Brands

Innovations,

Inc.

.......

1,536

Hayward

Holdings,

Inc.(a)

...........

11,313

Johnson

Controls

International

PLC

.....

1,481

561

Lennox

International,

Inc.

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

3,760

Masco

Corp.

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

640

Owens

Corning

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

Simpson

Manufacturing

Co.,

Inc.

......

3,944

Trane

Technologies

PLC

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

1,645

835

Trex

Co.,

Inc.(a)

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

5,800

Capital

Markets

—

2.25%

Affiliated

Managers

Group,

Inc.

.......

1,637

Ameriprise

Financial,

Inc.

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

728

3,629

Ares

Management

Corp.,

Class

A

......

2,669

Blackrock,

Inc.

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

2,567

13,200

Blackstone,

Inc.

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

1,518

4,722

Blue

Owl

Capital,

Inc.

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

2,959

Brookfield

Asset

Management

Ltd.,

Class

A

Bullish^(a)

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

11,470

Cboe

Global

Markets,

Inc.

...........

3,224

15,278

CME

Group,

Inc.,

Class

A

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

4,512

3,916

Coinbase

Global,

Inc.,

Class

A(a)

......

683

Evercore,

Inc.,

Class

A

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

FactSet

Research

Systems,

Inc.

........

2,297

Franklin

Resources,

Inc.

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

Freedom

Holding

Corp./N.V.^(a)

.......

Hamilton

Lane,

Inc.,

Class

A

..........

Houlihan

Lokey,

Inc.,

Class

A

.........

7,851

Interactive

Brokers

Group,

Inc.,

Class

A

..

527

18,624

Intercontinental

Exchange,

Inc.

........

2,929

2,832

Invesco

Ltd.

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

929

Janus

Henderson

Group

PLC

.........

1,185

Jefferies

Financial

Group,

Inc.

.........

11,507

KKR

&

Co.,

Inc.

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

1,065

720

Lazard,

Inc.,

Class

A

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

1,403

LPL

Financial

Holdings,

Inc.

..........

MarketAxess

Holdings,

Inc.

..........

20,391

Moody's

Corp.

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

8,895

20,803

Morgan

Stanley

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

3,423

Morningstar,

Inc.

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

1,306

MSCI,

Inc.,

Class

A

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

704

8,091

Nasdaq,

Inc.

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

687

3,339

Northern

Trust

Corp.

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

3,322

Raymond

James

Financial,

Inc.

........

13,296

Robinhood

Markets,

Inc.,

Class

A(a)

....

922

23,580

S&P

Global,

Inc.

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

10,028

780

SEI

Investments

Co.

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

4,912

State

Street

Corp.

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

621

1,163

Stifel

Financial

Corp.

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

HC

CAPITAL

TRUST

The

Institutional

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Capital

Markets

(continued)

3,865

T. Rowe

Price

Group,

Inc.

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

$

12,257

The

Bank

of

New

York

Mellon

Corp.

....

1,454

4,304

The

Carlyle

Group,

Inc.

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

110,188

The

Charles

Schwab

Corp.

...........

10,355

5,289

The

Goldman

Sachs

Group,

Inc.

.......

4,474

1,002

TPG,

Inc.,

Class

A

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

14,420

Tradeweb

Markets,

Inc.,

Class

A

.......

1,697

Virtu

Financial,

Inc.,

Class

A

..........

2,910

XP,

Inc.,

Class

A

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

64,439

Chemicals

—

0.91%

6,756

Air

Products

and

Chemicals,

Inc.

.......

1,962

920

Albemarle

Corp.

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

Ashland,

Inc.

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

1,530

Axalta

Coating

Systems

Ltd.(a)

........

855

Celanese

Corp.,

Class

A

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

19,817

CF

Industries

Holdings,

Inc.

..........

2,573

22,101

Corteva,

Inc.

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

1,850

12,725

Dow,

Inc.

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

530

7,502

DuPont

de

Nemours,

Inc.

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

907

Eastman

Chemical

Co.

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

8,193

Ecolab,

Inc.

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

2,180

1,710

Element

Solutions,

Inc.

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

955

FMC

Corp.

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

924

Huntsman

Corp.

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

12,558

International

Flavors

&

Fragrances,

Inc.

..

911

10,893

Linde

PLC

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

5,401

4,519

LyondellBasell

Industries

N.V.,

Class

A

..

NewMarket

Corp.

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

769

Olin

Corp.

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

4,031

PPG

Industries,

Inc.

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

2,268

RPM

International,

Inc.

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

80,470

Sensient

Technologies

Corp.

..........

6,957

1,245

Solstice

Advanced

Materials,

Inc.

......

2,335

The

Mosaic

Co.

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

The

Scotts

Miracle-Gro

Co.

..........

4,915

The

Sherwin-Williams

Co.

...........

1,575

Westlake

Corp.

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

25,995

Commercial

Services

&

Supplies

—

0.51%

9,762

Cintas

Corp.

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

1,651

Clean

Harbors,

Inc.(a)

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

27,232

Copart,

Inc.(a)

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

904

MSA

Safety,

Inc.

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

1,466

RB

Global,

Inc.

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

13,180

Republic

Services,

Inc.,

Class

A

.......

2,887

35,112

Rollins,

Inc.

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

1,875

1,995

Tetra

Tech,

Inc.

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

9,064

Veralto

Corp.

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

801

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Commercial

Services

&

Supplies

(continued)

14,098

Waste

Connections,

Inc.

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

$

2,290

16,558

Waste

Management,

Inc.

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

3,805

14,577

Communications

Equipment

—

0.44%

18,839

Arista

Networks,

Inc.(a)

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

2,313

2,504

Ciena

Corp.(a)

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

972

73,547

Cisco

Systems,

Inc.

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

5,707

1,020

F5,

Inc.(a)

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

1,272

Lumentum

Holdings,

Inc.(a)

..........

894

5,759

Motorola

Solutions,

Inc.

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

2,499

Ubiquiti,

Inc.

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

12,706

Construction

&

Engineering

—

0.12%

2,348

AECOM

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

2,851

API

Group

Corp.(a)

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

632

Comfort

Systems

USA,

Inc.

..........

872

807

EMCOR

Group,

Inc.

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

596

Everus

Construction

Group,

Inc.(a)

.....

500

MasTec

,

Inc.(a)

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

2,650

Quanta

Services,

Inc.

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

1,453

Valmont

Industries,

Inc.

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

1,259

WillScot

Holdings

Corp.

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

3,528

Construction

Materials

—

0.55%

4,821

Amrize

Ltd.(a)

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

72,899

CRH

PLC

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

7,663

Eagle

Materials,

Inc.

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

1,138

James

Hardie

Industries

PLC(a)

.......

12,221

Martin

Marietta

Materials,

Inc.

........

7,194

2,331

Vulcan

Materials

Co.

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

635

15,831

Consumer

Finance

—

0.21%

2,135

Ally

Financial,

Inc.

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

9,721

American

Express

Co.

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

2,940

11,288

Capital

One

Financial

Corp.

..........

2,059

Credit

Acceptance

Corp.(a)

...........

Figure

Technology

Solutions,

Inc.,

Class

A^(a)

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

870

OneMain

Holdings,

Inc.,

Class

A

.......

1,415

SLM

Corp.

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

22,292

SoFi

Technologies,

Inc.(a)

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

6,308

Synchrony

Financial

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

5,967

Consumer

Staples

Distribution

&

Retail

—

1.11%

2,868

Albertsons

Cos.,

Inc.,

Class

A

.........

1,016

BJ's

Wholesale

Club

Holdings,

Inc.(a)

...

HC

CAPITAL

TRUST

The

Institutional

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Consumer

Staples

Distribution

&

Retail

(continued)

664

Casey's

General

Stores,

Inc.

..........

$

9,019

Costco

Wholesale

Corp.

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

8,987

21,405

Dollar

General

Corp.

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

2,542

11,828

Dollar

Tree,

Inc.(a)

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

1,295

1,321

Maplebear

,

Inc.(a)

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

1,187

Performance

Food

Group

Co.(a)

.......

758

Sprouts

Farmers

Market,

Inc.(a)

.......

30,130

Sysco

Corp.

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

2,149

8,049

Target

Corp.

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

976

49,734

The

Kroger

Co.

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

3,599

1,777

U.S.

Foods

Holding

Corp.(a)

..........

91,163

Walmart,

Inc.

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

11,329

31,882

Containers

&

Packaging

—

0.19%

32,978

Amcor

PLC

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

1,311

532

AptarGroup,

Inc.

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

5,602

Avery

Dennison

Corp.

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

967

20,933

Ball

Corp.

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

1,238

900

Crown

Holdings,

Inc.

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

1,931

Graphic

Packaging

Holding

Co.

.......

13,216

International

Paper

Co.

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

3,889

Packaging

Corp.

of

America

..........

826

1,105

Sealed

Air

Corp.

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

638

Silgan

Holdings,

Inc.

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

9,147

Smurfit

Westrock

PLC

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

738

Sonoco

Products

Co.

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

5,465

Distributors

—

0.04%

9,089

Genuine

Parts

Co.

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

961

1,863

LKQ

Corp.

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

Pool

Corp.

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

1,068

Diversified

Consumer

Services

—

0.01%

3,971

ADT,

Inc.

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

Bright

Horizons

Family

Solutions,

Inc.(a)

Duolingo,

Inc.,

Class

A(a)

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

Grand

Canyon

Education,

Inc.(a)

.......

890

H&R

Block,

Inc.

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

Liberty

Live

Holdings,

Inc.,

Class

A(a)

..

Liberty

Live

Holdings,

Inc.,

Class

C(a)

..

1,078

Service

Corp.

International

...........

Diversified

REITs

—

0.47%

108,778

Essential

Properties

Realty

Trust,

Inc.

...

3,303

215,697

Global

Net

Lease,

Inc.

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

2,019

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Diversified

REITs

(continued)

120,499

WP

Carey,

Inc.

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

$

8,189

13,511

Diversified

Telecommunication

Services

—

0.55%

3,978

AST

SpaceMobile

,

Inc.(a)

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

212,313

AT&T,

Inc.

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

6,155

97,802

Comcast

Corp.,

Class

A

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

2,808

GCI

Liberty,

Inc.,

Class

A(a)

..........

GCI

Liberty,

Inc.,

Class

C(a)

..........

517

Iridium

Communications,

Inc.

.........

1,274

Liberty

Global

Ltd.,

Class

A(a)

........

899

Liberty

Global

Ltd.,

Class

C(a)

........

126,275

Verizon

Communications,

Inc.

.........

6,338

15,679

Electric

Utilities

—

1.66%

36,171

Alliant

Energy

Corp.

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

2,595

28,939

American

Electric

Power

Co.,

Inc.

......

3,793

5,506

Constellation

Energy

Corp.

...........

1,538

35,081

Duke

Energy

Corp.

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

4,593

27,199

Edison

International

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

1,990

25,317

Entergy

Corp.

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

2,844

32,353

Evergy

,

Inc.

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

2,651

33,285

Eversource

Energy

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

2,307

71,886

Exelon

Corp.

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

3,523

58,470

FirstEnergy

Corp.

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

2,962

IDACORP,

Inc.

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

56,366

NextEra

Energy,

Inc.

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

5,236

3,481

NRG

Energy,

Inc.

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

508

1,514

OGE

Energy

Corp.

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

1,095

Oklo

,

Inc.,

Class

A(a)

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

125,303

PG&E

Corp.

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

2,202

922

Pinnacle

West

Capital

Corp.

..........

73,916

PPL

Corp.

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

2,824

48,054

The

Southern

Co.

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

4,638

40,095

Xcel

Energy,

Inc.

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

3,185

47,669

Electrical

Equipment

—

0.44%

Acuity,

Inc.

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

5,275

AMETEK,

Inc.

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

1,131

2,191

Bloom

Energy

Corp.,

Class

A(a)

.......

6,972

Eaton

Corp.

PLC

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

2,494

10,043

Emerson

Electric

Co.

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

1,316

4,854

GE

Vernova

,

Inc.

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

4,235

Generac

Holdings,

Inc.(a)

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

950

Hubbell,

Inc.

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

1,253

nVent

Electric

PLC

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

518

Regal

Rexnord

Corp.

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

2,001

Rockwell

Automation,

Inc.

...........

718

1,008

Sensata

Technologies

Holding

PLC

.....

HC

CAPITAL

TRUST

The

Institutional

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Electrical

Equipment

(continued)

6,626

Vertiv

Holdings

Co.,

Class

A

..........

$

1,660

12,757

Electronic

Equipment,

Instruments

&

Components

—

0.54%

71,748

Amphenol

Corp.,

Class

A

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

9,065

Arrow

Electronics,

Inc.(a)

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

614

Avnet,

Inc.

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

2,341

CDW

Corp.

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

1,318

Cognex

Corp.

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

2,766

Coherent

Corp.(a)

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

659

14,293

Corning,

Inc.

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

1,943

Crane

NXT

Co.

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

6,449

Flex

Ltd.(a)

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

Ingram

Micro

Holding

Corp.

..........

IPG

Photonics

Corp.(a)

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

1,880

Jabil,

Inc.

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

3,055

Keysight

Technologies,

Inc.(a)

........

863

Littelfuse

,

Inc.

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

875

Ralliant

Corp.

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

609

TD

SYNNEX

Corp.

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

2,950

TE

Connectivity

PLC

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

617

824

Teledyne

Technologies,

Inc.(a)

........

1,075

Vontier

Corp.

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

914

Zebra

Technologies

Corp.(a)

..........

15,487

Energy

Equipment

&

Services

—

0.12%

17,549

Baker

Hughes

Co.

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

1,072

15,093

Halliburton

Co.

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

588

2,720

NOV,

Inc.

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

26,676

SLB

Ltd.

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

1,371

3,138

TechnipFMC

PLC

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

554

Weatherford

International

PLC

........

3,351

Entertainment

—

0.90%

4,318

Electronic

Arts,

Inc.

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

881

15,068

Liberty

Media

Corp.-Liberty

Formula

One(a)

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

1,281

Liberty

Media

Corp.-Liberty

Formula

One(a)

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

2,934

Live

Nation

Entertainment,

Inc.(a)

......

Madison

Square

Garden

Sports

Corp.(a)

..

171,849

Netflix,

Inc.(a)

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

16,523

10,606

ROBLOX

Corp.,

Class

A(a)

..........

600

1,033

Roku,

Inc.,

Class

A(a)

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

1,208

Spotify

Technology

SA(a)

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

586

5,006

Take-Two

Interactive

Software,

Inc.(a)

...

989

31,822

The

Walt

Disney

Co.

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

3,067

556

TKO

Group

Holdings,

Inc.

...........

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Entertainment

(continued)

41,248

Warner

Bros.

Discovery,

Inc.(a)

........

$

1,133

25,769

Financial

Services

—

2.11%

4,692

Affirm

Holdings,

Inc.,

Class

A(a)

.......

67,024

Apollo

Global

Management,

Inc.

.......

7,467

30,944

Berkshire

Hathaway,

Inc.,

Class

B(a)

....

14,829

9,524

Block,

Inc.,

Class

A(a)

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

573

4,488

Corebridge

Financial,

Inc.

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

1,188

Corpay

,

Inc.(a)

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

4,903

Equitable

Holdings,

Inc.

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

Euronet

Worldwide,

Inc.(a)

...........

17,027

Fidelity

National

Information

Services,

Inc.

798

17,529

Fiserv,

Inc.(a)

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

978

4,366

Global

Payments,

Inc.

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

10,965

Jack

Henry

&

Associates,

Inc.

.........

1,733

29,937

Mastercard,

Inc.,

Class

A

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

14,960

1,613

MGIC

Investment

Corp.

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

16,223

PayPal

Holdings,

Inc.

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

734

16,317

Rocket

Cos.,

Inc.,

Class

A(a)

..........

513

Shift4

Payments,

Inc.,

Class

A^(a)

......

2,293

The

Western

Union

Co.

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

8,040

Toast,

Inc.,

Class

A(a)

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

703

UWM

Holdings

Corp.

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

55,214

Visa,

Inc.,

Class

A

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

16,688

738

Voya

Financial,

Inc.

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

WEX,

Inc.(a)

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

60,547

Food

Products

—

0.91%

33,887

Archer-Daniels-Midland

Co.

..........

2,463

15,763

Bunge

Global

SA

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

2,006

3,657

Conagra

Brands,

Inc.

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

1,213

Darling

Ingredients,

Inc.(a)

...........

1,421

Flowers

Foods,

Inc.

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

Freshpet

,

Inc.(a)

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

69,932

General

Mills,

Inc.

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

2,603

113,253

Hormel

Foods

Corp.

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

2,565

Ingredion,

Inc.

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

990

Lamb

Weston

Holdings,

Inc.

..........

37,423

McCormick

&

Co.,

Inc.

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

1,887

63,884

Mondelez

International,

Inc.,

Class

A

....

3,682

Pilgrim's

Pride

Corp.

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

Post

Holdings,

Inc.(a)

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

Seaboard

Corp.

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

Smithfield

Foods,

Inc.

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

1,470

The

Campbell's

Company^

...........

14,216

The

Hershey

Co.

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

2,955

23,722

The

J.M.

Smucker

Co.

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

2,288

115,244

The

Kraft

Heinz

Co.

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

2,593

HC

CAPITAL

TRUST

The

Institutional

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Food

Products

(continued)

41,851

Tyson

Foods,

Inc.,

Class

A

...........

$

2,680

26,083

Gas

Utilities

—

0.11%

15,812

Atmos

Energy

Corp.

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

2,920

1,532

MDU

Resources

Group,

Inc.

..........

722

National

Fuel

Gas

Co.

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

1,588

UGI

Corp.

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

3,078

Ground

Transportation

—

0.61%

Avis

Budget

Group,

Inc.^(a)

..........

50,250

CSX

Corp.

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

2,062

1,325

JB

Hunt

Transport

Services,

Inc.

.......

1,183

Knight-Swift

Transportation

Holdings,

Inc.,

Class

A

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

Landstar

System,

Inc.

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

2,720

Lyft,

Inc.,

Class

A(a)

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

3,977

Norfolk

Southern

Corp.

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

1,142

3,348

Old

Dominion

Freight

Line,

Inc.

.......

654

Ryder

System,

Inc.

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

Saia,

Inc.(a)

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

Schneider

National,

Inc.,

Class

B

.......

35,585

Uber

Technologies,

Inc.(a)

...........

2,560

U-Haul

Holding

Co.(a)

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

761

U-Haul

Holding

Co.

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

42,339

Union

Pacific

Corp.

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

10,274

912

XPO,

Inc.(a)

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

17,498

Health

Care

Equipment

&

Supplies

—

1.23%

49,672

Abbott

Laboratories

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

5,100

557

Align

Technology,

Inc.(a)

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

28,723

Baxter

International,

Inc.

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

13,766

Becton

Dickinson

&

Co.

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

2,165

138,600

Boston

Scientific

Corp.(a)

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

8,697

1,225

DENTSPLY

SIRONA,

Inc.

...........

6,990

Dexcom,

Inc.(a)

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

19,896

Edwards

Lifesciences

Corp.(a)

........

1,593

1,234

Envista

Holdings

Corp.(a)

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

8,046

GE

HealthCare

Technologies,

Inc.

......

573

897

Globus

Medical,

Inc.,

Class

A(a)

.......

4,032

Hologic,

Inc.(a)

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

1,426

IDEXX

Laboratories,

Inc.(a)

..........

802

Inspire

Medical

Systems,

Inc.(a)

.......

1,242

Insulet

Corp.(a)

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

6,298

Intuitive

Surgical,

Inc.(a)

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

2,904

Masimo

Corp.(a)

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

41,136

Medtronic

PLC

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

3,564

Penumbra,

Inc.(a)

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

4,155

ResMed,

Inc.

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

933

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Health

Care

Equipment

&

Supplies

(continued)

2,807

Solventum

Corp.(a)

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

$

6,304

STERIS

PLC

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

1,394

8,639

Stryker

Corp.

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

2,839

Teleflex,

Inc.

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

8,866

The

Cooper

Cos.,

Inc.(a)

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

634

21,722

Zimmer

Biomet

Holdings,

Inc.

........

1,964

35,265

Health

Care

Providers

&

Services

—

1.44%

675

Acadia

Healthcare

Co.,

Inc.(a)

.........

164,612

Brookdale

Senior

Living,

Inc.(a)

.......

2,253

13,275

Cardinal

Health,

Inc.

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

2,805

10,631

Cencora

,

Inc.

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

3,341

64,380

Centene

Corp.(a)

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

2,107

Chemed

Corp.

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

46,248

CVS

Health

Corp.

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

3,321

DaVita,

Inc.(a)

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

9,978

Elevance

Health,

Inc.

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

2,922

771

Encompass

Health

Corp.

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

6,070

HCA

Healthcare,

Inc.

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

2,872

847

Henry

Schein,

Inc.(a)

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

12,998

Humana,

Inc.

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

2,253

6,115

Labcorp

Holdings,

Inc.

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

1,632

4,919

McKesson

Corp.

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

4,257

Molina

Healthcare,

Inc.(a)

...........

12,869

Quest

Diagnostics,

Inc.

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

2,522

682

Tenet

Healthcare

Corp.(a)

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

12,403

The

Cigna

Group

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

3,308

23,735

UnitedHealth

Group,

Inc.

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

6,423

4,608

Universal

Health

Services,

Inc.,

Class

B

..

824

41,264

Health

Care

REITs

—

1.25%

1,330

Alexandria

Real

Estate

Equities,

Inc.

....

70,937

American

Healthcare

REIT,

Inc.

.......

3,345

98,639

CareTrust

REIT,

Inc.

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

3,615

2,539

Healthcare

Realty

Trust,

Inc.

..........

62,569

Healthpeak

Properties,

Inc.

...........

1,028

3,673

Medical

Properties

Trust,

Inc.

.........

2,222

Omega

Healthcare

Investors,

Inc.

......

65,385

Ventas,

Inc.

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

5,347

113,059

Welltower,

Inc.

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

22,354

35,908

Health

Care

Technology

—

0.02%

881

Certara,

Inc.(a)

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

1,010

Doximity,

Inc.,

Class

A(a)

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

2,719

Veeva

Systems,

Inc.,

Class

A(a)

........

506

HC

CAPITAL

TRUST

The

Institutional

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Hotel

&

Resort

REITs

—

0.09%

5,369

Host

Hotels

&

Resorts,

Inc.

...........

$

1,252

Park

Hotels

&

Resorts,

Inc.

...........

106,938

Pebblebrook

Hotel

Trust

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

1,351

68,261

Xenia

Hotels

&

Resorts,

Inc.

..........

1,012

2,479

Hotels,

Restaurants

&

Leisure

—

1.68%

7,634

Airbnb,

Inc.,

Class

A(a)

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

964

1,994

Aramark

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

577

Booking

Holdings,

Inc.

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

2,429

Boyd

Gaming

Corp.

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

1,556

Caesars

Entertainment,

Inc.(a)

.........

19,152

Carnival

Corp.

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

772

Cava

Group,

Inc.(a)

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

23,589

Chipotle

Mexican

Grill,

Inc.,

Class

A(a)

..

755

Choice

Hotels

International,

Inc.

.......

541

Churchill

Downs,

Inc.

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

7,414

Darden

Restaurants,

Inc.

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

1,454

3,371

Domino's

Pizza,

Inc.

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

1,210

6,688

DoorDash

,

Inc.,

Class

A(a)

...........

1,004

8,367

DraftKings,

Inc.(a)

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

895

Dutch

Bros,

Inc.,

Class

A(a)

..........

2,139

Expedia

Group,

Inc.

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

62,881

Flutter

Entertainment

PLC,

Class

DI(a)

..

6,411

34,635

Hilton

Worldwide

Holdings,

Inc.

.......

10,531

762

Hyatt

Hotels

Corp.,

Class

A

...........

5,399

Las

Vegas

Sands

Corp.

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

7,093

Marriott

International,

Inc.,

Class

A

.....

2,320

19,189

McDonald's

Corp.

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

5,964

1,585

MGM

Resorts

International(a)

.........

3,394

Norwegian

Cruise

Line

Holdings

Ltd.(a)

.

796

Penn

Entertainment,

Inc.(a)

...........

633

Planet

Fitness,

Inc.,

Class

A(a)

........

2,504

Restaurant

Brands

International,

Inc.

....

4,556

Royal

Caribbean

Cruises

Ltd.

.........

1,253

20,121

Starbucks

Corp.

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

1,803

533

Texas

Roadhouse,

Inc.,

Class

A

........

692

The

Wendy's

Co.

..................

Travel

+

Leisure

Co.

................

Vail

Resorts,

Inc.

..................

97,919

Viking

Holdings

Ltd.(a)

.............

7,195

Wingstop

,

Inc.

....................

575

Wyndham

Hotels

&

Resorts,

Inc.

.......

598

Wynn

Resorts

Ltd.

.................

15,301

Yum!

Brands,

Inc.

.................

2,379

48,251

Household

Durables

—

0.58%

8,826

D.R.

Horton,

Inc.

..................

1,212

2,937

Garmin

Ltd.

......................

682

6,062

Lennar

Corp.,

Class

A

...............

527

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Household

Durables

(continued)

Lennar

Corp.,

Class

B

..............

$

Mohawk

Industries,

Inc.(a)

...........

2,863

Newell

Brands,

Inc.

................

NVR,

Inc.(a)

.....................

1,225

3,435

PulteGroup,

Inc.

...................

57,203

SharkNinja

,

Inc.(a)

.................

6,057

86,261

Somnigroup

International,

Inc.

........

6,376

746

Toll

Brothers,

Inc.

.................

TopBuild

Corp.(a)

.................

Whirlpool

Corp.

...................

16,741

Household

Products

—

0.69%

30,938

Church

&

Dwight

Co.,

Inc.

...........

2,888

41,699

Colgate-Palmolive

Co.

..............

3,554

30,060

Kimberly-Clark

Corp.

...............

2,900

Reynolds

Consumer

Products,

Inc.

.....

21,192

The

Clorox

Co.

...................

2,197

57,251

The

Procter

&

Gamble

Co.

...........

8,267

19,815

Independent

Power

and

Renewable

Electricity

Producers

—

0.48%

968

Brookfield

Renewable

Corp.

..........

Clearway

Energy,

Inc.,

Class

A

........

633

Clearway

Energy,

Inc.,

Class

C

........

19,513

Talen

Energy

Corp.(a)

..............

6,230

5,463

The

AES

Corp.

...................

48,805

Vistra

Corp.

......................

7,336

13,717

Industrial

Conglomerates

—

0.15%

9,414

3M

Co.

.........................

1,367

13,577

Honeywell

International,

Inc.

.........

3,069

4,436

Industrial

REITs

—

0.78%

2,173

Americold

Realty

Trust,

Inc.

..........

14,390

EastGroup

Properties,

Inc.

...........

2,664

999

First

Industrial

Realty

Trust,

Inc.

.......

546

Lineage,

Inc.

.....................

24,591

LXP

Industrial

Trust

................

1,138

139,217

Prologis,

Inc.

.....................

18,400

1,699

Rexford

Industrial

Realty,

Inc.

.........

1,444

STAG

Industrial,

Inc.

...............

22,411

Insurance

—

1.78%

22,351

Aflac,

Inc.

.......................

2,453

10,815

American

Financial

Group,

Inc.

........

1,381

19,792

American

International

Group,

Inc.

.....

1,489

HC

CAPITAL

TRUST

The

Institutional

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Insurance

(continued)

9,629

Aon

PLC,

Class

A

.................

$

3,108

23,478

Arch

Capital

Group

Ltd.(a)

...........

2,255

13,362

Arthur

J. Gallagher

&

Co.

............

2,893

Assurant,

Inc.

....................

Assured

Guaranty

Ltd.

..............

590

Axis

Capital

Holdings

Ltd.

...........

Brighthouse

Financial,

Inc.(a)

.........

29,362

Brown

&

Brown,

Inc.

...............

1,915

13,088

Chubb

Ltd.

......................

4,267

8,520

Cincinnati

Financial

Corp.

...........

1,340

CNA

Financial

Corp.

...............

6,676

Erie

Indemnity

Co.,

Class

A

..........

1,677

4,918

Everest

Group

Ltd.

.................

1,608

20,817

Fidelity

National

Financial,

Inc.

.......

965

765

First

American

Financial

Corp.

........

641

Globe

Life,

Inc.

...................

Kemper

Corp.

....................

Kinsale

Capital

Group,

Inc.

...........

1,287

Lincoln

National

Corp.

..............

15,587

Loews

Corp.

.....................

1,664

861

Markel

Group,

Inc.(a)

...............

1,647

19,450

Marsh

&

McLennan

Cos.,

Inc.

........

3,374

9,948

MetLife,

Inc.

.....................

704

1,708

Old

Republic

International

Corp.

.......

Primerica,

Inc.

....................

3,957

Principal

Financial

Group,

Inc.

........

6,204

Prudential

Financial,

Inc.

............

606

530

Reinsurance

Group

of

America,

Inc.

....

RenaissanceRe

Holdings

Ltd.

.........

608

RLI

Corp.

.......................

812

Ryan

Specialty

Holdings,

Inc.,

Class

A

...

12,778

The

Allstate

Corp.

.................

2,650

The

Hanover

Insurance

Group,

Inc.

.....

14,613

The

Hartford

Insurance

Group,

Inc.

.....

1,976

20,894

The

Progressive

Corp.

..............

4,142

9,297

The

Travelers

Cos.,

Inc.

.............

2,711

1,339

Unum

Group

.....................

34,376

W.R.

Berkley

Corp.

................

2,279

White

Mountains

Insurance

Group

Ltd.

..

8,312

Willis

Towers

Watson

PLC

...........

2,416

50,947

Interactive

Media

&

Services

—

3.16%

128,086

Alphabet,

Inc.,

Class

A

..............

36,832

85,476

Alphabet,

Inc.,

Class

C

..............

24,520

IAC,

Inc.(a)

......................

1,770

Match

Group,

Inc.

.................

50,409

Meta

Platforms,

Inc.,

Class

A

.........

28,840

10,234

Pinterest,

Inc.,

Class

A(a)

............

1,999

Reddit,

Inc.,

Class

A(a)

..............

10,787

Snap,

Inc.,

Class

A(a)

...............

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Interactive

Media

&

Services

(continued)

1,247

Trump

Media

&

Technology

Group

Corp.(a)

$

1,579

ZoomInfo

Technologies,

Inc.,

Class

A(a)

.

90,792

IT

Services

—

0.46%

11,018

Accenture

PLC,

Class

A

.............

2,185

1,110

Akamai

Technologies,

Inc.(a)

.........

854

Amdocs

Ltd.

.....................

5,681

Cloudflare,

Inc.,

Class

A(a)

...........

1,172

8,592

Cognizant

Technology

Solutions

Corp.,

Class

A

.....................

527

2,339

CoreWeave

,

Inc.,

Class

A(a)

..........

1,008

DXC

Technology

Co.(a)

.............

EPAM

Systems,

Inc.(a)

..............

1,333

Gartner,

Inc.(a)

...................

Globant

SA(a)

....................

2,437

GoDaddy,

Inc.,

Class

A(a)

............

18,833

International

Business

Machines

Corp.

...

4,565

1,741

Kyndryl

Holdings,

Inc.(a)

............

1,440

MongoDB,

Inc.,

Class

A(a)

...........

3,118

Okta,

Inc.,

Class

A(a)

...............

5,779

Snowflake,

Inc.,

Class

A(a)

...........

871

2,581

Twilio,

Inc.,

Class

A(a)

..............

8,458

VeriSign,

Inc.

.....................

2,101

13,228

Leisure

Products

—

0.01%

Brunswick

Corp.

..................

1,021

Hasbro,

Inc.

......................

2,378

Mattel,

Inc.(a)

....................

547

YETI

Holdings,

Inc.(a)

..............

Life

Sciences

Tools

&

Services

—

0.34%

5,030

Agilent

Technologies,

Inc.

............

573

5,099

Avantor,

Inc.(a)

...................

Bio-Rad

Laboratories,

Inc.,

Class

A(a)

...

1,180

Bio-Techne

Corp.

..................

684

Bruker

Corp.

.....................

Charles

River

Laboratories

International,

Inc.(a)

......................

11,353

Danaher

Corp.

....................

2,152

2,753

Illumina,

Inc.(a)

...................

3,012

IQVIA

Holdings,

Inc.(a)

.............

514

Medpace

Holdings,

Inc.(a)

...........

Mettler-Toledo

International,

Inc.(a)

....

1,539

QIAGEN

N.V.

....................

Repligen

Corp.(a)

..................

906

Revvity

,

Inc.

.....................

1,589

Sotera

Health

Co.(a)

................

867

Tempus

AI,

Inc.,

Class

A(a)

...........

7,115

Thermo

Fisher

Scientific,

Inc.

.........

3,497

HC

CAPITAL

TRUST

The

Institutional

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Life

Sciences

Tools

&

Services

(continued)

1,736

Waters

Corp.(a)

...................

$

517

4,550

West

Pharmaceutical

Services,

Inc.

.....

1,141

9,768

Machinery

—

0.78%

508

AGCO

Corp.

.....................

657

Allison

Transmission

Holdings,

Inc.

....

8,271

Caterpillar,

Inc.

...................

5,860

15,489

CNH

Industrial

N.V.

................

Crane

Co.

.......................

2,457

Cummins,

Inc.

....................

1,322

5,129

Deere

&

Co.

.....................

2,888

921

Donaldson

Co.,

Inc.

................

2,403

Dover

Corp.

......................

501

Esab

Corp.

.......................

987

Flowserve

Corp.

...................

5,898

Fortive

Corp.

.....................

1,972

Gates

Industrial

Corp.

PLC(a)

.........

2,974

Graco,

Inc.

......................

1,338

IDEX

Corp.

......................

6,938

Illinois

Tool

Works,

Inc.

.............

1,806

7,042

Ingersoll

Rand,

Inc.

................

564

663

ITT,

Inc.

........................

Lincoln

Electric

Holdings,

Inc.

........

839

Mueller

Industries,

Inc.

..............

947

Nordson

Corp.

....................

Oshkosh

Corp.

....................

19,916

Otis

Worldwide

Corp.

...............

1,535

9,371

PACCAR,

Inc.

....................

1,083

2,253

Parker-Hannifin

Corp.

..............

2,017

2,912

Pentair

PLC

......................

RBC

Bearings,

Inc.(a)

..............

2,109

Snap-on,

Inc.

.....................

766

1,213

Stanley

Black

&

Decker,

Inc.

.........

The

Middleby

Corp.(a)

..............

511

The

Timken

Co.

...................

791

The

Toro

Co.

.....................

3,046

Westinghouse

Air

Brake

Technologies

Corp.

762

4,307

Xylem,

Inc.

......................

515

22,362

Marine

Transportation

—

0.00%

Kirby

Corp.(a)

....................

Media

—

0.11%

1,529

Charter

Communications,

Inc.,

Class

A(a)

1,050

DoubleVerify

Holdings,

Inc.(a)

........

1,391

EchoStar

Corp.,

Class

A(a)

...........

3,748

Fox

Corp.,

Class

A

.................

16,431

Fox

Corp.,

Class

B

.................

873

Liberty

Broadband

Corp.,

Class

A(a)

....

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Media

(continued)

880

Liberty

Broadband

Corp.,

Class

C(a)

....

$

6,586

News

Corp.,

Class

A

................

897

News

Corp.,

Class

B

...............

Nexstar

Media

Group,

Inc.,

Class

A

.....

NIQ

Global

Intelligence

PLC(a)

.......

13,418

Omnicom

Group,

Inc.

...............

1,011

1,469

Sirius

XM

Holdings,

Inc.

............

1,232

The

New

York

Times

Co.,

Class

A

......

7,829

The

Trade

Desk,

Inc.,

Class

A(a)

.......

979

Versant

Media

Group,

Inc.

...........

3,242

Metals

&

Mining

—

0.25%

2,023

Alcoa

Corp.

......................

3,945

Anglogold

Ashanti

PLC

.............

4,358

Cleveland-Cliffs,

Inc.(a)

.............

8,696

Coeur

Mining,

Inc.(a)

...............

25,645

Freeport-McMoRan,

Inc.

............

1,507

1,013

MP

Materials

Corp.(a)

..............

28,504

Newmont

Corp.

...................

3,087

4,119

Nucor

Corp.

......................

696

952

Reliance,

Inc.

.....................

657

Royal

Gold,

Inc.

...................

659

Southern

Copper

Corp.

..............

2,424

Steel

Dynamics,

Inc.

................

7,063

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.02%

8,090

AGNC

Investment

Corp.

............

20,981

Annaly

Capital

Management,

Inc.

......

4,012

Rithm

Capital

Corp.

................

2,689

Starwood

Property

Trust,

Inc.

.........

609

Multi-Utilities

—

0.96%

26,123

Ameren

Corp.

....................

2,872

64,378

CenterPoint

Energy,

Inc.

.............

2,779

37,732

CMS

Energy

Corp.

.................

2,927

30,475

Consolidated

Edison,

Inc.

............

3,449

48,267

Dominion

Energy,

Inc.

..............

2,983

19,046

DTE

Energy

Co.

..................

2,785

47,996

NiSource,

Inc.

....................

2,239

26,362

Public

Service

Enterprise

Group,

Inc.

....

2,135

24,301

Sempra

.........................

2,361

27,113

WEC

Energy

Group,

Inc.

............

3,139

27,669

Office

REITs

—

0.05%

1,189

BXP,

Inc.

........................

42,889

COPT

Defense

Properties

............

1,312

HC

CAPITAL

TRUST

The

Institutional

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Office

REITs

(continued)

1,290

Cousins

Properties,

Inc.

.............

$

788

Highwoods

Properties,

Inc.

...........

881

Kilroy

Realty

Corp.

................

1,338

Vornado

Realty

Trust

...............

1,480

Oil,

Gas

&

Consumable

Fuels

—

1.77%

2,550

Antero

Midstream

Corp.

.............

2,242

Antero

Resources

Corp.(a)

...........

2,627

APA

Corp.

.......................

9,951

Cheniere

Energy,

Inc.

...............

2,824

40,746

Chevron

Corp.

....................

8,430

Chord

Energy

Corp.

................

27,585

ConocoPhillips

...................

3,641

13,660

Coterra

Energy,

Inc.

................

10,896

Devon

Energy

Corp.

................

548

3,343

Diamondback

Energy,

Inc.

...........

662

816

DT

Midstream,

Inc.

................

17,454

EOG

Resources,

Inc.

...............

2,524

10,960

EQT

Corp.

.......................

698

13,991

Expand

Energy

Corp.

...............

1,536

86,643

Exxon

Mobil

Corp.

................

14,698

1,226

HF

Sinclair

Corp.

..................

74,075

Kinder

Morgan,

Inc.

................

2,485

6,608

Marathon

Petroleum

Corp.

...........

1,614

902

Matador

Resources

Co.

..............

22,784

Occidental

Petroleum

Corp.

..........

1,481

13,756

ONEOK,

Inc.

.....................

1,243

2,546

Ovintiv

,

Inc.

.....................

5,569

Permian

Resources

Corp.

............

7,116

Phillips

.......................

1,297

1,786

Range

Resources

Corp.

..............

3,813

Targa

Resources

Corp.

..............

956

1,028

Texas

Pacific

Land

Corp.

............

36,767

The

Williams

Cos.,

Inc.

.............

2,676

6,703

Valero

Energy

Corp.

................

1,656

1,312

Viper

Energy,

Inc.,

Class

A

...........

50,923

Paper

&

Forest

Products

—

0.00%

Louisiana-Pacific

Corp.

.............

Passenger

Airlines

—

0.24%

853

Alaska

Air

Group,

Inc.(a)

............

4,899

American

Airlines

Group,

Inc.(a)

.......

6,697

Delta

Air

Lines,

Inc.

................

3,608

Southwest

Airlines

Co.

..............

68,523

United

Airlines

Holdings,

Inc.(a)

.......

6,308

6,974

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Personal

Care

Products

—

0.03%

736

BellRing

Brands,

Inc.(a)

.............

$

992

Coty,

Inc.,

Class

A(a)

...............

e.l.f

.

Beauty,

Inc.(a)

................

34,007

Kenvue

,

Inc.

.....................

586

4,374

The

Estee

Lauder

Cos.,

Inc.,

Class

A

....

939

Pharmaceuticals

—

3.02%

71,158

Bristol-Myers

Squibb

Co.

............

4,316

727

Corcept

Therapeutics,

Inc.(a)

.........

3,702

Elanco

Animal

Health,

Inc.(a)

.........

22,271

Eli

Lilly

&

Co.

....................

20,482

Jazz

Pharmaceuticals

PLC(a)

.........

53,592

Johnson

&

Johnson

................

13,101

61,549

Merck

&

Co.,

Inc.

.................

7,404

876,832

Novo

Nordisk

A/S,

ADR

.............

32,223

1,927

Organon

&

Co.

...................

1,019

Perrigo

Co.

PLC

..................

167,025

Pfizer,

Inc.

.......................

4,691

50,935

Royalty

Pharma

PLC,

Class

A

.........

2,444

9,041

Viatris

,

Inc.

......................

14,010

Zoetis,

Inc.,

Class

A

................

1,656

86,668

Professional

Services

—

0.45%

1,232

Amentum

Holdings,

Inc.(a)

...........

12,559

Automatic

Data

Processing,

Inc.

.......

2,552

20,451

Booz

Allen

Hamilton

Holding

Corp.,

Class

A

.........................

1,596

8,155

Broadridge

Financial

Solutions,

Inc.

....

1,325

CACI

International,

Inc.,

Class

A(a)

....

771

Clarivate

PLC(a)

..................

Concentrix

Corp.

..................

2,181

Equifax,

Inc.

.....................

1,059

ExlService

Holdings,

Inc.(a)

..........

FTI

Consulting,

Inc.(a)

..............

1,245

Genpact

Ltd.

.....................

2,166

Jacobs

Solutions,

Inc.

...............

917

KBR,

Inc.

.......................

10,316

Leidos

Holdings,

Inc.

...............

1,604

ManpowerGroup,

Inc.

..............

Parsons

Corp.(a)

..................

16,401

Paychex,

Inc.

.....................

1,511

Paycom

Software,

Inc.

..............

Paylocity

Holding

Corp.(a)

...........

615

Robert

Half,

Inc.

..................

Science

Applications

International

Corp.

.

3,794

SS&C

Technologies

Holdings,

Inc.

.....

3,393

TransUnion

......................

HC

CAPITAL

TRUST

The

Institutional

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Professional

Services

(continued)

13,683

Verisk

Analytics,

Inc.,

Class

A

.........

$

2,596

12,800

Real

Estate

Management

&

Development

—

0.23%

5,320

CBRE

Group,

Inc.,

Class

A(a)

.........

720

735,500

Compass,

Inc.,

Class

A(a)

............

5,378

7,420

CoStar

Group,

Inc.(a)

...............

Howard

Hughes

Holdings,

Inc.(a)

......

Jones

Lang

LaSalle,

Inc.(a)

...........

Zillow

Group,

Inc.,

Class

A(a)

.........

2,977

Zillow

Group,

Inc.,

Class

C(a)

.........

6,664

Residential

REITs

—

0.96%

41,418

American

Homes

Rent,

Class

A

......

1,157

7,967

AvalonBay

Communities,

Inc.

.........

1,301

831

Camden

Property

Trust

..............

22,323

Centerspace

......................

1,282

33,331

Equity

LifeStyle

Properties,

Inc.

.......

2,080

20,775

Equity

Residential

.................

1,229

20,047

Essex

Property

Trust,

Inc.

............

4,851

54,280

Invitation

Homes,

Inc.

..............

1,349

35,667

Mid-America

Apartment

Communities,

Inc.

4,356

50,268

Sun

Communities,

Inc.

..............

6,333

100,895

UDR,

Inc.

.......................

3,408

27,427

Retail

REITs

—

0.91%

103,267

Acadia

Realty

Trust

................

1,974

891

Agree

Realty

Corp.

................

2,262

Brixmor

Property

Group,

Inc.

.........

653

Federal

Realty

Investment

Trust

.......

36,120

Kimco

Realty

Corp.

................

811

1,447

NNN

REIT,

Inc.

...................

71,280

Realty

Income

Corp.

...............

4,361

71,446

Regency

Centers

Corp.

..............

5,407

52,552

Simon

Property

Group,

Inc.

..........

9,803

184,659

The

Macerich

Co.

.................

3,490

26,108

Semiconductors

&

Semiconductor

Equipment

—

6.19%

28,795

Advanced

Micro

Devices,

Inc.(a)

.......

5,858

946

Allegro

MicroSystems

,

Inc.(a)

.........

972

Amkor

Technology,

Inc.

.............

8,780

Analog

Devices,

Inc.

...............

2,794

14,163

Applied

Materials,

Inc.

..............

4,841

2,291

Astera

Labs,

Inc.(a)

................

103,358

Broadcom,

Inc.

...................

31,990

Cirrus

Logic,

Inc.(a)

................

1,682

Credo

Technology

Group

Holding

Ltd.(a)

893

Enphase

Energy,

Inc.(a)

.............

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Semiconductors

&

Semiconductor

Equipment

(continued)

2,657

Entegris

,

Inc.

.....................

$

1,794

First

Solar,

Inc.(a)

.................

757

GLOBALFOUNDRIES,

Inc.(a)

.......

79,246

Intel

Corp.(a)

.....................

3,497

2,335

KLA

Corp.

......................

3,438

53,900

Lam

Research

Corp.

................

11,516

1,082

Lattice

Semiconductor

Corp.(a)

........

502

MACOM

Technology

Solutions

Holdings,

Inc.(a)

......................

15,179

Marvell

Technology,

Inc.

............

1,504

9,652

Microchip

Technology,

Inc.

...........

624

38,543

Micron

Technology,

Inc.

.............

13,022

526

MKS,

Inc.

.......................

842

Monolithic

Power

Systems,

Inc.

.......

920

465,325

NVIDIA

Corp.

....................

81,152

2,481

NXP

Semiconductors

N.V.

...........

7,115

ON

Semiconductor

Corp.(a)

..........

Onto

Innovation,

Inc.(a)

.............

3,795

Qnity

Electronics,

Inc.

..............

657

Qorvo,

Inc.(a)

....................

19,069

QUALCOMM,

Inc.

................

2,456

1,120

Skyworks

Solutions,

Inc.

............

20,414

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR

...................

6,899

2,765

Teradyne,

Inc.

....................

820

16,224

Texas

Instruments,

Inc.

..............

3,150

Universal

Display

Corp.

.............

177,679

Software

—

4.99%

7,441

Adobe,

Inc.(a)

....................

1,809

Appfolio

,

Inc.,

Class

A(a)

............

23,906

AppLovin

Corp.,

Class

A(a)

..........

9,514

2,948

Atlassian

Corp.,

Class

A(a)

...........

10,638

Aurora

Innovation,

Inc.(a)

............

3,758

Autodesk,

Inc.(a)

..................

900

1,218

Bentley

Systems,

Inc.,

Class

B

........

630

BILL

Holdings,

Inc.(a)

..............

4,860

Cadence

Design

Systems,

Inc.(a)

.......

1,351

4,007

CCC

Intelligent

Solutions

Holdings,

Inc.(a)

Circle

Internet

Group,

Inc.,

Class

A(a)

...

4,432

Crowdstrike

Holdings,

Inc.,

Class

A(a)

..

1,730

5,535

Datadog,

Inc.,

Class

A(a)

............

653

1,551

Docusign

,

Inc.,

Class

A(a)

............

Dolby

Laboratories,

Inc.,

Class

A

......

1,363

Dropbox,

Inc.,

Class

A(a)

............

2,271

Dynatrace,

Inc.(a)

.................

673

Elastic

N.V.(a)

....................

Fair

Isaac

Corp.(a)

.................

11,234

Fortinet,

Inc.(a)

...................

919

9,560

Gen

Digital,

Inc.

..................

1,017

Gitlab,

Inc.,

Class

A(a)

..............

HC

CAPITAL

TRUST

The

Institutional

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Software

(continued)

687

Guidewire

Software,

Inc.(a)

..........

$

925

HubSpot,

Inc.(a)

..................

4,904

Intuit,

Inc.

.......................

2,121

3,331

IREN

Ltd.(a)

.....................

Manhattan

Associates,

Inc.(a)

.........

224,772

Microsoft

Corp.

...................

83,203

825

nCino

,

Inc.(a)

....................

1,984

Nutanix,

Inc.,

Class

A(a)

.............

78,625

Oracle

Corp.

.....................

11,566

95,735

Palantir

Technologies,

Inc.,

Class

A(a)

...

14,004

14,199

Palo

Alto

Networks,

Inc.(a)

...........

2,276

628

Pegasystems,

Inc.

..................

886

Procore

Technologies,

Inc.(a)

.........

2,116

PTC,

Inc.(a)

......................

RingCentral,

Inc.,

Class

A

............

4,214

Roper

Technologies,

Inc.

.............

1,491

1,046

Rubrik,

Inc.,

Class

A(a)

.............

SailPoint,

Inc.(a)

..................

16,684

Salesforce,

Inc.

...................

3,114

5,840

Samsara,

Inc.,

Class

A(a)

............

2,117

SentinelOne

,

Inc.,

Class

A(a)

..........

18,335

ServiceNow,

Inc.(a)

................

1,917

4,670

Strategy,

Inc.,

Class

A(a)

.............

583

3,357

Synopsys,

Inc.(a)

..................

1,331

620

Teradata

Corp.(a)

..................

4,247

Trimble,

Inc.(a)

...................

1,719

Tyler

Technologies,

Inc.(a)

...........

588

2,973

UiPath,

Inc.,

Class

A(a)

.............

2,463

Unity

Software,

Inc.(a)

..............

3,830

Workday,

Inc.,

Class

A(a)

............

4,514

Zoom

Communications,

Inc.,

Class

A(a)

.

1,825

Zscaler,

Inc.(a)

....................

143,127

Specialized

REITs

—

1.70%

20,533

American

Tower

Corp.

..............

3,544

29,770

Crown

Castle,

Inc.

.................

2,421

1,695

CubeSmart

......................

29,749

Digital

Realty

Trust,

Inc.

.............

5,362

561

EPR

Properties

...................

16,654

Equinix,

Inc.

.....................

16,324

9,923

Extra

Space

Storage,

Inc.

............

1,301

524

Fermi,

Inc.(a)

.....................

40,906

Gaming

and

Leisure

Properties,

Inc.

....

1,816

5,339

Iron

Mountain,

Inc.

................

546

694

Lamar

Advertising

Co.,

Class

A

........

1,190

Millrose

Properties,

Inc.

.............

44,448

National

Storage

Affiliates

Trust

.......

1,677

88,534

Outfront

Media,

Inc.

................

2,346

30,648

Public

Storage

....................

8,300

3,445

Rayonier,

Inc.

....................

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Specialized

REITs

(continued)

11,650

SBA

Communications

Corp.,

Class

A

....

$

2,005

74,069

VICI

Properties,

Inc.,

Class

A

.........

2,024

39,719

Weyerhaeuser

Co.

.................

971

48,922

Specialty

Retail

—

1.16%

AutoNation,

Inc.(a)

................

837

AutoZone,

Inc.(a)

..................

2,827

1,527

Bath

&

Body

Works,

Inc.

............

3,484

Best

Buy

Co.,

Inc.

.................

1,113

Burlington

Stores,

Inc.(a)

............

1,085

CarMax,

Inc.(a)

...................

23,589

Carvana

Co.,

Class

A(a)

.............

7,415

1,618

Chewy,

Inc.,

Class

A(a)

.............

1,120

Dick's

Sporting

Goods,

Inc.

...........

Five

Below,

Inc.(a)

.................

823

Floor

&

Decor

Holdings,

Inc.,

Class

A(a)

.

3,171

GameStop

Corp.,

Class

A(a)

..........

Lithia

Motors,

Inc.,

Class

A

...........

11,804

Lowe's

Cos.,

Inc.

..................

2,789

Murphy

USA,

Inc.

.................

37,285

O'Reilly

Automotive,

Inc.(a)

..........

3,441

Penske

Automotive

Group,

Inc.

........

RH(a)

..........................

8,883

Ross

Stores,

Inc.

..................

1,925

1,602

The

Gap,

Inc.

.....................

19,259

The

Home

Depot,

Inc.

..............

6,332

29,085

The

TJX

Cos.,

Inc.

.................

4,644

28,334

Tractor

Supply

Co.

.................

1,284

1,291

Ulta

Beauty,

Inc.(a)

................

675

995

Valvoline,

Inc.(a)

..................

737

Wayfair,

Inc.,

Class

A(a)

.............

2,086

Williams-Sonoma,

Inc.

..............

33,181

Technology

Hardware,

Storage

&

Peripherals

—

3.25%

288,643

Apple,

Inc.

......................

73,257

5,635

Dell

Technologies,

Inc.,

Class

C

.......

925

5,450

Everpure

,

Inc.,

Class

A(a)

............

23,514

Hewlett

Packard

Enterprise

Co.

........

560

16,630

HP,

Inc.

.........................

2,926

IonQ

,

Inc.(a)

.....................

3,568

NetApp,

Inc.

.....................

1,071

Sandisk

Corp.(a)

..................

680

20,054

Seagate

Technology

Holdings

PLC

.....

7,856

9,107

Super

Micro

Computer,

Inc.(a)

........

32,247

Western

Digital

Corp.

...............

8,722

93,297

Textiles,

Apparel

&

Luxury

Goods

—

0.66%

1,154

Amer

Sports,

Inc.(a)

................

HC

CAPITAL

TRUST

The

Institutional

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Textiles,

Apparel

&

Luxury

Goods

(continued)

Birkenstock

Holding

PLC(a)

..........

$

Columbia

Sportswear

Co.

............

Crocs,

Inc.(a)

.....................

2,616

Deckers

Outdoor

Corp.(a)

............

1,904

Lululemon

Athletica,

Inc.(a)

..........

150,900

LVMH

Moet

Hennessy

Louis

Vuitton

SE,

ADR

.......................

16,485

21,037

NIKE,

Inc.,

Class

B

................

1,111

1,705

On

Holding

AG,

Class

A(a)

...........

PVH

Corp.

......................

Ralph

Lauren

Corp.,

Class

A

..........

3,640

Tapestry,

Inc.

.....................

513

1,429

Under

Armour

,

Inc.,

Class

A(a)

........

1,440

Under

Armour

,

Inc.,

Class

C(a)

........

2,652

VF

Corp.

........................

19,009

Tobacco

—

0.63%

68,783

Altria

Group,

Inc.

..................

4,539

81,178

Philip

Morris

International,

Inc.

........

13,422

17,961

Trading

Companies

&

Distributors

—

0.64%

48,393

AerCap

Holdings

N.V.

..............

6,639

AerCap

Holdings

N.V.

..............

788

Air

Lease

Corp.,

Class

A

.............

Applied

Industrial

Technologies,

Inc.

....

131,228

Core

&

Main,

Inc.,

Class

A(a)

.........

6,483

38,432

Fastenal

Co.

......................

1,783

3,452

Ferguson

Enterprises,

Inc.

............

805

MSC

Industrial

Direct

Co.,

Inc.,

Class

A

.

4,606

QXO,

Inc.(a)

.....................

SiteOne

Landscape

Supply,

Inc.(a)

......

1,121

United

Rentals,

Inc.

................

817

1,167

W.W.

Grainger,

Inc.

................

1,273

622

Watsco

,

Inc.

......................

WESCO

International,

Inc.

...........

18,474

Water

Utilities

—

0.11%

23,446

American

Water

Works

Co.,

Inc.

.......

3,191

2,133

Essential

Utilities,

Inc.

..............

3,277

Wireless

Telecommunication

Services

—

0.14%

795

Millicom

International

Cellular

SA

.....

18,900

T-Mobile

US,

Inc.

.................

3,969

4,029

Total

Common

Stocks

(cost

$1,288,948)

1,930,734

Shares

Security

Description

Value

(000) Contingent

Rights

—

0.00%

Biotechnology

—

0.00%

Mirati

Therapeutics

CVR,

1/4/27(a)(c)

...

$

—

Oncternal

Therapeutics,

Inc.

CVR,

6/10/34(a)(c)

.................

—

—

Financial

Services

—

0.00%

5,443

Sycamore

Partners

LLC

CVR,

8/29/29(a)(c)

—

Total

Contingent

Rights

(cost

$–)

.....

—

Investment

Companies

—

30.15%

Domestic

Equity

Funds

—

6.24%

36,010

iShares

Core

S&P

500

ETF

...........

23,522

211,260

iShares

Core

S&P

Total

U.S.

Stock

Market

ETF

.......................

30,090

11,043

iShares

Russell

1000

ETF

............

3,937

500,000

State

Street

SPDR

S&P

Homebuilders

ETF

49,360

70,445

Vanguard

S&P

500

ETF

.............

42,094

93,660

Vanguard

Total

Stock

Market

ETF

......

30,047

179,050

International

Equity

Funds

—

10.54%

2,063,400

Vanguard

FTSE

Developed

Markets

ETF

.

132,223

2,066,500

Vanguard

FTSE

Europe

ETF

..........

170,342

302,565

Money

Market

Funds

—

13.37%

118,807

Federated

Hermes

Treasury

Obligations

Fund,

Institutional

Shares,

3.53%^^(d)

383,677,042

State

Street

Institutional

Treasury

Plus

Money

Market

Fund,

Trust

Class,

3.55%(d)

....................

383,677

383,796

Total

Investment

Companies

(cost

$764,955)

.......................

865,411

Purchased

Options

on

Futures

—

0.00%

Total

Purchased

Options

on

Futures

(cost

$92)

...........................

Total

Investments

(cost

$2,053,995)

—

97.43%

.....................

2,796,148

Other

assets

in

excess

of

liabilities

—

2.57%

......................

73,711

Net

Assets

-

100.00%

..............

$

2,869,859

Amounts

designated

as

"—"

are

$0

or

have

been

rounded

to

$0.

^

All

or

part

of

this

security

was

on

loan

as

of

March

31,

2026. 24

HC

CAPITAL

TRUST

The

Institutional

U.S.

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

The

following

table

reflects

the

percentage

of

total

net

assets

of

the

Portfolio

attributable

to

each

Specialist

Manager

as

of

March

31,

2026

.

^^

Purchased

with

cash

collateral

held

from

securities

lending.

The

value

of

the

collateral

could

include

collateral

held

for

securities

that

were

sold

on

or

before

March

31,

2026. (a) Represents

non-income

producing

security.

(b) Represents

a

security

purchased

under

Rule

144A

or

Section

4(2)

and

is

exempt

from

registration

under

the

Securities

Act

of

1933,

as

amended,

or

is

otherwise

restricted

to

resale.

Certain

of

these

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

These

securities

have

been

deemed

liquid

by

the

Specialist

Manager.

(c) Security

was

valued

using

significant

unobservable

inputs

as

of

March

31,

2026. (d) Annualized

7-day

yield

as

of

period-end.

ADR—American

Depositary

Receipt

ETF

—

Exchange-Traded

Fund

PLC

—

Public

Limited

Company

REIT—Real

Estate

Investment

Trust

The

Institutional

U.S.

Equity

Portfolio

Mellon

Investments

Corporation

Parametric

Portfolio

Associates,

LLC

Wellington

Management

Company,

LLC

RhumbLine

Advisers

Total

Common

Stocks

......................................................................................................

43.60 %

2.70 %

4.62 %

16.36 %

67.28 %

Contingent

Rights

...................................................................................................

—

—

—

—

—

%

Investment

Companies

............................................................................................

0.02 %

29.90 %

0.07 %

0.16 %

30.15 %

Purchased

Options

on

Futures

................................................................................

—

—

—

—

—

%

Other

Assets

(Liabilities)

........................................................................................

0.07 %

2.50 %

—

—

2.57 %

Total

Net

Assets

.................................................................................................

43.69 %

35.10 %

4.69 %

16.52 %

100.00 %

The

following

table

reflects

the

open

derivative

positions

held

by

the

Portfolio

as

of

March

31,

2026

.

Futures

Contracts

Purchased

\*

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000) Value

and

Unrealized

Appreciation/

(Depreciation)

(000) E-Mini

Russell

2000

Index

Future

.................

6/18/26

$

8,793

$

E-Mini

S&P

500

Future

.........................

1,495

6/18/26

491,163

(11,261)

Japanese

Yen

Currency

Future

....................

6/15/26

31,670

(121) $

531,626

$

(11,328)

Total

Unrealized

Appreciation

.....................

$

Total

Unrealized

Depreciation

.....................

(11,382)

Total

Net

Unrealized

Appreciation/(Depreciation)

.......

$

(11,328)

\*

Cash

has

been

pledged

as

collateral

for

futures

contracts

held

by

the

Portfolio.

HC

CAPITAL

TRUST

The

Institutional

U.S.

Equity

Portfolio

Portfolio

of

Investments

(concluded)

—

March

31,

2026

(Unaudited)

Options

on

Futures

Contracts

Exchange-traded

options

on

futures

contacts

written

as

of

March

31,

2026

were

as

follows:

Description

Put/Call

Number

of

Contracts

Notional

Amount

(000) Exercise

Price

Expiration

Date

Value

(000) Japanese

Yen

Future

Option

...............

Put

$

7,875

$

63.00 5/8/26

$

(76) Japanese

Yen

Future

Option

...............

Put

15,875

63.50 5/8/26

(215) Japanese

Yen

Future

Option

...............

Put

7,750

62.00 6/5/26

(61) Japanese

Yen

Future

Option

...............

Put

15,750

63.00 6/5/26

(213) Japanese

Yen

Future

Option

...............

Put

7,813

62.50 6/5/26

(81) $

(646) Exchanged-traded

options

on

futures

contacts

purchased

as

of

March

31,

2026

were

as

follows:

Description

Put/Call

Number

of

Contracts

Notional

Amount

(000) Exercise

Price

Expiration

Date

Value

(000) Japanese

Yen

Future

Option

...............

Call

$

8,250

$

66.00 4/2/26

$

Japanese

Yen

Future

Option

...............

Call

8,125

65.00 4/2/26

$

Centrally

Cleared

Swap

Agreements(a)

Credit

Default

Swap

Agreements

-

Buy

Protection

Underlying

Instrument

Payment

Frequency

Fixed

Deal

Pay

Rate

(%)

Maturity

Date

Implied

Credit

Spread

at

March

31,

2026

(%)(b)

Notional

Amount

(000)(c)

Value

(000) Premiums

Paid/

(Received)

(000) Unrealized

Appreciation/

(Depreciation)

(000) CDX

High

Yield

Index

Swap

Agreement,

Series

Daily

5.00 6/20/2031

3.87 $

297,000

$

(14,336)

$

(11,751)

$

(2,585)

$

(14,336)

$

(11,751)

$

(2,585)

(a) When

a

credit

event

occurs

as

defined

under

the

terms

of

the

swap

agreement,

the

Fund

as

a

buyer

of

credit

protection

will

either

(i)

receive

from

the

seller

of

protection

an

amount

equal

to

the

par

value

of

the

defaulted

reference

entity

and

deliver

the

reference

entity

or

(ii) receive

a

net

amount

equal

to

the

par

value

of

the

defaulted

reference

entity

less

its

recovery

value.

(b) Implied

credit

spread,

represented

in

absolute

terms,

utilized

in

determining

the

value

of

the

credit

default

swap

agreements

as

of

period

end

will

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

likelihood

or

risk

of

default

or

other

credit

event

for

the

credit

derivative.

The

implied

credit

spread

of

a

referenced

entity

reflects

the

cost

of

buying/selling

protection

and

may

include

payments

required

to

be

made

to

enter

into

the

agreement.

Generally,

wider

credit

spreads

represent

a

perceived

deterioration

of

the

referenced

entity's

credit

soundness

and

a

greater

likelihood

or

risk

of

default

or

other

credit

event

occurring

as

defined

under

the

terms

of

the

swap

agreement.

(c) The

notional

amount

represents

the

maximum

potential

amount

the

Fund

may

receive

as

a

buyer

of

credit

protection

if

a

credit

event

occurs,

as

defined

under

the

terms

of

the

swap

agreement,

for

each

security

included

in

the

CDX

North

America

High

Yield

Index.

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

—

98.94%

Australia

—

1.74%

4,158

ANZ

Group

Holdings

Ltd.

(Banks)

.....

$

1,892

APA

Group

(Gas

Utilities)

...........

853

Aristocrat

Leisure

Ltd.

(Hotels,

Restaurants

&

Leisure)

...................

ASX

Ltd.

(Capital

Markets)

..........

Atlassian

Corp.,

Class

A

(Software)(a)

...

7,157

BHP

Group

Ltd.

(Metals

&

Mining)

.....

1,882

Brambles

Ltd.

(Commercial

Services

&

Supplies)

....................

562

CAR

Group

Ltd.

(Interactive

Media

&

Services)

....................

Cochlear

Ltd.

(Health

Care

Equipment

&

Supplies)

....................

1,780

Coles

Group

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

2,356

Commonwealth

Bank

of

Australia

(Banks)

801

Computershare

Ltd.

(Professional

Services)

676

CSL

Ltd.

(Biotechnology)

............

2,795

Evolution

Mining

Ltd.

(Metals

&

Mining)

2,337

Fortescue

Ltd.

(Metals

&

Mining)

......

2,836

Goodman

Group

(Industrial

REITs)

.....

2,965

Insurance

Australia

Group

Ltd.

(Insurance)

1,348

Lynas

Rare

Earths

Ltd.

(Metals

&

Mining)

(a) ........................

504

Macquarie

Group

Ltd.

(Capital

Markets)

.

4,104

Medibank

Pvt

Ltd.

(Insurance)

........

4,266

National

Australia

Bank

Ltd.

(Banks)

....

1,879

Northern

Star

Resources

Ltd.

(Metals

&

Mining)(b)

..................

2,606

Origin

Energy

Ltd.

(Electric

Utilities)

...

Pro

Medicus

Ltd.

(Health

Care

Technology)

1,080

Qantas

Airways

Ltd.

(Passenger

Airlines)

.

2,044

QBE

Insurance

Group

Ltd.

(Insurance)

..

REA

Group

Ltd.

(Interactive

Media

&

Services)

....................

532

Rio

Tinto

Ltd.

(Metals

&

Mining)

......

4,937

Santos

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

(b) ........................

7,476

Scentre

Group

(Retail

REITs)

.........

SGH

Ltd.

(Trading

Companies

&

Distributors)

.................

7,398

Sigma

Healthcare

Ltd.

(Health

Care

Providers

&

Services)

...........

693

Sonic

Healthcare

Ltd.

(Health

Care

Providers

&

Services)

...........

5,772

South32

Ltd.

(Metals

&

Mining)

.......

3,420

Stockland

(Diversified

REITs)

.........

1,334

Suncorp

Group

Ltd.

(Insurance)

.......

5,964

Telstra

Group

Ltd.

(Diversified

Telecommunication

Services)

.....

3,206

The

Lottery

Corp.

Ltd.

(Hotels,

Restaurants

&

Leisure)

...................

4,319

Transurban

Group

(Transportation

Infrastructure)

................

5,022

Vicinity

Ltd.

(Retail

REITs)(b)

........

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Australia

(continued)

Washington

H

Soul

Pattinson

&

Co.

Ltd.

(Financial

Services)

............

$

1,590

Wesfarmers

Ltd.

(Broadline

Retail)

.....

4,770

Westpac

Banking

Corp.

(Banks)

.......

WiseTech

Global

Ltd.

(Software)

.......

2,635

Woodside

Energy

Group

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

.............

1,691

Woolworths

Group

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

1,914

Austria

—

0.08%

BAWAG

Group

AG

(Banks)(a)(b)

......

Erste

Group

Bank

AG

(Banks)(b)

......

OMV

AG

(Oil,

Gas

&

Consumable

Fuels)

Raiffeisen

Bank

International

AG

(Banks)(a)

(b) ........................

Verbund

AG

(Electric

Utilities)

........

Belgium

—

0.23%

Ageas

SA/N.V.

(Insurance)(b)

.........

1,372

Anheuser-Busch

InBev

SA/N.V.

(Beverages)

..................

D'ieteren

Group

(Distributors)

.........

Elia

Group

SA/N.V.,

Class

B

(Electric

Utilities)(a)(b)

................

Groupe

Bruxelles

Lambert

N.V.

(Financial

Services)

....................

KBC

Group

N.V.

(Banks)

............

Lotus

Bakeries

N.V.

(Food

Products)(b)

..

Sofina

SA

(Financial

Services)

........

Syensqo

SA

(Chemicals)

.............

UCB

SA

(Pharmaceuticals)

...........

Bermuda

—

0.06%

523

Arch

Capital

Group

Ltd.

(Insurance)(a)

..

Everest

Group

Ltd.

(Insurance)

........

Canada

—

3.62%

698

Agnico

Eagle

Mines

Ltd.

(Metals

&

Mining)

575

Alamos

Gold,

Inc.

(Metals

&

Mining)

...

1,038

Alimentation

Couche-Tard,

Inc.

(Consumer

Staples

Distribution

&

Retail)

.....

AltaGas

Ltd.

(Gas

Utilities)

...........

873

ARC

Resources

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

.............

AtkinsRealis

Group,

Inc.

(Construction

&

Engineering)

.................

995

Bank

of

Montreal

(Banks)

............

2,361

Barrick

Mining

Corp.

(Metals

&

Mining)

.

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Canada

(continued)

BCE,

Inc.

(Diversified

Telecommunication

Services)

....................

$

Bombardier,

Inc.,

Class

B

(Aerospace

&

Defense)(a)(b)

................

2,857

Brookfield

Corp.

(Capital

Markets)

.....

CAE,

Inc.

(Aerospace

&

Defense)(a)

....

606

Cameco

Corp.

(Oil,

Gas

&

Consumable

Fuels)

......................

1,291

Canadian

Imperial

Bank

of

Commerce

(Banks)

.....................

724

Canadian

National

Railway

Co.

(Ground

Transportation)

...............

2,972

Canadian

Natural

Resources

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

...........

1,257

Canadian

Pacific

Kansas

City

Ltd.

(Ground

Transportation)

...............

Canadian

Tire

Corp.

Ltd.,

Class

A

(Broadline

Retail)

.............

Canadian

Utilities

Ltd.,

Class

A

(Multi-

Utilities)

....................

Celestica,

Inc.

(Electronic

Equipment,

Instruments

&

Components)(a)

....

1,910

Cenovus

Energy,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

CGI,

Inc.

(IT

Services)

..............

Constellation

Software,

Inc.

(Software)

..

Dollarama,

Inc.

(Broadline

Retail)

......

599

Element

Fleet

Management

Corp.

(Commercial

Services

&

Supplies)(b)

Emera,

Inc.

(Electric

Utilities)

.........

Empire

Co.

Ltd.,

Class

A

(Consumer

Staples

Distribution

&

Retail)

...........

3,096

Enbridge,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

......................

Fairfax

Financial

Holdings

Ltd.

(Insurance)

952

First

Quantum

Minerals

Ltd.

(Metals

&

Mining)(a)

...................

FirstService

Corp.,

Class

WI

(Real

Estate

Management

&

Development)

.....

692

Fortis,

Inc.

(Electric

Utilities)

.........

Franco-Nevada

Corp.

(Metals

&

Mining)

.

George

Weston

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

GFL

Environmental,

Inc.

(Commercial

Services

&

Supplies)

...........

Gildan

Activewear,

Inc.

(Textiles,

Apparel

&

Luxury

Goods)

...............

Great-West

Lifeco,

Inc.

(Insurance)

.....

Hydro

One

Ltd.

(Electric

Utilities)(b)

....

iA

Financial

Corp.,

Inc.

(Insurance)

.....

IGM

Financial,

Inc.

(Capital

Markets)

...

Imperial

Oil

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

......................

Intact

Financial

Corp.

(Insurance)(b)

....

1,114

Ivanhoe

Mines

Ltd.,

Class

A

(Metals

&

Mining)(a)

...................

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Canada

(continued)

Keyera

Corp.

(Oil,

Gas

&

Consumable

Fuels)

......................

$

1,677

Kinross

Gold

Corp.

(Metals

&

Mining)

..

827

Loblaw

Cos.

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

Lululemon

Athletica,

Inc.

(Textiles,

Apparel

&

Luxury

Goods)(a)

............

Lundin

Gold,

Inc.

(Metals

&

Mining)(b)

.

941

Lundin

Mining

Corp.

(Metals

&

Mining)(b)

Magna

International,

Inc.

(Automobile

Components)

.................

2,366

Manulife

Financial

Corp.

(Insurance)

....

Metro,

Inc.,

Class

A

(Consumer

Staples

Distribution

&

Retail)

...........

542

National

Bank

of

Canada

(Banks)

......

675

Nutrien

Ltd.

(Chemicals)

............

Open

Text

Corp.

(Software)(b)

........

580

Pan

American

Silver

Corp.

(Metals

&

Mining)

.....................

879

Pembina

Pipeline

Corp.

(Oil,

Gas

&

Consumable

Fuels)

.............

773

Power

Corp.

of

Canada

(Insurance)

.....

532

Rogers

Communications,

Inc.,

Class

B

(Wireless

Telecommunication

Services)

....................

1,972

Royal

Bank

of

Canada

(Banks)

........

Saputo,

Inc.

(Food

Products)(b)

........

1,730

Shopify,

Inc.,

Class

A

(IT

Services)(a)

...

Stantec,

Inc.

(Construction

&

Engineering)

783

Sun

Life

Financial,

Inc.

(Insurance)

.....

1,684

Suncor

Energy,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

1,448

TC

Energy

Corp.

(Oil,

Gas

&

Consumable

Fuels)

......................

631

Teck

Resources

Ltd.,

Class

B

(Metals

&

Mining)

.....................

737

TELUS

Corp.

(Diversified

Telecommunication

Services)

.....

TFI

International,

Inc.

(Ground

Transportation)

...............

1,766

The

Bank

of

Nova

Scotia

(Banks)

......

The

Descartes

Systems

Group,

Inc.

(Software)(a)

.................

2,400

The

Toronto-Dominion

Bank

(Banks)

...

Thomson

Reuters

Corp.

(Professional

Services)

....................

TMX

Group

Ltd.

(Capital

Markets)

.....

Toromont

Industries

Ltd.

(Trading

Companies

&

Distributors)

.......

536

Tourmaline

Oil

Corp.

(Oil,

Gas

&

Consumable

Fuels)

.............

Waste

Connections,

Inc.

(Commercial

Services

&

Supplies)

...........

631

Wheaton

Precious

Metals

Corp.

(Metals

&

Mining)

.....................

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Canada

(continued)

1,502

Whitecap

Resources,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

$

WSP

Global,

Inc.

(Construction

&

Engineering)(b)

...............

3,987

Chile

—

0.02%

594

Antofagasta

PLC

(Metals

&

Mining)

....

China

—

0.01%

3,900

Yangzijiang

Shipbuilding

Holdings

Ltd.

(Machinery)

.................

Denmark

—

0.43%

A.P.

Moller

-

Maersk

A/S,

Class

A

(Marine

Transportation)

...............

A.P.

Moller

-

Maersk

A/S,

Class

B

(Marine

Transportation)^

...............

Carlsberg

A/S,

Class

B

(Beverages)

.....

Coloplast

A/S,

Class

B

(Health

Care

Equipment

&

Supplies)

.........

975

Danske

Bank

A/S

(Banks)

............

Demant

A/S

(Health

Care

Equipment

&

Supplies)(a)

..................

DSV

A/S

(Air

Freight

&

Logistics)

.....

Genmab

A/S

(Biotechnology)(a)(b)

.....

4,568

Novo

Nordisk

A/S,

Class

B

(Pharmaceuticals)

.............

Novonesis

Novozymes

B

(Chemicals)

...

795

Orsted

A/S

(Independent

Power

and

Renewable

Electricity

Producers)(a)(b)

Pandora

A/S

(Textiles,

Apparel

&

Luxury

Goods)

.....................

ROCKWOOL

A/S,

Class

B

(Building

Products)

....................

526

Tryg

A/S

(Insurance)(b)

.............

1,397

Vestas

Wind

Systems

A/S

(Electrical

Equipment)

..................

Finland

—

0.31%

Elisa

Oyj

(Diversified

Telecommunication

Services)

....................

635

Fortum

Oyj

(Electric

Utilities)^

........

Kesko

Oyj,

Class

B

(Consumer

Staples

Distribution

&

Retail)

...........

Kone

Oyj,

Class

B

(Machinery)

........

920

Metso

Oyj

(Machinery)(b)

...........

632

Neste

Oyj

(Oil,

Gas

&

Consumable

Fuels)

7,239

Nokia

Oyj

(Communications

Equipment)

.

4,319

Nordea

Bank

Abp

(Banks)

...........

Orion

Oyj,

Class

B

(Pharmaceuticals)

...

3,289

Sampo

Oyj,

A

Shares

(Insurance)

......

950

Stora

Enso

Oyj,

Class

R

(Paper

&

Forest

Products)

....................

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Finland

(continued)

770

UPM-Kymmene

Oyj

(Paper

&

Forest

Products)

....................

$

661

Wartsila

Oyj

Abp

(Machinery)

.........

France

—

2.55%

Accor

SA

(Hotels,

Restaurants

&

Leisure)

Aeroports

de

Paris

SA

(Transportation

Infrastructure)

................

807

Air

Liquide

SA

(Chemicals)

..........

828

Airbus

SE

(Aerospace

&

Defense)

......

522

Alstom

SA

(Machinery)(a)

...........

Amundi

SA

(Capital

Markets)(b)

.......

2,422

AXA

SA

(Insurance)

...............

Ayvens

SA

(Ground

Transportation)(b)

..

BioMerieux

(Health

Care

Equipment

&

Supplies)

....................

1,400

BNP

Paribas

SA

(Banks)

.............

1,012

Bollore

SE

(Oil,

Gas

&

Consumable

Fuels)

Bouygues

SA

(Construction

&

Engineering)

Bureau

Veritas

SA

(Professional

Services)

Capgemini

SE

(IT

Services)

..........

796

Carrefour

SA

(Consumer

Staples

Distribution

&

Retail)(b)

........

615

Cie

de

Saint-Gobain

SA

(Building

Products)

919

Cie

Generale

des

Etablissements

Michelin

SCA

(Automobile

Components)

...

Covivio

SA

(Diversified

REITs)

.......

1,608

Credit

Agricole

SA

(Banks)

...........

899

Danone

SA

(Food

Products)

..........

1,005

Dassault

Systemes

SE

(Software)

......

Eiffage

SA

(Construction

&

Engineering)(b)

2,550

Engie

SA

(Multi-Utilities)

............

EssilorLuxottica

SA

(Health

Care

Equipment

&

Supplies)

.........

Gecina

SA

(Office

REITs)(b)

..........

Getlink

SE

(Transportation

Infrastructure)

Hermes

International

SCA

(Textiles,

Apparel

&

Luxury

Goods)

..............

Ipsen

SA

(Pharmaceuticals)

...........

Kering

SA

(Textiles,

Apparel

&

Luxury

Goods)

.....................

Klepierre

SA

(Retail

REITs)

..........

Legrand

SA

(Electrical

Equipment)

.....

L'Oreal

SA

(Personal

Care

Products)

....

LVMH

Moet

Hennessy

Louis

Vuitton

SE

(Textiles,

Apparel

&

Luxury

Goods)

2,607

Orange

SA

(Diversified

Telecommunication

Services)(b)

..................

Pernod

Ricard

SA

(Beverages)

........

Publicis

Groupe

SA

(Media)

..........

Rexel

SA

(Trading

Companies

&

Distributors)

.................

503

Safran

SA

(Aerospace

&

Defense)

......

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

France

(continued)

1,539

Sanofi

SA

(Pharmaceuticals)

..........

$

Sartorius

Stedim

Biotech

(Life

Sciences

Tools

&

Services)

..............

774

Schneider

Electric

SE

(Electrical

Equipment)(b)

................

985

Societe

Generale

SA

(Banks)

.........

Sodexo

SA

(Hotels,

Restaurants

&

Leisure)

Thales

SA

(Aerospace

&

Defense)

......

2,763

TotalEnergies

SE

(Oil,

Gas

&

Consumable

Fuels)

......................

Unibail-Rodamco-Westfield

(Retail

REITs)

874

Veolia

Environnement

SA

(Multi-Utilities)

693

Vinci

SA

(Construction

&

Engineering)

..

2,803

Germany

—

2.32%

adidas

AG

(Textiles,

Apparel

&

Luxury

Goods)

.....................

540

Allianz

SE,

Registered

Shares

(Insurance)

1,249

BASF

SE

(Chemicals)

..............

1,371

Bayer

AG,

Registered

Shares

(Pharmaceuticals)

.............

Bayerische

Motoren

Werke

AG

(Automobiles)

................

Bayerische

Motoren

Werke

AG,

Preference

Shares

(Automobiles)

...........

Beiersdorf

AG

(Personal

Care

Products)

..

Brenntag

SE

(Trading

Companies

&

Distributors)

.................

1,019

Commerzbank

AG

(Banks)

...........

Continental

AG

(Automobile

Components)

CTS

Eventim

AG

&

Co.

KGaA

(Entertainment)(b)

.............

658

Daimler

Truck

Holding

AG

(Machinery)

.

Delivery

Hero

SE,

Class

A

(Hotels,

Restaurants

&

Leisure)(a)(b)

......

2,577

Deutsche

Bank

AG,

Registered

Shares

(Capital

Markets)

..............

Deutsche

Boerse

AG

(Capital

Markets)

..

848

Deutsche

Lufthansa

AG,

Registered

Shares

(Passenger

Airlines)(b)

..........

1,336

Deutsche

Post

AG

(Air

Freight

&

Logistics)

5,212

Deutsche

Telekom

AG

(Diversified

Telecommunication

Services)(b)

...

Dr.

Ing.

h.c.

F. Porsche

AG,

Preference

Shares

(Automobiles)

...........

3,137

E.ON

SE

(Multi-Utilities)

............

Evonik

Industries

AG

(Chemicals)

......

Fresenius

Medical

Care

AG

(Health

Care

Providers

&

Services)

...........

580

Fresenius

SE

&

Co.

KGaA

(Health

Care

Providers

&

Services)

...........

GEA

Group

AG

(Machinery)

.........

Hannover

Rueck

SE

(Insurance)

.......

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Germany

(continued)

Heidelberg

Materials

AG

(Construction

Materials)(b)

.................

$

Henkel

AG

&

Co.

KGaA

(Household

Products)

....................

Henkel

AG

&

Co.

KGaA,

Preference

Shares

(Household

Products)

...........

Hensoldt

AG

(Aerospace

&

Defense)

....

HOCHTIEF

AG

(Construction

&

Engineering)

.................

1,830

Infineon

Technologies

AG

(Semiconductors

&

Semiconductor

Equipment)(b)

...

Knorr-Bremse

AG

(Machinery)

........

LEG

Immobilien

SE

(Real

Estate

Management

&

Development)

.....

1,026

Mercedes-Benz

Group

AG

(Automobiles)

Merck

KGaA

(Pharmaceuticals)

.......

MTU

Aero

Engines

AG

(Aerospace

&

Defense)

....................

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen,

Class

R

(Insurance)

..................

Nemetschek

SE

(Software)

...........

Rational

AG

(Machinery)

............

Rheinmetall

AG

(Aerospace

&

Defense)

.

882

RWE

AG

(Independent

Power

and

Renewable

Electricity

Producers)

..

1,455

SAP

SE

(Software)

.................

Sartorius

AG,

Preference

Shares

(Life

Sciences

Tools

&

Services)(b)

.....

Scout24

SE

(Interactive

Media

&

Services)

(b) ........................

1,069

Siemens

AG,

Registered

Shares

(Industrial

Conglomerates)

...............

1,099

Siemens

Energy

AG

(Electrical

Equipment)

(b) ........................

Siemens

Healthineers

AG

(Health

Care

Equipment

&

Supplies)(b)

.......

Symrise

AG,

Class

A

(Chemicals)(b)

....

Talanx

AG

(Insurance)

..............

1,109

Vonovia

SE

(Real

Estate

Management

&

Development)

................

Zalando

SE

(Specialty

Retail)(a)(b)

.....

2,552

Hong

Kong

—

0.58%

14,600

AIA

Group

Ltd.

(Insurance)

..........

5,500

BOC

Hong

Kong

Holdings

Ltd.

(Banks)

.

3,000

CK

Asset

Holdings

Ltd.

(Real

Estate

Management

&

Development)

.....

4,000

CK

Hutchison

Holdings

Ltd.

(Industrial

Conglomerates)

...............

1,000

CK

Infrastructure

Holdings

Ltd.

(Electric

Utilities)

....................

2,500

CLP

Holdings

Ltd.

(Electric

Utilities)

...

Futu

Holdings

Ltd.,

ADR

(Capital

Markets)

(a)(b) ......................

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Hong

Kong

(continued)

3,000

Galaxy

Entertainment

Group

Ltd.

(Hotels,

Restaurants

&

Leisure)

..........

$

2,000

Henderson

Land

Development

Co.

Ltd.

(Real

Estate

Management

&

Development)

................

5,000

HKT

Trust

&

HKT

Ltd.,

Class

SS

(Diversified

Telecommunication

Services)(b)

..................

16,665

Hong

Kong

&

China

Gas

Co.

Ltd.

(Gas

Utilities)

....................

1,649

Hong

Kong

Exchanges

&

Clearing

Ltd.

(Capital

Markets)

..............

1,600

Hongkong

Land

Holdings

Ltd.

(Real

Estate

Management

&

Development)

.....

Jardine

Matheson

Holdings

Ltd.

(Industrial

Conglomerates)

...............

3,711

Link

REIT

(Retail

REITs)

............

2,000

MTR

Corp.

Ltd.

(Ground

Transportation)

.

2,000

Power

Assets

Holdings

Ltd.

(Electric

Utilities)

....................

3,631

Prudential

PLC

(Insurance)

...........

4,518

Sino

Land

Co.

Ltd.

(Real

Estate

Management

&

Development)

.....

2,000

SITC

International

Holdings

Co.

Ltd.

(Marine

Transportation)

.........

2,000

Sun

Hung

Kai

Properties

Ltd.

(Real

Estate

Management

&

Development)

.....

500

Swire

Pacific

Ltd.,

Class

A

(Industrial

Conglomerates)

...............

2,000

Techtronic

Industries

Co.

Ltd.

(Machinery)

1,000

The

Wharf

Holdings

Ltd.

(Real

Estate

Management

&

Development)

.....

11,950

WH

Group

Ltd.

(Food

Products)(b)

.....

2,000

Wharf

Real

Estate

Investment

Co.

Ltd.

(Real

Estate

Management

&

Development)

634

Ireland

(Republic

of)

—

1.01%

863

Accenture

PLC,

Class

A

(IT

Services)

...

AerCap

Holdings

N.V.

(Trading

Companies

&

Distributors)

...............

AerCap

Holdings

N.V.

(Trading

Companies

&

Distributors)

...............

3,181

AIB

Group

PLC

(Banks)(b)

..........

Allegion

PLC

(Building

Products)

......

Aptiv

PLC

(Automobile

Components)(a)

.

1,342

Bank

of

Ireland

Group

PLC

(Banks)

....

936

CRH

PLC

(Construction

Materials)

.....

550

Eaton

Corp.

PLC

(Electrical

Equipment)

.

1,274

Experian

PLC

(Professional

Services)

...

Kerry

Group

PLC,

Class

A

(Food

Products)

(b) ........................

Kingspan

Group

PLC

(Building

Products)

1,784

Medtronic

PLC

(Health

Care

Equipment

&

Supplies)

....................

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Ireland

(Republic

of)

(continued)

1,162

Ryanair

Holdings

PLC

(Passenger

Airlines)

(b) ........................

$

711

Smurfit

Westrock

PLC

(Containers

&

Packaging)

..................

TE

Connectivity

PLC

(Electronic

Equipment,

Instruments

&

Components)

.................

Trane

Technologies

PLC

(Building

Products)

....................

1,108

Israel

—

0.28%

Azrieli

Group

Ltd.

(Real

Estate

Management

&

Development)

..............

1,735

Bank

Hapoalim

BM

(Banks)

..........

2,058

Bank

Leumi

Le-Israel

BM,

Class

IS

(Banks)

Check

Point

Software

Technologies

Ltd.

(Software)(a)

.................

Elbit

Systems

Ltd.

(Aerospace

&

Defense)

1,131

ICL

Group

Ltd.

(Chemicals)

..........

Isracard

Ltd.

(Consumer

Finance)

......

—

1,824

Israel

Discount

Bank

Ltd.,

Class

A

(Banks)

Mizrahi

Tefahot

Bank

Ltd.

(Banks)

.....

Monday.com

Ltd.

(Software)(a)

........

Nice

Ltd.

(Software)(a)

..............

Nova

Ltd.

(Semiconductors

&

Semiconductor

Equipment)(a)

.....

Phoenix

Financial

Ltd.

(Insurance)

.....

1,606

Teva

Pharmaceutical

Industries

Ltd.,

ADR

(Pharmaceuticals)(a)

...........

Tower

Semiconductor

Ltd.

(Semiconductors

&

Semiconductor

Equipment)(a)

...

Italy

—

0.81%

Banca

Mediolanum

SpA

(Financial

Services)

....................

2,753

Banca

Monte

dei

Paschi

di

Siena

SpA

(Banks)(b)

...................

1,601

Banco

BPM

SpA

(Banks)

............

1,937

BPER

Banca

SPA

(Banks)

...........

Buzzi

SpA

(Construction

Materials)

.....

889

Davide

Campari-Milano

N.V.,

Class

M

(Beverages)(b)

................

11,364

Enel

SpA

(Electric

Utilities)(b)

........

2,872

Eni

SpA

(Oil,

Gas

&

Consumable

Fuels)

.

Ferrari

N.V.

(Automobiles)

...........

795

FinecoBank

Banca

Fineco

SpA

(Banks)

..

1,216

Generali

(Insurance)

................

19,916

Intesa

Sanpaolo

SpA

(Banks)(b)

.......

786

Italgas

SpA

(Gas

Utilities)(b)

.........

561

Leonardo

SpA

(Aerospace

&

Defense)

...

Moncler

SpA

(Textiles,

Apparel

&

Luxury

Goods)

.....................

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Italy

(continued)

688

Poste

Italiane

SpA

(Financial

Services)(b)

$

Prysmian

SpA

(Electrical

Equipment)

...

Recordati

Industria

Chimica

e

Farmaceutica

SpA

(Pharmaceuticals)

..........

2,618

Snam

SpA

(Gas

Utilities)

............

10,243

Telecom

Italia

SpA

(Diversified

Telecommunication

Services)

.....

13,895

Telecom

Italia

SpA/Milano

(Diversified

Telecommunication

Services)

.....

2,118

Terna

-

Rete

Elettrica

Nazionale

(Electric

Utilities)

....................

1,956

UniCredit

SpA

(Banks)

..............

547

Unipol

Assicurazioni

SpA

(Insurance)

...

892

Japan

—

5.88%

1,100

Advantest

Corp.

(Semiconductors

&

Semiconductor

Equipment)(b)

.....

3,000

Aeon

Co.

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

AGC,

Inc.

(Building

Products)

........

800

Aisin

Corp.

(Automobile

Components)

..

1,400

Ajinomoto

Co.,

Inc.

(Food

Products)

....

ANA

Holdings,

Inc.

(Passenger

Airlines)(b)

2,200

Asahi

Group

Holdings

Ltd.

(Beverages)(b)

1,900

Asahi

Kasei

Corp.

(Chemicals)

........

1,000

Asics

Corp.

(Textiles,

Apparel

&

Luxury

Goods)

.....................

2,400

Astellas

Pharma,

Inc.

(Pharmaceuticals)

..

900

Bandai

Namco

Holdings,

Inc.

(Leisure

Products)

....................

1,500

Bridgestone

Corp.

(Automobile

Components)

.................

1,200

Canon,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)

................

500

Capcom

Co.

Ltd.

(Entertainment)

......

1,100

Central

Japan

Railway

Co.

(Ground

Transportation)

...............

1,000

Chubu

Electric

Power

Co.,

Inc.

(Electric

Utilities)

....................

1,000

Chugai

Pharmaceutical

Co.

Ltd.

(Pharmaceuticals)

.............

600

Dai

Nippon

Printing

Co.

Ltd.

(Commercial

Services

&

Supplies)

...........

Daifuku

Co.

Ltd.

(Machinery)

.........

5,100

Daiichi

Life

Group,

Inc.

(Insurance)

....

2,500

Daiichi

Sankyo

Co.

Ltd.

(Pharmaceuticals)

Daikin

Industries

Ltd.

(Building

Products)

Daito

Trust

Construction

Co.

Ltd.

(Real

Estate

Management

&

Development)

800

Daiwa

House

Industry

Co.

Ltd.

(Real

Estate

Management

&

Development)

.....

1,900

Daiwa

Securities

Group,

Inc.

(Capital

Markets)

....................

2,300

Denso

Corp.

(Automobile

Components)

..

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Japan

(continued)

Disco

Corp.

(Semiconductors

&

Semiconductor

Equipment)

.......

$

1,400

East

Japan

Railway

Co.

(Ground

Transportation)

...............

600

Ebara

Corp.

(Machinery)

............

Eisai

Co.

Ltd.

(Pharmaceuticals)

.......

3,700

ENEOS

Holdings,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

1,300

FANUC

Corp.

(Machinery)

...........

Fast

Retailing

Co.

Ltd.

(Specialty

Retail)

.

Fuji

Electric

Co.

Ltd.

(Electrical

Equipment)

1,700

FUJIFILM

Holdings

Corp.

(Technology

Hardware,

Storage

&

Peripherals)

..

2,400

Fujikura

Ltd.

(Electrical

Equipment)

....

2,400

Fujitsu

Ltd.

(IT

Services)(b)

..........

Hankyu

Hanshin

Holdings,

Inc.

(Ground

Transportation)

...............

6,400

Hitachi

Ltd.

(Industrial

Conglomerates)

..

5,200

Honda

Motor

Co.

Ltd.

(Automobiles)

...

500

Hoya

Corp.

(Health

Care

Equipment

&

Supplies)

....................

800

Hulic

Co.

Ltd.

(Real

Estate

Management

&

Development)

................

Ibiden

Co.

Ltd.

(Electronic

Equipment,

Instruments

&

Components)

......

1,000

Idemitsu

Kosan

Co.

Ltd.

(Oil,

Gas

&

Consumable

Fuels)(b)

..........

1,400

IHI

Corp.

(Machinery)

..............

1,300

Inpex

Corp.

(Oil,

Gas

&

Consumable

Fuels)

800

Isuzu

Motors

Ltd.

(Automobiles)

.......

8,200

ITOCHU

Corp.

(Trading

Companies

&

Distributors)

.................

Japan

Airlines

Co.

Ltd.

(Passenger

Airlines)

(b) ........................

1,500

Japan

Exchange

Group,

Inc.

(Capital

Markets)

....................

2,500

Japan

Post

Bank

Co.

Ltd.

(Banks)(b)

....

2,500

Japan

Post

Holdings

Co.

Ltd.

(Insurance)(b)

900

Japan

Post

Insurance

Co.

Ltd.

(Insurance)(b)

800

JFE

Holdings,

Inc.

(Metals

&

Mining)(b)

.

600

Kajima

Corp.

(Construction

&

Engineering)

600

Kao

Corp.

(Personal

Care

Products)

.....

1,000

Kawasaki

Heavy

Industries

Ltd.

(Machinery)

.................

500

Kawasaki

Kisen

Kaisha

Ltd.

(Marine

Transportation)

...............

4,200

KDDI

Corp.

(Wireless

Telecommunication

Services)

....................

Keyence

Corp.

(Electronic

Equipment,

Instruments

&

Components)

......

1,000

Kikkoman

Corp.

(Food

Products)

......

1,100

Kirin

Holdings

Co.

Ltd.

(Beverages)

....

1,300

Komatsu

Ltd.

(Machinery)

...........

Konami

Group

Corp.

(Entertainment)

...

1,400

Kubota

Corp.

(Machinery)

...........

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Japan

(continued)

1,900

Kyocera

Corp.

(Electronic

Equipment,

Instruments

&

Components)

......

$

Kyowa

Kirin

Co.

Ltd.

(Pharmaceuticals)

.

Lasertec

Corp.

(Semiconductors

&

Semiconductor

Equipment)

.......

4,300

LY

Corp.

(Interactive

Media

&

Services)

.

700

M3,

Inc.

(Health

Care

Technology)

.....

Makita

Corp.

(Machinery)

...........

2,000

Marubeni

Corp.

(Trading

Companies

&

Distributors)

.................

500

MatsukiyoCocokara

&

Co.

(Consumer

Staples

Distribution

&

Retail)

.....

500

MINEBEA

MITSUMI,

Inc.

(Machinery)

.

1,400

Mitsubishi

Chemical

Group

Corp.

(Chemicals)

..................

4,500

Mitsubishi

Corp.

(Trading

Companies

&

Distributors)

.................

2,700

Mitsubishi

Electric

Corp.

(Electrical

Equipment)

..................

1,400

Mitsubishi

Estate

Co.

Ltd.

(Real

Estate

Management

&

Development)

.....

1,100

Mitsubishi

HC

Capital,

Inc.

(Financial

Services)

....................

4,500

Mitsubishi

Heavy

Industries

Ltd.

(Machinery)

.................

15,800

Mitsubishi

UFJ

Financial

Group,

Inc.

(Banks)

.....................

3,400

Mitsui

&

Co.

Ltd.

(Trading

Companies

&

Distributors)

.................

3,700

Mitsui

Fudosan

Co.

Ltd.

(Real

Estate

Management

&

Development)

.....

500

Mitsui

OSK

Lines

Ltd.

(Marine

Transportation)

...............

3,440

Mizuho

Financial

Group,

Inc.

(Banks)

...

MonotaRO

Co.

Ltd.

(Trading

Companies

&

Distributors)

.................

1,700

MS&AD

Insurance

Group

Holdings,

Inc.

(Insurance)

..................

2,300

Murata

Manufacturing

Co.

Ltd.

(Electronic

Equipment,

Instruments

&

Components)

.................

1,800

NEC

Corp.

(IT

Services)

.............

500

Nexon

Co.

Ltd.

(Entertainment)

.......

1,300

NIDEC

Corp.

(Electrical

Equipment)(a)

..

1,600

Nintendo

Co.

Ltd.

(Entertainment)

......

Nippon

Building

Fund,

Inc.

(Office

REITs)

1,400

Nippon

Paint

Holdings

Co.

Ltd.

(Chemicals)

(b) ........................

Nippon

Sanso

Holdings

Corp.

(Chemicals)

6,700

Nippon

Steel

Corp.

(Metals

&

Mining)

..

500

Nippon

Yusen

KK

(Marine

Transportation)

2,100

Nissan

Motor

Co.

Ltd.

(Automobiles)(a)

.

600

Nitori

Holdings

Co.

Ltd.

(Specialty

Retail)

900

Nitto

Denko

Corp.

(Chemicals)

........

4,500

Nomura

Holdings,

Inc.

(Capital

Markets)

.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Japan

(continued)

600

Nomura

Research

Institute

Ltd.

(IT

Services)

....................

$

41,600

NTT,

Inc.

(Diversified

Telecommunication

Services)

....................

1,000

Obayashi

Corp.

(Construction

&

Engineering)

.................

500

Obic

Co.

Ltd.

(IT

Services)

...........

1,700

Olympus

Corp.

(Health

Care

Equipment

&

Supplies)

....................

Oracle

Corp.

Japan

(Software)

.........

1,400

Oriental

Land

Co.

Ltd.

(Hotels,

Restaurants

&

Leisure)

...................

1,600

ORIX

Corp.

(Financial

Services)

.......

500

Osaka

Gas

Co.

Ltd.

(Gas

Utilities)

......

Otsuka

Corp.

(IT

Services)

...........

600

Otsuka

Holdings

Co.

Ltd.

(Pharmaceuticals)

2,400

Pan

Pacific

International

Holdings

Corp.

(Broadline

Retail)

.............

3,200

Panasonic

Holdings

Corp.

(Household

Durables)

...................

2,400

Rakuten

Group,

Inc.

(Broadline

Retail)(a)(b)

2,000

Recruit

Holdings

Co.

Ltd.

(Professional

Services)

....................

2,600

Renesas

Electronics

Corp.

(Semiconductors

&

Semiconductor

Equipment)(b)

...

2,900

Resona

Holdings,

Inc.

(Banks)

........

800

Ryohin

Keikaku

Co.

Ltd.

(Broadline

Retail)

1,500

Sanrio

Co.

Ltd.

(Specialty

Retail)

......

800

SBI

Holdings,

Inc.

(Capital

Markets)

....

SCREEN

Holdings

Co.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

..................

500

Secom

Co.

Ltd.

(Commercial

Services

&

Supplies)

....................

Seibu

Holdings,

Inc.

(Ground

Transportation)

...............

600

Sekisui

Chemical

Co.

Ltd.

(Industrial

Conglomerates)

...............

700

Sekisui

House

Ltd.

(Household

Durables)

2,700

Seven

&

i

Holdings

Co.

Ltd.

(Consumer

Staples

Distribution

&

Retail)

.....

Shimadzu

Corp.

(Electronic

Equipment,

Instruments

&

Components)

......

Shimano,

Inc.

(Leisure

Products)

.......

700

Shimizu

Corp.

(Construction

&

Engineering)

.................

2,400

Shin-Etsu

Chemical

Co.

Ltd.

(Chemicals)

1,100

Shionogi

&

Co.

Ltd.

(Pharmaceuticals)

..

600

Shiseido

Co.

Ltd.

(Personal

Care

Products)

SMC

Corp.

(Machinery)

.............

39,900

SoftBank

Corp.

(Wireless

Telecommunication

Services)

.....

5,300

SoftBank

Group

Corp.

(Wireless

Telecommunication

Services)

.....

1,200

Sompo

Holdings,

Inc.

(Insurance)

......

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Japan

(continued)

5,900

Sony

Financial

Group,

Inc.

(Financial

Services)

....................

$

8,600

Sony

Group

Corp.

(Household

Durables)

.

900

Subaru

Corp.

(Automobiles)

..........

1,600

Sumitomo

Corp.

(Trading

Companies

&

Distributors)

.................

1,000

Sumitomo

Electric

Industries

Ltd.

(Automobile

Components)

.......

Sumitomo

Metal

Mining

Co.

Ltd.

(Metals

&

Mining)

.....................

5,100

Sumitomo

Mitsui

Financial

Group,

Inc.

(Banks)

.....................

900

Sumitomo

Mitsui

Trust

Group,

Inc.

(Banks)

800

Sumitomo

Realty

&

Development

Co.

Ltd.

(Real

Estate

Management

&

Development)

................

Suntory

Beverage

&

Food

Ltd.

(Beverages)

2,100

Suzuki

Motor

Corp.

(Automobiles)

.....

800

Sysmex

Corp.

(Health

Care

Equipment

&

Supplies)

....................

700

T&D

Holdings,

Inc.

(Insurance)

.......

Taisei

Corp.

(Construction

&

Engineering)

2,200

Takeda

Pharmaceutical

Co.

Ltd.

(Pharmaceuticals)

.............

2,900

TDK

Corp.

(Electronic

Equipment,

Instruments

&

Components)

......

2,000

Terumo

Corp.

(Health

Care

Equipment

&

Supplies)(b)

..................

800

The

Chiba

Bank

Ltd.

(Banks)

.........

1,400

The

Kansai

Electric

Power

Co.,

Inc.

(Electric

Utilities)

.............

TIS,

Inc.

(IT

Services)

..............

500

Toho

Co.

Ltd.

(Entertainment)

.........

2,600

Tokio

Marine

Holdings,

Inc.

(Insurance)

.

600

Tokyo

Electron

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

.......

500

Tokyo

Gas

Co.

Ltd.

(Gas

Utilities)

......

800

Tokyu

Corp.

(Ground

Transportation)

...

TOPPAN

Holdings,

Inc.

(Commercial

Services

&

Supplies)

...........

2,100

Toray

Industries,

Inc.

(Chemicals)

......

Toyota

Industries

Corp.

(Machinery)(a)

..

13,200

Toyota

Motor

Corp.

(Automobiles)(b)

...

1,000

Toyota

Tsusho

Corp.

(Trading

Companies

&

Distributors)

.................

Tsuruha

Holdings,

Inc.

(Consumer

Staples

Distribution

&

Retail)

...........

1,100

Unicharm

Corp.

(Household

Products)

...

600

West

Japan

Railway

Co.

(Ground

Transportation)(b)

.............

1,400

Yamaha

Motor

Co.

Ltd.

(Automobiles)

..

Yokogawa

Electric

Corp.

(Electronic

Equipment,

Instruments

&

Components)

.................

1,200

Yokohama

Financial

Group,

Inc.

(Banks)

.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Japan

(continued)

ZOZO,

Inc.

(Specialty

Retail)(b)

.......

$

6,477

Luxembourg

—

0.04%

596

ArcelorMittal

SA

(Metals

&

Mining)

....

CVC

Capital

Partners

PLC

(Capital

Markets)(b)

..................

Eurofins

Scientific

SE

(Life

Sciences

Tools

&

Services)

..................

Macau

—

0.01%

3,600

Sands

China

Ltd.

(Hotels,

Restaurants

&

Leisure)

....................

Netherlands

—

1.42%

769

ABN

AMRO

Bank

N.V.,

Class

CV

(Banks)

Adyen

N.V.

(Financial

Services)(a)(b)

...

1,921

Aegon

Ltd.

(Insurance)

..............

Akzo

Nobel

N.V.

(Chemicals)

.........

Argenx

SE

(Biotechnology)(a)

........

ASM

International

N.V.

(Semiconductors

&

Semiconductor

Equipment)(b)

.....

544

ASML

Holding

N.V.

(Semiconductors

&

Semiconductor

Equipment)(b)

.....

724

ASR

Nederland

N.V.

(Insurance)(b)

.....

BE

Semiconductor

Industries

N.V.

(Semiconductors

&

Semiconductor

Equipment)

..................

Euronext

N.V.

(Capital

Markets)(b)

.....

EXOR

N.V.

(Financial

Services)

.......

705

Ferrovial

SE

(Construction

&

Engineering)

Heineken

Holding

N.V.

(Beverages)

....

Heineken

N.V.

(Beverages)

...........

4,217

ING

Groep

N.V.

(Banks)

.............

JDE

Peet's

N.V.

(Food

Products)

.......

1,257

Koninklijke

Ahold

Delhaize

N.V.

(Consumer

Staples

Distribution

&

Retail)

.....

5,200

Koninklijke

KPN

N.V.

(Diversified

Telecommunication

Services)

.....

NN

Group

N.V.

(Insurance)

...........

NXP

Semiconductors

N.V.

(Semiconductors

&

Semiconductor

Equipment)

.....

1,831

Prosus

N.V.

(Broadline

Retail)(a)(b)

....

QIAGEN

N.V.

(Life

Sciences

Tools

&

Services)

....................

Randstad

N.V.

(Professional

Services)

...

2,726

Stellantis

N.V.

(Automobiles)

.........

1,545

Universal

Music

Group

N.V.

(Entertainment)

...............

Wolters

Kluwer

N.V.

(Professional

Services)

1,558

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

New

Zealand

—

0.06%

2,407

Auckland

International

Airport

Ltd.

(Transportation

Infrastructure)

.....

$

1,214

Contact

Energy

Ltd.

(Electric

Utilities)

..

749

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

(Health

Care

Equipment

&

Supplies)

1,382

Infratil

Ltd.

(Financial

Services)

.......

1,873

Meridian

Energy

Ltd.

(Independent

Power

and

Renewable

Electricity

Producers)

Xero

Ltd.

(Software)(a)

.............

Norway

—

0.20%

Aker

BP

ASA

(Oil,

Gas

&

Consumable

Fuels)

......................

1,223

DNB

Bank

ASA

(Banks)

............

1,073

Equinor

ASA

(Oil,

Gas

&

Consumable

Fuels)

......................

Gjensidige

Forsikring

ASA

(Insurance)

..

562

Kongsberg

Gruppen

ASA

(Aerospace

&

Defense)

....................

673

Mowi

ASA

(Food

Products)(b)

........

1,703

Norsk

Hydro

ASA

(Metals

&

Mining)

...

987

Orkla

ASA

(Food

Products)

..........

Salmar

ASA

(Food

Products)

.........

896

Telenor

ASA

(Diversified

Telecommunication

Services)

.....

Yara

International

ASA

(Chemicals)

....

Poland

—

0.01%

InPost

SA

(Air

Freight

&

Logistics)(a)

...

Portugal

—

0.05%

8,732

Banco

Comercial

Portugues

SA,

Class

R

(Banks)(b)

...................

4,621

EDP

SA

(Electric

Utilities)(b)

.........

631

Galp

Energia

SGPS

SA

(Oil,

Gas

&

Consumable

Fuels)(b)

..........

Jeronimo

Martins

SGPS

SA

(Consumer

Staples

Distribution

&

Retail)(b)

...

Singapore

—

0.43%

5,741

CapitaLand

Ascendas

REIT

(Industrial

REITs)(b)

...................

7,452

CapitaLand

Integrated

Commercial

Trust

(Diversified

REITs)

............

3,400

CapitaLand

Investment

Ltd.

(Real

Estate

Management

&

Development)

.....

3,007

DBS

Group

Holdings

Ltd.

(Banks)

.....

3,470

Grab

Holdings

Ltd.

(Ground

Transportation)

(a) ........................

2,200

Keppel

Ltd.

(Industrial

Conglomerates)

..

4,690

Oversea-Chinese

Banking

Corp.

Ltd.

(Banks)

.....................

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Singapore

(continued)

566

Sea

Ltd.,

ADR

(Broadline

Retail)(a)

....

$

1,400

Sembcorp

Industries

Ltd.

(Multi-Utilities)

2,100

Singapore

Airlines

Ltd.

(Passenger

Airlines)

(b) ........................

1,300

Singapore

Exchange

Ltd.

(Capital

Markets)

1,900

Singapore

Technologies

Engineering

Ltd.

(Aerospace

&

Defense)

.........

10,400

Singapore

Telecommunications

Ltd.

(Diversified

Telecommunication

Services)

....................

1,700

United

Overseas

Bank

Ltd.

(Banks)

.....

3,000

Wilmar

International

Ltd.

(Food

Products)

Spain

—

0.96%

Acciona

SA

(Electric

Utilities)

........

ACS

Actividades

de

Construccion

y

Servicios

SA

(Construction

&

Engineering)

.................

1,111

Aena

SME

SA

(Transportation

Infrastructure)(b)

..............

644

Amadeus

IT

Group

SA

(Hotels,

Restaurants

&

Leisure)

...................

8,017

Banco

Bilbao

Vizcaya

Argentaria

SA

(Banks)

.....................

6,929

Banco

de

Sabadell

SA

(Banks)

........

20,684

Banco

Santander

SA

(Banks)(b)

.......

893

Bankinter

SA

(Banks)

...............

5,414

CaixaBank

SA

(Banks)

..............

676

Cellnex

Telecom

SA

(Diversified

Telecommunication

Services)(b)

...

EDP

Renovaveis

SA

(Independent

Power

and

Renewable

Electricity

Producers)

Endesa

SA

(Electric

Utilities)

.........

512

Grifols

SA

(Biotechnology)

...........

8,924

Iberdrola

SA

(Electric

Utilities)

........

Indra

Sistemas

SA

(IT

Services)

.......

1,516

Industria

de

Diseno

Textil

SA

(Specialty

Retail)

......................

771

Mapfre

SA

(Insurance)

..............

Naturgy

Energy

Group

SA

(Gas

Utilities)

.

591

Redeia

Corp.

SA

(Electric

Utilities)

.....

1,545

Repsol

SA

(Oil,

Gas

&

Consumable

Fuels)

5,486

Telefonica

SA

(Diversified

Telecommunication

Services)

.....

1,062

Sweden

—

0.93%

AddTech

AB,

B

Shares

(Trading

Companies

&

Distributors)

...............

Alfa

Laval

AB

(Machinery)

..........

1,385

Assa

Abloy

AB,

Class

B

(Building

Products)

3,599

Atlas

Copco

AB,

Class

A

(Machinery)

...

2,366

Atlas

Copco

AB,

Class

B

(Machinery)

...

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Sweden

(continued)

574

Beijer

Ref

AB

(Trading

Companies

&

Distributors)(b)

...............

$

Boliden

AB

(Metals

&

Mining)(a)

......

875

Epiroc

AB,

Class

A

(Machinery)

.......

596

Epiroc

AB,

Class

B

(Machinery)

.......

701

EQT

AB

(Capital

Markets)

...........

919

Essity

AB,

Class

B

(Household

Products)^

Evolution

AB

(Hotels,

Restaurants

&

Leisure)(b)

..................

643

Fastighets

AB

Balder,

Class

B

(Real

Estate

Management

&

Development)(a)

...

669

H

&

M

Hennes

&

Mauritz

AB,

Class

B

(Specialty

Retail)

..............

3,150

Hexagon

AB,

Class

B

(Electronic

Equipment,

Instruments

&

Components)

.................

Holmen

AB,

B

shares

(Paper

&

Forest

Products)^

...................

Industrivarden

AB,

Class

A

(Financial

Services)(b)

..................

Industrivarden

AB,

Class

C

(Financial

Services)

....................

Indutrade

AB

(Machinery)

...........

Investment

AB

Latour,

Class

B

(Industrial

Conglomerates)

...............

2,559

Investor

AB,

Class

B

(Financial

Services)

Lifco

AB,

Class

B

(Industrial

Conglomerates)

...............

2,221

Nibe

Industrier

AB,

Class

B

(Building

Products)

....................

Saab

AB,

Class

B

(Aerospace

&

Defense)

Sagax

AB,

Class

B

(Real

Estate

Management

&

Development)

.....

1,494

Sandvik

AB

(Machinery)

............

729

Securitas

AB,

Class

B

(Commercial

Services

&

Supplies)

..................

2,109

Skandinaviska

Enskilda

Banken

AB,

Class

A

(Banks)^

....................

513

Skanska

AB,

Class

B

(Construction

&

Engineering)^

................

SKF

AB,

B

shares

(Machinery)

........

Spotify

Technology

SA

(Entertainment)(a)

815

Svenska

Cellulosa

AB

SCA,

Class

B

(Paper

&

Forest

Products)^

............

2,024

Svenska

Handelsbanken

AB,

Class

A

(Banks)

.....................

1,186

Swedbank

AB,

Class

A

(Banks)^

.......

Swedish

Orphan

Biovitrum

AB

(Biotechnology)(a)

.............

805

Tele2

AB,

B

shares

(Wireless

Telecommunication

Services)

.....

3,924

Telefonaktiebolaget

LM

Ericsson,

Class

B

(Communications

Equipment)

.....

3,489

Telia

Co.

AB

(Diversified

Telecommunication

Services)(b)

...

Trelleborg

AB,

Class

B

(Machinery)

....

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Sweden

(continued)

2,213

Volvo

AB,

Class

B

(Machinery)^

.......

$

1,028

Switzerland

—

2.85%

2,181

ABB

Ltd.,

Registered

Shares

(Electrical

Equipment)

..................

696

Alcon

AG

(Health

Care

Equipment

&

Supplies)

....................

640

Amcor

PLC

(Containers

&

Packaging)

...

681

Amrize

Ltd.

(Construction

Materials)(a)

..

Avolta

AG

(Specialty

Retail)(a)

........

Banque

Cantonale

Vaudoise,

Registered

Shares

(Banks)

................

Barry

Callebaut

AG,

Registered

Shares

(Food

Products)(b)

.............

Belimo

Holding

AG,

Class

R

(Building

Products)

....................

BKW

AG

(Electric

Utilities)

..........

Chocoladefabriken

Lindt

&

Spruengli

AG,

Class

PC

(Food

Products)

........

528

Chubb

Ltd.

(Insurance)

..............

763

Cie

Financiere

Richemont

SA,

Registered

Shares

(Textiles,

Apparel

&

Luxury

Goods)

.....................

Coca-Cola

HBC

AG

(Beverages)(a)

.....

DSM-Firmenich

AG

(Chemicals)

......

EMS-Chemie

Holding

AG

(Chemicals)

..

Galderma

Group

AG

(Pharmaceuticals)(b)

Garmin

Ltd.

(Household

Durables)

.....

Geberit

AG,

Registered

Shares

(Building

Products)

....................

Givaudan

SA,

Registered

Shares

(Chemicals)

..................

13,952

Glencore

PLC

(Metals

&

Mining)(a)(b)

..

Helvetia

Baloise

Holding

AG,

Registered

Shares

(Insurance)

.............

711

Holcim

AG

(Construction

Materials)(a)(b)

Julius

Baer

Group

Ltd.

(Capital

Markets)

.

Kuehne

+

Nagel

International

AG,

Class

R

(Marine

Transportation)

.........

Logitech

International

SA,

Class

R

(Technology

Hardware,

Storage

&

Peripherals)

..................

Lonza

Group

AG,

Registered

Shares

(Life

Sciences

Tools

&

Services)(b)

.....

3,585

Nestle

SA,

Registered

Shares

(Food

Products)

....................

2,673

Novartis

AG,

Registered

Shares

(Pharmaceuticals)

.............

Partners

Group

Holding

AG

(Capital

Markets)

....................

983

Roche

Holding

AG

(Pharmaceuticals)

...

Roche

Holding

AG,

Class

BR

(Pharmaceuticals)

.............

584

Sandoz

Group

AG

(Pharmaceuticals)

....

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Switzerland

(continued)

Schindler

Holding

AG,

Class

PC

(Machinery)

.................

$

Schindler

Holding

AG,

Registered

Shares

(Machinery)

.................

SGS

SA,

Registered

Shares

(Professional

Services)

....................

Sika

AG,

Registered

Shares

(Chemicals)(b)

Sonova

Holding

AG

(Health

Care

Equipment

&

Supplies)(b)

.......

918

STMicroelectronics

N.V.

(Semiconductors

&

Semiconductor

Equipment)

.....

Straumann

Holding

AG,

Class

R

(Health

Care

Equipment

&

Supplies)

......

Swiss

Life

Holding

AG

(Insurance)

.....

Swiss

Prime

Site

AG,

Registered

Shares

(Real

Estate

Management

&

Development)

................

Swiss

Re

AG

(Insurance)

............

Swisscom

AG,

Registered

Shares

(Diversified

Telecommunication

Services)

....................

The

Swatch

Group

AG,

Class

BR

(Textiles,

Apparel

&

Luxury

Goods)

.......

4,416

UBS

Group

AG

(Capital

Markets)

......

VAT

Group

AG

(Machinery)(b)

........

Zurich

Insurance

Group

AG

(Insurance)(b)

3,134

United

Arab

Emirates

—

0.00%

NMC

Health

PLC

(Health

Care

Providers

&

Services)(a)(c)

................

—

United

Kingdom

—

3.64%

1,386

3i

Group

PLC

(Capital

Markets)

.......

Admiral

Group

PLC

(Insurance)

.......

1,074

Airtel

Africa

PLC

(Wireless

Telecommunication

Services)(b)

...

1,551

Anglo

American

PLC

(Metals

&

Mining)

.

Aon

PLC,

Class

A

(Insurance)

.........

Associated

British

Foods

PLC

(Food

Products)

....................

2,176

AstraZeneca

PLC

(Pharmaceuticals)(b)

..

1,276

Auto

Trader

Group

PLC

(Interactive

Media

&

Services)(b)

................

4,531

Aviva

PLC

(Insurance)

..............

4,207

BAE

Systems

PLC

(Aerospace

&

Defense)

19,458

Barclays

PLC

(Banks)(b)

............

2,043

Barratt

Redrow

PLC

(Household

Durables)

(b) ........................

21,900

BP

PLC

(Oil,

Gas

&

Consumable

Fuels)

.

8,363

BT

Group

PLC

(Diversified

Telecommunication

Services)

.....

505

Bunzl

PLC

(Trading

Companies

&

Distributors)

.................

6,389

Centrica

PLC

(Multi-Utilities)(b)

.......

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

Kingdom

(continued)

1,321

CNH

Industrial

N.V.

(Machinery)

......

$

Coca-Cola

Europacific

Partners

PLC

(Beverages)

..................

2,352

Compass

Group

PLC

(Hotels,

Restaurants

&

Leisure)

....................

3,219

Diageo

PLC

(Beverages)

............

Endeavour

Mining

PLC

(Metals

&

Mining)

899

Entain

PLC

(Hotels,

Restaurants

&

Leisure)

(b) ........................

5,669

GSK

PLC

(Pharmaceuticals)

..........

12,490

Haleon

PLC

(Pharmaceuticals)

........

507

Halma

PLC

(Electronic

Equipment,

Instruments

&

Components)

......

24,007

HSBC

Holdings

PLC

(Banks)

.........

1,946

Informa

PLC

(Media)

...............

InterContinental

Hotels

Group

PLC

(Hotels,

Restaurants

&

Leisure)

..........

1,393

International

Consolidated

Airlines

Group

SA

(Passenger

Airlines)

.........

Intertek

Group

PLC

(Professional

Services)

2,592

J

Sainsbury

PLC

(Consumer

Staples

Distribution

&

Retail)

...........

2,744

JD

Sports

Fashion

PLC

(Specialty

Retail)

1,949

Kingfisher

PLC

(Specialty

Retail)

......

965

Land

Securities

Group

PLC

(Diversified

REITs)

.....................

7,867

Legal

&

General

Group

PLC

(Insurance)

.

82,688

Lloyds

Banking

Group

PLC

(Banks)

....

649

London

Stock

Exchange

Group

PLC

(Capital

Markets)(b)

............

3,247

M&G

PLC

(Financial

Services)

........

3,135

Marks

&

Spencer

Group

PLC

(Consumer

Staples

Distribution

&

Retail)

.....

1,931

Melrose

Industries

PLC

(Aerospace

&

Defense)

....................

6,938

National

Grid

PLC

(Multi-Utilities)

.....

11,210

NatWest

Group

PLC

(Banks)(b)

.......

Next

PLC

(Broadline

Retail)

..........

886

Pearson

PLC

(Diversified

Consumer

Services)

....................

Pentair

PLC

(Machinery)

............

902

Reckitt

Benckiser

Group

PLC

(Household

Products)

....................

2,538

RELX

PLC

(Professional

Services)

.....

3,819

Rentokil

Initial

PLC

(Commercial

Services

&

Supplies)

..................

1,555

Rio

Tinto

PLC

(Metals

&

Mining)

......

11,744

Rolls-Royce

Holdings

PLC

(Aerospace

&

Defense)

....................

1,227

Schroders

PLC

(Capital

Markets)

......

1,886

Segro

PLC

(Industrial

REITs)

.........

Severn

Trent

PLC

(Water

Utilities)(b)

...

8,065

Shell

PLC

(Oil,

Gas

&

Consumable

Fuels)

1,075

Smith

&

Nephew

PLC

(Health

Care

Equipment

&

Supplies)

.........

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

Kingdom

(continued)

Smiths

Group

PLC

(Industrial

Conglomerates)

...............

$

Spirax

Group

PLC

(Machinery)

........

1,679

SSE

PLC

(Electric

Utilities)(b)

........

2,712

Standard

Chartered

PLC

(Banks)

.......

1,043

Standard

Life

PLC

(Insurance)

........

9,057

Tesco

PLC

(Consumer

Staples

Distribution

&

Retail)

....................

1,233

The

Sage

Group

PLC

(Software)

.......

3,040

Unilever

PLC

(Personal

Care

Products)

..

1,027

United

Utilities

Group

PLC

(Water

Utilities)

26,802

Vodafone

Group

PLC

(Wireless

Telecommunication

Services)

.....

Whitbread

PLC

(Hotels,

Restaurants

&

Leisure)

....................

Willis

Towers

Watson

PLC

(Insurance)

..

1,007

Wise

PLC,

Class

A

(Financial

Services)(a)

4,011

United

States

—

68.31%

739

3M

Co.

(Industrial

Conglomerates)

.....

2,451

Abbott

Laboratories

(Health

Care

Equipment

&

Supplies)

.........

2,475

AbbVie,

Inc.

(Biotechnology)

.........

538

583

Adobe,

Inc.

(Software)(a)

............

2,291

Advanced

Micro

Devices,

Inc.

(Semiconductors

&

Semiconductor

Equipment)(a)

................

AECOM

(Construction

&

Engineering)

..

Affirm

Holdings,

Inc.,

Class

A

(Financial

Services)(a)

..................

708

Aflac,

Inc.

(Insurance)

..............

Agilent

Technologies,

Inc.

(Life

Sciences

Tools

&

Services)

..............

Air

Products

and

Chemicals,

Inc.

(Chemicals)

..................

597

Airbnb,

Inc.,

Class

A

(Hotels,

Restaurants

&

Leisure)(a)

..................

Alliant

Energy

Corp.

(Electric

Utilities)

..

Alnylam

Pharmaceuticals,

Inc.

(Biotechnology)(a)

.............

8,159

Alphabet,

Inc.,

Class

A

(Interactive

Media

&

Services)

....................

2,346

6,825

Alphabet,

Inc.,

Class

C

(Interactive

Media

&

Services)

....................

1,958

13,476

Amazon.com,

Inc.

(Broadline

Retail)(a)

..

2,806

Ameren

Corp.

(Multi-Utilities)

........

739

American

Electric

Power

Co.,

Inc.

(Electric

Utilities)

....................

783

American

Express

Co.

(Consumer

Finance)

769

American

International

Group,

Inc.

(Insurance)

..................

650

American

Tower

Corp.

(Specialized

REITs)

American

Water

Works

Co.,

Inc.

(Water

Utilities)

....................

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

States

(continued)

Ameriprise

Financial,

Inc.

(Capital

Markets)

$

AMETEK,

Inc.

(Electrical

Equipment)

...

759

Amgen,

Inc.

(Biotechnology)

.........

1,722

Amphenol

Corp.,

Class

A

(Electronic

Equipment,

Instruments

&

Components)

.................

686

Analog

Devices,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.......

860

Annaly

Capital

Management,

Inc.

(Mortgage

Real

Estate

Investment

Trusts

(REITs))

...............

605

Apollo

Global

Management,

Inc.

(Financial

Services)

....................

20,626

Apple,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)

................

5,234

1,111

Applied

Materials,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.......

AppLovin

Corp.,

Class

A

(Software)(a)

..

667

Archer-Daniels-Midland

Co.

(Food

Products)

....................

Ares

Management

Corp.,

Class

A

(Capital

Markets)

....................

1,488

Arista

Networks,

Inc.

(Communications

Equipment)(a)

................

Arthur

J. Gallagher

&

Co.

(Insurance)

...

AST

SpaceMobile,

Inc.

(Diversified

Telecommunication

Services)(a)

...

9,946

AT&T,

Inc.

(Diversified

Telecommunication

Services)

....................

Atmos

Energy

Corp.

(Gas

Utilities)

.....

Autodesk,

Inc.

(Software)(a)

..........

565

Automatic

Data

Processing,

Inc.

(Professional

Services)

..........

AutoZone,

Inc.

(Specialty

Retail)(a)

.....

AvalonBay

Communities,

Inc.

(Residential

REITs)

.....................

Avery

Dennison

Corp.

(Containers

&

Packaging)

..................

Axon

Enterprise,

Inc.

(Aerospace

&

Defense)(a)

..................

1,370

Baker

Hughes

Co.

(Energy

Equipment

&

Services)

....................

Ball

Corp.

(Containers

&

Packaging)

....

9,647

Bank

of

America

Corp.

(Banks)

........

Becton

Dickinson

&

Co.

(Health

Care

Equipment

&

Supplies)

.........

1,928

Berkshire

Hathaway,

Inc.,

Class

B

(Financial

Services)(a)

..................

924

Best

Buy

Co.,

Inc.

(Specialty

Retail)

....

Biogen,

Inc.

(Biotechnology)(a)

.......

Blackrock,

Inc.

(Capital

Markets)

......

757

Block,

Inc.,

Class

A

(Financial

Services)(a)

Bloom

Energy

Corp.,

Class

A

(Electrical

Equipment)(a)

................

Booking

Holdings,

Inc.

(Hotels,

Restaurants

&

Leisure)

...................

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

States

(continued)

2,059

Boston

Scientific

Corp.

(Health

Care

Equipment

&

Supplies)(a)

.......

$

2,834

Bristol-Myers

Squibb

Co.

(Pharmaceuticals)

6,319

Broadcom,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.......

1,956

Broadridge

Financial

Solutions,

Inc.

(Professional

Services)

..........

565

Brookfield

Asset

Management

Ltd.,

Class

A

(Capital

Markets)

..............

Brookfield

Renewable

Corp.

(Independent

Power

and

Renewable

Electricity

Producers)

...................

Brown

&

Brown,

Inc.

(Insurance)

......

Builders

FirstSource,

Inc.

(Building

Products)(a)

..................

Bunge

Global

SA

(Food

Products)

......

Burlington

Stores,

Inc.

(Specialty

Retail)(a)

Cadence

Design

Systems,

Inc.

(Software)(a)

902

Capital

One

Financial

Corp.

(Consumer

Finance)

....................

Cardinal

Health,

Inc.

(Health

Care

Providers

&

Services)

..................

Carlisle

Cos.,

Inc.

(Building

Products)

...

1,561

Carnival

Corp.

(Hotels,

Restaurants

&

Leisure)

....................

1,065

Carrier

Global

Corp.

(Building

Products)

.

Carvana

Co.,

Class

A

(Specialty

Retail)(a)

Casey's

General

Stores,

Inc.

(Consumer

Staples

Distribution

&

Retail)

.....

657

Caterpillar,

Inc.

(Machinery)

..........

Cboe

Global

Markets,

Inc.

(Capital

Markets)

CBRE

Group,

Inc.,

Class

A

(Real

Estate

Management

&

Development)(a)

...

CDW

Corp.

(Electronic

Equipment,

Instruments

&

Components)

......

Cencora,

Inc.

(Health

Care

Providers

&

Services)

....................

673

Centene

Corp.

(Health

Care

Providers

&

Services)(a)

..................

896

CenterPoint

Energy,

Inc.

(Multi-Utilities)

.

CF

Industries

Holdings,

Inc.

(Chemicals)

.

CH

Robinson

Worldwide,

Inc.

(Air

Freight

&

Logistics)

.................

Charter

Communications,

Inc.,

Class

A

(Media)(a)

...................

Cheniere

Energy,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

2,700

Chevron

Corp.

(Oil,

Gas

&

Consumable

Fuels)

......................

559

1,862

Chipotle

Mexican

Grill,

Inc.,

Class

A

(Hotels,

Restaurants

&

Leisure)(a)

..

Church

&

Dwight

Co.,

Inc.

(Household

Products)

....................

Ciena

Corp.

(Communications

Equipment)

(a) ........................

Cincinnati

Financial

Corp.

(Insurance)

...

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

States

(continued)

502

Cintas

Corp.

(Commercial

Services

&

Supplies)

....................

$

5,557

Cisco

Systems,

Inc.

(Communications

Equipment)

..................

2,540

Citigroup,

Inc.

(Banks)

..............

595

Citizens

Financial

Group,

Inc.

(Banks)

...

Cloudflare,

Inc.,

Class

A

(IT

Services)(a)

.

502

CME

Group,

Inc.,

Class

A

(Capital

Markets)

CMS

Energy

Corp.

(Multi-Utilities)

.....

1,325

Coeur

Mining,

Inc.

(Metals

&

Mining)(a)

.

682

Cognizant

Technology

Solutions

Corp.,

Class

A

(IT

Services)

...........

Coherent

Corp.

(Electronic

Equipment,

Instruments

&

Components)(a)

....

Coinbase

Global,

Inc.,

Class

A

(Capital

Markets)(a)

..................

1,068

Colgate-Palmolive

Co.

(Household

Products)

....................

5,114

Comcast

Corp.,

Class

A

(Diversified

Telecommunication

Services)

.....

Comfort

Systems

USA,

Inc.

(Construction

&

Engineering)

...............

1,734

ConocoPhillips

(Oil,

Gas

&

Consumable

Fuels)

......................

500

Consolidated

Edison,

Inc.

(Multi-Utilities)

Constellation

Brands,

Inc.,

Class

A

(Beverages)

..................

Constellation

Energy

Corp.

(Electric

Utilities)

....................

1,284

Copart,

Inc.

(Commercial

Services

&

Supplies)(a)

..................

Corebridge

Financial,

Inc.

(Financial

Services)

....................

1,132

Corning,

Inc.

(Electronic

Equipment,

Instruments

&

Components)

......

Corpay,

Inc.

(Financial

Services)(a)

.....

944

Corteva,

Inc.

(Chemicals)

............

616

CoStar

Group,

Inc.

(Real

Estate

Management

&

Development)(a)

...

623

Costco

Wholesale

Corp.

(Consumer

Staples

Distribution

&

Retail)

...........

621

1,130

Coterra

Energy,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

Credo

Technology

Group

Holding

Ltd.

(Semiconductors

&

Semiconductor

Equipment)(a)

................

Crowdstrike

Holdings,

Inc.,

Class

A

(Software)(a)

.................

600

Crown

Castle,

Inc.

(Specialized

REITs)

..

2,673

CSX

Corp.

(Ground

Transportation)

....

Cummins,

Inc.

(Machinery)

..........

Curtiss-Wright

Corp.

(Aerospace

&

Defense)

....................

1,764

CVS

Health

Corp.

(Health

Care

Providers

&

Services)

....................

D.R.

Horton,

Inc.

(Household

Durables)

..

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

States

(continued)

896

Danaher

Corp.

(Life

Sciences

Tools

&

Services)

....................

$

Darden

Restaurants,

Inc.

(Hotels,

Restaurants

&

Leisure)

..........

Datadog,

Inc.,

Class

A

(Software)(a)

....

Deckers

Outdoor

Corp.

(Textiles,

Apparel

&

Luxury

Goods)(a)

.............

Deere

&

Co.

(Machinery)

............

Dell

Technologies,

Inc.,

Class

C

(Technology

Hardware,

Storage

&

Peripherals)

..................

Delta

Air

Lines,

Inc.

(Passenger

Airlines)

.

832

Devon

Energy

Corp.

(Oil,

Gas

&

Consumable

Fuels)

.............

545

Dexcom,

Inc.

(Health

Care

Equipment

&

Supplies)(a)

..................

Diamondback

Energy,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

Dick's

Sporting

Goods,

Inc.

(Specialty

Retail)

......................

Digital

Realty

Trust,

Inc.

(Specialized

REITs)

.....................

Dollar

General

Corp.

(Consumer

Staples

Distribution

&

Retail)

...........

Dollar

Tree,

Inc.

(Consumer

Staples

Distribution

&

Retail)(a)

.........

1,228

Dominion

Energy,

Inc.

(Multi-Utilities)

..

Domino's

Pizza,

Inc.

(Hotels,

Restaurants

&

Leisure)

....................

532

DoorDash,

Inc.,

Class

A

(Hotels,

Restaurants

&

Leisure)(a)

.................

Dover

Corp.

(Machinery)

............

951

Dow,

Inc.

(Chemicals)

..............

665

DraftKings,

Inc.

(Hotels,

Restaurants

&

Leisure)(a)

..................

DTE

Energy

Co.

(Multi-Utilities)

......

1,077

Duke

Energy

Corp.

(Electric

Utilities)

...

560

DuPont

de

Nemours,

Inc.

(Chemicals)

...

638

eBay,

Inc.

(Broadline

Retail)

..........

Ecolab,

Inc.

(Chemicals)

.............

532

Edison

International

(Electric

Utilities)

..

815

Edwards

Lifesciences

Corp.

(Health

Care

Equipment

&

Supplies)(a)

.......

Electronic

Arts,

Inc.

(Entertainment)

....

Elevance

Health,

Inc.

(Health

Care

Providers

&

Services)

...........

1,128

Eli

Lilly

&

Co.

(Pharmaceuticals)

......

1,038

EMCOR

Group,

Inc.

(Construction

&

Engineering)

.................

780

Emerson

Electric

Co.

(Electrical

Equipment)

Entegris,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.......

612

Entergy

Corp.

(Electric

Utilities)

.......

753

EOG

Resources,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

860

EQT

Corp.

(Oil,

Gas

&

Consumable

Fuels)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

States

(continued)

Equifax,

Inc.

(Professional

Services)

....

$

Equinix,

Inc.

(Specialized

REITs)

......

Equitable

Holdings,

Inc.

(Financial

Services)

....................

519

Equity

Residential

(Residential

REITs)

..

Evergy,

Inc.

(Electric

Utilities)

........

Everpure,

Inc.,

Class

A

(Technology

Hardware,

Storage

&

Peripherals)(a)

508

Eversource

Energy

(Electric

Utilities)

...

1,396

Exelon

Corp.

(Electric

Utilities)

.......

Expand

Energy

Corp.

(Oil,

Gas

&

Consumable

Fuels)

.............

Expedia

Group,

Inc.

(Hotels,

Restaurants

&

Leisure)

....................

Expeditors

International

of

Washington,

Inc.

(Air

Freight

&

Logistics)

........

Extra

Space

Storage,

Inc.

(Specialized

REITs)

.....................

5,940

Exxon

Mobil

Corp.

(Oil,

Gas

&

Consumable

Fuels)

......................

1,008

F5,

Inc.

(Communications

Equipment)(a)

.

Fair

Isaac

Corp.

(Software)(a)

.........

1,600

Fastenal

Co.

(Trading

Companies

&

Distributors)

.................

FedEx

Corp.

(Air

Freight

&

Logistics)

...

Ferguson

Enterprises,

Inc.

(Trading

Companies

&

Distributors)

.......

Fidelity

National

Financial,

Inc.

(Insurance)

718

Fidelity

National

Information

Services,

Inc.

(Financial

Services)

............

1,300

Fifth

Third

Bancorp

(Banks)

..........

First

Citizens

BancShares,

Inc.,

Class

A

(Banks)

.....................

First

Solar,

Inc.

(Semiconductors

&

Semiconductor

Equipment)(a)

.....

753

FirstEnergy

Corp.

(Electric

Utilities)

....

786

Fiserv,

Inc.

(Financial

Services)(a)

......

521

Flex

Ltd.

(Electronic

Equipment,

Instruments

&

Components)(a)

....

Flutter

Entertainment

PLC,

Class

DI

(Hotels,

Restaurants

&

Leisure)(a)

..

5,477

Ford

Motor

Co.

(Automobiles)

........

907

Fortinet,

Inc.

(Software)(a)

...........

Fortive

Corp.

(Machinery)

...........

Fox

Corp.,

Class

A

(Media)

...........

Fox

Corp.,

Class

B

(Media)

...........

1,992

Freeport-McMoRan,

Inc.

(Metals

&

Mining)

FTAI

Aviation

Ltd.

(Aerospace

&

Defense)

(b) ........................

Gaming

and

Leisure

Properties,

Inc.

(Specialized

REITs)

............

Gartner,

Inc.

(IT

Services)(a)

..........

633

GE

HealthCare

Technologies,

Inc.

(Health

Care

Equipment

&

Supplies)

......

GE

Vernova,

Inc.

(Electrical

Equipment)

.

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

States

(continued)

841

Gen

Digital,

Inc.

(Software)

..........

$

General

Dynamics

Corp.

(Aerospace

&

Defense)

....................

1,487

General

Electric

Co.

(Aerospace

&

Defense)

733

General

Mills,

Inc.

(Food

Products)

.....

1,329

General

Motors

Co.

(Automobiles)

.....

Genuine

Parts

Co.

(Distributors)

.......

1,752

Gilead

Sciences,

Inc.

(Biotechnology)

...

Global

Payments,

Inc.

(Financial

Services)

GoDaddy,

Inc.,

Class

A

(IT

Services)(a)

..

Graco,

Inc.

(Machinery)

.............

1,179

Halliburton

Co.

(Energy

Equipment

&

Services)

....................

HCA

Healthcare,

Inc.

(Health

Care

Providers

&

Services)

...........

1,057

Healthpeak

Properties,

Inc.

(Health

Care

REITs)

.....................

HEICO

Corp.

(Aerospace

&

Defense)

...

HEICO

Corp.,

Class

A

(Aerospace

&

Defense)

....................

1,827

Hewlett

Packard

Enterprise

Co.

(Technology

Hardware,

Storage

&

Peripherals)

..

Hilton

Worldwide

Holdings,

Inc.

(Hotels,

Restaurants

&

Leisure)

..........

Hologic,

Inc.

(Health

Care

Equipment

&

Supplies)(a)

..................

897

Honeywell

International,

Inc.

(Industrial

Conglomerates)

...............

Hormel

Foods

Corp.

(Food

Products)

....

534

Howmet

Aerospace,

Inc.

(Aerospace

&

Defense)

....................

1,431

HP,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)

..................

Hubbell,

Inc.

(Electrical

Equipment)

....

HubSpot,

Inc.

(Software)(a)

..........

Humana,

Inc.

(Health

Care

Providers

&

Services)

....................

2,868

Huntington

Bancshares,

Inc.

(Banks)

....

Hyatt

Hotels

Corp.,

Class

A

(Hotels,

Restaurants

&

Leisure)

..........

IDEX

Corp.

(Machinery)

............

IDEXX

Laboratories,

Inc.

(Health

Care

Equipment

&

Supplies)(a)

.......

Illinois

Tool

Works,

Inc.

(Machinery)

....

Illumina,

Inc.

(Life

Sciences

Tools

&

Services)(a)

..................

Incyte

Corp.

(Biotechnology)(a)

.......

553

Ingersoll

Rand,

Inc.

(Machinery)

.......

Insmed,

Inc.

(Biotechnology)(a)

.......

Insulet

Corp.

(Health

Care

Equipment

&

Supplies)(a)

..................

6,361

Intel

Corp.

(Semiconductors

&

Semiconductor

Equipment)(a)

.....

656

Interactive

Brokers

Group,

Inc.,

Class

A

(Capital

Markets)

..............

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

States

(continued)

795

Intercontinental

Exchange,

Inc.

(Capital

Markets)

....................

$

1,309

International

Business

Machines

Corp.

(IT

Services)

....................

International

Flavors

&

Fragrances,

Inc.

(Chemicals)

..................

676

International

Paper

Co.

(Containers

&

Packaging)

..................

Intuit,

Inc.

(Software)

...............

Intuitive

Surgical,

Inc.

(Health

Care

Equipment

&

Supplies)(a)

.......

882

Invitation

Homes,

Inc.

(Residential

REITs)

IonQ,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)(a)

..............

IQVIA

Holdings,

Inc.

(Life

Sciences

Tools

&

Services)(a)

................

Iron

Mountain,

Inc.

(Specialized

REITs)

.

Jabil,

Inc.

(Electronic

Equipment,

Instruments

&

Components)

......

Jack

Henry

&

Associates,

Inc.

(Financial

Services)

....................

Jacobs

Solutions,

Inc.

(Professional

Services)

....................

JB

Hunt

Transport

Services,

Inc.

(Ground

Transportation)

...............

3,384

Johnson

&

Johnson

(Pharmaceuticals)

...

827

874

Johnson

Controls

International

PLC

(Building

Products)

............

3,823

JPMorgan

Chase

&

Co.

(Banks)

.......

1,125

2,668

Kenvue,

Inc.

(Personal

Care

Products)

...

1,786

Keurig

Dr

Pepper,

Inc.

(Beverages)

.....

1,253

KeyCorp

(Banks)

..................

Keysight

Technologies,

Inc.

(Electronic

Equipment,

Instruments

&

Components)(a)

...............

Kimberly-Clark

Corp.

(Household

Products)

1,014

Kimco

Realty

Corp.

(Retail

REITs)

.....

2,783

Kinder

Morgan,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

866

KKR

&

Co.,

Inc.

(Capital

Markets)

.....

KLA

Corp.

(Semiconductors

&

Semiconductor

Equipment)

.......

L3Harris

Technologies,

Inc.

(Aerospace

&

Defense)

....................

Labcorp

Holdings,

Inc.

(Health

Care

Providers

&

Services)

...........

1,772

Lam

Research

Corp.

(Semiconductors

&

Semiconductor

Equipment)

.......

Las

Vegas

Sands

Corp.

(Hotels,

Restaurants

&

Leisure)

...................

Leidos

Holdings,

Inc.

(Professional

Services)

....................

Lennar

Corp.,

Class

A

(Household

Durables)

Lennox

International,

Inc.

(Building

Products)

....................

Liberty

Media

Corp.-Liberty

Formula

One

(Entertainment)(a)

.............

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

States

(continued)

660

Linde

PLC

(Chemicals)

.............

$

Live

Nation

Entertainment,

Inc.

(Entertainment)(a)

.............

Lockheed

Martin

Corp.

(Aerospace

&

Defense)

....................

Loews

Corp.

(Insurance)

.............

779

Lowe's

Cos.,

Inc.

(Specialty

Retail)

.....

LPL

Financial

Holdings,

Inc.

(Capital

Markets)

....................

Lumentum

Holdings,

Inc.

(Communications

Equipment)(a)

................

LyondellBasell

Industries

N.V.,

Class

A

(Chemicals)

..................

M&T

Bank

Corp.

(Banks)

............

Marathon

Petroleum

Corp.

(Oil,

Gas

&

Consumable

Fuels)

.............

Markel

Group,

Inc.

(Insurance)(a)

......

Marriott

International,

Inc.,

Class

A

(Hotels,

Restaurants

&

Leisure)

..........

683

Marsh

&

McLennan

Cos.,

Inc.

(Insurance)

Martin

Marietta

Materials,

Inc.

(Construction

Materials)

.........

1,198

Marvell

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.....

Masco

Corp.

(Building

Products)

.......

1,193

Mastercard,

Inc.,

Class

A

(Financial

Services)

....................

596

McCormick

&

Co.,

Inc.

(Food

Products)

.

1,002

McDonald's

Corp.

(Hotels,

Restaurants

&

Leisure)

....................

McKesson

Corp.

(Health

Care

Providers

&

Services)

....................

3,477

Merck

&

Co.,

Inc.

(Pharmaceuticals)

....

779

MetLife,

Inc.

(Insurance)

............

Mettler-Toledo

International,

Inc.

(Life

Sciences

Tools

&

Services)(a)

.....

753

Microchip

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

..................

1,580

Micron

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.......

534

9,894

Microsoft

Corp.

(Software)

...........

3,661

Mid-America

Apartment

Communities,

Inc.

(Residential

REITs)

............

1,797

Mondelez

International,

Inc.,

Class

A

(Food

Products)

....................

MongoDB,

Inc.,

Class

A

(IT

Services)(a)

.

Monolithic

Power

Systems,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

..................

1,019

Monster

Beverage

Corp.

(Beverages)(a)

..

Moody's

Corp.

(Capital

Markets)

.......

1,682

Morgan

Stanley

(Capital

Markets)

......

Motorola

Solutions,

Inc.

(Communications

Equipment)

..................

655

Nasdaq,

Inc.

(Capital

Markets)

........

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

States

(continued)

Natera,

Inc.

(Biotechnology)(a)

........

$

NetApp,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)

..........

5,955

Netflix,

Inc.

(Entertainment)(a)

........

573

Neurocrine

Biosciences,

Inc.

(Biotechnology)(a)

.............

1,553

Newmont

Corp.

(Metals

&

Mining)

.....

561

News

Corp.,

Class

A

(Media)

.........

2,902

NextEra

Energy,

Inc.

(Electric

Utilities)

..

1,648

NIKE,

Inc.,

Class

B

(Textiles,

Apparel

&

Luxury

Goods)

...............

638

NiSource,

Inc.

(Multi-Utilities)

........

Nordson

Corp.

(Machinery)

..........

Norfolk

Southern

Corp.

(Ground

Transportation)

...............

Northern

Trust

Corp.

(Capital

Markets)

..

Northrop

Grumman

Corp.

(Aerospace

&

Defense)

....................

NRG

Energy,

Inc.

(Electric

Utilities)

....

Nucor

Corp.

(Metals

&

Mining)

.......

34,089

NVIDIA

Corp.

(Semiconductors

&

Semiconductor

Equipment)

.......

5,944

NVR,

Inc.

(Household

Durables)(a)

.....

1,013

Occidental

Petroleum

Corp.

(Oil,

Gas

&

Consumable

Fuels)

.............

Oklo,

Inc.,

Class

A

(Electric

Utilities)(a)

.

Okta,

Inc.,

Class

A

(IT

Services)(a)

.....

Old

Dominion

Freight

Line,

Inc.

(Ground

Transportation)

...............

Omnicom

Group,

Inc.

(Media)

........

572

ON

Semiconductor

Corp.

(Semiconductors

&

Semiconductor

Equipment)(a)

...

871

ONEOK,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

......................

2,427

Oracle

Corp.

(Software)

.............

1,177

O'Reilly

Automotive,

Inc.

(Specialty

Retail)

(a) ........................

545

Otis

Worldwide

Corp.

(Machinery)

.....

730

PACCAR,

Inc.

(Machinery)

..........

Packaging

Corp.

of

America

(Containers

&

Packaging)

..................

3,191

Palantir

Technologies,

Inc.,

Class

A

(Software)(a)

.................

1,126

Palo

Alto

Networks,

Inc.

(Software)(a)

...

Parker-Hannifin

Corp.

(Machinery)

.....

Paychex,

Inc.

(Professional

Services)

....

1,254

PayPal

Holdings,

Inc.

(Financial

Services)

1,922

PepsiCo,

Inc.

(Beverages)

............

7,927

Pfizer,

Inc.

(Pharmaceuticals)

.........

3,050

PG&E

Corp.

(Electric

Utilities)

........

561

Phillips

(Oil,

Gas

&

Consumable

Fuels)

Pinnacle

Financial

Partners,

Inc.

(Banks)

.

869

Pinterest,

Inc.,

Class

A

(Interactive

Media

&

Services)(a)

..................

PPG

Industries,

Inc.

(Chemicals)

.......

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

States

(continued)

1,019

PPL

Corp.

(Electric

Utilities)

..........

$

Principal

Financial

Group,

Inc.

(Insurance)

1,288

Prologis,

Inc.

(Industrial

REITs)

.......

Prudential

Financial,

Inc.

(Insurance)

....

PTC,

Inc.

(Software)(a)

.............

684

Public

Service

Enterprise

Group,

Inc.

(Multi-Utilities)

...............

Public

Storage

(Specialized

REITs)

.....

PulteGroup,

Inc.

(Household

Durables)

..

1,494

QUALCOMM,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.......

Quanta

Services,

Inc.

(Construction

&

Engineering)

.................

Quest

Diagnostics,

Inc.

(Health

Care

Providers

&

Services)

...........

Raymond

James

Financial,

Inc.

(Capital

Markets)

....................

RB

Global,

Inc.

(Commercial

Services

&

Supplies)

....................

1,267

Realty

Income

Corp.

(Retail

REITs)

.....

Reddit,

Inc.,

Class

A

(Interactive

Media

&

Services)(a)

..................

Regency

Centers

Corp.

(Retail

REITs)

...

Regeneron

Pharmaceuticals,

Inc.

(Biotechnology)

...............

1,237

Regions

Financial

Corp.

(Banks)

.......

Reliance,

Inc.

(Metals

&

Mining)

......

Republic

Services,

Inc.,

Class

A

(Commercial

Services

&

Supplies)

.

ResMed,

Inc.

(Health

Care

Equipment

&

Supplies)

....................

Restaurant

Brands

International,

Inc.

(Hotels,

Restaurants

&

Leisure)

....

1,201

Rivian

Automotive,

Inc.,

Class

A

(Automobiles)(a)

..............

1,020

Robinhood

Markets,

Inc.,

Class

A

(Capital

Markets)(a)

..................

858

ROBLOX

Corp.,

Class

A

(Entertainment)(a)

1,436

Rocket

Cos.,

Inc.,

Class

A

(Financial

Services)(a)

..................

671

Rocket

Lab

Corp.

(Aerospace

&

Defense)(a)

Rockwell

Automation,

Inc.

(Electrical

Equipment)

..................

Rollins,

Inc.

(Commercial

Services

&

Supplies)

....................

Roper

Technologies,

Inc.

(Software)

....

Ross

Stores,

Inc.

(Specialty

Retail)

.....

Royal

Caribbean

Cruises

Ltd.

(Hotels,

Restaurants

&

Leisure)

..........

575

Royalty

Pharma

PLC,

Class

A

(Pharmaceuticals)

.............

RPM

International,

Inc.

(Chemicals)

....

1,881

RTX

Corp.

(Aerospace

&

Defense)

.....

S&P

Global,

Inc.

(Capital

Markets)

.....

1,324

Salesforce,

Inc.

(Software)

...........

Samsara,

Inc.,

Class

A

(Software)(a)

....

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

States

(continued)

SBA

Communications

Corp.,

Class

A

(Specialized

REITs)

............

$

Seagate

Technology

Holdings

PLC

(Technology

Hardware,

Storage

&

Peripherals)

..................

938

Sempra

(Multi-Utilities)

.............

1,444

ServiceNow,

Inc.

(Software)(a)

........

Simon

Property

Group,

Inc.

(Retail

REITs)

2,075

SLB

Ltd.

(Energy

Equipment

&

Services)

1,618

Snap,

Inc.,

Class

A

(Interactive

Media

&

Services)(a)

..................

Snap-on,

Inc.

(Machinery)

...........

Snowflake,

Inc.,

Class

A

(IT

Services)(a)

.

Solventum

Corp.

(Health

Care

Equipment

&

Supplies)(a)

..................

1,579

Starbucks

Corp.

(Hotels,

Restaurants

&

Leisure)

....................

State

Street

Corp.

(Capital

Markets)

.....

Steel

Dynamics,

Inc.

(Metals

&

Mining)

.

STERIS

PLC

(Health

Care

Equipment

&

Supplies)

....................

Strategy,

Inc.,

Class

A

(Software)(a)

.....

Stryker

Corp.

(Health

Care

Equipment

&

Supplies)

....................

Sun

Communities,

Inc.

(Residential

REITs)

585

Sunbelt

Rentals

Holdings,

Inc.

(Trading

Companies

&

Distributors)

.......

509

Synchrony

Financial

(Consumer

Finance)

Synopsys,

Inc.

(Software)(a)

..........

664

Sysco

Corp.

(Consumer

Staples

Distribution

&

Retail)

....................

T. Rowe

Price

Group,

Inc.

(Capital

Markets)

Take-Two

Interactive

Software,

Inc.

(Entertainment)(a)

.............

Tapestry,

Inc.

(Textiles,

Apparel

&

Luxury

Goods)

.....................

Targa

Resources

Corp.

(Oil,

Gas

&

Consumable

Fuels)

.............

632

Target

Corp.

(Consumer

Staples

Distribution

&

Retail)

....................

Teledyne

Technologies,

Inc.

(Electronic

Equipment,

Instruments

&

Components)(a)

...............

Teradyne,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.......

3,961

Tesla,

Inc.

(Automobiles)(a)

..........

1,473

1,282

Texas

Instruments,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.......

Texas

Pacific

Land

Corp.

(Oil,

Gas

&

Consumable

Fuels)

.............

Textron,

Inc.

(Aerospace

&

Defense)

....

The

Allstate

Corp.

(Insurance)

.........

1,000

The

Bank

of

New

York

Mellon

Corp.

(Capital

Markets)

..............

1,100

The

Boeing

Co.

(Aerospace

&

Defense)(a)

The

Carlyle

Group,

Inc.

(Capital

Markets)

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

States

(continued)

2,398

The

Charles

Schwab

Corp.

(Capital

Markets)

....................

$

The

Cigna

Group

(Health

Care

Providers

&

Services)

....................

The

Clorox

Co.

(Household

Products)

...

5,734

The

Coca-Cola

Co.

(Beverages)

.......

The

Cooper

Cos.,

Inc.

(Health

Care

Equipment

&

Supplies)(a)

.......

The

Estee

Lauder

Cos.,

Inc.,

Class

A

(Personal

Care

Products)

........

The

Goldman

Sachs

Group,

Inc.

(Capital

Markets)

....................

The

Hartford

Insurance

Group,

Inc.

(Insurance)

..................

The

Hershey

Co.

(Food

Products)

......

1,394

The

Home

Depot,

Inc.

(Specialty

Retail)

.

1,216

The

Kraft

Heinz

Co.

(Food

Products)

....

874

The

Kroger

Co.

(Consumer

Staples

Distribution

&

Retail)

...........

548

The

PNC

Financial

Services

Group,

Inc.

(Banks)

.....................

3,279

The

Procter

&

Gamble

Co.

(Household

Products)

....................

815

The

Progressive

Corp.

(Insurance)

......

The

Sherwin-Williams

Co.

(Chemicals)

..

1,562

The

Southern

Co.

(Electric

Utilities)

....

1,566

The

TJX

Cos.,

Inc.

(Specialty

Retail)

....

678

The

Trade

Desk,

Inc.,

Class

A

(Media)(a)

.

The

Travelers

Cos.,

Inc.

(Insurance)

.....

2,505

The

Walt

Disney

Co.

(Entertainment)

....

1,699

The

Williams

Cos.,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

525

Thermo

Fisher

Scientific,

Inc.

(Life

Sciences

Tools

&

Services)

..............

703

T-Mobile

US,

Inc.

(Wireless

Telecommunication

Services)

.....

592

Toast,

Inc.,

Class

A

(Financial

Services)(a)

732

Tractor

Supply

Co.

(Specialty

Retail)

....

Tradeweb

Markets,

Inc.,

Class

A

(Capital

Markets)

....................

TransDigm

Group,

Inc.

(Aerospace

&

Defense)

....................

TransUnion

(Professional

Services)

.....

Trimble,

Inc.

(Software)(a)

...........

1,788

Truist

Financial

Corp.

(Banks)

.........

Twilio,

Inc.,

Class

A

(IT

Services)(a)

....

Tyler

Technologies,

Inc.

(Software)(a)

...

Tyson

Foods,

Inc.,

Class

A

(Food

Products)

2,159

U.S.

Bancorp

(Banks)

...............

2,757

Uber

Technologies,

Inc.

(Ground

Transportation)(a)

.............

UDR,

Inc.

(Residential

REITs)

........

Ulta

Beauty,

Inc.

(Specialty

Retail)(a)

...

838

Union

Pacific

Corp.

(Ground

Transportation)

...............

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

States

(continued)

United

Airlines

Holdings,

Inc.

(Passenger

Airlines)(a)

..................

$

1,023

United

Parcel

Service,

Inc.,

Class

B

(Air

Freight

&

Logistics)

............

United

Rentals,

Inc.

(Trading

Companies

&

Distributors)

.................

United

Therapeutics

Corp.

(Biotechnology)

(a) ........................

1,273

UnitedHealth

Group,

Inc.

(Health

Care

Providers

&

Services)

...........

Valero

Energy

Corp.

(Oil,

Gas

&

Consumable

Fuels)

.............

Veeva

Systems,

Inc.,

Class

A

(Health

Care

Technology)(a)

...............

669

Ventas,

Inc.

(Health

Care

REITs)

.......

Veralto

Corp.

(Commercial

Services

&

Supplies)

....................

VeriSign,

Inc.

(IT

Services)

...........

Verisk

Analytics,

Inc.,

Class

A

(Professional

Services)

....................

5,932

Verizon

Communications,

Inc.

(Diversified

Telecommunication

Services)

.....

Vertex

Pharmaceuticals,

Inc.

(Biotechnology)(a)

.............

1,471

VICI

Properties,

Inc.,

Class

A

(Specialized

REITs)

.....................

2,365

Visa,

Inc.,

Class

A

(Financial

Services)

..

715

Vistra

Corp.

(Independent

Power

and

Renewable

Electricity

Producers)

..

Vulcan

Materials

Co.

(Construction

Materials)

...................

W.R.

Berkley

Corp.

(Insurance)

........

W.W.

Grainger,

Inc.

(Trading

Companies

&

Distributors)

.................

6,160

Walmart,

Inc.

(Consumer

Staples

Distribution

&

Retail)

...........

766

3,390

Warner

Bros.

Discovery,

Inc.

(Entertainment)(a)

.............

561

Waste

Management,

Inc.

(Commercial

Services

&

Supplies)

...........

Waters

Corp.

(Life

Sciences

Tools

&

Services)(a)

..................

Watsco,

Inc.

(Trading

Companies

&

Distributors)

.................

WEC

Energy

Group,

Inc.

(Multi-Utilities)

4,420

Wells

Fargo

&

Co.

(Banks)

...........

962

Welltower,

Inc.

(Health

Care

REITs)

....

West

Pharmaceutical

Services,

Inc.

(Life

Sciences

Tools

&

Services)

.......

Western

Digital

Corp.

(Technology

Hardware,

Storage

&

Peripherals)

..

Westinghouse

Air

Brake

Technologies

Corp.

(Machinery)

.................

1,100

Weyerhaeuser

Co.

(Specialized

REITs)

..

Williams-Sonoma,

Inc.

(Specialty

Retail)

.

Workday,

Inc.,

Class

A

(Software)(a)

....

WP

Carey,

Inc.

(Diversified

REITs)

.....

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

States

(continued)

816

Xcel

Energy,

Inc.

(Electric

Utilities)

.....

$

Xylem,

Inc.

(Machinery)

.............

Yum!

Brands,

Inc.

(Hotels,

Restaurants

&

Leisure)

....................

Zebra

Technologies

Corp.

(Electronic

Equipment,

Instruments

&

Components)(a)

...............

Zillow

Group,

Inc.,

Class

C

(Real

Estate

Management

&

Development)(a)

...

Zimmer

Biomet

Holdings,

Inc.

(Health

Care

Equipment

&

Supplies)

.........

616

Zoetis,

Inc.,

Class

A

(Pharmaceuticals)

...

Zoom

Communications,

Inc.,

Class

A

(Software)(a)

.................

Zscaler,

Inc.

(Software)(a)

............

75,196

Uruguay

—

0.10%

MercadoLibre,

Inc.

(Broadline

Retail)(a)

.

Total

Common

Stocks

(cost

$50,029)

...

108,922

Right

—

0.00%

Italy

—

0.00%

20,012

Telecom

Italia

SpA,

4/1/26

(Diversified

Telecommunication

Services)(a)

...

—

Total

Right

(cost

$—)

..............

—

Shares

Security

Description

Value

(000) Warrant

—

0.00%

Canada

—

0.00%

Constellation

Software,

Inc.,

3/31/40

(Software)(a)(c)

...............

$

—

Total

Warrant

(cost

$—)

............

—

Investment

Companies

—

0.86%

Money

Market

Funds

—

0.86%

227,731

Federated

Hermes

Treasury

Obligations

Fund,

Institutional

Shares

,

3.53%^^(d)

715,316

State

Street

Institutional

Treasury

Plus

Money

Market

Fund,

Trust

Class

,

3.55%(d)

....................

715

Total

Investment

Companies

(cost

$943)

943

Total

Investments

(cost

$50,972)

—

99.80%

.....................

109,865

Other

assets

in

excess

of

liabilities

—

0.20%

......................

Net

Assets

-

100.00%

..............

$

110,084

Amounts

designated

as

"—"

are

$0

or

have

been

rounded

to

$0.

^

All

or

part

of

this

security

was

on

loan

as

of

March

31,

2026. ^^

Purchased

with

cash

collateral

held

from

securities

lending.

The

value

of

the

collateral

could

include

collateral

held

for

securities

that

were

sold

on

or

before

March

31,

2026. (a) Represents

non-income

producing

security.

(b) Represents

a

security

purchased

under

Rule

144A

or

Section

4(2)

and

is

exempt

from

registration

under

the

Securities

Act

of

1933,

as

amended,

or

is

otherwise

restricted

to

resale.

Certain

of

these

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

These

securities

have

been

deemed

liquid

by

the

Specialist

Manager.

(c) Security

was

valued

using

significant

unobservable

inputs

as

of

March

31,

2026. (d) Annualized

7-day

yield

as

of

period-end.

ADR—American

Depositary

Receipt

PLC

—

Public

Limited

Company

REIT—Real

Estate

Investment

Trust

HC

CAPITAL

TRUST

The

ESG

Growth

Portfolio

Portfolio

of

Investments

(concluded)

—

March

31,

2026

(Unaudited)

The

following

table

reflects

the

percentage

of

total

net

assets

of

the

Portfolio

attributable

to

each

Specialist

Manager

as

of

March

31,

2026. The

ESG

Growth

Portfolio

Mellon

Investments

Corporation

Parametric

Portfolio

Associates,

LLC

Total

Common

Stocks

......................................................................................................................................................

98.94 %

—

98.94 %

Right

........................................................................................................................................................................

—

—

—

%

Warrant

....................................................................................................................................................................

—

—

—

%

Investment

Companies

.............................................................................................................................................

0.26 %

0.60 %

0.86 %

Other

Assets

(Liabilities)

.........................................................................................................................................

0.08 %

0.12 %

0.20 %

Total

Net

Assets

..................................................................................................................................................

99.28 %

0.72 %

100.00 %

The

following

table

reflects

the

open

derivative

positions

held

by

the

Portfolio

as

of

March

31,

2026

.

Futures

Contracts

Purchased

\*

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000) Value

and

Unrealized

Appreciation/

(Depreciation)

(000) E-Mini

S&P

500

Future

.........................

6/18/26

$

657

$

(16) $

657

$

(16) Total

Unrealized

Appreciation

.....................

$

—

Total

Unrealized

Depreciation

.....................

(16) Total

Net

Unrealized

Appreciation/(Depreciation)

.......

$

(16) \*

Cash

has

been

pledged

as

collateral

for

futures

contracts

held

by

the

Portfolio.

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

—

99.75%

Australia

—

1.86%

3,064

ANZ

Group

Holdings

Ltd.

(Banks)

.....

$

1,323

APA

Group

(Gas

Utilities)

...........

ASX

Ltd.

(Capital

Markets)

..........

Atlassian

Corp.,

Class

A

(Software)(a)

...

5,122

BHP

Group

Ltd.

(Metals

&

Mining)

.....

1,339

Brambles

Ltd.

(Commercial

Services

&

Supplies)

....................

CAR

Group

Ltd.

(Interactive

Media

&

Services)

....................

Cochlear

Ltd.

(Health

Care

Equipment

&

Supplies)

....................

1,332

Coles

Group

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

1,685

Commonwealth

Bank

of

Australia

(Banks)

511

Computershare

Ltd.

(Professional

Services)

1,983

Evolution

Mining

Ltd.

(Metals

&

Mining)

1,655

Fortescue

Ltd.

(Metals

&

Mining)

......

2,118

Goodman

Group

(Industrial

REITs)

.....

2,325

Insurance

Australia

Group

Ltd.

(Insurance)

IREN

Ltd.

(Software)(a)

.............

887

Lynas

Rare

Earths

Ltd.

(Metals

&

Mining)

(a) ........................

Macquarie

Group

Ltd.

(Capital

Markets)

.

2,734

Medibank

Pvt

Ltd.

(Insurance)

........

3,099

National

Australia

Bank

Ltd.

(Banks)

....

1,326

Northern

Star

Resources

Ltd.

(Metals

&

Mining)(b)

..................

1,699

Origin

Energy

Ltd.

(Electric

Utilities)

...

Pro

Medicus

Ltd.

(Health

Care

Technology)

903

Qantas

Airways

Ltd.

(Passenger

Airlines)

.

1,483

QBE

Insurance

Group

Ltd.

(Insurance)

..

REA

Group

Ltd.

(Interactive

Media

&

Services)

....................

Rio

Tinto

Ltd.

(Metals

&

Mining)

......

3,191

Santos

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

(b) ........................

5,197

Scentre

Group

(Retail

REITs)

.........

SGH

Ltd.

(Trading

Companies

&

Distributors)

.................

5,084

Sigma

Healthcare

Ltd.

(Health

Care

Providers

&

Services)

...........

Sonic

Healthcare

Ltd.

(Health

Care

Providers

&

Services)

...........

4,366

South32

Ltd.

(Metals

&

Mining)

.......

2,417

Stockland

(Diversified

REITs)

.........

1,065

Suncorp

Group

Ltd.

(Insurance)

.......

4,097

Telstra

Group

Ltd.

(Diversified

Telecommunication

Services)

.....

3,277

Transurban

Group

(Transportation

Infrastructure)

................

3,837

Vicinity

Ltd.

(Retail

REITs)(b)

........

Washington

H

Soul

Pattinson

&

Co.

Ltd.

(Financial

Services)

............

1,155

Wesfarmers

Ltd.

(Broadline

Retail)

.....

3,433

Westpac

Banking

Corp.

(Banks)

.......

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Australia

(continued)

WiseTech

Global

Ltd.

(Software)

.......

$

1,868

Woodside

Energy

Group

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

.............

1,205

Woolworths

Group

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

1,310

Austria

—

0.09%

BAWAG

Group

AG

(Banks)(a)(b)

......

Erste

Group

Bank

AG

(Banks)(b)

......

OMV

AG

(Oil,

Gas

&

Consumable

Fuels)

Raiffeisen

Bank

International

AG

(Banks)(a)

(b) ........................

Verbund

AG

(Electric

Utilities)

........

Belgium

—

0.25%

Ageas

SA/N.V.

(Insurance)(b)

.........

974

Anheuser-Busch

InBev

SA/N.V.

(Beverages)

..................

D'ieteren

Group

(Distributors)

.........

Elia

Group

SA/N.V.,

Class

B

(Electric

Utilities)(a)(b)

................

Financiere

de

Tubize

SA

(Pharmaceuticals)

Groupe

Bruxelles

Lambert

N.V.

(Financial

Services)

....................

KBC

Group

N.V.

(Banks)

............

Sofina

SA

(Financial

Services)

........

Syensqo

SA

(Chemicals)

.............

UCB

SA

(Pharmaceuticals)

...........

Bermuda

—

0.07%

Arch

Capital

Group

Ltd.

(Insurance)(a)

..

Everest

Group

Ltd.

(Insurance)

........

Canada

—

4.04%

512

Agnico

Eagle

Mines

Ltd.

(Metals

&

Mining)

Alamos

Gold,

Inc.

(Metals

&

Mining)

...

733

Alimentation

Couche-Tard,

Inc.

(Consumer

Staples

Distribution

&

Retail)

.....

AltaGas

Ltd.

(Gas

Utilities)

...........

569

ARC

Resources

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

.............

AtkinsRealis

Group,

Inc.

(Construction

&

Engineering)

.................

721

Bank

of

Montreal

(Banks)

............

1,666

Barrick

Mining

Corp.

(Metals

&

Mining)

.

BCE,

Inc.

(Diversified

Telecommunication

Services)

....................

Bombardier,

Inc.,

Class

B

(Aerospace

&

Defense)(a)(b)

................

2,110

Brookfield

Corp.

(Capital

Markets)

.....

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Canada

(continued)

Cameco

Corp.

(Oil,

Gas

&

Consumable

Fuels)

......................

$

945

Canadian

Imperial

Bank

of

Commerce

(Banks)

.....................

513

Canadian

National

Railway

Co.

(Ground

Transportation)

...............

2,138

Canadian

Natural

Resources

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

...........

888

Canadian

Pacific

Kansas

City

Ltd.

(Ground

Transportation)

...............

Canadian

Tire

Corp.

Ltd.,

Class

A

(Broadline

Retail)

.............

Canadian

Utilities

Ltd.,

Class

A

(Multi-

Utilities)

....................

CCL

Industries,

Inc.,

Class

B

(Containers

&

Packaging)(b)

................

Celestica,

Inc.

(Electronic

Equipment,

Instruments

&

Components)(a)

....

1,389

Cenovus

Energy,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

CGI,

Inc.

(IT

Services)

..............

Constellation

Software,

Inc.

(Software)

..

Dollarama,

Inc.

(Broadline

Retail)

......

Element

Fleet

Management

Corp.

(Commercial

Services

&

Supplies)(b)

Emera,

Inc.

(Electric

Utilities)

.........

Empire

Co.

Ltd.,

Class

A

(Consumer

Staples

Distribution

&

Retail)

...........

2,201

Enbridge,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

......................

Fairfax

Financial

Holdings

Ltd.

(Insurance)

690

First

Quantum

Minerals

Ltd.

(Metals

&

Mining)(a)

...................

FirstService

Corp.,

Class

WI

(Real

Estate

Management

&

Development)

.....

Fortis,

Inc.

(Electric

Utilities)

.........

Franco-Nevada

Corp.

(Metals

&

Mining)

.

George

Weston

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

GFL

Environmental,

Inc.

(Commercial

Services

&

Supplies)

...........

Gildan

Activewear,

Inc.

(Textiles,

Apparel

&

Luxury

Goods)

...............

Great-West

Lifeco,

Inc.

(Insurance)

.....

Hydro

One

Ltd.

(Electric

Utilities)(b)

....

iA

Financial

Corp.,

Inc.

(Insurance)

.....

IGM

Financial,

Inc.

(Capital

Markets)

...

Imperial

Oil

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

......................

Intact

Financial

Corp.

(Insurance)(b)

....

755

Ivanhoe

Mines

Ltd.,

Class

A

(Metals

&

Mining)(a)

...................

Keyera

Corp.

(Oil,

Gas

&

Consumable

Fuels)

......................

1,245

Kinross

Gold

Corp.

(Metals

&

Mining)

..

590

Loblaw

Cos.

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Canada

(continued)

Lululemon

Athletica,

Inc.

(Textiles,

Apparel

&

Luxury

Goods)(a)

............

$

Lundin

Gold,

Inc.

(Metals

&

Mining)(b)

.

667

Lundin

Mining

Corp.

(Metals

&

Mining)(b)

Magna

International,

Inc.

(Automobile

Components)

.................

1,658

Manulife

Financial

Corp.

(Insurance)

....

Metro,

Inc.,

Class

A

(Consumer

Staples

Distribution

&

Retail)

...........

National

Bank

of

Canada

(Banks)

......

Nutrien

Ltd.

(Chemicals)

............

Open

Text

Corp.

(Software)(b)

........

Pan

American

Silver

Corp.

(Metals

&

Mining)

.....................

568

Pembina

Pipeline

Corp.

(Oil,

Gas

&

Consumable

Fuels)

.............

545

Power

Corp.

of

Canada

(Insurance)

.....

Rogers

Communications,

Inc.,

Class

B

(Wireless

Telecommunication

Services)

....................

1,408

Royal

Bank

of

Canada

(Banks)

........

Saputo,

Inc.

(Food

Products)(b)

........

1,235

Shopify,

Inc.,

Class

A

(IT

Services)(a)

...

Stantec,

Inc.

(Construction

&

Engineering)

549

Sun

Life

Financial,

Inc.

(Insurance)

.....

1,225

Suncor

Energy,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

1,052

TC

Energy

Corp.

(Oil,

Gas

&

Consumable

Fuels)

......................

Teck

Resources

Ltd.,

Class

B

(Metals

&

Mining)

.....................

TELUS

Corp.

(Diversified

Telecommunication

Services)

.....

TFI

International,

Inc.

(Ground

Transportation)

...............

1,254

The

Bank

of

Nova

Scotia

(Banks)

......

The

Descartes

Systems

Group,

Inc.

(Software)(a)

.................

1,706

The

Toronto-Dominion

Bank

(Banks)

...

Thomson

Reuters

Corp.

(Professional

Services)

....................

TMX

Group

Ltd.

(Capital

Markets)

.....

Toromont

Industries

Ltd.

(Trading

Companies

&

Distributors)

.......

Tourmaline

Oil

Corp.

(Oil,

Gas

&

Consumable

Fuels)

.............

Waste

Connections,

Inc.

(Commercial

Services

&

Supplies)

...........

Wheaton

Precious

Metals

Corp.

(Metals

&

Mining)

.....................

1,328

Whitecap

Resources,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

WSP

Global,

Inc.

(Construction

&

Engineering)(b)

...............

2,854

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Chile

—

0.02%

Antofagasta

PLC

(Metals

&

Mining)

....

$

China

—

0.01%

2,500

Yangzijiang

Shipbuilding

Holdings

Ltd.

(Machinery)

.................

Czech

Republic

—

0.01%

CSG

NV

(Aerospace

&

Defense)(a)

.....

Denmark

—

0.27%

A.P.

Moller

-

Maersk

A/S,

Class

A

(Marine

Transportation)

...............

A.P.

Moller

-

Maersk

A/S,

Class

B

(Marine

Transportation)^

...............

Carlsberg

A/S,

Class

B

(Beverages)

.....

Coloplast

A/S,

Class

B

(Health

Care

Equipment

&

Supplies)

.........

715

Danske

Bank

A/S

(Banks)

............

Demant

A/S

(Health

Care

Equipment

&

Supplies)(a)

..................

DSV

A/S

(Air

Freight

&

Logistics)

.....

518

Orsted

A/S

(Independent

Power

and

Renewable

Electricity

Producers)(a)(b)

Pandora

A/S

(Textiles,

Apparel

&

Luxury

Goods)

.....................

ROCKWOOL

A/S,

Class

B

(Building

Products)

....................

Tryg

A/S

(Insurance)(b)

.............

991

Vestas

Wind

Systems

A/S

(Electrical

Equipment)

..................

Finland

—

0.30%

Elisa

Oyj

(Diversified

Telecommunication

Services)

....................

Fortum

Oyj

(Electric

Utilities)^

........

Kesko

Oyj,

Class

B

(Consumer

Staples

Distribution

&

Retail)

...........

Kone

Oyj,

Class

B

(Machinery)

........

653

Metso

Oyj

(Machinery)(b)

...........

Neste

Oyj

(Oil,

Gas

&

Consumable

Fuels)

5,186

Nokia

Oyj

(Communications

Equipment)

.

3,056

Nordea

Bank

Abp

(Banks)

...........

2,400

Sampo

Oyj,

A

Shares

(Insurance)

......

579

Stora

Enso

Oyj,

Class

R

(Paper

&

Forest

Products)

....................

526

UPM-Kymmene

Oyj

(Paper

&

Forest

Products)

....................

France

—

2.34%

Accor

SA

(Hotels,

Restaurants

&

Leisure)

Aeroports

de

Paris

SA

(Transportation

Infrastructure)

................

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

France

(continued)

593

Air

Liquide

SA

(Chemicals)

..........

$

Alstom

SA

(Machinery)(a)

...........

Amundi

SA

(Capital

Markets)(b)

.......

1,643

AXA

SA

(Insurance)

...............

Ayvens

SA

(Ground

Transportation)(b)

..

BioMerieux

(Health

Care

Equipment

&

Supplies)

....................

1,016

BNP

Paribas

SA

(Banks)

.............

871

Bollore

SE

(Oil,

Gas

&

Consumable

Fuels)

Bouygues

SA

(Construction

&

Engineering)

Bureau

Veritas

SA

(Professional

Services)

Capgemini

SE

(IT

Services)

..........

584

Carrefour

SA

(Consumer

Staples

Distribution

&

Retail)(b)

........

Cie

de

Saint-Gobain

SA

(Building

Products)

651

Cie

Generale

des

Etablissements

Michelin

SCA

(Automobile

Components)

...

Covivio

SA

(Diversified

REITs)

.......

1,047

Credit

Agricole

SA

(Banks)

...........

660

Danone

SA

(Food

Products)

..........

657

Dassault

Systemes

SE

(Software)

......

Eiffage

SA

(Construction

&

Engineering)(b)

1,864

Engie

SA

(Multi-Utilities)

............

EssilorLuxottica

SA

(Health

Care

Equipment

&

Supplies)

.........

Gecina

SA

(Office

REITs)(b)

..........

Getlink

SE

(Transportation

Infrastructure)

Hermes

International

SCA

(Textiles,

Apparel

&

Luxury

Goods)

..............

Ipsen

SA

(Pharmaceuticals)

...........

Kering

SA

(Textiles,

Apparel

&

Luxury

Goods)

.....................

Klepierre

SA

(Retail

REITs)

..........

Legrand

SA

(Electrical

Equipment)

.....

L'Oreal

SA

(Personal

Care

Products)

....

LVMH

Moet

Hennessy

Louis

Vuitton

SE

(Textiles,

Apparel

&

Luxury

Goods)

1,979

Orange

SA

(Diversified

Telecommunication

Services)(b)

..................

Pernod

Ricard

SA

(Beverages)

........

Publicis

Groupe

SA

(Media)

..........

Renault

SA

(Automobiles)

...........

Rexel

SA

(Trading

Companies

&

Distributors)

.................

554

Schneider

Electric

SE

(Electrical

Equipment)(b)

................

703

Societe

Generale

SA

(Banks)

.........

Sodexo

SA

(Hotels,

Restaurants

&

Leisure)

2,005

TotalEnergies

SE

(Oil,

Gas

&

Consumable

Fuels)

......................

Unibail-Rodamco-Westfield

(Retail

REITs)

622

Veolia

Environnement

SA

(Multi-Utilities)

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

France

(continued)

Vinci

SA

(Construction

&

Engineering)

..

$

1,652

Germany

—

2.08%

adidas

AG

(Textiles,

Apparel

&

Luxury

Goods)

.....................

Allianz

SE,

Registered

Shares

(Insurance)

931

BASF

SE

(Chemicals)

..............

Bayerische

Motoren

Werke

AG

(Automobiles)

................

Bayerische

Motoren

Werke

AG,

Preference

Shares

(Automobiles)

...........

Brenntag

SE

(Trading

Companies

&

Distributors)

.................

721

Commerzbank

AG

(Banks)

...........

Continental

AG

(Automobile

Components)

CTS

Eventim

AG

&

Co.

KGaA

(Entertainment)(b)

.............

Daimler

Truck

Holding

AG

(Machinery)

.

Delivery

Hero

SE,

Class

A

(Hotels,

Restaurants

&

Leisure)(a)(b)

......

1,818

Deutsche

Bank

AG,

Registered

Shares

(Capital

Markets)

..............

Deutsche

Boerse

AG

(Capital

Markets)

..

674

Deutsche

Lufthansa

AG,

Registered

Shares

(Passenger

Airlines)(b)

..........

933

Deutsche

Post

AG

(Air

Freight

&

Logistics)

3,721

Deutsche

Telekom

AG

(Diversified

Telecommunication

Services)(b)

...

Dr.

Ing.

h.c.

F. Porsche

AG,

Preference

Shares

(Automobiles)

...........

2,217

E.ON

SE

(Multi-Utilities)

............

Fresenius

Medical

Care

AG

(Health

Care

Providers

&

Services)

...........

GEA

Group

AG

(Machinery)

.........

Hannover

Rueck

SE

(Insurance)

.......

Heidelberg

Materials

AG

(Construction

Materials)(b)

.................

Henkel

AG

&

Co.

KGaA

(Household

Products)

....................

Henkel

AG

&

Co.

KGaA,

Preference

Shares

(Household

Products)

...........

Hensoldt

AG

(Aerospace

&

Defense)

....

HOCHTIEF

AG

(Construction

&

Engineering)

.................

1,339

Infineon

Technologies

AG

(Semiconductors

&

Semiconductor

Equipment)(b)

...

Knorr-Bremse

AG

(Machinery)

........

LEG

Immobilien

SE

(Real

Estate

Management

&

Development)

.....

758

Mercedes-Benz

Group

AG

(Automobiles)

MTU

Aero

Engines

AG

(Aerospace

&

Defense)

....................

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen,

Class

R

(Insurance)

..................

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Germany

(continued)

Nemetschek

SE

(Software)

...........

$

Porsche

Automobil

Holding

SE,

Preference

Shares

(Automobiles)

...........

Rational

AG

(Machinery)

............

622

RWE

AG

(Independent

Power

and

Renewable

Electricity

Producers)

..

1,056

SAP

SE

(Software)

.................

Scout24

SE

(Interactive

Media

&

Services)

(b) ........................

784

Siemens

Energy

AG

(Electrical

Equipment)

(b) ........................

Symrise

AG,

Class

A

(Chemicals)(b)

....

Talanx

AG

(Insurance)

..............

Volkswagen

AG,

Preference

Shares

(Automobiles)

................

744

Vonovia

SE

(Real

Estate

Management

&

Development)

................

Zalando

SE

(Specialty

Retail)(a)(b)

.....

1,469

Hong

Kong

—

0.63%

10,692

AIA

Group

Ltd.

(Insurance)

..........

3,500

BOC

Hong

Kong

Holdings

Ltd.

(Banks)

.

2,000

CK

Asset

Holdings

Ltd.

(Real

Estate

Management

&

Development)

.....

2,500

CK

Hutchison

Holdings

Ltd.

(Industrial

Conglomerates)

...............

500

CK

Infrastructure

Holdings

Ltd.

(Electric

Utilities)

....................

1,500

CLP

Holdings

Ltd.

(Electric

Utilities)

...

Futu

Holdings

Ltd.,

ADR

(Capital

Markets)

(a)(b) ......................

1,000

Henderson

Land

Development

Co.

Ltd.

(Real

Estate

Management

&

Development)

................

4,000

HKT

Trust

&

HKT

Ltd.,

Class

SS

(Diversified

Telecommunication

Services)(b)

..................

11,985

Hong

Kong

&

China

Gas

Co.

Ltd.

(Gas

Utilities)

....................

1,223

Hong

Kong

Exchanges

&

Clearing

Ltd.

(Capital

Markets)

..............

1,100

Hongkong

Land

Holdings

Ltd.

(Real

Estate

Management

&

Development)

.....

Jardine

Matheson

Holdings

Ltd.

(Industrial

Conglomerates)

...............

2,466

Link

REIT

(Retail

REITs)

............

1,500

MTR

Corp.

Ltd.

(Ground

Transportation)

.

1,279

Power

Assets

Holdings

Ltd.

(Electric

Utilities)

....................

2,518

Prudential

PLC

(Insurance)

...........

4,129

Sino

Land

Co.

Ltd.

(Real

Estate

Management

&

Development)

.....

1,000

SITC

International

Holdings

Co.

Ltd.

(Marine

Transportation)

.........

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Hong

Kong

(continued)

1,500

Sun

Hung

Kai

Properties

Ltd.

(Real

Estate

Management

&

Development)

.....

$

Swire

Pacific

Ltd.,

Class

A

(Industrial

Conglomerates)

...............

1,757

Techtronic

Industries

Co.

Ltd.

(Machinery)

1,000

The

Wharf

Holdings

Ltd.

(Real

Estate

Management

&

Development)

.....

8,228

WH

Group

Ltd.

(Food

Products)(b)

.....

2,000

Wharf

Real

Estate

Investment

Co.

Ltd.

(Real

Estate

Management

&

Development)

Ireland

(Republic

of)

—

1.11%

621

Accenture

PLC,

Class

A

(IT

Services)

...

AerCap

Holdings

N.V.

(Trading

Companies

&

Distributors)

...............

AerCap

Holdings

N.V.

(Trading

Companies

&

Distributors)

...............

2,057

AIB

Group

PLC

(Banks)(b)

..........

Allegion

PLC

(Building

Products)

......

Aptiv

PLC

(Automobile

Components)(a)

.

917

Bank

of

Ireland

Group

PLC

(Banks)

....

676

CRH

PLC

(Construction

Materials)

.....

Eaton

Corp.

PLC

(Electrical

Equipment)

.

898

Experian

PLC

(Professional

Services)

...

Kingspan

Group

PLC

(Building

Products)

1,303

Medtronic

PLC

(Health

Care

Equipment

&

Supplies)

....................

805

Ryanair

Holdings

PLC

(Passenger

Airlines)

(b) ........................

512

Smurfit

Westrock

PLC

(Containers

&

Packaging)

..................

TE

Connectivity

PLC

(Electronic

Equipment,

Instruments

&

Components)

.................

Trane

Technologies

PLC

(Building

Products)

....................

781

Israel

—

0.23%

Azrieli

Group

Ltd.

(Real

Estate

Management

&

Development)

..............

1,228

Bank

Hapoalim

BM

(Banks)

..........

1,464

Bank

Leumi

Le-Israel

BM,

Class

IS

(Banks)

Check

Point

Software

Technologies

Ltd.

(Software)(a)

.................

919

ICL

Group

Ltd.

(Chemicals)

..........

—

Isracard

Ltd.

(Consumer

Finance)

......

—

1,207

Israel

Discount

Bank

Ltd.,

Class

A

(Banks)

Mizrahi

Tefahot

Bank

Ltd.

(Banks)

.....

Monday.com

Ltd.

(Software)(a)

........

Nice

Ltd.

(Software)(a)

..............

Nova

Ltd.

(Semiconductors

&

Semiconductor

Equipment)(a)

.....

Phoenix

Financial

Ltd.

(Insurance)

.....

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Israel

(continued)

Tower

Semiconductor

Ltd.

(Semiconductors

&

Semiconductor

Equipment)(a)

...

$

Italy

—

0.86%

Banca

Mediolanum

SpA

(Financial

Services)

....................

1,943

Banca

Monte

dei

Paschi

di

Siena

SpA

(Banks)(b)

...................

1,117

Banco

BPM

SpA

(Banks)

............

1,453

BPER

Banca

SPA

(Banks)

...........

Buzzi

SpA

(Construction

Materials)

.....

613

Davide

Campari-Milano

N.V.,

Class

M

(Beverages)(b)

................

8,301

Enel

SpA

(Electric

Utilities)(b)

........

2,088

Eni

SpA

(Oil,

Gas

&

Consumable

Fuels)

.

Ferrari

N.V.

(Automobiles)

...........

598

FinecoBank

Banca

Fineco

SpA

(Banks)

..

835

Generali

(Insurance)

................

14,036

Intesa

Sanpaolo

SpA

(Banks)(b)

.......

648

Italgas

SpA

(Gas

Utilities)(b)

.........

Moncler

SpA

(Textiles,

Apparel

&

Luxury

Goods)

.....................

Poste

Italiane

SpA

(Financial

Services)(b)

Prysmian

SpA

(Electrical

Equipment)

...

Recordati

Industria

Chimica

e

Farmaceutica

SpA

(Pharmaceuticals)

..........

2,023

Snam

SpA

(Gas

Utilities)

............

6,088

Telecom

Italia

SpA

(Diversified

Telecommunication

Services)

.....

11,192

Telecom

Italia

SpA/Milano

(Diversified

Telecommunication

Services)

.....

1,398

Terna

-

Rete

Elettrica

Nazionale

(Electric

Utilities)

....................

1,426

UniCredit

SpA

(Banks)

..............

604

Japan

—

5.38%

800

Advantest

Corp.

(Semiconductors

&

Semiconductor

Equipment)(b)

.....

2,200

Aeon

Co.

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

AGC,

Inc.

(Building

Products)

........

Aisin

Corp.

(Automobile

Components)

..

ANA

Holdings,

Inc.

(Passenger

Airlines)(b)

1,200

Asahi

Kasei

Corp.

(Chemicals)

........

700

Asics

Corp.

(Textiles,

Apparel

&

Luxury

Goods)

.....................

600

Bandai

Namco

Holdings,

Inc.

(Leisure

Products)

....................

1,066

Bridgestone

Corp.

(Automobile

Components)

.................

900

Canon,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)

................

Capcom

Co.

Ltd.

(Entertainment)

......

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Japan

(continued)

800

Central

Japan

Railway

Co.

(Ground

Transportation)

...............

$

600

Chubu

Electric

Power

Co.,

Inc.

(Electric

Utilities)

....................

Dai

Nippon

Printing

Co.

Ltd.

(Commercial

Services

&

Supplies)

...........

Daifuku

Co.

Ltd.

(Machinery)

.........

3,444

Daiichi

Life

Group,

Inc.

(Insurance)

....

Daikin

Industries

Ltd.

(Building

Products)

Daito

Trust

Construction

Co.

Ltd.

(Real

Estate

Management

&

Development)

600

Daiwa

House

Industry

Co.

Ltd.

(Real

Estate

Management

&

Development)

.....

1,500

Daiwa

Securities

Group,

Inc.

(Capital

Markets)

....................

1,724

Denso

Corp.

(Automobile

Components)

..

Disco

Corp.

(Semiconductors

&

Semiconductor

Equipment)

.......

500

Ebara

Corp.

(Machinery)

............

2,600

ENEOS

Holdings,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

945

FANUC

Corp.

(Machinery)

...........

Fast

Retailing

Co.

Ltd.

(Specialty

Retail)

.

Fuji

Electric

Co.

Ltd.

(Electrical

Equipment)

1,100

FUJIFILM

Holdings

Corp.

(Technology

Hardware,

Storage

&

Peripherals)

..

1,200

Fujikura

Ltd.

(Electrical

Equipment)

....

1,720

Fujitsu

Ltd.

(IT

Services)(b)

..........

Hankyu

Hanshin

Holdings,

Inc.

(Ground

Transportation)

...............

Hikari

Tsushin,

Inc.

(Industrial

Conglomerates)

...............

3,600

Honda

Motor

Co.

Ltd.

(Automobiles)

...

Hoya

Corp.

(Health

Care

Equipment

&

Supplies)

....................

Hulic

Co.

Ltd.

(Real

Estate

Management

&

Development)

................

Ibiden

Co.

Ltd.

(Electronic

Equipment,

Instruments

&

Components)

......

860

Idemitsu

Kosan

Co.

Ltd.

(Oil,

Gas

&

Consumable

Fuels)(b)

..........

1,000

IHI

Corp.

(Machinery)

..............

900

Inpex

Corp.

(Oil,

Gas

&

Consumable

Fuels)

600

Isuzu

Motors

Ltd.

(Automobiles)

.......

6,000

ITOCHU

Corp.

(Trading

Companies

&

Distributors)

.................

Japan

Airlines

Co.

Ltd.

(Passenger

Airlines)

(b) ........................

900

Japan

Exchange

Group,

Inc.

(Capital

Markets)

....................

600

Japan

Post

Insurance

Co.

Ltd.

(Insurance)(b)

600

JFE

Holdings,

Inc.

(Metals

&

Mining)(b)

.

600

JX

Advanced

Metals

Corp.

(Metals

&

Mining)

.....................

Kajima

Corp.

(Construction

&

Engineering)

Kao

Corp.

(Personal

Care

Products)

.....

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Japan

(continued)

500

Kawasaki

Heavy

Industries

Ltd.

(Machinery)

.................

$

Kawasaki

Kisen

Kaisha

Ltd.

(Marine

Transportation)

...............

2,848

KDDI

Corp.

(Wireless

Telecommunication

Services)

....................

Keyence

Corp.

(Electronic

Equipment,

Instruments

&

Components)

......

Kioxia

Holdings

Corp.

(Semiconductors

&

Semiconductor

Equipment)(a)

.....

1,000

Komatsu

Ltd.

(Machinery)

...........

Konami

Group

Corp.

(Entertainment)

...

900

Kubota

Corp.

(Machinery)

...........

1,200

Kyocera

Corp.

(Electronic

Equipment,

Instruments

&

Components)

......

Kyowa

Kirin

Co.

Ltd.

(Pharmaceuticals)

.

Lasertec

Corp.

(Semiconductors

&

Semiconductor

Equipment)

.......

2,800

LY

Corp.

(Interactive

Media

&

Services)

.

600

M3,

Inc.

(Health

Care

Technology)

.....

Makita

Corp.

(Machinery)

...........

1,400

Marubeni

Corp.

(Trading

Companies

&

Distributors)

.................

MatsukiyoCocokara

&

Co.

(Consumer

Staples

Distribution

&

Retail)

.....

MINEBEA

MITSUMI,

Inc.

(Machinery)

.

3,200

Mitsubishi

Corp.

(Trading

Companies

&

Distributors)

.................

1,900

Mitsubishi

Electric

Corp.

(Electrical

Equipment)

..................

1,100

Mitsubishi

Estate

Co.

Ltd.

(Real

Estate

Management

&

Development)

.....

800

Mitsubishi

HC

Capital,

Inc.

(Financial

Services)

....................

3,200

Mitsubishi

Heavy

Industries

Ltd.

(Machinery)

.................

11,379

Mitsubishi

UFJ

Financial

Group,

Inc.

(Banks)

.....................

2,600

Mitsui

Fudosan

Co.

Ltd.

(Real

Estate

Management

&

Development)

.....

Mitsui

OSK

Lines

Ltd.

(Marine

Transportation)

...............

2,510

Mizuho

Financial

Group,

Inc.

(Banks)

...

MonotaRO

Co.

Ltd.

(Trading

Companies

&

Distributors)

.................

1,290

MS&AD

Insurance

Group

Holdings,

Inc.

(Insurance)

..................

1,711

Murata

Manufacturing

Co.

Ltd.

(Electronic

Equipment,

Instruments

&

Components)

.................

1,250

NEC

Corp.

(IT

Services)

.............

Nexon

Co.

Ltd.

(Entertainment)

.......

800

NIDEC

Corp.

(Electrical

Equipment)(a)

..

1,150

Nintendo

Co.

Ltd.

(Entertainment)

......

Nippon

Building

Fund,

Inc.

(Office

REITs)

900

Nippon

Paint

Holdings

Co.

Ltd.

(Chemicals)

(b) ........................

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Japan

(continued)

4,700

Nippon

Steel

Corp.

(Metals

&

Mining)

..

$

Nippon

Yusen

KK

(Marine

Transportation)

2,300

Nissan

Motor

Co.

Ltd.

(Automobiles)(a)

.

Nitori

Holdings

Co.

Ltd.

(Specialty

Retail)

700

Nitto

Denko

Corp.

(Chemicals)

........

2,900

Nomura

Holdings,

Inc.

(Capital

Markets)

.

Nomura

Research

Institute

Ltd.

(IT

Services)

....................

28,950

NTT,

Inc.

(Diversified

Telecommunication

Services)

....................

600

Obayashi

Corp.

(Construction

&

Engineering)

.................

Obic

Co.

Ltd.

(IT

Services)

...........

1,300

Olympus

Corp.

(Health

Care

Equipment

&

Supplies)

....................

Oracle

Corp.

Japan

(Software)

.........

1,000

Oriental

Land

Co.

Ltd.

(Hotels,

Restaurants

&

Leisure)

...................

1,200

ORIX

Corp.

(Financial

Services)

.......

Osaka

Gas

Co.

Ltd.

(Gas

Utilities)

......

Otsuka

Corp.

(IT

Services)

...........

1,840

Pan

Pacific

International

Holdings

Corp.

(Broadline

Retail)

.............

2,300

Panasonic

Holdings

Corp.

(Household

Durables)

...................

1,500

Rakuten

Group,

Inc.

(Broadline

Retail)(a)(b)

1,400

Recruit

Holdings

Co.

Ltd.

(Professional

Services)

....................

1,700

Renesas

Electronics

Corp.

(Semiconductors

&

Semiconductor

Equipment)(b)

...

2,000

Resona

Holdings,

Inc.

(Banks)

........

500

Ryohin

Keikaku

Co.

Ltd.

(Broadline

Retail)

1,000

Sanrio

Co.

Ltd.

(Specialty

Retail)

......

500

SBI

Holdings,

Inc.

(Capital

Markets)

....

SCREEN

Holdings

Co.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

..................

Seibu

Holdings,

Inc.

(Ground

Transportation)

...............

Sekisui

Chemical

Co.

Ltd.

(Industrial

Conglomerates)

...............

500

Sekisui

House

Ltd.

(Household

Durables)

2,001

Seven

&

i

Holdings

Co.

Ltd.

(Consumer

Staples

Distribution

&

Retail)

.....

Shimano,

Inc.

(Leisure

Products)

.......

500

Shimizu

Corp.

(Construction

&

Engineering)

.................

1,700

Shin-Etsu

Chemical

Co.

Ltd.

(Chemicals)

Shiseido

Co.

Ltd.

(Personal

Care

Products)

SMC

Corp.

(Machinery)

.............

27,800

SoftBank

Corp.

(Wireless

Telecommunication

Services)

.....

3,672

SoftBank

Group

Corp.

(Wireless

Telecommunication

Services)

.....

900

Sompo

Holdings,

Inc.

(Insurance)

......

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Japan

(continued)

6,100

Sony

Financial

Group,

Inc.

(Financial

Services)

....................

$

6,200

Sony

Group

Corp.

(Household

Durables)

.

600

Subaru

Corp.

(Automobiles)

..........

1,100

Sumitomo

Corp.

(Trading

Companies

&

Distributors)

.................

700

Sumitomo

Electric

Industries

Ltd.

(Automobile

Components)

.......

Sumitomo

Metal

Mining

Co.

Ltd.

(Metals

&

Mining)

.....................

3,700

Sumitomo

Mitsui

Financial

Group,

Inc.

(Banks)

.....................

646

Sumitomo

Mitsui

Trust

Group,

Inc.

(Banks)

600

Sumitomo

Realty

&

Development

Co.

Ltd.

(Real

Estate

Management

&

Development)

................

Suntory

Beverage

&

Food

Ltd.

(Beverages)

1,500

Suzuki

Motor

Corp.

(Automobiles)

.....

500

T&D

Holdings,

Inc.

(Insurance)

.......

Taisei

Corp.

(Construction

&

Engineering)

1,900

TDK

Corp.

(Electronic

Equipment,

Instruments

&

Components)

......

500

The

Chiba

Bank

Ltd.

(Banks)

.........

900

The

Kansai

Electric

Power

Co.,

Inc.

(Electric

Utilities)

.............

TIS,

Inc.

(IT

Services)

..............

725

Toho

Co.

Ltd.

(Entertainment)

.........

1,893

Tokio

Marine

Holdings,

Inc.

(Insurance)

.

Tokyo

Electron

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

.......

Tokyo

Gas

Co.

Ltd.

(Gas

Utilities)

......

TOPPAN

Holdings,

Inc.

(Commercial

Services

&

Supplies)

...........

1,300

Toray

Industries,

Inc.

(Chemicals)

......

Toyota

Industries

Corp.

(Machinery)(a)

..

Tsuruha

Holdings,

Inc.

(Consumer

Staples

Distribution

&

Retail)

...........

1,100

Unicharm

Corp.

(Household

Products)

...

900

Yamaha

Motor

Co.

Ltd.

(Automobiles)

..

Yokogawa

Electric

Corp.

(Electronic

Equipment,

Instruments

&

Components)

.................

1,100

Yokohama

Financial

Group,

Inc.

(Banks)

.

Zensho

Holdings

Co.

Ltd.

(Hotels,

Restaurants

&

Leisure)

..........

ZOZO,

Inc.

(Specialty

Retail)(b)

.......

3,800

Luxembourg

—

0.05%

ArcelorMittal

SA

(Metals

&

Mining)

....

CVC

Capital

Partners

PLC

(Capital

Markets)(b)

..................

Tenaris

SA

(Energy

Equipment

&

Services)

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Mexico

—

0.01%

Fresnillo

PLC

(Metals

&

Mining)

......

$

Netherlands

—

1.63%

574

ABN

AMRO

Bank

N.V.,

Class

CV

(Banks)

Adyen

N.V.

(Financial

Services)(a)(b)

...

1,292

Aegon

Ltd.

(Insurance)

..............

Akzo

Nobel

N.V.

(Chemicals)

.........

Argenx

SE

(Biotechnology)(a)

........

ASM

International

N.V.

(Semiconductors

&

Semiconductor

Equipment)(b)

.....

ASML

Holding

N.V.

(Semiconductors

&

Semiconductor

Equipment)(b)

.....

521

ASR

Nederland

N.V.

(Insurance)(b)

.....

BE

Semiconductor

Industries

N.V.

(Semiconductors

&

Semiconductor

Equipment)

..................

Euronext

N.V.

(Capital

Markets)(b)

.....

508

Ferrovial

SE

(Construction

&

Engineering)

Heineken

Holding

N.V.

(Beverages)

....

Heineken

N.V.

(Beverages)

...........

2,989

ING

Groep

N.V.

(Banks)

.............

JDE

Peet's

N.V.

(Food

Products)

.......

883

Koninklijke

Ahold

Delhaize

N.V.

(Consumer

Staples

Distribution

&

Retail)

.....

3,809

Koninklijke

KPN

N.V.

(Diversified

Telecommunication

Services)

.....

756

Koninklijke

Philips

N.V.

(Health

Care

Equipment

&

Supplies)

.........

Nebius

Group

N.V.,

Class

A

(Software)(a)

NN

Group

N.V.

(Insurance)

...........

NXP

Semiconductors

N.V.

(Semiconductors

&

Semiconductor

Equipment)

.....

1,342

Prosus

N.V.

(Broadline

Retail)(a)(b)

....

Randstad

N.V.

(Professional

Services)

...

1,962

Stellantis

N.V.

(Automobiles)

.........

The

Magnum

Ice

Cream

Co.

N.V.

(Food

Products)(a)

..................

1,086

Universal

Music

Group

N.V.

(Entertainment)

...............

Wolters

Kluwer

N.V.

(Professional

Services)

1,154

New

Zealand

—

0.07%

1,742

Auckland

International

Airport

Ltd.

(Transportation

Infrastructure)

.....

1,304

Contact

Energy

Ltd.

(Electric

Utilities)

..

563

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

(Health

Care

Equipment

&

Supplies)

915

Infratil

Ltd.

(Financial

Services)

.......

1,622

Meridian

Energy

Ltd.

(Independent

Power

and

Renewable

Electricity

Producers)

Xero

Ltd.

(Software)(a)

.............

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Norway

—

0.19%

Aker

BP

ASA

(Oil,

Gas

&

Consumable

Fuels)

......................

$

902

DNB

Bank

ASA

(Banks)

............

776

Equinor

ASA

(Oil,

Gas

&

Consumable

Fuels)

......................

Gjensidige

Forsikring

ASA

(Insurance)

..

Mowi

ASA

(Food

Products)(b)

........

1,359

Norsk

Hydro

ASA

(Metals

&

Mining)

...

695

Orkla

ASA

(Food

Products)

..........

Salmar

ASA

(Food

Products)

.........

628

Telenor

ASA

(Diversified

Telecommunication

Services)

.....

Yara

International

ASA

(Chemicals)

....

Poland

—

0.01%

InPost

SA

(Air

Freight

&

Logistics)(a)

...

Portugal

—

0.06%

7,045

Banco

Comercial

Portugues

SA,

Class

R

(Banks)(b)

...................

3,131

EDP

SA

(Electric

Utilities)(b)

.........

Galp

Energia

SGPS

SA

(Oil,

Gas

&

Consumable

Fuels)(b)

..........

Jeronimo

Martins

SGPS

SA

(Consumer

Staples

Distribution

&

Retail)(b)

...

Singapore

—

0.47%

4,250

CapitaLand

Ascendas

REIT

(Industrial

REITs)(b)

...................

6,439

CapitaLand

Integrated

Commercial

Trust

(Diversified

REITs)

............

2,700

CapitaLand

Investment

Ltd.

(Real

Estate

Management

&

Development)

.....

2,136

DBS

Group

Holdings

Ltd.

(Banks)

.....

2,396

Grab

Holdings

Ltd.

(Ground

Transportation)

(a) ........................

1,400

Keppel

Ltd.

(Industrial

Conglomerates)

..

3,535

Oversea-Chinese

Banking

Corp.

Ltd.

(Banks)

.....................

Sea

Ltd.,

ADR

(Broadline

Retail)(a)

....

900

Sembcorp

Industries

Ltd.

(Multi-Utilities)

1,600

Singapore

Airlines

Ltd.

(Passenger

Airlines)

(b) ........................

800

Singapore

Exchange

Ltd.

(Capital

Markets)

7,300

Singapore

Telecommunications

Ltd.

(Diversified

Telecommunication

Services)

....................

1,300

United

Overseas

Bank

Ltd.

(Banks)

.....

1,700

Wilmar

International

Ltd.

(Food

Products)

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Spain

—

1.08%

Acciona

SA

(Electric

Utilities)

........

$

ACS

Actividades

de

Construccion

y

Servicios

SA

(Construction

&

Engineering)

.................

738

Aena

SME

SA

(Transportation

Infrastructure)(b)

..............

Amadeus

IT

Group

SA

(Hotels,

Restaurants

&

Leisure)

...................

5,773

Banco

Bilbao

Vizcaya

Argentaria

SA

(Banks)

.....................

4,945

Banco

de

Sabadell

SA

(Banks)

........

14,942

Banco

Santander

SA

(Banks)(b)

.......

668

Bankinter

SA

(Banks)

...............

3,833

CaixaBank

SA

(Banks)

..............

517

Cellnex

Telecom

SA

(Diversified

Telecommunication

Services)(b)

...

EDP

Renovaveis

SA

(Independent

Power

and

Renewable

Electricity

Producers)

Endesa

SA

(Electric

Utilities)

.........

6,498

Iberdrola

SA

(Electric

Utilities)

........

Indra

Sistemas

SA

(IT

Services)

.......

1,111

Industria

de

Diseno

Textil

SA

(Specialty

Retail)

......................

1,213

Mapfre

SA

(Insurance)

..............

Naturgy

Energy

Group

SA

(Gas

Utilities)

.

Redeia

Corp.

SA

(Electric

Utilities)

.....

1,109

Repsol

SA

(Oil,

Gas

&

Consumable

Fuels)

3,586

Telefonica

SA

(Diversified

Telecommunication

Services)

.....

763

Sweden

—

1.00%

AddTech

AB,

B

Shares

(Trading

Companies

&

Distributors)

...............

Alfa

Laval

AB

(Machinery)

..........

1,072

Assa

Abloy

AB,

Class

B

(Building

Products)

2,790

Atlas

Copco

AB,

Class

A

(Machinery)

...

1,503

Atlas

Copco

AB,

Class

B

(Machinery)

...

Beijer

Ref

AB

(Trading

Companies

&

Distributors)(b)

...............

Boliden

AB

(Metals

&

Mining)(a)

......

617

Epiroc

AB,

Class

A

(Machinery)

.......

Epiroc

AB,

Class

B

(Machinery)

.......

EQT

AB

(Capital

Markets)

...........

595

Essity

AB,

Class

B

(Household

Products)^

722

Fastighets

AB

Balder,

Class

B

(Real

Estate

Management

&

Development)(a)

...

H

&

M

Hennes

&

Mauritz

AB,

Class

B

(Specialty

Retail)

..............

1,984

Hexagon

AB,

Class

B

(Electronic

Equipment,

Instruments

&

Components)

.................

Holmen

AB,

B

shares

(Paper

&

Forest

Products)^

...................

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Sweden

(continued)

Industrivarden

AB,

Class

A

(Financial

Services)(b)

..................

$

Industrivarden

AB,

Class

C

(Financial

Services)

....................

Indutrade

AB

(Machinery)

...........

Investment

AB

Latour,

Class

B

(Industrial

Conglomerates)

...............

1,867

Investor

AB,

Class

B

(Financial

Services)

L

E

Lundbergforetagen

AB,

Class

B

(Financial

Services)

............

Lifco

AB,

Class

B

(Industrial

Conglomerates)

...............

1,759

Nibe

Industrier

AB,

Class

B

(Building

Products)

....................

Sagax

AB,

Class

B

(Real

Estate

Management

&

Development)

.....

1,126

Sandvik

AB

(Machinery)

............

547

Securitas

AB,

Class

B

(Commercial

Services

&

Supplies)

..................

1,486

Skandinaviska

Enskilda

Banken

AB,

Class

A

(Banks)^

....................

Skanska

AB,

Class

B

(Construction

&

Engineering)^

................

SKF

AB,

B

shares

(Machinery)

........

Spotify

Technology

SA

(Entertainment)(a)

602

Svenska

Cellulosa

AB

SCA,

Class

B

(Paper

&

Forest

Products)^

............

1,570

Svenska

Handelsbanken

AB,

Class

A

(Banks)

.....................

836

Swedbank

AB,

Class

A

(Banks)^

.......

536

Tele2

AB,

B

shares

(Wireless

Telecommunication

Services)

.....

2,718

Telefonaktiebolaget

LM

Ericsson,

Class

B

(Communications

Equipment)

.....

2,278

Telia

Co.

AB

(Diversified

Telecommunication

Services)(b)

...

Trelleborg

AB,

Class

B

(Machinery)

....

1,621

Volvo

AB,

Class

B

(Machinery)^

.......

703

Switzerland

—

2.20%

1,589

ABB

Ltd.,

Registered

Shares

(Electrical

Equipment)

..................

526

Alcon

AG

(Health

Care

Equipment

&

Supplies)

....................

Amcor

PLC

(Containers

&

Packaging)

...

Amrize

Ltd.

(Construction

Materials)(a)

..

Avolta

AG

(Specialty

Retail)(a)

........

Banque

Cantonale

Vaudoise,

Registered

Shares

(Banks)

................

Barry

Callebaut

AG,

Registered

Shares

(Food

Products)(b)

.............

Belimo

Holding

AG,

Class

R

(Building

Products)

....................

BKW

AG

(Electric

Utilities)

..........

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Switzerland

(continued)

Chocoladefabriken

Lindt

&

Spruengli

AG,

Class

PC

(Food

Products)

........

$

Chubb

Ltd.

(Insurance)

..............

550

Cie

Financiere

Richemont

SA,

Registered

Shares

(Textiles,

Apparel

&

Luxury

Goods)

.....................

Coca-Cola

HBC

AG

(Beverages)(a)

.....

DSM-Firmenich

AG

(Chemicals)

......

EMS-Chemie

Holding

AG

(Chemicals)

..

Galderma

Group

AG

(Pharmaceuticals)(b)

Garmin

Ltd.

(Household

Durables)

.....

Geberit

AG,

Registered

Shares

(Building

Products)

....................

10,151

Glencore

PLC

(Metals

&

Mining)(a)(b)

..

Helvetia

Baloise

Holding

AG,

Registered

Shares

(Insurance)

.............

500

Holcim

AG

(Construction

Materials)(a)(b)

Julius

Baer

Group

Ltd.

(Capital

Markets)

.

Kuehne

+

Nagel

International

AG,

Class

R

(Marine

Transportation)

.........

Logitech

International

SA,

Class

R

(Technology

Hardware,

Storage

&

Peripherals)

..................

2,601

Nestle

SA,

Registered

Shares

(Food

Products)

....................

Partners

Group

Holding

AG

(Capital

Markets)

....................

Schindler

Holding

AG,

Class

PC

(Machinery)

.................

Schindler

Holding

AG,

Registered

Shares

(Machinery)

.................

SGS

SA,

Registered

Shares

(Professional

Services)

....................

Sika

AG,

Registered

Shares

(Chemicals)(b)

Sonova

Holding

AG

(Health

Care

Equipment

&

Supplies)(b)

.......

653

STMicroelectronics

N.V.

(Semiconductors

&

Semiconductor

Equipment)

.....

Straumann

Holding

AG,

Class

R

(Health

Care

Equipment

&

Supplies)

......

Swiss

Life

Holding

AG

(Insurance)

.....

Swiss

Prime

Site

AG,

Registered

Shares

(Real

Estate

Management

&

Development)

................

Swiss

Re

AG

(Insurance)

............

Swisscom

AG,

Registered

Shares

(Diversified

Telecommunication

Services)

....................

The

Swatch

Group

AG,

Class

BR

(Textiles,

Apparel

&

Luxury

Goods)

.......

3,166

UBS

Group

AG

(Capital

Markets)

......

VAT

Group

AG

(Machinery)(b)

........

Zurich

Insurance

Group

AG

(Insurance)(b)

1,550

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

Arab

Emirates

—

0.00%

NMC

Health

PLC

(Health

Care

Providers

&

Services)(a)(c)

................

$

—

United

Kingdom

—

3.10%

975

3i

Group

PLC

(Capital

Markets)

.......

Admiral

Group

PLC

(Insurance)

.......

933

Airtel

Africa

PLC

(Wireless

Telecommunication

Services)(b)

...

1,159

Anglo

American

PLC

(Metals

&

Mining)

.

Aon

PLC,

Class

A

(Insurance)

.........

Associated

British

Foods

PLC

(Food

Products)

....................

1,000

Auto

Trader

Group

PLC

(Interactive

Media

&

Services)(b)

................

3,010

Aviva

PLC

(Insurance)

..............

14,242

Barclays

PLC

(Banks)(b)

............

1,362

Barratt

Redrow

PLC

(Household

Durables)

(b) ........................

15,700

BP

PLC

(Oil,

Gas

&

Consumable

Fuels)

.

5,858

BT

Group

PLC

(Diversified

Telecommunication

Services)

.....

Bunzl

PLC

(Trading

Companies

&

Distributors)

.................

4,427

Centrica

PLC

(Multi-Utilities)(b)

.......

858

CNH

Industrial

N.V.

(Machinery)

......

Coca-Cola

Europacific

Partners

PLC

(Beverages)

..................

1,754

Compass

Group

PLC

(Hotels,

Restaurants

&

Leisure)

....................

2,190

Diageo

PLC

(Beverages)

............

Endeavour

Mining

PLC

(Metals

&

Mining)

9,341

Haleon

PLC

(Pharmaceuticals)

........

Halma

PLC

(Electronic

Equipment,

Instruments

&

Components)

......

17,381

HSBC

Holdings

PLC

(Banks)

.........

1,266

Informa

PLC

(Media)

...............

InterContinental

Hotels

Group

PLC

(Hotels,

Restaurants

&

Leisure)

..........

1,185

International

Consolidated

Airlines

Group

SA

(Passenger

Airlines)

.........

Intertek

Group

PLC

(Professional

Services)

1,736

J

Sainsbury

PLC

(Consumer

Staples

Distribution

&

Retail)

...........

3,613

JD

Sports

Fashion

PLC

(Specialty

Retail)

1,703

Kingfisher

PLC

(Specialty

Retail)

......

720

Land

Securities

Group

PLC

(Diversified

REITs)

.....................

5,619

Legal

&

General

Group

PLC

(Insurance)

.

60,061

Lloyds

Banking

Group

PLC

(Banks)

....

London

Stock

Exchange

Group

PLC

(Capital

Markets)(b)

............

2,259

M&G

PLC

(Financial

Services)

........

2,028

Marks

&

Spencer

Group

PLC

(Consumer

Staples

Distribution

&

Retail)

.....

5,071

National

Grid

PLC

(Multi-Utilities)

.....

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

Kingdom

(continued)

7,890

NatWest

Group

PLC

(Banks)(b)

.......

$

Next

PLC

(Broadline

Retail)

..........

670

Pearson

PLC

(Diversified

Consumer

Services)

....................

Pentair

PLC

(Machinery)

............

1,788

RELX

PLC

(Professional

Services)

.....

2,482

Rentokil

Initial

PLC

(Commercial

Services

&

Supplies)

..................

1,151

Rio

Tinto

PLC

(Metals

&

Mining)

......

717

Schroders

PLC

(Capital

Markets)

......

1,254

Segro

PLC

(Industrial

REITs)

.........

Severn

Trent

PLC

(Water

Utilities)(b)

...

5,745

Shell

PLC

(Oil,

Gas

&

Consumable

Fuels)

805

Smith

&

Nephew

PLC

(Health

Care

Equipment

&

Supplies)

.........

Smiths

Group

PLC

(Industrial

Conglomerates)

...............

Spirax

Group

PLC

(Machinery)

........

1,185

SSE

PLC

(Electric

Utilities)(b)

........

1,912

Standard

Chartered

PLC

(Banks)

.......

784

Standard

Life

PLC

(Insurance)

........

6,400

Tesco

PLC

(Consumer

Staples

Distribution

&

Retail)

....................

953

The

Sage

Group

PLC

(Software)

.......

2,202

Unilever

PLC

(Personal

Care

Products)

..

692

United

Utilities

Group

PLC

(Water

Utilities)

Verisure

PLC

(Commercial

Services

&

Supplies)(a)

..................

18,755

Vodafone

Group

PLC

(Wireless

Telecommunication

Services)

.....

Whitbread

PLC

(Hotels,

Restaurants

&

Leisure)

....................

Willis

Towers

Watson

PLC

(Insurance)

..

657

Wise

PLC,

Class

A

(Financial

Services)(a)

2,188

United

States

—

70.22%

Adobe,

Inc.

(Software)(a)

............

1,640

Advanced

Micro

Devices,

Inc.

(Semiconductors

&

Semiconductor

Equipment)(a)

................

AECOM

(Construction

&

Engineering)

..

Affirm

Holdings,

Inc.,

Class

A

(Financial

Services)(a)

..................

Aflac,

Inc.

(Insurance)

..............

Air

Products

and

Chemicals,

Inc.

(Chemicals)

..................

Airbnb,

Inc.,

Class

A

(Hotels,

Restaurants

&

Leisure)(a)

..................

Alliant

Energy

Corp.

(Electric

Utilities)

..

5,868

Alphabet,

Inc.,

Class

A

(Interactive

Media

&

Services)

....................

1,688

4,880

Alphabet,

Inc.,

Class

C

(Interactive

Media

&

Services)

....................

1,401

9,681

Amazon.com,

Inc.

(Broadline

Retail)(a)

..

2,017

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

States

(continued)

Ameren

Corp.

(Multi-Utilities)

........

$

543

American

Electric

Power

Co.,

Inc.

(Electric

Utilities)

....................

560

American

Express

Co.

(Consumer

Finance)

542

American

International

Group,

Inc.

(Insurance)

..................

American

Tower

Corp.

(Specialized

REITs)

American

Water

Works

Co.,

Inc.

(Water

Utilities)

....................

Ameriprise

Financial,

Inc.

(Capital

Markets)

AMETEK,

Inc.

(Electrical

Equipment)

...

1,241

Amphenol

Corp.,

Class

A

(Electronic

Equipment,

Instruments

&

Components)

.................

Analog

Devices,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.......

736

Annaly

Capital

Management,

Inc.

(Mortgage

Real

Estate

Investment

Trusts

(REITs))

...............

Apollo

Global

Management,

Inc.

(Financial

Services)

....................

14,787

Apple,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)

................

3,754

800

Applied

Materials,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.......

AppLovin

Corp.,

Class

A

(Software)(a)

..

Archer-Daniels-Midland

Co.

(Food

Products)

....................

Ares

Management

Corp.,

Class

A

(Capital

Markets)

....................

1,084

Arista

Networks,

Inc.

(Communications

Equipment)(a)

................

Arthur

J. Gallagher

&

Co.

(Insurance)

...

AST

SpaceMobile,

Inc.

(Diversified

Telecommunication

Services)(a)

...

Astera

Labs,

Inc.

(Semiconductors

&

Semiconductor

Equipment)(a)

.....

7,146

AT&T,

Inc.

(Diversified

Telecommunication

Services)

....................

Atmos

Energy

Corp.

(Gas

Utilities)

.....

Autodesk,

Inc.

(Software)(a)

..........

Automatic

Data

Processing,

Inc.

(Professional

Services)

..........

AutoZone,

Inc.

(Specialty

Retail)(a)

.....

AvalonBay

Communities,

Inc.

(Residential

REITs)

.....................

Avery

Dennison

Corp.

(Containers

&

Packaging)

..................

Axon

Enterprise,

Inc.

(Aerospace

&

Defense)(a)

..................

1,003

Baker

Hughes

Co.

(Energy

Equipment

&

Services)

....................

Ball

Corp.

(Containers

&

Packaging)

....

6,904

Bank

of

America

Corp.

(Banks)

........

1,383

Berkshire

Hathaway,

Inc.,

Class

B

(Financial

Services)(a)

..................

663

Best

Buy

Co.,

Inc.

(Specialty

Retail)

....

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

States

(continued)

Blackrock,

Inc.

(Capital

Markets)

......

$

749

Blackstone,

Inc.

(Capital

Markets)

......

539

Block,

Inc.,

Class

A

(Financial

Services)(a)

Bloom

Energy

Corp.,

Class

A

(Electrical

Equipment)(a)

................

Booking

Holdings,

Inc.

(Hotels,

Restaurants

&

Leisure)

...................

1,504

Boston

Scientific

Corp.

(Health

Care

Equipment

&

Supplies)(a)

.......

4,532

Broadcom,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.......

1,404

Broadridge

Financial

Solutions,

Inc.

(Professional

Services)

..........

Brookfield

Asset

Management

Ltd.,

Class

A

(Capital

Markets)

..............

Brookfield

Renewable

Corp.

(Independent

Power

and

Renewable

Electricity

Producers)

...................

Brown

&

Brown,

Inc.

(Insurance)

......

Builders

FirstSource,

Inc.

(Building

Products)(a)

..................

Bunge

Global

SA

(Food

Products)

......

Burlington

Stores,

Inc.

(Specialty

Retail)(a)

Cadence

Design

Systems,

Inc.

(Software)(a)

651

Capital

One

Financial

Corp.

(Consumer

Finance)

....................

Cardinal

Health,

Inc.

(Health

Care

Providers

&

Services)

..................

Carlisle

Cos.,

Inc.

(Building

Products)

...

1,100

Carnival

Corp.

(Hotels,

Restaurants

&

Leisure)

....................

753

Carrier

Global

Corp.

(Building

Products)

.

Carvana

Co.,

Class

A

(Specialty

Retail)(a)

Casey's

General

Stores,

Inc.

(Consumer

Staples

Distribution

&

Retail)

.....

Caterpillar,

Inc.

(Machinery)

..........

Cboe

Global

Markets,

Inc.

(Capital

Markets)

CBRE

Group,

Inc.,

Class

A

(Real

Estate

Management

&

Development)(a)

...

CDW

Corp.

(Electronic

Equipment,

Instruments

&

Components)

......

Cencora,

Inc.

(Health

Care

Providers

&

Services)

....................

Centene

Corp.

(Health

Care

Providers

&

Services)(a)

..................

643

CenterPoint

Energy,

Inc.

(Multi-Utilities)

.

CF

Industries

Holdings,

Inc.

(Chemicals)

.

CH

Robinson

Worldwide,

Inc.

(Air

Freight

&

Logistics)

.................

Charter

Communications,

Inc.,

Class

A

(Media)(a)

...................

Cheniere

Energy,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

1,928

Chevron

Corp.

(Oil,

Gas

&

Consumable

Fuels)

......................

1,313

Chipotle

Mexican

Grill,

Inc.,

Class

A

(Hotels,

Restaurants

&

Leisure)(a)

..

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

States

(continued)

Ciena

Corp.

(Communications

Equipment)

(a) ........................

$

Cincinnati

Financial

Corp.

(Insurance)

...

Cintas

Corp.

(Commercial

Services

&

Supplies)

....................

3,978

Cisco

Systems,

Inc.

(Communications

Equipment)

..................

1,809

Citigroup,

Inc.

(Banks)

..............

Citizens

Financial

Group,

Inc.

(Banks)

...

Cloudflare,

Inc.,

Class

A

(IT

Services)(a)

.

CME

Group,

Inc.,

Class

A

(Capital

Markets)

CMS

Energy

Corp.

(Multi-Utilities)

.....

1,067

Coeur

Mining,

Inc.

(Metals

&

Mining)(a)

.

Cognizant

Technology

Solutions

Corp.,

Class

A

(IT

Services)

...........

Coherent

Corp.

(Electronic

Equipment,

Instruments

&

Components)(a)

....

Coinbase

Global,

Inc.,

Class

A

(Capital

Markets)(a)

..................

782

Colgate-Palmolive

Co.

(Household

Products)

....................

3,610

Comcast

Corp.,

Class

A

(Diversified

Telecommunication

Services)

.....

Comfort

Systems

USA,

Inc.

(Construction

&

Engineering)

...............

1,248

ConocoPhillips

(Oil,

Gas

&

Consumable

Fuels)

......................

Consolidated

Edison,

Inc.

(Multi-Utilities)

Constellation

Brands,

Inc.,

Class

A

(Beverages)

..................

Constellation

Energy

Corp.

(Electric

Utilities)

....................

899

Copart,

Inc.

(Commercial

Services

&

Supplies)(a)

..................

Corebridge

Financial,

Inc.

(Financial

Services)

....................

CoreWeave,

Inc.,

Class

A

(IT

Services)(a)

Corpay,

Inc.

(Financial

Services)(a)

.....

697

Corteva,

Inc.

(Chemicals)

............

CoStar

Group,

Inc.

(Real

Estate

Management

&

Development)(a)

...

Costco

Wholesale

Corp.

(Consumer

Staples

Distribution

&

Retail)

...........

751

Coterra

Energy,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

Credo

Technology

Group

Holding

Ltd.

(Semiconductors

&

Semiconductor

Equipment)(a)

................

Crowdstrike

Holdings,

Inc.,

Class

A

(Software)(a)

.................

Crown

Castle,

Inc.

(Specialized

REITs)

..

1,887

CSX

Corp.

(Ground

Transportation)

....

Cummins,

Inc.

(Machinery)

..........

Curtiss-Wright

Corp.

(Aerospace

&

Defense)

....................

1,289

CVS

Health

Corp.

(Health

Care

Providers

&

Services)

....................

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

States

(continued)

D.R.

Horton,

Inc.

(Household

Durables)

..

$

Darden

Restaurants,

Inc.

(Hotels,

Restaurants

&

Leisure)

..........

Datadog,

Inc.,

Class

A

(Software)(a)

....

Deckers

Outdoor

Corp.

(Textiles,

Apparel

&

Luxury

Goods)(a)

.............

Deere

&

Co.

(Machinery)

............

Dell

Technologies,

Inc.,

Class

C

(Technology

Hardware,

Storage

&

Peripherals)

..................

Delta

Air

Lines,

Inc.

(Passenger

Airlines)

.

596

Devon

Energy

Corp.

(Oil,

Gas

&

Consumable

Fuels)

.............

Dexcom,

Inc.

(Health

Care

Equipment

&

Supplies)(a)

..................

Diamondback

Energy,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

Dick's

Sporting

Goods,

Inc.

(Specialty

Retail)

......................

Digital

Realty

Trust,

Inc.

(Specialized

REITs)

.....................

Dollar

General

Corp.

(Consumer

Staples

Distribution

&

Retail)

...........

Dollar

Tree,

Inc.

(Consumer

Staples

Distribution

&

Retail)(a)

.........

885

Dominion

Energy,

Inc.

(Multi-Utilities)

..

Domino's

Pizza,

Inc.

(Hotels,

Restaurants

&

Leisure)

....................

DoorDash,

Inc.,

Class

A

(Hotels,

Restaurants

&

Leisure)(a)

.................

Dover

Corp.

(Machinery)

............

693

Dow,

Inc.

(Chemicals)

..............

DTE

Energy

Co.

(Multi-Utilities)

......

785

Duke

Energy

Corp.

(Electric

Utilities)

...

DuPont

de

Nemours,

Inc.

(Chemicals)

...

eBay,

Inc.

(Broadline

Retail)

..........

EchoStar

Corp.,

Class

A

(Media)(a)

.....

Ecolab,

Inc.

(Chemicals)

.............

Edison

International

(Electric

Utilities)

..

577

Edwards

Lifesciences

Corp.

(Health

Care

Equipment

&

Supplies)(a)

.......

Electronic

Arts,

Inc.

(Entertainment)

....

Elevance

Health,

Inc.

(Health

Care

Providers

&

Services)

...........

EMCOR

Group,

Inc.

(Construction

&

Engineering)

.................

572

Emerson

Electric

Co.

(Electrical

Equipment)

Entegris,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.......

Entergy

Corp.

(Electric

Utilities)

.......

535

EOG

Resources,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

612

EQT

Corp.

(Oil,

Gas

&

Consumable

Fuels)

Equifax,

Inc.

(Professional

Services)

....

Equinix,

Inc.

(Specialized

REITs)

......

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

States

(continued)

Equitable

Holdings,

Inc.

(Financial

Services)

....................

$

Equity

Residential

(Residential

REITs)

..

Erie

Indemnity

Co.,

Class

A

(Insurance)

..

Essex

Property

Trust,

Inc.

(Residential

REITs)

.....................

Evergy,

Inc.

(Electric

Utilities)

........

Everpure,

Inc.,

Class

A

(Technology

Hardware,

Storage

&

Peripherals)(a)

Eversource

Energy

(Electric

Utilities)

...

992

Exelon

Corp.

(Electric

Utilities)

.......

Expand

Energy

Corp.

(Oil,

Gas

&

Consumable

Fuels)

.............

Expedia

Group,

Inc.

(Hotels,

Restaurants

&

Leisure)

....................

Expeditors

International

of

Washington,

Inc.

(Air

Freight

&

Logistics)

........

Extra

Space

Storage,

Inc.

(Specialized

REITs)

.....................

4,241

Exxon

Mobil

Corp.

(Oil,

Gas

&

Consumable

Fuels)

......................

720

F5,

Inc.

(Communications

Equipment)(a)

.

Fair

Isaac

Corp.

(Software)(a)

.........

1,163

Fastenal

Co.

(Trading

Companies

&

Distributors)

.................

FedEx

Corp.

(Air

Freight

&

Logistics)

...

Ferguson

Enterprises,

Inc.

(Trading

Companies

&

Distributors)

.......

Fidelity

National

Financial,

Inc.

(Insurance)

513

Fidelity

National

Information

Services,

Inc.

(Financial

Services)

............

881

Fifth

Third

Bancorp

(Banks)

..........

First

Citizens

BancShares,

Inc.,

Class

A

(Banks)

.....................

First

Solar,

Inc.

(Semiconductors

&

Semiconductor

Equipment)(a)

.....

541

FirstEnergy

Corp.

(Electric

Utilities)

....

533

Fiserv,

Inc.

(Financial

Services)(a)

......

Flex

Ltd.

(Electronic

Equipment,

Instruments

&

Components)(a)

....

4,071

Ford

Motor

Co.

(Automobiles)

........

636

Fortinet,

Inc.

(Software)(a)

...........

Fortive

Corp.

(Machinery)

...........

Fox

Corp.,

Class

A

(Media)

...........

Fox

Corp.,

Class

B

(Media)

...........

1,463

Freeport-McMoRan,

Inc.

(Metals

&

Mining)

FTAI

Aviation

Ltd.

(Aerospace

&

Defense)

(b) ........................

Gartner,

Inc.

(IT

Services)(a)

..........

GE

Vernova,

Inc.

(Electrical

Equipment)

.

522

Gen

Digital,

Inc.

(Software)

..........

524

General

Mills,

Inc.

(Food

Products)

.....

932

General

Motors

Co.

(Automobiles)

.....

Genuine

Parts

Co.

(Distributors)

.......

Global

Payments,

Inc.

(Financial

Services)

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

States

(continued)

GoDaddy,

Inc.,

Class

A

(IT

Services)(a)

..

$

Graco,

Inc.

(Machinery)

.............

838

Halliburton

Co.

(Energy

Equipment

&

Services)

....................

686

Healthpeak

Properties,

Inc.

(Health

Care

REITs)

.....................

HEICO

Corp.

(Aerospace

&

Defense)

...

HEICO

Corp.,

Class

A

(Aerospace

&

Defense)

....................

1,288

Hewlett

Packard

Enterprise

Co.

(Technology

Hardware,

Storage

&

Peripherals)

..

Hilton

Worldwide

Holdings,

Inc.

(Hotels,

Restaurants

&

Leisure)

..........

Hologic,

Inc.

(Health

Care

Equipment

&

Supplies)(a)

..................

Hormel

Foods

Corp.

(Food

Products)

....

Howmet

Aerospace,

Inc.

(Aerospace

&

Defense)

....................

905

HP,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)

..................

Hubbell,

Inc.

(Electrical

Equipment)

....

HubSpot,

Inc.

(Software)(a)

..........

Humana,

Inc.

(Health

Care

Providers

&

Services)

....................

1,984

Huntington

Bancshares,

Inc.

(Banks)

....

Hyatt

Hotels

Corp.,

Class

A

(Hotels,

Restaurants

&

Leisure)

..........

IDEX

Corp.

(Machinery)

............

IDEXX

Laboratories,

Inc.

(Health

Care

Equipment

&

Supplies)(a)

.......

Illinois

Tool

Works,

Inc.

(Machinery)

....

Incyte

Corp.

(Biotechnology)(a)

.......

Ingersoll

Rand,

Inc.

(Machinery)

.......

Insmed,

Inc.

(Biotechnology)(a)

.......

Insulet

Corp.

(Health

Care

Equipment

&

Supplies)(a)

..................

4,556

Intel

Corp.

(Semiconductors

&

Semiconductor

Equipment)(a)

.....

Interactive

Brokers

Group,

Inc.,

Class

A

(Capital

Markets)

..............

577

Intercontinental

Exchange,

Inc.

(Capital

Markets)

....................

942

International

Business

Machines

Corp.

(IT

Services)

....................

International

Flavors

&

Fragrances,

Inc.

(Chemicals)

..................

International

Paper

Co.

(Containers

&

Packaging)

..................

Intuit,

Inc.

(Software)

...............

Intuitive

Surgical,

Inc.

(Health

Care

Equipment

&

Supplies)(a)

.......

569

Invitation

Homes,

Inc.

(Residential

REITs)

IonQ,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)(a)

..............

IQVIA

Holdings,

Inc.

(Life

Sciences

Tools

&

Services)(a)

................

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

States

(continued)

Iron

Mountain,

Inc.

(Specialized

REITs)

.

$

Jabil,

Inc.

(Electronic

Equipment,

Instruments

&

Components)

......

Jack

Henry

&

Associates,

Inc.

(Financial

Services)

....................

Jacobs

Solutions,

Inc.

(Professional

Services)

....................

JB

Hunt

Transport

Services,

Inc.

(Ground

Transportation)

...............

623

Johnson

Controls

International

PLC

(Building

Products)

............

2,738

JPMorgan

Chase

&

Co.

(Banks)

.......

805

1,884

Kenvue,

Inc.

(Personal

Care

Products)

...

1,266

Keurig

Dr

Pepper,

Inc.

(Beverages)

.....

913

KeyCorp

(Banks)

..................

Keysight

Technologies,

Inc.

(Electronic

Equipment,

Instruments

&

Components)(a)

...............

Kimberly-Clark

Corp.

(Household

Products)

664

Kimco

Realty

Corp.

(Retail

REITs)

.....

2,029

Kinder

Morgan,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

635

KKR

&

Co.,

Inc.

(Capital

Markets)

.....

KLA

Corp.

(Semiconductors

&

Semiconductor

Equipment)

.......

Labcorp

Holdings,

Inc.

(Health

Care

Providers

&

Services)

...........

1,269

Lam

Research

Corp.

(Semiconductors

&

Semiconductor

Equipment)

.......

Lennar

Corp.,

Class

A

(Household

Durables)

Lennox

International,

Inc.

(Building

Products)

....................

Liberty

Media

Corp.-Liberty

Formula

One

(Entertainment)(a)

.............

Linde

PLC

(Chemicals)

.............

Live

Nation

Entertainment,

Inc.

(Entertainment)(a)

.............

Loews

Corp.

(Insurance)

.............

568

Lowe's

Cos.,

Inc.

(Specialty

Retail)

.....

LPL

Financial

Holdings,

Inc.

(Capital

Markets)

....................

Lumentum

Holdings,

Inc.

(Communications

Equipment)(a)

................

LyondellBasell

Industries

N.V.,

Class

A

(Chemicals)

..................

M&T

Bank

Corp.

(Banks)

............

Marathon

Petroleum

Corp.

(Oil,

Gas

&

Consumable

Fuels)

.............

Markel

Group,

Inc.

(Insurance)(a)

......

Marriott

International,

Inc.,

Class

A

(Hotels,

Restaurants

&

Leisure)

..........

503

Marsh

&

McLennan

Cos.,

Inc.

(Insurance)

Martin

Marietta

Materials,

Inc.

(Construction

Materials)

.........

842

Marvell

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.....

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

States

(continued)

Masco

Corp.

(Building

Products)

.......

$

854

Mastercard,

Inc.,

Class

A

(Financial

Services)

....................

McCormick

&

Co.,

Inc.

(Food

Products)

.

715

McDonald's

Corp.

(Hotels,

Restaurants

&

Leisure)

....................

2,191

Meta

Platforms,

Inc.,

Class

A

(Interactive

Media

&

Services)

.............

1,254

552

MetLife,

Inc.

(Insurance)

............

Mettler-Toledo

International,

Inc.

(Life

Sciences

Tools

&

Services)(a)

.....

525

Microchip

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

..................

1,133

Micron

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.......

7,102

Microsoft

Corp.

(Software)

...........

2,630

Mid-America

Apartment

Communities,

Inc.

(Residential

REITs)

............

1,314

Mondelez

International,

Inc.,

Class

A

(Food

Products)

....................

MongoDB,

Inc.,

Class

A

(IT

Services)(a)

.

Monolithic

Power

Systems,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

..................

717

Monster

Beverage

Corp.

(Beverages)(a)

..

Moody's

Corp.

(Capital

Markets)

.......

1,206

Morgan

Stanley

(Capital

Markets)

......

Motorola

Solutions,

Inc.

(Communications

Equipment)

..................

MSCI,

Inc.,

Class

A

(Capital

Markets)

...

Nasdaq,

Inc.

(Capital

Markets)

........

Natera,

Inc.

(Biotechnology)(a)

........

NetApp,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)

..........

4,266

Netflix,

Inc.

(Entertainment)(a)

........

Neurocrine

Biosciences,

Inc.

(Biotechnology)(a)

.............

1,110

Newmont

Corp.

(Metals

&

Mining)

.....

News

Corp.,

Class

A

(Media)

.........

2,078

NextEra

Energy,

Inc.

(Electric

Utilities)

..

1,216

NIKE,

Inc.,

Class

B

(Textiles,

Apparel

&

Luxury

Goods)

...............

525

NiSource,

Inc.

(Multi-Utilities)

........

Nordson

Corp.

(Machinery)

..........

Norfolk

Southern

Corp.

(Ground

Transportation)

...............

Northern

Trust

Corp.

(Capital

Markets)

..

NRG

Energy,

Inc.

(Electric

Utilities)

....

Nucor

Corp.

(Metals

&

Mining)

.......

24,446

NVIDIA

Corp.

(Semiconductors

&

Semiconductor

Equipment)

.......

4,264

NVR,

Inc.

(Household

Durables)(a)

.....

727

Occidental

Petroleum

Corp.

(Oil,

Gas

&

Consumable

Fuels)

.............

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

States

(continued)

Oklo,

Inc.,

Class

A

(Electric

Utilities)(a)

.

$

Okta,

Inc.,

Class

A

(IT

Services)(a)

.....

Old

Dominion

Freight

Line,

Inc.

(Ground

Transportation)

...............

Omnicom

Group,

Inc.

(Media)

........

ON

Semiconductor

Corp.

(Semiconductors

&

Semiconductor

Equipment)(a)

...

644

ONEOK,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

......................

1,737

Oracle

Corp.

(Software)

.............

857

O'Reilly

Automotive,

Inc.

(Specialty

Retail)

(a) ........................

Otis

Worldwide

Corp.

(Machinery)

.....

542

PACCAR,

Inc.

(Machinery)

..........

Packaging

Corp.

of

America

(Containers

&

Packaging)

..................

2,302

Palantir

Technologies,

Inc.,

Class

A

(Software)(a)

.................

806

Palo

Alto

Networks,

Inc.

(Software)(a)

...

Parker-Hannifin

Corp.

(Machinery)

.....

Paychex,

Inc.

(Professional

Services)

....

892

PayPal

Holdings,

Inc.

(Financial

Services)

1,379

PepsiCo,

Inc.

(Beverages)

............

2,158

PG&E

Corp.

(Electric

Utilities)

........

Phillips

(Oil,

Gas

&

Consumable

Fuels)

Pinnacle

Financial

Partners,

Inc.

(Banks)

.

586

Pinterest,

Inc.,

Class

A

(Interactive

Media

&

Services)(a)

..................

PPG

Industries,

Inc.

(Chemicals)

.......

728

PPL

Corp.

(Electric

Utilities)

..........

Principal

Financial

Group,

Inc.

(Insurance)

945

Prologis,

Inc.

(Industrial

REITs)

.......

Prudential

Financial,

Inc.

(Insurance)

....

PTC,

Inc.

(Software)(a)

.............

520

Public

Service

Enterprise

Group,

Inc.

(Multi-Utilities)

...............

Public

Storage

(Specialized

REITs)

.....

PulteGroup,

Inc.

(Household

Durables)

..

Qnity

Electronics,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.......

1,073

QUALCOMM,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.......

Quanta

Services,

Inc.

(Construction

&

Engineering)

.................

Quest

Diagnostics,

Inc.

(Health

Care

Providers

&

Services)

...........

Raymond

James

Financial,

Inc.

(Capital

Markets)

....................

RB

Global,

Inc.

(Commercial

Services

&

Supplies)

....................

940

Realty

Income

Corp.

(Retail

REITs)

.....

Reddit,

Inc.,

Class

A

(Interactive

Media

&

Services)(a)

..................

Regency

Centers

Corp.

(Retail

REITs)

...

874

Regions

Financial

Corp.

(Banks)

.......

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

States

(continued)

Reliance,

Inc.

(Metals

&

Mining)

......

$

Republic

Services,

Inc.,

Class

A

(Commercial

Services

&

Supplies)

.

ResMed,

Inc.

(Health

Care

Equipment

&

Supplies)

....................

Restaurant

Brands

International,

Inc.

(Hotels,

Restaurants

&

Leisure)

....

769

Rivian

Automotive,

Inc.,

Class

A

(Automobiles)(a)

..............

751

Robinhood

Markets,

Inc.,

Class

A

(Capital

Markets)(a)

..................

571

ROBLOX

Corp.,

Class

A

(Entertainment)(a)

904

Rocket

Cos.,

Inc.,

Class

A

(Financial

Services)(a)

..................

Rocket

Lab

Corp.

(Aerospace

&

Defense)(a)

Rockwell

Automation,

Inc.

(Electrical

Equipment)

..................

Rollins,

Inc.

(Commercial

Services

&

Supplies)

....................

Roper

Technologies,

Inc.

(Software)

....

Ross

Stores,

Inc.

(Specialty

Retail)

.....

Royal

Caribbean

Cruises

Ltd.

(Hotels,

Restaurants

&

Leisure)

..........

Royalty

Pharma

PLC,

Class

A

(Pharmaceuticals)

.............

RPM

International,

Inc.

(Chemicals)

....

S&P

Global,

Inc.

(Capital

Markets)

.....

947

Salesforce,

Inc.

(Software)

...........

Samsara,

Inc.,

Class

A

(Software)(a)

....

SBA

Communications

Corp.,

Class

A

(Specialized

REITs)

............

Seagate

Technology

Holdings

PLC

(Technology

Hardware,

Storage

&

Peripherals)

..................

671

Sempra

(Multi-Utilities)

.............

1,054

ServiceNow,

Inc.

(Software)(a)

........

Simon

Property

Group,

Inc.

(Retail

REITs)

1,512

SLB

Ltd.

(Energy

Equipment

&

Services)

971

Snap,

Inc.,

Class

A

(Interactive

Media

&

Services)(a)

..................

Snap-on,

Inc.

(Machinery)

...........

Snowflake,

Inc.,

Class

A

(IT

Services)(a)

.

1,290

SoFi

Technologies,

Inc.

(Consumer

Finance)

(a) ........................

Solventum

Corp.

(Health

Care

Equipment

&

Supplies)(a)

..................

SS&C

Technologies

Holdings,

Inc.

(Professional

Services)

..........

1,151

Starbucks

Corp.

(Hotels,

Restaurants

&

Leisure)

....................

State

Street

Corp.

(Capital

Markets)

.....

Steel

Dynamics,

Inc.

(Metals

&

Mining)

.

STERIS

PLC

(Health

Care

Equipment

&

Supplies)

....................

Strategy,

Inc.,

Class

A

(Software)(a)

.....

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

States

(continued)

Stryker

Corp.

(Health

Care

Equipment

&

Supplies)

....................

$

Sun

Communities,

Inc.

(Residential

REITs)

Sunbelt

Rentals

Holdings,

Inc.

(Trading

Companies

&

Distributors)

.......

523

Super

Micro

Computer,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)(a)

Synchrony

Financial

(Consumer

Finance)

Synopsys,

Inc.

(Software)(a)

..........

Sysco

Corp.

(Consumer

Staples

Distribution

&

Retail)

....................

T. Rowe

Price

Group,

Inc.

(Capital

Markets)

Take-Two

Interactive

Software,

Inc.

(Entertainment)(a)

.............

Tapestry,

Inc.

(Textiles,

Apparel

&

Luxury

Goods)

.....................

Targa

Resources

Corp.

(Oil,

Gas

&

Consumable

Fuels)

.............

Target

Corp.

(Consumer

Staples

Distribution

&

Retail)

....................

Teradyne,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.......

2,845

Tesla,

Inc.

(Automobiles)(a)

..........

1,058

915

Texas

Instruments,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.......

Texas

Pacific

Land

Corp.

(Oil,

Gas

&

Consumable

Fuels)

.............

The

Allstate

Corp.

(Insurance)

.........

718

The

Bank

of

New

York

Mellon

Corp.

(Capital

Markets)

..............

The

Carlyle

Group,

Inc.

(Capital

Markets)

1,708

The

Charles

Schwab

Corp.

(Capital

Markets)

....................

The

Cigna

Group

(Health

Care

Providers

&

Services)

....................

The

Clorox

Co.

(Household

Products)

...

4,118

The

Coca-Cola

Co.

(Beverages)

.......

The

Estee

Lauder

Cos.,

Inc.,

Class

A

(Personal

Care

Products)

........

The

Goldman

Sachs

Group,

Inc.

(Capital

Markets)

....................

The

Hartford

Insurance

Group,

Inc.

(Insurance)

..................

The

Hershey

Co.

(Food

Products)

......

1,004

The

Home

Depot,

Inc.

(Specialty

Retail)

.

870

The

Kraft

Heinz

Co.

(Food

Products)

....

587

The

Kroger

Co.

(Consumer

Staples

Distribution

&

Retail)

...........

The

PNC

Financial

Services

Group,

Inc.

(Banks)

.....................

593

The

Progressive

Corp.

(Insurance)

......

The

Sherwin-Williams

Co.

(Chemicals)

..

1,112

The

Southern

Co.

(Electric

Utilities)

....

1,126

The

TJX

Cos.,

Inc.

(Specialty

Retail)

....

The

Trade

Desk,

Inc.,

Class

A

(Media)

(a) .

The

Travelers

Cos.,

Inc.

(Insurance)

.....

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

States

(continued)

1,805

The

Walt

Disney

Co.

(Entertainment)

....

$

1,235

The

Williams

Cos.,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

509

T-Mobile

US,

Inc.

(Wireless

Telecommunication

Services)

.....

Toast,

Inc.,

Class

A

(Financial

Services)(a)

516

Tractor

Supply

Co.

(Specialty

Retail)

....

Tradeweb

Markets,

Inc.,

Class

A

(Capital

Markets)

....................

TransDigm

Group,

Inc.

(Aerospace

&

Defense)

....................

TransUnion

(Professional

Services)

.....

Trimble,

Inc.

(Software)(a)

...........

1,320

Truist

Financial

Corp.

(Banks)

.........

Twilio,

Inc.,

Class

A

(IT

Services)(a)

....

Tyler

Technologies,

Inc.

(Software)(a)

...

Tyson

Foods,

Inc.,

Class

A

(Food

Products)

1,596

U.S.

Bancorp

(Banks)

...............

1,993

Uber

Technologies,

Inc.

(Ground

Transportation)(a)

.............

UDR,

Inc.

(Residential

REITs)

........

Ulta

Beauty,

Inc.

(Specialty

Retail)(a)

...

589

Union

Pacific

Corp.

(Ground

Transportation)

...............

United

Airlines

Holdings,

Inc.

(Passenger

Airlines)(a)

..................

748

United

Parcel

Service,

Inc.,

Class

B

(Air

Freight

&

Logistics)

............

United

Rentals,

Inc.

(Trading

Companies

&

Distributors)

.................

Valero

Energy

Corp.

(Oil,

Gas

&

Consumable

Fuels)

.............

Veeva

Systems,

Inc.,

Class

A

(Health

Care

Technology)(a)

...............

Ventas,

Inc.

(Health

Care

REITs)

.......

Veralto

Corp.

(Commercial

Services

&

Supplies)

....................

VeriSign,

Inc.

(IT

Services)

...........

Verisk

Analytics,

Inc.,

Class

A

(Professional

Services)

....................

4,251

Verizon

Communications,

Inc.

(Diversified

Telecommunication

Services)

.....

Vertiv

Holdings

Co.,

Class

A

(Electrical

Equipment)

..................

1,700

Visa,

Inc.,

Class

A

(Financial

Services)

..

514

Vistra

Corp.

(Independent

Power

and

Renewable

Electricity

Producers)

..

Vulcan

Materials

Co.

(Construction

Materials)

...................

W.R.

Berkley

Corp.

(Insurance)

........

W.W.

Grainger,

Inc.

(Trading

Companies

&

Distributors)

.................

4,411

Walmart,

Inc.

(Consumer

Staples

Distribution

&

Retail)

...........

548

2,380

Warner

Bros.

Discovery,

Inc.

(Entertainment)(a)

.............

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

States

(continued)

Waste

Management,

Inc.

(Commercial

Services

&

Supplies)

...........

$

Waters

Corp.

(Life

Sciences

Tools

&

Services)(a)

..................

Watsco,

Inc.

(Trading

Companies

&

Distributors)

.................

WEC

Energy

Group,

Inc.

(Multi-Utilities)

3,164

Wells

Fargo

&

Co.

(Banks)

...........

694

Welltower,

Inc.

(Health

Care

REITs)

....

West

Pharmaceutical

Services,

Inc.

(Life

Sciences

Tools

&

Services)

.......

Western

Digital

Corp.

(Technology

Hardware,

Storage

&

Peripherals)

..

Westinghouse

Air

Brake

Technologies

Corp.

(Machinery)

.................

705

Weyerhaeuser

Co.

(Specialized

REITs)

..

Williams-Sonoma,

Inc.

(Specialty

Retail)

.

Workday,

Inc.,

Class

A

(Software)(a)

....

WP

Carey,

Inc.

(Diversified

REITs)

.....

581

Xcel

Energy,

Inc.

(Electric

Utilities)

.....

Xylem,

Inc.

(Machinery)

.............

Yum!

Brands,

Inc.

(Hotels,

Restaurants

&

Leisure)

....................

Zebra

Technologies

Corp.

(Electronic

Equipment,

Instruments

&

Components)(a)

...............

Zillow

Group,

Inc.,

Class

C

(Real

Estate

Management

&

Development)(a)

...

Zimmer

Biomet

Holdings,

Inc.

(Health

Care

Equipment

&

Supplies)

.........

Zoetis,

Inc.,

Class

A

(Pharmaceuticals)

...

Zoom

Communications,

Inc.,

Class

A

(Software)(a)

.................

Zscaler,

Inc.

(Software)(a)

............

49,579

Uruguay

—

0.11%

MercadoLibre,

Inc.

(Broadline

Retail)(a)

.

Total

Common

Stocks

(cost

$44,078)

...

70,424

Right

—

0.00%

Italy

—

0.00%

17,280

Telecom

Italia

SpA,

4/1/26

(Diversified

Telecommunication

Services)(a)

...

—

Total

Right

(cost

$—)

..............

—

HC

CAPITAL

TRUST

The

Catholic

SRI

Growth

Portfolio

Portfolio

of

Investments

(concluded)

—

March

31,

2026

(Unaudited)

As

of

March

31,

2026

,

100%

of

the

Portfolio's

net

assets

were

managed

by

Mellon

Investments

Corporation.

Shares

Security

Description

Value

(000) Warrant

—

0.00%

Canada

—

0.00%

Constellation

Software,

Inc.,

3/31/40

(Software)(a)(c)

...............

$

—

Total

Warrant

(cost

$—)

............

—

Investment

Companies

—

0.50%

Money

Market

Funds

—

0.50%

155,693

Federated

Hermes

Treasury

Obligations

Fund,

Institutional

Shares

,

3.53 %^^(d)

194,583

State

Street

Institutional

Treasury

Plus

Money

Market

Fund,

Trust

Class

,

3.55%(d)

....................

Total

Investment

Companies

(cost

$350)

Total

Investments

(cost

$44,428)

—

100.25%

....................

70,774

Liabilities

in

excess

of

other

assets

—

(0.25)%

....................

(176) Net

Assets

-

100.00%

..............

$

70,598

Amounts

designated

as

"—"

are

$0

or

have

been

rounded

to

$0.

^

All

or

part

of

this

security

was

on

loan

as

of

March

31,

2026. ^^

Purchased

with

cash

collateral

held

from

securities

lending.

The

value

of

the

collateral

could

include

collateral

held

for

securities

that

were

sold

on

or

before

March

31,

2026. (a) Represents

non-income

producing

security.

(b) Represents

a

security

purchased

under

Rule

144A

or

Section

4(2)

and

is

exempt

from

registration

under

the

Securities

Act

of

1933,

as

amended,

or

is

otherwise

restricted

to

resale.

Certain

of

these

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

These

securities

have

been

deemed

liquid

by

the

Specialist

Manager.

(c) Security

was

valued

using

significant

unobservable

inputs

as

of

March

31,

2026. (d) Annualized

7-day

yield

as

of

period-end.

ADR—American

Depositary

Receipt

PLC

—

Public

Limited

Company

REIT—Real

Estate

Investment

Trust

HC

CAPITAL

TRUST

The

International

Equity

Portfolio

Portfolio

of

Investments

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

—

92.97%

Australia

—

5.41%

153,655

ANZ

Group

Holdings

Ltd.

(Banks)

.....

$

3,863

21,823

Aristocrat

Leisure

Ltd.

(Hotels,

Restaurants

&

Leisure)

...................

693

82,839

Bendigo

&

Adelaide

Bank

Ltd.

(Banks)

..

570

31,893

BHP

Group

Ltd.

(Metals

&

Mining)

.....

1,154

85,014

BHP

Group

Ltd.

(Metals

&

Mining)

.....

3,081

43,919

Commonwealth

Bank

of

Australia

(Banks)

5,141

100,289

Evolution

Mining

Ltd.

(Metals

&

Mining)

903

68,557

Goodman

Group

(Industrial

REITs)

.....

1,231

46,309

Lynas

Rare

Earths

Ltd.

(Metals

&

Mining)

(a) ........................

629

7,899

Macquarie

Group

Ltd.

(Capital

Markets)

.

1,122

174,147

National

Australia

Bank

Ltd.

(Banks)

....

5,035

41,245

Qantas

Airways

Ltd.

(Passenger

Airlines)

.

55,092

QBE

Insurance

Group

Ltd.

(Insurance)

..

813

15,339

Rio

Tinto

Ltd.

(Metals

&

Mining)

......

1,742

150,128

Santos

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

(b) ........................

822

198,921

Scentre

Group

(Retail

REITs)

.........

15,683

Suncorp

Group

Ltd.

(Insurance)

.......

63,839

Wesfarmers

Ltd.

(Broadline

Retail)

.....

3,259

148,167

Westpac

Banking

Corp.

(Banks)

.......

4,093

31,902

WiseTech

Global

Ltd.

(Software)

.......

861

20,060

Woodside

Energy

Group

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

.............

35,740

Worley

Ltd.

(Construction

&

Engineering)

36,646

Austria

—

0.43%

23,927

Erste

Group

Bank

AG

(Banks)(b)

......

2,584

4,792

OMV

AG

(Oil,

Gas

&

Consumable

Fuels)

2,935

Belgium

—

0.57%

40,660

Anheuser-Busch

InBev

SA/N.V.

(Beverages)

..................

2,813

3,425

UCB

SA

(Pharmaceuticals)

...........

1,032

3,845

Canada

—

11.07%

5,591

Agnico

Eagle

Mines

Ltd.

(Metals

&

Mining)

1,135

8,453

Alamos

Gold,

Inc.

(Metals

&

Mining)

...

50,883

Alimentation

Couche-Tard,

Inc.

(Consumer

Staples

Distribution

&

Retail)

.....

2,885

8,987

AltaGas

Ltd.

(Gas

Utilities)

...........

45,514

Bank

of

Montreal

(Banks)

............

6,166

8,013

Barrick

Mining

Corp.

(Metals

&

Mining)

.

31,854

Cameco

Corp.

(Oil,

Gas

&

Consumable

Fuels)

......................

3,465

4,255

Canadian

Imperial

Bank

of

Commerce

(Banks)

.....................

111,414

Canadian

Natural

Resources

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

...........

5,436

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Canada

(continued)

4,542

Canadian

Pacific

Kansas

City

Ltd.

(Ground

Transportation)

...............

$

8,782

Canadian

Tire

Corp.

Ltd.,

Class

A

(Broadline

Retail)

.............

1,181

3,259

CCL

Industries,

Inc.,

Class

B

(Containers

&

Packaging)(b)

................

2,442

Celestica,

Inc.

(Electronic

Equipment,

Instruments

&

Components)(a)

....

689

125,033

Cenovus

Energy,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

3,319

835

Constellation

Software,

Inc.

(Software)

..

1,466

11,192

Dollarama,

Inc.

(Broadline

Retail)

......

1,374

35,512

Emera,

Inc.

(Electric

Utilities)

.........

1,841

7,123

Enbridge,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

......................

1,023

Fairfax

Financial

Holdings

Ltd.

(Insurance)

1,743

17,917

First

Quantum

Minerals

Ltd.

(Metals

&

Mining)(a)

...................

5,741

Fortis,

Inc.

(Electric

Utilities)

.........

7,691

Franco-Nevada

Corp.

(Metals

&

Mining)

.

1,905

24,142

GFL

Environmental,

Inc.

(Commercial

Services

&

Supplies)(a)

.........

1,007

64,358

Great-West

Lifeco,

Inc.

(Insurance)

.....

3,015

12,464

Hydro

One

Ltd.

(Electric

Utilities)(b)

....

515

5,430

Intact

Financial

Corp.

(Insurance)(b)

....

984

56,358

Keyera

Corp.

(Oil,

Gas

&

Consumable

Fuels)

......................

2,180

11,664

Kinross

Gold

Corp.

(Metals

&

Mining)

..

2,505

Lumine

Group,

Inc.

(Software)(a)

......

11,720

Lundin

Gold,

Inc.

(Metals

&

Mining)(b)

.

896

6,201

Magna

International,

Inc.

(Automobile

Components)

.................

8,370

Manulife

Financial

Corp.

(Insurance)

....

15,818

Methanex

Corp.

(Chemicals)

..........

943

18,402

National

Bank

of

Canada

(Banks)

......

2,382

3,339

Nutrien

Ltd.

(Chemicals)

............

1,796

Onex

Corp.

(Capital

Markets)

.........

7,732

Pembina

Pipeline

Corp.

(Oil,

Gas

&

Consumable

Fuels)

.............

66,482

Power

Corp.

of

Canada

(Insurance)

.....

3,201

6,978

Primaris

Real

Estate

Investment

Trust

(Retail

REITs)(a)

..............

31,754

RioCan

Real

Estate

Investment

Trust

(Retail

REITs)(b)

...................

13,991

Royal

Bank

of

Canada

(Banks)

........

2,262

52,851

Shopify,

Inc.,

Class

A

(IT

Services)(a)

...

6,271

52,951

Sun

Life

Financial,

Inc.

(Insurance)

.....

3,318

5,745

Suncor

Energy,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

18,439

Teck

Resources

Ltd.,

Class

B

(Metals

&

Mining)

.....................

956

7,299

TFI

International,

Inc.

(Ground

Transportation)

...............

795

10,660

The

Bank

of

Nova

Scotia

(Banks)

......

739

14,905

The

Toronto-Dominion

Bank

(Banks)

...

1,392

HC

CAPITAL

TRUST

The

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Canada

(continued)

22,457

Thomson

Reuters

Corp.

(Professional

Services)

....................

$

2,027

28,308

Wheaton

Precious

Metals

Corp.

(Metals

&

Mining)

.....................

3,716

74,979

Denmark

—

1.27%

552

A.P.

Moller

-

Maersk

A/S,

Class

B

(Marine

Transportation)

...............

1,379

2,246

DSV

A/S

(Air

Freight

&

Logistics)

.....

543

7,462

Genmab

A/S

(Biotechnology)(a)(b)

.....

2,010

127,453

Novo

Nordisk

A/S,

Class

B

(Pharmaceuticals)

.............

4,664

8,596

Finland

—

0.81%

4,385

Mandatum

Oyj

(Insurance)(b)

.........

145,888

Nokia

Oyj

(Communications

Equipment)

.

1,170

178,699

Nordea

Bank

Abp

(Banks)

...........

3,068

3,710

Orion

Oyj,

Class

B

(Pharmaceuticals)

...

21,925

Sampo

Oyj,

A

Shares

(Insurance)

......

30,332

Stora

Enso

Oyj,

Class

R

(Paper

&

Forest

Products)

....................

10,204

UPM-Kymmene

Oyj

(Paper

&

Forest

Products)

....................

5,481

France

—

8.22%

23,348

Air

Liquide

SA

(Chemicals)

..........

4,825

23,149

Airbus

SE

(Aerospace

&

Defense)

......

4,376

47,723

AXA

SA

(Insurance)

...............

2,193

44,044

BNP

Paribas

SA

(Banks)

.............

4,195

3,697

Cie

de

Saint-Gobain

SA

(Building

Products)

99,973

Credit

Agricole

SA

(Banks)

...........

1,866

1,749

Eiffage

SA

(Construction

&

Engineering)(b)

25,532

Engie

SA

(Multi-Utilities)

............

823

16,219

EssilorLuxottica

SA

(Health

Care

Equipment

&

Supplies)

.........

3,779

2,454

Hermes

International

SCA

(Textiles,

Apparel

&

Luxury

Goods)

..............

4,648

2,895

L'Oreal

SA

(Personal

Care

Products)

....

1,182

4,240

LVMH

Moet

Hennessy

Louis

Vuitton

SE

(Textiles,

Apparel

&

Luxury

Goods)

2,317

13,788

Pernod

Ricard

SA

(Beverages)

........

1,025

8,075

Publicis

Groupe

SA

(Media)

..........

668

15,885

Sanofi

SA

(Pharmaceuticals)

..........

1,534

34,976

Schneider

Electric

SE

(Electrical

Equipment)(b)

................

9,526

98,039

Societe

Generale

SA

(Banks)

.........

7,158

4,176

Thales

SA

(Aerospace

&

Defense)

......

1,224

23,129

TotalEnergies

SE

(Oil,

Gas

&

Consumable

Fuels)

......................

2,122

7,086

Unibail-Rodamco-Westfield

(Retail

REITs)

782

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

France

(continued)

22,865

Veolia

Environnement

SA

(Multi-Utilities)

$

871

55,688

Germany

—

7.37%

13,053

adidas

AG

(Textiles,

Apparel

&

Luxury

Goods)

.....................

2,112

10,077

Allianz

SE,

Registered

Shares

(Insurance)

4,255

1,793

Bayerische

Motoren

Werke

AG

(Automobiles)

................

33,975

Commerzbank

AG

(Banks)

...........

1,239

113,622

Deutsche

Bank

AG,

Registered

Shares

(Capital

Markets)

..............

3,381

21,575

Deutsche

Boerse

AG

(Capital

Markets)

..

6,319

60,277

Deutsche

Post

AG

(Air

Freight

&

Logistics)

3,177

128,506

Deutsche

Telekom

AG

(Diversified

Telecommunication

Services)(b)

...

4,796

4,918

Fraport

AG

Frankfurt

Airport

Services

Worldwide

(Transportation

Infrastructure)(a)

..............

6,983

GEA

Group

AG

(Machinery)

.........

501

1,115

Hannover

Rueck

SE

(Insurance)

.......

13,079

Henkel

AG

&

Co.

KGaA,

Preference

Shares

(Household

Products)

...........

1,010

82,230

Infineon

Technologies

AG

(Semiconductors

&

Semiconductor

Equipment)(b)

...

3,730

2,540

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen,

Class

R

(Insurance)

..................

1,604

Rheinmetall

AG

(Aerospace

&

Defense)

.

36,196

SAP

SE

(Software)

.................

6,170

4,784

Sartorius

AG,

Preference

Shares

(Life

Sciences

Tools

&

Services)(b)

.....

1,197

28,228

Siemens

AG,

Registered

Shares

(Industrial

Conglomerates)

...............

6,876

10,988

Siemens

Energy

AG

(Electrical

Equipment)

(b) ........................

1,895

2,498

Symrise

AG,

Class

A

(Chemicals)(b)

....

49,882

Hong

Kong

—

1.55%

483,480

AIA

Group

Ltd.

(Insurance)

..........

5,373

75,055

BOC

Hong

Kong

Holdings

Ltd.

(Banks)

.

334,000

China

Common

Rich

Renewable

Energy

Investment

Ltd.

(Independent

Power

and

Renewable

Electricity

Producers)

(a)(c) ......................

—

106,000

CK

Asset

Holdings

Ltd.

(Real

Estate

Management

&

Development)

.....

607

89,500

CLP

Holdings

Ltd.

(Electric

Utilities)

...

843

414,317

Link

REIT

(Retail

REITs)

............

1,920

76,000

MTR

Corp.

Ltd.

(Ground

Transportation)

.

14,472

Pacific

Century

Premium

Developments

Ltd.

(Real

Estate

Management

&

Development)(a)

..............

—

HC

CAPITAL

TRUST

The

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Hong

Kong

(continued)

121,391

PCCW

Ltd.

(Diversified

Telecommunication

Services)(b)

..................

$

147,000

SITC

International

Holdings

Co.

Ltd.

(Marine

Transportation)

.........

644

24,000

Swire

Pacific

Ltd.,

Class

A

(Industrial

Conglomerates)

...............

10,464

Ireland

(Republic

of)

—

1.06%

8,728

AerCap

Holdings

N.V.

(Trading

Companies

&

Distributors)

...............

1,197

280,570

Bank

of

Ireland

Group

PLC

(Banks)

....

5,090

25,494

Experian

PLC

(Professional

Services)

...

882

7,169

Israel

—

0.95%

862

Cyberark

Software,

Ltd.

(Software)(a)

...

3,544

Elbit

Systems

Ltd.

(Aerospace

&

Defense)

2,990

15,573

Monday.com

Ltd.

(Software)(a)

........

1,076

76,384

Teva

Pharmaceutical

Industries

Ltd.,

ADR

(Pharmaceuticals)(a)

...........

2,301

6,406

Italy

—

1.76%

11,508

Buzzi

SpA

(Construction

Materials)

.....

582

213,337

Davide

Campari-Milano

N.V.,

Class

M

(Beverages)(b)

................

1,524

73,506

Enel

SpA

(Electric

Utilities)(b)

........

804

1,561

Ferrari

N.V.

(Automobiles)

...........

530

69,888

Generali

(Insurance)

................

2,810

157,139

Intesa

Sanpaolo

SpA

(Banks)(b)

.......

950

7,820

Iveco

Group

N.V.

(Machinery)

........

7,356

Moncler

SpA

(Textiles,

Apparel

&

Luxury

Goods)

.....................

9,459

Poste

Italiane

SpA

(Financial

Services)(b)

92,227

Snam

SpA

(Gas

Utilities)

............

699

182,090

Terna

-

Rete

Elettrica

Nazionale

(Electric

Utilities)

....................

2,082

15,668

UniCredit

SpA

(Banks)

..............

1,124

11,946

Japan

—

18.80%

9,600

Advantest

Corp.

(Semiconductors

&

Semiconductor

Equipment)(b)

.....

1,325

6,845

AGC,

Inc.

(Building

Products)

........

23,400

Aisin

Corp.

(Automobile

Components)

..

54,600

Ajinomoto

Co.,

Inc.

(Food

Products)

....

1,544

15,300

Amada

Co.

Ltd.

(Machinery)

.........

30,400

Bridgestone

Corp.

(Automobile

Components)

.................

634

38,300

Canon,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)

................

1,063

8,600

Capcom

Co.

Ltd.

(Entertainment)

......

178,200

CyberAgent,

Inc.

(Media)

............

1,525

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Japan

(continued)

26,776

Dai

Nippon

Printing

Co.

Ltd.

(Commercial

Services

&

Supplies)

...........

$

163,600

Daiichi

Life

Group,

Inc.

(Insurance)

....

1,509

66,500

Daiichi

Sankyo

Co.

Ltd.

(Pharmaceuticals)

1,190

6,395

Daito

Trust

Construction

Co.

Ltd.

(Real

Estate

Management

&

Development)

15,550

Daiwa

House

Industry

Co.

Ltd.

(Real

Estate

Management

&

Development)

.....

16,700

Denso

Corp.

(Automobile

Components)

..

45,300

Eisai

Co.

Ltd.

(Pharmaceuticals)

.......

1,418

1,200

Fast

Retailing

Co.

Ltd.

(Specialty

Retail)

.

3,900

Fuji

Electric

Co.

Ltd.

(Electrical

Equipment)

25,200

FUJIFILM

Holdings

Corp.

(Technology

Hardware,

Storage

&

Peripherals)

..

27,000

Fujikura

Ltd.

(Electrical

Equipment)

....

743

109,000

Fujitsu

Ltd.

(IT

Services)(b)

..........

2,229

185,500

Hitachi

Ltd.

(Industrial

Conglomerates)

..

5,442

20,700

Hoya

Corp.

(Health

Care

Equipment

&

Supplies)

....................

3,589

36,500

Iida

Group

Holdings

Co.

Ltd.

(Household

Durables)

...................

562

39,100

Inpex

Corp.

(Oil,

Gas

&

Consumable

Fuels)

1,157

22,100

Isetan

Mitsukoshi

Holdings

Ltd.

(Broadline

Retail)

......................

21,000

Isuzu

Motors

Ltd.

(Automobiles)

.......

461,585

ITOCHU

Corp.

(Trading

Companies

&

Distributors)

.................

5,872

141,200

Japan

Exchange

Group,

Inc.

(Capital

Markets)

....................

1,649

24,900

Japan

Post

Insurance

Co.

Ltd.

(Insurance)(b)

35,900

JX

Advanced

Metals

Corp.

(Metals

&

Mining)

.....................

796

46,000

Kawasaki

Heavy

Industries

Ltd.

(Machinery)

.................

865

52,200

Kawasaki

Kisen

Kaisha

Ltd.

(Marine

Transportation)

...............

882

202,400

KDDI

Corp.

(Wireless

Telecommunication

Services)

....................

3,447

6,100

Keyence

Corp.

(Electronic

Equipment,

Instruments

&

Components)

......

2,171

6,345

Komatsu

Ltd.

(Machinery)

...........

11,600

Kyoto

Financial

Group,

Inc.

(Banks)

....

1,800

Lasertec

Corp.

(Semiconductors

&

Semiconductor

Equipment)

.......

27,600

M3,

Inc.

(Health

Care

Technology)

.....

63,300

Marubeni

Corp.

(Trading

Companies

&

Distributors)

.................

2,316

171,435

Mitsubishi

Corp.

(Trading

Companies

&

Distributors)

.................

5,882

34,200

Mitsubishi

Estate

Co.

Ltd.

(Real

Estate

Management

&

Development)

.....

949

97,000

Mitsubishi

Heavy

Industries

Ltd.

(Machinery)

.................

2,665

432,200

Mitsubishi

UFJ

Financial

Group,

Inc.

(Banks)

.....................

7,319

HC

CAPITAL

TRUST

The

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Japan

(continued)

263,576

Mitsui

&

Co.

Ltd.

(Trading

Companies

&

Distributors)

.................

$

10,188

108,300

Mitsui

Fudosan

Co.

Ltd.

(Real

Estate

Management

&

Development)

.....

1,155

25,000

Mitsui

OSK

Lines

Ltd.

(Marine

Transportation)

...............

1,039

10,600

Mizuho

Financial

Group,

Inc.

(Banks)

...

87,200

Murata

Manufacturing

Co.

Ltd.

(Electronic

Equipment,

Instruments

&

Components)

.................

1,957

73,500

NEC

Corp.

(IT

Services)

.............

1,829

19,200

Nikon

Corp.

(Household

Durables)

.....

5,400

Nintendo

Co.

Ltd.

(Entertainment)

......

6,300

Nippon

Sanso

Holdings

Corp.

(Chemicals)

154,000

Nippon

Steel

Corp.

(Metals

&

Mining)

..

568

17,800

Nomura

Research

Institute

Ltd.

(IT

Services)

....................

910,000

NTT,

Inc.

(Diversified

Telecommunication

Services)

....................

911

10,800

ORIX

Corp.

(Financial

Services)

.......

15,600

Otsuka

Holdings

Co.

Ltd.

(Pharmaceuticals)

1,107

63,500

Pan

Pacific

International

Holdings

Corp.

(Broadline

Retail)

.............

243,800

Rakuten

Group,

Inc.

(Broadline

Retail)(a)(b)

1,140

16,100

Ryohin

Keikaku

Co.

Ltd.

(Broadline

Retail)

30,600

SBI

Holdings,

Inc.

(Capital

Markets)

....

567

9,600

SCREEN

Holdings

Co.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

..................

572

35,552

Sekisui

House

Ltd.

(Household

Durables)

797

21,700

Seven

&

i

Holdings

Co.

Ltd.

(Consumer

Staples

Distribution

&

Retail)

.....

17,000

Shin-Etsu

Chemical

Co.

Ltd.

(Chemicals)

692

17,700

Shionogi

&

Co.

Ltd.

(Pharmaceuticals)

..

29,200

Shiseido

Co.

Ltd.

(Personal

Care

Products)

597

37,800

SoftBank

Group

Corp.

(Wireless

Telecommunication

Services)

.....

921

38,400

Sompo

Holdings,

Inc.

(Insurance)

......

1,495

89,300

Sony

Group

Corp.

(Household

Durables)

.

1,861

15,200

Subaru

Corp.

(Automobiles)

..........

35,700

Sumitomo

Electric

Industries

Ltd.

(Automobile

Components)

.......

2,029

42,444

Sumitomo

Mitsui

Financial

Group,

Inc.

(Banks)

.....................

1,396

9,600

Sumitomo

Realty

&

Development

Co.

Ltd.

(Real

Estate

Management

&

Development)

................

22,400

The

Chiba

Bank

Ltd.

(Banks)

.........

29,700

Tokio

Marine

Holdings,

Inc.

(Insurance)

.

1,394

26,400

Tokyo

Electron

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

.......

6,560

53,100

Tokyo

Gas

Co.

Ltd.

(Gas

Utilities)

......

2,501

25,700

Tokyu

Fudosan

Holdings

Corp.

(Real

Estate

Management

&

Development)(b)

..

17,900

Toyota

Industries

Corp.

(Machinery)(a)

..

2,315

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Japan

(continued)

485,000

Toyota

Motor

Corp.

(Automobiles)(b)

...

$

10,082

20,310

Toyota

Tsusho

Corp.

(Trading

Companies

&

Distributors)

.................

787

58,300

Unicharm

Corp.

(Household

Products)

...

293,700

Yokohama

Financial

Group,

Inc.

(Banks)

.

2,622

15,200

Zensho

Holdings

Co.

Ltd.

(Hotels,

Restaurants

&

Leisure)

..........

888

17,100

ZOZO,

Inc.

(Specialty

Retail)(b)

.......

127,353

Luxembourg

—

0.63%

27,423

ArcelorMittal

SA

(Metals

&

Mining)

....

1,422

96,377

Tenaris

SA

(Energy

Equipment

&

Services)

2,817

4,239

Netherlands

—

4.01%

57,506

ABN

AMRO

Bank

N.V.,

Class

CV

(Banks)

1,823

73,595

Aegon

Ltd.

(Insurance)

..............

538

22,207

Akzo

Nobel

N.V.

(Chemicals)

.........

1,276

1,819

Argenx

SE

(Biotechnology)(a)

........

1,320

10,915

ASML

Holding

N.V.

(Semiconductors

&

Semiconductor

Equipment)(b)

.....

14,513

4,144

EXOR

N.V.

(Financial

Services)

.......

17,315

ING

Groep

N.V.

(Banks)

.............

52,086

Koninklijke

Ahold

Delhaize

N.V.

(Consumer

Staples

Distribution

&

Retail)

.....

2,425

3,089

Nebius

Group

N.V.,

Class

A

(Software)(a)

24,262

Prosus

N.V.

(Broadline

Retail)(a)(b)

....

1,123

11,417

QIAGEN

N.V.

(Life

Sciences

Tools

&

Services)

....................

206,567

Stellantis

N.V.

(Automobiles)

.........

1,493

11,119

The

Magnum

Ice

Cream

Co.

N.V.

(Food

Products)(a)

..................

1,552

Topicus.com,

Inc.

(Software)(a)

........

11,488

Wolters

Kluwer

N.V.

(Professional

Services)

858

27,184

New

Zealand

—

0.09%

67,210

Auckland

International

Airport

Ltd.

(Transportation

Infrastructure)

.....

6,147

Xero

Ltd.

(Software)(a)

.............

632

Norway

—

0.84%

11,596

DNB

Bank

ASA

(Banks)

............

96,198

Equinor

ASA

(Oil,

Gas

&

Consumable

Fuels)

......................

4,101

21,419

Salmar

ASA

(Food

Products)

.........

1,251

5,715

Poland

—

0.10%

37,399

InPost

SA

(Air

Freight

&

Logistics)(a)

...

662

HC

CAPITAL

TRUST

The

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Singapore

—

1.16%

532,772

CapitaLand

Ascendas

REIT

(Industrial

REITs)(b)

...................

$

1,028

179,628

CapitaLand

Integrated

Commercial

Trust

(Diversified

REITs)

............

130,600

CapitaLand

Investment

Ltd.

(Real

Estate

Management

&

Development)

.....

63,580

DBS

Group

Holdings

Ltd.

(Banks)

.....

2,831

14,500

Oversea-Chinese

Banking

Corp.

Ltd.

(Banks)

.....................

3,804

Sea

Ltd.,

ADR

(Broadline

Retail)(a)

....

209,400

Sembcorp

Industries

Ltd.

(Multi-Utilities)

1,088

58,700

Singapore

Airlines

Ltd.

(Passenger

Airlines)

(b) ........................

18,700

Singapore

Exchange

Ltd.

(Capital

Markets)

6,600

United

Overseas

Bank

Ltd.

(Banks)

.....

320,900

Wilmar

International

Ltd.

(Food

Products)

964

7,851

South

Africa

—

0.04%

4,663

Thungela

Resources

Ltd.

(Oil,

Gas

&

Consumable

Fuels)(a)

...........

2,524

Valterra

Platinum

Ltd.

(Metals

&

Mining)

Spain

—

3.41%

1,698

Acciona

SA

(Electric

Utilities)

........

4,787

ACS

Actividades

de

Construccion

y

Servicios

SA

(Construction

&

Engineering)

.................

584

14,510

Aena

SME

SA

(Transportation

Infrastructure)(b)

..............

620,640

Banco

Bilbao

Vizcaya

Argentaria

SA

(Banks)

.....................

13,404

44,082

Banco

Santander

SA

(Banks)(b)

.......

28,433

Bankinter

SA

(Banks)

...............

62,673

CaixaBank

SA

(Banks)

..............

751

264,265

Iberdrola

SA

(Electric

Utilities)

........

6,049

17,963

Repsol

SA

(Oil,

Gas

&

Consumable

Fuels)

506

23,112

Sweden

—

2.48%

1,283

Alleima

AB

(Metals

&

Mining)

........

10,590

Assa

Abloy

AB,

Class

B

(Building

Products)

90,968

Atlas

Copco

AB,

Class

A

(Machinery)

...

1,606

59,272

Atlas

Copco

AB,

Class

B

(Machinery)

...

927

51,812

Essity

AB,

Class

B

(Household

Products)

.

1,336

37,773

Hexagon

AB,

Class

B

(Electronic

Equipment,

Instruments

&

Components)

.................

11,977

Securitas

AB,

Class

B

(Commercial

Services

&

Supplies)

..................

51,934

Skandinaviska

Enskilda

Banken

AB,

Class

A

(Banks)

.....................

960

718

Spotify

Technology

SA

(Entertainment)(a)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Sweden

(continued)

32,522

Swedbank

AB,

Class

A

(Banks)

........

$

1,109

152,471

Tele2

AB,

B

shares

(Wireless

Telecommunication

Services)

.....

3,157

492,259

Telia

Co.

AB

(Diversified

Telecommunication

Services)(b)

...

2,523

117,701

Volvo

AB,

Class

B

(Machinery)

........

3,873

16,801

Switzerland

—

8.43%

135,931

ABB

Ltd.,

Registered

Shares

(Electrical

Equipment)

..................

11,056

6,796

Accelleron

Industries

AG

(Electrical

Equipment)

..................

614

1,044

Barry

Callebaut

AG,

Registered

Shares

(Food

Products)(b)

.............

1,836

19,821

Cie

Financiere

Richemont

SA,

Registered

Shares

(Textiles,

Apparel

&

Luxury

Goods)

.....................

3,501

13,970

Coca-Cola

HBC

AG

(Beverages)(a)

.....

787

387,007

Glencore

PLC

(Metals

&

Mining)(a)(b)

..

2,931

1,769

Helvetia

Baloise

Holding

AG,

Registered

Shares

(Insurance)

.............

4,277

Lonza

Group

AG,

Registered

Shares

(Life

Sciences

Tools

&

Services)(b)

.....

2,744

8,432

Medacta

Group

SA

(Health

Care

Equipment

&

Supplies)(d)

................

1,594

52,513

Nestle

SA,

Registered

Shares

(Food

Products)

....................

5,152

63,879

Novartis

AG,

Registered

Shares

(Pharmaceuticals)

.............

9,808

12,159

Roche

Holding

AG

(Pharmaceuticals)

...

4,854

13,543

Sandoz

Group

AG

(Pharmaceuticals)

....

1,061

1,212

Swisscom

AG,

Registered

Shares

(Diversified

Telecommunication

Services)

....................

1,017

191,523

UBS

Group

AG

(Capital

Markets)

......

7,470

3,139

Zurich

Insurance

Group

AG

(Insurance)(b)

2,219

57,102

United

Kingdom

—

11.69%

38,163

3i

Group

PLC

(Capital

Markets)

.......

1,244

5,633

Admiral

Group

PLC

(Insurance)

.......

21,731

Anglo

American

PLC

(Metals

&

Mining)

.

933

53,176

AstraZeneca

PLC

(Pharmaceuticals)(b)

..

10,396

153,808

Aviva

PLC

(Insurance)

..............

1,234

121,738

BAE

Systems

PLC

(Aerospace

&

Defense)

3,569

70,581

Barclays

PLC

(Banks)(b)

............

54,861

BP

PLC

(Oil,

Gas

&

Consumable

Fuels)

.

51,346

British

American

Tobacco

PLC

(Tobacco)

2,981

12,788

Bunzl

PLC

(Trading

Companies

&

Distributors)

.................

18,966

Coca-Cola

Europacific

Partners

PLC

(Beverages)

..................

1,720

68,973

Compass

Group

PLC

(Hotels,

Restaurants

&

Leisure)

....................

1,924

HC

CAPITAL

TRUST

The

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

Kingdom

(continued)

53,540

GSK

PLC

(Pharmaceuticals)

..........

$

1,475

201,267

Haleon

PLC

(Pharmaceuticals)

........

996

223,327

HSBC

Holdings

PLC

(Banks)

.........

3,667

90,451

Imperial

Brands

PLC

(Tobacco)

.......

3,667

242,896

Informa

PLC

(Media)

...............

2,439

6,566

InterContinental

Hotels

Group

PLC

(Hotels,

Restaurants

&

Leisure)

..........

866

480,645

J

Sainsbury

PLC

(Consumer

Staples

Distribution

&

Retail)

...........

2,156

114,719

Kingfisher

PLC

(Specialty

Retail)

......

134,325

Legal

&

General

Group

PLC

(Insurance)

.

114,631

National

Grid

PLC

(Multi-Utilities)

.....

1,935

4,989

Next

PLC

(Broadline

Retail)

..........

843

16,942

Pearson

PLC

(Diversified

Consumer

Services)

....................

9,425

Reckitt

Benckiser

Group

PLC

(Household

Products)

....................

634

56,944

RELX

PLC

(Professional

Services)

.....

1,865

66,751

Rio

Tinto

PLC

(Metals

&

Mining)

......

6,192

122,345

Rolls-Royce

Holdings

PLC

(Aerospace

&

Defense)

....................

1,858

7,432

Severn

Trent

PLC

(Water

Utilities)(b)

...

290,341

Shell

PLC

(Oil,

Gas

&

Consumable

Fuels)

13,445

100,164

Smith

&

Nephew

PLC

(Health

Care

Equipment

&

Supplies)

.........

1,587

12,142

Smiths

Group

PLC

(Industrial

Conglomerates)

...............

44,660

SSE

PLC

(Electric

Utilities)(b)

........

1,544

85,307

St.

James's

Place

PLC

(Capital

Markets)

.

1,346

33,934

The

Sage

Group

PLC

(Software)

.......

18,373

The

Weir

Group

PLC

(Machinery)(b)

....

689

49,420

Unilever

PLC

(Personal

Care

Products)

..

2,713

10,568

United

Utilities

Group

PLC

(Water

Utilities)

147,055

Verisure

PLC

(Commercial

Services

&

Supplies)(a)

..................

1,526

79,202

United

States

—

0.82%

7,239

Linde

PLC

(Chemicals)

.............

3,604

1,896

Palo

Alto

Networks,

Inc.

(Software)(a)

...

4,162

RB

Global,

Inc.

(Commercial

Services

&

Supplies)

....................

1,726

Restaurant

Brands

International,

Inc.

(Hotels,

Restaurants

&

Leisure)

....

17,119

Sunbelt

Rentals

Holdings,

Inc.

(Trading

Companies

&

Distributors)

.......

1,092

5,527

Total

Common

Stocks

(cost

$255,256)

..

629,670

Shares

Security

Description

Value

(000) Warrant

—

0.00%

Canada

—

0.00%

835

Constellation

Software,

Inc.,

3/31/40

(Software)(a)(c)

...............

$

—

Total

Warrant

(cost

$—)

............

—

Investment

Companies

—

6.05%

International

Equity

Funds

—

5.29%

197,515

iShares

Core

MSCI

EAFE

ETF

........

17,881

279,754

Vanguard

FTSE

Developed

Markets

ETF

.

17,926

35,807

Money

Market

Funds

—

0.76%

5,147,455

State

Street

Institutional

Treasury

Plus

Money

Market

Fund,

Trust

Class

,

3.55%(e)

....................

5,148

Total

Investment

Companies

(cost

$29,588)

........................

40,955

Total

Investments

(cost

$284,844)

—

99.02%

.....................

670,625

Other

assets

in

excess

of

liabilities

—

0.98%

......................

6,605

Net

Assets

-

100.00%

..............

$

677,230

Amounts

designated

as

"—"

are

$0

or

have

been

rounded

to

$0.

(a) Represents

non-income

producing

security.

(b) Represents

a

security

purchased

under

Rule

144A

or

Section

4(2)

and

is

exempt

from

registration

under

the

Securities

Act

of

1933,

as

amended,

or

is

otherwise

restricted

to

resale.

Certain

of

these

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

These

securities

have

been

deemed

liquid

by

the

Specialist

Manager.

(c) Security

was

valued

using

significant

unobservable

inputs

as

of

March

31,

2026. (d) Represents

a

security

purchased

under

Rule

144A

or

Section

4(2)

and

is

exempt

from

registration

under

the

Securities

Act

of

1933,

as

amended,

or

is

otherwise

restricted

to

resale.

Certain

of

these

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

These

securities

have

been

deemed

illiquid

by

the

Specialist

Manager.

(e) Annualized

7-day

yield

as

of

period-end.

ADR—American

Depositary

Receipt

ETF

—

Exchange-Traded

Fund

PLC

—

Public

Limited

Company

REIT—Real

Estate

Investment

Trust

HC

CAPITAL

TRUST

The

International

Equity

Portfolio

Portfolio

of

Investments

(concluded)

—

March

31,

2026

(Unaudited)

As

of

March

31,

2026,

100%

of

the

Portfolio's

net

assets

were

managed

by

Parametric

Portfolio

Associated,

LLC. The

following

table

reflects

the

open

derivative

positions

held

by

the

Portfolio

as

of

March

31,

2026

.

Futures

Contracts

Purchased

\*

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000) Value

and

Unrealized

Appreciation/

(Depreciation)

(000) Mini

MSCI

EAFE

Index

Future

...................

6/18/26

$

4,787

$

$

4,787

$

Total

Unrealized

Appreciation

.....................

$

Total

Unrealized

Depreciation

.....................

—

Total

Net

Unrealized

Appreciation/(Depreciation)

.......

$

\*

Cash

has

been

pledged

as

collateral

for

futures

contracts

held

by

the

Portfolio.

HC

CAPITAL

TRUST

The

Institutional

International

Equity

Portfolio

Portfolio

of

Investments

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

—

44.67%

Australia

—

1.86%

40,282

ANZ

Group

Holdings

Ltd.

(Banks)

.....

$

1,013

65,938

APA

Group

(Gas

Utilities)

...........

7,386

Aristocrat

Leisure

Ltd.

(Hotels,

Restaurants

&

Leisure)

...................

9,733

ASX

Ltd.

(Capital

Markets)

..........

67,705

BHP

Group

Ltd.

(Metals

&

Mining)

.....

2,448

26,856

Brambles

Ltd.

(Commercial

Services

&

Supplies)

....................

5,297

CAR

Group

Ltd.

(Interactive

Media

&

Services)

....................

1,788

Cochlear

Ltd.

(Health

Care

Equipment

&

Supplies)

....................

40,121

Coles

Group

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

609

22,350

Commonwealth

Bank

of

Australia

(Banks)

2,616

9,141

Computershare

Ltd.

(Professional

Services)

7,361

CSL

Ltd.

(Biotechnology)

............

723

26,611

Evolution

Mining

Ltd.

(Metals

&

Mining)

22,889

Fortescue

Ltd.

(Metals

&

Mining)

......

27,140

Goodman

Group

(Industrial

REITs)

.....

64,781

Insurance

Australia

Group

Ltd.

(Insurance)

22,660

Lynas

Rare

Earths

Ltd.

(Metals

&

Mining)

(a) ........................

4,825

Macquarie

Group

Ltd.

(Capital

Markets)

.

685

121,142

Medibank

Pvt

Ltd.

(Insurance)

........

40,932

National

Australia

Bank

Ltd.

(Banks)

....

1,184

28,606

Northern

Star

Resources

Ltd.

(Metals

&

Mining)(b)

..................

61,869

Origin

Energy

Ltd.

(Electric

Utilities)

...

533

758

Pro

Medicus

Ltd.

(Health

Care

Technology)

10,656

Qantas

Airways

Ltd.

(Passenger

Airlines)

.

25,692

QBE

Insurance

Group

Ltd.

(Insurance)

..

688

REA

Group

Ltd.

(Interactive

Media

&

Services)

....................

4,920

Rio

Tinto

Ltd.

(Metals

&

Mining)

......

559

42,764

Santos

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

(b) ........................

70,502

Scentre

Group

(Retail

REITs)

.........

2,657

SGH

Ltd.

(Trading

Companies

&

Distributors)

.................

164,881

Sigma

Healthcare

Ltd.

(Health

Care

Providers

&

Services)

...........

18,022

Sonic

Healthcare

Ltd.

(Health

Care

Providers

&

Services)

...........

59,262

South32

Ltd.

(Metals

&

Mining)

.......

33,267

Stockland

(Diversified

REITs)

.........

20,028

Suncorp

Group

Ltd.

(Insurance)

.......

156,278

Telstra

Group

Ltd.

(Diversified

Telecommunication

Services)

.....

576

96,428

The

Lottery

Corp.

Ltd.

(Hotels,

Restaurants

&

Leisure)

...................

64,991

Transurban

Group

(Transportation

Infrastructure)

................

634

51,136

Vicinity

Ltd.

(Retail

REITs)(b)

........

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Australia

(continued)

4,513

Washington

H

Soul

Pattinson

&

Co.

Ltd.

(Financial

Services)

............

$

15,235

Wesfarmers

Ltd.

(Broadline

Retail)

.....

778

45,727

Westpac

Banking

Corp.

(Banks)

.......

1,262

2,630

WiseTech

Global

Ltd.

(Software)

.......

25,350

Woodside

Energy

Group

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

.............

602

29,147

Woolworths

Group

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

735

22,126

Austria

—

0.08%

1,101

BAWAG

Group

AG

(Banks)(a)(b)

......

4,059

Erste

Group

Bank

AG

(Banks)(b)

......

1,928

OMV

AG

(Oil,

Gas

&

Consumable

Fuels)

1,676

Raiffeisen

Bank

International

AG

(Banks)(a)

(b) ........................

972

Verbund

AG

(Electric

Utilities)

........

893

Belgium

—

0.26%

3,986

Ageas

SA/N.V.

(Insurance)(b)

.........

13,142

Anheuser-Busch

InBev

SA/N.V.

(Beverages)

..................

910

569

D'ieteren

Group

(Distributors)

.........

2,022

Elia

Group

SA/N.V.,

Class

B

(Electric

Utilities)(a)(b)

................

Financiere

de

Tubize

SA

(Pharmaceuticals)

2,069

Groupe

Bruxelles

Lambert

N.V.

(Financial

Services)

....................

3,024

KBC

Group

N.V.

(Banks)

............

Lotus

Bakeries

N.V.

(Food

Products)(b)

..

Sofina

SA

(Financial

Services)

........

955

Syensqo

SA

(Chemicals)

.............

1,696

UCB

SA

(Pharmaceuticals)

...........

511

3,087

Canada

—

1.77%

10,702

Agnico

Eagle

Mines

Ltd.

(Metals

&

Mining)

2,173

2,420

Alimentation

Couche-Tard,

Inc.

(Consumer

Staples

Distribution

&

Retail)

.....

7,932

AltaGas

Ltd.

(Gas

Utilities)

...........

48,843

Barrick

Mining

Corp.

(Metals

&

Mining)

.

1,996

15,764

BCE,

Inc.

(Diversified

Telecommunication

Services)

....................

47,651

Brookfield

Corp.

(Capital

Markets)

.....

1,931

Canadian

Imperial

Bank

of

Commerce

(Banks)

.....................

27,163

Canadian

Pacific

Kansas

City

Ltd.

(Ground

Transportation)

...............

2,138

1,548

Canadian

Tire

Corp.

Ltd.,

Class

A

(Broadline

Retail)

.............

9,407

Canadian

Utilities

Ltd.,

Class

A

(Multi-

Utilities)

....................

HC

CAPITAL

TRUST

The

Institutional

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Canada

(continued)

1,384

CCL

Industries,

Inc.,

Class

B

(Containers

&

Packaging)(b)

................

$

7,941

Celestica,

Inc.

(Electronic

Equipment,

Instruments

&

Components)(a)

....

2,240

1,756

CGI,

Inc.

(IT

Services)

..............

2,050

Dollarama,

Inc.

(Broadline

Retail)

......

2,034

Element

Fleet

Management

Corp.

(Commercial

Services

&

Supplies)(b)

7,618

Emera,

Inc.

(Electric

Utilities)

.........

9,790

Empire

Co.

Ltd.,

Class

A

(Consumer

Staples

Distribution

&

Retail)

...........

4,407

Enbridge,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

......................

Fairfax

Financial

Holdings

Ltd.

(Insurance)

703

FirstService

Corp.,

Class

WI

(Real

Estate

Management

&

Development)

.....

6,738

Fortis,

Inc.

(Electric

Utilities)

.........

3,714

George

Weston

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

4,550

GFL

Environmental,

Inc.

(Commercial

Services

&

Supplies)

...........

7,454

Great-West

Lifeco,

Inc.

(Insurance)

.....

8,906

Hydro

One

Ltd.

(Electric

Utilities)(b)

....

1,282

Intact

Financial

Corp.

(Insurance)(b)

....

4,727

Keyera

Corp.

(Oil,

Gas

&

Consumable

Fuels)

......................

6,681

Loblaw

Cos.

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

4,518

Metro,

Inc.,

Class

A

(Consumer

Staples

Distribution

&

Retail)

...........

547

National

Bank

of

Canada

(Banks)

......

3,160

Pembina

Pipeline

Corp.

(Oil,

Gas

&

Consumable

Fuels)

.............

6,183

Power

Corp.

of

Canada

(Insurance)

.....

8,001

Rogers

Communications,

Inc.,

Class

B

(Wireless

Telecommunication

Services)

....................

7,004

Saputo,

Inc.

(Food

Products)(b)

........

20,038

Shopify,

Inc.,

Class

A

(IT

Services)(a)

...

2,377

1,162

Sun

Life

Financial,

Inc.

(Insurance)

.....

2,530

TC

Energy

Corp.

(Oil,

Gas

&

Consumable

Fuels)

......................

26,912

TELUS

Corp.

(Diversified

Telecommunication

Services)

.....

1,291

The

Bank

of

Nova

Scotia

(Banks)

......

617

The

Toronto-Dominion

Bank

(Banks)

...

2,845

Thomson

Reuters

Corp.

(Professional

Services)

....................

8,297

TMX

Group

Ltd.

(Capital

Markets)

.....

784

Toromont

Industries

Ltd.

(Trading

Companies

&

Distributors)

.......

20,997

Chile

—

0.02%

5,388

Antofagasta

PLC

(Metals

&

Mining)

....

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

China

—

0.01%

36,400

Yangzijiang

Shipbuilding

Holdings

Ltd.

(Machinery)

.................

$

Czech

Republic

—

0.01%

2,574

CSG

NV

(Aerospace

&

Defense)(a)

.....

Denmark

—

1.01%

A.P.

Moller

-

Maersk

A/S,

Class

A

(Marine

Transportation)

...............

A.P.

Moller

-

Maersk

A/S,

Class

B

(Marine

Transportation)^

...............

2,851

Carlsberg

A/S,

Class

B

(Beverages)

.....

4,442

Coloplast

A/S,

Class

B

(Health

Care

Equipment

&

Supplies)

.........

8,837

Danske

Bank

A/S

(Banks)

............

1,434

Demant

A/S

(Health

Care

Equipment

&

Supplies)^(a)

.................

2,694

DSV

A/S

(Air

Freight

&

Logistics)

.....

651

804

Genmab

A/S

(Biotechnology)(a)(b)

.....

131,750

Novo

Nordisk

A/S,

ADR

(Pharmaceuticals)

4,842

89,202

Novo

Nordisk

A/S,

Class

B

(Pharmaceuticals)

.............

3,264

7,282

Novonesis

Novozymes

B

(Chemicals)

...

10,161

Orsted

A/S

(Independent

Power

and

Renewable

Electricity

Producers)(a)(b)

1,041

Pandora

A/S

(Textiles,

Apparel

&

Luxury

Goods)

.....................

4,504

ROCKWOOL

A/S,

Class

B

(Building

Products)

....................

16,790

Tryg

A/S

(Insurance)(b)

.............

13,328

Vestas

Wind

Systems

A/S

(Electrical

Equipment)

..................

12,029

Finland

—

0.52%

5,930

Elisa

Oyj

(Diversified

Telecommunication

Services)

....................

5,923

Fortum

Oyj

(Electric

Utilities)^

........

10,641

Kesko

Oyj,

Class

B

(Consumer

Staples

Distribution

&

Retail)

...........

5,395

Kone

Oyj,

Class

B

(Machinery)

........

8,735

Metso

Oyj

(Machinery)(b)

...........

5,571

Neste

Oyj

(Oil,

Gas

&

Consumable

Fuels)

70,767

Nokia

Oyj

(Communications

Equipment)

.

568

41,230

Nordea

Bank

Abp

(Banks)

...........

710

2,700

Orion

Oyj,

Class

B

(Pharmaceuticals)

...

259,515

Sampo

Oyj,

A

Shares

(Insurance)

......

2,760

7,635

Stora

Enso

Oyj,

Class

R

(Paper

&

Forest

Products)^

...................

6,919

UPM-Kymmene

Oyj

(Paper

&

Forest

Products)

....................

6,634

Wartsila

Oyj

Abp

(Machinery)

.........

6,162

HC

CAPITAL

TRUST

The

Institutional

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

France

—

5.50%

2,562

Accor

SA

(Hotels,

Restaurants

&

Leisure)

$

811

Aeroports

de

Paris

SA

(Transportation

Infrastructure)

................

7,732

Air

Liquide

SA

(Chemicals)

..........

1,598

7,911

Airbus

SE

(Aerospace

&

Defense)

......

1,496

4,565

Alstom

SA

(Machinery)(a)

...........

889

Amundi

SA

(Capital

Markets)(b)

.......

22,511

AXA

SA

(Insurance)

...............

1,034

4,535

Ayvens

SA

(Ground

Transportation)(b)

..

3,544

BioMerieux

(Health

Care

Equipment

&

Supplies)

....................

13,442

BNP

Paribas

SA

(Banks)

.............

1,280

59,702

Bollore

SE

(Oil,

Gas

&

Consumable

Fuels)

5,606

Bouygues

SA

(Construction

&

Engineering)

10,349

Bureau

Veritas

SA

(Professional

Services)

2,032

Capgemini

SE

(IT

Services)

..........

30,643

Carrefour

SA

(Consumer

Staples

Distribution

&

Retail)(b)

........

568

27,450

Cie

de

Saint-Gobain

SA

(Building

Products)

2,273

11,392

Cie

Generale

des

Etablissements

Michelin

SCA

(Automobile

Components)

...

2,775

Covivio

SA

(Diversified

REITs)

.......

17,541

Credit

Agricole

SA

(Banks)

...........

13,931

Danone

SA

(Food

Products)

..........

1,113

987

Dassault

Aviation

SA

(Aerospace

&

Defense)(b)

..................

123,741

Dassault

Systemes

SE

(Software)

......

2,504

4,061

Edenred

SE

(Financial

Services)

.......

904

Eiffage

SA

(Construction

&

Engineering)(b)

38,228

Engie

SA

(Multi-Utilities)

............

1,232

11,917

EssilorLuxottica

SA

(Health

Care

Equipment

&

Supplies)

.........

2,776

11,438

FDJ

UNITED

(Hotels,

Restaurants

&

Leisure)^

....................

2,884

Gecina

SA

(Office

REITs)(b)

..........

21,392

Getlink

SE

(Transportation

Infrastructure)

Hermes

International

SCA

(Textiles,

Apparel

&

Luxury

Goods)

..............

801

33,932

Hermes

International

SCA,

ADR

(Textiles,

Apparel

&

Luxury

Goods)

.......

6,438

1,799

Ipsen

SA

(Pharmaceuticals)

...........

981

Kering

SA

(Textiles,

Apparel

&

Luxury

Goods)

.....................

11,404

Klepierre

SA

(Retail

REITs)

..........

16,454

Legrand

SA

(Electrical

Equipment)

.....

2,556

8,130

L'Oreal

SA

(Personal

Care

Products)

....

3,319

64,800

LVMH

Moet

Hennessy

Louis

Vuitton

SE,

ADR

(Textiles,

Apparel

&

Luxury

Goods)

.....................

7,080

6,962

LVMH

Moet

Hennessy

Louis

Vuitton

SE

(Textiles,

Apparel

&

Luxury

Goods)

3,805

47,669

Orange

SA

(Diversified

Telecommunication

Services)(b)

..................

977

2,650

Pernod

Ricard

SA

(Beverages)

........

3,001

Publicis

Groupe

SA

(Media)

..........

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

France

(continued)

2,524

Renault

SA

(Automobiles)

...........

$

2,932

Rexel

SA

(Trading

Companies

&

Distributors)

.................

4,739

Safran

SA

(Aerospace

&

Defense)

......

1,551

41,682

Sanofi

SA

(Pharmaceuticals)

..........

4,024

Sartorius

Stedim

Biotech

(Life

Sciences

Tools

&

Services)

..............

14,855

Schneider

Electric

SE

(Electrical

Equipment)(b)

................

4,045

9,182

Societe

Generale

SA

(Banks)

.........

670

8,282

Sodexo

SA

(Hotels,

Restaurants

&

Leisure)

2,100

Thales

SA

(Aerospace

&

Defense)

......

615

57,818

TotalEnergies

SE

(Oil,

Gas

&

Consumable

Fuels)

......................

5,307

1,598

Unibail-Rodamco-Westfield

(Retail

REITs)

8,488

Veolia

Environnement

SA

(Multi-Utilities)

6,634

Vinci

SA

(Construction

&

Engineering)

..

996

65,339

Germany

—

3.33%

2,297

adidas

AG

(Textiles,

Apparel

&

Luxury

Goods)

.....................

5,083

Allianz

SE,

Registered

Shares

(Insurance)

2,147

11,905

BASF

SE

(Chemicals)

..............

733

13,100

Bayer

AG,

Registered

Shares

(Pharmaceuticals)

.............

606

3,753

Bayerische

Motoren

Werke

AG

(Automobiles)

................

773

Bayerische

Motoren

Werke

AG,

Preference

Shares

(Automobiles)

...........

4,550

Beiersdorf

AG

(Personal

Care

Products)

..

3,003

Brenntag

SE

(Trading

Companies

&

Distributors)

.................

9,840

Commerzbank

AG

(Banks)

...........

1,450

Continental

AG

(Automobile

Components)

2,492

CTS

Eventim

AG

&

Co.

KGaA

(Entertainment)(b)

.............

6,241

Daimler

Truck

Holding

AG

(Machinery)

.

2,889

Delivery

Hero

SE,

Class

A

(Hotels,

Restaurants

&

Leisure)(a)(b)

......

24,399

Deutsche

Bank

AG,

Registered

Shares

(Capital

Markets)

..............

726

3,780

Deutsche

Boerse

AG

(Capital

Markets)

..

1,107

7,721

Deutsche

Lufthansa

AG,

Registered

Shares

(Passenger

Airlines)(b)

..........

12,391

Deutsche

Post

AG

(Air

Freight

&

Logistics)

653

59,088

Deutsche

Telekom

AG

(Diversified

Telecommunication

Services)(b)

...

2,205

2,724

Dr.

Ing.

h.c.

F. Porsche

AG,

Preference

Shares

(Automobiles)^

..........

50,340

E.ON

SE

(Multi-Utilities)

............

1,102

3,179

Evonik

Industries

AG

(Chemicals)

......

6,998

Fresenius

Medical

Care

AG

(Health

Care

Providers

&

Services)

...........

HC

CAPITAL

TRUST

The

Institutional

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Germany

(continued)

9,124

Fresenius

SE

&

Co.

KGaA

(Health

Care

Providers

&

Services)

...........

$

4,304

GEA

Group

AG

(Machinery)

.........

1,748

Hannover

Rueck

SE

(Insurance)

.......

549

1,765

Heidelberg

Materials

AG

(Construction

Materials)(b)

.................

1,357

Henkel

AG

&

Co.

KGaA

(Household

Products)

....................

6,535

Henkel

AG

&

Co.

KGaA,

Preference

Shares

(Household

Products)

...........

505

837

Hensoldt

AG

(Aerospace

&

Defense)

....

HOCHTIEF

AG

(Construction

&

Engineering)

.................

60,535

Infineon

Technologies

AG

(Semiconductors

&

Semiconductor

Equipment)(b)

...

2,746

952

Knorr-Bremse

AG

(Machinery)

........

4,634

LEG

Immobilien

SE

(Real

Estate

Management

&

Development)

.....

9,623

Mercedes-Benz

Group

AG

(Automobiles)

591

3,320

Merck

KGaA

(Pharmaceuticals)

.......

709

MTU

Aero

Engines

AG

(Aerospace

&

Defense)

....................

1,968

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen,

Class

R

(Insurance)

..................

1,243

737

Nemetschek

SE

(Software)

...........

3,855

Porsche

Automobil

Holding

SE,

Preference

Shares

(Automobiles)

...........

Rational

AG

(Machinery)

............

1,808

Rheinmetall

AG

(Aerospace

&

Defense)

.

3,049

14,017

RWE

AG

(Independent

Power

and

Renewable

Electricity

Producers)

..

943

25,304

SAP

SE

(Software)

.................

4,315

Sartorius

AG,

Preference

Shares

(Life

Sciences

Tools

&

Services)(b)

.....

4,183

Scout24

SE

(Interactive

Media

&

Services)

(b) ........................

18,270

Siemens

AG,

Registered

Shares

(Industrial

Conglomerates)

...............

4,451

22,260

Siemens

Energy

AG

(Electrical

Equipment)

(b) ........................

3,839

7,884

Siemens

Healthineers

AG

(Health

Care

Equipment

&

Supplies)(b)

.......

5,794

Symrise

AG,

Class

A

(Chemicals)(b)

....

1,196

Talanx

AG

(Insurance)

..............

2,711

Volkswagen

AG,

Preference

Shares

(Automobiles)

................

19,533

Vonovia

SE

(Real

Estate

Management

&

Development)

................

3,202

Zalando

SE

(Specialty

Retail)(a)(b)

.....

39,530

Guernsey

—

0.07%

807,069

Chrysalis

Investments

Ltd.

(Financial

Services)(a)(b)

................

881

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Hong

Kong

—

0.81%

354,918

AIA

Group

Ltd.

(Insurance)

..........

$

3,945

48,695

BOC

Hong

Kong

Holdings

Ltd.

(Banks)

.

588,000

China

Common

Rich

Renewable

Energy

Investment

Ltd.

(Independent

Power

and

Renewable

Electricity

Producers)

(a)(c) ......................

—

25,200

CK

Asset

Holdings

Ltd.

(Real

Estate

Management

&

Development)

.....

35,410

CK

Hutchison

Holdings

Ltd.

(Industrial

Conglomerates)

...............

27,000

CK

Infrastructure

Holdings

Ltd.

(Electric

Utilities)

....................

35,719

CLP

Holdings

Ltd.

(Electric

Utilities)

...

792

Futu

Holdings

Ltd.,

ADR

(Capital

Markets)

(a)(b) ......................

26,000

Galaxy

Entertainment

Group

Ltd.

(Hotels,

Restaurants

&

Leisure)

..........

18,845

Henderson

Land

Development

Co.

Ltd.

(Real

Estate

Management

&

Development)

................

167,550

HKT

Trust

&

HKT

Ltd.,

Class

SS

(Diversified

Telecommunication

Services)(b)

..................

252,247

Hong

Kong

&

China

Gas

Co.

Ltd.

(Gas

Utilities)

....................

16,100

Hong

Kong

Exchanges

&

Clearing

Ltd.

(Capital

Markets)

..............

812

27,040

Hongkong

Land

Holdings

Ltd.

(Real

Estate

Management

&

Development)

.....

3,700

Jardine

Matheson

Holdings

Ltd.

(Industrial

Conglomerates)

...............

36,106

Link

REIT

(Retail

REITs)

............

30,000

MTR

Corp.

Ltd.

(Ground

Transportation)

.

39,368

Power

Assets

Holdings

Ltd.

(Electric

Utilities)

....................

33,947

Prudential

PLC

(Insurance)

...........

99,328

Sino

Land

Co.

Ltd.

(Real

Estate

Management

&

Development)

.....

18,000

SITC

International

Holdings

Co.

Ltd.

(Marine

Transportation)

.........

19,360

Sun

Hung

Kai

Properties

Ltd.

(Real

Estate

Management

&

Development)

.....

11,430

Swire

Pacific

Ltd.,

Class

A

(Industrial

Conglomerates)

...............

20,000

Techtronic

Industries

Co.

Ltd.

(Machinery)

13,000

The

Wharf

Holdings

Ltd.

(Real

Estate

Management

&

Development)

.....

155,856

WH

Group

Ltd.

(Food

Products)(b)

.....

23,000

Wharf

Real

Estate

Investment

Co.

Ltd.

(Real

Estate

Management

&

Development)

9,572

Ireland

(Republic

of)

—

1.04%

14,008

AerCap

Holdings

N.V.

(Trading

Companies

&

Distributors)

...............

1,922

4,032

AerCap

Holdings

N.V.

(Trading

Companies

&

Distributors)

...............

553

HC

CAPITAL

TRUST

The

Institutional

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Ireland

(Republic

of)

(continued)

28,160

AIB

Group

PLC

(Banks)(b)

..........

$

12,694

Bank

of

Ireland

Group

PLC

(Banks)

....

18,626

CRH

PLC

(Construction

Materials)

.....

1,958

78,555

Experian

PLC

(Professional

Services)

...

2,716

2,167

Kerry

Group

PLC,

Class

A

(Food

Products)

(b) ........................

2,032

Kingspan

Group

PLC

(Building

Products)

11,184

Ryanair

Holdings

PLC

(Passenger

Airlines)

(b) ........................

34,019

Ryanair

Holdings

PLC,

ADR

(Passenger

Airlines)

....................

1,966

9,616

TE

Connectivity

PLC

(Electronic

Equipment,

Instruments

&

Components)

.................

2,010

12,318

Israel

—

0.47%

818

Azrieli

Group

Ltd.

(Real

Estate

Management

&

Development)

..............

16,471

Bank

Hapoalim

BM

(Banks)

..........

19,675

Bank

Leumi

Le-Israel

BM,

Class

IS

(Banks)

1,854

Check

Point

Software

Technologies

Ltd.

(Software)(a)

.................

628

Elbit

Systems

Ltd.

(Aerospace

&

Defense)

530

35,264

ICL

Group

Ltd.

(Chemicals)

..........

Isracard

Ltd.

(Consumer

Finance)

......

—

16,027

Israel

Discount

Bank

Ltd.,

Class

A

(Banks)

2,038

Mizrahi

Tefahot

Bank

Ltd.

(Banks)

.....

596

Monday.com

Ltd.

(Software)(a)

........

1,472

Nice

Ltd.

(Software)(a)

..............

616

Nova

Ltd.

(Semiconductors

&

Semiconductor

Equipment)(a)

.....

2,985

Phoenix

Financial

Ltd.

(Insurance)

.....

65,565

Teva

Pharmaceutical

Industries

Ltd.

(Pharmaceuticals)(a)

...........

1,969

15,376

Teva

Pharmaceutical

Industries

Ltd.,

ADR

(Pharmaceuticals)(a)

...........

1,513

Tower

Semiconductor

Ltd.

(Semiconductors

&

Semiconductor

Equipment)(a)

...

5,560

Italy

—

1.77%

3,207

Banca

Mediolanum

SpA

(Financial

Services)

....................

25,980

Banca

Monte

dei

Paschi

di

Siena

SpA

(Banks)(b)

...................

14,965

Banco

BPM

SpA

(Banks)

............

19,242

BPER

Banca

SPA

(Banks)

...........

971

Buzzi

SpA

(Construction

Materials)

.....

37,178

Davide

Campari-Milano

N.V.,

Class

M

(Beverages)(b)

................

335,743

Enel

SpA

(Electric

Utilities)(b)

........

3,671

34,455

Eni

SpA

(Oil,

Gas

&

Consumable

Fuels)

.

979

6,072

Ferrari

N.V.

(Automobiles)

...........

2,055

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Italy

(continued)

1,686

Ferrari

N.V.

(Automobiles)

...........

$

572

8,403

FinecoBank

Banca

Fineco

SpA

(Banks)

..

13,919

Generali

(Insurance)

................

560

23,339

Infrastrutture

Wireless

Italiane

SpA

(Diversified

Telecommunication

Services)^(b)

.................

522,919

Intesa

Sanpaolo

SpA

(Banks)(b)

.......

3,162

8,367

Italgas

SpA

(Gas

Utilities)(b)

.........

5,339

Leonardo

SpA

(Aerospace

&

Defense)

...

4,190

Moncler

SpA

(Textiles,

Apparel

&

Luxury

Goods)

.....................

10,705

Poste

Italiane

SpA

(Financial

Services)(b)

23,198

Prysmian

SpA

(Electrical

Equipment)

...

2,741

4,635

Recordati

Industria

Chimica

e

Farmaceutica

SpA

(Pharmaceuticals)

..........

62,479

Snam

SpA

(Gas

Utilities)

............

78,819

Telecom

Italia

SpA

(Diversified

Telecommunication

Services)

.....

257,188

Telecom

Italia

SpA/Milano

(Diversified

Telecommunication

Services)

.....

43,068

Terna

-

Rete

Elettrica

Nazionale

(Electric

Utilities)

....................

44,971

UniCredit

SpA

(Banks)

..............

3,226

4,712

Unipol

Assicurazioni

SpA

(Insurance)

...

20,955

Japan

—

8.07%

10,200

Advantest

Corp.

(Semiconductors

&

Semiconductor

Equipment)(b)

.....

1,408

49,600

Aeon

Co.

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

593

4,465

AGC,

Inc.

(Building

Products)

........

6,500

Aisin

Corp.

(Automobile

Components)

..

17,300

Ajinomoto

Co.,

Inc.

(Food

Products)

....

14,300

ANA

Holdings,

Inc.

(Passenger

Airlines)(b)

40,500

Asahi

Group

Holdings

Ltd.

(Beverages)(b)

27,110

Asahi

Kasei

Corp.

(Chemicals)

........

9,200

Asics

Corp.

(Textiles,

Apparel

&

Luxury

Goods)

.....................

38,190

Astellas

Pharma,

Inc.

(Pharmaceuticals)^

.

623

11,000

Bandai

Namco

Holdings,

Inc.

(Leisure

Products)

....................

18,020

Bridgestone

Corp.

(Automobile

Components)

.................

50,189

Broadmedia

Corp.

(Diversified

Telecommunication

Services)

.....

704

43,400

Calbee,

Inc.

(Food

Products)

..........

845

11,447

Canon,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)

................

4,600

Capcom

Co.

Ltd.

(Entertainment)^

.....

17,000

Central

Japan

Railway

Co.

(Ground

Transportation)

...............

18,800

Chubu

Electric

Power

Co.,

Inc.

(Electric

Utilities)

....................

HC

CAPITAL

TRUST

The

Institutional

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Japan

(continued)

11,200

Chugai

Pharmaceutical

Co.

Ltd.

(Pharmaceuticals)

.............

$

618

8,578

Dai

Nippon

Printing

Co.

Ltd.

(Commercial

Services

&

Supplies)

...........

4,300

Daifuku

Co.

Ltd.

(Machinery)

.........

46,300

Daiichi

Life

Group,

Inc.

(Insurance)

....

24,200

Daiichi

Sankyo

Co.

Ltd.

(Pharmaceuticals)

3,500

Daikin

Industries

Ltd.

(Building

Products)

17,935

Daito

Trust

Construction

Co.

Ltd.

(Real

Estate

Management

&

Development)^

11,630

Daiwa

House

Industry

Co.

Ltd.

(Real

Estate

Management

&

Development)^

....

17,600

Daiwa

Securities

Group,

Inc.

(Capital

Markets)

....................

23,100

Denso

Corp.

(Automobile

Components)

..

1,200

Disco

Corp.

(Semiconductors

&

Semiconductor

Equipment)

.......

23,700

East

Japan

Railway

Co.

(Ground

Transportation)

...............

542

6,300

Ebara

Corp.

(Machinery)

............

45,372

Eiken

Chemical

Co.

Ltd.

(Health

Care

Equipment

&

Supplies)

.........

890

8,900

Eisai

Co.

Ltd.

(Pharmaceuticals)^

......

35,778

ENEOS

Holdings,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

.............

12,300

FANUC

Corp.

(Machinery)

...........

2,500

Fast

Retailing

Co.

Ltd.

(Specialty

Retail)

.

988

1,900

Fuji

Electric

Co.

Ltd.

(Electrical

Equipment)

2,215

Fuji

Media

Holdings,

Inc.

(Media)

......

14,730

FUJIFILM

Holdings

Corp.

(Technology

Hardware,

Storage

&

Peripherals)

..

20,400

Fujikura

Ltd.

(Electrical

Equipment)

....

561

23,700

Fujitsu

Ltd.

(IT

Services)(b)

..........

52,100

GungHo

Online

Entertainment,

Inc.

(Entertainment)

...............

808

11,300

Hankyu

Hanshin

Holdings,

Inc.

(Ground

Transportation)^

...............

104,378

Helios

Techno

Holding

Co.

Ltd.

(Electrical

Equipment)

..................

752

600

Hikari

Tsushin,

Inc.

(Industrial

Conglomerates)

...............

132,300

Hitachi

Ltd.

(Industrial

Conglomerates)

..

3,880

49,462

Honda

Motor

Co.

Ltd.

(Automobiles)^

...

4,500

Hoya

Corp.

(Health

Care

Equipment

&

Supplies)

....................

780

20,900

Hulic

Co.

Ltd.

(Real

Estate

Management

&

Development)

................

3,200

Ibiden

Co.

Ltd.

(Electronic

Equipment,

Instruments

&

Components)^

.....

16,895

Idemitsu

Kosan

Co.

Ltd.

(Oil,

Gas

&

Consumable

Fuels)(b)

..........

14,000

IHI

Corp.

(Machinery)

..............

62,600

Ines

Corp.

(IT

Services)

.............

773

11,700

Inpex

Corp.

(Oil,

Gas

&

Consumable

Fuels)

101,208

Inter

Action

Corp.

(Semiconductors

&

Semiconductor

Equipment)

.......

870

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Japan

(continued)

7,070

Isuzu

Motors

Ltd.

(Automobiles)

.......

$

79,690

ITOCHU

Corp.

(Trading

Companies

&

Distributors)

.................

1,014

12,000

Japan

Airlines

Co.

Ltd.

(Passenger

Airlines)

(b) ........................

13,100

Japan

Exchange

Group,

Inc.

(Capital

Markets)

....................

23,600

Japan

Post

Bank

Co.

Ltd.

(Banks)(b)

....

24,160

Japan

Post

Holdings

Co.

Ltd.

(Insurance)(b)

6,900

Japan

Post

Insurance

Co.

Ltd.

(Insurance)(b)

19,927

Japan

Tobacco,

Inc.

(Tobacco)

.........

765

11,900

JFE

Holdings,

Inc.

(Metals

&

Mining)^(b)

7,400

JX

Advanced

Metals

Corp.

(Metals

&

Mining)

.....................

5,600

Kajima

Corp.

(Construction

&

Engineering)

12,900

Kao

Corp.

(Personal

Care

Products)

.....

502

10,000

Kawasaki

Heavy

Industries

Ltd.

(Machinery)

.................

4,600

Kawasaki

Kisen

Kaisha

Ltd.

(Marine

Transportation)^

...............

55,400

KDDI

Corp.

(Wireless

Telecommunication

Services)

....................

944

2,600

Keyence

Corp.

(Electronic

Equipment,

Instruments

&

Components)

......

925

8,700

Kikkoman

Corp.

(Food

Products)

......

2,500

Kioxia

Holdings

Corp.

(Semiconductors

&

Semiconductor

Equipment)(a)

.....

28,310

Kirin

Holdings

Co.

Ltd.

(Beverages)

....

13,600

Kobe

Bussan

Co.

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

159,600

Kokuyo

Co.

Ltd.

(Commercial

Services

&

Supplies)

....................

866

12,690

Komatsu

Ltd.

(Machinery)

...........

505

1,900

Konami

Group

Corp.

(Entertainment)

...

12,800

Kubota

Corp.

(Machinery)

...........

16,980

Kyocera

Corp.

(Electronic

Equipment,

Instruments

&

Components)

......

17,200

Kyowa

Kirin

Co.

Ltd.

(Pharmaceuticals)

.

1,100

Lasertec

Corp.

(Semiconductors

&

Semiconductor

Equipment)

.......

60,972

LIFENET

INSURANCE

Co.

(Insurance)(a)

782

115,000

LY

Corp.

(Interactive

Media

&

Services)

.

16,500

M3,

Inc.

(Health

Care

Technology)

.....

2,900

Makita

Corp.

(Machinery)

...........

18,871

Marubeni

Corp.

(Trading

Companies

&

Distributors)

.................

690

15,500

Maruzen

Showa

Unyu

Co.

Ltd.

(Ground

Transportation)

...............

810

18,300

MatsukiyoCocokara

&

Co.

(Consumer

Staples

Distribution

&

Retail)^

....

5,100

MINEBEA

MITSUMI,

Inc.

(Machinery)

.

16,810

Mitsubishi

Chemical

Group

Corp.

(Chemicals)^

.................

43,120

Mitsubishi

Corp.

(Trading

Companies

&

Distributors)

.................

1,479

HC

CAPITAL

TRUST

The

Institutional

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Japan

(continued)

25,390

Mitsubishi

Electric

Corp.

(Electrical

Equipment)

..................

$

831

14,100

Mitsubishi

Estate

Co.

Ltd.

(Real

Estate

Management

&

Development)

.....

19,300

Mitsubishi

HC

Capital,

Inc.

(Financial

Services)^

...................

42,570

Mitsubishi

Heavy

Industries

Ltd.

(Machinery)

.................

1,170

150,482

Mitsubishi

UFJ

Financial

Group,

Inc.

(Banks)

.....................

2,547

32,832

Mitsui

&

Co.

Ltd.

(Trading

Companies

&

Distributors)

.................

1,269

34,900

Mitsui

Fudosan

Co.

Ltd.

(Real

Estate

Management

&

Development)

.....

7,400

Mitsui

OSK

Lines

Ltd.

(Marine

Transportation)^

...............

33,352

Mizuho

Financial

Group,

Inc.

(Banks)

...

1,350

20,400

MonotaRO

Co.

Ltd.

(Trading

Companies

&

Distributors)

.................

17,300

MS&AD

Insurance

Group

Holdings,

Inc.

(Insurance)^

.................

22,400

Murata

Manufacturing

Co.

Ltd.

(Electronic

Equipment,

Instruments

&

Components)

.................

503

92,793

Nakano

Corp.

(Construction

&

Engineering)

782

17,250

NEC

Corp.

(IT

Services)

.............

7,000

Nexon

Co.

Ltd.

(Entertainment)

.......

11,000

NIDEC

Corp.

(Electrical

Equipment)(a)

..

14,800

Nintendo

Co.

Ltd.

(Entertainment)

......

845

Nippon

Building

Fund,

Inc.

(Office

REITs)

30,100

Nippon

Paint

Holdings

Co.

Ltd.

(Chemicals)

(b) ........................

2,200

Nippon

Sanso

Holdings

Corp.

(Chemicals)^

87,400

Nippon

Steel

Corp.

(Metals

&

Mining)^

..

8,400

Nippon

Yusen

KK

(Marine

Transportation)^

29,400

Nissan

Motor

Co.

Ltd.

(Automobiles)(a)

.

131,850

Nissan

Shatai

Co.

Ltd.

(Automobiles)

...

805

20,000

Nitori

Holdings

Co.

Ltd.

(Specialty

Retail)^

8,900

Nitto

Denko

Corp.

(Chemicals)

........

39,600

Nomura

Holdings,

Inc.

(Capital

Markets)

.

10,120

Nomura

Research

Institute

Ltd.

(IT

Services)

....................

57,100

Noritz

Corp.

(Household

Durables)

.....

840

675,100

NTT,

Inc.

(Diversified

Telecommunication

Services)^

...................

676

10,300

Obayashi

Corp.

(Construction

&

Engineering)

.................

17,200

Obic

Co.

Ltd.

(IT

Services)^

..........

20,100

Olympus

Corp.

(Health

Care

Equipment

&

Supplies)^

...................

5,300

Oracle

Corp.

Japan

(Software)

.........

26,200

Oriental

Land

Co.

Ltd.

(Hotels,

Restaurants

&

Leisure)

...................

15,600

ORIX

Corp.

(Financial

Services)

.......

9,045

Osaka

Gas

Co.

Ltd.

(Gas

Utilities)

......

15,800

Otsuka

Corp.

(IT

Services)

...........

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Japan

(continued)

8,500

Otsuka

Holdings

Co.

Ltd.

(Pharmaceuticals)

$

604

47,000

Pan

Pacific

International

Holdings

Corp.

(Broadline

Retail)

.............

31,300

Panasonic

Holdings

Corp.

(Household

Durables)

...................

525

20,100

Rakuten

Group,

Inc.

(Broadline

Retail)(a)(b)

18,700

Recruit

Holdings

Co.

Ltd.

(Professional

Services)

....................

815

23,900

Renesas

Electronics

Corp.

(Semiconductors

&

Semiconductor

Equipment)(b)

...

27,385

Resona

Holdings,

Inc.

(Banks)

........

12,900

Ryohin

Keikaku

Co.

Ltd.

(Broadline

Retail)

12,000

Sanrio

Co.

Ltd.

(Specialty

Retail)

......

7,400

SBI

Holdings,

Inc.

(Capital

Markets)^

...

2,200

SCREEN

Holdings

Co.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

..................

11,300

Secom

Co.

Ltd.

(Commercial

Services

&

Supplies)

....................

9,100

Seibu

Holdings,

Inc.

(Ground

Transportation)^

...............

9,800

Sekisui

Chemical

Co.

Ltd.

(Industrial

Conglomerates)^

..............

10,025

Sekisui

House

Ltd.

(Household

Durables)

39,090

Seven

&

i

Holdings

Co.

Ltd.

(Consumer

Staples

Distribution

&

Retail)

.....

526

31,300

SG

Holdings

Co.

Ltd.

(Air

Freight

&

Logistics)

...................

7,800

Shimadzu

Corp.

(Electronic

Equipment,

Instruments

&

Components)

......

2,500

Shimano,

Inc.

(Leisure

Products)

.......

6,500

Shimizu

Corp.

(Construction

&

Engineering)

.................

22,525

Shin-Etsu

Chemical

Co.

Ltd.

(Chemicals)

917

18,700

Shionogi

&

Co.

Ltd.

(Pharmaceuticals)

..

10,600

Shiseido

Co.

Ltd.

(Personal

Care

Products)

800

SMC

Corp.

(Machinery)

.............

80,900

SMS

Co.

Ltd.

(Professional

Services)

...

856

596,740

SoftBank

Corp.

(Wireless

Telecommunication

Services)

.....

799

49,400

SoftBank

Group

Corp.

(Wireless

Telecommunication

Services)

.....

1,203

11,980

Sompo

Holdings,

Inc.

(Insurance)

......

82,500

Sony

Financial

Group,

Inc.

(Financial

Services)^

...................

182,000

Sony

Group

Corp.

(Household

Durables)

.

3,793

50,507

Square

Enix

Holdings

Co.

Ltd.

(Entertainment)

...............

805

7,754

Subaru

Corp.

(Automobiles)^

.........

74,900

Sugimura

Warehouse

Co.

Ltd.

(Commercial

Services

&

Supplies)

...........

14,340

Sumitomo

Corp.

(Trading

Companies

&

Distributors)

.................

537

9,620

Sumitomo

Electric

Industries

Ltd.

(Automobile

Components)

.......

547

HC

CAPITAL

TRUST

The

Institutional

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Japan

(continued)

3,400

Sumitomo

Metal

Mining

Co.

Ltd.

(Metals

&

Mining)

.....................

$

48,809

Sumitomo

Mitsui

Financial

Group,

Inc.

(Banks)

.....................

1,605

8,500

Sumitomo

Mitsui

Trust

Group,

Inc.

(Banks)

8,200

Sumitomo

Realty

&

Development

Co.

Ltd.

(Real

Estate

Management

&

Development)

................

17,700

Sun

Corp.

(Technology

Hardware,

Storage

&

Peripherals)

................

923

10,600

Suntory

Beverage

&

Food

Ltd.

(Beverages)

20,800

Suzuki

Motor

Corp.

(Automobiles)

.....

276,877

Synchro

Food

Co.

Ltd.

(Interactive

Media

&

Services)

....................

740

20,700

Sysmex

Corp.

(Health

Care

Equipment

&

Supplies)^

...................

6,100

T&D

Holdings,

Inc.

(Insurance)

.......

2,050

Taisei

Corp.

(Construction

&

Engineering)

28,045

Takeda

Pharmaceutical

Co.

Ltd.

(Pharmaceuticals)

.............

1,032

26,200

TDK

Corp.

(Electronic

Equipment,

Instruments

&

Components)

......

17,600

Terumo

Corp.

(Health

Care

Equipment

&

Supplies)(b)

..................

7,400

The

Chiba

Bank

Ltd.

(Banks)^

........

14,610

The

Kansai

Electric

Power

Co.,

Inc.

(Electric

Utilities)^

.............

12,000

TIS,

Inc.

(IT

Services)^

.............

32,000

Toho

Co.

Ltd.

(Entertainment)

.........

24,220

Tokio

Marine

Holdings,

Inc.

(Insurance)

.

1,137

5,980

Tokyo

Electron

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

.......

1,486

8,300

Tokyo

Gas

Co.

Ltd.

(Gas

Utilities)

......

28,000

Tokyo

Metro

Co.

Ltd.

(Ground

Transportation)

...............

27,000

Tokyu

Corp.

(Ground

Transportation)^

...

3,100

TOPPAN

Holdings,

Inc.

(Commercial

Services

&

Supplies)

...........

18,300

Toray

Industries,

Inc.

(Chemicals)

......

600

Toyota

Industries

Corp.

(Machinery)(a)

..

126,500

Toyota

Motor

Corp.

(Automobiles)(b)

...

2,629

9,100

Toyota

Tsusho

Corp.

(Trading

Companies

&

Distributors)

.................

3,300

Trend

Micro,

Inc.

(Software)

..........

19,400

Tsuruha

Holdings,

Inc.

(Consumer

Staples

Distribution

&

Retail)

...........

60,000

Unicharm

Corp.

(Household

Products)

...

173,483

Wacom

Co.

Ltd.

(Technology

Hardware,

Storage

&

Peripherals)

..........

841

16,300

West

Japan

Railway

Co.

(Ground

Transportation)^(b)

............

12,000

Yamaha

Motor

Co.

Ltd.

(Automobiles)

..

3,000

Yokogawa

Electric

Corp.

(Electronic

Equipment,

Instruments

&

Components)

.................

13,600

Yokohama

Financial

Group,

Inc.

(Banks)

.

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Japan

(continued)

3,800

Zensho

Holdings

Co.

Ltd.

(Hotels,

Restaurants

&

Leisure)

..........

$

41,900

ZOZO,

Inc.

(Specialty

Retail)^(b)

......

95,821

Luxembourg

—

0.06%

5,704

ArcelorMittal

SA

(Metals

&

Mining)

....

3,020

CVC

Capital

Partners

PLC

(Capital

Markets)(b)

..................

3,545

Eurofins

Scientific

SE

(Life

Sciences

Tools

&

Services)

..................

4,924

Tenaris

SA

(Energy

Equipment

&

Services)

738

Macau

—

0.01%

31,860

Sands

China

Ltd.

(Hotels,

Restaurants

&

Leisure)

....................

Mexico

—

0.01%

2,935

Fresnillo

PLC

(Metals

&

Mining)

......

Netherlands

—

1.92%

7,916

ABN

AMRO

Bank

N.V.,

Class

CV

(Banks)

Adyen

N.V.

(Financial

Services)(a)(b)

...

17,248

Aegon

Ltd.

(Insurance)

..............

2,746

Akzo

Nobel

N.V.

(Chemicals)

.........

3,534

Argenx

SE

(Biotechnology)(a)

........

2,564

619

ASM

International

N.V.

(Semiconductors

&

Semiconductor

Equipment)(b)

.....

6,781

ASML

Holding

N.V.

(Semiconductors

&

Semiconductor

Equipment)(b)

.....

9,017

4,532

ASR

Nederland

N.V.

(Insurance)(b)

.....

966

BE

Semiconductor

Industries

N.V.

(Semiconductors

&

Semiconductor

Equipment)

..................

3,578

Euronext

N.V.

(Capital

Markets)(b)

.....

575

1,212

EXOR

N.V.

(Financial

Services)

.......

7,973

Ferrovial

SE

(Construction

&

Engineering)

519

5,537

Heineken

Holding

N.V.

(Beverages)

....

7,947

Heineken

N.V.

(Beverages)

...........

611

38,971

ING

Groep

N.V.

(Banks)

.............

1,011

2,266

JDE

Peet's

N.V.

(Food

Products)

.......

21,189

Koninklijke

Ahold

Delhaize

N.V.

(Consumer

Staples

Distribution

&

Retail)

.....

986

136,431

Koninklijke

KPN

N.V.

(Diversified

Telecommunication

Services)

.....

760

12,478

Koninklijke

Philips

N.V.

(Health

Care

Equipment

&

Supplies)

.........

2,797

Nebius

Group

N.V.,

Class

A

(Software)(a)

Nebius

Group

N.V.,

Class

A

(Software)(a)

7,066

NN

Group

N.V.

(Insurance)

...........

552

33,030

Prosus

N.V.

(Broadline

Retail)(a)(b)

....

1,529

10,442

QIAGEN

N.V.

(Life

Sciences

Tools

&

Services)

....................

HC

CAPITAL

TRUST

The

Institutional

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Netherlands

(continued)

1,494

Randstad

N.V.

(Professional

Services)

...

$

27,282

Stellantis

N.V.

(Automobiles)

.........

6,478

The

Magnum

Ice

Cream

Co.

N.V.

(Food

Products)(a)

..................

19,110

Universal

Music

Group

N.V.

(Entertainment)

...............

6,088

Wolters

Kluwer

N.V.

(Professional

Services)

22,769

New

Zealand

—

0.05%

22,055

Auckland

International

Airport

Ltd.

(Transportation

Infrastructure)

.....

11,051

Contact

Energy

Ltd.

(Electric

Utilities)

..

7,746

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

(Health

Care

Equipment

&

Supplies)

12,202

Infratil

Ltd.

(Financial

Services)

.......

17,810

Meridian

Energy

Ltd.

(Independent

Power

and

Renewable

Electricity

Producers)

2,324

Xero

Ltd.

(Software)(a)

.............

590

Norway

—

0.20%

4,126

Aker

BP

ASA

(Oil,

Gas

&

Consumable

Fuels)

......................

11,923

DNB

Bank

ASA

(Banks)

............

10,265

Equinor

ASA

(Oil,

Gas

&

Consumable

Fuels)

......................

5,598

Gjensidige

Forsikring

ASA

(Insurance)

..

5,790

Kongsberg

Gruppen

ASA

(Aerospace

&

Defense)

....................

8,721

Mowi

ASA

(Food

Products)(b)

........

18,219

Norsk

Hydro

ASA

(Metals

&

Mining)

...

19,153

Orkla

ASA

(Food

Products)

..........

936

Salmar

ASA

(Food

Products)

.........

13,813

Telenor

ASA

(Diversified

Telecommunication

Services)

.....

2,201

Yara

International

ASA

(Chemicals)

....

2,418

Poland

—

0.01%

3,530

InPost

SA

(Air

Freight

&

Logistics)(a)

...

Portugal

—

0.05%

98,783

Banco

Comercial

Portugues

SA,

Class

R

(Banks)(b)

...................

42,598

EDP

SA

(Electric

Utilities)(b)

.........

5,453

Galp

Energia

SGPS

SA

(Oil,

Gas

&

Consumable

Fuels)(b)

..........

3,733

Jeronimo

Martins

SGPS

SA

(Consumer

Staples

Distribution

&

Retail)(b)

...

542

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Singapore

—

0.78%

135,738

CapitaLand

Ascendas

REIT

(Industrial

REITs)(b)

...................

$

209,564

CapitaLand

Integrated

Commercial

Trust

(Diversified

REITs)

............

31,300

CapitaLand

Investment

Ltd.

(Real

Estate

Management

&

Development)

.....

28,404

DBS

Group

Holdings

Ltd.

(Banks)

.....

1,265

561,402

Grab

Holdings

Ltd.

(Ground

Transportation)

(a) ........................

2,055

19,300

Keppel

Ltd.

(Industrial

Conglomerates)

..

45,137

Oversea-Chinese

Banking

Corp.

Ltd.

(Banks)

.....................

773

26,231

Sea

Ltd.,

ADR

(Broadline

Retail)(a)

....

2,173

11,800

Sembcorp

Industries

Ltd.

(Multi-Utilities)

28,700

Singapore

Airlines

Ltd.

(Passenger

Airlines)

(b) ........................

21,600

Singapore

Exchange

Ltd.

(Capital

Markets)

30,800

Singapore

Technologies

Engineering

Ltd.

(Aerospace

&

Defense)

.........

130,040

Singapore

Telecommunications

Ltd.

(Diversified

Telecommunication

Services)

....................

500

16,600

United

Overseas

Bank

Ltd.

(Banks)

.....

101,300

Wilmar

International

Ltd.

(Food

Products)

9,227

South

Korea

—

0.18%

736

Samsung

Electronics

Co.

Ltd.,

GDR

(Technology

Hardware,

Storage

&

Peripherals)(b)

................

2,128

Spain

—

1.21%

Acciona

SA

(Electric

Utilities)

........

2,746

ACS

Actividades

de

Construccion

y

Servicios

SA

(Construction

&

Engineering)

.................

13,935

Aena

SME

SA

(Transportation

Infrastructure)(b)

..............

6,045

Amadeus

IT

Group

SA

(Hotels,

Restaurants

&

Leisure)

...................

76,310

Banco

Bilbao

Vizcaya

Argentaria

SA

(Banks)

.....................

1,648

66,196

Banco

de

Sabadell

SA

(Banks)

........

195,648

Banco

Santander

SA

(Banks)(b)

.......

2,193

8,877

Bankinter

SA

(Banks)

...............

51,342

CaixaBank

SA

(Banks)

..............

615

11,297

Cellnex

Telecom

SA

(Diversified

Telecommunication

Services)(b)

...

4,077

EDP

Renovaveis

SA

(Independent

Power

and

Renewable

Electricity

Producers)

11,036

Endesa

SA

(Electric

Utilities)

.........

3,925

Grifols

SA

(Biotechnology)

...........

98,346

Iberdrola

SA

(Electric

Utilities)

........

2,251

991

Indra

Sistemas

SA

(IT

Services)

.......

HC

CAPITAL

TRUST

The

Institutional

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Spain

(continued)

48,105

Industria

de

Diseno

Textil

SA

(Specialty

Retail)

......................

$

2,800

13,081

Mapfre

SA

(Insurance)

..............

14,695

Naturgy

Energy

Group

SA

(Gas

Utilities)

.

27,919

Redeia

Corp.

SA

(Electric

Utilities)

.....

25,917

Repsol

SA

(Oil,

Gas

&

Consumable

Fuels)

730

139,204

Telefonica

SA

(Diversified

Telecommunication

Services)

.....

609

14,357

Sweden

—

1.19%

3,423

AddTech

AB,

B

Shares

(Trading

Companies

&

Distributors)

...............

3,805

Alfa

Laval

AB

(Machinery)

..........

13,444

Assa

Abloy

AB,

Class

B

(Building

Products)

35,736

Atlas

Copco

AB,

Class

A

(Machinery)

...

631

20,660

Atlas

Copco

AB,

Class

B

(Machinery)

...

5,609

Beijer

Ref

AB

(Trading

Companies

&

Distributors)(b)

...............

3,752

Boliden

AB

(Metals

&

Mining)(a)

......

8,882

Epiroc

AB,

Class

A

(Machinery)

.......

5,348

Epiroc

AB,

Class

B

(Machinery)

.......

6,507

EQT

AB

(Capital

Markets)

...........

15,624

Essity

AB,

Class

B

(Household

Products)^

4,395

Evolution

AB

(Hotels,

Restaurants

&

Leisure)(b)

..................

9,317

Fastighets

AB

Balder,

Class

B

(Real

Estate

Management

&

Development)(a)

...

10,540

H

&

M

Hennes

&

Mauritz

AB,

Class

B

(Specialty

Retail)

..............

27,394

Hexagon

AB,

Class

B

(Electronic

Equipment,

Instruments

&

Components)

.................

5,690

Holmen

AB,

B

shares

(Paper

&

Forest

Products)^

...................

1,693

Industrivarden

AB,

Class

A

(Financial

Services)(b)

..................

2,101

Industrivarden

AB,

Class

C

(Financial

Services)

....................

3,575

Indutrade

AB

(Machinery)

...........

2,027

Investment

AB

Latour,

Class

B

(Industrial

Conglomerates)

...............

24,224

Investor

AB,

Class

B

(Financial

Services)

917

1,758

L

E

Lundbergforetagen

AB,

Class

B

(Financial

Services)

............

3,081

Lifco

AB,

Class

B

(Industrial

Conglomerates)

...............

19,694

Nibe

Industrier

AB,

Class

B

(Building

Products)

....................

7,244

Saab

AB,

Class

B

(Aerospace

&

Defense)

3,179

Sagax

AB,

Class

B

(Real

Estate

Management

&

Development)

.....

69,233

Sandvik

AB

(Machinery)

............

2,662

14,417

Securitas

AB,

Class

B

(Commercial

Services

&

Supplies)

..................

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Sweden

(continued)

22,683

Skandinaviska

Enskilda

Banken

AB,

Class

A

(Banks)^

....................

$

4,497

Skanska

AB,

Class

B

(Construction

&

Engineering)^

................

4,479

SKF

AB,

B

shares

(Machinery)

........

2,357

Spotify

Technology

SA

(Entertainment)(a)

1,142

20,061

Svenska

Cellulosa

AB

SCA,

Class

B

(Paper

&

Forest

Products)^

............

26,799

Svenska

Handelsbanken

AB,

Class

A

(Banks)

.....................

13,272

Swedbank

AB,

Class

A

(Banks)^

.......

6,426

Swedish

Orphan

Biovitrum

AB

(Biotechnology)(a)

.............

17,421

Tele2

AB,

B

shares

(Wireless

Telecommunication

Services)

.....

45,733

Telefonaktiebolaget

LM

Ericsson,

Class

B

(Communications

Equipment)

.....

522

77,042

Telia

Co.

AB

(Diversified

Telecommunication

Services)(b)

...

2,667

Trelleborg

AB,

Class

B

(Machinery)

....

21,177

Volvo

AB,

Class

B

(Machinery)^

.......

697

14,098

Switzerland

—

4.81%

20,952

ABB

Ltd.,

Registered

Shares

(Electrical

Equipment)

..................

1,704

34,985

Alcon

AG

(Health

Care

Equipment

&

Supplies)

....................

2,645

39,548

Amrize

Ltd.

(Construction

Materials)(a)

..

2,215

1,228

Avolta

AG

(Specialty

Retail)(a)

........

3,610

Banque

Cantonale

Vaudoise,

Registered

Shares

(Banks)

................

587

Barry

Callebaut

AG,

Registered

Shares

(Food

Products)(b)

.............

656

Belimo

Holding

AG,

Class

R

(Building

Products)

....................

2,856

BKW

AG

(Electric

Utilities)

..........

563

Chocoladefabriken

Lindt

&

Spruengli

AG

(Food

Products)

...............

573

Chocoladefabriken

Lindt

&

Spruengli

AG,

Class

PC

(Food

Products)

........

419,164

Cie

Financiere

Richemont

SA,

ADR

(Textiles,

Apparel

&

Luxury

Goods)

7,407

18,205

Cie

Financiere

Richemont

SA,

Registered

Shares

(Textiles,

Apparel

&

Luxury

Goods)

.....................

3,215

7,071

Coca-Cola

HBC

AG

(Beverages)(a)

.....

5,809

DSM-Firmenich

AG

(Chemicals)

......

EMS-Chemie

Holding

AG

(Chemicals)

..

13,848

Galderma

Group

AG

(Pharmaceuticals)(b)

2,722

620

Geberit

AG,

Registered

Shares

(Building

Products)

....................

Givaudan

SA,

Registered

Shares

(Chemicals)

..................

724

133,973

Glencore

PLC

(Metals

&

Mining)(a)(b)

..

1,015

HC

CAPITAL

TRUST

The

Institutional

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Switzerland

(continued)

2,326

Helvetia

Baloise

Holding

AG,

Registered

Shares

(Insurance)

.............

$

602

6,832

Holcim

AG

(Construction

Materials)(a)(b)

565

2,727

Julius

Baer

Group

Ltd.

(Capital

Markets)

.

1,117

Kuehne

+

Nagel

International

AG,

Class

R

(Marine

Transportation)

.........

2,020

Logitech

International

SA,

Class

R

(Technology

Hardware,

Storage

&

Peripherals)

..................

941

Lonza

Group

AG,

Registered

Shares

(Life

Sciences

Tools

&

Services)(b)

.....

604

36,372

Nestle

SA,

Registered

Shares

(Food

Products)

....................

3,569

39,463

Novartis

AG,

Registered

Shares

(Pharmaceuticals)

.............

6,059

48,904

On

Holding

AG,

Class

A

(Textiles,

Apparel

&

Luxury

Goods)(a)

............

1,664

Partners

Group

Holding

AG

(Capital

Markets)

....................

9,361

Roche

Holding

AG

(Pharmaceuticals)

...

3,737

5,082

Roche

Holding

AG,

Class

BR

(Pharmaceuticals)

.............

2,107

5,531

Sandoz

Group

AG

(Pharmaceuticals)

....

1,538

Schindler

Holding

AG,

Class

PC

(Machinery)

.................

507

Schindler

Holding

AG,

Registered

Shares

(Machinery)

.................

5,723

SGS

SA,

Registered

Shares

(Professional

Services)

....................

603

2,020

Sika

AG,

Registered

Shares

(Chemicals)(b)

675

Sonova

Holding

AG

(Health

Care

Equipment

&

Supplies)(b)

.......

9,014

STMicroelectronics

N.V.

(Semiconductors

&

Semiconductor

Equipment)

.....

1,478

Straumann

Holding

AG,

Class

R

(Health

Care

Equipment

&

Supplies)

......

538

Swiss

Life

Holding

AG

(Insurance)

.....

586

4,192

Swiss

Prime

Site

AG,

Registered

Shares

(Real

Estate

Management

&

Development)

................

710

4,000

Swiss

Re

AG

(Insurance)

............

672

1,043

Swisscom

AG,

Registered

Shares

(Diversified

Telecommunication

Services)

....................

876

The

Swatch

Group

AG,

Class

BR

(Textiles,

Apparel

&

Luxury

Goods)

.......

96,396

UBS

Group

AG

(Capital

Markets)

......

3,759

VAT

Group

AG

(Machinery)(b)

........

2,289

Zurich

Insurance

Group

AG

(Insurance)(b)

1,618

57,021

Taiwan

—

0.18%

6,216

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR

(Semiconductors

&

Semiconductor

Equipment)

.......

2,101

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

Kingdom

—

6.94%

62,108

3i

Group

PLC

(Capital

Markets)

.......

$

2,024

14,970

Admiral

Group

PLC

(Insurance)

.......

627

11,183

Airtel

Africa

PLC

(Wireless

Telecommunication

Services)(b)

...

14,763

Anglo

American

PLC

(Metals

&

Mining)

.

634

11,466

Associated

British

Foods

PLC

(Food

Products)

....................

31,505

AstraZeneca

PLC

(Pharmaceuticals)(b)

..

6,161

30,959

Auto

Trader

Group

PLC

(Interactive

Media

&

Services)(b)

................

40,243

Aviva

PLC

(Insurance)

..............

51,360

BAE

Systems

PLC

(Aerospace

&

Defense)

1,505

539,232

Barclays

PLC

(Banks)(b)

............

2,821

19,784

Barratt

Redrow

PLC

(Household

Durables)

(b) ........................

210,425

BP

PLC

(Oil,

Gas

&

Consumable

Fuels)

.

1,647

34,644

British

American

Tobacco

PLC

(Tobacco)

2,011

141,050

BT

Group

PLC

(Diversified

Telecommunication

Services)

.....

17,672

Bunzl

PLC

(Trading

Companies

&

Distributors)

.................

531

137,593

Centrica

PLC

(Multi-Utilities)(b)

.......

6,521

Coca-Cola

Europacific

Partners

PLC

(Beverages)

..................

591

35,463

Compass

Group

PLC

(Hotels,

Restaurants

&

Leisure)

....................

989

35,335

Diageo

PLC

(Beverages)

............

657

6,768

Endeavour

Mining

PLC

(Metals

&

Mining)

7,912

Entain

PLC

(Hotels,

Restaurants

&

Leisure)

(b) ........................

132,814

GSK

PLC

(Pharmaceuticals)

..........

3,658

171,408

Haleon

PLC

(Pharmaceuticals)

........

848

5,888

Halma

PLC

(Electronic

Equipment,

Instruments

&

Components)

......

4,355

Hikma

Pharmaceuticals

PLC

(Pharmaceuticals)(b)

...........

361,500

HSBC

Holdings

PLC

(Banks)

.........

5,937

19,354

Imperial

Brands

PLC

(Tobacco)

.......

785

222,077

Informa

PLC

(Media)

...............

2,230

1,930

InterContinental

Hotels

Group

PLC

(Hotels,

Restaurants

&

Leisure)

..........

16,280

International

Consolidated

Airlines

Group

SA

(Passenger

Airlines)

.........

2,067

Intertek

Group

PLC

(Professional

Services)

121,996

J

Sainsbury

PLC

(Consumer

Staples

Distribution

&

Retail)

...........

547

32,928

JD

Sports

Fashion

PLC

(Specialty

Retail)

33,455

Kingfisher

PLC

(Specialty

Retail)

......

9,117

Land

Securities

Group

PLC

(Diversified

REITs)

.....................

76,786

Legal

&

General

Group

PLC

(Insurance)

.

2,423,598

Lloyds

Banking

Group

PLC

(Banks)

....

3,003

31,079

London

Stock

Exchange

Group

PLC

(Capital

Markets)(b)

............

3,669

29,968

M&G

PLC

(Financial

Services)

........

HC

CAPITAL

TRUST

The

Institutional

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

Kingdom

(continued)

72,908

Marks

&

Spencer

Group

PLC

(Consumer

Staples

Distribution

&

Retail)

.....

$

16,739

Melrose

Industries

PLC

(Aerospace

&

Defense)

....................

171,845

Molten

Ventures

PLC

(Capital

Markets)(a)

1,047

212,847

National

Grid

PLC

(Multi-Utilities)

.....

3,593

379,999

NatWest

Group

PLC

(Banks)(b)

.......

2,815

1,963

Next

PLC

(Broadline

Retail)

..........

46,515

Pearson

PLC

(Diversified

Consumer

Services)

....................

613

12,510

Reckitt

Benckiser

Group

PLC

(Household

Products)

....................

841

107,210

RELX

PLC

(Professional

Services)

.....

3,511

33,229

Rentokil

Initial

PLC

(Commercial

Services

&

Supplies)

..................

38,684

Rio

Tinto

PLC

(Metals

&

Mining)

......

3,589

241,515

Rolls-Royce

Holdings

PLC

(Aerospace

&

Defense)

....................

3,669

9,518

Schroders

PLC

(Capital

Markets)

......

16,801

Segro

PLC

(Industrial

REITs)

.........

13,111

Severn

Trent

PLC

(Water

Utilities)(b)

...

538

134,676

Shell

PLC

(Oil,

Gas

&

Consumable

Fuels)

6,238

19,515

Smith

&

Nephew

PLC

(Health

Care

Equipment

&

Supplies)

.........

4,401

Smiths

Group

PLC

(Industrial

Conglomerates)

...............

966

Spirax

Group

PLC

(Machinery)

........

22,013

SSE

PLC

(Electric

Utilities)(b)

........

761

121,072

Standard

Chartered

PLC

(Banks)

.......

2,523

9,236

Standard

Life

PLC

(Insurance)

........

162,091

Tesco

PLC

(Consumer

Staples

Distribution

&

Retail)

....................

1,018

45,566

The

Sage

Group

PLC

(Software)

.......

510

66,858

Unilever

PLC

(Personal

Care

Products)

..

3,670

32,480

United

Utilities

Group

PLC

(Water

Utilities)

566

3,226

Verisure

PLC

(Commercial

Services

&

Supplies)(a)

..................

254,608

Vodafone

Group

PLC

(Wireless

Telecommunication

Services)

.....

4,420

Whitbread

PLC

(Hotels,

Restaurants

&

Leisure)

....................

8,744

Wise

PLC,

Class

A

(Financial

Services)(a)

82,412

United

States

—

0.47%

2,357

Blackstone,

Inc.

(Capital

Markets)

......

129,884

Coupang,

Inc.,

Class

A

(Broadline

Retail)(a)

2,452

18,323

Flutter

Entertainment

PLC,

Class

DI

(Hotels,

Restaurants

&

Leisure)(a)

..

1,868

2,828

KKR

&

Co.,

Inc.

(Capital

Markets)

.....

2,749

Restaurant

Brands

International,

Inc.

(Hotels,

Restaurants

&

Leisure)

....

5,597

Sunbelt

Rentals

Holdings,

Inc.

(Trading

Companies

&

Distributors)

.......

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

States

(continued)

3,757

The

Carlyle

Group,

Inc.

(Capital

Markets)

$

5,595

Total

Common

Stocks

(cost

$388,493)

..

529,945

Rights

—

0.00%

Italy

—

0.00%

325,812

Telecom

Italia

SpA,

4/1/26

(Diversified

Telecommunication

Services)(a)

...

—

United

States

—

0.00%

41,195

The

Gabelli

Equity

Trust,

Inc.,

4/14/26

(Capital

Markets)(a)

............

—

Total

Rights

(cost

$—)

.............

—

Investment

Companies

—

52.13%

International

Equity

Funds

—

34.03%

103,199

3i

Infrastructure

PLC

...............

378,270

Aberdeen

Asia

Focus

PLC

...........

1,870

470,380

Aberdeen

UK

Smaller

Companies

Growth

Trust

PLC

...................

2,871

146,644

Aberforth

Smaller

Companies

Trust

PLC

.

2,841

1,088,946

Argo

Investments

Ltd.

..............

6,431

422,656

Augmentum

Fintech

PLC(a)

..........

604

698,809

Australian

Foundation

Investment

Co.

Ltd.^

3,153

2,648,239

AVI

Japan

Opportunity

Trust

PLC

......

5,907

2,962,249

Baillie

Gifford

European

Growth

Trust

PLC

3,730

1,381,433

Baillie

Gifford

Shin

Nippon

PLC

.......

2,468

1,764,917

Baillie

Gifford

UK

Growth

Trust

PLC

...

4,394

478,666

Baillie

Gifford

US

Growth

Trust

PLC

...

1,801

134,099

BlackRock

Enhanced

International

Dividend

Trust

.......................

725

460,437

BlackRock

Greater

Europe

Investment

Trust

PLC

.......................

3,232

361,003

BlackRock

Health

Sciences

Term

Trust

..

5,184

232,445

BlackRock

Smaller

Companies

Trust

PLC

3,698

41,803

BlackRock

World

Mining

Trust

PLC

....

1,163,707

CC

Japan

Income

&

Growth

Trust

PLC

..

3,502

25,846

CT

Private

Equity

Trust

PLC

..........

254,601

European

Opportunities

Trust

PLC

.....

2,713

251,955

Fidelity

Emerging

Markets

Ltd.

........

3,752

291,953

HarbourVest

Global

Private

Equity

Ltd.(a)

11,768

340,392

HgCapital

Trust

PLC

...............

1,748

293,469

ICG

Enterprise

Trust

PLC

............

5,142

545,158

INVESCO

Asia

Dragon

Trust

PLC

.....

3,012

170,987

iShares

Europe

Equity

Enhanced

Active

UCITS

ETF

..................

1,185

101,878

iShares

MSCI

Europe

Financials

Sector

UCITS

ETF

..................

1,620

6,000

iShares

MSCI

Eurozone

ETF

.........

424,125

Japan

Smaller

Capitalization

Fund,

Inc.

..

4,623

HC

CAPITAL

TRUST

The

Institutional

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Investment

Companies

(continued)

International

Equity

Funds

(continued)

1,911,770

JPMorgan

Emerging

Markets

Growth

&

Income

PLC

.................

$

3,572

626,035

JPMorgan

European

Discovery

Trust

PLC

4,799

1,075,643

JPMorgan

Japanese

Investment

Trust

PLC

10,070

65,834

JPMorgan

UK

Small

CAP

Growth

&

Income

PLC

.................

225,877

Kayne

Anderson

Energy

Infrastructure

Fund

3,226

74,000

Literacy

Capital

PLC

...............

1,119,214

Mercantile

Investment

Trust

PLC

......

3,593

182,000

Murray

Income

Trust

PLC

...........

2,148

355,130

NB

Private

Equity

Partners

Ltd.

.......

6,274

169,087

Neuberger

Energy

Infrastructure

and

Income

Fund,

Inc.

...................

1,777

147,005

Neuberger

Next

Generation

Connectivity

Fund,

Inc.

...................

1,892

54,000

NYLI

CBRE

Global

Infrastructure

Megatrends

Term

Fund

..........

793

593,936

Oakley

Capital

Investments

Ltd.

.......

3,679

248,012

Pacific

Assets

Trust

PLC

.............

1,182

192,801

Partners

Group

Private

Equity

Ltd.

.....

1,956

2,049,527

Polar

Capital

Global

Financials

Trust

PLC

5,793

476,405

RTW

Biotech

Opportunities

Ltd.

.......

936

1,357,865

Schroder

Japan

Trust

PLC

............

5,589

4,411,045

Schroders

Capital

Global

Innovation

Trust

820

75,213

Scottish

Mortgage

Investment

Trust

PLC

.

1,202

469,538

Strategic

Equity

Capital

PLC

.........

2,142

369,408

The

Baillie

Gifford

Japan

Trust

PLC

....

4,124

298,932

The

Edinburgh

Investment

Trust

PLC

...

3,084

2,538,687

The

European

Smaller

Companies

......

6,808

289,545

The

New

Germany

Fund,

Inc.

.........

2,959

2,388,626

The

Pantheon

International

PLC(a)

.....

11,443

693,001

The

Worldwide

Healthcare

Trust

PLC

...

3,088

1,143,050

TR

Property

Investment

Trust

PLC

-

Ordinary

Shares

...............

4,591

2,604,310

Vanguard

FTSE

Europe

ETF

..........

214,672

18,000

Xtrackers

MSCI

Europe

Small

Cap

UCITS

ETF

.......................

1,385

403,634

Shares

Security

Description

Value

(000) Investment

Companies

(continued)

Money

Market

Funds

—

18.10%

3,486,598

Federated

Hermes

Treasury

Obligations

Fund,

Institutional

Shares

,

3.53%^^(d)

$

3,487

211,353,499

State

Street

Institutional

Treasury

Plus

Money

Market

Fund,

Trust

Class

,

3.55%(d)

....................

211,353

214,840

Total

Investment

Companies

(cost

$567,115)

.......................

618,474

Total

Investments

(cost

$955,608)

—

96.80%

.....................

1,148,419

Other

assets

in

excess

of

liabilities

—

3.20%

......................

37,990

Net

Assets

-

100.00%

..............

$

1,186,409

Amounts

designated

as

"—"

are

$0

or

have

been

rounded

to

$0.

^

All

or

part

of

this

security

was

on

loan

as

of

March

31,

2026. ^^

Purchased

with

cash

collateral

held

from

securities

lending.

The

value

of

the

collateral

could

include

collateral

held

for

securities

that

were

sold

on

or

before

March

31,

2026. (a) Represents

non-income

producing

security.

(b) Represents

a

security

purchased

under

Rule

144A

or

Section

4(2)

and

is

exempt

from

registration

under

the

Securities

Act

of

1933,

as

amended,

or

is

otherwise

restricted

to

resale.

Certain

of

these

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

These

securities

have

been

deemed

liquid

by

the

Specialist

Manager.

(c) Security

was

valued

using

significant

unobservable

inputs

as

of

March

31,

2026. (d) Annualized

7-day

yield

as

of

period-end.

ADR—American

Depositary

Receipt

ETF

—

Exchange-Traded

Fund

GDR—Global

Depositary

Receipt

PLC

—

Public

Limited

Company

REIT—Real

Estate

Investment

Trust

HC

CAPITAL

TRUST

The

Institutional

International

Equity

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

The

following

table

reflects

the

percentage

of

total

net

assets

of

the

Portfolio

attributable

to

each

Specialist

Manager

as

of

March

31,

2026

The

Institutional

International

Equity

Portfolio

City

of

London

Investment

Management

Company,

Limited

Mellon

Investments

Corporation

Parametric

Portfolio

Associates,

LLC

Total

Common

Stocks

...............................................................................................................................

0.28 %

40.93 %

3.46 %

44.67 %

Contingent

Rights

............................................................................................................................

—

—

—

—

%

Investment

Companies

.....................................................................................................................

16.10 %

0.31 %

35.72 %

52.13 %

Other

Assets

(Liabilities)

.................................................................................................................

0.03 %

0.11 %

3.06 %

3.20 %

Total

Net

Assets

..........................................................................................................................

16.41 %

41.35 %

42.24 %

100.00 %

The

following

table

reflects

the

open

derivative

positions

held

by

the

Portfolio

as

of

March

31,

2026

.

Futures

Contracts

Purchased

\*

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000) Value

and

Unrealized

Appreciation/

(Depreciation)

(000) Mini

MSCI

EAFE

Index

Future

..............................

1,697

6/18/26

$

246,158

$

$

246,158

$

Total

Unrealized

Appreciation

.....................

$

Total

Unrealized

Depreciation

.....................

—

Total

Net

Unrealized

Appreciation/(Depreciation)

.......

$

\*

Cash

has

been

pledged

as

collateral

for

futures

contracts

held

by

the

Portfolio.

Centrally

Cleared

Swap

Agreements(a)

Credit

Default

Swap

Agreements

-

Buy

Protection

Underlying

Instrument

Payment

Frequency

Fixed

Deal

Pay

Rate

(%)

Maturity

Date

Implied

Credit

Spread

at

March

31,

2026

(%)(b)

Notional

Amount

(000)(c)

Value

(000) Premiums

Paid/

(Received)

(000) Unrealized

Appreciation/

(Depreciation)

(000) CDX

High

Yield

Index

Swap

Agreement,

Series

Daily

5.00 6/20/2031

3.87 $

99,000

$

(4,779)

$

(3,917)

$

(862) $

(4,779)

$

(3,917)

$

(862) 85

HC

CAPITAL

TRUST

The

Institutional

International

Equity

Portfolio

Portfolio

of

Investments

(concluded)

—

March

31,

2026

(Unaudited)

(a) When

a

credit

event

occurs

as

defined

under

the

terms

of

the

swap

agreement,

the

Fund

as

a

buyer

of

credit

protection

will

either

(i) receive

from

the

seller

of

protection

an

amount

equal

to

the

par

value

of

the

defaulted

reference

entity

and

deliver

the

reference

entity

or

(ii) receive

a

net

amount

equal

to

the

par

value

of

the

defaulted

reference

entity

less

its

recovery

value.

(b) Implied

credit

spread,

represented

in

absolute

terms,

utilized

in

determining

the

value

of

the

credit

default

swap

agreements

as

of

period

end

will

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

likelihood

or

risk

of

default

or

other

credit

event

for

the

credit

derivative.

The

implied

credit

spread

of

a

referenced

entity

reflects

the

cost

of

buying/selling

protection

and

may

include

payments

required

to

be

made

to

enter

into

the

agreement.

Generally,

wider

credit

spreads

represent

a

perceived

deterioration

of

the

referenced

entity's

credit

soundness

and

a

greater

likelihood

or

risk

of

default

or

other

credit

event

occurring

as

defined

under

the

terms

of

the

swap

agreement.

(c) The

notional

amount

represents

the

maximum

potential

amount

the

Fund

may

receive

as

a

buyer

of

credit

protection

if

a

credit

event

occurs,

as

defined

under

the

terms

of

the

swap

agreement,

for

each

security

included

in

the

CDX

North

America

High

Yield

Index.

HC

CAPITAL

TRUST

The

Emerging

Markets

Portfolio

Portfolio

of

Investments

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

—

67.08%

Australia

—

0.02%

152,000

MMG

Ltd.

(Metals

&

Mining)(a)(b)

....

$

Brazil

—

3.17%

248,415

Ambev

SA

(Beverages)

.............

731

67,488

Axia

Energia

(Electric

Utilities)

........

763

24,061

Axia

Energia

,

Preference

Shares

(Electric

Utilities)(a)

..................

255,999

B3

SA

-

Brasil

Bolsa

Balcao

(Capital

Markets)

....................

909

111,545

Banco

Bradesco

SA

(Banks)

..........

254,169

Banco

Bradesco

SA,

Preference

Shares

(Banks)(b)

...................

941

35,932

Banco

BTG

Pactual

SA

(Capital

Markets)(b)

91,017

Banco

do

Brasil

SA

(Banks)

..........

63,645

BB

Seguridade

Participacoes

SA

(Insurance)

48,968

Caixa

Seguridade

Participacoes

SA

(Insurance)

..................

18,466

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

SABESP

(Water

Utilities)

...

564

171,556

Cia

Energetica

de

Minas

Gerais,

Preference

Shares

(Electric

Utilities)

........

60,792

Cia

Paranaense

de

Energia

-

Copel

(Electric

Utilities)

....................

32,356

Embraer

SA

(Aerospace

&

Defense)

....

48,811

Eneva

SA

(Independent

Power

and

Renewable

Electricity

Producers)(a)

41,307

Equatorial

SA

(Electric

Utilities)

.......

30,744

Gerdau

SA,

Preference

Shares

(Metals

&

Mining)

.....................

261,859

Itau

Unibanco

Holding

SA,

Preference

Shares

(Banks)

................

2,198

69,273

Itausa

SA,

Preference

Shares

(Banks)

....

66,924

Klabin

SA

(Containers

&

Packaging)

....

48,261

Localiza

Rent

a

Car

SA

(Ground

Transportation)

...............

25,807

MBRF

Global

Foods

Co.

SA

(Food

Products)(b)

.................

80,534

Motiva

Infraestrutura

de

Mobilidade

SA

(Transportation

Infrastructure)

.....

155,779

NU

Holdings

Ltd.,

Class

A

(Banks)(a)

...

2,239

189,504

Petroleo

Brasileiro

SA

-

Petrobras

(Oil,

Gas

&

Consumable

Fuels)

...........

1,972

184,422

Petroleo

Brasileiro

SA

-

Petrobras,

Preference

Shares

(Oil,

Gas

&

Consumable

Fuels)

.............

1,733

44,918

PRIO

SA

(Oil,

Gas

&

Consumable

Fuels)(a)

(b) ........................

574

68,715

Raia

Drogasil

SA

(Consumer

Staples

Distribution

&

Retail)

...........

38,694

Rede

D'Or

Sao

Luiz

SA

(Health

Care

Providers

&

Services)(b)

........

85,011

Rumo

SA

(Ground

Transportation)(b)

...

9,916

StoneCo

Ltd.,

Class

A

(Financial

Services)

(a) ........................

29,429

Suzano

SA

(Paper

&

Forest

Products)

...

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Brazil

(continued)

7,990

Telefonica

Brasil

SA

(Diversified

Telecommunication

Services)

.....

$

56,000

TIM

SA

(Wireless

Telecommunication

Services)

....................

19,480

TOTVS

SA

(Software)(b)

............

7,244

Ultrapar

Participacoes

SA

(Specialty

Retail)

167,804

Vale

SA

(Metals

&

Mining)

...........

2,673

53,188

Vibra

Energia

SA

(Specialty

Retail)(b)

...

78,073

WEG

SA

(Electrical

Equipment)

.......

769

15,406

XP,

Inc.,

Class

A

(Capital

Markets)

.....

23,520

Chile

—

0.31%

10,256

Banco

de

Credito

e

Inversiones

SA

(Banks)

664

36,717

Empresas

CMPC

SA

(Paper

&

Forest

Products)

....................

4,489,664

Enel

Chile

SA

(Electric

Utilities)

.......

47,236

Falabella

SA

(Broadline

Retail)

........

15,449,761

Latam

Airlines

Group

SA

(Passenger

Airlines)

....................

7,088

Sociedad

Quimica

y

Minera

de

Chile

SA,

Class

B

(Chemicals)(a)

..........

574

2,305

China

—

13.09%

53,365

Security

Technology,

Inc.,

Class

A

(Software)

...................

94,500

3SBio,

Inc.

(Biotechnology)(a)(b)

......

41,000

AAC

Technologies

Holdings,

Inc.

(Electronic

Equipment,

Instruments

&

Components)

.................

1,200

Advanced

Micro-Fabrication

Equipment,

Inc.,

Class

A

(Semiconductors

&

Semiconductor

Equipment)

.......

1,520,000

Agricultural

Bank

of

China

Ltd.,

Class

H

(Banks)

.....................

1,087

75,400

Air

China

Ltd.,

Class

A

(Passenger

Airlines)

(a) ........................

30,000

Akeso

,

Inc.

(Biotechnology)(a)(b)

......

511

114,100

Aluminum

Corp.

of

China

Ltd.,

Class

A

(Metals

&

Mining)

.............

140,000

Aluminum

Corp.

of

China

Ltd.,

Class

H

(Metals

&

Mining)

.............

6,700

Anhui

Jianghuai

Automobile

Group

Corp.

Ltd.,

Class

A

(Automobiles)(a)

....

64,800

ANTA

Sports

Products

Ltd.

(Textiles,

Apparel

&

Luxury

Goods)

.......

633

3,400

Avary

Holding

Shenzhen

Co.

Ltd.,

Class

A

(Electronic

Equipment,

Instruments

&

Components)

.................

100,026

Baidu,

Inc.,

Class

A

(Interactive

Media

&

Services)(a)

..................

1,398

3,831,100

Bank

of

China

Ltd.,

Class

H

(Banks)

....

2,446

1,072,000

Bank

of

Communications

Co.

Ltd.,

Class

H

(Banks)

.....................

969

HC

CAPITAL

TRUST

The

Emerging

Markets

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

China

(continued)

157,600

Bank

of

Hangzhou

Co.

Ltd.,

Class

A

(Banks)

.....................

$

41,700

Bank

of

Ningbo

Co.

Ltd.,

Class

A

(Banks)

310,100

Baoshan

Iron

&

Steel

Co.

Ltd.,

Class

A

(Metals

&

Mining)

.............

2,200

Beijing

Compass

Technology

Development

Co.

Ltd.,

Class

A

(Capital

Markets)

.

794

Beijing

Kingsoft

Office

Software,

Inc.,

Class

A

(Software)

.................

52,100

Beijing-Shanghai

High

Speed

Railway

Co.

Ltd.,

Class

A

(Transportation

Infrastructure)

................

9,449

Bilibili

,

Inc.,

ADR

(Interactive

Media

&

Services)(a)

..................

2,620

Bilibili

,

Inc.,

Class

Z

(Interactive

Media

&

Services)(a)

..................

152,000

BYD

Co.

Ltd.

(Automobiles)(b)

.......

2,078

27,458

BYD

Co.

Ltd.,

Class

A

(Automobiles)

...

47,000

BYD

Electronic

International

Co.

Ltd.

(Communications

Equipment)

.....

1,212

Cambricon

Technologies

Corp.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)(a)

................

782,000

CGN

Power

Co.

Ltd.,

Class

H

(Independent

Power

and

Renewable

Electricity

Producers)(b)

.................

583,000

China

CITIC

Financial

Asset

Management

Co.

Ltd.,

Class

H

(Capital

Markets)(a)

(b) ........................

76,000

China

Coal

Energy

Co.

Ltd.,

Class

H

(Oil,

Gas

&

Consumable

Fuels)

.......

4,681,350

China

Construction

Bank

Corp.,

Class

H

(Banks)

.....................

5,053

30,800

China

CSSC

Holdings

Ltd.,

Class

A

(Machinery)

.................

62,900

China

Eastern

Airlines

Corp.,

Ltd.

(Passenger

Airlines)(a)

..........

110,000

China

Feihe

Ltd.

(Food

Products)(b)

....

69,200

China

Galaxy

Securities

Co.

Ltd.,

Class

A

(Capital

Markets)

..............

174,000

China

Galaxy

Securities

Co.

Ltd.,

Class

H

(Capital

Markets)

..............

12,100

China

Gold

International

Resources

Corp.

Ltd.

(Metals

&

Mining)

.........

140,500

China

Hongqiao

Group

Ltd.

(Metals

&

Mining)

.....................

635

53,600

China

International

Capital

Corp.

Ltd.,

Class

A

(Capital

Markets)

............

50,800

China

International

Capital

Corp.

Ltd.,

Class

H

(Capital

Markets)(b)

..........

348,000

China

Life

Insurance

Co.

Ltd.,

Class

H

(Insurance)

..................

1,110

23,800

China

Literature

Ltd.

(Media)(a)(b)

.....

200,000

China

Longyuan

Power

Group

Corp.

Ltd.,

Class

H

(Independent

Power

and

Renewable

Electricity

Producers)

..

126,000

China

Mengniu

Dairy

Co.

Ltd.

(Food

Products)(b)

.................

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

China

(continued)

77,800

China

Merchants

Bank

Co.

Ltd.,

Class

A

(Banks)

.....................

$

166,500

China

Merchants

Bank

Co.

Ltd.,

Class

H

(Banks)

.....................

1,058

71,100

China

Minsheng

Banking

Corp.

Ltd.,

Class

A

(Banks)

...................

344,000

China

National

Building

Material

Co.

Ltd.,

Class

H

(Construction

Materials)(b)

.

41,400

China

National

Nuclear

Power

Co.

Ltd.,

Class

A

(Independent

Power

and

Renewable

Electricity

Producers)

..

42,000

China

Nonferrous

Mining

Corp.

Ltd.

(Metals

&

Mining)

.............

12,650

China

Northern

Rare

Earth

Group

High-

Tech

Co.

Ltd.,

Class

A

(Metals

&

Mining)

.....................

46,400

China

Pacific

Insurance

Group

Co.

Ltd.,

Class

A

(Insurance)

............

99,000

China

Pacific

Insurance

Group

Co.

Ltd.,

Class

H

(Insurance)

............

219,400

China

Petroleum

&

Chemical

Corp.,

Class

A

(Oil,

Gas

&

Consumable

Fuels)

....

941,400

China

Petroleum

&

Chemical

Corp.,

Class

H

(Oil,

Gas

&

Consumable

Fuels)

....

541

156,700

China

Railway

Group

Ltd.,

Class

A

(Construction

&

Engineering)

.....

26,600

China

Resources

Mixc

Lifestyle

Services

Ltd.

(Real

Estate

Management

&

Development)(b)

..............

180,000

China

Shenhua

Energy

Co.

Ltd.,

Class

H

(Oil,

Gas

&

Consumable

Fuels)

....

1,065

9,400

China

Tourism

Group

Duty

Free

Corp.

Ltd.,

Class

A

(Specialty

Retail)

........

279,800

China

Tower

Corp.

Ltd.,

Class

H

(Diversified

Telecommunication

Services)(b)

..................

7,200

China

Tungsten

And

Hightech

Materials

Co.

Ltd.,

Class

A

(Metals

&

Mining)

...

97,800

China

Yangtze

Power

Co.

Ltd.,

Class

A

(Independent

Power

and

Renewable

Electricity

Producers)

...........

51,000

Chongqing

Changan

Automobile

Co.

Ltd.,

Class

A

(Automobiles)

..........

16,650

Chongqing

Zhifei

Biological

Products

Co.

Ltd.,

Class

A

(Biotechnology)(a)

...

320,000

CITIC

Ltd.

(Industrial

Conglomerates)

...

110,165

CITIC

Securities

Co.

Ltd.,

Class

A

(Capital

Markets)

....................

26,500

CITIC

Securities

Co.

Ltd.,

Class

H

(Capital

Markets)

....................

228,000

CMOC

Group

Ltd.,

Class

H

(Metals

&

Mining)

.....................

28,400

CNPC

Capital

Co.

Ltd.,

Class

A

(Banks)

.

16,640

Contemporary

Amperex

Technology

Co.

Ltd.,

Class

A

(Electrical

Equipment)

985

900

Contemporary

Amperex

Technology

Co.,

Ltd.,

Class

H

(Electrical

Equipment)^

HC

CAPITAL

TRUST

The

Emerging

Markets

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

China

(continued)

25,800

COSCO

SHIPPING

Energy

Transportation

Co.

Ltd.,

Class

A

(Oil,

Gas

&

Consumable

Fuels)

.............

$

114,430

COSCO

SHIPPING

Holdings

Co.

Ltd.,

Class

A

(Marine

Transportation)

...

66,300

COSCO

SHIPPING

Holdings

Co.

Ltd.,

Class

H

(Marine

Transportation)

...

288,300

CRRC

Corp.

Ltd.,

Class

A

(Machinery)

..

68,200

CSC

Financial

Co.

Ltd.,

Class

A

(Capital

Markets)

....................

6,400

CSPC

Innovation

Pharmaceutical

Co.

Ltd.,

Class

A

(Pharmaceuticals)

........

398,000

CSPC

Pharmaceutical

Group

Ltd.

(Pharmaceuticals)(b)

...........

100,200

Datang

International

Power

Generation

Co.

Ltd.,

Class

A

(Independent

Power

and

Renewable

Electricity

Producers)

..

19,000

Dongfang

Electric

Corp.

Ltd.,

Class

A

(Electrical

Equipment)

..........

58,490

East

Money

Information

Co.

Ltd.,

Class

A

(Capital

Markets)

..............

1,100

Eastroc

Beverage

Group

Co.

Ltd.,

Class

A

(Beverages)

..................

52,000

ENN

Energy

Holdings

Ltd.

(Gas

Utilities)

3,300

Eoptolink

Technology,

Inc.

Ltd.,

Class

A

(Electronic

Equipment,

Instruments

&

Components)

.................

6,223

Eve

Energy

Co.

Ltd.,

Class

A

(Electrical

Equipment)

..................

209,700

Focus

Media

Information

Technology

Co.

Ltd.,

Class

A

(Media)

...........

39,660

Foshan

Haitian

Flavouring

&

Food

Co.

Ltd.,

Class

A

(Food

Products)

.........

39,000

Foxconn

Industrial

Internet

Co.

Ltd.,

Class

A

(Electronic

Equipment,

Instruments

&

Components)

...............

17,400

Fuyao

Glass

Industry

Group

Co.

Ltd.,

Class

A

(Automobile

Components)

.....

6,800

Fuyao

Glass

Industry

Group

Co.

Ltd.,

Class

H

(Automobile

Components)(b)

...

5,000

Ganfeng

Lithium

Group

Co.

Ltd.,

Class

A

(Chemicals)

..................

16,600

Ganfeng

Lithium

Group

Co.

Ltd.,

Class

H

(Chemicals)(b)

................

57,700

GDS

Holdings

Ltd.,

Class

A

(IT

Services)^(a)

.................

74,000

Genscript

Biotech

Corp.

(Life

Sciences

Tools

&

Services)(a)

............

112,200

GF

Securities

Co.

Ltd.,

Class

A

(Capital

Markets)

....................

16,000

Giant

Biogene

Holding

Co.

Ltd.

(Personal

Care

Products)(b)

..............

9,100

Giant

Network

Group

Co.,

Ltd.

(Entertainment)

...............

2,100

GigaDevice

Semiconductor,

Inc.,

Class

A

(Semiconductors

&

Semiconductor

Equipment)

..................

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

China

(continued)

18,100

Goldwind

Science

&

Technology

Co.

Ltd.,

Class

A

(Electrical

Equipment)

....

$

116,000

Great

Wall

Motor

Co.

Ltd.

(Automobiles)

29,200

Gree

Electric

Appliances,

Inc.

of

Zhuhai,

Class

A

(Household

Durables)

.....

17,500

Guangdong

HEC

Technology

Holding

Co.

Ltd.,

Class

A

(Metals

&

Mining)(a)

.

8,700

Guangzhou

Tinci

Materials

Technology

Co.,

Ltd.

(Chemicals)

..............

Guotai

Haitong

Securities

Co.

Ltd.,

Class

A

(Capital

Markets)

..............

—

111,008

Guotai

Haitong

Securities

Co.

Ltd.,

Class

H

(Capital

Markets)(b)

............

10,002

H

World

Group

Ltd.,

ADR

(Hotels,

Restaurants

&

Leisure)

..........

503

95,000

Haidilao

International

Holding

Ltd.

(Hotels,

Restaurants

&

Leisure)(b)

........

60,800

Haier

Smart

Home

Co.

Ltd.,

Class

A

(Household

Durables)

...........

94,800

Haier

Smart

Home

Co.

Ltd.,

Class

H

(Household

Durables)

...........

2,900

Hangzhou

Chang

Chuan

Technology

Co.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

.......

66,000

Hansoh

Pharmaceutical

Group

Co.

Ltd.

(Pharmaceuticals)(b)

...........

83,000

Hengan

International

Group

Co.

Ltd.

(Personal

Care

Products)

........

45,000

Hengli

Petrochemical

Co.

Ltd.,

Class

A

(Chemicals)

..................

5,420

Hesai

Group,

Class

B

(Automobile

Components)(a)

...............

2,000

Hithink

RoyalFlush

Information

Network

Co.

Ltd.,

Class

A

(Capital

Markets)

.

234,600

Horizon

Robotics,

Class

B

(Software)(a)(b)

34,000

Hua

Hong

Semiconductor

Ltd.,

Class

H

(Semiconductors

&

Semiconductor

Equipment)(a)(b)

..............

25,200

Huadong

Medicine

Co.

Ltd.,

Class

A

(Health

Care

Providers

&

Services)

.......

352,000

Huaneng

Power

International,

Inc.,

Class

H

(Independent

Power

and

Renewable

Electricity

Producers)(b)

.........

Huatai

Securities

Co.

Ltd.,

Class

A

(Capital

Markets)

....................

—

59,000

Huatai

Securities

Co.

Ltd.,

Class

H

(Capital

Markets)(b)

..................

8,781

Hygon

Information

Technology

Co.

Ltd.,

Class

A

(Semiconductors

&

Semiconductor

Equipment)

.......

7,184

IEIT

Systems

Co.

Ltd.,

Class

A

(Technology

Hardware,

Storage

&

Peripherals)

..

23,600

Iflytek

Co.

Ltd.,

Class

A

(Software)

.....

3,251,440

Industrial

&

Commercial

Bank

of

China

Ltd.,

Class

H

(Banks)

...........

2,867

308,000

Inner

Mongolia

BaoTou

Steel

Union

Co.

Ltd.,

Class

A

(Metals

&

Mining)

...

HC

CAPITAL

TRUST

The

Emerging

Markets

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

China

(continued)

11,800

Inner

Mongolia

Xingye

Silver&Tin

Mining

Co.

Ltd.,

Class

A

(Metals

&

Mining)

$

69,500

Innovent

Biologics,

Inc.

(Biotechnology)(a)

(b) ........................

764

101,400

J&T

Global

Express

Ltd.

(Air

Freight

&

Logistics)(a)

.................

55,600

JD

Health

International,

Inc.

(Consumer

Staples

Distribution

&

Retail)(a)(b)

.

69,600

JD

Logistics,

Inc.

(Air

Freight

&

Logistics)

(a)(b) ......................

109,057

JD.com,

Inc.,

Class

A

(Broadline

Retail)

..

1,608

186,000

Jiangsu

Expressway

Co.

Ltd.,

Class

H

(Transportation

Infrastructure)

.....

4,200

Jiangsu

Hengli

Hydraulic

Co.

Ltd.,

Class

A

(Machinery)

.................

12,631

Jiangsu

Hengrui

Pharmaceuticals

Co.

Ltd.,

Class

A

(Pharmaceuticals)

........

45,000

Jiangxi

Copper

Co.

Ltd.,

Class

H

(Metals

&

Mining)

.....................

18,382

Kanzhun

Ltd.,

ADR

(Professional

Services)

(b) ........................

93,000

KE

Holdings,

Inc.,

Class

A

(Real

Estate

Management

&

Development)

.....

154,000

Kingdee

International

Software

Group

Co.

Ltd.

(Software)(a)

.............

62,000

Kingsoft

Corp.

Ltd.

(Entertainment)(b)

..

112,700

Kuaishou

Technology,

Class

B

(Interactive

Media

&

Services)(b)

...........

664

3,500

Kuang

-Chi

Technologies

Co.

Ltd.,

Class

A

(Aerospace

&

Defense)(a)

........

3,800

Kweichow

Moutai

Co.

Ltd.,

Class

A

(Beverages)

..................

800

1,300

Laopu

Gold

Co.

Ltd.,

Class

H

(Textiles,

Apparel

&

Luxury

Goods)

.......

370,000

Lenovo

Group

Ltd.

(Technology

Hardware,

Storage

&

Peripherals)

..........

26,100

Lens

Technology

Co.

Ltd.,

Class

A

(Electronic

Equipment,

Instruments

&

Components)

.................

58,214

Li

Auto,

Inc.,

Class

A

(Automobiles)(a)

..

514

132,000

Li

Ning

Co.

Ltd.

(Textiles,

Apparel

&

Luxury

Goods)

...............

132,500

Longfor

Group

Holdings

Ltd.

(Real

Estate

Management

&

Development)^(b)

..

23,819

Luxshare

Precision

Industry

Co.

Ltd.,

Class

A

(Electronic

Equipment,

Instruments

&

Components)

...............

161,500

Meitu

,

Inc.

(Interactive

Media

&

Services)

(a)(b) ......................

220,828

Meituan

,

Class

B

(Hotels,

Restaurants

&

Leisure)(a)(b)

................

2,410

20,000

Midea

Group

Co.

Ltd.,

Class

H

(Household

Durables)

...................

30,000

MINISO

Group

Holding

Ltd.

(Broadline

Retail)

......................

2,400

Montage

Technology

Co.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

..................

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

China

(continued)

7,280

Muyuan

Foods

Co.

Ltd.,

Class

A

(Food

Products)

....................

$

1,880

NAURA

Technology

Group

Co.

Ltd.,

Class

A

(Semiconductors

&

Semiconductor

Equipment)

..................

78,900

NetEase,

Inc.

(Entertainment)

.........

1,763

20,200

New

China

Life

Insurance

Co.

Ltd.,

Class

A

(Insurance)

..................

33,700

New

China

Life

Insurance

Co.

Ltd.,

Class

H

(Insurance)

..................

67,600

New

Oriental

Education

&

Technology

Group,

Inc.

(Diversified

Consumer

Services)

....................

4,400

Ningbo

Deye

Technology

Co.

Ltd.,

Class

A

(Electrical

Equipment)

..........

90,170

NIO,

Inc.,

Class

A

(Automobiles)(a)

....

548

97,000

Nongfu

Spring

Co.

Ltd.,

Class

H

(Beverages)(b)

................

587

4,400

OmniVision

Integrated

Circuits

Group,

Inc.,

Class

A

(Semiconductors

&

Semiconductor

Equipment)

.......

118,700

PetroChina

Co.

Ltd.,

Class

A

(Oil,

Gas

&

Consumable

Fuels)

.............

900,000

PetroChina

Co.

Ltd.,

Class

H

(Oil,

Gas

&

Consumable

Fuels)

.............

1,235

330,000

PICC

Property

&

Casualty

Co.

Ltd.,

Class

H

(Insurance)

..................

607

337,517

Ping

An

Insurance

Group

Co.

of

China

Ltd.

(Insurance)

..................

2,595

1,200

Piotech

,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.......

7,800

Pony

AI,

Inc.,

Class

A

(Software)(a)

....

24,400

Pop

Mart

International

Group

Ltd.

(Specialty

Retail)(b)

............

6,700

Range

Intelligent

Computing

Technology

Group

Co.

Ltd.

(IT

Services)

......

7,500

Remegen

Co.

Ltd.,

Class

H

(Biotechnology)

(a)(b) ......................

900

RoboTechnik

Intelligent

Technology

Co.,

Ltd.

(Machinery)

..............

900

Rockchip

Electronics

Co.

Ltd.,

Class

A

(Semiconductors

&

Semiconductor

Equipment)

..................

66,300

Rongsheng

Petrochemical

Co.

Ltd.,

Class

A

(Chemicals)

..................

45,700

SAIC

Motor

Corp.

Ltd.,

Class

A

(Automobiles)

................

26,500

SDIC

Power

Holdings

Co.

Ltd.,

Class

A

(Independent

Power

and

Renewable

Electricity

Producers)

...........

1,319,000

SenseTime

Group,

Inc.,

Class

B

(Software)

(a)(b) ......................

5,100

Seres

Group

Co.

Ltd.,

Class

A

(Automobiles)

................

12,000

Shaanxi

Coal

Industry

Co.

Ltd.,

Class

A

(Oil,

Gas

&

Consumable

Fuels)

....

27,500

Shandong

Gold

Mining

Co.

Ltd.,

Class

A

(Metals

&

Mining)

.............

HC

CAPITAL

TRUST

The

Emerging

Markets

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

China

(continued)

27,000

Shandong

Gold

Mining

Co.

Ltd.,

Class

H

(Metals

&

Mining)(b)

...........

$

12,400

Shandong

Hongqiao

Aluminum

Industry

Holding

Co.

Ltd.

(Metals

&

Mining)

(a) ........................

55,400

Shanghai

Electric

Group

Co.

Ltd.,

Class

A

(Electrical

Equipment)(a)

........

32,100

Shanghai

Pudong

Development

Bank

Co.

Ltd.,

Class

A

(Banks)

...........

6,090

Shanghai

Putailai

New

Energy

Technology

Group

Co.

Ltd.,

Class

A

(Chemicals)

160,200

Shanghai

Rural

Commercial

Bank

Co.

Ltd.,

Class

A

(Banks)

...............

9,400

Shanghai

Zhangjiang

High-Tech

Park

Development

Co.

Ltd.,

Class

A

(Real

Estate

Management

&

Development)

21,540

Shanjin

International

Gold

Co.

Ltd.,

Class

A

(Metals

&

Mining)

.............

2,800

Shannon

Semiconductor

Technology

Co.

Ltd.

(Electronic

Equipment,

Instruments

&

Components)

......

2,500

Sharetronic

Data

Technology

Co.

Ltd.

(Technology

Hardware,

Storage

&

Peripherals)

..................

4,900

Shenzhen

Envicool

Technology

Co.

Ltd.,

Class

A

(Machinery)

............

1,300

Shenzhen

Longsys

Electronics

Co.

Ltd.,

Class

A

(Technology

Hardware,

Storage

&

Peripherals)(a)

........

1,500

Shenzhen

Techwinsemi

Technology

Co.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

..................

48,200

Shenzhou

International

Group

Holdings

Ltd.

(Textiles,

Apparel

&

Luxury

Goods)(b)

14,400

Sichuan

Changhong

Electric

Co.

Ltd.,

Class

A

(Household

Durables)

.........

19,900

Sichuan

Chuantou

Energy

Co.

Ltd.,

Class

A

(Independent

Power

and

Renewable

Electricity

Producers)

...........

26,100

Sichuan

Kelun

Pharmaceutical

Co.

Ltd.,

Class

A

(Pharmaceuticals)

........

1,900

Sichuan

Kelun

-Biotech

Biopharmaceutical

Co.

Ltd.,

Class

H

(Biotechnology)(a)

(b) ........................

106,800

Sinopharm

Group

Co.

Ltd.,

Class

H

(Health

Care

Providers

&

Services)

.......

28,000

Sinotruk

Hong

Kong

Ltd.

(Machinery)(b)

81,000

Smoore

International

Holdings

Ltd.

(Tobacco)^(b)

................

18,500

Spring

Airlines

Co.

Ltd.,

Class

A

(Passenger

Airlines)

....................

6,540

Sungrow

Power

Supply

Co.

Ltd.,

Class

A

(Electrical

Equipment)

..........

31,827

Sunny

Optical

Technology

Group

Co.

Ltd.

(Electronic

Equipment,

Instruments

&

Components)

.................

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

China

(continued)

6,400

Suzhou

Dongshan

Precision

Manufacturing

Co.

Ltd.,

Class

A

(Electronic

Equipment,

Instruments

&

Components)

.................

$

1,400

Suzhou

Maxwell

Technologies

Co.

Ltd.,

Class

A

(Semiconductors

&

Semiconductor

Equipment)

.......

2,600

Suzhou

TFC

Optical

Communication

Co.

Ltd.,

Class

A

(Communications

Equipment)

..................

23,590

TAL

Education

Group,

ADR

(Diversified

Consumer

Services)(a)

..........

286,286

Tencent

Holdings

Ltd.

(Interactive

Media

&

Services)(b)

..................

18,058

24,381

Tencent

Music

Entertainment

Group,

ADR

(Entertainment)

...............

43,700

The

People's

Insurance

Co.

Group

of

China

Ltd.,

Class

A

(Insurance)

.........

249,000

The

People's

Insurance

Co.

Group

of

China

Ltd.,

Class

H

(Insurance)(b)

......

32,000

Tingyi

Cayman

Islands

Holding

Corp.

(Food

Products)

....................

78,400

Tongcheng

Travel

Holdings

Ltd.

(Hotels,

Restaurants

&

Leisure)(b)

........

14,000

Tsingtao

Brewery

Co.

Ltd.,

Class

H

(Beverages)

..................

9,500

UBTech

Robotics

Corp.

Ltd.

(Machinery)^(a)

...............

30,940

Unisplendour

Corp.

Ltd.,

Class

A

(Electronic

Equipment,

Instruments

&

Components)

.................

1,200

Verisilicon

Microelectronics

Shanghai

Co.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)(a)

.....

2,300

Victory

Giant

Technology

Huizhou

Co.

Ltd.,

Class

A

(Electronic

Equipment,

Instruments

&

Components)

......

13,804

Vipshop

Holdings

Ltd.,

ADR

(Broadline

Retail)

......................

VOYAH

Automobile

Technology

Co.

Ltd.

(Automobiles)(a)

..............

—

18,400

Wanxiang

Qianchao

Co.

Ltd.

(Automobile

Components)

.................

50,500

Weichai

Power

Co.

Ltd.,

Class

A

(Machinery)

.................

54,000

Weichai

Power

Co.

Ltd.,

Class

H

(Machinery)

.................

44,260

Wens

Foodstuff

Group

Co.

Ltd.,

Class

A

(Food

Products)

...............

203,600

Wintime

Energy

Group

Co.

Ltd.,

Class

A

(Independent

Power

and

Renewable

Electricity

Producers)(a)

.........

8,800

Wolong

Electric

Group

Co.

Ltd.,

Class

A

(Electrical

Equipment)

..........

40,279

Wuhan

Guide

Infrared

Co.

Ltd.,

Class

A

(Electronic

Equipment,

Instruments

&

Components)(a)

...............

19,900

Wuliangye

Yibin

Co.

Ltd.,

Class

A

(Beverages)

..................

HC

CAPITAL

TRUST

The

Emerging

Markets

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

China

(continued)

12,260

WUS

Printed

Circuit

Kunshan

Co.

Ltd.,

Class

A

(Electronic

Equipment,

Instruments

&

Components)

......

$

16,500

WuXi

AppTec

Co.

Ltd.,

Class

A

(Life

Sciences

Tools

&

Services)

.......

11,640

WuXi

AppTec

Co.

Ltd.,

Class

H

(Life

Sciences

Tools

&

Services)(b)

.....

162,000

Wuxi

Biologics

Cayman,

Inc.

(Life

Sciences

Tools

&

Services)(a)(b)

.........

697

16,500

WuXi

XDC

Cayman,

Inc.

(Life

Sciences

Tools

&

Services)(a)(b)

.........

778,400

Xiaomi

Corp.,

Class

B

(Technology

Hardware,

Storage

&

Peripherals)(a)

(b) ........................

3,216

280,190

Xinyi

Solar

Holdings

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

.....

57,364

XPeng

,

Inc.,

Class

A

(Automobiles)(a)

...

67,000

XtalPi

Holdings

Ltd.

(Life

Sciences

Tools

&

Services)(a)

..................

100,000

Yadea

Group

Holdings

Ltd.

(Automobiles)

(b) ........................

20,500

Yangtze

Optical

Fibre

&

Cable

Joint

Stock

Ltd.

Co.,

Class

H

(Communications

Equipment)(b)

................

40,170

Yankuang

Energy

Group

Co.

Ltd.,

Class

A

(Oil,

Gas

&

Consumable

Fuels)

....

154,700

Yankuang

Energy

Group

Co.

Ltd.,

Class

H

(Oil,

Gas

&

Consumable

Fuels)

....

3,800

Yantai

Jereh

Oilfield

Services

Group

Co.

Ltd.

(Energy

Equipment

&

Services)

17,070

Yealink

Network

Technology

Corp.

Ltd.,

Class

A

(Communications

Equipment)

16,876

Yonyou

Network

Technology

Co.

Ltd.,

Class

A

(Software)(a)

...........

16,250

Yum

China

Holdings,

Inc.

(Hotels,

Restaurants

&

Leisure)

..........

807

4,500

Zangge

Mining

Co.

Ltd.

(Chemicals)

....

12,100

Zhangzhou

Pientzehuang

Pharmaceutical

Co.

Ltd.,

Class

A

(Pharmaceuticals)

.

90,000

Zhaojin

Mining

Industry

Co.

Ltd.,

Class

H

(Metals

&

Mining)

.............

14,100

Zhejiang

China

Commodities

City

Group

Co.

Ltd.,

Class

A

(Distributors)

....

25,400

Zhejiang

Leapmotor

Technology

Co.

Ltd.,

Class

H

(Automobiles)(a)(b)

......

75,900

Zheshang

Securities

Co.

Ltd.,

Class

A

(Capital

Markets)

..............

3,320

Zhongji

Innolight

Co.

Ltd.,

Class

A

(Communications

Equipment)

.....

16,900

Zhongjin

Gold

Corp.

Ltd.,

Class

A

(Metals

&

Mining)

...................

94,500

Zijin

Mining

Group

Co.

Ltd.,

Class

A

(Metals

&

Mining)

.............

218,000

Zijin

Mining

Group

Co.

Ltd.,

Class

H

(Metals

&

Mining)

.............

981

130,200

Zoomlion

Heavy

Industry

Science

and

Technology

Co.

Ltd.,

Class

A

(Machinery)

.................

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

China

(continued)

45,800

ZTE

Corp.,

Class

A

(Communications

Equipment)

..................

$

15,550

ZTO

Express

Cayman,

Inc.

(Air

Freight

&

Logistics)

...................

96,960

Colombia

—

0.10%

12,989

Grupo

Cibest

SA

(Banks)

............

24,382

Grupo

Cibest

SA,

Preference

Shares

(Banks)

.....................

749

Czech

Republic

—

0.07%

1,084

CEZ

A/S

(Electric

Utilities)

..........

49,116

Moneta

Money

Bank

AS

(Banks)(b)

....

Egypt

—

0.05%

151,584

Commercial

International

Bank

-

Egypt

(CIB)

(Banks)

................

Greece

—

0.28%

67,748

Alpha

Bank

SA

(Banks)

.............

99,271

Eurobank

SA

(Banks)

...............

11,213

Hellenic

Telecommunications

Organization

SA

(Diversified

Telecommunication

Services)

....................

3,059

JUMBO

SA

(Specialty

Retail)(b)

.......

35,689

National

Bank

of

Greece

SA

(Banks)(b)

..

552

45,032

Piraeus

Bank

SA

(Banks)(a)

..........

10,619

Public

Power

Corp.

SA

(Electric

Utilities)

(b) ........................

2,081

Hong

Kong

—

2.23%

771,318

Alibaba

Group

Holding

Ltd.,

Class

W

(Broadline

Retail)

.............

12,089

286,000

Alibaba

Health

Information

Technology

Ltd.

(Consumer

Staples

Distribution

&

Retail)(a)

....................

11,500

Beijing

Enterprises

Holdings

Ltd.

(Gas

Utilities)(b)

..................

21,000

C&D

International

Investment

Group

Ltd.

(Real

Estate

Management

&

Development)

................

222,000

China

Overseas

Land

&

Investment

Ltd.

(Real

Estate

Management

&

Development)

................

102,000

China

Resources

Beer

Holdings

Co.

Ltd.

(Beverages)

..................

15,400

China

Resources

Gas

Group

Ltd.

(Gas

Utilities)(b)

..................

165,261

China

Resources

Land

Ltd.

(Real

Estate

Management

&

Development)

.....

613

HC

CAPITAL

TRUST

The

Emerging

Markets

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Hong

Kong

(continued)

176,143

China

Resources

Power

Holdings

Co.

Ltd.

(Independent

Power

and

Renewable

Electricity

Producers)

...........

$

560,000

China

Ruyi

Holdings

Ltd.

(Entertainment)

(a) ........................

112,000

China

State

Construction

International

Holdings

Ltd.

(Construction

&

Engineering)

.................

79,400

China

Taiping

Insurance

Holdings

Co.

Ltd.

(Insurance)(b)

................

57,000

Chow

Tai

Fook

Jewellery

Group

Ltd.

(Specialty

Retail)

..............

253,000

Far

East

Horizon

Ltd.

(Financial

Services)

1,248,000

GCL

Technology

Holdings

Ltd.

(Semiconductors

&

Semiconductor

Equipment)(a)

................

308,000

Geely

Automobile

Holdings

Ltd.

(Automobiles)

................

821

132,000

Guangdong

Investment

Ltd.

(Water

Utilities)

....................

2,150

NetEase

Cloud

Music,

Inc.

(Entertainment)

(a)(b) ......................

513,000

Sino

Biopharmaceutical

Ltd.

(Pharmaceuticals)(b)

...........

10,100

Zijin

Gold

International

Co.

Ltd.

(Metals

&

Mining)(a)

...................

16,566

Hungary

—

0.22%

18,936

MOL

Hungarian

Oil

&

Gas

PLC

(Oil,

Gas

&

Consumable

Fuels)

...........

10,618

OTP

Bank

Nyrt

(Banks)

.............

1,139

8,351

Richter

Gedeon

Nyrt

(Pharmaceuticals)

..

1,664

India

—

10.40%

1,582

ABB

India

Ltd.

(Electrical

Equipment)

..

11,071

Adani

Enterprises

Ltd.

(Trading

Companies

&

Distributors)(b)

.............

42,865

Adani

Ports

&

Special

Economic

Zone

Ltd.

(Transportation

Infrastructure)

.....

600

188,928

Adani

Power

Ltd.

(Independent

Power

and

Renewable

Electricity

Producers)(a)

62,569

Ambuja

Cements

Ltd.

(Construction

Materials)

...................

15,738

APL

Apollo

Tubes

Ltd.

(Metals

&

Mining)

8,151

Apollo

Hospitals

Enterprise

Ltd.

(Health

Care

Providers

&

Services)(b)

.....

644

61,078

Ashok

Leyland

Ltd.

(Machinery)

.......

19,814

Asian

Paints

Ltd.

(Chemicals)

.........

5,202

AU

Small

Finance

Bank

Ltd.

(Banks)(b)

.

22,857

Aurobindo

Pharma

Ltd.

(Pharmaceuticals)

(b) ........................

10,856

Avenue

Supermarts

Ltd.

(Consumer

Staples

Distribution

&

Retail)(a)(b)

......

118,992

Axis

Bank

Ltd.

(Banks)

.............

1,474

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

India

(continued)

5,199

Bajaj

Auto

Ltd.

(Automobiles)

........

$

139,697

Bajaj

Finance

Ltd.

(Consumer

Finance)(b)

1,195

28,832

Bajaj

Finserv

Ltd.

(Financial

Services)(b)

501

Bajaj

Holdings

&

Investment

Ltd.

(Financial

Services)

....................

189,059

Bharat

Electronics

Ltd.

(Aerospace

&

Defense)(b)

..................

809

5,388

Bharat

Forge

Ltd.

(Automobile

Components)

.................

79,223

Bharat

Heavy

Electricals

Ltd.

(Electrical

Equipment)

..................

104,752

Bharat

Petroleum

Corp.

Ltd.

(Oil,

Gas

&

Consumable

Fuels)(b)

..........

126,910

Bharti

Airtel

Ltd.

(Wireless

Telecommunication

Services)(b)

...

2,412

Bosch

Ltd.

(Automobile

Components)

...

1,406

Britannia

Industries

Ltd.

(Food

Products)

.

9,630

BSE

Ltd.

(Capital

Markets)

...........

48,710

CG

Power

&

Industrial

Solutions

Ltd.

(Electrical

Equipment)(b)

........

8,842,285

Chennai

Super

Kings

Cricket

Ltd.

(Entertainment)(a)(c)

...........

18,453

30,106

Cholamandalam

Investment

and

Finance

Co.

Ltd.

(Consumer

Finance)

.....

6,793

Cipla

Ltd.

(Pharmaceuticals)(b)

........

122,425

Coal

India

Ltd.

(Oil,

Gas

&

Consumable

Fuels)(b)

....................

585

8,945

Cummins

India

Ltd.

(Machinery)

.......

2,978

Divi's

Laboratories

Ltd.

(Life

Sciences

Tools

&

Services)

..................

1,427

Dixon

Technologies

India

Ltd.

(Household

Durables)

...................

77,965

DLF

Ltd.

(Real

Estate

Management

&

Development)(b)

..............

35,786

Dr.

Reddy's

Laboratories

Ltd.,

ADR

(Pharmaceuticals)

.............

8,257

Eicher

Motors

Ltd.

(Automobiles)(b)

....

578

119,338

Eternal

Ltd.

(Hotels,

Restaurants

&

Leisure)

(a) ........................

16,336

Fortis

Healthcare

Ltd.

(Health

Care

Providers

&

Services)

...........

17,398

FSN

E-Commerce

Ventures

Ltd.

(Specialty

Retail)(a)

....................

289,126

GAIL

India

Ltd.

(Gas

Utilities)

........

5,736

GE

Vernova

T&D

India

Ltd.

(Electrical

Equipment)

..................

2,830

Godrej

Consumer

Products

Ltd.

(Personal

Care

Products)

................

2,080

Godrej

Properties

Ltd.

(Real

Estate

Management

&

Development)(a)(b)

49,806

HCL

Technologies

Ltd.

(IT

Services)

....

717

524,492

HDFC

Bank

Ltd.

(Banks)

............

4,108

18,156

HDFC

Life

Insurance

Co.

Ltd.

(Insurance)

(b) ........................

3,798

Hero

MotoCorp

Ltd.

(Automobiles)(b)

...

37,725

Hindalco

Industries

Ltd.

(Metals

&

Mining)

(b) ........................

HC

CAPITAL

TRUST

The

Emerging

Markets

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

India

(continued)

11,588

Hindustan

Aeronautics

Ltd.

(Aerospace

&

Defense)

....................

$

11,096

Hindustan

Petroleum

Corp.

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

.............

46,133

Hindustan

Unilever

Ltd.

(Personal

Care

Products)(b)

.................

1,006

541

Hitachi

Energy

India

Ltd.

(Electrical

Equipment)

..................

1,865

Hyundai

Motor

India

Ltd.

(Automobiles)

.

246,788

ICICI

Bank

Ltd.

(Banks)(b)

..........

3,168

208,399

Indian

Oil

Corp.

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

.............

33,112

Indus

Towers

Ltd.

(Diversified

Telecommunication

Services)(a)(b)

.

21,414

IndusInd

Bank

Ltd.

(Banks)(a)(b)

......

26,540

Info

Edge

India

Ltd.

(Interactive

Media

&

Services)

....................

152,060

Infosys

Ltd.

(IT

Services)

............

2,051

12,411

InterGlobe

Aviation

Ltd.

(Passenger

Airlines)(b)

..................

524

175,894

ITC

Ltd.

(Tobacco)

.................

538

5,178

Jindal

Stainless

Ltd.

(Metals

&

Mining)

..

197,990

Jio

Financial

Services

Ltd.

(Financial

Services)

....................

17,235

JSW

Energy

Ltd.

(Independent

Power

and

Renewable

Electricity

Producers)(b)

5,422

Jubilant

Foodworks

Ltd.

(Hotels,

Restaurants

&

Leisure)(b)

........

17,767

Kalyan

Jewellers

India

Ltd.

(Textiles,

Apparel

&

Luxury

Goods)(b)

.....

277,251

Kotak

Mahindra

Bank

Ltd.

(Banks)(b)

...

1,044

35,447

Larsen

&

Toubro

Ltd.

(Construction

&

Engineering)(b)

...............

1,318

20,661

Lodha

Developers

Ltd.

(Real

Estate

Management

&

Development)(b)

..

47,902

Mahindra

&

Mahindra

Ltd.

(Automobiles)

(b) ........................

1,503

6,779

Maruti

Suzuki

India

Ltd.

(Automobiles)

..

889

41,140

Max

Healthcare

Institute

Ltd.

(Health

Care

Providers

&

Services)(b)

........

2,469

Muthoot

Finance

Ltd.

(Consumer

Finance)

10,754

Nestle

India

Ltd.

(Food

Products)

......

60,205

NHPC

Ltd.

(Independent

Power

and

Renewable

Electricity

Producers)(b)

468,093

NMDC

Ltd.

(Metals

&

Mining)

........

242,379

NTPC

Ltd.

(Independent

Power

and

Renewable

Electricity

Producers)(b)

955

197,370

Oil

&

Natural

Gas

Corp.

Ltd.

(Oil,

Gas

&

Consumable

Fuels)(b)

..........

595

14,993

Oil

India

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

......................

16,778

One

Communications

Ltd.

(Financial

Services)(a)(b)

................

607

Oracle

Financial

Services

Software

Ltd.

(Software)

...................

13,568

PB

Fintech

Ltd.

(Insurance)(a)(b)

......

2,264

Persistent

Systems

Ltd.

(IT

Services)

....

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

India

(continued)

44,166

Pidilite

Industries

Ltd.

(Chemicals)

.....

$

598

1,602

Polycab

India

Ltd.

(Electrical

Equipment)(b)

105,295

Power

Finance

Corp.

Ltd.

(Financial

Services)

....................

273,989

Power

Grid

Corp.

of

India

Ltd.

(Electric

Utilities)

....................

863

2,527

Prestige

Estates

Projects

Ltd.

(Real

Estate

Management

&

Development)

.....

29,002

Rail

Vikas

Nigam

Ltd.

(Construction

&

Engineering)

.................

84,438

REC

Ltd.

(Financial

Services)

.........

279,182

Reliance

Industries

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

.............

4,015

130,845

Samvardhana

Motherson

International

Ltd.

(Automobile

Components)(b)

.....

30,301

SBI

Life

Insurance

Co.

Ltd.

(Insurance)(b)

573

1,183

Shree

Cement

Ltd.

(Construction

Materials)

(b) ........................

50,695

Shriram

Finance

Ltd.

(Consumer

Finance)

(b) ........................

1,409

Siemens

Energy

India

Ltd.

(Electrical

Equipment)

..................

2,450

Siemens

Ltd.

(Industrial

Conglomerates)(a)

793

Solar

Industries

India

Ltd.

(Chemicals)

..

1,907

SRF

Ltd.

(Chemicals)

...............

92,813

State

Bank

of

India

(Banks)(b)

........

968

56,328

Sun

Pharmaceutical

Industries

Ltd.

(Pharmaceuticals)

.............

1,054

1,450

Sundaram

Finance

Ltd.

(Consumer

Finance)

1,146

Supreme

Industries

Ltd.

(Building

Products)

570,140

Suzlon

Energy

Ltd.

(Electrical

Equipment)

(a)(b) ......................

61,512

Swiggy

Ltd.

(Hotels,

Restaurants

&

Leisure)

(a)(b) ......................

44,580

Tata

Consultancy

Services

Ltd.

(IT

Services)

(b) ........................

1,123

15,228

Tata

Consumer

Products

Ltd.

(Food

Products)

....................

115,265

Tata

Motors

Ltd.

(Machinery)(a)

.......

101,379

Tata

Motors

Passenger

Vehicles

Ltd.

(Automobiles)(b)

..............

420,400

Tata

Steel

Ltd.

(Metals

&

Mining)

......

863

11,283

Tech

Mahindra

Ltd.

(IT

Services)

......

22,009

The

Indian

Hotels

Co.

Ltd.

(Hotels,

Restaurants

&

Leisure)(b)

........

3,560

The

Phoenix

Mills

Ltd.

(Real

Estate

Management

&

Development)(b)

..

34,381

The

Tata

Power

Co.

Ltd.

(Electric

Utilities)

20,927

Titan

Co.

Ltd.

(Textiles,

Apparel

&

Luxury

Goods)

.....................

879

7,846

Torrent

Power

Ltd.

(Electric

Utilities)

...

11,512

Trent

Ltd.

(Specialty

Retail)

..........

8,326

Tube

Investments

of

India

Ltd.

(Automobile

Components)

.................

5,502

TVS

Motor

Co.

Ltd.

(Automobiles)

.....

HC

CAPITAL

TRUST

The

Emerging

Markets

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

India

(continued)

6,993

UltraTech

Cement

Ltd.

(Construction

Materials)

...................

$

799

37,293

United

Spirits

Ltd.

(Beverages)

........

5,501

UPL

Ltd.

(Chemicals)

...............

51,325

Varun

Beverages

Ltd.

(Beverages)(b)

....

76,460

Vedanta

Ltd.

(Metals

&

Mining)

.......

536

37,690

Vishal

Mega

Mart

Ltd.

(Broadline

Retail)(a)

(b) ........................

611,114

Vodafone

Idea

Ltd.

(Wireless

Telecommunication

Services)(a)(b)

.

4,646

Voltas

Ltd.

(Construction

&

Engineering)

.

2,375

WAAREE

Energies

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

.......

166,280

Wipro

Ltd.

(IT

Services)(b)

...........

1,074,947

Yes

Bank

Ltd.

(Banks)(a)

............

77,020

Indonesia

—

0.59%

599,600

PT

Amman

Mineral

Internasional

(Metals

&

Mining)(a)

...................

1,361,800

PT

Astra

International

Tbk

(Industrial

Conglomerates)

...............

503

2,862,185

PT

Bank

Central

Asia

Tbk

(Banks)

.....

1,105

801,100

PT

Bank

Mandiri

Persero

Tbk

(Banks)

...

3,488,200

PT

Bank

Rakyat

Indonesia

Persero

Tbk

(Banks)

.....................

697

1,079,604

PT

Barito

Pacific

Tbk

(Chemicals)(a)

....

388,500

PT

Barito

Renewables

Energy

Tbk

(Independent

Power

and

Renewable

Electricity

Producers)(a)

.........

2,599,300

PT

Bumi

Resources

Minerals

Tbk

(Metals

&

Mining)(a)

...................

375,000

PT

Chandra

Asri

Pacific

Tbk

(Chemicals)

.

1,080,300

PT

Charoen

Pokphand

Indonesia

Tbk

(Food

Products)

....................

49,900

PT

Dian

Swastatika

Sentosa

Tbk

(Oil,

Gas

&

Consumable

Fuels)(a)

.........

32,225,600

PT

GoTo

Gojek

Tokopedia

Tbk

,

Class

A

(Broadline

Retail)(a)

...........

986,300

PT

Petrindo

Jaya

Kreasi

Tbk

(Oil,

Gas

&

Consumable

Fuels)

.............

849,200

PT

Sumber

Alfaria

Trijaya

Tbk

(Consumer

Staples

Distribution

&

Retail)

.....

2,435,950

PT

Telkom

Indonesia

Persero

Tbk

(Diversified

Telecommunication

Services)(b)

..................

63,800

PT

United

Tractors

Tbk

(Oil,

Gas

&

Consumable

Fuels)

.............

4,373

Ireland

(Republic

of)

—

0.44%

31,812

PDD

Holdings,

Inc.,

ADR

(Broadline

Retail)

(a) ........................

3,251

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Kazakhstan

—

0.00%

38,369

Solidcore

Resources

PLC

(Metals

&

Mining)(a)(c)

.................

$

—

Korea,

Republic

of

—

0.55%

1,988

Alteogen

,

Inc.

(Biotechnology)

........

1,156

APR

Corp.

(Personal

Care

Products)

....

1,306

Hanjin

Kal

Corp.

(Hotels,

Restaurants

&

Leisure)

....................

1,960

Hanmi

Semiconductor

Co.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

..................

2,961

Hanwha

Systems

Co.

Ltd.

(Aerospace

&

Defense)

....................

1,938

HD

Hyundai

Co.

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

.............

1,146

HD

Hyundai

Electric

Co.

Ltd.

(Electrical

Equipment)

..................

649

1,703

HD

Hyundai

Heavy

Industries

Co.

Ltd.

(Machinery)

.................

546

HD

Hyundai

Marine

Solution

Co.

Ltd.

(Machinery)

.................

893

HYBE

Co.

Ltd.

(Entertainment)(a)

.....

3,677

Hyundai

Rotem

Co.

Ltd.

(Machinery)

...

3,445

Meritz

Financial

Group,

Inc.

(Financial

Services)(a)

..................

Samsung

Episholdings

Co.

Ltd.

(Biotechnology)(a)

.............

Samyang

Foods

Co.

Ltd.

(Food

Products)

764

SK

Biopharmaceuticals

Co.

Ltd.

(Pharmaceuticals)(a)(b)

.........

4,090

Kuwait

—

0.42%

286,999

Boubyan

Bank

KSCP

(Banks)

.........

636

559,444

Kuwait

Finance

House

KSCP

(Banks)

...

1,458

75,937

Mabanee

Co.

KPSC

(Real

Estate

Management

&

Development)

.....

222,384

National

Bank

of

Kuwait

SAKP

(Banks)

.

660

112,614

Warba

Bank

KSCP

(Banks)

...........

3,084

Luxembourg

—

0.02%

2,313

Reinet

Investments

SCA

(Capital

Markets)

9,796

Zabka

Group

SA

(Consumer

Staples

Distribution

&

Retail)(a)

.........

Malaysia

—

0.80%

241,900

AMMB

Holdings

Berhad

(Banks)

......

60,200

CELCOMDIGI

Berhad

(Wireless

Telecommunication

Services)

.....

109,100

CIMB

Group

Holdings

Berhad

(Banks)(b)

154,126

Gamuda

Berhad

(Construction

&

Engineering)

.................

HC

CAPITAL

TRUST

The

Emerging

Markets

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Malaysia

(continued)

218,200

IHH

Healthcare

Berhad

(Health

Care

Providers

&

Services)

...........

$

616,100

IOI

Corp.

Berhad

(Food

Products)

......

646

378,796

Malayan

Banking

Berhad

(Banks)

......

1,067

221,100

Maxis

Berhad

(Wireless

Telecommunication

Services)(b)

..................

15,300

Petronas

Gas

Bhd

(Gas

Utilities)

.......

273,300

Press

Metal

Aluminium

Holdings

Bhd

(Metals

&

Mining)

.............

544

983,500

Public

Bank

Bhd

(Banks)(b)

..........

1,143

405,200

QL

Resources

Bhd

(Food

Products)

.....

347,200

SD

Guthrie

Bhd

(Food

Products)

.......

519

160,200

YTL

Corp.

Bhd

(Multi-Utilities)

.......

92,280

YTL

Power

International

Bhd

(Multi-

Utilities)

....................

5,966

Mexico

—

1.26%

862,065

America

Movil

SAB

de

CV,

Class

B

(Wireless

Telecommunication

Services)

....................

1,096

712,108

Cemex

SAB

de

CV

(Construction

Materials)

817

38,113

Coca-Cola

Femsa

SAB

de

CV

(Beverages)

156,300

Fibra

Uno

Administracion

SA

de

CV

(Diversified

REITs)(b)

..........

85,025

Fomento

Economico

Mexicano

SAB

de

CV

(Beverages)

..................

939

3,542

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV,

Class

B

(Transportation

Infrastructure)

................

19,755

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV,

Class

B

(Transportation

Infrastructure)

................

12,517

Grupo

Aeroportuario

del

Sureste

SAB

de

CV,

Class

B

(Transportation

Infrastructure)

................

77,103

Grupo

Bimbo

SAB

de

CV,

Class

A

(Food

Products)

....................

8,482

Grupo

Carso

SAB

de

CV,

Series

A1,

Class

A1

(Industrial

Conglomerates)

....

130,998

Grupo

Financiero

Banorte

SAB

de

CV,

Class

O

(Banks)

...............

1,453

148,203

Grupo

Mexico

SAB

de

CV,

Class

B

(Metals

&

Mining)

...................

1,587

9,487

Industrias

Penoles

SAB

de

CV

(Metals

&

Mining)(a)

...................

203,136

Kimberly-Clark

de

Mexico

SAB

de

CV,

Class

A

(Household

Products)

.....

58,663

Prologis

Property

Mexico

SA

de

CV

(Industrial

REITs)(b)

...........

102,503

Sigma

Foods

SAB

de

CV,

Class

A

(Food

Products)

....................

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Mexico

(continued)

94,863

Wal-Mart

de

Mexico

SAB

de

CV

(Consumer

Staples

Distribution

&

Retail)

......................

$

9,370

Netherlands

—

0.29%

23,686

JBS

N.V.,

Class

A

(Food

Products)(a)

...

23,068

NEPI

Rockcastle

N.V.

(Real

Estate

Management

&

Development)(a)(b)

33,550

Prosus

N.V.

(Broadline

Retail)(a)(b)

....

1,554

2,164

Peru

—

0.19%

8,265

Cia

de

Minas

Buenaventura

SAA,

ADR

(Metals

&

Mining)

.............

3,247

Credicorp

Ltd.

(Banks)

..............

1,101

1,399

Philippines

—

0.19%

393,000

Ayala

Land,

Inc.

(Real

Estate

Management

&

Development)(b)

............

40,710

International

Container

Terminal

Services,

Inc.

(Transportation

Infrastructure)(b)

22,670

Jollibee

Foods

Corp.

(Hotels,

Restaurants

&

Leisure)

....................

360,043

Metropolitan

Bank

&

Trust

Co.

(Banks)

..

8,360

PLDT,

Inc.

(Wireless

Telecommunication

Services)

....................

24,493

SM

Investments

Corp.

(Industrial

Conglomerates)

...............

1,438

Poland

—

0.68%

34,273

Allegro.eu

SA

(Broadline

Retail)(a)(b)

...

2,219

Asseco

Poland

SA

(Software)

.........

11,168

Bank

Polska

Kasa

Opieki

SA

(Banks)(b)

.

662

Budimex

SA

(Construction

&

Engineering)

(b) ........................

3,287

CD

Projekt

SA

(Entertainment)

........

24,800

Dino

Polska

SA

(Consumer

Staples

Distribution

&

Retail)(a)(b)

......

5,650

KGHM

Polska

Miedz

SA

(Metals

&

Mining)(a)

...................

LPP

SA

(Textiles,

Apparel

&

Luxury

Goods)

mBank

SA

(Banks)(a)

...............

28,478

ORLEN

SA

(Oil,

Gas

&

Consumable

Fuels)

1,032

62,776

PGE

Polska

Grupa

Energetyczna

SA

(Electric

Utilities)(a)

...........

44,998

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

(Banks)

.............

1,064

28,575

Powszechny

Zaklad

Ubezpieczen

SA

(Insurance)(b)

................

5,064

HC

CAPITAL

TRUST

The

Emerging

Markets

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Qatar

—

0.41%

548,684

Al

Rayan

Bank

(Banks)

.............

$

46,759

Industries

Qatar

QSC

(Industrial

Conglomerates)

...............

185,247

Mesaieed

Petrochemical

Holding

Co.

(Chemicals)

..................

121,012

Qatar

Fuel

QSC

(Oil,

Gas

&

Consumable

Fuels)

......................

55,762

Qatar

International

Islamic

Bank

QSC

(Banks)

.....................

110,312

Qatar

Islamic

Bank

QPSC

(Banks)

.....

689

191,806

Qatar

National

Bank

QPSC

(Banks)

.....

898

262,564

The

Commercial

Bank

PSQC

(Banks)

...

3,069

Russia

—

0.00%

877,850

Gazprom

PJSC

(Oil,

Gas

&

Consumable

Fuels)(a)(c)

..................

—

280,855

Gazprom

PJSC,

ADR

(Oil,

Gas

&

Consumable

Fuels)(a)(c)

.........

—

23,471

LUKOIL

PJSC

(Oil,

Gas

&

Consumable

Fuels)(a)(c)

..................

—

32,986

LUKOIL

PJSC

(Oil,

Gas

&

Consumable

Fuels)(a)(c)

..................

—

766,486

Moscow

Exchange

MICEX-RTS

PJSC

(Capital

Markets)(a)(c)

..........

—

102,050

Novatek

PJSC

(Oil,

Gas

&

Consumable

Fuels)(a)(c)

..................

—

37,340

Polyus

PJSC

(Metals

&

Mining)(a)(c)

...

—

357,956

Sberbank

of

Russia

PJSC

(Banks)(a)(c)

..

—

113,164

Severstal

PAO,

GDR

(Metals

&

Mining)(a)

(c) ........................

—

125,880

Tatneft

PJSC

(Oil,

Gas

&

Consumable

Fuels)(a)(c)

..................

—

7,712

T-

Tekhnologii

MKPAO,

GDR

(Banks)(a)(c)

—

162,920

VTB

Bank

PJSC

(Banks)(a)(c)

........

—

—

Saudi

Arabia

—

2.02%

7,910

ACWA

Power

Co.

(Independent

Power

and

Renewable

Electricity

Producers)(a)

7,737

Ades

Holding

Co.

(Energy

Equipment

&

Services)

....................

92,929

Al

Rajhi

Bank

(Banks)

..............

2,648

60,828

Alinma

Bank

(Banks)

...............

21,681

Almarai

Co.

JSC

(Food

Products)

......

39,306

Bank

AlBilad

(Banks)

...............

92,749

Banque

Saudi

Fransi

(Banks)

.........

6,816

Bupa

Arabia

for

Cooperative

Insurance

Co.

(Insurance)

..................

45,353

Dar

Al

Arkan

Real

Estate

Development

Co.

(Real

Estate

Management

&

Development)(a)

..............

4,588

Dr.

Sulaiman

Al

Habib

Medical

Services

Group

Co.

(Health

Care

Providers

&

Services)

....................

1,587

Elm

Co.

(IT

Services)

...............

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Saudi

Arabia

(continued)

10,430

Etihad

Etisalat

Co.

(Wireless

Telecommunication

Services)

.....

$

27,800

Jabal

Omar

Development

Co.

(Hotels,

Restaurants

&

Leisure)(a)

........

13,316

Jarir

Marketing

Co.

(Specialty

Retail)

...

7,853

Makkah

Construction

&

Development

Co.

(Real

Estate

Management

&

Development)

................

75,321

Riyad

Bank

(Banks)

................

597

17,517

SABIC

Agri-Nutrients

Co.

(Chemicals)

..

673

2,682

SAL

Saudi

Logistics

Services

(Air

Freight

&

Logistics)

.................

69,896

Saudi

Arabian

Mining

Co.

(Metals

&

Mining)(a)

...................

1,208

223,723

Saudi

Arabian

Oil

Co.

(Oil,

Gas

&

Consumable

Fuels)(b)

..........

1,620

56,792

Saudi

Awwal

Bank

(Banks)(b)

.........

568

49,889

Saudi

Basic

Industries

Corp.

(Chemicals)

.

797

5,440

Saudi

Tadawul

Group

Holding

Co.

(Capital

Markets)

....................

103,456

Saudi

Telecom

Co.

(Diversified

Telecommunication

Services)

.....

1,173

7,563

The

Co.

for

Cooperative

Insurance

(Insurance)

..................

139,474

The

Saudi

National

Bank

(Banks)

......

1,575

14,966

Singapore

—

0.19%

28,350

Trip.com

Group

Ltd.

(Hotels,

Restaurants

&

Leisure)(a)

..................

1,401

South

Africa

—

2.03%

37,547

Absa

Group

Ltd.

(Banks)

............

541

29,107

Bid

Corp.

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

701

28,369

Bidvest

Group

Ltd.

(Industrial

Conglomerates)

...............

4,054

Capitec

Bank

Holdings

Ltd.

(Banks)

....

996

1,981

Clicks

Group

Ltd.

(Consumer

Staples

Distribution

&

Retail)(b)

........

34,726

Discovery

Ltd.

(Insurance)(b)

.........

510

250,766

FirstRand

Ltd.

(Financial

Services)

.....

1,284

41,150

Gold

Fields

Ltd.

(Metals

&

Mining)(b)

..

1,893

25,759

Harmony

Gold

Mining

Co.

Ltd.

(Metals

&

Mining)

.....................

40,774

Impala

Platinum

Holdings

Ltd.

(Metals

&

Mining)

.....................

580

81,534

MTN

Group

Ltd.

(Wireless

Telecommunication

Services)(b)

...

952

49,090

Naspers

Ltd.,

Class

N

(Broadline

Retail)

.

2,541

20,893

Nedbank

Group

Ltd.

(Banks)(b)

.......

16,220

Northam

Platinum

Holdings

Ltd.

(Metals

&

Mining)

.....................

179,200

Pepkor

Holdings

Ltd.

(Specialty

Retail)(b)

15,002

Remgro

Ltd.

(Financial

Services)

......

HC

CAPITAL

TRUST

The

Emerging

Markets

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

South

Africa

(continued)

34,236

Sanlam

Ltd.

(Insurance)(b)

...........

$

30,208

Sasol

Ltd.

(Chemicals)(a)

............

9,822

Shoprite

Holdings

Ltd.

(Consumer

Staples

Distribution

&

Retail)

...........

132,272

Sibanye

Stillwater

Ltd.

(Metals

&

Mining)

57,035

Standard

Bank

Group

Ltd.

(Banks)

.....

1,033

12,097

Valterra

Platinum

Ltd.

(Metals

&

Mining)

1,017

15,073

South

Korea

—

10.14%

1,319

Amorepacific

Corp.

(Personal

Care

Products)

....................

7,102

Celltrion

,

Inc.

(Biotechnology)(b)

......

950

2,314

DB

Insurance

Co.

Ltd.

(Insurance)(b)

...

Doosan

Co.

Ltd.

(Industrial

Conglomerates)

20,373

Doosan

Enerbility

Co.

Ltd.

(Electrical

Equipment)(a)(b)

..............

1,281

2,331

Ecopro

BM

Co.

Ltd.

(Electrical

Equipment)

4,611

Ecopro

Co.

Ltd.

(Electrical

Equipment)(a)

14,221

Hana

Financial

Group,

Inc.

(Banks)

.....

1,037

2,925

Hankook

Tire

&

Technology

Co.

Ltd.

(Automobile

Components)

.......

1,522

Hanwha

Aerospace

Co.

Ltd.

(Aerospace

&

Defense)

....................

1,298

6,532

Hanwha

Ocean

Co.

Ltd.

(Machinery)(a)(b)

538

1,984

HD

Korea

Shipbuilding

&

Offshore

Engineering

Co.

Ltd.

(Machinery)

..

5,268

HLB,

Inc.

(Health

Care

Equipment

&

Supplies)(a)

..................

15,344

HMM

Co.

Ltd.

(Marine

Transportation)

..

Hyosung

Heavy

Industries

Corp.

(Electrical

Equipment)

..................

3,701

Hyundai

Engineering

&

Construction

Co.

Ltd.

(Construction

&

Engineering)

..

1,321

Hyundai

Glovis

Co.

Ltd.

(Air

Freight

&

Logistics)

...................

2,758

Hyundai

Mobis

Co.

Ltd.

(Automobile

Components)

.................

712

5,635

Hyundai

Motor

Co.

(Automobiles)

.....

1,736

1,647

Hyundai

Motor

Co.,

Preference

Shares

(Automobiles)

................

2,129

Hyundai

Motor

Co.,

Preference

Shares

(Automobiles)

................

11,325

Industrial

Bank

of

Korea

(Banks)

......

14,374

Kakao

Corp.

(Interactive

Media

&

Services)

(b) ........................

11,697

KakaoBank

Corp.

(Banks)

...........

17,612

KB

Financial

Group,

Inc.

(Banks)

......

1,729

10,785

Kia

Corp.

(Automobiles)

............

1,065

2,874

Korea

Aerospace

Industries

Ltd.

(Aerospace

&

Defense)

..................

11,761

Korea

Electric

Power

Corp.

(Electric

Utilities)

....................

1,214

Korea

Investment

Holdings

Co.

Ltd.

(Capital

Markets)

..............

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

South

Korea

(continued)

1,272

Krafton

,

Inc.

(Entertainment)(a)

.......

$

4,968

KT&G

Corp.

(Tobacco)(b)

...........

534

5,615

LG

Chem

Ltd.

(Chemicals)

...........

1,148

7,266

LG

Corp.

(Industrial

Conglomerates)(b)

..

18,775

LG

Display

Co.

Ltd.

(Electronic

Equipment,

Instruments

&

Components)(a)

....

4,131

LG

Electronics,

Inc.

(Household

Durables)

2,191

LG

Energy

Solution

Ltd.

(Electrical

Equipment)(a)

................

600

564

LIG

Nex1

Co.

Ltd.

(Aerospace

&

Defense)

(b) ........................

742

LS

Electric

Co.

Ltd.

(Electrical

Equipment)

9,727

Mirae

Asset

Securities

Co.

Ltd.

(Capital

Markets)

....................

6,311

NAVER

Corp.

(Interactive

Media

&

Services)

....................

859

1,796

POSCO

Future

M

Co.

Ltd.

(Electrical

Equipment)

..................

3,634

POSCO

Holdings,

Inc.

(Metals

&

Mining)

818

2,263

Posco

International

Corp.

(Trading

Companies

&

Distributors)

.......

527

Samsung

Biologics

Co.

Ltd.

(Life

Sciences

Tools

&

Services)(a)(b)

.........

540

15,245

Samsung

C&T

Corp.

(Industrial

Conglomerates)

...............

2,672

2,595

Samsung

Electro-Mechanics

Co.

Ltd.

(Electronic

Equipment,

Instruments

&

Components)

.................

744

213,358

Samsung

Electronics

Co.

Ltd.

(Technology

Hardware,

Storage

&

Peripherals)

..

24,963

37,021

Samsung

Electronics

Co.

Ltd.,

Preference

Shares

(Technology

Hardware,

Storage

&

Peripherals)

................

2,989

1,502

Samsung

Fire

&

Marine

Insurance

Co.

Ltd.

(Insurance)

..................

32,621

Samsung

Heavy

Industries

Co.

Ltd.

(Machinery)(a)

...............

547

3,923

Samsung

Life

Insurance

Co.

Ltd.

(Insurance)

..................

566

2,866

Samsung

SDI

Co.

Ltd.

(Electronic

Equipment,

Instruments

&

Components)(a)

...............

794

948

Samsung

SDS

Co.

Ltd.

(IT

Services)

....

23,239

Shinhan

Financial

Group

Co.

Ltd.

(Banks)

1,385

24,632

SK

hynix

,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.......

13,980

3,140

SK

Innovation

Co.

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

.............

4,192

SK

Square

Co.

Ltd.

(Industrial

Conglomerates)(a)

.............

1,381

2,407

SK

Telecom

Co.

Ltd.

(Wireless

Telecommunication

Services)

.....

5,031

SK,

Inc.

(Industrial

Conglomerates)

.....

1,034

10,357

Woori

Financial

Group,

Inc.

(Banks)

....

3,195

Yuhan

Corp.

(Pharmaceuticals)

........

75,214

HC

CAPITAL

TRUST

The

Emerging

Markets

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Taiwan

—

14.54%

23,000

Accton

Technology

Corp.

(Communications

Equipment)

..................

$

1,135

6,000

Advantech

Co.

Ltd.

(Technology

Hardware,

Storage

&

Peripherals)

..........

5,904

Airtac

International

Group

(Machinery)

..

4,000

Alchip

Technologies

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

.....

153,672

ASE

Technology

Holding

Co.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

..................

1,692

243,971

Asia

Cement

Corp.

(Construction

Materials)

(b) ........................

15,000

Asia

Vital

Components

Co.

Ltd.

(Technology

Hardware,

Storage

&

Peripherals)

..................

991

1,000

ASPEED

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.....

33,000

Asustek

Computer,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)

..

580

8,000

Bizlink

Holding,

Inc.

(Electrical

Equipment)

55,000

Caliway

Biopharmaceuticals

Co.

Ltd.

(Pharmaceuticals)(a)

...........

33,000

Catcher

Technology

Co.

Ltd.

(Technology

Hardware,

Storage

&

Peripherals)

..

304,000

Cathay

Financial

Holding

Co.

Ltd.

(Insurance)

..................

680

32,640

Chailease

Holding

Co.

Ltd.

(Financial

Services)

....................

18,000

Chroma

ATE,

Inc.

(Electronic

Equipment,

Instruments

&

Components)

......

864

229,000

Chunghwa

Telecom

Co.

Ltd.

(Diversified

Telecommunication

Services)

.....

955

271,000

Compal

Electronics,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)

..

621,000

CTBC

Financial

Holding

Co.

Ltd.

(Banks)

(b) ........................

1,009

88,000

Delta

Electronics,

Inc.

(Electronic

Equipment,

Instruments

&

Components)

.................

3,969

39,000

E

Ink

Holdings,

Inc.

(Electronic

Equipment,

Instruments

&

Components)

......

391,500

E.Sun

Financial

Holding

Co.

Ltd.

(Banks)

14,000

Elite

Material

Co.

Ltd.

(Electronic

Equipment,

Instruments

&

Components)

.................

1,195

3,000

eMemory

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.....

77,000

Eva

Airways

Corp.

(Passenger

Airlines)

..

53,000

Evergreen

Marine

Corp.

Taiwan

Ltd.

(Marine

Transportation)

.........

147,000

Far

EasTone

Telecommunications

Co.

Ltd.

(Wireless

Telecommunication

Services)(b)

..................

176,300

First

Financial

Holding

Co.

Ltd.

(Banks)

.

121,000

Formosa

Chemicals

&

Fibre

Corp.

(Chemicals)

..................

126,000

Formosa

Plastics

Corp.

(Chemicals)

.....

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Taiwan

(continued)

8,800

Fortune

Electric

Co.

Ltd.

(Electrical

Equipment)

..................

$

386,997

Fubon

Financial

Holding

Co.

Ltd.

(Insurance)

..................

1,060

29,000

Gigabyte

Technology

Co.

Ltd.

(Technology

Hardware,

Storage

&

Peripherals)

..

4,000

Global

Unichip

Corp.

(Semiconductors

&

Semiconductor

Equipment)

.......

14,000

Globalwafers

Co.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

.......

14,000

Gold

Circuit

Electronics

Ltd.

(Electronic

Equipment,

Instruments

&

Components)

.................

564,000

Hon

Hai

Precision

Industry

Co.

Ltd.

(Electronic

Equipment,

Instruments

&

Components)

.................

3,448

4,000

Hon.

Precision,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.......

15,000

Hotai

Motor

Co.

Ltd.

(Specialty

Retail)

..

202,990

Hua

Nan

Financial

Holdings

Co.

Ltd.

(Banks)

.....................

379,671

Innolux

Corp.

(Electronic

Equipment,

Instruments

&

Components)

......

12,000

International

Games

System

Co.

Ltd.

(Entertainment)

...............

150,000

Inventec

Corp.

(Technology

Hardware,

Storage

&

Peripherals)

..........

4,000

Jentech

Precision

Industrial

Co.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

..................

503

957,340

KGI

Financial

Holding

Co.

Ltd.

(Insurance)

588

3,000

King

Slide

Works

Co.

Ltd.

(Technology

Hardware,

Storage

&

Peripherals)

..

50,000

King

Yuan

Electronics

Co.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

..................

5,000

Largan

Precision

Co.

Ltd.

(Electronic

Equipment,

Instruments

&

Components)

.................

92,554

Lite-On

Technology

Corp.

(Technology

Hardware,

Storage

&

Peripherals)

..

4,000

Lotes

Co.

Ltd.

(Electronic

Equipment,

Instruments

&

Components)

......

68,962

MediaTek,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

.......

3,308

1,067,475

Mega

Financial

Holding

Co.

Ltd.

(Banks)

1,296

242,000

Nan

Ya

Plastics

Corp.

(Chemicals)

......

579

33,000

Novatek

Microelectronics

Corp.

(Semiconductors

&

Semiconductor

Equipment)

..................

129,000

Pegatron

Corp.

(Technology

Hardware,

Storage

&

Peripherals)

..........

14,426

PharmaEssentia

Corp.

(Biotechnology)

..

124,000

Quanta

Computer,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)

..

1,116

18,000

Realtek

Semiconductor

Corp.

(Semiconductors

&

Semiconductor

Equipment)

..................

HC

CAPITAL

TRUST

The

Emerging

Markets

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Taiwan

(continued)

447,424

SinoPac

Financial

Holdings

Co.

Ltd.

(Banks)

.....................

$

77,250

Taiwan

Cooperative

Financial

Holding

Co.

Ltd.

(Banks)

.................

141,000

Taiwan

Mobile

Co.

Ltd.

(Wireless

Telecommunication

Services)

.....

1,111,000

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

.......

64,264

450,110

TCC

Group

Holdings

Co.

Ltd.

(Construction

Materials)

...................

51,000

Teco

Electric

and

Machinery

Co.

Ltd.

(Electrical

Equipment)

..........

470,369

The

Shanghai

Commercial

&

Savings

Bank

Ltd.

(Banks)

.................

577

1,154,104

TS

Financial

Holding

Co.

Ltd.

(Banks)

..

849

60,736

Unimicron

Technology

Corp.

(Electronic

Equipment,

Instruments

&

Components)

.................

889

64,000

Uni-President

Enterprises

Corp.

(Food

Products)

....................

500,000

United

Microelectronics

Corp.

(Semiconductors

&

Semiconductor

Equipment)

..................

896

58,000

Vanguard

International

Semiconductor

Corp.

(Semiconductors

&

Semiconductor

Equipment)

..................

15,000

Wan

Hai

Lines

Ltd.

(Marine

Transportation)

139,000

Wistron

Corp.

(Technology

Hardware,

Storage

&

Peripherals)

..........

553

5,000

Wiwynn

Corp.

(Technology

Hardware,

Storage

&

Peripherals)(b)

........

538

76,212

Yageo

Corp.

(Electronic

Equipment,

Instruments

&

Components)

......

602

93,000

Yang

Ming

Marine

Transport

Corp.

(Marine

Transportation)

...............

607,087

Yuanta

Financial

Holding

Co.

Ltd.

(Financial

Services)

............

863

39,000

Zhen

Ding

Technology

Holding

Ltd.

(Electronic

Equipment,

Instruments

&

Components)

.................

107,715

Thailand

—

0.68%

66,900

Advanced

Info

Service

PCL,

Class

F

(Wireless

Telecommunication

Services)

....................

765

203,800

Airports

of

Thailand

PCL,

Class

F

(Transportation

Infrastructure)

.....

117,800

Bangkok

Dusit

Medical

Services

PCL

-

NVDR

(Health

Care

Providers

&

Services)

....................

23,100

Bumrungrad

Hospital

PCL

-

NVDR

(Health

Care

Providers

&

Services)

.......

44,100

Charoen

Pokphand

Foods

PCL

-

NVDR

(Food

Products)

...............

108,500

CP

ALL

PCL

-

NVDR

(Consumer

Staples

Distribution

&

Retail)

...........

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

Thailand

(continued)

144,100

Delta

Electronics

Thailand

PCL

-

NVDR

(Electronic

Equipment,

Instruments

&

Components)

.................

$

1,172

263,202

Gulf

Development

PCL,

Class

F

(Independent

Power

and

Renewable

Electricity

Producers)

...........

29,803

Gulf

Development

PCL

-

NVDR,

Class

R

(Independent

Power

and

Renewable

Electricity

Producers)

...........

346,800

Krung

Thai

Bank

PCL,

Class

F

(Banks)

..

344,000

Minor

International

PCL,

Class

F

(Hotels,

Restaurants

&

Leisure)

..........

104,375

PTT

Exploration

&

Production

PCL,

Class

F

(Oil,

Gas

&

Consumable

Fuels)

....

504

260,400

PTT

PCL

(Oil,

Gas

&

Consumable

Fuels)

45,800

SCB

X

PCL

(Banks)

................

19,800

The

Siam

Cement

PCL

-

NVDR

(Construction

Materials)

.........

362,200

True

Corp

PCL,

Class

R

(Diversified

Telecommunication

Services)

.....

5,022

Turkey

—

0.31%

159,726

Akbank

TAS

(Banks)

...............

69,432

Aselsan

Elektronik

Sanayi

Ve

Ticaret

A/S

(Aerospace

&

Defense)

.........

27,356

BIM

Birlesik

Magazalar

A/S

(Consumer

Staples

Distribution

&

Retail)

.....

315,062

Eregli

Demir

ve

Celik

Fabrikalari

TAS

(Metals

&

Mining)

.............

Kardemir

Karabuk

Demir

Celik

Sanayi

ve

Ticaret

A/S

(Metals

&

Mining)(a)

..

—

37,262

KOC

Holding

A/S

(Industrial

Conglomerates)

...............

22,507

Turk

Hava

Yollari

AO

(Passenger

Airlines)

54,686

Turkcell

Iletisim

Hizmetleri

AS

(Wireless

Telecommunication

Services)

.....

53,765

Turkiye

Petrol

Rafinerileri

AS

(Oil,

Gas

&

Consumable

Fuels)

.............

239,232

Yapi

ve

Kredi

Bankasi

AS

(Banks)(a)

...

2,298

United

Arab

Emirates

—

0.86%

193,564

Abu

Dhabi

Commercial

Bank

PJSC

(Banks)

661

34,021

Abu

Dhabi

Islamic

Bank

PJSC

(Banks)

..

157,883

Abu

Dhabi

National

Oil

Co.

for

Distribution

PJSC

(Specialty

Retail)(b)

.......

69,985

ADNOC

Drilling

Co.

PJSC

(Energy

Equipment

&

Services)(b)

.......

101,455

Adnoc

Gas

PLC

(Oil,

Gas

&

Consumable

Fuels)(b)

....................

94,477

Air

Arabia

PJSC

(Passenger

Airlines)

....

189,948

Aldar

Properties

PJSC

(Real

Estate

Management

&

Development)(a)

...

59,352

Dubai

Electricity

&

Water

Authority

PJSC

(Multi-Utilities)

...............

HC

CAPITAL

TRUST

The

Emerging

Markets

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Value

(000) Common

Stocks

(continued)

United

Arab

Emirates

(continued)

302,343

Dubai

Islamic

Bank

PJSC

(Banks)(a)

....

$

613

30,986

Emaar

Development

PJSC

(Real

Estate

Management

&

Development)

.....

311,686

Emaar

Properties

PJSC

(Real

Estate

Management

&

Development)

.....

1,020

52,445

Emirates

NBD

Bank

PJSC

(Banks)

.....

186,697

Emirates

Telecommunications

Group

Co.

PJSC

(Diversified

Telecommunication

Services)

....................

964

286,780

First

Abu

Dhabi

Bank

PJSC

(Banks)

....

1,361

122,403

Salik

Co.

PJSC

(Transportation

Infrastructure)

................

6,411

United

Kingdom

—

0.31%

23,277

Anglogold

Ashanti

PLC

(Metals

&

Mining)

2,324

United

States

—

0.22%

39,800

BeOne

Medicines

Ltd.,

Class

H

(Biotechnology)(a)

.............

893

4,494

Legend

Biotech

Corp.,

ADR

(Biotechnology)(a)

.............

3,928

Southern

Copper

Corp.

(Metals

&

Mining)

676

1,650

Total

Common

Stocks

(cost

$302,257)

..

497,312

Preferred

Stock

—

0.00%

India

—

0.00%

22,008

TVS

Motor

Co.

Ltd.,

6.00%

(Automobiles)

Total

Preferred

Stock

(cost

$2)

.......

Investment

Companies

—

32.42%

International

Equity

Funds

—

29.58%

699,855

Aberdeen

Asia

Focus

PLC

...........

3,460

20,495

Aberdeen

India

Fund,

Inc.

............

279,081

Aberdeen

New

India

Investment

Trust

PLC

2,373

428,928

abrdn

Emerging

Markets

ex

China

Fund,

Inc.

........................

3,127

458,848

Baillie

Gifford

China

Growth

Trust

PLC

.

1,797

39,266

Barings

Emerging

EMEA

Opportunities

PLC

.......................

537,690

BlackRock

Frontiers

Investment

Trust

PLC

1,210

166,281

BlackRock

Latin

American

Investment

Trust

PLC

.......................

1,002

665,296

Fidelity

China

Special

Situations

PLC

...

2,490

319,341

Fidelity

Emerging

Markets

Ltd.

........

4,755

465,332

INVESCO

Asia

Dragon

Trust

PLC

.....

2,571

5,515

iShares

MSCI

Emerging

Markets

ex

China

ETF

.......................

279,700

iShares

MSCI

India

ETF

.............

13,101

16,250

iShares

MSCI

South

Korea

ETF

.......

1,999

Shares

Security

Description

Value

(000) Investment

Companies

(continued)

International

Equity

Funds

(continued)

30,478

iShares

MSCI

Taiwan

ETF

...........

$

2,161

15,733

iShares

MSCI

Taiwan

UCITS

ETF

.....

2,067

22,916

JPMorgan

Asia

Growth

&

Income

PLC

..

641,171

JPMorgan

China

Growth

&

Income

.....

2,356

2,941,841

JPMorgan

Emerging

Markets

Growth

&

Income

PLC

.................

5,496

47,711

JPMorgan

India

Growth

&

Income

PLC

..

517

492,678

Mobius

Investment

Trust

PLC

.........

913

133,657

Morgan

Stanley

China

A

Share

Fund,

Inc.

2,339

21,793

Morgan

Stanley

India

Investment

Fund,

Inc.

395,286

Pacific

Assets

Trust

PLC

.............

1,885

212,796

Pacific

Horizon

Investment

Trust

PLC

...

2,426

585,491

Schroder

AsiaPacific

Fund

PLC

........

5,162

449,661

Scottish

Oriental

Smaller

Companies

Trust

PLC

.......................

1,495

374,957

Templeton

Dragon

Fund,

Inc.

.........

3,978

110,473

Templeton

Emerging

Markets

Fund

.....

1,932

4,183,490

Templeton

Emerging

Markets

Investment

Trust

PLC

...................

13,750

94,213

The

Korea

Fund,

Inc.

...............

4,230

39,134

The

Mexico

Equity

and

Income

Fund,

Inc.

505

110,082

The

Mexico

Fund,

Inc.

..............

2,304

116,074

The

Taiwan

Fund,

Inc.

..............

7,631

890,830

The

Utilico

Emerging

Markets

Trust

PLC

.

3,224

488,440

Vanguard

FTSE

Europe

ETF

..........

40,261

385,079

VinaCapital

Vietnam

Opportunity

Fund

Ltd.

2,298

1,235

Weiss

Korea

Opportunity

Fund

Ltd.

(c) ...

—

2,232,746

Xtrackers

Harvest

CSI

China

A-Shares

ETF

.......................

72,876

219,337

International

Fixed

Income

—

0.24%

124,763

Aberdeen

Asian

Income

Fund

Ltd.

......

583,050

JPMorgan

Emerging

Markets

Dividend

Income

PLC

.................

1,334

1,771

Money

Market

Funds

—

2.60%

19,254,833

State

Street

Institutional

Treasury

Plus

Money

Market

Fund,

Trust

Class

,

3.55%(d)

....................

19,255

19,255

Total

Investment

Companies

(cost

$205,810)

.......................

240,363

Total

Investments

(cost

$508,069)

—

99.50%

.....................

737,677

Other

assets

in

excess

of

liabilities

—

0.50%

......................

3,744

Net

Assets

-

100.00%

..............

$

741,421

HC

CAPITAL

TRUST

The

Emerging

Markets

Portfolio

Portfolio

of

Investments

(concluded)

—

March

31,

2026

(Unaudited)

The

following

table

reflects

the

percentage

of

total

net

assets

of

the

Portfolio

attributable

to

each

Specialist

Manager

as

of

March

31,

2026

.

Amounts

designated

as

"—"

are

$0

or

have

been

rounded

to

$0.

^

All

or

part

of

this

security

was

on

loan

as

of

March

31,

2026. (a) Represents

non-income

producing

security.

(b) Represents

a

security

purchased

under

Rule

144A

or

Section

4(2)

and

is

exempt

from

registration

under

the

Securities

Act

of

1933,

as

amended,

or

is

otherwise

restricted

to

resale.

Certain

of

these

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

These

securities

have

been

deemed

liquid

by

the

Specialist

Manager.

(c) Security

was

valued

using

significant

unobservable

inputs

as

of

March

31,

2026. (d) Annualized

7-day

yield

as

of

period-end.

ADR—American

Depositary

Receipt

ETF

—

Exchange-Traded

Fund

GDR—Global

Depositary

Receipt

NVDR—Non-Voting

Depository

Receipt

PLC

—

Public

Limited

Company

REIT—Real

Estate

Investment

Trust

The

Emerging

Markets

Portfolio

City

of

London

Investment

Management

Company,

Limited

Mellon

Investments

Corporation

Parametric

Portfolio

Associates,

LLC

Total

Common

Stocks

...............................................................................................................................

0.80 %

66.28 %

—

67.08 %

Preferred

Stock

.................................................................................................................................

—

—

—

—

%

Investment

Companies

.....................................................................................................................

12.80 %

0.07 %

19.55 %

32.42 %

Other

Assets

(Liabilities)

.................................................................................................................

0.06 %

0.27 %

0.17 %

0.50 %

Total

Net

Assets

..........................................................................................................................

13.66 %

66.62 %

19.72 %

100.00 %

The

following

table

reflects

the

open

derivative

positions

held

by

the

Portfolio

as

of

March

31,

2026

.

Futures

Contracts

Purchased

\*

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000) Value

and

Unrealized

Appreciation/

(Depreciation)

(000) Mini

MSCI

Emerging

Markets

Index

Future

..........

6/18/26

$

23,201

$

(648) $

23,201

$

(648) Total

Unrealized

Appreciation

.....................

$

—

Total

Unrealized

Depreciation

.....................

(648) Total

Net

Unrealized

Appreciation/(Depreciation)

.......

$

(648) \*

Cash

has

been

pledged

as

collateral

for

futures

contracts

held

by

the

Portfolio.

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

—

March

31,

2026

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) Asset

Backed

Securities

—

0.18%

$

American

Express

Credit

Account

Master

Trust,

Series

2025-2,

Class

A

........

4.28 4/15/30

$

American

Express

Credit

Account

Master

Trust,

Series

2025-3,

Class

A

........

4.51 4/15/32

American

Express

Credit

Account

Master

Trust,

Series

2024-1,

Class

A

........

5.23 4/15/29

BA

Credit

Card

Trust,

Series

2024-A1,

Class

A

..........................

4.93 5/15/29

Capital

One

Multi-Asset

Execution

Trust,

Series

2021-A2,

Class

A2

..........

1.39 7/15/30

Capital

One

Multi-Asset

Execution

Trust,

Series

2024-A1,

Class

A

...........

3.92 9/15/29

Carmax

Auto

Owner

Trust,

Series

2025-1,

Class

A4,

Callable

11/15/28

@

100.00 .

4.95 8/15/30

Chase

Issuance

Trust,

Series

2024-A2,

Class

A

..........................

4.63 1/15/31

CNH

Equipment

Trust,

Series

2024-C,

Class

A3,

Callable

5/15/29

@

100.00 ....

4.03 1/15/30

Ford

Credit

Auto

Owner

Trust,

Series

2024-C,

Class

A4,

Callable

8/15/28

@

100.00 4.11 7/15/30

Ford

Credit

Floorplan

Master

Owner

Trust

A,

Series

2018-4,

Class

A

..........

4.06 11/15/30

GM

Financial

Automobile

Leasing

Trust,

Series

2025-3,

Class

A3,

Callable

12/20/27

@

100.00 ................................................

4.17 8/21/28

GM

Financial

Automobile

Leasing

Trust,

Series

2025-3,

Class

A4,

Callable

12/20/27

@

100.00 ................................................

4.20 8/20/29

GM

Financial

Consumer

Automobile

Receivables

Trust,

Series

2023-1,

Class

B,

Callable

12/16/26

@

100.00 ...................................

5.03 9/18/28

Harley-Davidson

Motorcycle

Trust,

Series

2024-A,

Class

A4,

Callable

11/15/27

@

100.00 ...................................................

5.29 12/15/31

Honda

Auto

Receivables

Owner

Trust,

Series

2023-3,

Class

A4,

Callable

12/18/26

@

100.00 ...................................................

5.30 12/18/29

Hyundai

Auto

Receivables

Trust,

Series

2025-C,

Class

A3,

Callable

8/15/29

@

100.00 ...................................................

3.88 4/15/30

Mercedes-Benz

Auto

Lease

Trust,

Series

2025-A,

Class

A4,

Callable

5/15/28

@

100.00 ...................................................

4.69 2/18/31

Santander

Drive

Auto

Receivables

Trust,

Series

2025-4,

Class

A3,

Callable

8/15/29

@

100.00 ................................................

4.17 4/15/30

Synchrony

Card

Funding

LLC,

Series

2024-A1,

Class

A

...................

5.04 3/15/30

Synchrony

Card

Issuance

Trust,

Series

2025-A3,

Class

A

...................

4.06 11/15/31

Toyota

Auto

Receivables

Owner

Trust,

Series

2024-A,

Class

A4,

Callable

1/15/28

@

100.00 ...................................................

4.77 4/16/29

Toyota

Auto

Receivables

Owner

Trust,

Series

2024-C,

Class

A4,

Callable

5/15/28

@

100.00 ...................................................

4.83 11/15/29

Verizon

Master

Trust,

Series

2024-6,

Class

A1A,

Callable

8/20/27

@

100.00 .....

4.17 8/20/30

Verizon

Master

Trust,

Series

2025-1,

Class

A,

Callable

1/20/28

@

100.00 .......

4.71 1/21/31

Volkswagen

Auto

Lease

Trust,

Series

2025-A,

Class

A3,

Callable

11/20/27

@

100.00 4.50 6/20/28

World

Omni

Auto

Receivables

Trust,

Series

2025-A,

Class

A4,

Callable

4/15/28

@

100.00 ...................................................

4.86 11/15/30

Total

Asset

Backed

Securities

(cost

$3,433)

...........................

3,428

Collateralized

Mortgage-Backed

Securities

—

0.68%

BANK,

Series

2020-BN26,

Class

A4,

Callable

3/15/30

@

100.00 .............

2.40 3/15/63

BANK,

Series

2021-BN37,

Class

A5,

Callable

11/15/31

@

100.00 ............

2.62(a)

11/15/64

BANK,

Series

2019-BN21,

Class

A5,

Callable

10/15/29

@

100.00 ............

2.85 10/17/52

BANK,

Series

2019-BN19,

Class

A3,

Callable

7/15/29

@

100.00 .............

3.18 8/15/61

BANK,

Series

2018-BN10,

Class

A5,

Callable

2/15/28

@

100.00 .............

3.69 2/15/61

BANK,

Series

2019-BN17,

Class

A4,

Callable

4/15/29

@

100.00 .............

3.71 4/15/52

BANK,

Series

2022-BNK41,

Class

A4

................................

3.79(a)

4/15/65

BANK,

Series

2019-BN16,

Class

AS,

Callable

2/15/29

@

100.00 ............

4.27 2/15/52

BANK,

Series

2024-5YR12,

Class

A2,

Callable

12/15/29

@

100.00 ...........

5.42 12/15/57

BANK,

Series

2024-5YR8,

Class

AS,

Callable

8/15/29

@

100.00 ............

6.38(a)

8/15/57

BBCMS

Mortgage

Trust,

Series

2020-C7,

Class

AS,

Callable

4/15/30

@

100.00 ..

2.44 4/15/53

BBCMS

Mortgage

Trust,

Series

2022-C15,

Class

A5,

Callable

4/15/32

@

100.00 .

3.66(a)

4/15/55

BBCMS

Mortgage

Trust,

Series

2024-5C29,

Class

A3,

Callable

9/15/29

@

100.00 5.21 9/15/57

BBCMS

Mortgage

Trust,

Series

2024-C28,

Class

A5,

Callable

8/15/34

@

100.00 .

5.40 9/15/57

BBCMS

Mortgage

Trust,

Series

2023-C21,

Class

A5,

Callable

9/15/33

@

100.00 .

6.00(a)

9/15/56

BBCMS

Mortgage

Trust,

Series

2023-C22,

Class

A5,

Callable

10/15/33

@

100.00 6.80(a)

11/15/56

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) Collateralized

Mortgage-Backed

Securities

(continued)

$

Benchmark

Mortgage

Trust,

Series

2021-B25,

Class

ASB,

Callable

4/15/31

@

100.00 ...................................................

2.27 4/15/54

$

Benchmark

Mortgage

Trust,

Series

2020-IG1,

Class

AS,

Callable

1/15/30

@

100.00 2.91(a)

9/15/43

Benchmark

Mortgage

Trust,

Series

2022-B33,

Class

A5,

Callable

3/15/32

@

100.00 3.46 3/15/55

Benchmark

Mortgage

Trust,

Series

2019-B9,

Class

A5,

Callable

2/15/29

@

100.00 4.02 3/15/52

Benchmark

Mortgage

Trust,

Series

2018-B6,

Class

A4,

Callable

10/10/28

@

100.00 4.26 10/10/51

Benchmark

Mortgage

Trust,

Series

2024-V8,

Class

A3,

Callable

7/15/29

@

100.00 6.19(a)

7/15/57

Benchmark

Mortgage

Trust,

Series

2024-V11,

Class

AM,

Callable

11/15/29

@

100.00 ...................................................

6.20(a)

11/15/57

BMO

Mortgage

Trust,

Series

2025-C11,

Class

ASB,

Callable

2/15/35

@

100.00 ..

5.68 2/15/58

BMO

Mortgage

Trust,

Series

2025-C11,

Class

A5,

Callable

2/15/35

@

100.00 ...

5.69 2/15/58

BMO

Mortgage

Trust,

Series

2024-5C4,

Class

A3,

Callable

5/15/29

@

100.00 ...

6.53(a)

5/15/57

Citigroup

Commercial

Mortgage

Trust,

Series

2020-GC46,

Class

AS,

Callable

2/15/30

@

100.00 ..........................................

2.92 2/15/53

Citigroup

Commercial

Mortgage

Trust,

Series

2019-C7,

Class

A4,

Callable

12/15/29

@

100.00 ................................................

3.10 12/15/72

Fannie

Mae-ACES,

Series

2020-M52,

Class

A2

.........................

1.32(a)

10/25/30

Fannie

Mae-ACES,

Series

2020-M14,

Class

A2

.........................

1.78 5/25/30

Fannie

Mae-ACES,

Series

2020-M8,

Class

A2

..........................

1.82 2/25/30

—

Fannie

Mae-ACES,

Series

2017-M7,

Class

A2

..........................

2.96(a)

2/25/27

—

Fannie

Mae-ACES,

Series

2022-M11,

Class

A2

.........................

2.97(a)

10/25/27

Fannie

Mae-ACES,

Series

2017-M11,

Class

A2

.........................

2.98 8/25/29

Fannie

Mae-ACES,

Series

2018-M1,

Class

A2

..........................

2.99(a)

12/25/27

Fannie

Mae-ACES,

Series

2017-M12,

Class

A2

.........................

3.07(a)

6/25/27

Fannie

Mae-ACES,

Series

2017-M15,

Class

ATS2

.......................

3.16(a)

11/25/27

Fannie

Mae-ACES,

Series

2019-M5,

Class

A2

..........................

3.27 2/25/29

Fannie

Mae-ACES,

Series

2018-M10,

Class

A2

.........................

3.37(a)

7/25/28

Fannie

Mae-ACES,

Series

2018-M14,

Class

A2

.........................

3.58(a)

8/25/28

Fannie

Mae-ACES,

Series

2019-M2,

Class

A2

..........................

3.65(a)

11/25/28

Fannie

Mae-ACES,

Series

2023-M4,

Class

A2

..........................

3.77(a)

9/25/32

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K112,

Class

A2,

Callable

5/25/30

@

100.00 .................................

1.31 5/25/30

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K116,

Class

A2,

Callable

7/25/30

@

100.00 .................................

1.38 7/25/30

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K117,

Class

A2,

Callable

8/25/30

@

100.00 .................................

1.41 8/25/30

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K-1516,

Class

A2,

Callable

5/25/35

@

100.00 .................................

1.72 5/25/35

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K106,

Class

A1,

Callable

10/25/29

@

100.00 ................................

1.78 10/25/29

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K126,

Class

A2,

Callable

1/25/31

@

100.00 .................................

2.07 1/25/31

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K133,

Class

A2,

Callable

9/25/31

@

100.00 .................................

2.10 9/25/31

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K749,

Class

A2,

Callable

3/25/29

@

100.00 .................................

2.12(a)

3/25/29

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K749,

Class

AM,

Callable

4/25/29

@

100.00 ................................

2.12 4/25/29

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K136,

Class

A2

.....................................................

2.13 11/25/31

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K-1521,

Class

A2,

Callable

8/25/36

@

100.00 .................................

2.18 8/25/36

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K099,

Class

A1,

Callable

6/25/29

@

100.00 .................................

2.26 6/25/29

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K143,

Class

A1,

Callable

4/25/32

@

100.00 .................................

2.71 4/25/55

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K-1514,

Class

A2,

Callable

10/25/34

@

100.00 ................................

2.86 10/25/34

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) Collateralized

Mortgage-Backed

Securities

(continued)

$

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K147,

Class

A2

.....................................................

3.00(a)

6/25/32

$

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K092,

Class

A2,

Callable

4/25/29

@

100.00 .................................

3.30 4/25/29

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K091,

Class

A2

.....................................................

3.51 3/25/29

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K087,

Class

A2

.....................................................

3.77 12/25/28

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K-152,

Class

A2,

Callable

11/25/32

@

100.00 ................................

3.78 11/25/32

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K-153,

Class

AM,

Callable

12/25/32

@

100.00 ...............................

3.82 12/25/32

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K077,

Class

A2,

Callable

5/25/28

@

100.00 .................................

3.85 5/25/28

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K081,

Class

A2,

Callable

8/25/28

@

100.00 .................................

3.90(a)

8/25/28

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K082,

Class

A2,

Callable

9/25/28

@

100.00 .................................

3.92(a)

9/25/28

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K-168,

Class

A1,

Callable

10/25/34

@

100.00 ................................

4.13 10/25/34

540

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K761,

Class

A2,

Callable

6/25/32

@

100.00 .................................

4.40(a)

6/25/32

542

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K-171,

Class

A2,

Callable

6/25/35

@

100.00 .................................

4.40 6/25/35

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K751,

Class

A2,

Callable

3/25/30

@

100.00 .................................

4.41 3/25/30

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K-165,

Class

A2,

Callable

9/25/34

@

100.00 .................................

4.49 9/25/34

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K-164,

Class

A2,

Callable

5/25/34

@

100.00 .................................

5.00 5/25/34

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

K-162,

Class

A2,

Callable

12/25/33

@

100.00 ................................

5.15 12/25/33

GS

Mortgage

Securities

Trust,

Series

2019-GC42,

Class

A4,

Callable

9/10/29

@

100.00 ...................................................

3.00 9/10/52

GS

Mortgage

Securities

Trust,

Series

2020-GC45,

Class

AS,

Callable

1/13/30

@

100.00 ...................................................

3.17(a)

2/13/53

GS

Mortgage

Securities

Trust,

Series

2018-GS9,

Class

A4,

Callable

3/10/28

@

100.00 ...................................................

3.99(a)

3/10/51

GS

Mortgage

Securities

Trust,

Series

2018-GS10,

Class

A5,

Callable

7/10/28

@

100.00 ...................................................

4.16(a)

7/10/51

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2017-C33,

Class

A5,

Callable

5/15/27

@

100.00 ....................................

3.60 5/15/50

Morgan

Stanley

Capital

I

Trust,

Series

2021-L7,

Class

A5,

Callable

10/15/31

@

100.00 ...................................................

2.57 10/15/54

MSWF

Commercial

Mortgage

Trust,

Series

2023-1,

Class

A5,

Callable

6/15/33

@

100.00 ...................................................

5.75 5/15/56

UBS

Commercial

Mortgage

Trust,

Series

2018-C9,

Class

A4,

Callable

4/15/28

@

100.00 ...................................................

4.12(a)

3/15/51

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2019-C53,

Class

A4,

Callable

10/15/29

@

100.00 ..........................................

3.04 10/15/52

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2022-C62,

Class

A4,

Callable

4/15/32

@

100.00 ..........................................

4.00(a)

4/15/55

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2018-C47,

Class

A4,

Callable

10/15/28

@

100.00 ..........................................

4.44 9/15/61

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2025-C64,

Class

A5,

Callable

2/15/35

@

100.00 ..........................................

5.65 2/15/58

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) Collateralized

Mortgage-Backed

Securities

(continued)

$

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2025-5C3,

Class

AS,

Callable

1/15/30

@

100.00 ..........................................

6.39(a)

1/15/58

$

Total

Collateralized

Mortgage-Backed

Securities

(cost

$13,343)

...........

12,747

U.S.

Government

Agency

Mortgages

—

11.30%

Fannie

Mae,

Pool

#BQ3141

.......................................

1.50 10/1/35

Fannie

Mae,

Pool

#CA7695

.......................................

1.50 11/1/50

Fannie

Mae,

Pool

#MA4310

.......................................

1.50 4/1/41

Fannie

Mae,

Pool

#MA4280

.......................................

1.50 3/1/51

Fannie

Mae,

Pool

#MA4304

.......................................

1.50 4/1/51

Fannie

Mae,

Pool

#MA4354

.......................................

1.50 6/1/51

Fannie

Mae,

Pool

#MA4417

.......................................

1.50 9/1/36

Fannie

Mae,

Pool

#MA4236

.......................................

1.50 1/1/51

Fannie

Mae,

Pool

#CB0711

........................................

1.50 6/1/51

Fannie

Mae,

Pool

#FM6579

.......................................

1.50 3/1/51

Fannie

Mae,

Pool

#MA4386

.......................................

1.50 7/1/41

Fannie

Mae,

Pool

#MA4445

.......................................

1.50 10/1/41

Fannie

Mae,

Pool

#MA4397

.......................................

1.50 8/1/51

Fannie

Mae,

Pool

#MA4266

.......................................

1.50 2/1/41

Fannie

Mae,

Pool

#BT2055

........................................

1.50 3/1/37

Fannie

Mae,

Pool

#CB0310

.......................................

1.50 4/1/36

Fannie

Mae,

Pool

#MA4122

.......................................

1.50 9/1/35

Fannie

Mae,

Pool

#MA4441

.......................................

1.50 10/1/36

Fannie

Mae,

Pool

#MA4286

.......................................

1.50 3/1/41

Fannie

Mae,

Pool

#MA4205

.......................................

1.50 12/1/35

Fannie

Mae,

Pool

#MA4343

.......................................

1.50 5/1/51

Fannie

Mae,

Pool

#FS2037

........................................

1.50 5/1/37

Fannie

Mae,

Pool

#MA4302

.......................................

1.50 4/1/36

Fannie

Mae,

Pool

#BQ5781

.......................................

1.50 11/1/35

Fannie

Mae,

Pool

#MA4181

.......................................

1.50 11/1/50

Fannie

Mae,

Pool

#CA7696

.......................................

1.50 11/1/50

Fannie

Mae,

Pool

#MA4342

.......................................

1.50 5/1/41

Fannie

Mae,

Pool

#FM9249

.......................................

1.50 10/1/41

Fannie

Mae,

Pool

#FS1327

........................................

1.50 6/1/36

Fannie

Mae,

Pool

#BJ4362

........................................

2.00 11/1/32

Fannie

Mae,

Pool

#MA4182

.......................................

2.00 11/1/50

Fannie

Mae,

Pool

#CA7833

.......................................

2.00 11/1/50

Fannie

Mae,

Pool

#FM6555

.......................................

2.00 4/1/51

Fannie

Mae,

Pool

#MA4176

.......................................

2.00 11/1/40

Fannie

Mae,

Pool

#FM7411

.......................................

2.00 5/1/51

Fannie

Mae,

Pool

#CB2840

.......................................

2.00 2/1/52

Fannie

Mae,

Pool

#MA4119

.......................................

2.00 9/1/50

Fannie

Mae,

Pool

#FM5044

.......................................

2.00 12/1/50

Fannie

Mae,

Pool

#MA4208

.......................................

2.00 12/1/50

Fannie

Mae,

Pool

#BK8461

.......................................

2.00 1/1/51

Fannie

Mae,

Pool

#CA8252

.......................................

2.00 12/1/45

Fannie

Mae,

Pool

#MA4158

.......................................

2.00 10/1/50

Fannie

Mae,

Pool

#CB3102

.......................................

2.00 3/1/52

Fannie

Mae,

Pool

#FM9579

.......................................

2.00 7/1/51

Fannie

Mae,

Pool

#CA8687

.......................................

2.00 1/1/51

Fannie

Mae,

Pool

#MA4303

.......................................

2.00 4/1/36

Fannie

Mae,

Pool

#MA4255

.......................................

2.00 2/1/51

Fannie

Mae,

Pool

#FM4788

.......................................

2.00 11/1/50

Fannie

Mae,

Pool

#MA4155

.......................................

2.00 10/1/35

Fannie

Mae,

Pool

#FM4039

.......................................

2.00 10/1/35

Fannie

Mae,

Pool

#FM3755

.......................................

2.00 9/1/35

Fannie

Mae,

Pool

#CA7225

.......................................

2.00 10/1/50

Fannie

Mae,

Pool

#AY4232

.......................................

2.00 5/1/30

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Fannie

Mae,

Pool

#MA4413

.......................................

2.00 9/1/51

$

Fannie

Mae,

Pool

#MA4602

.......................................

2.00 5/1/37

Fannie

Mae,

Pool

#CA7799

.......................................

2.00 11/1/50

Fannie

Mae,

Pool

#MA4536

.......................................

2.00 2/1/37

Fannie

Mae,

Pool

#MA4403

.......................................

2.00 8/1/36

Fannie

Mae,

Pool

#MA4333

.......................................

2.00 5/1/41

Fannie

Mae,

Pool

#BT0240

........................................

2.00 9/1/51

Fannie

Mae,

Pool

#FM4969

.......................................

2.00 12/1/50

Fannie

Mae,

Pool

#BR0948

.......................................

2.00 4/1/51

Fannie

Mae,

Pool

#CB1620

.......................................

2.00 9/1/51

Fannie

Mae,

Pool

#BR4094

.......................................

2.00 1/1/51

Fannie

Mae,

Pool

#BU8781

.......................................

2.00 4/1/37

Fannie

Mae,

Pool

#CA7224

.......................................

2.00 10/1/50

Fannie

Mae,

Pool

#MA4287

.......................................

2.00 3/1/41

Fannie

Mae,

Pool

#BQ5112

.......................................

2.00 11/1/50

Fannie

Mae,

Pool

#MA4305

.......................................

2.00 4/1/51

Fannie

Mae,

Pool

#FM9724

.......................................

2.00 11/1/36

Fannie

Mae,

Pool

#MA4281

.......................................

2.00 3/1/51

Fannie

Mae,

Pool

#FM5453

.......................................

2.00 1/1/41

Fannie

Mae,

Pool

#MA4237

.......................................

2.00 1/1/51

Fannie

Mae,

Pool

#FS0317

........................................

2.00 2/1/42

Fannie

Mae,

Pool

#CA8933

.......................................

2.00 2/1/51

Fannie

Mae,

Pool

#MA4474

.......................................

2.00 11/1/41

Fannie

Mae,

Pool

#CA9183

.......................................

2.00 2/1/36

Fannie

Mae,

Pool

#BP9370

........................................

2.00 7/1/50

Fannie

Mae,

Pool

#BQ3004

.......................................

2.00 10/1/50

Fannie

Mae,

Pool

#BQ7777

.......................................

2.00 3/1/36

Fannie

Mae,

Pool

#BQ8341

.......................................

2.00 12/1/50

Fannie

Mae,

Pool

#CA8893

.......................................

2.00 2/1/51

Fannie

Mae,

Pool

#AS0001

........................................

2.00 7/1/28

Fannie

Mae,

Pool

#BQ5160

.......................................

2.00 12/1/50

Fannie

Mae,

Pool

#CA8850

.......................................

2.00 2/1/51

Fannie

Mae,

Pool

#BQ9685

.......................................

2.00 1/1/51

Fannie

Mae,

Pool

#BU7103

.......................................

2.00 12/1/51

Fannie

Mae,

Pool

#AS1058

........................................

2.00 11/1/28

Fannie

Mae,

Pool

#MA4128

.......................................

2.00 9/1/40

Fannie

Mae,

Pool

#BP6626

........................................

2.00 8/1/50

Fannie

Mae,

Pool

#MA4511

.......................................

2.00 1/1/52

Fannie

Mae,

Pool

#MA4093

.......................................

2.00 8/1/40

Fannie

Mae,

Pool

#MA4071

.......................................

2.00 7/1/40

Fannie

Mae,

Pool

#MA4378

.......................................

2.00 7/1/51

Fannie

Mae,

Pool

#BR4435

.......................................

2.00 4/1/51

Fannie

Mae,

Pool

#CA8118

.......................................

2.00 12/1/50

Fannie

Mae,

Pool

#FM6559

.......................................

2.00 3/1/51

Fannie

Mae,

Pool

#MA4325

.......................................

2.00 5/1/51

Fannie

Mae,

Pool

#CA0052

.......................................

2.00 7/1/32

Fannie

Mae,

Pool

#BR2176

.......................................

2.00 7/1/36

Fannie

Mae,

Pool

#MA4355

.......................................

2.00 6/1/51

Fannie

Mae,

Pool

#AS2673

........................................

2.00 5/1/29

Fannie

Mae,

Pool

#FM9441

.......................................

2.00 4/1/51

Fannie

Mae,

Pool

#MA4437

.......................................

2.00 10/1/51

Fannie

Mae,

Pool

#FM5308

.......................................

2.00 12/1/50

Fannie

Mae,

Pool

#CA8110

.......................................

2.00 12/1/50

Fannie

Mae,

Pool

#MA4360

.......................................

2.00 6/1/36

Fannie

Mae,

Pool

#MA4204

.......................................

2.00 12/1/40

Fannie

Mae,

Pool

#CB0684

.......................................

2.00 6/1/51

Fannie

Mae,

Pool

#FM6448

.......................................

2.00 3/1/51

Fannie

Mae,

Pool

#FM6852

.......................................

2.00 5/1/51

Fannie

Mae,

Pool

#CA9273

.......................................

2.00 2/1/51

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Fannie

Mae,

Pool

#FS1621

........................................

2.00 7/1/51

$

Fannie

Mae,

Pool

#MA4442

.......................................

2.00 10/1/36

Fannie

Mae,

Pool

#MA2906

.......................................

2.00 2/1/32

Fannie

Mae,

Pool

#CB0497

.......................................

2.00 5/1/51

Fannie

Mae,

Pool

#FS1334

........................................

2.00 11/1/51

Fannie

Mae,

Pool

#CB0325

.......................................

2.00 4/1/51

Fannie

Mae,

Pool

#FS0355

........................................

2.00 9/1/51

Fannie

Mae,

Pool

#MA1277

.......................................

2.50 12/1/27

Fannie

Mae,

Pool

#FM3494

.......................................

2.50 4/1/48

Fannie

Mae,

Pool

#MA1210

.......................................

2.50 10/1/27

Fannie

Mae,

Pool

#AT2717

........................................

2.50 5/1/43

Fannie

Mae,

Pool

#AO3019

.......................................

2.50 5/1/27

Fannie

Mae,

Pool

#BQ5110

.......................................

2.50 11/1/50

Fannie

Mae,

Pool

#CB2523

.......................................

2.50 1/1/52

Fannie

Mae,

Pool

#CA6074

.......................................

2.50 6/1/50

Fannie

Mae,

Pool

#CA6304

.......................................

2.50 7/1/50

Fannie

Mae,

Pool

#AS8246

........................................

2.50 11/1/31

Fannie

Mae,

Pool

#AS8437

........................................

2.50 12/1/36

Fannie

Mae,

Pool

#MA4517

.......................................

2.50 1/1/37

Fannie

Mae,

Pool

#MA4099

.......................................

2.50 8/1/35

Fannie

Mae,

Pool

#BK2588

.......................................

2.50 5/1/50

Fannie

Mae,

Pool

#MA2868

.......................................

2.50 1/1/32

Fannie

Mae,

Pool

#MA4210

.......................................

2.50 12/1/50

Fannie

Mae,

Pool

#BC9041

.......................................

2.50 11/1/31

Fannie

Mae,

Pool

#BU1451

.......................................

2.50 1/1/52

Fannie

Mae,

Pool

#BU5917

.......................................

2.50 12/1/51

Fannie

Mae,

Pool

#CA7237

.......................................

2.50 10/1/50

Fannie

Mae,

Pool

#MA3827

.......................................

2.50 11/1/34

Fannie

Mae,

Pool

#AS0513

........................................

2.50 8/1/43

Fannie

Mae,

Pool

#FM9501

.......................................

2.50 11/1/51

Fannie

Mae,

Pool

#CA6075

.......................................

2.50 6/1/50

Fannie

Mae,

Pool

#CA8131

.......................................

2.50 12/1/50

Fannie

Mae,

Pool

#CB1131

........................................

2.50 7/1/51

Fannie

Mae,

Pool

#CB1784

.......................................

2.50 10/1/51

Fannie

Mae,

Pool

#AS4946

........................................

2.50 5/1/30

Fannie

Mae,

Pool

#FS0235

........................................

2.50 1/1/52

Fannie

Mae,

Pool

#FM9543

.......................................

2.50 12/1/51

Fannie

Mae,

Pool

#AP4742

........................................

2.50 8/1/27

Fannie

Mae,

Pool

#FM9033

.......................................

2.50 10/1/51

Fannie

Mae,

Pool

#FS0030

........................................

2.50 4/1/51

Fannie

Mae,

Pool

#FM3027

.......................................

2.50 12/1/46

Fannie

Mae,

Pool

#CA8132

.......................................

2.50 12/1/50

Fannie

Mae,

Pool

#MA3246

.......................................

2.50 1/1/33

Fannie

Mae,

Pool

#CB1666

.......................................

2.50 9/1/51

Fannie

Mae,

Pool

#FM8745

.......................................

2.50 9/1/51

Fannie

Mae,

Pool

#FM8997

.......................................

2.50 10/1/51

Fannie

Mae,

Pool

#FM3878

.......................................

2.50 7/1/50

Fannie

Mae,

Pool

#BR7857

.......................................

2.50 5/1/51

Fannie

Mae,

Pool

#CB1828

.......................................

2.50 10/1/51

Fannie

Mae,

Pool

#MA3965

.......................................

2.50 3/1/40

Fannie

Mae,

Pool

#AS8893

........................................

2.50 2/1/32

Fannie

Mae,

Pool

#MA3788

.......................................

2.50 9/1/39

Fannie

Mae,

Pool

#AS4660

........................................

2.50 3/1/30

Fannie

Mae,

Pool

#MA3737

.......................................

2.50 8/1/34

Fannie

Mae,

Pool

#MA4399

.......................................

2.50 8/1/51

Fannie

Mae,

Pool

#CA9289

.......................................

2.50 2/1/51

Fannie

Mae,

Pool

#MA2789

.......................................

2.50 10/1/36

Fannie

Mae,

Pool

#MA4414

.......................................

2.50 9/1/51

Fannie

Mae,

Pool

#MA4096

.......................................

2.50 8/1/50

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Fannie

Mae,

Pool

#MA2888

.......................................

2.50 1/1/47

$

Fannie

Mae,

Pool

#CB2868

.......................................

2.50 2/1/52

Fannie

Mae,

Pool

#FS1340

........................................

2.50 3/1/52

Fannie

Mae,

Pool

#FS0547

........................................

2.50 2/1/52

Fannie

Mae,

Pool

#AS8172

........................................

2.50 10/1/36

Fannie

Mae,

Pool

#MA4541

.......................................

2.50 2/1/42

Fannie

Mae,

Pool

#MA2730

.......................................

2.50 8/1/46

Fannie

Mae,

Pool

#MA3765

.......................................

2.50 9/1/49

Fannie

Mae,

Pool

#FM2881

.......................................

2.50 4/1/50

Fannie

Mae,

Pool

#FM3296

.......................................

2.50 5/1/35

Fannie

Mae,

Pool

#BO4657

.......................................

2.50 11/1/49

Fannie

Mae,

Pool

#FM4231

.......................................

2.50 9/1/50

Fannie

Mae,

Pool

#MA3902

.......................................

2.50 1/1/50

Fannie

Mae,

Pool

#AB7391

.......................................

2.50 12/1/42

Fannie

Mae,

Pool

#BP5878

........................................

2.50 6/1/50

Fannie

Mae,

Pool

#MA4016

.......................................

2.50 5/1/40

Fannie

Mae,

Pool

#MA3955

.......................................

2.50 3/1/35

Fannie

Mae,

Pool

#AZ6458

.......................................

2.50 7/1/30

Fannie

Mae,

Pool

#BJ3742

........................................

2.50 12/1/32

Fannie

Mae,

Pool

#BQ0329

.......................................

2.50 7/1/50

Fannie

Mae,

Pool

#MA3217

.......................................

2.50 12/1/32

Fannie

Mae,

Pool

#AS8892

........................................

2.50 2/1/32

Fannie

Mae,

Pool

#BE3032

........................................

2.50 1/1/32

Fannie

Mae,

Pool

#FM4638

.......................................

2.50 10/1/50

Fannie

Mae,

Pool

#MA4053

.......................................

2.50 6/1/35

Fannie

Mae,

Pool

#MA3990

.......................................

2.50 4/1/50

Fannie

Mae,

Pool

#MA4078

.......................................

2.50 7/1/50

Fannie

Mae,

Pool

#MA3282

.......................................

2.50 2/1/33

Fannie

Mae,

Pool

#MA4075

.......................................

2.50 7/1/35

Fannie

Mae,

Pool

#BJ3944

........................................

2.50 1/1/33

Fannie

Mae,

Pool

#AU6677

.......................................

2.50 9/1/28

Fannie

Mae,

Pool

#MA3801

.......................................

2.50 10/1/49

Fannie

Mae,

Pool

#FM4309

.......................................

2.50 9/1/50

Fannie

Mae,

Pool

#MA3154

.......................................

2.50 10/1/32

Fannie

Mae,

Pool

#MA4159

.......................................

2.50 10/1/50

Fannie

Mae,

Pool

#AU6387

.......................................

2.50 11/1/28

Fannie

Mae,

Pool

#AU5334

.......................................

2.50 11/1/28

Fannie

Mae,

Pool

#MA4256

.......................................

2.50 2/1/51

Fannie

Mae,

Pool

#CB2979

.......................................

2.50 2/1/37

Fannie

Mae,

Pool

#BD8046

.......................................

2.50 9/1/31

Fannie

Mae,

Pool

#MA3896

.......................................

2.50 1/1/35

Fannie

Mae,

Pool

#MA4423

.......................................

2.50 9/1/41

Fannie

Mae,

Pool

#CB1556

.......................................

2.50 9/1/51

Fannie

Mae,

Pool

#MA4183

.......................................

2.50 11/1/50

Fannie

Mae,

Pool

#MA1511

.......................................

2.50 7/1/33

Fannie

Mae,

Pool

#MA1270

.......................................

2.50 11/1/32

Fannie

Mae,

Pool

#CB0415

.......................................

2.50 5/1/51

Fannie

Mae,

Pool

#MA3764

.......................................

2.50 9/1/34

Fannie

Mae,

Pool

#AU2619

.......................................

2.50 8/1/28

Fannie

Mae,

Pool

#MA2854

.......................................

2.50 12/1/46

Fannie

Mae,

Pool

#MA3930

.......................................

2.50 2/1/35

Fannie

Mae,

Pool

#MA3830

.......................................

2.50 11/1/39

Fannie

Mae,

Pool

#MA2087

.......................................

3.00 11/1/34

Fannie

Mae,

Pool

#AS3117

........................................

3.00 8/1/29

Fannie

Mae,

Pool

#MA2833

.......................................

3.00 12/1/46

Fannie

Mae,

Pool

#MA1527

.......................................

3.00 8/1/33

Fannie

Mae,

Pool

#AS2312

........................................

3.00 5/1/29

Fannie

Mae,

Pool

#AS8186

........................................

3.00 10/1/46

Fannie

Mae,

Pool

#BK1015

.......................................

3.00 2/1/33

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Fannie

Mae,

Pool

#BE1901

........................................

3.00 12/1/46

$

Fannie

Mae,

Pool

#AQ3223

.......................................

3.00 11/1/27

Fannie

Mae,

Pool

#CA5668

.......................................

3.00 5/1/50

Fannie

Mae,

Pool

#MA2065

.......................................

3.00 10/1/34

Fannie

Mae,

Pool

#AW8295

.......................................

3.00 8/1/29

Fannie

Mae,

Pool

#AS7904

........................................

3.00 9/1/46

Fannie

Mae,

Pool

#MA3377

.......................................

3.00 5/1/48

Fannie

Mae,

Pool

#BN7703

.......................................

3.00 8/1/49

Fannie

Mae,

Pool

#CB2755

.......................................

3.00 2/1/52

Fannie

Mae,

Pool

#MA3106

.......................................

3.00 8/1/47

Fannie

Mae,

Pool

#CB2756

.......................................

3.00 2/1/52

Fannie

Mae,

Pool

#MA2737

.......................................

3.00 9/1/46

Fannie

Mae,

Pool

#BO9169

.......................................

3.00 12/1/49

Fannie

Mae,

Pool

#MA3082

.......................................

3.00 7/1/47

Fannie

Mae,

Pool

#MA2832

.......................................

3.00 12/1/36

Fannie

Mae,

Pool

#BO8947

.......................................

3.00 1/1/50

Fannie

Mae,

Pool

#MA3331

.......................................

3.00 4/1/48

Fannie

Mae,

Pool

#BO3192

.......................................

3.00 10/1/49

Fannie

Mae,

Pool

#MA2897

.......................................

3.00 2/1/37

Fannie

Mae,

Pool

#BD2446

.......................................

3.00 1/1/47

Fannie

Mae,

Pool

#CA3754

.......................................

3.00 6/1/34

Fannie

Mae,

Pool

#AS8784

........................................

3.00 2/1/47

Fannie

Mae,

Pool

#AS8438

........................................

3.00 12/1/36

Fannie

Mae,

Pool

#AU7890

.......................................

3.00 9/1/28

Fannie

Mae,

Pool

#BJ2996

........................................

3.00 1/1/33

Fannie

Mae,

Pool

#MA3127

.......................................

3.00 9/1/37

Fannie

Mae,

Pool

#AL9996

.......................................

3.00 4/1/32

Fannie

Mae,

Pool

#MA4048

.......................................

3.00 6/1/50

Fannie

Mae,

Pool

#MA3657

.......................................

3.00 5/1/34

Fannie

Mae,

Pool

#AU3735

.......................................

3.00 8/1/43

Fannie

Mae,

Pool

#AW7383

.......................................

3.00 8/1/29

Fannie

Mae,

Pool

#FS1374

........................................

3.00 3/1/52

Fannie

Mae,

Pool

#MA3774

.......................................

3.00 9/1/49

Fannie

Mae,

Pool

#AR7426

.......................................

3.00 7/1/43

Fannie

Mae,

Pool

#AT7620

........................................

3.00 6/1/43

Fannie

Mae,

Pool

#AY4829

.......................................

3.00 5/1/45

Fannie

Mae,

Pool

#AS4334

........................................

3.00 1/1/45

Fannie

Mae,

Pool

#CA3788

.......................................

3.00 7/1/49

Fannie

Mae,

Pool

#AS4333

........................................

3.00 1/1/45

Fannie

Mae,

Pool

#MA4579

.......................................

3.00 4/1/52

Fannie

Mae,

Pool

#FM4317

.......................................

3.00 9/1/50

Fannie

Mae,

Pool

#MA3834

.......................................

3.00 11/1/49

Fannie

Mae,

Pool

#MA3890

.......................................

3.00 1/1/40

Fannie

Mae,

Pool

#FM2132

.......................................

3.00 1/1/50

Fannie

Mae,

Pool

#MA3744

.......................................

3.00 8/1/49

Fannie

Mae,

Pool

#MA2287

.......................................

3.00 6/1/35

Fannie

Mae,

Pool

#AY4200

.......................................

3.00 5/1/45

Fannie

Mae,

Pool

#AT2014

........................................

3.00 4/1/43

Fannie

Mae,

Pool

#FM1552

.......................................

3.00 12/1/47

Fannie

Mae,

Pool

#MA3691

.......................................

3.00 7/1/49

Fannie

Mae,

Pool

#FS0831

........................................

3.00 3/1/52

Fannie

Mae,

Pool

#MA3934

.......................................

3.00 2/1/40

Fannie

Mae,

Pool

#MA3090

.......................................

3.00 8/1/32

Fannie

Mae,

Pool

#FM1370

.......................................

3.00 4/1/46

Fannie

Mae,

Pool

#AS8074

........................................

3.00 10/1/46

Fannie

Mae,

Pool

#MA1338

.......................................

3.00 2/1/33

Fannie

Mae,

Pool

#FM1585

.......................................

3.00 9/1/49

Fannie

Mae,

Pool

#AS0302

........................................

3.00 8/1/43

Fannie

Mae,

Pool

#BO2201

.......................................

3.00 9/1/49

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Fannie

Mae,

Pool

#AT0682

........................................

3.00 4/1/43

$

Fannie

Mae,

Pool

#AU3353

.......................................

3.00 8/1/43

Fannie

Mae,

Pool

#AB8897

.......................................

3.00 4/1/43

Fannie

Mae,

Pool

#MA3631

.......................................

3.00 4/1/34

Fannie

Mae,

Pool

#AS1527

........................................

3.00 1/1/29

Fannie

Mae,

Pool

#AS8414

........................................

3.00 11/1/46

Fannie

Mae,

Pool

#AL8861

.......................................

3.00 7/1/31

Fannie

Mae,

Pool

#MA3060

.......................................

3.00 7/1/32

Fannie

Mae,

Pool

#CA5519

.......................................

3.00 4/1/50

Fannie

Mae,

Pool

#CA4860

.......................................

3.00 12/1/49

Fannie

Mae,

Pool

#BP1932

........................................

3.00 4/1/50

Fannie

Mae,

Pool

#AX8309

.......................................

3.00 11/1/29

Fannie

Mae,

Pool

#BD5076

.......................................

3.00 2/1/32

Fannie

Mae,

Pool

#FM3395

.......................................

3.00 6/1/50

Fannie

Mae,

Pool

#CA5229

.......................................

3.00 2/1/50

Fannie

Mae,

Pool

#CA5729

.......................................

3.00 5/1/50

Fannie

Mae,

Pool

#MA2425

.......................................

3.00 10/1/30

Fannie

Mae,

Pool

#AL9848

.......................................

3.00 3/1/47

Fannie

Mae,

Pool

#BU8883

.......................................

3.00 3/1/52

Fannie

Mae,

Pool

#BC4764

.......................................

3.00 10/1/46

Fannie

Mae,

Pool

#MA3304

.......................................

3.00 3/1/48

Fannie

Mae,

Pool

#MA3147

.......................................

3.00 10/1/47

Fannie

Mae,

Pool

#AT1575

........................................

3.00 5/1/43

Fannie

Mae,

Pool

#MA3831

.......................................

3.00 11/1/39

Fannie

Mae,

Pool

#BC9003

.......................................

3.00 11/1/46

Fannie

Mae,

Pool

#MA3247

.......................................

3.00 1/1/33

Fannie

Mae,

Pool

#MA2149

.......................................

3.00 1/1/30

Fannie

Mae,

Pool

#AS7238

........................................

3.00 5/1/46

Fannie

Mae,

Pool

#MA2806

.......................................

3.00 11/1/46

Fannie

Mae,

Pool

#AS8483

........................................

3.00 12/1/46

Fannie

Mae,

Pool

#MA3185

.......................................

3.00 11/1/37

Fannie

Mae,

Pool

#AQ7920

.......................................

3.00 12/1/42

Fannie

Mae,

Pool

#FM1134

.......................................

3.00 4/1/48

Fannie

Mae,

Pool

#BA4786

.......................................

3.00 2/1/31

Fannie

Mae,

Pool

#AL9263

.......................................

3.00 10/1/46

Fannie

Mae,

Pool

#AP6493

........................................

3.00 9/1/42

Fannie

Mae,

Pool

#CB3364

.......................................

3.00 4/1/52

Fannie

Mae,

Pool

#MA3078

.......................................

3.00 7/1/37

Fannie

Mae,

Pool

#BE4400

........................................

3.00 1/1/47

Fannie

Mae,

Pool

#MA3802

.......................................

3.00 10/1/49

Fannie

Mae,

Pool

#AZ0538

.......................................

3.00 9/1/30

Fannie

Mae,

Pool

#MA3738

.......................................

3.00 8/1/34

Fannie

Mae,

Pool

#BE3861

........................................

3.00 1/1/47

Fannie

Mae,

Pool

#AZ4358

.......................................

3.00 7/1/30

Fannie

Mae,

Pool

#CB2759

.......................................

3.00 2/1/52

Fannie

Mae,

Pool

#MA2523

.......................................

3.00 2/1/36

Fannie

Mae,

Pool

#BO7242

.......................................

3.00 1/1/50

Fannie

Mae,

Pool

#MA1307

.......................................

3.00 1/1/33

Fannie

Mae,

Pool

#CA5423

.......................................

3.00 3/1/50

Fannie

Mae,

Pool

#MA3871

.......................................

3.00 12/1/49

Fannie

Mae,

Pool

#MA3958

.......................................

3.00 3/1/40

Fannie

Mae,

Pool

#MA3960

.......................................

3.00 3/1/50

Fannie

Mae,

Pool

#BO6219

.......................................

3.00 12/1/49

Fannie

Mae,

Pool

#MA2895

.......................................

3.00 2/1/47

Fannie

Mae,

Pool

#AS8056

........................................

3.00 10/1/46

Fannie

Mae,

Pool

#MA3937

.......................................

3.00 2/1/50

Fannie

Mae,

Pool

#MA4020

.......................................

3.00 5/1/50

Fannie

Mae,

Pool

#MA3905

.......................................

3.00 1/1/50

Fannie

Mae,

Pool

#MA3897

.......................................

3.00 1/1/35

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Fannie

Mae,

Pool

#FS2122

........................................

3.00 3/1/52

$

Fannie

Mae,

Pool

#FM1299

.......................................

3.00 7/1/49

Fannie

Mae,

Pool

#MA2956

.......................................

3.00 4/1/47

Fannie

Mae,

Pool

#MA2773

.......................................

3.00 10/1/36

Fannie

Mae,

Pool

#AS8521

........................................

3.00 12/1/46

Fannie

Mae,

Pool

#AB7099

.......................................

3.00 11/1/42

Fannie

Mae,

Pool

#AP6375

........................................

3.00 9/1/42

Fannie

Mae,

Pool

#MA1401

.......................................

3.00 4/1/33

Fannie

Mae,

Pool

#BP6466

........................................

3.00 7/1/50

Fannie

Mae,

Pool

#AZ2936

.......................................

3.00 9/1/45

Fannie

Mae,

Pool

#AL9865

.......................................

3.00 2/1/47

Fannie

Mae,

Pool

#BE9547

........................................

3.00 4/1/47

Fannie

Mae,

Pool

#MA2246

.......................................

3.00 4/1/30

Fannie

Mae,

Pool

#AS0196

........................................

3.00 8/1/28

Fannie

Mae,

Pool

#BA0826

.......................................

3.00 10/1/30

Fannie

Mae,

Pool

#MA1058

.......................................

3.00 5/1/32

Fannie

Mae,

Pool

#BD4225

.......................................

3.00 11/1/46

Fannie

Mae,

Pool

#BM1370

.......................................

3.00 4/1/37

Fannie

Mae,

Pool

#BC4276

.......................................

3.00 4/1/46

Fannie

Mae,

Pool

#MA2863

.......................................

3.00 1/1/47

Fannie

Mae,

Pool

#AS8424

........................................

3.00 12/1/36

Fannie

Mae,

Pool

#BD5787

.......................................

3.00 9/1/46

Fannie

Mae,

Pool

#MA2579

.......................................

3.00 4/1/36

Fannie

Mae,

Pool

#AK0006

.......................................

3.00 1/1/27

Fannie

Mae,

Pool

#MA2230

.......................................

3.00 4/1/35

Fannie

Mae,

Pool

#BD5545

.......................................

3.00 10/1/46

Fannie

Mae,

Pool

#MA3339

.......................................

3.00 4/1/33

Fannie

Mae,

Pool

#MA4079

.......................................

3.00 7/1/50

Fannie

Mae,

Pool

#MA3991

.......................................

3.00 4/1/50

Fannie

Mae,

Pool

#AP2465

........................................

3.00 8/1/42

Fannie

Mae,

Pool

#MA3100

.......................................

3.00 8/1/37

Fannie

Mae,

Pool

#BU1241

.......................................

3.00 3/1/52

Fannie

Mae,

Pool

#AB4483

.......................................

3.00 2/1/27

Fannie

Mae,

Pool

#AS4884

........................................

3.00 5/1/45

Fannie

Mae,

Pool

#AS8276

........................................

3.00 11/1/46

Fannie

Mae,

Pool

#MA3237

.......................................

3.00 1/1/48

Fannie

Mae,

Pool

#MA3179

.......................................

3.00 11/1/47

Fannie

Mae,

Pool

#AS7908

........................................

3.00 9/1/46

Fannie

Mae,

Pool

#AK3302

.......................................

3.00 3/1/27

Fannie

Mae,

Pool

#MA3218

.......................................

3.00 12/1/32

Fannie

Mae,

Pool

#AO0752

.......................................

3.00 4/1/42

Fannie

Mae,

Pool

#MA2961

.......................................

3.00 4/1/37

Fannie

Mae,

Pool

#CB3172

.......................................

3.00 3/1/52

Fannie

Mae,

Pool

#AS4773

........................................

3.50 4/1/45

Fannie

Mae,

Pool

#AS4772

........................................

3.50 4/1/45

Fannie

Mae,

Pool

#AO4385

.......................................

3.50 6/1/42

Fannie

Mae,

Pool

#AL8776

.......................................

3.50 7/1/46

Fannie

Mae,

Pool

#BC7633

.......................................

3.50 6/1/46

Fannie

Mae,

Pool

#BC0163

.......................................

3.50 1/1/46

Fannie

Mae,

Pool

#BC3126

.......................................

3.50 1/1/46

Fannie

Mae,

Pool

#CA1191

.......................................

3.50 11/1/47

Fannie

Mae,

Pool

#AS5892

........................................

3.50 10/1/45

Fannie

Mae,

Pool

#AS7239

........................................

3.50 5/1/46

Fannie

Mae,

Pool

#BM2001

.......................................

3.50 12/1/46

Fannie

Mae,

Pool

#AS6102

........................................

3.50 11/1/45

Fannie

Mae,

Pool

#AS2081

........................................

3.50 4/1/29

Fannie

Mae,

Pool

#MA2522

.......................................

3.50 2/1/46

Fannie

Mae,

Pool

#MA2923

.......................................

3.50 3/1/37

Fannie

Mae,

Pool

#MA4600

.......................................

3.50 5/1/52

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Fannie

Mae,

Pool

#MA3462

.......................................

3.50 9/1/33

$

Fannie

Mae,

Pool

#BD2436

.......................................

3.50 1/1/47

Fannie

Mae,

Pool

#BH5155

.......................................

3.50 9/1/47

Fannie

Mae,

Pool

#BH9215

.......................................

3.50 1/1/48

Fannie

Mae,

Pool

#BJ2692

........................................

3.50 4/1/48

Fannie

Mae,

Pool

#MA3182

.......................................

3.50 11/1/47

Fannie

Mae,

Pool

#MA3305

.......................................

3.50 3/1/48

Fannie

Mae,

Pool

#MA3148

.......................................

3.50 10/1/47

Fannie

Mae,

Pool

#MA2125

.......................................

3.50 12/1/44

Fannie

Mae,

Pool

#BH9277

.......................................

3.50 2/1/48

Fannie

Mae,

Pool

#BM1231

.......................................

3.50 11/1/31

Fannie

Mae,

Pool

#MA1982

.......................................

3.50 8/1/34

Fannie

Mae,

Pool

#AU1635

.......................................

3.50 7/1/43

Fannie

Mae,

Pool

#MA3152

.......................................

3.50 10/1/37

Fannie

Mae,

Pool

#MA2292

.......................................

3.50 6/1/45

Fannie

Mae,

Pool

#MA3026

.......................................

3.50 6/1/47

Fannie

Mae,

Pool

#AS0024

........................................

3.50 7/1/43

Fannie

Mae,

Pool

#BC2926

.......................................

3.50 3/1/46

Fannie

Mae,

Pool

#BJ0647

........................................

3.50 3/1/48

Fannie

Mae,

Pool

#MA2909

.......................................

3.50 2/1/37

Fannie

Mae,

Pool

#MA2706

.......................................

3.50 8/1/46

Fannie

Mae,

Pool

#BJ3716

........................................

3.50 12/1/47

Fannie

Mae,

Pool

#AS4236

........................................

3.50 1/1/45

Fannie

Mae,

Pool

#AS6394

........................................

3.50 12/1/45

Fannie

Mae,

Pool

#AS7491

........................................

3.50 7/1/46

Fannie

Mae,

Pool

#AS6649

........................................

3.50 2/1/46

Fannie

Mae,

Pool

#BM2000

.......................................

3.50 5/1/47

Fannie

Mae,

Pool

#MA3332

.......................................

3.50 4/1/48

Fannie

Mae,

Pool

#FM1001

.......................................

3.50 11/1/48

Fannie

Mae,

Pool

#AS4771

........................................

3.50 4/1/45

Fannie

Mae,

Pool

#AO9140

.......................................

3.50 7/1/42

Fannie

Mae,

Pool

#AS5068

........................................

3.50 6/1/45

Fannie

Mae,

Pool

#MA3057

.......................................

3.50 7/1/47

Fannie

Mae,

Pool

#MA2996

.......................................

3.50 5/1/37

Fannie

Mae,

Pool

#BA5031

.......................................

3.50 1/1/46

Fannie

Mae,

Pool

#AS5319

........................................

3.50 7/1/45

Fannie

Mae,

Pool

#BJ4916

........................................

3.50 3/1/48

Fannie

Mae,

Pool

#AS7388

........................................

3.50 6/1/46

Fannie

Mae,

Pool

#MA3835

.......................................

3.50 11/1/49

Fannie

Mae,

Pool

#AY1306

.......................................

3.50 3/1/45

Fannie

Mae,

Pool

#AO8137

.......................................

3.50 8/1/42

Fannie

Mae,

Pool

#AS5696

........................................

3.50 8/1/45

Fannie

Mae,

Pool

#FS1774

........................................

3.50 5/1/37

Fannie

Mae,

Pool

#BD5046

.......................................

3.50 2/1/47

Fannie

Mae,

Pool

#FM1028

.......................................

3.50 6/1/49

Fannie

Mae,

Pool

#MA3597

.......................................

3.50 2/1/49

Fannie

Mae,

Pool

#AX0159

.......................................

3.50 9/1/29

Fannie

Mae,

Pool

#AO3760

.......................................

3.50 5/1/42

Fannie

Mae,

Pool

#MA3692

.......................................

3.50 7/1/49

Fannie

Mae,

Pool

#MA1980

.......................................

3.50 8/1/44

Fannie

Mae,

Pool

#AP9390

........................................

3.50 10/1/42

Fannie

Mae,

Pool

#AQ0546

.......................................

3.50 11/1/42

Fannie

Mae,

Pool

#AU3742

.......................................

3.50 8/1/43

Fannie

Mae,

Pool

#MA3059

.......................................

3.50 7/1/37

Fannie

Mae,

Pool

#MA3663

.......................................

3.50 5/1/49

Fannie

Mae,

Pool

#MA3775

.......................................

3.50 9/1/49

Fannie

Mae,

Pool

#AS3133

........................................

3.50 8/1/44

Fannie

Mae,

Pool

#MA1021

.......................................

3.50 3/1/27

Fannie

Mae,

Pool

#AK7497

.......................................

3.50 4/1/42

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Fannie

Mae,

Pool

#AO2548

.......................................

3.50 4/1/42

$

Fannie

Mae,

Pool

#MA2495

.......................................

3.50 1/1/46

Fannie

Mae,

Pool

#BA1893

.......................................

3.50 8/1/45

Fannie

Mae,

Pool

#BC1158

........................................

3.50 2/1/46

Fannie

Mae,

Pool

#AY3913

.......................................

3.50 2/1/45

Fannie

Mae,

Pool

#AY8856

.......................................

3.50 9/1/45

Fannie

Mae,

Pool

#AZ6383

.......................................

3.50 9/1/45

Fannie

Mae,

Pool

#MA3276

.......................................

3.50 2/1/48

Fannie

Mae,

Pool

#MA3238

.......................................

3.50 1/1/48

Fannie

Mae,

Pool

#MA3637

.......................................

3.50 4/1/49

Fannie

Mae,

Pool

#MA3210

.......................................

3.50 12/1/47

Fannie

Mae,

Pool

#AX2486

.......................................

3.50 10/1/44

Fannie

Mae,

Pool

#BM1568

.......................................

3.50 7/1/47

Fannie

Mae,

Pool

#AE0981

.......................................

3.50 3/1/41

Fannie

Mae,

Pool

#AK0706

.......................................

3.50 2/1/27

Fannie

Mae,

Pool

#CA0487

.......................................

3.50 10/1/47

Fannie

Mae,

Pool

#AB6017

.......................................

3.50 8/1/42

Fannie

Mae,

Pool

#AL1717

.......................................

3.50 5/1/27

Fannie

Mae,

Pool

#CA0234

.......................................

3.50 8/1/47

Fannie

Mae,

Pool

#AX9530

.......................................

3.50 2/1/45

Fannie

Mae,

Pool

#AV6407

.......................................

3.50 2/1/29

Fannie

Mae,

Pool

#FS5725

........................................

3.50 12/1/51

Fannie

Mae,

Pool

#AZ2614

.......................................

3.50 8/1/45

Fannie

Mae,

Pool

#AZ0862

.......................................

3.50 7/1/45

Fannie

Mae,

Pool

#BE5258

........................................

3.50 1/1/47

Fannie

Mae,

Pool

#MA2692

.......................................

3.50 7/1/36

Fannie

Mae,

Pool

#BM4703

.......................................

3.50 2/1/48

Fannie

Mae,

Pool

#FM1566

.......................................

3.50 11/1/48

Fannie

Mae,

Pool

#MA3614

.......................................

3.50 3/1/49

Fannie

Mae,

Pool

#BC0443

.......................................

3.50 12/1/45

Fannie

Mae,

Pool

#FM0020

.......................................

3.50 7/1/49

Fannie

Mae,

Pool

#FM1911

.......................................

3.50 7/1/48

Fannie

Mae,

Pool

#AX7655

.......................................

3.50 1/1/45

Fannie

Mae,

Pool

#AZ9576

.......................................

3.50 12/1/45

Fannie

Mae,

Pool

#MA3745

.......................................

3.50 8/1/49

Fannie

Mae,

Pool

#AJ4093

........................................

3.50 10/1/26

Fannie

Mae,

Pool

#FM1543

.......................................

3.50 11/1/48

Fannie

Mae,

Pool

#AO4647

.......................................

3.50 6/1/42

Fannie

Mae,

Pool

#AY4300

.......................................

3.50 1/1/45

Fannie

Mae,

Pool

#AY3802

.......................................

3.50 2/1/45

Fannie

Mae,

Pool

#BM5446

.......................................

3.50 2/1/49

Fannie

Mae,

Pool

#BM5485

.......................................

3.50 2/1/49

Fannie

Mae,

Pool

#MA3520

.......................................

3.50 11/1/48

Fannie

Mae,

Pool

#MA3414

.......................................

3.50 7/1/48

Fannie

Mae,

Pool

#MA3494

.......................................

3.50 10/1/48

Fannie

Mae,

Pool

#AX5201

.......................................

3.50 10/1/29

Fannie

Mae,

Pool

#MA3906

.......................................

3.50 1/1/50

Fannie

Mae,

Pool

#BE3767

........................................

3.50 7/1/47

Fannie

Mae,

Pool

#MA3634

.......................................

3.50 4/1/39

Fannie

Mae,

Pool

#BP1947

........................................

3.50 4/1/50

Fannie

Mae,

Pool

#CB3601

.......................................

3.50 5/1/52

Fannie

Mae,

Pool

#BK9038

.......................................

3.50 10/1/33

Fannie

Mae,

Pool

#CA4026

.......................................

3.50 5/1/49

Fannie

Mae,

Pool

#MA1059

.......................................

3.50 5/1/32

Fannie

Mae,

Pool

#MA1107

.......................................

3.50 7/1/32

Fannie

Mae,

Pool

#AY5303

.......................................

3.50 3/1/45

Fannie

Mae,

Pool

#MA4654

.......................................

3.50 7/1/52

Fannie

Mae,

Pool

#BU8723

.......................................

3.50 6/1/52

Fannie

Mae,

Pool

#MA2389

.......................................

3.50 9/1/35

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Fannie

Mae,

Pool

#FM3387

.......................................

3.50 3/1/35

$

Fannie

Mae,

Pool

#MA3243

.......................................

3.50 1/1/38

Fannie

Mae,

Pool

#AJ8476

........................................

3.50 12/1/41

Fannie

Mae,

Pool

#AS7601

........................................

4.00 7/1/46

Fannie

Mae,

Pool

#FS0016

........................................

4.00 6/1/49

Fannie

Mae,

Pool

#BD7081

.......................................

4.00 3/1/47

Fannie

Mae,

Pool

#BM1066

.......................................

4.00 2/1/47

Fannie

Mae,

Pool

#MA3277

.......................................

4.00 2/1/48

Fannie

Mae,

Pool

#AS3903

........................................

4.00 11/1/44

Fannie

Mae,

Pool

#AS8823

........................................

4.00 2/1/47

Fannie

Mae,

Pool

#BJ9169

........................................

4.00 5/1/48

Fannie

Mae,

Pool

#AS3448

........................................

4.00 9/1/44

Fannie

Mae,

Pool

#FS3526

........................................

4.00 12/1/52

Fannie

Mae,

Pool

#MA4797

.......................................

4.00 11/1/37

Fannie

Mae,

Pool

#AJ7857

........................................

4.00 12/1/41

Fannie

Mae,

Pool

#BE8050

........................................

4.00 4/1/47

Fannie

Mae,

Pool

#AJ7689

........................................

4.00 12/1/41

Fannie

Mae,

Pool

#MA3804

.......................................

4.00 10/1/49

Fannie

Mae,

Pool

#MA3521

.......................................

4.00 11/1/48

Fannie

Mae,

Pool

#CA2316

.......................................

4.00 7/1/48

Fannie

Mae,

Pool

#MA3536

.......................................

4.00 12/1/48

Fannie

Mae,

Pool

#CA0237

.......................................

4.00 8/1/47

Fannie

Mae,

Pool

#BK0909

.......................................

4.00 7/1/48

Fannie

Mae,

Pool

#BD7060

.......................................

4.00 3/1/47

Fannie

Mae,

Pool

#CA1015

.......................................

4.00 1/1/48

Fannie

Mae,

Pool

#FM1415

.......................................

4.00 12/1/48

Fannie

Mae,

Pool

#FS7579

........................................

4.00 6/1/53

Fannie

Mae,

Pool

#MA5127

.......................................

4.00 8/1/53

Fannie

Mae,

Pool

#BN5258

.......................................

4.00 2/1/49

Fannie

Mae,

Pool

#AJ5303

........................................

4.00 11/1/41

Fannie

Mae,

Pool

#AS8532

........................................

4.00 12/1/46

Fannie

Mae,

Pool

#AW5109

.......................................

4.00 8/1/44

Fannie

Mae,

Pool

#MA3027

.......................................

4.00 6/1/47

Fannie

Mae,

Pool

#AS9314

........................................

4.00 3/1/47

Fannie

Mae,

Pool

#BA6910

.......................................

4.00 2/1/46

Fannie

Mae,

Pool

#BC5559

.......................................

4.00 3/1/46

Fannie

Mae,

Pool

#AL8387

.......................................

4.00 3/1/46

Fannie

Mae,

Pool

#AS7028

........................................

4.00 4/1/46

Fannie

Mae,

Pool

#MA2415

.......................................

4.00 10/1/45

Fannie

Mae,

Pool

#MA2455

.......................................

4.00 11/1/35

Fannie

Mae,

Pool

#AS2117

........................................

4.00 4/1/44

Fannie

Mae,

Pool

#AW5063

.......................................

4.00 7/1/44

Fannie

Mae,

Pool

#MA0641

.......................................

4.00 2/1/31

Fannie

Mae,

Pool

#MA0493

.......................................

4.00 8/1/30

Fannie

Mae,

Pool

#AL7347

.......................................

4.00 9/1/45

Fannie

Mae,

Pool

#AH5859

.......................................

4.00 2/1/41

Fannie

Mae,

Pool

#BA0847

.......................................

4.00 3/1/46

Fannie

Mae,

Pool

#AW9041

.......................................

4.00 8/1/44

—

Fannie

Mae,

Pool

#AH6242

.......................................

4.00 4/1/26

—

Fannie

Mae,

Pool

#AY1595

.......................................

4.00 1/1/45

Fannie

Mae,

Pool

#190405

........................................

4.00 10/1/40

Fannie

Mae,

Pool

#MA3216

.......................................

4.00 12/1/37

Fannie

Mae,

Pool

#MA3183

.......................................

4.00 11/1/47

Fannie

Mae,

Pool

#MA2655

.......................................

4.00 6/1/36

—

Fannie

Mae,

Pool

#BM5525

.......................................

4.00 3/1/31

—

Fannie

Mae,

Pool

#BN0334

.......................................

4.00 12/1/48

Fannie

Mae,

Pool

#BM5685

.......................................

4.00 6/1/48

Fannie

Mae,

Pool

#AZ8874

.......................................

4.00 9/1/45

Fannie

Mae,

Pool

#MA5643

.......................................

4.00 3/1/55

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Fannie

Mae,

Pool

#AT3872

........................................

4.00 6/1/43

$

Fannie

Mae,

Pool

#AV2340

.......................................

4.00 12/1/43

Fannie

Mae,

Pool

#BK7608

.......................................

4.00 9/1/48

Fannie

Mae,

Pool

#BK0920

.......................................

4.00 7/1/48

—

Fannie

Mae,

Pool

#AL9742

.......................................

4.00 7/1/29

—

Fannie

Mae,

Pool

#MA3746

.......................................

4.00 8/1/49

Fannie

Mae,

Pool

#BK7943

.......................................

4.00 11/1/48

Fannie

Mae,

Pool

#MA3413

.......................................

4.00 7/1/38

Fannie

Mae,

Pool

#MA3244

.......................................

4.00 1/1/38

Fannie

Mae,

Pool

#CA1894

.......................................

4.00 6/1/48

Fannie

Mae,

Pool

#MA3211

.......................................

4.00 12/1/47

Fannie

Mae,

Pool

#BN0594

.......................................

4.00 12/1/48

Fannie

Mae,

Pool

#FM1101

.......................................

4.00 7/1/34

Fannie

Mae,

Pool

#CA2474

.......................................

4.00 7/1/48

Fannie

Mae,

Pool

#MA4732

.......................................

4.00 9/1/52

Fannie

Mae,

Pool

#BK9697

.......................................

4.00 12/1/48

Fannie

Mae,

Pool

#AY0025

.......................................

4.00 2/1/45

Fannie

Mae,

Pool

#AZ8067

.......................................

4.00 9/1/45

Fannie

Mae,

Pool

#AC7328

.......................................

4.00 12/1/39

Fannie

Mae,

Pool

#AY8981

.......................................

4.00 8/1/45

Fannie

Mae,

Pool

#AZ7362

.......................................

4.00 11/1/45

Fannie

Mae,

Pool

#FM5134

.......................................

4.00 1/1/49

Fannie

Mae,

Pool

#MA2536

.......................................

4.00 2/1/36

Fannie

Mae,

Pool

#MA3615

.......................................

4.00 3/1/49

Fannie

Mae,

Pool

#MA3592

.......................................

4.00 2/1/49

Fannie

Mae,

Pool

#MA3037

.......................................

4.00 6/1/37

Fannie

Mae,

Pool

#AY2291

.......................................

4.00 3/1/45

Fannie

Mae,

Pool

#AS2498

........................................

4.00 5/1/44

Fannie

Mae,

Pool

#CA2469

.......................................

4.00 10/1/48

Fannie

Mae,

Pool

#MA3638

.......................................

4.00 4/1/49

Fannie

Mae,

Pool

#AH3394

.......................................

4.00 1/1/41

Fannie

Mae,

Pool

#BK0915

.......................................

4.00 7/1/48

Fannie

Mae,

Pool

#AY1377

.......................................

4.00 4/1/45

Fannie

Mae,

Pool

#MA3563

.......................................

4.00 1/1/49

Fannie

Mae,

Pool

#FM1960

.......................................

4.00 5/1/49

Fannie

Mae,

Pool

#CA3084

.......................................

4.00 2/1/49

Fannie

Mae,

Pool

#MA3427

.......................................

4.00 7/1/33

Fannie

Mae,

Pool

#AS9486

........................................

4.00 4/1/47

Fannie

Mae,

Pool

#MA2995

.......................................

4.00 5/1/47

Fannie

Mae,

Pool

#AL4778

.......................................

4.00 10/1/32

Fannie

Mae,

Pool

#AS3216

........................................

4.00 9/1/44

Fannie

Mae,

Pool

#AX0841

.......................................

4.00 9/1/44

Fannie

Mae,

Pool

#AS9831

........................................

4.00 6/1/47

Fannie

Mae,

Pool

#BM2002

.......................................

4.00 10/1/47

Fannie

Mae,

Pool

#MA3121

.......................................

4.00 9/1/47

Fannie

Mae,

Pool

#AO2959

.......................................

4.00 5/1/42

—

Fannie

Mae,

Pool

#AL2689

.......................................

4.00 2/1/27

—

Fannie

Mae,

Pool

#AU3753

.......................................

4.00 8/1/43

Fannie

Mae,

Pool

#AS0531

........................................

4.00 9/1/43

Fannie

Mae,

Pool

#AU8849

.......................................

4.00 11/1/43

Fannie

Mae,

Pool

#AS3467

........................................

4.00 10/1/44

Fannie

Mae,

Pool

#AS3293

........................................

4.00 9/1/44

Fannie

Mae,

Pool

#AS3468

........................................

4.00 10/1/44

Fannie

Mae,

Pool

#AS7600

........................................

4.00 7/1/46

Fannie

Mae,

Pool

#CA0183

.......................................

4.00 8/1/47

Fannie

Mae,

Pool

#BJ0639

........................................

4.00 3/1/48

Fannie

Mae,

Pool

#BH2623

.......................................

4.00 8/1/47

Fannie

Mae,

Pool

#FM0021

.......................................

4.00 3/1/49

Fannie

Mae,

Pool

#MA0695

.......................................

4.00 4/1/31

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Fannie

Mae,

Pool

#AS7558

........................................

4.00 7/1/46

$

Fannie

Mae,

Pool

#BN6677

.......................................

4.00 6/1/49

Fannie

Mae,

Pool

#FM1571

.......................................

4.00 12/1/48

Fannie

Mae,

Pool

#BM4991

.......................................

4.00 9/1/48

Fannie

Mae,

Pool

#CA0623

.......................................

4.50 10/1/47

Fannie

Mae,

Pool

#BN0877

.......................................

4.50 11/1/48

Fannie

Mae,

Pool

#BK5283

.......................................

4.50 6/1/48

—

Fannie

Mae,

Pool

#930998

........................................

4.50 4/1/29

—

Fannie

Mae,

Pool

#FA3844

........................................

4.50 12/1/55

Fannie

Mae,

Pool

#BE6489

........................................

4.50 1/1/47

Fannie

Mae,

Pool

#AI4815

........................................

4.50 6/1/41

Fannie

Mae,

Pool

#AS2751

........................................

4.50 6/1/44

Fannie

Mae,

Pool

#AS8157

........................................

4.50 10/1/46

Fannie

Mae,

Pool

#AH6790

.......................................

4.50 3/1/41

Fannie

Mae,

Pool

#AS9394

........................................

4.50 4/1/47

Fannie

Mae,

Pool

#AA0860

.......................................

4.50 1/1/39

Fannie

Mae,

Pool

#MA5612

.......................................

4.50 2/1/55

Fannie

Mae,

Pool

#MA5070

.......................................

4.50 7/1/53

Fannie

Mae,

Pool

#AS0861

........................................

4.50 10/1/43

Fannie

Mae,

Pool

#AB3192

.......................................

4.50 6/1/41

Fannie

Mae,

Pool

#AB1470

.......................................

4.50 9/1/40

Fannie

Mae,

Pool

#AL1107

........................................

4.50 11/1/41

Fannie

Mae,

Pool

#BV7928

.......................................

4.50 8/1/52

Fannie

Mae,

Pool

#AE0954

.......................................

4.50 2/1/41

Fannie

Mae,

Pool

#BK8830

.......................................

4.50 8/1/48

Fannie

Mae,

Pool

#MA3522

.......................................

4.50 11/1/48

Fannie

Mae,

Pool

#BN4309

.......................................

4.50 1/1/49

Fannie

Mae,

Pool

#AH9055

.......................................

4.50 4/1/41

Fannie

Mae,

Pool

#BK1416

.......................................

4.50 5/1/48

Fannie

Mae,

Pool

#AS2276

........................................

4.50 4/1/44

Fannie

Mae,

Pool

#AB1389

.......................................

4.50 8/1/40

Fannie

Mae,

Pool

#MA3537

.......................................

4.50 12/1/48

Fannie

Mae,

Pool

#BK4850

.......................................

4.50 5/1/48

Fannie

Mae,

Pool

#AE0217

.......................................

4.50 8/1/40

Fannie

Mae,

Pool

#AD8529

.......................................

4.50 8/1/40

Fannie

Mae,

Pool

#BE5992

........................................

4.50 2/1/47

Fannie

Mae,

Pool

#AL5082

.......................................

4.50 3/1/44

Fannie

Mae,

Pool

#FM3619

.......................................

4.50 1/1/50

Fannie

Mae,

Pool

#MA3747

.......................................

4.50 8/1/49

Fannie

Mae,

Pool

#AL4450

.......................................

4.50 12/1/43

Fannie

Mae,

Pool

#CA1218

.......................................

4.50 2/1/48

Fannie

Mae,

Pool

#CA1711

.......................................

4.50 5/1/48

Fannie

Mae,

Pool

#MA3593

.......................................

4.50 2/1/49

Fannie

Mae,

Pool

#AU5302

.......................................

4.50 10/1/43

Fannie

Mae,

Pool

#AS1638

........................................

4.50 2/1/44

Fannie

Mae,

Pool

#AH7521

.......................................

4.50 3/1/41

Fannie

Mae,

Pool

#CA0148

.......................................

4.50 8/1/47

Fannie

Mae,

Pool

#BM3286

.......................................

4.50 11/1/47

Fannie

Mae,

Pool

#BK6328

.......................................

4.50 6/1/48

Fannie

Mae,

Pool

#MA0481

.......................................

4.50 8/1/30

Fannie

Mae,

Pool

#AL8816

.......................................

4.50 9/1/45

Fannie

Mae,

Pool

#MA3184

.......................................

4.50 11/1/47

Fannie

Mae,

Pool

#AS8576

........................................

4.50 12/1/46

Fannie

Mae,

Pool

#MA3639

.......................................

4.50 4/1/49

Fannie

Mae,

Pool

#BM1285

.......................................

4.50 5/1/47

Fannie

Mae,

Pool

#FA0621

........................................

5.00 7/1/53

Fannie

Mae,

Pool

#MA3617

.......................................

5.00 3/1/49

Fannie

Mae,

Pool

#CA0349

.......................................

5.00 9/1/47

Fannie

Mae,

Pool

#CB9309

.......................................

5.00 10/1/54

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Fannie

Mae,

Pool

#CA1795

.......................................

5.00 5/1/48

$

Fannie

Mae,

Pool

#890603

........................................

5.00 8/1/41

Fannie

Mae,

Pool

#MA5539

.......................................

5.00 11/1/44

Fannie

Mae,

Pool

#725238

........................................

5.00 3/1/34

Fannie

Mae,

Pool

#889117

........................................

5.00 10/1/35

Fannie

Mae,

Pool

#MA3527

.......................................

5.00 11/1/48

Fannie

Mae,

Pool

#MA3708

.......................................

5.00 6/1/49

Fannie

Mae,

Pool

#MA3472

.......................................

5.00 9/1/48

Fannie

Mae,

Pool

#MA3594

.......................................

5.00 2/1/49

910

Fannie

Mae,

Pool

#MA5909

.......................................

5.00 12/1/55

897

Fannie

Mae,

Pool

#MA5860

.......................................

5.00 10/1/40

Fannie

Mae,

Pool

#MA5805

.......................................

5.00 8/1/45

Fannie

Mae,

Pool

#BM3904

.......................................

5.00 5/1/48

Fannie

Mae,

Pool

#MA4918

.......................................

5.00 2/1/53

Fannie

Mae,

Pool

#AH5988

.......................................

5.00 3/1/41

Fannie

Mae,

Pool

#FS7252

........................................

5.00 11/1/53

—

Fannie

Mae,

Pool

#BM3781

.......................................

5.00 11/1/30

—

Fannie

Mae,

Pool

#MA5164

.......................................

5.00 10/1/53

Fannie

Mae,

Pool

#890621

........................................

5.00 5/1/42

Fannie

Mae,

Pool

#AL5788

.......................................

5.00 5/1/42

Fannie

Mae,

Pool

#AS0837

........................................

5.00 10/1/43

Fannie

Mae,

Pool

#MA4761

.......................................

5.00 9/1/52

Fannie

Mae,

Pool

#725027

........................................

5.00 11/1/33

Fannie

Mae,

Pool

#MA5585

.......................................

5.00 1/1/55

Fannie

Mae,

Pool

#MA5496

.......................................

5.00 10/1/54

Fannie

Mae,

Pool

#MA5071

.......................................

5.00 7/1/53

Fannie

Mae,

Pool

#MA3669

.......................................

5.00 5/1/49

Fannie

Mae,

Pool

#AS0575

........................................

5.00 9/1/43

Fannie

Mae,

Pool

#836750

........................................

5.00 10/1/35

Fannie

Mae,

Pool

#MA5072

.......................................

5.50 7/1/53

Fannie

Mae,

Pool

#MA4919

.......................................

5.50 2/1/53

Fannie

Mae,

Pool

#MA5010

.......................................

5.50 5/1/53

Fannie

Mae,

Pool

#MA5190

.......................................

5.50 11/1/53

Fannie

Mae,

Pool

#890221

........................................

5.50 12/1/33

Fannie

Mae,

Pool

#MA5165

.......................................

5.50 10/1/53

Fannie

Mae,

Pool

#FA3660

........................................

5.50 11/1/55

Fannie

Mae,

Pool

#FS3360

........................................

5.50 12/1/52

Fannie

Mae,

Pool

#FA1252

........................................

5.50 4/1/55

Fannie

Mae,

Pool

#MA5470

.......................................

5.50 9/1/54

Fannie

Mae,

Pool

#929451

........................................

5.50 5/1/38

Fannie

Mae,

Pool

#MA5138

.......................................

5.50 9/1/53

Fannie

Mae,

Pool

#MA5215

.......................................

5.50 12/1/53

Fannie

Mae,

Pool

#MA5879

.......................................

5.50 11/1/55

Fannie

Mae,

Pool

#MA5444

.......................................

5.50 8/1/54

Fannie

Mae,

Pool

#CB9331

.......................................

5.50 10/1/54

Fannie

Mae,

Pool

#MA5393

.......................................

5.50 6/1/39

Fannie

Mae,

Pool

#FA2026

........................................

5.50 9/1/54

Fannie

Mae,

Pool

#MA5107

.......................................

5.50 8/1/53

Fannie

Mae,

Pool

#FS4840

........................................

5.50 5/1/53

Fannie

Mae,

Pool

#CC0102

.......................................

5.50 3/1/55

Fannie

Mae,

Pool

#MA5563

.......................................

5.50 12/1/44

Fannie

Mae,

Pool

#FA0608

........................................

5.50 2/1/55

Fannie

Mae,

Pool

#CB8916

.......................................

6.00 7/1/54

Fannie

Mae,

Pool

#MA5247

.......................................

6.00 1/1/54

Fannie

Mae,

Pool

#CC0262

.......................................

6.00 4/1/55

Fannie

Mae,

Pool

#CC0721

.......................................

6.00 7/1/55

Fannie

Mae,

Pool

#MA5854

.......................................

6.00 10/1/55

Fannie

Mae,

Pool

#CC0878

.......................................

6.00 8/1/55

Fannie

Mae,

Pool

#CC1027

.......................................

6.00 9/1/55

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Fannie

Mae,

Pool

#MA5073

.......................................

6.00 7/1/53

$

Fannie

Mae,

Pool

#MA5166

.......................................

6.00 10/1/53

Fannie

Mae,

Pool

#MA5108

.......................................

6.00 8/1/53

Fannie

Mae,

Pool

#CC0405

.......................................

6.00 5/1/55

Fannie

Mae,

Pool

#CB9160

.......................................

6.00 9/1/54

Fannie

Mae,

Pool

#MA5445

.......................................

6.00 8/1/54

Fannie

Mae,

Pool

#CB8159

.......................................

6.00 3/1/54

Fannie

Mae,

Pool

#MA5191

.......................................

6.00 11/1/53

Fannie

Mae,

Pool

#FA0872

........................................

6.00 10/1/54

Fannie

Mae,

Pool

#MA5471

.......................................

6.00 9/1/54

Fannie

Mae,

Pool

#MA5587

.......................................

6.00 1/1/55

Fannie

Mae,

Pool

#MA5498

.......................................

6.00 10/1/54

Fannie

Mae,

Pool

#725228

........................................

6.00 3/1/34

Fannie

Mae,

Pool

#CB8854

.......................................

6.00 7/1/54

Fannie

Mae,

Pool

#959451

........................................

6.00 12/1/37

Fannie

Mae,

Pool

#CB9991

.......................................

6.00 2/1/55

Fannie

Mae,

Pool

#MA5389

.......................................

6.00 6/1/54

Fannie

Mae,

Pool

#CB5704

.......................................

6.00 2/1/53

Fannie

Mae,

Pool

#MA5631

.......................................

6.50 2/1/55

Fannie

Mae,

Pool

#889984

........................................

6.50 10/1/38

Fannie

Mae,

Pool

#MA5824

.......................................

6.50 9/1/55

Fannie

Mae,

Pool

#MA5472

.......................................

6.50 9/1/54

Fannie

Mae,

Pool

#MA5422

.......................................

6.50 7/1/54

Fannie

Mae,

Pool

#FA3200

........................................

6.50 8/1/55

Fannie

Mae,

Pool

#FS9978

........................................

6.50 9/1/54

Fannie

Mae,

Pool

#MA5273

.......................................

6.50 2/1/54

Fannie

Mae,

Pool

#MA5217

.......................................

6.50 12/1/53

Fannie

Mae,

Pool

#MA5140

.......................................

6.50 9/1/53

Fannie

Mae,

Pool

#MA5855

.......................................

6.50 10/1/55

Fannie

Mae,

Pool

#CB7651

.......................................

6.50 12/1/53

Fannie

Mae,

Pool

#MA5738

.......................................

7.00 6/1/55

Fannie

Mae,

Pool

#FA1000

........................................

7.00 2/1/55

Fannie

Mae,

YR

TBA

.........................................

1.50 4/25/41

Fannie

Mae,

YR

TBA

.........................................

1.50 5/25/40

500

Fannie

Mae,

YR

TBA

.........................................

2.00 4/25/41

Fannie

Mae,

YR

TBA

.........................................

2.00 5/25/40

Fannie

Mae,

YR

TBA

.........................................

2.50 5/25/40

Fannie

Mae,

YR

TBA

.........................................

2.50 4/25/41

Fannie

Mae,

YR

TBA

.........................................

3.00 4/25/41

Fannie

Mae,

YR

TBA

.........................................

3.50 4/25/41

Fannie

Mae,

YR

TBA

.........................................

4.00 4/25/41

Fannie

Mae,

YR

TBA

.........................................

4.50 4/25/41

Fannie

Mae,

YR

TBA

.........................................

5.00 4/25/41

Fannie

Mae,

YR

TBA

.........................................

5.50 4/25/41

Fannie

Mae,

YR

TBA

.........................................

6.00 4/25/41

Fannie

Mae,

YR

TBA

.........................................

6.00 5/25/40

625

Fannie

Mae,

YR

TBA

.........................................

1.50 4/25/56

Fannie

Mae,

YR

TBA

.........................................

1.50 5/25/56

Fannie

Mae,

YR

TBA

.........................................

2.00 5/25/56

2,000

Fannie

Mae,

YR

TBA

.........................................

2.00 4/25/56

1,608

1,625

Fannie

Mae,

YR

TBA

.........................................

2.50 4/25/56

1,367

Fannie

Mae,

YR

TBA

.........................................

2.50 5/25/56

Fannie

Mae,

YR

TBA

.........................................

3.00 5/25/56

1,200

Fannie

Mae,

YR

TBA

.........................................

3.00 4/25/56

1,054

550

Fannie

Mae,

YR

TBA

.........................................

3.50 4/25/56

504

Fannie

Mae,

YR

TBA

.........................................

3.50 5/25/55

Fannie

Mae,

YR

TBA

.........................................

4.00 5/25/41

875

Fannie

Mae,

YR

TBA

.........................................

4.00 4/25/56

825

500

Fannie

Mae,

YR

TBA

.........................................

4.50 4/25/41

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Fannie

Mae,

YR

TBA

.........................................

4.50 5/25/56

$

875

Fannie

Mae,

YR

TBA

.........................................

5.00 5/25/56

861

1,500

Fannie

Mae,

YR

TBA

.........................................

5.00 4/25/56

1,480

525

Fannie

Mae,

YR

TBA

.........................................

5.50 5/25/56

527

1,700

Fannie

Mae,

YR

TBA

.........................................

5.50 4/25/56

1,708

1,075

Fannie

Mae,

YR

TBA

.........................................

6.00 4/25/56

1,096

Fannie

Mae,

YR

TBA

.........................................

6.00 5/25/56

Fannie

Mae,

YR

TBA

.........................................

6.50 4/25/56

Fannie

Mae,

YR

TBA

.........................................

6.50 5/25/56

Fannie

Mae,

YR

TBA

.........................................

7.00 4/25/56

Freddie

Mac,

Pool

#SB8144

.......................................

1.50 3/1/37

Freddie

Mac,

Pool

#SD8139

.......................................

1.50 4/1/51

Freddie

Mac,

Pool

#SD8082

.......................................

1.50 10/1/50

Freddie

Mac,

Pool

#QN9521

.......................................

1.50 2/1/37

Freddie

Mac,

Pool

#SB8106

.......................................

1.50 6/1/36

Freddie

Mac,

Pool

#SD8154

.......................................

1.50 7/1/51

Freddie

Mac,

Pool

#QC0962

.......................................

1.50 4/1/51

Freddie

Mac,

Pool

#RB5110

.......................................

1.50 5/1/41

Freddie

Mac,

Pool

#SB8088

.......................................

1.50 2/1/36

Freddie

Mac,

Pool

#SB8097

.......................................

1.50 4/1/36

Freddie

Mac,

Pool

#SB8083

.......................................

1.50 1/1/36

Freddie

Mac,

Pool

#QC3697

.......................................

2.00 6/1/51

Freddie

Mac,

Pool

#SD8193

.......................................

2.00 2/1/52

Freddie

Mac,

Pool

#RA5256

.......................................

2.00 5/1/51

Freddie

Mac,

Pool

#RB5141

.......................................

2.00 1/1/42

Freddie

Mac,

Pool

#SD8128

.......................................

2.00 2/1/51

Freddie

Mac,

Pool

#QC4423

.......................................

2.00 7/1/51

Freddie

Mac,

Pool

#RB5153

.......................................

2.00 4/1/42

Freddie

Mac,

Pool

#QC1333

.......................................

2.00 5/1/51

Freddie

Mac,

Pool

#QD5748

.......................................

2.00 2/1/52

Freddie

Mac,

Pool

#SB8061

.......................................

2.00 9/1/35

Freddie

Mac,

Pool

#SD8172

.......................................

2.00 10/1/51

Freddie

Mac,

Pool

#SD8188

.......................................

2.00 1/1/52

Freddie

Mac,

Pool

#QB9896

.......................................

2.00 3/1/51

Freddie

Mac,

Pool

#QC0423

.......................................

2.00 4/1/51

Freddie

Mac,

Pool

#QO0110

.......................................

2.00 4/1/37

Freddie

Mac,

Pool

#QD3162

.......................................

2.00 12/1/51

Freddie

Mac,

Pool

#SB8128

.......................................

2.00 11/1/36

Freddie

Mac,

Pool

#ZS7735

.......................................

2.00 1/1/32

Freddie

Mac,

Pool

#SD8199

.......................................

2.00 3/1/52

Freddie

Mac,

Pool

#SD8113

.......................................

2.00 12/1/50

Freddie

Mac,

Pool

#SB8115

.......................................

2.00 8/1/36

Freddie

Mac,

Pool

#SL1729

.......................................

2.00 2/1/52

Freddie

Mac,

Pool

#RA6026

.......................................

2.00 10/1/51

Freddie

Mac,

Pool

#RB5138

.......................................

2.00 12/1/41

Freddie

Mac,

Pool

#SD0731

.......................................

2.00 5/1/51

Freddie

Mac,

Pool

#RA5040

.......................................

2.00 4/1/51

Freddie

Mac,

Pool

#SD8134

.......................................

2.00 3/1/51

Freddie

Mac,

Pool

#RA5257

.......................................

2.00 5/1/51

Freddie

Mac,

Pool

#SD8079

.......................................

2.00 7/1/50

Freddie

Mac,

Pool

#RB5114

.......................................

2.00 6/1/41

Freddie

Mac,

Pool

#QD0433

.......................................

2.00 11/1/51

Freddie

Mac,

Pool

#QD1254

.......................................

2.00 11/1/51

Freddie

Mac,

Pool

#RA6333

.......................................

2.00 11/1/51

Freddie

Mac,

Pool

#QC7473

.......................................

2.00 9/1/51

Freddie

Mac,

Pool

#RA3575

.......................................

2.00 9/1/50

Freddie

Mac,

Pool

#RA6025

.......................................

2.00 10/1/51

Freddie

Mac,

Pool

#SD8160

.......................................

2.00 8/1/51

Freddie

Mac,

Pool

#RB5121

.......................................

2.00 8/1/41

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Freddie

Mac,

Pool

#RB5111

.......................................

2.00 5/1/41

$

Freddie

Mac,

Pool

#RA6507

.......................................

2.00 12/1/51

Freddie

Mac,

Pool

#QC6925

.......................................

2.00 9/1/51

Freddie

Mac,

Pool

#SD8177

.......................................

2.00 11/1/51

Freddie

Mac,

Pool

#QB6893

.......................................

2.00 12/1/50

Freddie

Mac,

Pool

#SD8182

.......................................

2.00 12/1/51

Freddie

Mac,

Pool

#SD8146

.......................................

2.00 5/1/51

Freddie

Mac,

Pool

#RA3328

.......................................

2.00 8/1/50

Freddie

Mac,

Pool

#RA3606

.......................................

2.00 10/1/50

Freddie

Mac,

Pool

#SB8107

.......................................

2.00 6/1/36

Freddie

Mac,

Pool

#SB8510

.......................................

2.00 2/1/36

Freddie

Mac,

Pool

#RC1727

.......................................

2.00 12/1/35

Freddie

Mac,

Pool

#RB5095

.......................................

2.00 1/1/41

Freddie

Mac,

Pool

#SD8121

.......................................

2.00 1/1/51

Freddie

Mac,

Pool

#RA4214

.......................................

2.00 12/1/50

Freddie

Mac,

Pool

#SD8150

.......................................

2.00 6/1/51

Freddie

Mac,

Pool

#SD7537

.......................................

2.00 3/1/51

Freddie

Mac,

Pool

#QC6815

.......................................

2.00 9/1/51

Freddie

Mac,

Pool

#QB3716

.......................................

2.00 9/1/50

Freddie

Mac,

Pool

#RA5928

.......................................

2.00 9/1/51

Freddie

Mac,

Pool

#QB3926

.......................................

2.00 10/1/50

Freddie

Mac,

Pool

#QC1075

.......................................

2.00 4/1/51

Freddie

Mac,

Pool

#QB8064

.......................................

2.00 1/1/51

Freddie

Mac,

Pool

#QB7708

.......................................

2.00 1/1/51

Freddie

Mac,

Pool

#RA5155

.......................................

2.00 5/1/51

Freddie

Mac,

Pool

#SB8079

.......................................

2.00 12/1/35

Freddie

Mac,

Pool

#RA3205

.......................................

2.00 8/1/50

Freddie

Mac,

Pool

#SD8098

.......................................

2.00 10/1/50

Freddie

Mac,

Pool

#RA4986

.......................................

2.00 4/1/51

Freddie

Mac,

Pool

#RB5148

.......................................

2.00 3/1/42

Freddie

Mac,

Pool

#QC3597

.......................................

2.00 6/1/51

Freddie

Mac,

Pool

#RA5802

.......................................

2.50 9/1/51

Freddie

Mac,

Pool

#RA4527

.......................................

2.50 2/1/51

Freddie

Mac,

Pool

#RA2643

.......................................

2.50 6/1/50

Freddie

Mac,

Pool

#RA6765

.......................................

2.50 2/1/52

Freddie

Mac,

Pool

#RA5832

.......................................

2.50 9/1/51

Freddie

Mac,

Pool

#QC9156

.......................................

2.50 10/1/51

Freddie

Mac,

Pool

#SD8021

.......................................

2.50 9/1/49

Freddie

Mac,

Pool

#ZT2094

.......................................

2.50 6/1/34

Freddie

Mac,

Pool

#QE2352

.......................................

2.50 5/1/52

Freddie

Mac,

Pool

#SD1011

.......................................

2.50 4/1/52

Freddie

Mac,

Pool

#RB5054

.......................................

2.50 6/1/40

Freddie

Mac,

Pool

#SD8212

.......................................

2.50 5/1/52

Freddie

Mac,

Pool

#RB5086

.......................................

2.50 11/1/40

Freddie

Mac,

Pool

#RB5157

.......................................

2.50 5/1/42

Freddie

Mac,

Pool

#SB8045

.......................................

2.50 5/1/35

Freddie

Mac,

Pool

#SD8141

.......................................

2.50 4/1/51

Freddie

Mac,

Pool

#SB8108

.......................................

2.50 6/1/36

Freddie

Mac,

Pool

#RA6019

.......................................

2.50 10/1/51

Freddie

Mac,

Pool

#RA6815

.......................................

2.50 2/1/52

Freddie

Mac,

Pool

#RB5072

.......................................

2.50 9/1/40

Freddie

Mac,

Pool

#RB5043

.......................................

2.50 4/1/40

Freddie

Mac,

Pool

#RA6621

.......................................

2.50 1/1/52

Freddie

Mac,

Pool

#RA6493

.......................................

2.50 12/1/51

Freddie

Mac,

Pool

#SD7226

.......................................

2.50 5/1/52

Freddie

Mac,

Pool

#QA9142

.......................................

2.50 5/1/50

Freddie

Mac,

Pool

#SD8067

.......................................

2.50 6/1/50

Freddie

Mac,

Pool

#RA3528

.......................................

2.50 9/1/50

Freddie

Mac,

Pool

#SB0301

.......................................

2.50 4/1/35

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Freddie

Mac,

Pool

#RA6340

.......................................

2.50 11/1/51

$

Freddie

Mac,

Pool

#QD5204

.......................................

2.50 1/1/52

Freddie

Mac,

Pool

#RA5286

.......................................

2.50 5/1/51

Freddie

Mac,

Pool

#SD8189

.......................................

2.50 1/1/52

Freddie

Mac,

Pool

#SD8122

.......................................

2.50 1/1/51

Freddie

Mac,

Pool

#SD8183

.......................................

2.50 12/1/51

Freddie

Mac,

Pool

#SB8062

.......................................

2.50 9/1/35

Freddie

Mac,

Pool

#SD0780

.......................................

2.50 12/1/51

Freddie

Mac,

Pool

#SD8205

.......................................

2.50 4/1/52

Freddie

Mac,

Pool

#RA2645

.......................................

2.50 6/1/50

Freddie

Mac,

Pool

#QC7457

.......................................

2.50 9/1/51

Freddie

Mac,

Pool

#SD0578

.......................................

2.50 3/1/51

Freddie

Mac,

Pool

#SD8129

.......................................

2.50 2/1/51

Freddie

Mac,

Pool

#SD8194

.......................................

2.50 2/1/52

Freddie

Mac,

Pool

#ZS8483

.......................................

2.50 3/1/28

Freddie

Mac,

Pool

#RA2634

.......................................

2.50 5/1/50

Freddie

Mac,

Pool

#QB3287

.......................................

2.50 8/1/50

Freddie

Mac,

Pool

#RA2595

.......................................

2.50 5/1/50

Freddie

Mac,

Pool

#SD8114

.......................................

2.50 12/1/50

Freddie

Mac,

Pool

#QC2031

.......................................

2.50 5/1/51

Freddie

Mac,

Pool

#ZK8425

.......................................

2.50 12/1/31

Freddie

Mac,

Pool

#QB3703

.......................................

2.50 9/1/50

Freddie

Mac,

Pool

#RA6136

.......................................

2.50 10/1/51

Freddie

Mac,

Pool

#SD8151

.......................................

2.50 6/1/51

Freddie

Mac,

Pool

#SD0412

.......................................

2.50 8/1/50

Freddie

Mac,

Pool

#ZS4687

.......................................

2.50 11/1/46

Freddie

Mac,

Pool

#RA2897

.......................................

2.50 6/1/50

Freddie

Mac,

Pool

#SB8053

.......................................

2.50 7/1/35

Freddie

Mac,

Pool

#QC2251

.......................................

2.50 5/1/51

Freddie

Mac,

Pool

#SD8167

.......................................

2.50 9/1/51

Freddie

Mac,

Pool

#QA5290

.......................................

2.50 12/1/49

Freddie

Mac,

Pool

#SD8083

.......................................

2.50 8/1/50

Freddie

Mac,

Pool

#SD8099

.......................................

2.50 10/1/50

Freddie

Mac,

Pool

#SD8147

.......................................

2.50 5/1/51

Freddie

Mac,

Pool

#SD8055

.......................................

2.50 4/1/50

Freddie

Mac,

Pool

#ZS8692

.......................................

2.50 4/1/33

Freddie

Mac,

Pool

#ZS4697

.......................................

3.00 1/1/47

Freddie

Mac,

Pool

#RA2594

.......................................

3.00 5/1/50

Freddie

Mac,

Pool

#ZM2285

.......................................

3.00 12/1/46

Freddie

Mac,

Pool

#ZA2304

.......................................

3.00 6/1/33

Freddie

Mac,

Pool

#ZS4688

.......................................

3.00 11/1/46

Freddie

Mac,

Pool

#QA9049

.......................................

3.00 4/1/50

Freddie

Mac,

Pool

#SD8242

.......................................

3.00 9/1/52

Freddie

Mac,

Pool

#SB8046

.......................................

3.00 5/1/35

Freddie

Mac,

Pool

#ZS4641

.......................................

3.00 12/1/45

Freddie

Mac,

Pool

#ZT2019

.......................................

3.00 5/1/34

Freddie

Mac,

Pool

#ZM2721

.......................................

3.00 2/1/47

Freddie

Mac,

Pool

#ZM2089

.......................................

3.00 11/1/46

Freddie

Mac,

Pool

#QA1033

.......................................

3.00 7/1/49

Freddie

Mac,

Pool

#SD8030

.......................................

3.00 12/1/49

Freddie

Mac,

Pool

#SD8184

.......................................

3.00 12/1/51

Freddie

Mac,

Pool

#SD8024

.......................................

3.00 11/1/49

Freddie

Mac,

Pool

#ZT1323

.......................................

3.00 10/1/48

Freddie

Mac,

Pool

#ZS4522

.......................................

3.00 7/1/43

Freddie

Mac,

Pool

#ZM2169

.......................................

3.00 11/1/46

Freddie

Mac,

Pool

#QA8065

.......................................

3.00 3/1/50

Freddie

Mac,

Pool

#ZT0195

.......................................

3.00 9/1/46

Freddie

Mac,

Pool

#QB1382

.......................................

3.00 7/1/50

Freddie

Mac,

Pool

#ZS4511

.......................................

3.00 3/1/43

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Freddie

Mac,

Pool

#ZT0715

.......................................

3.00 9/1/48

$

Freddie

Mac,

Pool

#ZS4519

.......................................

3.00 6/1/43

Freddie

Mac,

Pool

#QD9881

.......................................

3.00 3/1/52

Freddie

Mac,

Pool

#ZS4703

.......................................

3.00 2/1/47

Freddie

Mac,

Pool

#ZS4779

.......................................

3.00 6/1/48

Freddie

Mac,

Pool

#ZS4658

.......................................

3.00 4/1/46

Freddie

Mac,

Pool

#ZA2313

.......................................

3.00 9/1/33

Freddie

Mac,

Pool

#SD8056

.......................................

3.00 4/1/50

Freddie

Mac,

Pool

#ZS4606

.......................................

3.00 3/1/45

Freddie

Mac,

Pool

#SD8074

.......................................

3.00 7/1/50

Freddie

Mac,

Pool

#ZS4512

.......................................

3.00 5/1/43

Freddie

Mac,

Pool

#ZS4693

.......................................

3.00 12/1/46

Freddie

Mac,

Pool

#ZS4621

.......................................

3.00 7/1/45

Freddie

Mac,

Pool

#SD8174

.......................................

3.00 10/1/51

Freddie

Mac,

Pool

#SD5277

.......................................

3.00 7/1/52

Freddie

Mac,

Pool

#ZA1283

.......................................

3.00 1/1/43

Freddie

Mac,

Pool

#ZS8686

.......................................

3.00 2/1/33

Freddie

Mac,

Pool

#ZS4609

.......................................

3.00 4/1/45

Freddie

Mac,

Pool

#ZS4706

.......................................

3.00 3/1/47

Freddie

Mac,

Pool

#ZM4908

.......................................

3.50 11/1/47

Freddie

Mac,

Pool

#SB8007

.......................................

3.50 9/1/34

Freddie

Mac,

Pool

#ZS4704

.......................................

3.50 2/1/47

Freddie

Mac,

Pool

#ZS4618

.......................................

3.50 6/1/45

Freddie

Mac,

Pool

#ZA5052

.......................................

3.50 11/1/47

Freddie

Mac,

Pool

#SD8214

.......................................

3.50 5/1/52

—

Freddie

Mac,

Pool

#SB0031

.......................................

3.50 10/1/27

—

Freddie

Mac,

Pool

#QA8794

.......................................

3.50 4/1/50

Freddie

Mac,

Pool

#ZS4713

.......................................

3.50 4/1/47

Freddie

Mac,

Pool

#ZS4747

.......................................

3.50 12/1/47

Freddie

Mac,

Pool

#ZS4663

.......................................

3.50 5/1/46

Freddie

Mac,

Pool

#ZS4599

.......................................

3.50 1/1/45

Freddie

Mac,

Pool

#ZT0711

.......................................

3.50 10/1/48

Freddie

Mac,

Pool

#ZS4771

.......................................

3.50 6/1/48

Freddie

Mac,

Pool

#RA1508

.......................................

3.50 10/1/49

Freddie

Mac,

Pool

#ZS4759

.......................................

3.50 3/1/48

Freddie

Mac,

Pool

#ZT1951

.......................................

3.50 5/1/49

Freddie

Mac,

Pool

#SD8001

.......................................

3.50 7/1/49

Freddie

Mac,

Pool

#ZS4642

.......................................

3.50 12/1/45

Freddie

Mac,

Pool

#SD8226

.......................................

3.50 7/1/52

Freddie

Mac,

Pool

#ZS4651

.......................................

3.50 3/1/46

Freddie

Mac,

Pool

#ZS4487

.......................................

3.50 6/1/42

Freddie

Mac,

Pool

#SD8011

.......................................

3.50 9/1/49

Freddie

Mac,

Pool

#ZS4630

.......................................

3.50 9/1/45

Freddie

Mac,

Pool

#ZA5128

.......................................

3.50 12/1/47

Freddie

Mac,

Pool

#ZS4536

.......................................

3.50 10/1/43

Freddie

Mac,

Pool

#SD2253

.......................................

3.50 12/1/52

Freddie

Mac,

Pool

#RA2469

.......................................

3.50 4/1/50

Freddie

Mac,

Pool

#SB8183

.......................................

3.50 10/1/37

Freddie

Mac,

Pool

#SD0968

.......................................

3.50 4/1/52

Freddie

Mac,

Pool

#SD8038

.......................................

3.50 1/1/50

Freddie

Mac,

Pool

#SD8221

.......................................

3.50 6/1/52

Freddie

Mac,

Pool

#ZS4659

.......................................

3.50 4/1/46

Freddie

Mac,

Pool

#ZS4622

.......................................

3.50 7/1/45

Freddie

Mac,

Pool

#ZS4573

.......................................

4.00 7/1/44

Freddie

Mac,

Pool

#ZT1800

.......................................

4.00 3/1/34

Freddie

Mac,

Pool

#QE6074

.......................................

4.00 7/1/52

Freddie

Mac,

Pool

#SD8313

.......................................

4.00 4/1/53

Freddie

Mac,

Pool

#ZT1952

.......................................

4.00 5/1/49

Freddie

Mac,

Pool

#SD0290

.......................................

4.00 4/1/50

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Freddie

Mac,

Pool

#ZA4988

.......................................

4.00 8/1/47

$

Freddie

Mac,

Pool

#ZN5030

.......................................

4.00 4/1/49

Freddie

Mac,

Pool

#ZT1840

.......................................

4.00 9/1/48

Freddie

Mac,

Pool

#ZS4731

.......................................

4.00 8/1/47

Freddie

Mac,

Pool

#SD1132

.......................................

4.00 6/1/52

Freddie

Mac,

Pool

#ZS4708

.......................................

4.00 3/1/47

Freddie

Mac,

Pool

#ZL7781

.......................................

4.00 2/1/44

Freddie

Mac,

Pool

#QE5462

.......................................

4.00 7/1/52

Freddie

Mac,

Pool

#ZS4631

.......................................

4.00 9/1/45

Freddie

Mac,

Pool

#ZA6946

.......................................

4.00 5/1/49

Freddie

Mac,

Pool

#SD8039

.......................................

4.00 1/1/50

Freddie

Mac,

Pool

#SD8070

.......................................

4.00 6/1/50

Freddie

Mac,

Pool

#ZT2106

.......................................

4.00 3/1/49

Freddie

Mac,

Pool

#SD8244

.......................................

4.00 9/1/52

Freddie

Mac,

Pool

#SD8286

.......................................

4.00 1/1/53

Freddie

Mac,

Pool

#ZT1320

.......................................

4.00 11/1/48

Freddie

Mac,

Pool

#ZS4652

.......................................

4.00 2/1/46

Freddie

Mac,

Pool

#SD8256

.......................................

4.00 10/1/52

Freddie

Mac,

Pool

#ZS4627

.......................................

4.00 8/1/45

Freddie

Mac,

Pool

#SB8348

.......................................

4.50 12/1/39

Freddie

Mac,

Pool

#SD8002

.......................................

4.50 7/1/49

Freddie

Mac,

Pool

#SD8266

.......................................

4.50 11/1/52

Freddie

Mac,

Pool

#SD8245

.......................................

4.50 9/1/52

Freddie

Mac,

Pool

#SD8365

.......................................

4.50 10/1/53

Freddie

Mac,

Pool

#RA7928

.......................................

4.50 9/1/52

Freddie

Mac,

Pool

#SD8340

.......................................

4.50 7/1/53

Freddie

Mac,

Pool

#ZT1711

.......................................

4.50 2/1/49

Freddie

Mac,

Pool

#SD8287

.......................................

4.50 1/1/53

Freddie

Mac,

Pool

#QE9161

.......................................

4.50 9/1/52

Freddie

Mac,

Pool

#SD8513

.......................................

4.50 3/1/55

Freddie

Mac,

Pool

#ZT1321

.......................................

4.50 11/1/48

Freddie

Mac,

Pool

#RB5323

.......................................

4.50 12/1/44

Freddie

Mac,

Pool

#ZS4781

.......................................

4.50 7/1/48

Freddie

Mac,

Pool

#ZS4774

.......................................

4.50 5/1/48

Freddie

Mac,

Pool

#SD8306

.......................................

4.50 3/1/53

Freddie

Mac,

Pool

#RB5377

.......................................

4.50 12/1/45

Freddie

Mac,

Pool

#SD8288

.......................................

5.00 1/1/53

Freddie

Mac,

Pool

#SD4977

.......................................

5.00 11/1/53

Freddie

Mac,

Pool

#SD8371

.......................................

5.00 11/1/53

Freddie

Mac,

Pool

#RJ2854

.......................................

5.00 11/1/54

Freddie

Mac,

Pool

#RJ5759

.......................................

5.00 1/1/56

Freddie

Mac,

Pool

#SD8315

.......................................

5.00 4/1/53

Freddie

Mac,

Pool

#SD8323

.......................................

5.00 5/1/53

Freddie

Mac,

Pool

#SD4823

.......................................

5.00 12/1/53

Freddie

Mac,

Pool

#SL4197

.......................................

5.00 2/1/56

Freddie

Mac,

Pool

#SD8505

.......................................

5.00 2/1/55

Freddie

Mac,

Pool

#SD8491

.......................................

5.00 12/1/54

Freddie

Mac,

Pool

#SD0093

.......................................

5.00 10/1/49

Freddie

Mac,

Pool

#SD8299

.......................................

5.00 2/1/53

Freddie

Mac,

Pool

#SD6602

.......................................

5.00 5/1/53

Freddie

Mac,

Pool

#RB5349

.......................................

5.00 6/1/45

Freddie

Mac,

Pool

#SD8341

.......................................

5.00 7/1/53

Freddie

Mac,

Pool

#SD8361

.......................................

5.00 9/1/53

Freddie

Mac,

Pool

#ZT1779

.......................................

5.00 3/1/49

Freddie

Mac,

Pool

#SD6764

.......................................

5.00 11/1/54

Freddie

Mac,

Pool

#SD8372

.......................................

5.50 11/1/53

Freddie

Mac,

Pool

#SD8469

.......................................

5.50 10/1/54

Freddie

Mac,

Pool

#SD8331

.......................................

5.50 6/1/53

Freddie

Mac,

Pool

#SL2723

.......................................

5.50 10/1/54

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Freddie

Mac,

Pool

#RQ0056

.......................................

5.50 10/1/55

$

Freddie

Mac,

Pool

#SD8438

.......................................

5.50 6/1/54

Freddie

Mac,

Pool

#SD8431

.......................................

5.50 5/1/54

Freddie

Mac,

Pool

#RJ5519

.......................................

5.50 12/1/55

508

Freddie

Mac,

Pool

#SD8300

.......................................

5.50 2/1/53

Freddie

Mac,

Pool

#SD8493

.......................................

5.50 12/1/54

Freddie

Mac,

Pool

#SL0331

.......................................

5.50 2/1/55

Freddie

Mac,

Pool

#SD8475

.......................................

5.50 11/1/54

Freddie

Mac,

Pool

#SD8362

.......................................

5.50 9/1/53

Freddie

Mac,

Pool

#SL1542

.......................................

5.50 6/1/55

506

Freddie

Mac,

Pool

#SD7132

.......................................

5.50 12/1/54

512

Freddie

Mac,

Pool

#SD8349

.......................................

5.50 8/1/53

Freddie

Mac,

Pool

#SD6699

.......................................

5.50 10/1/54

Freddie

Mac,

Pool

#SD8446

.......................................

5.50 7/1/54

Freddie

Mac,

Pool

#SL1558

.......................................

5.50 6/1/55

Freddie

Mac,

Pool

#SL0620

.......................................

5.50 3/1/55

Freddie

Mac,

Pool

#SD8342

.......................................

5.50 7/1/53

Freddie

Mac,

Pool

#SD8384

.......................................

6.00 12/1/53

Freddie

Mac,

Pool

#SD8432

.......................................

6.00 5/1/54

Freddie

Mac,

Pool

#RQ0050

.......................................

6.00 9/1/55

Freddie

Mac,

Pool

#SD8325

.......................................

6.00 5/1/53

Freddie

Mac,

Pool

#SD8421

.......................................

6.00 4/1/54

Freddie

Mac,

Pool

#SD8363

.......................................

6.00 9/1/53

Freddie

Mac,

Pool

#SL1127

.......................................

6.00 12/1/54

Freddie

Mac,

Pool

#SD8373

.......................................

6.00 11/1/53

Freddie

Mac,

Pool

#SD6226

.......................................

6.00 8/1/54

Freddie

Mac,

Pool

#SD8534

.......................................

6.00 5/1/55

Freddie

Mac,

Pool

#SD8350

.......................................

6.00 8/1/53

Freddie

Mac,

Pool

#SD8463

.......................................

6.00 9/1/54

Freddie

Mac,

Pool

#SL2561

.......................................

6.00 7/1/54

Freddie

Mac,

Pool

#SL1901

.......................................

6.00 8/1/55

Freddie

Mac,

Pool

#SD8409

.......................................

6.00 3/1/54

Freddie

Mac,

Pool

#SD8496

.......................................

6.00 1/1/55

Freddie

Mac,

Pool

#SD8454

.......................................

6.00 8/1/54

Freddie

Mac,

Pool

#SL1803

.......................................

6.00 7/1/55

Freddie

Mac,

Pool

#SD8343

.......................................

6.00 7/1/53

Freddie

Mac,

Pool

#SD5987

.......................................

6.50 2/1/54

Freddie

Mac,

Pool

#SD8471

.......................................

6.50 10/1/54

Freddie

Mac,

Pool

#SD8397

.......................................

6.50 1/1/54

Freddie

Mac,

Pool

#SL1881

.......................................

6.50 7/1/55

Freddie

Mac,

Pool

#SL1882

.......................................

6.50 5/1/55

Freddie

Mac,

Pool

#SD8374

.......................................

6.50 11/1/53

Freddie

Mac,

Pool

#SD8385

.......................................

6.50 12/1/53

Freddie

Mac,

Pool

#SL0216

.......................................

6.50 1/1/55

Freddie

Mac,

Pool

#SD8386

.......................................

7.00 12/1/53

Freddie

Mac,

Pool

#RQ0043

.......................................

7.00 8/1/55

Freddie

Mac

Gold,

Pool

#G18547

...................................

2.00 3/1/30

Freddie

Mac

Gold,

Pool

#G18634

...................................

2.00 3/1/32

Freddie

Mac

Gold,

Pool

#J25759

....................................

2.00 8/1/28

Freddie

Mac

Gold,

Pool

#J25777

....................................

2.00 9/1/28

Freddie

Mac

Gold,

Pool

#C09026

...................................

2.50 2/1/43

Freddie

Mac

Gold,

Pool

#J38477

....................................

2.50 2/1/33

Freddie

Mac

Gold,

Pool

#G07445

...................................

2.50 7/1/43

Freddie

Mac

Gold,

Pool

#G18687

...................................

2.50 5/1/33

Freddie

Mac

Gold,

Pool

#J35643

....................................

2.50 11/1/31

Freddie

Mac

Gold,

Pool

#Q42878

...................................

2.50 9/1/46

Freddie

Mac

Gold,

Pool

#G18568

...................................

2.50 9/1/30

Freddie

Mac

Gold,

Pool

#J37902

....................................

2.50 11/1/32

Freddie

Mac

Gold,

Pool

#C91904

...................................

2.50 11/1/36

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Freddie

Mac

Gold,

Pool

#G18472

...................................

2.50 7/1/28

$

Freddie

Mac

Gold,

Pool

#J25585

....................................

2.50 9/1/28

Freddie

Mac

Gold,

Pool

#G08638

...................................

2.50 4/1/45

Freddie

Mac

Gold,

Pool

#G08755

...................................

2.50 2/1/47

Freddie

Mac

Gold,

Pool

#G18470

...................................

2.50 6/1/28

Freddie

Mac

Gold,

Pool

#J26408

....................................

2.50 11/1/28

Freddie

Mac

Gold,

Pool

#G18533

...................................

2.50 12/1/29

Freddie

Mac

Gold,

Pool

#J30875

....................................

2.50 3/1/30

Freddie

Mac

Gold,

Pool

#J23440

....................................

2.50 4/1/28

Freddie

Mac

Gold,

Pool

#G18680

...................................

2.50 3/1/33

Freddie

Mac

Gold,

Pool

#G18704

...................................

2.50 6/1/33

Freddie

Mac

Gold,

Pool

#G18665

...................................

2.50 11/1/32

Freddie

Mac

Gold,

Pool

#G18611

...................................

2.50 9/1/31

Freddie

Mac

Gold,

Pool

#J18954

....................................

2.50 4/1/27

Freddie

Mac

Gold,

Pool

#G18635

...................................

2.50 3/1/32

Freddie

Mac

Gold,

Pool

#G18485

...................................

2.50 10/1/28

Freddie

Mac

Gold,

Pool

#G18569

...................................

3.00 9/1/30

Freddie

Mac

Gold,

Pool

#C91943

...................................

3.00 7/1/37

Freddie

Mac

Gold,

Pool

#C91826

...................................

3.00 5/1/35

Freddie

Mac

Gold,

Pool

#G15145

...................................

3.00 7/1/29

Freddie

Mac

Gold,

Pool

#Q20067

...................................

3.00 7/1/43

Freddie

Mac

Gold,

Pool

#G18514

...................................

3.00 6/1/29

Freddie

Mac

Gold,

Pool

#G15217

...................................

3.00 11/1/29

Freddie

Mac

Gold,

Pool

#Q41795

...................................

3.00 7/1/46

Freddie

Mac

Gold,

Pool

#Q39527

...................................

3.00 3/1/46

Freddie

Mac

Gold,

Pool

#Q18599

...................................

3.00 6/1/43

Freddie

Mac

Gold,

Pool

#G08648

...................................

3.00 6/1/45

Freddie

Mac

Gold,

Pool

#G08783

...................................

3.00 10/1/47

Freddie

Mac

Gold,

Pool

#G08640

...................................

3.00 5/1/45

Freddie

Mac

Gold,

Pool

#C91939

...................................

3.00 6/1/37

Freddie

Mac

Gold,

Pool

#G18715

...................................

3.00 12/1/33

Freddie

Mac

Gold,

Pool

#G18673

...................................

3.00 1/1/33

Freddie

Mac

Gold,

Pool

#J38807

....................................

3.00 4/1/33

Freddie

Mac

Gold,

Pool

#C91924

...................................

3.00 4/1/37

Freddie

Mac

Gold,

Pool

#G30945

...................................

3.00 9/1/36

Freddie

Mac

Gold,

Pool

#Q18882

...................................

3.00 5/1/43

Freddie

Mac

Gold,

Pool

#G30999

...................................

3.00 2/1/37

Freddie

Mac

Gold,

Pool

#C91949

...................................

3.00 9/1/37

Freddie

Mac

Gold,

Pool

#G60187

...................................

3.00 8/1/45

Freddie

Mac

Gold,

Pool

#G61680

...................................

3.00 4/1/47

Freddie

Mac

Gold,

Pool

#G18575

...................................

3.00 11/1/30

Freddie

Mac

Gold,

Pool

#C91969

...................................

3.00 1/1/38

Freddie

Mac

Gold,

Pool

#J33135

....................................

3.00 11/1/30

Freddie

Mac

Gold,

Pool

#J17774

....................................

3.00 1/1/27

Freddie

Mac

Gold,

Pool

#J29932

....................................

3.00 11/1/29

—

Freddie

Mac

Gold,

Pool

#J17111

....................................

3.00 10/1/26

—

Freddie

Mac

Gold,

Pool

#J38675

....................................

3.00 3/1/33

Freddie

Mac

Gold,

Pool

#C91798

...................................

3.00 12/1/34

Freddie

Mac

Gold,

Pool

#C91927

...................................

3.00 5/1/37

Freddie

Mac

Gold,

Pool

#C91819

...................................

3.00 4/1/35

Freddie

Mac

Gold,

Pool

#G08803

...................................

3.00 3/1/48

Freddie

Mac

Gold,

Pool

#G18582

...................................

3.00 1/1/31

Freddie

Mac

Gold,

Pool

#G08737

...................................

3.00 12/1/46

Freddie

Mac

Gold,

Pool

#C91905

...................................

3.00 11/1/36

Freddie

Mac

Gold,

Pool

#G18663

...................................

3.00 10/1/32

Freddie

Mac

Gold,

Pool

#C91581

...................................

3.00 11/1/32

Freddie

Mac

Gold,

Pool

#Q13086

...................................

3.00 11/1/42

Freddie

Mac

Gold,

Pool

#Q43734

...................................

3.00 10/1/46

Freddie

Mac

Gold,

Pool

#G08635

...................................

3.00 4/1/45

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Freddie

Mac

Gold,

Pool

#G18534

...................................

3.00 12/1/29

$

Freddie

Mac

Gold,

Pool

#Q16222

...................................

3.00 3/1/43

Freddie

Mac

Gold,

Pool

#C91707

...................................

3.00 6/1/33

Freddie

Mac

Gold,

Pool

#Q45735

...................................

3.00 1/1/47

Freddie

Mac

Gold,

Pool

#Q19754

...................................

3.00 7/1/43

Freddie

Mac

Gold,

Pool

#G60989

...................................

3.00 12/1/46

Freddie

Mac

Gold,

Pool

#G18601

...................................

3.00 5/1/31

Freddie

Mac

Gold,

Pool

#C91809

...................................

3.00 2/1/35

Freddie

Mac

Gold,

Pool

#G18518

...................................

3.00 7/1/29

Freddie

Mac

Gold,

Pool

#Q21065

...................................

3.00 8/1/43

Freddie

Mac

Gold,

Pool

#C04422

...................................

3.00 12/1/42

Freddie

Mac

Gold,

Pool

#J36428

....................................

3.00 2/1/32

Freddie

Mac

Gold,

Pool

#C04619

...................................

3.00 3/1/43

Freddie

Mac

Gold,

Pool

#G08540

...................................

3.00 8/1/43

Freddie

Mac

Gold,

Pool

#G18531

...................................

3.00 11/1/29

Freddie

Mac

Gold,

Pool

#J38057

....................................

3.00 12/1/32

Freddie

Mac

Gold,

Pool

#G08846

...................................

3.50 11/1/48

Freddie

Mac

Gold,

Pool

#G08813

...................................

3.50 5/1/48

Freddie

Mac

Gold,

Pool

#Q09896

...................................

3.50 8/1/42

Freddie

Mac

Gold,

Pool

#C91742

...................................

3.50 1/1/34

Freddie

Mac

Gold,

Pool

#G08766

...................................

3.50 6/1/47

Freddie

Mac

Gold,

Pool

#Q58422

...................................

3.50 9/1/48

Freddie

Mac

Gold,

Pool

#A96409

...................................

3.50 1/1/41

Freddie

Mac

Gold,

Pool

#G08599

...................................

3.50 8/1/44

Freddie

Mac

Gold,

Pool

#C92003

...................................

3.50 7/1/38

Freddie

Mac

Gold,

Pool

#Q20860

...................................

3.50 8/1/43

Freddie

Mac

Gold,

Pool

#G08761

...................................

3.50 5/1/47

Freddie

Mac

Gold,

Pool

#G08620

...................................

3.50 12/1/44

Freddie

Mac

Gold,

Pool

#G08804

...................................

3.50 3/1/48

Freddie

Mac

Gold,

Pool

#G08784

...................................

3.50 10/1/47

Freddie

Mac

Gold,

Pool

#C91950

...................................

3.50 9/1/37

Freddie

Mac

Gold,

Pool

#Q57871

...................................

3.50 8/1/48

Freddie

Mac

Gold,

Pool

#Q43933

...................................

3.50 10/1/46

Freddie

Mac

Gold,

Pool

#Q37449

...................................

3.50 11/1/45

Freddie

Mac

Gold,

Pool

#G08770

...................................

3.50 7/1/47

—

Freddie

Mac

Gold,

Pool

#J15105

....................................

3.50 4/1/26

—

Freddie

Mac

Gold,

Pool

#G08632

...................................

3.50 3/1/45

Freddie

Mac

Gold,

Pool

#Q51461

...................................

3.50 10/1/47

Freddie

Mac

Gold,

Pool

#C91760

...................................

3.50 5/1/34

Freddie

Mac

Gold,

Pool

#G08733

...................................

3.50 11/1/46

Freddie

Mac

Gold,

Pool

#C91925

...................................

3.50 4/1/37

Freddie

Mac

Gold,

Pool

#C03920

...................................

3.50 5/1/42

Freddie

Mac

Gold,

Pool

#Q08903

...................................

3.50 6/1/42

Freddie

Mac

Gold,

Pool

#Q31134

...................................

3.50 2/1/45

Freddie

Mac

Gold,

Pool

#V83453

...................................

3.50 10/1/47

Freddie

Mac

Gold,

Pool

#Q08998

...................................

3.50 6/1/42

Freddie

Mac

Gold,

Pool

#G08636

...................................

3.50 4/1/45

Freddie

Mac

Gold,

Pool

#G08641

...................................

3.50 5/1/45

Freddie

Mac

Gold,

Pool

#G18707

...................................

3.50 9/1/33

Freddie

Mac

Gold,

Pool

#Q12052

...................................

3.50 10/1/42

Freddie

Mac

Gold,

Pool

#Q06749

...................................

3.50 3/1/42

Freddie

Mac

Gold,

Pool

#J30284

....................................

3.50 11/1/29

Freddie

Mac

Gold,

Pool

#G30776

...................................

3.50 7/1/35

Freddie

Mac

Gold,

Pool

#G08627

...................................

3.50 2/1/45

Freddie

Mac

Gold,

Pool

#Q04087

...................................

3.50 10/1/41

Freddie

Mac

Gold,

Pool

#C91403

...................................

3.50 3/1/32

Freddie

Mac

Gold,

Pool

#G08687

...................................

3.50 1/1/46

Freddie

Mac

Gold,

Pool

#Q36040

...................................

3.50 9/1/45

Freddie

Mac

Gold,

Pool

#Q53176

...................................

3.50 12/1/47

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Freddie

Mac

Gold,

Pool

#G08605

...................................

3.50 9/1/44

$

Freddie

Mac

Gold,

Pool

#G61148

...................................

3.50 9/1/47

Freddie

Mac

Gold,

Pool

#C91456

...................................

3.50 6/1/32

Freddie

Mac

Gold,

Pool

#Q49490

...................................

3.50 7/1/47

Freddie

Mac

Gold,

Pool

#C91940

...................................

3.50 6/1/37

Freddie

Mac

Gold,

Pool

#Q55002

...................................

3.50 3/1/48

Freddie

Mac

Gold,

Pool

#G08554

...................................

3.50 10/1/43

Freddie

Mac

Gold,

Pool

#G08562

...................................

3.50 1/1/44

Freddie

Mac

Gold,

Pool

#G08698

...................................

3.50 3/1/46

Freddie

Mac

Gold,

Pool

#J27494

....................................

3.50 2/1/29

Freddie

Mac

Gold,

Pool

#G08567

...................................

4.00 1/1/44

Freddie

Mac

Gold,

Pool

#G08775

...................................

4.00 8/1/47

Freddie

Mac

Gold,

Pool

#G08642

...................................

4.00 5/1/45

Freddie

Mac

Gold,

Pool

#G08588

...................................

4.00 5/1/44

Freddie

Mac

Gold,

Pool

#G08672

...................................

4.00 10/1/45

Freddie

Mac

Gold,

Pool

#G08771

...................................

4.00 7/1/47

Freddie

Mac

Gold,

Pool

#G08767

...................................

4.00 6/1/47

Freddie

Mac

Gold,

Pool

#C91738

...................................

4.00 11/1/33

Freddie

Mac

Gold,

Pool

#C91994

...................................

4.00 5/1/38

—

Freddie

Mac

Gold,

Pool

#G14453

...................................

4.00 6/1/26

—

Freddie

Mac

Gold,

Pool

#G08483

...................................

4.00 3/1/42

Freddie

Mac

Gold,

Pool

#A96286

...................................

4.00 1/1/41

Freddie

Mac

Gold,

Pool

#C91395

...................................

4.00 9/1/31

Freddie

Mac

Gold,

Pool

#G08601

...................................

4.00 8/1/44

Freddie

Mac

Gold,

Pool

#G08459

...................................

4.00 9/1/41

Freddie

Mac

Gold,

Pool

#C92019

...................................

4.00 10/1/38

Freddie

Mac

Gold,

Pool

#Q34081

...................................

4.00 6/1/45

Freddie

Mac

Gold,

Pool

#G06506

...................................

4.00 12/1/40

Freddie

Mac

Gold,

Pool

#G08831

...................................

4.00 8/1/48

Freddie

Mac

Gold,

Pool

#C91765

...................................

4.00 6/1/34

Freddie

Mac

Gold,

Pool

#G08785

...................................

4.00 10/1/47

Freddie

Mac

Gold,

Pool

#Q27456

...................................

4.00 7/1/44

Freddie

Mac

Gold,

Pool

#G08801

...................................

4.00 2/1/48

Freddie

Mac

Gold,

Pool

#G08606

...................................

4.00 9/1/44

Freddie

Mac

Gold,

Pool

#Q27594

...................................

4.00 8/1/44

Freddie

Mac

Gold,

Pool

#G08633

...................................

4.00 3/1/45

Freddie

Mac

Gold,

Pool

#C09070

...................................

4.00 12/1/44

Freddie

Mac

Gold,

Pool

#G08836

...................................

4.00 9/1/48

Freddie

Mac

Gold,

Pool

#C91923

...................................

4.00 3/1/37

Freddie

Mac

Gold,

Pool

#Q52321

...................................

4.50 11/1/47

Freddie

Mac

Gold,

Pool

#G08781

...................................

4.50 9/1/47

Freddie

Mac

Gold,

Pool

#G01890

...................................

4.50 10/1/35

Freddie

Mac

Gold,

Pool

#A90437

...................................

4.50 1/1/40

Freddie

Mac

Gold,

Pool

#Q58217

...................................

4.50 9/1/48

Freddie

Mac

Gold,

Pool

#G08596

...................................

4.50 7/1/44

Freddie

Mac

Gold,

Pool

#C09059

...................................

4.50 3/1/44

Freddie

Mac

Gold,

Pool

#Q25432

...................................

4.50 3/1/44

Freddie

Mac

Gold,

Pool

#G60512

...................................

4.50 12/1/45

Freddie

Mac

Gold,

Pool

#Q59805

...................................

4.50 11/1/48

Freddie

Mac

Gold,

Pool

#A97495

...................................

4.50 3/1/41

Freddie

Mac

Gold,

Pool

#G08754

...................................

4.50 3/1/47

Freddie

Mac

Gold,

Pool

#Q22671

...................................

4.50 11/1/43

Freddie

Mac

Gold,

Pool

#G08759

...................................

4.50 4/1/47

Freddie

Mac

Gold,

Pool

#Q57957

...................................

4.50 8/1/48

Freddie

Mac

Gold,

Pool

#A97692

...................................

4.50 3/1/41

Freddie

Mac

Gold,

Pool

#G01962

...................................

5.00 12/1/35

Freddie

Mac

Gold,

Pool

#G04817

...................................

5.00 9/1/38

Freddie

Mac

Gold,

Pool

#G05904

...................................

5.00 9/1/39

Freddie

Mac

Gold,

Pool

#G04913

...................................

5.00 3/1/38

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Freddie

Mac

Gold,

Pool

#G08838

...................................

5.00 9/1/48

$

Freddie

Mac

Gold,

Pool

#Q00763

...................................

5.00 5/1/41

Freddie

Mac

Gold,

Pool

#G07068

...................................

5.00 7/1/41

Freddie

Mac

Gold,

Pool

#G05205

...................................

5.00 1/1/39

Freddie

Mac

Gold,

Pool

#C01598

...................................

5.00 8/1/33

—

Freddie

Mac

Gold,

Pool

#A79636

...................................

5.50 7/1/38

—

Freddie

Mac

Gold,

Pool

#G06031

...................................

5.50 3/1/40

Freddie

Mac

Gold,

Pool

#G01665

...................................

5.50 3/1/34

Freddie

Mac

Gold,

Pool

#G06091

...................................

5.50 5/1/40

Freddie

Mac

Gold,

Pool

#A69671

...................................

5.50 12/1/37

Freddie

Mac

Gold,

Pool

#G02794

...................................

6.00 5/1/37

—

Freddie

Mac

Gold,

Pool

#C90989

...................................

6.00 9/1/26

—

Freddie

Mac

Gold,

Pool

#G05709

...................................

6.00 6/1/38

Freddie

Mac

Gold,

Pool

#G03551

...................................

6.00 11/1/37

Freddie

Mac

Gold,

Pool

#A62706

...................................

6.00 6/1/37

Government

National

Mortgage

Association,

Pool

#MA7986

................

2.00 4/20/52

Government

National

Mortgage

Association,

Pool

#MA6864

................

2.00 9/20/50

Government

National

Mortgage

Association,

Pool

#MA7135

................

2.00 1/20/51

Government

National

Mortgage

Association,

Pool

#MA7588

................

2.00 9/20/51

Government

National

Mortgage

Association,

Pool

#MA6818

................

2.00 8/20/50

Government

National

Mortgage

Association,

Pool

#MA7366

................

2.00 5/20/51

Government

National

Mortgage

Association,

Pool

#MA7471

................

2.00 7/20/51

500

Government

National

Mortgage

Association,

Pool

#MA7826

................

2.00 1/20/52

Government

National

Mortgage

Association,

Pool

#MA8041

................

2.00 5/20/52

Government

National

Mortgage

Association,

Pool

#MA7880

................

2.00 2/20/52

1,052

Government

National

Mortgage

Association,

Pool

#MA7704

................

2.00 11/20/51

868

Government

National

Mortgage

Association,

Pool

#MA7311

................

2.00 4/20/51

Government

National

Mortgage

Association,

Pool

#MA6994

................

2.00 11/20/50

Government

National

Mortgage

Association,

Pool

#MA7766

................

2.00 12/20/51

Government

National

Mortgage

Association,

Pool

#MA7533

................

2.00 8/20/51

Government

National

Mortgage

Association,

Pool

#MA7192

................

2.00 2/20/51

Government

National

Mortgage

Association,

Pool

#MA7935

................

2.00 3/20/52

Government

National

Mortgage

Association,

Pool

#MA7051

................

2.00 12/20/50

Government

National

Mortgage

Association,

Pool

#MA6930

................

2.00 10/20/50

Government

National

Mortgage

Association,

Pool

#MA7254

................

2.00 3/20/51

660

Government

National

Mortgage

Association,

Pool

#MA7417

................

2.00 6/20/51

545

Government

National

Mortgage

Association,

Pool

#MA4260

................

2.50 2/20/47

Government

National

Mortgage

Association,

Pool

#MA7367

................

2.50 5/20/51

Government

National

Mortgage

Association,

Pool

#MA1133

................

2.50 7/20/28

Government

National

Mortgage

Association,

Pool

#MA8042

................

2.50 5/20/52

Government

National

Mortgage

Association,

Pool

#AA8341

................

2.50 2/15/28

Government

National

Mortgage

Association,

Pool

#MA7987

................

2.50 4/20/52

Government

National

Mortgage

Association,

Pool

#MA6709

................

2.50 6/20/50

Government

National

Mortgage

Association,

Pool

#MA7767

................

2.50 12/20/51

Government

National

Mortgage

Association,

Pool

#MA7312

................

2.50 4/20/51

Government

National

Mortgage

Association,

Pool

#MA7255

................

2.50 3/20/51

Government

National

Mortgage

Association,

Pool

#MA7472

................

2.50 7/20/51

Government

National

Mortgage

Association,

Pool

#MA7534

................

2.50 8/20/51

Government

National

Mortgage

Association,

Pool

#MA6995

................

2.50 11/20/50

Government

National

Mortgage

Association,

Pool

#MA4355

................

2.50 4/20/32

638

Government

National

Mortgage

Association,

Pool

#MA7589

................

2.50 9/20/51

549

Government

National

Mortgage

Association,

Pool

#MA7649

................

2.50 10/20/51

Government

National

Mortgage

Association,

Pool

#MA4067

................

2.50 11/20/46

Government

National

Mortgage

Association,

Pool

#MA6540

................

2.50 3/20/50

Government

National

Mortgage

Association,

Pool

#MA4194

................

2.50 1/20/47

Government

National

Mortgage

Association,

Pool

#MA4717

................

2.50 9/20/47

Government

National

Mortgage

Association,

Pool

#MA6931

................

2.50 10/20/50

Government

National

Mortgage

Association,

Pool

#MA7705

................

2.50 11/20/51

Government

National

Mortgage

Association,

Pool

#MA7193

................

2.50 2/20/51

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Government

National

Mortgage

Association,

Pool

#MA7052

................

2.50 12/20/50

$

Government

National

Mortgage

Association,

Pool

#MA1283

................

2.50 9/20/43

Government

National

Mortgage

Association,

Pool

#MA7881

................

2.50 2/20/52

Government

National

Mortgage

Association,

Pool

#MA6655

................

2.50 5/20/50

Government

National

Mortgage

Association,

Pool

#MA7418

................

2.50 6/20/51

Government

National

Mortgage

Association,

Pool

#MA4424

................

2.50 5/20/32

Government

National

Mortgage

Association,

Pool

#MA6598

................

2.50 4/20/50

Government

National

Mortgage

Association,

Pool

#MA0601

................

2.50 12/20/27

Government

National

Mortgage

Association,

Pool

#711729

.................

2.50 3/15/43

Government

National

Mortgage

Association,

Pool

#MA4125

................

2.50 12/20/46

Government

National

Mortgage

Association,

Pool

#MA0908

................

2.50 4/20/28

Government

National

Mortgage

Association,

Pool

#MA8147

................

2.50 7/20/52

Government

National

Mortgage

Association,

Pool

#MA6819

................

2.50 8/20/50

Government

National

Mortgage

Association,

Pool

#MA7827

................

2.50 1/20/52

Government

National

Mortgage

Association,

Pool

#776954

.................

2.50 11/15/42

Government

National

Mortgage

Association,

Pool

#MA2890

................

2.50 6/20/45

Government

National

Mortgage

Association,

Pool

#MA7136

................

2.50 1/20/51

Government

National

Mortgage

Association,

Pool

#MA6865

................

2.50 9/20/50

Government

National

Mortgage

Association,

Pool

#MA7936

................

2.50 3/20/52

Government

National

Mortgage

Association,

Pool

#MA1155

................

2.50 7/20/43

Government

National

Mortgage

Association,

Pool

#MA3936

................

3.00 9/20/46

Government

National

Mortgage

Association,

Pool

#MA6710

................

3.00 6/20/50

Government

National

Mortgage

Association,

Pool

#MA3802

................

3.00 7/20/46

Government

National

Mortgage

Association,

Pool

#MA0153

................

3.00 6/20/42

Government

National

Mortgage

Association,

Pool

#MA6656

................

3.00 5/20/50

Government

National

Mortgage

Association,

Pool

#MA6599

................

3.00 4/20/50

Government

National

Mortgage

Association,

Pool

#MA2825

................

3.00 5/20/45

Government

National

Mortgage

Association,

Pool

#MA6283

................

3.00 11/20/49

Government

National

Mortgage

Association,

Pool

#MA6766

................

3.00 7/20/50

Government

National

Mortgage

Association,

Pool

#MA6474

................

3.00 2/20/50

Government

National

Mortgage

Association,

Pool

#MA4068

................

3.00 11/20/46

Government

National

Mortgage

Association,

Pool

#MA0851

................

3.00 3/20/43

Government

National

Mortgage

Association,

Pool

#MA4961

................

3.00 1/20/48

Government

National

Mortgage

Association,

Pool

#MA1890

................

3.00 5/20/29

Government

National

Mortgage

Association,

Pool

#MA0391

................

3.00 9/20/42

Government

National

Mortgage

Association,

Pool

#MA3309

................

3.00 12/20/45

Government

National

Mortgage

Association,

Pool

#MA0461

................

3.00 10/20/42

Government

National

Mortgage

Association,

Pool

#779084

.................

3.00 4/15/42

Government

National

Mortgage

Association,

Pool

#MA6089

................

3.00 8/20/49

Government

National

Mortgage

Association,

Pool

#MA4899

................

3.00 12/20/47

Government

National

Mortgage

Association,

Pool

#MA4320

................

3.00 3/20/47

Government

National

Mortgage

Association,

Pool

#MA4003

................

3.00 10/20/46

Government

National

Mortgage

Association,

Pool

#MA3735

................

3.00 6/20/46

Government

National

Mortgage

Association,

Pool

#MA4195

................

3.00 1/20/47

Government

National

Mortgage

Association,

Pool

#MA3873

................

3.00 8/20/46

Government

National

Mortgage

Association,

Pool

#MA1265

................

3.00 9/20/28

Government

National

Mortgage

Association,

Pool

#MA4777

................

3.00 10/20/47

Government

National

Mortgage

Association,

Pool

#MA6820

................

3.00 8/20/50

Government

National

Mortgage

Association,

Pool

#MA5815

................

3.00 3/20/49

Government

National

Mortgage

Association,

Pool

#MA6409

................

3.00 1/20/50

Government

National

Mortgage

Association,

Pool

#MA2600

................

3.00 2/20/45

Government

National

Mortgage

Association,

Pool

#MA2797

................

3.00 5/20/30

Government

National

Mortgage

Association,

Pool

#MA3243

................

3.00 11/20/45

Government

National

Mortgage

Association,

Pool

#AD8433

................

3.00 7/15/43

Government

National

Mortgage

Association,

Pool

#AG0440

................

3.00 8/15/43

Government

National

Mortgage

Association,

Pool

#MA0624

................

3.00 12/20/42

Government

National

Mortgage

Association,

Pool

#MA3662

................

3.00 5/20/46

Government

National

Mortgage

Association,

Pool

#MA2147

................

3.00 8/20/44

Government

National

Mortgage

Association,

Pool

#MA7828

................

3.00 1/20/52

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Government

National

Mortgage

Association,

Pool

#MA8098

................

3.00 6/20/52

$

Government

National

Mortgage

Association,

Pool

#MA3520

................

3.00 3/20/46

Government

National

Mortgage

Association,

Pool

#MA4261

................

3.00 2/20/47

Government

National

Mortgage

Association,

Pool

#AA5897

................

3.00 12/15/42

Government

National

Mortgage

Association,

Pool

#MA7706

................

3.00 11/20/51

Government

National

Mortgage

Association,

Pool

#AK7285

................

3.00 3/15/45

Government

National

Mortgage

Association,

Pool

#AN5756

................

3.00 7/15/45

Government

National

Mortgage

Association,

Pool

#MA6338

................

3.00 12/20/49

Government

National

Mortgage

Association,

Pool

#MA2960

................

3.00 7/20/45

Government

National

Mortgage

Association,

Pool

#MA4381

................

3.00 4/20/47

Government

National

Mortgage

Association,

Pool

#MA6218

................

3.00 10/20/49

Government

National

Mortgage

Association,

Pool

#MA7768

................

3.00 12/20/51

Government

National

Mortgage

Association,

Pool

#MA4450

................

3.00 5/20/47

—

Government

National

Mortgage

Association,

Pool

#5276

..................

3.00 1/20/27

—

Government

National

Mortgage

Association,

Pool

#MA4559

................

3.00 7/20/32

Government

National

Mortgage

Association,

Pool

#MA4836

................

3.00 11/20/47

Government

National

Mortgage

Association,

Pool

#MA4509

................

3.00 6/20/47

Government

National

Mortgage

Association,

Pool

#MA5076

................

3.00 3/20/48

Government

National

Mortgage

Association,

Pool

#MA0205

................

3.00 7/20/27

Government

National

Mortgage

Association,

Pool

#MA3375

................

3.00 1/20/46

Government

National

Mortgage

Association,

Pool

#MA1374

................

3.00 10/20/43

Government

National

Mortgage

Association,

Pool

#MA2520

................

3.00 1/20/45

Government

National

Mortgage

Association,

Pool

#MA4935

................

3.00 1/20/33

Government

National

Mortgage

Association,

Pool

#MA2753

................

3.00 4/20/45

Government

National

Mortgage

Association,

Pool

#MA3172

................

3.00 10/20/45

Government

National

Mortgage

Association,

Pool

#MA2444

................

3.00 12/20/44

Government

National

Mortgage

Association,

Pool

#MA3033

................

3.00 8/20/45

Government

National

Mortgage

Association,

Pool

#AA2934

................

3.00 7/15/42

Government

National

Mortgage

Association,

Pool

#AA6149

................

3.00 3/20/43

Government

National

Mortgage

Association,

Pool

#MA1011

................

3.00 5/20/43

Government

National

Mortgage

Association,

Pool

#MA4651

................

3.00 8/20/47

Government

National

Mortgage

Association,

Pool

#MA3104

................

3.00 9/20/45

Government

National

Mortgage

Association,

Pool

#AA2654

................

3.00 6/15/43

Government

National

Mortgage

Association,

Pool

#AL5058

................

3.00 3/15/45

Government

National

Mortgage

Association,

Pool

#MA3596

................

3.00 4/20/46

Government

National

Mortgage

Association,

Pool

#MA5018

................

3.00 2/20/48

Government

National

Mortgage

Association,

Pool

#MA4126

................

3.00 12/20/46

—

Government

National

Mortgage

Association,

Pool

#738602

.................

3.50 8/15/26

—

Government

National

Mortgage

Association,

Pool

#MA4196

................

3.50 1/20/47

Government

National

Mortgage

Association,

Pool

#MA3034

................

3.50 8/20/45

Government

National

Mortgage

Association,

Pool

#MA3663

................

3.50 5/20/46

Government

National

Mortgage

Association,

Pool

#MA3376

................

3.50 1/20/46

Government

National

Mortgage

Association,

Pool

#MA2303

................

3.50 10/20/44

Government

National

Mortgage

Association,

Pool

#MA0934

................

3.50 4/20/43

Government

National

Mortgage

Association,

Pool

#MA4586

................

3.50 7/20/47

Government

National

Mortgage

Association,

Pool

#MA4127

................

3.50 12/20/46

Government

National

Mortgage

Association,

Pool

#783976

.................

3.50 4/20/43

Government

National

Mortgage

Association,

Pool

#MA0852

................

3.50 3/20/43

Government

National

Mortgage

Association,

Pool

#MA4451

................

3.50 5/20/47

Government

National

Mortgage

Association,

Pool

#MA4069

................

3.50 11/20/46

Government

National

Mortgage

Association,

Pool

#MA4510

................

3.50 6/20/47

Government

National

Mortgage

Association,

Pool

#MA2892

................

3.50 6/20/45

Government

National

Mortgage

Association,

Pool

#MA1157

................

3.50 7/20/43

Government

National

Mortgage

Association,

Pool

#BD5909

................

3.50 10/15/47

Government

National

Mortgage

Association,

Pool

#MA5136

................

3.50 4/20/48

Government

National

Mortgage

Association,

Pool

#MA8199

................

3.50 8/20/52

Government

National

Mortgage

Association,

Pool

#MA1919

................

3.50 5/20/44

Government

National

Mortgage

Association,

Pool

#MA3597

................

3.50 4/20/46

Government

National

Mortgage

Association,

Pool

#MA2678

................

3.50 3/20/45

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Government

National

Mortgage

Association,

Pool

#MA0462

................

3.50 10/20/42

$

Government

National

Mortgage

Association,

Pool

#740798

.................

3.50 1/15/42

Government

National

Mortgage

Association,

Pool

#MA3521

................

3.50 3/20/46

Government

National

Mortgage

Association,

Pool

#MA5263

................

3.50 6/20/48

Government

National

Mortgage

Association,

Pool

#MA5191

................

3.50 5/20/48

Government

National

Mortgage

Association,

Pool

#MA4900

................

3.50 12/20/47

Government

National

Mortgage

Association,

Pool

#MA4262

................

3.50 2/20/47

Government

National

Mortgage

Association,

Pool

#MA8149

................

3.50 7/20/52

Government

National

Mortgage

Association,

Pool

#MA2961

................

3.50 7/20/45

Government

National

Mortgage

Association,

Pool

#MA2073

................

3.50 7/20/44

Government

National

Mortgage

Association,

Pool

#MA6219

................

3.50 10/20/49

Government

National

Mortgage

Association,

Pool

#MA4004

................

3.50 10/20/46

Government

National

Mortgage

Association,

Pool

#MA3105

................

3.50 9/20/45

Government

National

Mortgage

Association,

Pool

#MA6410

................

3.50 1/20/50

Government

National

Mortgage

Association,

Pool

#AL8566

................

3.50 3/15/45

Government

National

Mortgage

Association,

Pool

#MA1090

................

3.50 6/20/43

Government

National

Mortgage

Association,

Pool

#MA3454

................

3.50 2/20/46

Government

National

Mortgage

Association,

Pool

#MA0699

................

3.50 1/20/43

Government

National

Mortgage

Association,

Pool

#MA5875

................

3.50 4/20/49

Government

National

Mortgage

Association,

Pool

#MA2754

................

3.50 4/20/45

Government

National

Mortgage

Association,

Pool

#MA2445

................

3.50 12/20/44

Government

National

Mortgage

Association,

Pool

#MA4321

................

3.50 3/20/47

Government

National

Mortgage

Association,

Pool

#MA3874

................

3.50 8/20/46

Government

National

Mortgage

Association,

Pool

#MA3803

................

3.50 7/20/46

Government

National

Mortgage

Association,

Pool

#MA0088

................

3.50 5/20/42

Government

National

Mortgage

Association,

Pool

#MA3310

................

3.50 12/20/45

Government

National

Mortgage

Association,

Pool

#AC3938

................

3.50 1/15/43

Government

National

Mortgage

Association,

Pool

#MA1266

................

3.50 9/20/28

Government

National

Mortgage

Association,

Pool

#MA2223

................

3.50 9/20/44

Government

National

Mortgage

Association,

Pool

#MA2826

................

3.50 5/20/45

Government

National

Mortgage

Association,

Pool

#AD2416

................

3.50 5/15/43

Government

National

Mortgage

Association,

Pool

#MB0742

................

3.50 11/20/55

Government

National

Mortgage

Association,

Pool

#MA4837

................

3.50 11/20/47

Government

National

Mortgage

Association,

Pool

#MA4778

................

3.50 10/20/47

Government

National

Mortgage

Association,

Pool

#MA5019

................

3.50 2/20/48

Government

National

Mortgage

Association,

Pool

#MA1574

................

3.50 1/20/29

Government

National

Mortgage

Association,

Pool

#MA3173

................

3.50 10/20/45

Government

National

Mortgage

Association,

Pool

#MA3937

................

3.50 9/20/46

Government

National

Mortgage

Association,

Pool

#MA6475

................

3.50 2/20/50

Government

National

Mortgage

Association,

Pool

#MA6711

................

3.50 6/20/50

Government

National

Mortgage

Association,

Pool

#AM4971

................

3.50 4/20/45

Government

National

Mortgage

Association,

Pool

#MA8266

................

3.50 9/20/52

Government

National

Mortgage

Association,

Pool

#796271

.................

3.50 7/15/42

Government

National

Mortgage

Association,

Pool

#MA6339

................

3.50 12/20/49

Government

National

Mortgage

Association,

Pool

#MA2371

................

3.50 11/20/44

Government

National

Mortgage

Association,

Pool

#MA3244

................

3.50 11/20/45

Government

National

Mortgage

Association,

Pool

#MA3736

................

3.50 6/20/46

Government

National

Mortgage

Association,

Pool

#MA1838

................

3.50 4/20/44

Government

National

Mortgage

Association,

Pool

#MA0220

................

3.50 7/20/42

Government

National

Mortgage

Association,

Pool

#MA2148

................

3.50 8/20/44

Government

National

Mortgage

Association,

Pool

#MA5762

................

3.50 2/20/49

Government

National

Mortgage

Association,

Pool

#MA4382

................

3.50 4/20/47

Government

National

Mortgage

Association,

Pool

#MA4719

................

3.50 9/20/47

Government

National

Mortgage

Association,

Pool

#MA4652

................

3.50 8/20/47

Government

National

Mortgage

Association,

Pool

#778157

.................

3.50 3/15/42

Government

National

Mortgage

Association,

Pool

#MA5077

................

3.50 3/20/48

Government

National

Mortgage

Association,

Pool

#AB9211

................

3.50 11/15/42

Government

National

Mortgage

Association,

Pool

#MA0022

................

3.50 4/20/42

Government

National

Mortgage

Association,

Pool

#AD5627

................

4.00 4/15/43

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Government

National

Mortgage

Association,

Pool

#MA3455

................

4.00 2/20/46

$

Government

National

Mortgage

Association,

Pool

#779401

.................

4.00 6/15/42

Government

National

Mortgage

Association,

Pool

#MA8267

................

4.00 9/20/52

Government

National

Mortgage

Association,

Pool

#MA9302

................

4.00 11/20/53

Government

National

Mortgage

Association,

Pool

#MA4653

................

4.00 8/20/47

Government

National

Mortgage

Association,

Pool

#MA1376

................

4.00 10/20/43

Government

National

Mortgage

Association,

Pool

#740068

.................

4.00 9/15/40

Government

National

Mortgage

Association,

Pool

#MA2149

................

4.00 8/20/44

Government

National

Mortgage

Association,

Pool

#MA1091

................

4.00 6/20/43

Government

National

Mortgage

Association,

Pool

#MA1839

................

4.00 4/20/44

Government

National

Mortgage

Association,

Pool

#713876

.................

4.00 8/15/39

Government

National

Mortgage

Association,

Pool

#MA5330

................

4.00 7/20/48

Government

National

Mortgage

Association,

Pool

#MA1996

................

4.00 6/20/44

Government

National

Mortgage

Association,

Pool

#MA4511

................

4.00 6/20/47

Government

National

Mortgage

Association,

Pool

#738710

.................

4.00 9/15/41

Government

National

Mortgage

Association,

Pool

#MA1286

................

4.00 9/20/43

Government

National

Mortgage

Association,

Pool

#MA5078

................

4.00 3/20/48

Government

National

Mortgage

Association,

Pool

#MA5651

................

4.00 12/20/48

Government

National

Mortgage

Association,

Pool

#MA9962

................

4.00 10/20/54

Government

National

Mortgage

Association,

Pool

#MA4452

................

4.00 5/20/47

Government

National

Mortgage

Association,

Pool

#AB1483

................

4.00 8/15/42

Government

National

Mortgage

Association,

Pool

#MA8200

................

4.00 8/20/52

Government

National

Mortgage

Association,

Pool

#MA4587

................

4.00 7/20/47

Government

National

Mortgage

Association,

Pool

#MA8488

................

4.00 12/20/52

Government

National

Mortgage

Association,

Pool

#MA4383

................

4.00 4/20/47

Government

National

Mortgage

Association,

Pool

#MA5986

................

4.00 6/20/49

Government

National

Mortgage

Association,

Pool

#MA3106

................

4.00 9/20/45

Government

National

Mortgage

Association,

Pool

#MA0319

................

4.00 8/20/42

Government

National

Mortgage

Association,

Pool

#AV6086

................

4.00 7/15/47

Government

National

Mortgage

Association,

Pool

#AM8203

................

4.00 5/15/45

Government

National

Mortgage

Association,

Pool

#MA5466

................

4.00 9/20/48

Government

National

Mortgage

Association,

Pool

#MA5595

................

4.00 11/20/48

Government

National

Mortgage

Association,

Pool

#MA1761

................

4.00 3/20/44

Government

National

Mortgage

Association,

Pool

#MA1678

................

4.00 2/20/44

Government

National

Mortgage

Association,

Pool

#MA4263

................

4.00 2/20/47

Government

National

Mortgage

Association,

Pool

#MA5876

................

4.00 4/20/49

Government

National

Mortgage

Association,

Pool

#MA5710

................

4.00 1/20/49

Government

National

Mortgage

Association,

Pool

#MA6091

................

4.00 8/20/49

Government

National

Mortgage

Association,

Pool

#5139

..................

4.00 8/20/41

Government

National

Mortgage

Association,

Pool

#4922

..................

4.00 1/20/41

Government

National

Mortgage

Association,

Pool

#MA5931

................

4.00 5/20/49

Government

National

Mortgage

Association,

Pool

#766495

.................

4.00 10/15/41

Government

National

Mortgage

Association,

Pool

#MA2074

................

4.00 7/20/44

Government

National

Mortgage

Association,

Pool

#MA2522

................

4.00 1/20/45

Government

National

Mortgage

Association,

Pool

#MA3598

................

4.00 4/20/46

Government

National

Mortgage

Association,

Pool

#MA4322

................

4.00 3/20/47

Government

National

Mortgage

Association,

Pool

#MA3522

................

4.00 3/20/46

Government

National

Mortgage

Association,

Pool

#MA1449

................

4.00 11/20/43

Government

National

Mortgage

Association,

Pool

#MA6040

................

4.00 7/20/49

Government

National

Mortgage

Association,

Pool

#MA0155

................

4.00 6/20/42

Government

National

Mortgage

Association,

Pool

#MA4197

................

4.00 1/20/47

Government

National

Mortgage

Association,

Pool

#753254

.................

4.00 9/15/43

Government

National

Mortgage

Association,

Pool

#MA3245

................

4.00 11/20/45

Government

National

Mortgage

Association,

Pool

#MA6155

................

4.00 9/20/49

Government

National

Mortgage

Association,

Pool

#MA3174

................

4.00 10/20/45

Government

National

Mortgage

Association,

Pool

#MA2602

................

4.00 2/20/45

Government

National

Mortgage

Association,

Pool

#MA2224

................

4.00 9/20/44

Government

National

Mortgage

Association,

Pool

#MA3377

................

4.00 1/20/46

Government

National

Mortgage

Association,

Pool

#MA3737

................

4.00 6/20/46

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Government

National

Mortgage

Association,

Pool

#MA2304

................

4.00 10/20/44

$

Government

National

Mortgage

Association,

Pool

#MA8151

................

4.50 7/20/52

Government

National

Mortgage

Association,

Pool

#MA5399

................

4.50 8/20/48

Government

National

Mortgage

Association,

Pool

#729511

.................

4.50 4/15/40

Government

National

Mortgage

Association,

Pool

#MA5987

................

4.50 6/20/49

Government

National

Mortgage

Association,

Pool

#MA2373

................

4.50 11/20/44

Government

National

Mortgage

Association,

Pool

#MA1762

................

4.50 3/20/44

Government

National

Mortgage

Association,

Pool

#MA5467

................

4.50 9/20/48

Government

National

Mortgage

Association,

Pool

#MA4780

................

4.50 10/20/47

Government

National

Mortgage

Association,

Pool

#MA9849

................

4.50 8/20/54

Government

National

Mortgage

Association,

Pool

#MB0422

................

4.50 6/20/55

Government

National

Mortgage

Association,

Pool

#MA5529

................

4.50 10/20/48

Government

National

Mortgage

Association,

Pool

#MA8946

................

4.50 6/20/53

Government

National

Mortgage

Association,

Pool

#MA4512

................

4.50 6/20/47

Government

National

Mortgage

Association,

Pool

#MA4721

................

4.50 9/20/47

Government

National

Mortgage

Association,

Pool

#MA5877

................

4.50 4/20/49

Government

National

Mortgage

Association,

Pool

#MA5818

................

4.50 3/20/49

Government

National

Mortgage

Association,

Pool

#MA5711

................

4.50 1/20/49

Government

National

Mortgage

Association,

Pool

#MA2756

................

4.50 4/20/45

Government

National

Mortgage

Association,

Pool

#MA5764

................

4.50 2/20/49

Government

National

Mortgage

Association,

Pool

#MA4384

................

4.50 4/20/47

Government

National

Mortgage

Association,

Pool

#MA5596

................

4.50 11/20/48

Government

National

Mortgage

Association,

Pool

#MA5652

................

4.50 12/20/48

592

Government

National

Mortgage

Association,

Pool

#MB0090

................

4.50 12/20/54

573

Government

National

Mortgage

Association,

Pool

#MA4129

................

4.50 12/20/46

Government

National

Mortgage

Association,

Pool

#MA1092

................

4.50 6/20/43

Government

National

Mortgage

Association,

Pool

#MA0701

................

4.50 1/20/43

Government

National

Mortgage

Association,

Pool

#738793

.................

4.50 9/15/41

Government

National

Mortgage

Association,

Pool

#MA5193

................

4.50 5/20/48

Government

National

Mortgage

Association,

Pool

#721760

.................

4.50 8/15/40

Government

National

Mortgage

Association,

Pool

#MA3805

................

4.50 7/20/46

Government

National

Mortgage

Association,

Pool

#MB0483

................

4.50 7/20/55

Government

National

Mortgage

Association,

Pool

#MA9486

................

4.50 2/20/54

Government

National

Mortgage

Association,

Pool

#717148

.................

4.50 5/15/39

Government

National

Mortgage

Association,

Pool

#MB0145

................

4.50 1/20/55

Government

National

Mortgage

Association,

Pool

#BB7097

................

4.50 8/15/47

Government

National

Mortgage

Association,

Pool

#4801

..................

4.50 9/20/40

Government

National

Mortgage

Association,

Pool

#MA8877

................

4.50 5/20/53

Government

National

Mortgage

Association,

Pool

#MA8724

................

4.50 3/20/53

Government

National

Mortgage

Association,

Pool

#5260

..................

4.50 12/20/41

585

Government

National

Mortgage

Association,

Pool

#MA8428

................

5.00 11/20/52

584

Government

National

Mortgage

Association,

Pool

#MA5597

................

5.00 11/20/48

Government

National

Mortgage

Association,

Pool

#782468

.................

5.00 11/15/38

Government

National

Mortgage

Association,

Pool

#MB0146

................

5.00 1/20/55

Government

National

Mortgage

Association,

Pool

#4559

..................

5.00 10/20/39

Government

National

Mortgage

Association,

Pool

#782523

.................

5.00 11/15/35

Government

National

Mortgage

Association,

Pool

#MA2076

................

5.00 7/20/44

Government

National

Mortgage

Association,

Pool

#MB0204

................

5.00 2/20/55

Government

National

Mortgage

Association,

Pool

#MA9170

................

5.00 9/20/53

Government

National

Mortgage

Association,

Pool

#MA5530

................

5.00 10/20/48

Government

National

Mortgage

Association,

Pool

#MB0307

................

5.00 4/20/55

Government

National

Mortgage

Association,

Pool

#675179

.................

5.00 3/15/38

Government

National

Mortgage

Association,

Pool

#MA9016

................

5.00 7/20/53

Government

National

Mortgage

Association,

Pool

#MA5400

................

5.00 8/20/48

Government

National

Mortgage

Association,

Pool

#MA8800

................

5.00 4/20/53

Government

National

Mortgage

Association,

Pool

#MB0813

................

5.00 12/20/55

Government

National

Mortgage

Association,

Pool

#694531

.................

5.00 11/15/38

Government

National

Mortgage

Association,

Pool

#MA9105

................

5.00 8/20/53

Government

National

Mortgage

Association,

Pool

#MA0465

................

5.00 10/20/42

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Government

National

Mortgage

Association,

Pool

#MA5819

................

5.00 3/20/49

$

Government

National

Mortgage

Association,

Pool

#MB0423

................

5.00 6/20/55

Government

National

Mortgage

Association,

Pool

#MB0871

................

5.00 1/20/56

621

Government

National

Mortgage

Association,

Pool

#MB0025

................

5.00 11/20/54

615

Government

National

Mortgage

Association,

Pool

#604285

.................

5.00 5/15/33

Government

National

Mortgage

Association,

Pool

#MA5988

................

5.00 6/20/49

Government

National

Mortgage

Association,

Pool

#MA8647

................

5.00 2/20/53

Government

National

Mortgage

Association,

Pool

#697946

.................

5.00 3/15/39

Government

National

Mortgage

Association,

Pool

#MA5712

................

5.00 1/20/49

Government

National

Mortgage

Association,

Pool

#MA5933

................

5.00 5/20/49

Government

National

Mortgage

Association,

Pool

#MA4007

................

5.00 10/20/46

Government

National

Mortgage

Association,

Pool

#MA9240

................

5.00 10/20/53

Government

National

Mortgage

Association,

Pool

#MA5765

................

5.00 2/20/49

Government

National

Mortgage

Association,

Pool

#712690

.................

5.00 4/15/39

Government

National

Mortgage

Association,

Pool

#MA5653

................

5.00 12/20/48

Government

National

Mortgage

Association,

Pool

#MA5080

................

5.00 3/20/48

Government

National

Mortgage

Association,

Pool

#MA9362

................

5.50 12/20/53

Government

National

Mortgage

Association,

Pool

#783284

.................

5.50 6/20/40

Government

National

Mortgage

Association,

Pool

#MB0259

................

5.50 3/20/55

Government

National

Mortgage

Association,

Pool

#MA9017

................

5.50 7/20/53

Government

National

Mortgage

Association,

Pool

#MB0485

................

5.50 7/20/55

Government

National

Mortgage

Association,

Pool

#MB0686

................

5.50 10/20/55

Government

National

Mortgage

Association,

Pool

#MB0556

................

5.50 8/20/55

Government

National

Mortgage

Association,

Pool

#MA9668

................

5.50 5/20/54

Government

National

Mortgage

Association,

Pool

#MB0308

................

5.50 4/20/55

Government

National

Mortgage

Association,

Pool

#MA8570

................

5.50 1/20/53

Government

National

Mortgage

Association,

Pool

#MB0424

................

5.50 6/20/55

Government

National

Mortgage

Association,

Pool

#658181

.................

5.50 11/15/36

Government

National

Mortgage

Association,

Pool

#MA0466

................

5.50 10/20/42

Government

National

Mortgage

Association,

Pool

#MA8948

................

5.50 6/20/53

Government

National

Mortgage

Association,

Pool

#MA9906

................

5.50 9/20/54

Government

National

Mortgage

Association,

Pool

#510835

.................

5.50 2/15/35

Government

National

Mortgage

Association,

Pool

#MA9541

................

5.50 3/20/54

Government

National

Mortgage

Association,

Pool

#MA9241

................

5.50 10/20/53

Government

National

Mortgage

Association,

Pool

#MA9965

................

5.50 10/20/54

Government

National

Mortgage

Association,

Pool

#MA9851

................

5.50 8/20/54

Government

National

Mortgage

Association,

Pool

#MA9488

................

5.50 2/20/54

Government

National

Mortgage

Association,

Pool

#MA9305

................

5.50 11/20/53

Government

National

Mortgage

Association,

Pool

#MA8801

................

5.50 4/20/53

Government

National

Mortgage

Association,

Pool

#MB0092

................

5.50 12/20/54

Government

National

Mortgage

Association,

Pool

#MA9606

................

6.00 4/20/54

Government

National

Mortgage

Association,

Pool

#MB0309

................

6.00 4/20/55

Government

National

Mortgage

Association,

Pool

#MA9018

................

6.00 7/20/53

Government

National

Mortgage

Association,

Pool

#MA9424

................

6.00 1/20/54

Government

National

Mortgage

Association,

Pool

#MB0624

................

6.00 9/20/55

Government

National

Mortgage

Association,

Pool

#MB0260

................

6.00 3/20/55

Government

National

Mortgage

Association,

Pool

#MB0206

................

6.00 2/20/55

Government

National

Mortgage

Association,

Pool

#MA9907

................

6.00 9/20/54

Government

National

Mortgage

Association,

Pool

#781959

.................

6.00 7/15/35

Government

National

Mortgage

Association,

Pool

#MA9780

................

6.00 7/20/54

Government

National

Mortgage

Association,

Pool

#MA9542

................

6.00 3/20/54

Government

National

Mortgage

Association,

Pool

#4222

..................

6.00 8/20/38

Government

National

Mortgage

Association,

Pool

#4245

..................

6.00 9/20/38

Government

National

Mortgage

Association,

Pool

#MA9852

................

6.00 8/20/54

Government

National

Mortgage

Association,

Pool

#MA9966

................

6.00 10/20/54

Government

National

Mortgage

Association,

Pool

#MB0148

................

6.00 1/20/55

Government

National

Mortgage

Association,

Pool

#MA9364

................

6.50 12/20/53

Government

National

Mortgage

Association,

Pool

#MB0558

................

6.50 8/20/55

Government

National

Mortgage

Association,

Pool

#MA9727

................

6.50 6/20/54

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Mortgages

(continued)

$

Government

National

Mortgage

Association,

Pool

#MA9908

................

6.50 9/20/54

$

Government

National

Mortgage

Association,

Pool

#699237

.................

6.50 9/15/38

Government

National

Mortgage

Association,

Pool

#MB0261

................

6.50 3/20/55

Government

National

Mortgage

Association,

YR

TBA

..................

2.00 5/20/56

500

Government

National

Mortgage

Association,

YR

TBA

..................

2.00 4/20/56

Government

National

Mortgage

Association,

YR

TBA

..................

2.50 5/20/56

675

Government

National

Mortgage

Association,

YR

TBA

..................

2.50 4/20/56

580

Government

National

Mortgage

Association,

YR

TBA

..................

3.00 5/20/55

700

Government

National

Mortgage

Association,

YR

TBA

..................

3.00 4/20/56

625

Government

National

Mortgage

Association,

YR

TBA

..................

3.50 5/20/55

600

Government

National

Mortgage

Association,

YR

TBA

..................

3.50 4/20/56

550

Government

National

Mortgage

Association,

YR

TBA

..................

4.00 5/20/55

600

Government

National

Mortgage

Association,

YR

TBA

..................

4.00 4/20/56

562

Government

National

Mortgage

Association,

YR

TBA

..................

4.50 4/20/56

Government

National

Mortgage

Association,

YR

TBA

..................

4.50 5/20/55

Government

National

Mortgage

Association,

YR

TBA

..................

5.00 5/20/56

1,200

Government

National

Mortgage

Association,

YR

TBA

..................

5.00 4/20/56

1,188

700

Government

National

Mortgage

Association,

YR

TBA

..................

5.50 4/20/56

704

Government

National

Mortgage

Association,

YR

TBA

..................

5.50 5/20/56

Government

National

Mortgage

Association,

YR

TBA

..................

6.00 5/20/55

600

Government

National

Mortgage

Association,

YR

TBA

..................

6.00 4/20/56

610

Government

National

Mortgage

Association,

YR

TBA

..................

6.50 5/20/56

Government

National

Mortgage

Association,

YR

TBA

..................

6.50 4/20/56

Government

National

Mortgage

Association,

YR

TBA

..................

7.00 4/20/56

Total

U.S.

Government

Agency

Mortgages

(cost

$229,217)

...............

213,096

U.S.

Government

Agency

Securities

—

0.41%

Fannie

Mae

...................................................

0.75 10/8/27

Fannie

Mae

...................................................

0.88 8/5/30

Fannie

Mae

...................................................

5.63 7/15/37

Fannie

Mae

...................................................

6.25 5/15/29

Fannie

Mae

...................................................

6.63 11/15/30

Fannie

Mae

...................................................

7.25 5/15/30

Federal

Farm

Credit

Banks

Funding

Corp.,

Callable

4/13/26

@

100.00 .........

1.24 12/23/30

Federal

Farm

Credit

Banks

Funding

Corp.,

Callable

4/13/26

@

100.00 .........

1.55 7/26/30

500

Federal

Farm

Credit

Banks

Funding

Corp.,

Callable

1/22/27

@

100.00 .........

3.74 1/22/29

Federal

Farm

Credit

Banks

Funding

Corp.

.............................

3.75 7/3/28

Federal

Farm

Credit

Banks

Funding

Corp.,

Callable

4/13/26

@

100.00 .........

4.89 9/12/33

Federal

Home

Loan

Banks

........................................

3.25 11/16/28

Federal

Home

Loan

Banks

........................................

3.25 6/9/28

500

Federal

Home

Loan

Banks

........................................

3.50 3/3/28

500

Federal

Home

Loan

Banks

........................................

3.50 9/9/27

Federal

Home

Loan

Banks

........................................

3.50 10/4/27

Federal

Home

Loan

Banks

........................................

3.88 6/4/27

Federal

Home

Loan

Banks

........................................

4.00 6/30/28

Federal

Home

Loan

Banks

........................................

4.75 4/9/27

Federal

Home

Loan

Banks

........................................

5.50 7/15/36

Freddie

Mac

..................................................

0.00(b)

11/15/38

Freddie

Mac

..................................................

0.00(b)

11/15/38

1,000

Freddie

Mac,

Callable

6/18/26

@

100.00 ..............................

4.75 12/18/29

1,000

Freddie

Mac

..................................................

6.25 7/15/32

Freddie

Mac

..................................................

6.75 3/15/31

Tennessee

Valley

Authority

........................................

3.50 12/15/42

Tennessee

Valley

Authority

........................................

3.88 3/15/28

Tennessee

Valley

Authority

........................................

3.88 8/1/30

Tennessee

Valley

Authority

........................................

4.25 9/15/52

Tennessee

Valley

Authority

........................................

4.88 5/15/35

Tennessee

Valley

Authority

........................................

5.25 9/15/39

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Government

Agency

Securities

(continued)

$

Tennessee

Valley

Authority

........................................

5.25 2/1/55

$

Tennessee

Valley

Authority

........................................

5.38 4/1/56

Tennessee

Valley

Authority

........................................

5.88 4/1/36

Tennessee

Valley

Authority

........................................

6.15 1/15/38

Total

U.S.

Government

Agency

Securities

(cost

$7,851)

..................

7,729

Corporate

Bonds

—

12.13%

2,254

AbbVie,

Inc.

(Biotechnology)

.....................................

4.40 11/6/42

1,962

573

AbbVie,

Inc.

(Biotechnology),

Callable

9/15/63

@

100.00 .................

5.50 3/15/64

543

915

Alabama

Power

Co.,

Series

B

(Electric

Utilities),

Callable

6/1/47

@

100.00 .....

3.70 12/1/47

676

1,335

Alphabet,

Inc.

(Interactive

Media

&

Services),

Callable

5/15/55

@

100.00 ......

5.45 11/15/55

1,287

1,440

Amazon.com,

Inc.

(Broadline

Retail),

Callable

5/20/55

@

100.00 ............

5.45 11/20/55

1,377

2,050

American

Express

Co.

(Consumer

Finance),

Callable

4/25/35

@

100.00 .......

5.67 (SOFR

+

bps)(c)

4/25/36

2,112

1,025

Amgen,

Inc.

(Biotechnology),

Callable

11/25/30

@

100.00 .................

2.30 2/25/31

921

1,360

Amgen,

Inc.

(Biotechnology),

Callable

12/15/50

@

100.00 .................

4.66 6/15/51

1,134

670

Amgen,

Inc.

(Biotechnology),

Callable

9/2/42

@

100.00 ..................

5.60 3/2/43

655

Amgen,

Inc.

(Biotechnology),

Callable

9/2/62

@

100.00 ..................

5.75 3/2/63

2,120

Anheuser-Busch

Cos.

LLC/Anheuser-Busch

InBev

Worldwide,

Inc.

(Beverages),

Callable

8/1/45

@

100.00 ....................................

4.90 2/1/46

1,910

545

Anheuser-Busch

InBev

Worldwide,

Inc.

(Beverages)

.....................

4.95 1/15/42

506

Apple,

Inc.

(Technology

Hardware,

Storage

&

Peripherals),

Callable

2/8/62

@

100.00 ..................................................

4.10 8/8/62

2,135

Apple,

Inc.

(Technology

Hardware,

Storage

&

Peripherals),

Callable

8/23/45

@

100.00 ..................................................

4.65 2/23/46

1,910

1,225

Arthur

J

Gallagher

&

Co

(Insurance),

Callable

9/9/51

@

100.00 .............

3.05 3/9/52

748

1,175

Arthur

J

Gallagher

&

Co

(Insurance),

Callable

11/15/34

@

100.00 ...........

5.15 2/15/35

1,162

3,275

AT&T,

Inc.

(Diversified

Telecommunication

Services),

Callable

3/15/55

@

100.00 3.55 9/15/55

2,127

AT&T,

Inc.

(Diversified

Telecommunication

Services),

Callable

9/9/48

@

100.00 .

4.55 3/9/49

Atmos

Energy

Corp.

(Gas

Utilities),

Callable

4/15/44

@

100.00 .............

4.13 10/15/44

645

Atmos

Energy

Corp.

(Gas

Utilities),

Callable

7/15/42

@

100.00 .............

4.15 1/15/43

535

2,085

Atmos

Energy

Corp.

(Gas

Utilities)

.................................

6.75 7/15/28

2,184

2,865

Bank

of

America

Corp.

(Banks),

Callable

4/22/31

@

100.00 ................

2.69 (SOFR

+

bps)(c)

4/22/32

2,592

3,183

Bank

of

America

Corp.,

MTN

(Banks),

Callable

2/7/29

@

100.00 ...........

3.97 (TSFR3M

+

bps)(c)

2/7/30

3,139

2,690

Bank

of

America

Corp.

(Banks),

Callable

1/24/35

@

100.00 ................

5.51 (SOFR

+

bps)(c)

1/24/36

2,724

1,290

Bank

of

America

Corp.

(Banks),

Callable

9/15/33

@

100.00 ................

5.87 (SOFR

+

bps)(c)

9/15/34

1,348

1,155

BAT

Capital

Corp.

(Tobacco),

Callable

12/25/30

@

100.00 .................

2.73 3/25/31

1,051

1,300

BP

Capital

Markets

America,

Inc.

(Oil,

Gas

&

Consumable

Fuels),

Callable

8/24/49

@

100.00 ................................................

3.00 2/24/50

829

Bristol-Myers

Squibb

Co.

(Pharmaceuticals),

Callable

11/22/33

@

100.00 ......

5.20 2/22/34

Bristol-Myers

Squibb

Co.

(Pharmaceuticals),

Callable

8/22/63

@

100.00 .......

5.65 2/22/64

1,935

Brown

&

Brown,

Inc.

(Insurance),

Callable

12/17/31

@

100.00 .............

4.20 3/17/32

1,822

3,575

Brown

&

Brown,

Inc.

(Insurance),

Callable

12/15/28

@

100.00 .............

4.50 3/15/29

3,549

2,455

Bunge

Ltd.

Finance

Corp.

(Consumer

Staples

Distribution

&

Retail),

Callable

1/1/32

@

100.00 ................................................

5.25 4/21/32

2,490

550

Capital

One

Financial

Corp.

(Consumer

Finance),

Callable

7/29/31

@

100.00 ...

2.36 (SOFR

+

bps)(c)

7/29/32

1,125

Capital

One

Financial

Corp.

(Consumer

Finance),

Callable

11/2/31

@

100.00 ...

2.62 (SOFR

+

bps)(c)

11/2/32

989

3,940

Capital

One

Financial

Corp.

(Consumer

Finance),

Callable

7/26/29

@

100.00 ...

5.46 (SOFR

+

bps)(c)

7/26/30

4,024

2,194

Carlisle

Cos.,

Inc.

(Building

Products),

Callable

12/1/31

@

100.00 ...........

2.20 3/1/32

1,885

735

CF

Industries,

Inc.

(Chemicals)

....................................

5.38 3/15/44

686

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) Corporate

Bonds

(continued)

$

4,010

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital

(Media),

Callable

1/1/31

@

100.00 ..............................

2.80 4/1/31

$

3,592

845

Cheniere

Energy

Partners

LP

(Oil,

Gas

&

Consumable

Fuels),

Callable

1/31/27

@

101.63 ..................................................

3.25 1/31/32

773

771

Cheniere

Energy

Partners

LP

(Oil,

Gas

&

Consumable

Fuels),

Callable

4/12/26

@

101.50 ..................................................

4.50 10/1/29

768

1,325

Chubb

INA

Holdings

LLC

(Insurance),

Callable

12/15/33

@

100.00 ..........

5.00 3/15/34

1,332

3,710

Citigroup,

Inc.

(Banks),

Callable

3/17/32

@

100.00 ......................

3.79 (SOFR

+

bps)(c)

3/17/33

3,478

3,380

Citigroup,

Inc.

(Banks),

Callable

3/31/30

@

100.00 ......................

4.41 (SOFR

+

bps)(c)

3/31/31

3,342

Comcast

Corp.

(Diversified

Telecommunication

Services),

Callable

5/1/49

@

100.00 ..................................................

4.00 11/1/49

Comcast

Corp.

(Diversified

Telecommunication

Services)

.................

4.65 7/15/42

2,185

Comcast

Corp.

(Diversified

Telecommunication

Services)

.................

4.75 3/1/44

1,848

ConocoPhillips

Co.

(Oil,

Gas

&

Consumable

Fuels),

Callable

11/15/52

@

100.00 .

5.30 5/15/53

ConocoPhillips

Co.

(Oil,

Gas

&

Consumable

Fuels),

Callable

3/15/63

@

100.00 .

5.70 9/15/63

Consolidated

Edison

Co.

of

New

York,

Inc.

(Multi-Utilities),

Callable

9/15/43

@

100.00 ..................................................

4.45 3/15/44

Constellation

Brands,

Inc.

(Beverages),

Callable

5/1/29

@

100.00 ............

3.15 8/1/29

2,335

Constellation

Brands,

Inc.

(Beverages),

Callable

2/1/33

@

100.00 ............

4.90 5/1/33

2,298

1,726

Constellation

Energy

Generation

LLC

(Independent

Power

and

Renewable

Electricity

Producers),

Callable

9/15/53

@

100.00 ...................

5.75 3/15/54

1,674

Constellation

Energy

Generation

LLC

(Independent

Power

and

Renewable

Electricity

Producers),

Callable

10/15/33

@

100.00 ..................

6.13 1/15/34

2,780

COPT

Defense

Properties

LP

(Office

REITs),

Callable

11/15/28

@

100.00 ......

2.00 1/15/29

2,593

628

COPT

Defense

Properties

LP

(Office

REITs),

Callable

9/15/30

@

100.00 .......

4.50 10/15/30

618

615

CSX

Corp.

(Ground

Transportation),

Callable

5/15/52

@

100.00 .............

4.50 11/15/52

511

710

CSX

Corp.

(Ground

Transportation)

.................................

6.22 4/30/40

763

2,000

CVS

Health

Corp.

(Health

Care

Providers

&

Services),

Callable

1/1/30

@

100.00 3.75 4/1/30

1,930

2,480

CVS

Health

Corp.

(Health

Care

Providers

&

Services),

Callable

12/25/27

@

100.00 4.30 3/25/28

2,467

1,380

CVS

Health

Corp.

(Health

Care

Providers

&

Services),

Callable

1/20/45

@

100.00 5.13 7/20/45

1,209

500

CVS

Health

Corp.

(Health

Care

Providers

&

Services),

Callable

12/1/62

@

100.00 6.00 6/1/63

1,980

Dell

International

LLC/EMC

Corp.

(Technology

Hardware,

Storage

&

Peripherals),

Callable

11/1/34

@

100.00 ....................................

4.85 2/1/35

1,916

2,308

Delta

Air

Lines,

Inc.

(Passenger

Airlines),

Callable

7/28/29

@

100.00 .........

3.75 10/28/29

2,219

Devon

Energy

Corp.

(Oil,

Gas

&

Consumable

Fuels),

Callable

11/15/41

@

100.00 4.75 5/15/42

Devon

Energy

Corp.

(Oil,

Gas

&

Consumable

Fuels),

Callable

1/15/41

@

100.00 .

5.60 7/15/41

1,490

Devon

Energy

Corp.

(Oil,

Gas

&

Consumable

Fuels)

....................

7.88 9/30/31

1,706

814

DTE

Electric

Co.

(Multi-Utilities),

Callable

2/15/47

@

100.00 ..............

3.75 8/15/47

610

DTE

Energy

Co.

(Multi-Utilities),

Callable

2/1/29

@

100.00 ...............

5.10 3/1/29

1,020

DTE

Energy

Co.

(Multi-Utilities),

Callable

3/1/34

@

100.00 ...............

5.85 6/1/34

1,068

Duke

Energy

Corp.

(Electric

Utilities),

Callable

2/15/52

@

100.00 ...........

5.00 8/15/52

Eaton

Corp.

(Electrical

Equipment),

Callable

2/23/52

@

100.00 .............

4.70 8/23/52

Elevance

Health,

Inc.

(Health

Care

Providers

&

Services)

.................

4.63 5/15/42

820

Elevance

Health,

Inc.

(Health

Care

Providers

&

Services)

.................

4.65 1/15/43

706

1,340

Eli

Lilly

&

Co.

(Pharmaceuticals),

Callable

8/9/53

@

100.00 ...............

5.00 2/9/54

1,211

1,535

Energy

Transfer

LP

(Oil,

Gas

&

Consumable

Fuels),

Callable

7/15/42

@

100.00 .

4.95 1/15/43

1,331

Energy

Transfer

LP

(Oil,

Gas

&

Consumable

Fuels),

Callable

2/15/34

@

100.00 .

5.55 5/15/34

Energy

Transfer

LP

(Oil,

Gas

&

Consumable

Fuels),

Callable

12/15/47

@

100.00 6.00 6/15/48

2,450

Energy

Transfer

LP

(Oil,

Gas

&

Consumable

Fuels),

Callable

4/17/26

@

103.69 (d)

7.38 2/1/31

2,542

1,586

Enterprise

Products

Operating

LLC

(Oil,

Gas

&

Consumable

Fuels),

Callable

9/15/43

@

100.00 ..........................................

4.85 3/15/44

1,421

2,372

Federal

Express

Corp.

Pass

Through

Trusts,

Series

2020-1

(Air

Freight

&

Logistics)

1.88 2/20/34

2,046

620

Fiserv,

Inc.

(Financial

Services),

Callable

12/15/33

@

100.00 ...............

5.45 3/15/34

613

1,055

Fiserv,

Inc.

(Financial

Services),

Callable

12/2/32

@

100.00 ................

5.60 3/2/33

1,064

General

Motors

Co.

(Automobiles),

Callable

7/1/27

@

100.00 ..............

4.20 10/1/27

4,065

General

Motors

Financial

Co.,

Inc.

(Automobiles),

Callable

2/6/30

@

100.00 ....

5.85 4/6/30

4,195

1,070

Georgia

Power

Co.

(Electric

Utilities)

...............................

4.30 3/15/42

922

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) Corporate

Bonds

(continued)

$

1,216

Gilead

Sciences,

Inc.

(Biotechnology),

Callable

8/1/44

@

100.00 ............

4.50 2/1/45

$

1,045

Gilead

Sciences,

Inc.

(Biotechnology),

Callable

4/15/53

@

100.00 ...........

5.55 10/15/53

HCA,

Inc.

(Health

Care

Providers

&

Services),

Callable

3/1/30

@

100.00 ......

3.50 9/1/30

1,025

HCA,

Inc.

(Health

Care

Providers

&

Services),

Callable

3/1/33

@

100.00 ......

5.50 6/1/33

1,045

585

HCA,

Inc.

(Health

Care

Providers

&

Services),

Callable

1/1/34

@

100.00 ......

5.60 4/1/34

598

1,565

HCA,

Inc.

(Health

Care

Providers

&

Services),

Callable

8/1/28

@

100.00 ......

5.88 2/1/29

1,607

HCA,

Inc.

(Health

Care

Providers

&

Services),

Callable

10/1/53

@

100.00 .....

6.00 4/1/54

865

Howmet

Aerospace,

Inc.

(Aerospace

&

Defense),

Callable

8/15/31

@

100.00 ....

4.85 10/15/31

872

580

International

Paper

Co.

(Containers

&

Packaging),

Callable

5/15/41

@

100.00 ...

6.00 11/15/41

574

6,085

JPMorgan

Chase

&

Co.

(Banks),

Callable

4/22/31

@

100.00 ................

2.58 (TSFR3M

+

bps)(c)

4/22/32

5,501

2,750

JPMorgan

Chase

&

Co.

(Banks),

Callable

1/23/34

@

100.00 ................

5.34 (SOFR

+

bps)(c)

1/23/35

2,791

Kinder

Morgan,

Inc.

(Oil,

Gas

&

Consumable

Fuels),

Callable

5/1/30

@

100.00 ..

5.15 6/1/30

1,710

Kinder

Morgan,

Inc.

(Oil,

Gas

&

Consumable

Fuels),

Callable

12/1/44

@

100.00 .

5.55 6/1/45

1,629

Kinder

Morgan,

Inc.

(Oil,

Gas

&

Consumable

Fuels),

Callable

3/1/35

@

100.00 ..

5.85 6/1/35

675

Lincoln

National

Corp.

(Insurance),

Callable

10/15/30

@

100.00 ............

3.40 1/15/31

626

2,380

Lincoln

National

Corp.

(Insurance),

Callable

12/15/33

@

100.00 ............

5.85 3/15/34

2,417

1,660

Lowe's

Cos.,

Inc.

(Specialty

Retail),

Callable

1/15/33

@

100.00 .............

5.00 4/15/33

1,668

560

Lowe's

Cos.,

Inc.

(Specialty

Retail),

Callable

10/15/52

@

100.00 ............

5.63 4/15/53

524

1,000

Martin

Marietta

Materials,

Inc.

(Construction

Materials),

Callable

4/15/31

@

100.00 2.40 7/15/31

886

890

Marvell

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment),

Callable

1/15/31

@

100.00 ..........................................

2.95 4/15/31

813

1,650

Marvell

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment),

Callable

6/15/33

@

100.00 ..........................................

5.95 9/15/33

1,744

615

MetLife,

Inc.

(Insurance)

........................................

4.88 11/13/43

549

760

MetLife,

Inc.

(Insurance),

Callable

7/15/53

@

100.00 .....................

5.25 1/15/54

694

870

Microsoft

Corp.

(Software),

Callable

12/1/49

@

100.00 ...................

2.53 6/1/50

521

1,555

Microsoft

Corp.

(Software),

Callable

2/8/46

@

100.00 ....................

3.70 8/8/46

1,224

Mohawk

Industries,

Inc.

(Household

Durables),

Callable

2/15/30

@

100.00 .....

3.63 5/15/30

802

Mohawk

Industries,

Inc.

(Household

Durables),

Callable

8/18/28

@

100.00 .....

5.85 9/18/28

825

2,065

Morgan

Stanley,

MTN

(Capital

Markets),

Callable

1/22/30

@

100.00 .........

2.70 (SOFR

+

bps)(c)

1/22/31

1,916

5,340

Morgan

Stanley

(Capital

Markets),

Callable

1/21/32

@

100.00 ..............

2.94 (SOFR

+

bps)(c)

1/21/33

4,782

755

Morgan

Stanley

(Capital

Markets),

Callable

1/18/34

@

100.00 ..............

5.47 (SOFR

+

bps)(c)

1/18/35

764

Morgan

Stanley

(Capital

Markets),

Callable

11/1/33

@

100.00 ..............

6.63 (SOFR

+

bps)(c)

11/1/34

1,375

Motorola

Solutions,

Inc.

(Communications

Equipment),

Callable

1/15/34

@

100.00 5.40 4/15/34

1,390

500

Motorola

Solutions,

Inc.

(Communications

Equipment),

Callable

3/1/32

@

100.00 5.60 6/1/32

517

1,628

National

Rural

Utilities

Cooperative

Finance

Corp.

(Financial

Services),

Callable

7/15/32

@

100.00 ..........................................

5.80 1/15/33

1,727

National

Rural

Utilities

Cooperative

Finance

Corp.

(Financial

Services)

.......

8.00 3/1/32

2,415

News

Corp.

(Media),

Callable

4/12/26

@

100.97 (d)

......................

3.88 5/15/29

2,327

665

NextEra

Energy

Capital

Holdings,

Inc.

(Electric

Utilities),

Callable

11/28/32

@

100.00 ..................................................

5.05 2/28/33

670

1,755

NextEra

Energy

Capital

Holdings,

Inc.

(Electric

Utilities),

Callable

8/28/52

@

100.00 ..................................................

5.25 2/28/53

1,581

1,220

NiSource,

Inc.

(Multi-Utilities),

Callable

1/1/34

@

100.00 .................

5.35 4/1/34

1,243

1,085

NiSource,

Inc.

(Multi-Utilities),

Callable

10/1/54

@

100.00 ................

5.85 4/1/55

1,054

1,295

NNN

REIT,

Inc.

(Retail

REITs),

Callable

1/15/30

@

100.00 ................

2.50 4/15/30

1,191

952

NNN

REIT,

Inc.

(Retail

REITs),

Callable

7/15/33

@

100.00 ................

5.60 10/15/33

977

1,505

Northrop

Grumman

Corp.

(Aerospace

&

Defense),

Callable

4/15/47

@

100.00 ..

4.03 10/15/47

1,180

Nucor

Corp.

(Metals

&

Mining),

Callable

1/1/32

@

100.00 .................

3.13 4/1/32

Nucor

Corp.

(Metals

&

Mining),

Callable

2/1/43

@

100.00 .................

5.20 8/1/43

2,195

Oracle

Corp.

(Software),

Callable

1/1/30

@

100.00 ......................

2.95 4/1/30

1,998

1,400

Oracle

Corp.

(Software),

Callable

11/15/44

@

100.00 ....................

4.13 5/15/45

958

PG&E

Wildfire

Recovery

Funding

LLC,

Series

(Electric

Utilities)

........

4.26 6/1/36

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) Corporate

Bonds

(continued)

$

PG&E

Wildfire

Recovery

Funding

LLC,

Series

(Electric

Utilities)

........

5.10 6/1/52

$

1,515

Philip

Morris

International,

Inc.

(Tobacco)

............................

4.50 3/20/42

1,320

560

Philip

Morris

International,

Inc.

(Tobacco),

Callable

11/13/33

@

100.00 .......

5.25 2/13/34

570

980

Potomac

Electric

Power

Co.

(Electric

Utilities),

Callable

9/15/42

@

100.00 .....

4.15 3/15/43

806

1,145

Potomac

Electric

Power

Co.

(Electric

Utilities),

Callable

9/15/53

@

100.00 .....

5.50 3/15/54

1,080

845

Principal

Financial

Group,

Inc.

(Insurance),

Callable

3/15/30

@

100.00 ........

2.13 6/15/30

765

2,324

Progress

Energy,

Inc.

(Electric

Utilities)

..............................

6.00 12/1/39

2,395

1,148

Progress

Energy,

Inc.

(Electric

Utilities)

..............................

7.75 3/1/31

1,296

Prudential

Financial,

Inc.

(Insurance),

Callable

6/7/49

@

100.00 .............

3.94 12/7/49

1,060

Prudential

Financial,

Inc.

(Insurance)

................................

4.60 5/15/44

906

Prudential

Financial,

Inc.

(Insurance),

Callable

6/1/32

@

100.00 .............

6.00 (H15T5Y

+

bps)(c)

9/1/52

Prudential

Financial,

Inc.,

MTN

(Insurance)

..........................

6.63 6/21/40

Public

Service

Electric

and

Gas

Co.

(Electric

Utilities),

Callable

3/1/42

@

100.00 3.65 9/1/42

2,656

Radian

Group,

Inc.

(Financial

Services),

Callable

9/15/26

@

100.00 ..........

4.88 3/15/27

2,647

1,270

Reliance,

Inc.

(Metals

&

Mining),

Callable

5/15/30

@

100.00 ...............

2.15 8/15/30

1,137

1,310

RELX

Capital,

Inc.

(Financial

Services),

Callable

2/20/32

@

100.00 ..........

4.75 5/20/32

1,302

RELX

Capital,

Inc.

(Financial

Services),

Callable

12/27/34

@

100.00 .........

5.25 3/27/35

1,399

Rockwell

Collins,

Inc.

(Aerospace

&

Defense),

Callable

12/15/26

@

100.00 ....

3.50 3/15/27

1,382

896

Roper

Technologies,

Inc.

(Software),

Callable

7/15/34

@

100.00 .............

4.90 10/15/34

861

2,109

RTX

Corp.

(Aerospace

&

Defense)

.................................

4.50 6/1/42

1,864

RTX

Corp.

(Aerospace

&

Defense),

Callable

8/27/52

@

100.00 .............

5.38 2/27/53

1,355

Sabra

Health

Care

LP

(Retail

REITs),

Callable

9/1/31

@

100.00 .............

3.20 12/1/31

1,221

660

Sabra

Health

Care

LP

(Health

Care

REITs),

Callable

7/15/29

@

100.00 ........

3.90 10/15/29

640

1,447

Safehold

GL

Holdings

LLC

(Diversified

REITs),

Callable

10/15/34

@

100.00 ...

5.65 1/15/35

1,461

Shell

Finance

US,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

...................

4.38 5/11/45

1,295

Shell

Finance

US,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

...................

4.55 8/12/43

1,133

1,000

Southern

Co.

Gas

Capital

Corp.

(Gas

Utilities),

Callable

11/30/46

@

100.00 ....

4.40 5/30/47

814

1,330

Spectra

Energy

Partners

LP

(Oil,

Gas

&

Consumable

Fuels),

Callable

9/15/44

@

100.00 ..................................................

4.50 3/15/45

1,104

1,130

Steel

Dynamics,

Inc.

(Metals

&

Mining),

Callable

5/15/34

@

100.00 ..........

5.38 8/15/34

1,137

1,055

Sysco

Corp.

(Consumer

Staples

Distribution

&

Retail),

Callable

12/23/34

@

100.00 5.40 3/23/35

1,045

790

Sysco

Corp.

(Consumer

Staples

Distribution

&

Retail),

Callable

10/1/49

@

100.00 6.60 4/1/50

815

5,415

The

Goldman

Sachs

Group,

Inc.

(Capital

Markets),

Callable

7/21/31

@

100.00 ..

2.38 (SOFR

+

bps)(c)

7/21/32

4,778

1,175

The

Goldman

Sachs

Group,

Inc.

(Capital

Markets),

Callable

10/21/31

@

100.00 .

2.65 (SOFR

+

bps)(c)

10/21/32

1,043

1,015

The

Goldman

Sachs

Group,

Inc.

(Capital

Markets),

Callable

10/21/35

@

100.00 .

4.94 (SOFR

+

bps)(c)

10/21/36

984

1,680

The

Home

Depot,

Inc.

(Specialty

Retail),

Callable

6/6/48

@

100.00 ..........

4.50 12/6/48

1,406

2,350

The

PNC

Financial

Services

Group,

Inc.

(Banks),

Callable

1/22/34

@

100.00 ...

5.68 (SOFR

+

bps)(c)

1/22/35

2,415

700

The

Travelers

Cos.,

Inc.

(Insurance),

Callable

12/8/50

@

100.00 .............

3.05 6/8/51

635

The

Travelers

Cos.,

Inc.

(Insurance),

Callable

2/25/45

@

100.00 .............

4.30 8/25/45

521

920

The

Travelers

Cos.,

Inc.

(Insurance),

Callable

4/24/35

@

100.00 .............

5.05 7/24/35

918

The

Walt

Disney

Co.

(Entertainment),

Callable

3/15/44

@

100.00 ............

4.75 9/15/44

570

T-Mobile

USA,

Inc.

(Wireless

Telecommunication

Services),

Callable

4/15/33

@

100.00 ..................................................

5.05 7/15/33

574

1,580

T-Mobile

USA,

Inc.

(Wireless

Telecommunication

Services),

Callable

7/15/52

@

100.00 ..................................................

5.65 1/15/53

1,486

1,534

Toyota

Motor

Credit

Corp.,

MTN

(Consumer

Finance)

...................

4.80 1/5/34

1,519

Truist

Financial

Corp.,

MTN

(Banks),

Callable

10/23/35

@

100.00 ..........

4.96 (SOFR

+

bps)(c)

10/23/36

1,720

Truist

Financial

Corp.,

MTN

(Banks),

Callable

6/8/33

@

100.00 ............

5.87 (SOFR

+

bps)(c)

6/8/34

1,785

582

UDR,

Inc.,

MTN

(Residential

REITs),

Callable

5/1/32

@

100.00 ............

2.10 8/1/32

UDR,

Inc.

(Residential

REITs),

Callable

5/15/31

@

100.00 .................

3.00 8/15/31

UDR,

Inc.

(Residential

REITs),

Callable

10/26/28

@

100.00 ................

4.40 1/26/29

1,223

United

Airlines

Pass

Through

Trusts,

Series

2023-1,

Class

A

(Passenger

Airlines)

5.80 1/15/36

1,257

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) Corporate

Bonds

(continued)

$

1,285

Valero

Energy

Corp.

(Oil,

Gas

&

Consumable

Fuels)

.....................

6.63 6/15/37

$

1,395

1,245

Ventas

Realty

LP

(Health

Care

REITs),

Callable

6/1/31

@

100.00 ............

2.50 9/1/31

1,105

1,085

Ventas

Realty

LP

(Health

Care

REITs),

Callable

10/15/28

@

100.00 ..........

4.40 1/15/29

1,080

Ventas

Realty

LP

(Health

Care

REITs),

Callable

4/1/34

@

100.00 ............

5.63 7/1/34

Verizon

Communications,

Inc.

(Diversified

Telecommunication

Services),

Callable

5/20/50

@

100.00 ..........................................

2.88 11/20/50

3,557

Verizon

Communications,

Inc.

(Diversified

Telecommunication

Services),

Callable

9/22/40

@

100.00 ..........................................

3.40 3/22/41

2,722

710

Virginia

Electric

and

Power

Co.,

Series

B

(Electric

Utilities),

Callable

3/15/47

@

100.00 ..................................................

3.80 9/15/47

526

720

Virginia

Electric

and

Power

Co.,

Series

D

(Electric

Utilities),

Callable

2/15/43

@

100.00 ..................................................

4.65 8/15/43

623

Vulcan

Materials

Co.

(Construction

Materials),

Callable

3/1/30

@

100.00 ......

3.50 6/1/30

2,035

Wells

Fargo

&

Co.,

MTN

(Banks),

Callable

10/30/29

@

100.00 .............

2.88 (TSFR3M

+

bps)(c)

10/30/30

1,921

Wells

Fargo

&

Co.,

MTN

(Banks),

Callable

4/4/30

@

100.00 ...............

4.48 (TSFR3M

+

bps)(c)

4/4/31

3,520

Wells

Fargo

&

Co.

(Banks),

Callable

7/25/32

@

100.00 ...................

4.90 (SOFR

+

bps)(c)

7/25/33

3,496

1,320

Wells

Fargo

&

Co.

(Banks),

Callable

7/25/33

@

100.00 ...................

5.56 (SOFR

+

bps)(c)

7/25/34

1,350

WestRock

MWV

LLC

(Containers

&

Packaging)

.......................

8.20 1/15/30

Total

Corporate

Bonds

(cost

$235,845)

..............................

228,841

U.S.

Treasury

Obligations

—

36.01%

3,613

U.S.

Treasury

Bond

.............................................

1.13 8/15/40

2,253

2,470

U.S.

Treasury

Bond

.............................................

1.13 5/15/40

1,556

2,920

U.S.

Treasury

Bond

.............................................

1.25 5/15/50

1,385

3,873

U.S.

Treasury

Bond

.............................................

1.38 11/15/40

2,495

4,945

U.S.

Treasury

Bond

.............................................

1.38 8/15/50

2,417

3,925

U.S.

Treasury

Bond

.............................................

1.63 11/15/50

2,048

3,355

U.S.

Treasury

Bond

.............................................

1.75 8/15/41

2,244

3,890

U.S.

Treasury

Bond

.............................................

1.88 2/15/41

2,694

3,306

U.S.

Treasury

Bond

.............................................

1.88 2/15/51

1,835

2,363

U.S.

Treasury

Bond

.............................................

1.88 11/15/51

1,298

3,751

U.S.

Treasury

Bond

.............................................

2.00 2/15/50

2,183

4,529

U.S.

Treasury

Bond

.............................................

2.00 8/15/51

2,579

3,465

U.S.

Treasury

Bond

.............................................

2.00 11/15/41

2,396

3,183

U.S.

Treasury

Bond

.............................................

2.25 2/15/52

1,918

2,550

U.S.

Treasury

Bond

.............................................

2.25 5/15/41

1,858

2,967

U.S.

Treasury

Bond

.............................................

2.25 8/15/46

1,933

1,961

U.S.

Treasury

Bond

.............................................

2.25 8/15/49

1,219

3,970

U.S.

Treasury

Bond

.............................................

2.38 5/15/51

2,484

1,556

U.S.

Treasury

Bond

.............................................

2.38 11/15/49

991

1,990

U.S.

Treasury

Bond

.............................................

2.38 2/15/42

1,451

2,885

U.S.

Treasury

Bond

.............................................

2.50 2/15/46

1,990

2,520

U.S.

Treasury

Bond

.............................................

2.50 2/15/45

1,767

2,860

U.S.

Treasury

Bond

.............................................

2.50 5/15/46

1,964

2,005

U.S.

Treasury

Bond

.............................................

2.75 11/15/42

1,525

1,165

U.S.

Treasury

Bond

.............................................

2.75 8/15/47

824

2,400

U.S.

Treasury

Bond

.............................................

2.75 11/15/47

1,692

U.S.

Treasury

Bond

.............................................

2.75 8/15/42

2,242

U.S.

Treasury

Bond

.............................................

2.88 5/15/52

1,555

906

U.S.

Treasury

Bond

.............................................

2.88 5/15/43

696

1,035

U.S.

Treasury

Bond

.............................................

2.88 11/15/46

756

2,030

U.S.

Treasury

Bond

.............................................

2.88 8/15/45

1,508

2,444

U.S.

Treasury

Bond

.............................................

2.88 5/15/49

1,737

2,540

U.S.

Treasury

Bond

.............................................

3.00 11/15/44

1,945

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Treasury

Obligations

(continued)

$

1,940

U.S.

Treasury

Bond

.............................................

3.00 5/15/45

$

1,475

720

U.S.

Treasury

Bond

.............................................

3.00 2/15/49

526

515

U.S.

Treasury

Bond

.............................................

3.00 2/15/47

1,130

U.S.

Treasury

Bond

.............................................

3.00 5/15/47

840

800

U.S.

Treasury

Bond

.............................................

3.00 11/15/45

605

1,555

U.S.

Treasury

Bond

.............................................

3.00 8/15/48

1,141

1,420

U.S.

Treasury

Bond

.............................................

3.00 2/15/48

1,047

1,125

U.S.

Treasury

Bond

.............................................

3.00 5/15/42

897

1,785

U.S.

Treasury

Bond

.............................................

3.00 8/15/52

1,269

1,327

U.S.

Treasury

Bond

.............................................

3.13 8/15/44

1,040

1,510

U.S.

Treasury

Bond

.............................................

3.13 5/15/48

1,136

1,267

U.S.

Treasury

Bond

.............................................

3.13 2/15/43

1,015

1,075

U.S.

Treasury

Bond

.............................................

3.13 2/15/42

875

1,100

U.S.

Treasury

Bond

.............................................

3.13 11/15/41

900

975

U.S.

Treasury

Bond

.............................................

3.25 5/15/42

804

1,325

U.S.

Treasury

Bond

.............................................

3.38 8/15/42

1,107

2,560

U.S.

Treasury

Bond

.............................................

3.38 11/15/48

2,004

1,720

U.S.

Treasury

Bond

.............................................

3.38 5/15/44

1,406

U.S.

Treasury

Bond

.............................................

3.50 2/15/39

3,740

U.S.

Treasury

Bond

.............................................

3.63 5/15/53

2,998

1,545

U.S.

Treasury

Bond

.............................................

3.63 8/15/43

1,320

2,295

U.S.

Treasury

Bond

.............................................

3.63 2/15/44

1,950

1,198

U.S.

Treasury

Bond

.............................................

3.63 2/15/53

962

U.S.

Treasury

Bond

.............................................

3.75 8/15/41

1,295

U.S.

Treasury

Bond

.............................................

3.75 11/15/43

1,123

1,305

U.S.

Treasury

Bond

.............................................

3.88 2/15/43

1,160

U.S.

Treasury

Bond

.............................................

3.88 5/15/43

U.S.

Treasury

Bond

.............................................

3.88 8/15/40

998

U.S.

Treasury

Bond

.............................................

4.00 11/15/52

858

U.S.

Treasury

Bond

.............................................

4.00 11/15/42

3,150

U.S.

Treasury

Bond

.............................................

4.13 8/15/53

2,764

1,555

U.S.

Treasury

Bond

.............................................

4.13 8/15/44

1,411

715

U.S.

Treasury

Bond

.............................................

4.25 11/15/40

682

4,625

U.S.

Treasury

Bond

.............................................

4.25 8/15/54

4,144

2,585

U.S.

Treasury

Bond

.............................................

4.25 2/15/54

2,316

U.S.

Treasury

Bond

.............................................

4.25 5/15/39

U.S.

Treasury

Bond

.............................................

4.38 8/15/43

1,205

U.S.

Treasury

Bond

.............................................

4.38 11/15/39

1,174

586

U.S.

Treasury

Bond

.............................................

4.38 5/15/41

565

U.S.

Treasury

Bond

.............................................

4.38 5/15/40

555

U.S.

Treasury

Bond

.............................................

4.38 2/15/38

554

730

U.S.

Treasury

Bond

.............................................

4.50 2/15/44

698

U.S.

Treasury

Bond

.............................................

4.50 5/15/38

3,290

U.S.

Treasury

Bond

.............................................

4.50 11/15/54

3,074

1,150

U.S.

Treasury

Bond

.............................................

4.50 8/15/39

1,138

695

U.S.

Treasury

Bond

.............................................

4.50 2/15/36

708

3,395

U.S.

Treasury

Bond

.............................................

4.63 11/15/55

3,244

3,270

U.S.

Treasury

Bond

.............................................

4.63 2/15/55

3,120

U.S.

Treasury

Bond

.............................................

4.63 11/15/45

780

U.S.

Treasury

Bond

.............................................

4.63 2/15/46

752

1,480

U.S.

Treasury

Bond

.............................................

4.63 11/15/44

1,433

708

U.S.

Treasury

Bond

.............................................

4.63 2/15/40

706

3,460

U.S.

Treasury

Bond

.............................................

4.63 5/15/54

3,300

605

U.S.

Treasury

Bond

.............................................

4.63 5/15/44

587

545

U.S.

Treasury

Bond

.............................................

4.75 2/15/37

564

1,570

U.S.

Treasury

Bond

.............................................

4.75 2/15/41

1,578

1,945

U.S.

Treasury

Bond

.............................................

4.75 2/15/56

1,897

4,010

U.S.

Treasury

Bond

.............................................

4.75 8/15/55

3,908

1,925

U.S.

Treasury

Bond

.............................................

4.75 11/15/43

1,902

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Treasury

Obligations

(continued)

$

1,955

U.S.

Treasury

Bond

.............................................

4.75 11/15/53

$

1,902

835

U.S.

Treasury

Bond

.............................................

4.75 2/15/45

820

3,840

U.S.

Treasury

Bond

.............................................

4.75 5/15/55

3,739

1,195

U.S.

Treasury

Bond

.............................................

4.88 8/15/45

1,191

U.S.

Treasury

Bond

.............................................

5.00 5/15/37

1,250

U.S.

Treasury

Bond

.............................................

5.00 5/15/45

1,266

U.S.

Treasury

Bond

.............................................

5.25 2/15/29

U.S.

Treasury

Bond

.............................................

5.25 11/15/28

U.S.

Treasury

Bond

.............................................

5.38 2/15/31

U.S.

Treasury

Bond

.............................................

5.50 8/15/28

625

U.S.

Treasury

Bond

.............................................

6.13 11/15/27

646

U.S.

Treasury

Bond

.............................................

6.13 8/15/29

1,125

U.S.

Treasury

Bond

.............................................

6.25 5/15/30

1,222

U.S.

Treasury

Bond

.............................................

6.38 8/15/27

4,100

U.S.

Treasury

Note

..............................................

0.38 9/30/27

3,895

2,340

U.S.

Treasury

Note

..............................................

0.38 7/31/27

2,235

1,705

U.S.

Treasury

Note

..............................................

0.50 8/31/27

1,627

2,685

U.S.

Treasury

Note

..............................................

0.50 6/30/27

2,577

1,215

U.S.

Treasury

Note

..............................................

0.50 4/30/27

1,173

1,715

U.S.

Treasury

Note

..............................................

0.50 5/31/27

1,651

3,890

U.S.

Treasury

Note

..............................................

0.50 10/31/27

3,692

6,575

U.S.

Treasury

Note

..............................................

0.63 8/15/30

5,710

2,965

U.S.

Treasury

Note

..............................................

0.63 12/31/27

2,805

4,815

U.S.

Treasury

Note

..............................................

0.63 5/15/30

4,218

2,490

U.S.

Treasury

Note

..............................................

0.63 11/30/27

2,362

4,355

U.S.

Treasury

Note

..............................................

0.75 1/31/28

4,119

6,890

U.S.

Treasury

Note

..............................................

0.88 11/15/30

6,004

3,615

U.S.

Treasury

Note

..............................................

1.00 7/31/28

3,390

5,186

U.S.

Treasury

Note

..............................................

1.13 2/15/31

4,546

4,235

U.S.

Treasury

Note

..............................................

1.13 8/31/28

3,974

3,925

U.S.

Treasury

Note

..............................................

1.13 2/29/28

3,732

U.S.

Treasury

Note

..............................................

1.25 3/31/28

1,480

U.S.

Treasury

Note

..............................................

1.25 4/30/28

1,405

6,545

U.S.

Treasury

Note

..............................................

1.25 8/15/31

5,679

3,485

U.S.

Treasury

Note

..............................................

1.25 9/30/28

3,273

2,185

U.S.

Treasury

Note

..............................................

1.25 5/31/28

2,069

3,965

U.S.

Treasury

Note

..............................................

1.25 6/30/28

3,747

6,302

U.S.

Treasury

Note

..............................................

1.38 11/15/31

5,465

3,235

U.S.

Treasury

Note

..............................................

1.38 12/31/28

3,030

4,135

U.S.

Treasury

Note

..............................................

1.38 10/31/28

3,888

3,915

U.S.

Treasury

Note

..............................................

1.50 11/30/28

3,687

3,768

U.S.

Treasury

Note

..............................................

1.50 2/15/30

3,448

2,435

U.S.

Treasury

Note

..............................................

1.63 8/15/29

2,266

5,025

U.S.

Treasury

Note

..............................................

1.63 5/15/31

4,481

3,300

U.S.

Treasury

Note

..............................................

1.75 1/31/29

3,118

2,540

U.S.

Treasury

Note

..............................................

1.75 11/15/29

2,361

5,032

U.S.

Treasury

Note

..............................................

1.88 2/15/32

4,462

4,075

U.S.

Treasury

Note

..............................................

1.88 2/28/29

3,858

3,145

U.S.

Treasury

Note

..............................................

2.25 8/15/27

3,079

1,955

U.S.

Treasury

Note

..............................................

2.25 11/15/27

1,906

1,835

U.S.

Treasury

Note

..............................................

2.38 3/31/29

1,760

3,005

U.S.

Treasury

Note

..............................................

2.38 5/15/29

2,877

3,540

U.S.

Treasury

Note

..............................................

2.38 5/15/27

3,484

U.S.

Treasury

Note

..............................................

2.63 7/31/29

4,615

U.S.

Treasury

Note

..............................................

2.63 2/15/29

4,465

2,795

U.S.

Treasury

Note

..............................................

2.63 5/31/27

2,757

2,815

U.S.

Treasury

Note

..............................................

2.75 5/31/29

2,724

3,305

U.S.

Treasury

Note

..............................................

2.75 2/15/28

3,241

3,925

U.S.

Treasury

Note

..............................................

2.75 4/30/27

3,883

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Treasury

Obligations

(continued)

$

2,246

U.S.

Treasury

Note

..............................................

2.75 7/31/27

$

2,215

5,743

U.S.

Treasury

Note

..............................................

2.75 8/15/32

5,312

3,795

U.S.

Treasury

Note

..............................................

2.88 8/15/28

3,715

3,155

U.S.

Treasury

Note

..............................................

2.88 5/15/28

3,095

2,815

U.S.

Treasury

Note

..............................................

2.88 4/30/29

2,736

5,273

U.S.

Treasury

Note

..............................................

2.88 5/15/32

4,932

2,055

U.S.

Treasury

Note

..............................................

3.13 8/31/29

2,007

3,065

U.S.

Treasury

Note

..............................................

3.13 8/31/27

3,035

3,570

U.S.

Treasury

Note

..............................................

3.13 11/15/28

3,508

2,270

U.S.

Treasury

Note

..............................................

3.25 6/30/27

2,254

2,910

U.S.

Treasury

Note

..............................................

3.25 6/30/29

2,857

3,715

U.S.

Treasury

Note

..............................................

3.38 9/15/27

3,691

3,685

U.S.

Treasury

Note

..............................................

3.38 9/15/28

3,647

U.S.

Treasury

Note

..............................................

3.38 12/31/27

4,165

U.S.

Treasury

Note

..............................................

3.38 5/15/33

3,968

3,355

U.S.

Treasury

Note

..............................................

3.38 2/29/28

3,329

U.S.

Treasury

Note

..............................................

3.38 11/30/27

3,405

U.S.

Treasury

Note

..............................................

3.50 2/28/31

3,339

2,835

U.S.

Treasury

Note

..............................................

3.50 12/15/28

2,812

2,250

U.S.

Treasury

Note

..............................................

3.50 9/30/29

2,223

2,805

U.S.

Treasury

Note

..............................................

3.50 11/15/28

2,783

2,780

U.S.

Treasury

Note

..............................................

3.50 3/15/29

2,755

2,735

U.S.

Treasury

Note

..............................................

3.50 1/15/29

2,712

U.S.

Treasury

Note

..............................................

3.50 10/31/27

2,715

U.S.

Treasury

Note

..............................................

3.50 9/30/27

2,702

1,585

U.S.

Treasury

Note

..............................................

3.50 4/30/28

1,575

2,820

U.S.

Treasury

Note

..............................................

3.50 2/15/29

2,796

2,615

U.S.

Treasury

Note

..............................................

3.50 1/31/30

2,579

5,785

U.S.

Treasury

Note

..............................................

3.50 2/15/33

5,566

2,790

U.S.

Treasury

Note

..............................................

3.50 10/15/28

2,769

4,865

U.S.

Treasury

Note

..............................................

3.50 1/31/28

4,838

2,290

U.S.

Treasury

Note

..............................................

3.50 11/30/30

2,248

2,195

U.S.

Treasury

Note

..............................................

3.50 4/30/30

2,162

2,165

U.S.

Treasury

Note

..............................................

3.63 8/31/27

2,159

2,815

U.S.

Treasury

Note

..............................................

3.63 8/31/29

2,793

3,430

U.S.

Treasury

Note

..............................................

3.63 10/31/30

3,386

1,010

U.S.

Treasury

Note

..............................................

3.63 9/30/31

991

2,475

U.S.

Treasury

Note

..............................................

3.63 8/15/28

2,465

4,380

U.S.

Treasury

Note

..............................................

3.63 9/30/30

4,326

1,790

U.S.

Treasury

Note

..............................................

3.63 3/31/28

1,784

2,495

U.S.

Treasury

Note

..............................................

3.63 12/31/30

2,461

1,720

U.S.

Treasury

Note

..............................................

3.63 3/31/30

1,702

2,840

U.S.

Treasury

Note

..............................................

3.63 5/31/28

2,829

3,730

U.S.

Treasury

Note

..............................................

3.63 8/31/30

3,684

1,560

U.S.

Treasury

Note

..............................................

3.75 11/30/32

1,527

2,245

U.S.

Treasury

Note

..............................................

3.75 5/31/30

2,231

2,290

U.S.

Treasury

Note

..............................................

3.75 4/15/28

2,287

2,600

U.S.

Treasury

Note

..............................................

3.75 8/31/31

2,568

3,090

U.S.

Treasury

Note

..............................................

3.75 12/31/28

3,084

2,550

U.S.

Treasury

Note

..............................................

3.75 12/31/30

2,528

925

U.S.

Treasury

Note

..............................................

3.75 4/30/27

925

3,855

U.S.

Treasury

Note

..............................................

3.75 8/15/27

3,850

3,190

U.S.

Treasury

Note

..............................................

3.75 6/30/27

3,188

2,670

U.S.

Treasury

Note

..............................................

3.75 6/30/30

2,653

2,925

U.S.

Treasury

Note

..............................................

3.75 10/31/32

2,865

1,560

U.S.

Treasury

Note

..............................................

3.75 2/28/33

1,525

2,355

U.S.

Treasury

Note

..............................................

3.75 5/15/28

2,352

4,120

U.S.

Treasury

Note

..............................................

3.88 6/30/30

4,114

2,455

U.S.

Treasury

Note

..............................................

3.88 7/15/28

2,458

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Treasury

Obligations

(continued)

$

2,370

U.S.

Treasury

Note

..............................................

3.88 6/15/28

$

2,374

2,840

U.S.

Treasury

Note

..............................................

3.88 11/30/27

2,842

1,785

U.S.

Treasury

Note

..............................................

3.88 12/31/29

1,784

1,840

U.S.

Treasury

Note

..............................................

3.88 11/30/29

1,840

2,690

U.S.

Treasury

Note

..............................................

3.88 12/31/27

2,692

4,220

U.S.

Treasury

Note

..............................................

3.88 7/31/30

4,214

3,305

U.S.

Treasury

Note

..............................................

3.88 3/31/28

3,310

5,740

U.S.

Treasury

Note

..............................................

3.88 8/15/34

5,593

2,165

U.S.

Treasury

Note

..............................................

3.88 3/15/28

2,168

1,115

U.S.

Treasury

Note

..............................................

3.88 7/31/27

1,115

2,850

U.S.

Treasury

Note

..............................................

3.88 9/30/32

2,813

4,825

U.S.

Treasury

Note

..............................................

3.88 8/15/33

4,737

1,475

U.S.

Treasury

Note

..............................................

3.88 9/30/29

1,475

2,470

U.S.

Treasury

Note

..............................................

3.88 10/15/27

2,472

505

U.S.

Treasury

Note

..............................................

3.88 12/31/32

3,355

U.S.

Treasury

Note

..............................................

3.88 3/31/31

3,344

5,150

U.S.

Treasury

Note

..............................................

3.88 8/31/32

5,086

720

U.S.

Treasury

Note

..............................................

3.88 4/30/30

719

1,620

U.S.

Treasury

Note

..............................................

3.88 5/31/27

1,621

2,715

U.S.

Treasury

Note

..............................................

4.00 2/29/28

2,724

2,175

U.S.

Treasury

Note

..............................................

4.00 1/31/31

2,180

2,220

U.S.

Treasury

Note

..............................................

4.00 1/31/29

2,230

5,385

U.S.

Treasury

Note

..............................................

4.00 2/15/34

5,314

1,815

U.S.

Treasury

Note

..............................................

4.00 10/31/29

1,822

2,120

U.S.

Treasury

Note

..............................................

4.00 3/31/30

2,128

1,335

U.S.

Treasury

Note

..............................................

4.00 6/30/28

1,341

3,140

U.S.

Treasury

Note

..............................................

4.00 2/28/30

3,152

1,420

U.S.

Treasury

Note

..............................................

4.00 5/31/30

1,425

845

U.S.

Treasury

Note

..............................................

4.00 6/30/32

841

3,525

U.S.

Treasury

Note

..............................................

4.00 7/31/32

3,508

1,825

U.S.

Treasury

Note

..............................................

4.00 4/30/32

1,819

4,220

U.S.

Treasury

Note

..............................................

4.00 12/15/27

4,232

2,045

U.S.

Treasury

Note

..............................................

4.00 7/31/30

2,052

5,750

U.S.

Treasury

Note

..............................................

4.00 11/15/35

5,609

2,630

U.S.

Treasury

Note

..............................................

4.00 7/31/29

2,642

2,860

U.S.

Treasury

Note

..............................................

4.13 7/31/31

2,878

1,910

U.S.

Treasury

Note

..............................................

4.13 2/29/32

1,918

3,205

U.S.

Treasury

Note

..............................................

4.13 3/31/32

3,216

2,970

U.S.

Treasury

Note

..............................................

4.13 8/31/30

2,993

625

U.S.

Treasury

Note

..............................................

4.13 10/31/29

630

1,285

U.S.

Treasury

Note

..............................................

4.13 7/31/28

1,294

2,690

U.S.

Treasury

Note

..............................................

4.13 10/31/27

2,701

1,905

U.S.

Treasury

Note

..............................................

4.13 3/31/29

1,921

2,135

U.S.

Treasury

Note

..............................................

4.13 11/15/27

2,144

2,590

U.S.

Treasury

Note

..............................................

4.13 9/30/27

2,601

930

U.S.

Treasury

Note

..............................................

4.13 3/31/31

937

6,382

U.S.

Treasury

Note

..............................................

4.13 11/15/32

6,383

980

U.S.

Treasury

Note

..............................................

4.13 10/31/31

985

3,585

U.S.

Treasury

Note

..............................................

4.13 2/15/36

3,529

1,775

U.S.

Treasury

Note

..............................................

4.13 5/31/32

1,780

1,670

U.S.

Treasury

Note

..............................................

4.13 11/30/31

1,678

2,625

U.S.

Treasury

Note

..............................................

4.13 11/30/29

2,647

6,720

U.S.

Treasury

Note

..............................................

4.25 5/15/35

6,701

2,545

U.S.

Treasury

Note

..............................................

4.25 1/31/30

2,578

2,505

U.S.

Treasury

Note

..............................................

4.25 1/15/28

2,523

2,565

U.S.

Treasury

Note

..............................................

4.25 2/15/28

2,585

5,875

U.S.

Treasury

Note

..............................................

4.25 8/15/35

5,854

5,305

U.S.

Treasury

Note

..............................................

4.25 11/15/34

5,303

1,825

U.S.

Treasury

Note

..............................................

4.25 2/28/31

1,849

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) U.S.

Treasury

Obligations

(continued)

$

2,730

U.S.

Treasury

Note

..............................................

4.25 6/30/29

$

2,764

2,105

U.S.

Treasury

Note

..............................................

4.25 3/31/33

2,119

2,975

U.S.

Treasury

Note

..............................................

4.25 2/28/29

3,009

1,535

U.S.

Treasury

Note

..............................................

4.25 6/30/31

1,554

2,625

U.S.

Treasury

Note

..............................................

4.38 12/31/29

2,670

2,815

U.S.

Treasury

Note

..............................................

4.38 7/15/27

2,834

2,420

U.S.

Treasury

Note

..............................................

4.38 11/30/30

2,464

1,810

U.S.

Treasury

Note

..............................................

4.38 11/30/28

1,835

2,020

U.S.

Treasury

Note

..............................................

4.38 1/31/32

2,054

5,020

U.S.

Treasury

Note

..............................................

4.38 5/15/34

5,074

2,595

U.S.

Treasury

Note

..............................................

4.38 8/31/28

2,628

2,865

U.S.

Treasury

Note

..............................................

4.50 5/15/27

2,886

5,220

U.S.

Treasury

Note

..............................................

4.50 11/15/33

5,328

3,530

U.S.

Treasury

Note

..............................................

4.50 4/15/27

3,557

1,145

U.S.

Treasury

Note

..............................................

4.50 12/31/31

1,172

U.S.

Treasury

Note

..............................................

4.50 5/31/29

1,125

U.S.

Treasury

Note

..............................................

4.63 9/30/30

1,157

3,100

U.S.

Treasury

Note

..............................................

4.63 9/30/28

3,159

2,670

U.S.

Treasury

Note

..............................................

4.63 5/31/31

2,749

3,330

U.S.

Treasury

Note

..............................................

4.63 4/30/29

3,405

1,495

U.S.

Treasury

Note

..............................................

4.63 4/30/31

1,539

2,460

U.S.

Treasury

Note

..............................................

4.63 6/15/27

2,483

6,130

U.S.

Treasury

Note

..............................................

4.63 2/15/35

6,288

2,490

U.S.

Treasury

Note

..............................................

4.88 10/31/30

2,587

3,655

U.S.

Treasury

Note

..............................................

4.88 10/31/28

3,748

Total

U.S.

Treasury

Obligations

(cost

$696,546)

.......................

679,191

Yankee

Dollars

—

0.88%

America

Movil

SAB

de

CV

(Wireless

Telecommunication

Services)

.........

6.13 11/15/37

1,000

Aptiv

Swiss

Holdings

Ltd.

(Automobile

Components)

....................

4.65 9/13/29

1,000

2,000

Barclays

PLC

(Banks)

..........................................

5.20 5/12/26

2,000

2,110

British

Telecommunications

PLC

(Diversified

Telecommunication

Services)

....

9.63 12/15/30

2,518

Canadian

Pacific

Railway

Co.

(Ground

Transportation),

Callable

6/2/51

@

100.00 3.10 12/2/51

1,025

Canadian

Pacific

Railway

Co.

(Ground

Transportation)

...................

7.13 10/15/31

1,143

1,356

Deutsche

Telekom

International

Finance

BV

(Diversified

Telecommunication

Services)

................................................

8.75 6/15/30

1,554

Enbridge,

Inc.

(Oil,

Gas

&

Consumable

Fuels),

Callable

4/15/27

@

100.00 .....

3.70 7/15/27

1,505

Iberdrola

International

BV

(Electric

Utilities)

..........................

6.75 7/15/36

1,689

700

Nutrien

Ltd.

(Chemicals),

Callable

9/27/52

@

100.00 .....................

5.80 3/27/53

685

1,508

Orange

SA

(Diversified

Telecommunication

Services)

....................

9.00 3/1/31

1,782

825

Pfizer

Investment

Enterprises

Pte

Ltd.

(Pharmaceuticals),

Callable

2/19/33

@

100.00 ..................................................

4.75 5/19/33

822

710

Pfizer

Investment

Enterprises

Pte

Ltd.

(Pharmaceuticals),

Callable

11/19/62

@

100.00 ..................................................

5.34 5/19/63

644

1,665

Telefonica

Europe

BV

(Financial

Services)

............................

8.25 9/15/30

1,883

Waste

Connections,

Inc.

(Commercial

Services

&

Supplies),

Callable

12/1/33

@

100.00 ..................................................

5.00 3/1/34

Total

Yankee

Dollars

(cost

$16,872)

.................................

16,692

Shares

Investment

Companies

—

38.07%

Domestic

Fixed

Income

—

30.05%

13,362,284

iShares

U.S.

Treasury

Bond

ETF

....................................

306,130

16,947

State

Street

SPDR

Portfolio

Corporate

Bond

ETF

........................

4,354,337

Vanguard

Intermediate-Term

Treasury

ETF

............................

259,301

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Rate

%

Maturity

Date

Value

(000) Investment

Companies

(continued)

Domestic

Fixed

Income

(continued)

11,090

Vanguard

Total

Corporate

Bond

Fund

................................

$

852

566,775

Money

Market

Funds

—

8.02%

4,041,895

State

Street

Institutional

Treasury

Money

Market

Fund,

Premier

Class

.........

3.60(e)

4,042

147,406,110

State

Street

Institutional

Treasury

Plus

Money

Market

Fund,

Trust

Class

........

3.55(e)

147,406

151,448

Total

Investment

Companies

(cost

$710,289)

..........................

718,223

Purchased

Options

on

Futures

—

0.01%

Total

Purchased

Options

on

Futures

(cost

$320)

.......................

Total

Investments

(cost

$1,913,716)

—

99.67%

........................

1,880,178

Other

assets

in

excess

of

liabilities

—

0.33%

..........................

6,142

Net

Assets

—

100.00%

..........................................

$

1,886,320

Amounts

designated

as

"—"

are

$0

or

have

been

rounded

to

$0.

(a) The

rate

for

certain

asset-backed

and

mortgage-backed

securities

may

vary

based

on

factors

relating

to

the

pool

of

assets

underlying

the

security. The

rate

disclosed

is

the

rate

in

effect

on

March

31,

2026. (b) Zero

Coupon

Security.

Effective

rate

shown

is

as

of

March

31,

2026. (c) Variable

Rate

Security.

The

rate

disclosed

is

the

rate

in

effect

on

March

31,

2026. (d) Represents

a

security

purchased

under

Rule

144A

or

Section

4(2)

and

is

exempt

from

registration

under

the

Securities

Act

of

1933,

as

amended,

or

is

otherwise

restricted

to

resale.

Certain

of

these

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

These

securities

have

been

deemed

liquid

by

the

Specialist

Manager.

(e) Annualized

7-day

yield

as

of

period-end.

bps—Basis

Points

ETF

—

Exchange-Traded

Fund

H15T5Y—5

Year

Treasury

Constant

Maturity

Rate

MTN—Medium

Term

Note

PLC

—

Public

Limited

Company

REIT—Real

Estate

Investment

Trust

SOFR—Secured

Overnight

Financing

Rate

TBA

—

To

Be

Announced

purchase

or

sale

commitment.

Security

is

subject

to

delayed

delivery

TSFR3M

—

Month

SOFR

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

The

following

table

reflects

the

percentage

of

total

net

assets

of

the

Portfolio

attributable

to

each

Specialist

Manager

as

of

March

31,

2026

The

Core

Fixed

Income

Portfolio

Agincourt

Capital

Management,

LLC

Mellon

Investments

Corporation

Parametric

Portfolio

Associates,

LLC

HC

Capital

Solutions

Total

Asset

Backed

Securities

.........................................................................................

—

0.18 %

—

—

0.18 %

Collateralized

Mortgage-Backed

Securities

...........................................................

—

0.68 %

—

—

0.68 %

U.S.

Government

Agency

Mortgages

....................................................................

—

11.30 %

—

—

11.30 %

U.S.

Government

Agency

Securities

.....................................................................

—

0.41 %

—

—

0.41 %

Corporate

Bonds

.....................................................................................................

12.11 %

0.02 %

—

—

12.13 %

U.S.

Treasury

Obligations

......................................................................................

—

36.01 %

—

—

36.01 %

Yankee

Dollars

.......................................................................................................

0.88 %

—

—

—

0.88 %

Investment

Companies

...........................................................................................

0.21 %

1.28 %

36.58 %

—

38.07 %

Purchased

Options

on

Futures

................................................................................

—

—

0.01 %

—

0.01 %

Other

Assets

(Liabilities)

........................................................................................

0.14 %

(0.90)

%

1.09 %

—

0.33 %

Total

Net

Assets

.................................................................................................

13.34 %

48.98 %

37.68 %

0.00 %

100.00 %

The

following

table

reflects

the

open

derivative

positions

held

by

the

Portfolio

as

of

March

31,

2026

.

Futures

Contracts

Purchased

\*

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000) Value

and

Unrealized

Appreciation/

(Depreciation)

(000) 10

Year

US

Treasury

Note

Future

..................

1,238

6/18/26

$

137,477

$

(2,252)

Year

US

Treasury

Note

Future

...................

6/30/26

3,319

30-Year

U.S.

Treasury

Bond

Future

................

561

6/18/26

63,884

(1,687)

Year

US

Treasury

Note

Future

...................

6/30/26

2,704

Ultra

10-Year

U.S.

Treasury

Bond

Future

............

6/18/26

699

Ultra

U.S.

Treasury

Bond

Future

..................

6/18/26

908

$

208,991

$

(3,896)

Total

Unrealized

Appreciation

.....................

$

Total

Unrealized

Depreciation

.....................

(3,939)

Total

Net

Unrealized

Appreciation/(Depreciation)

.......

$

(3,896)

\*

Cash

has

been

pledged

as

collateral

for

futures

contracts

held

by

the

Portfolio.

HC

CAPITAL

TRUST

The

Core

Fixed

Income

Portfolio

Portfolio

of

Investments

(concluded)

—

March

31,

2026

(Unaudited)

Options

on

Futures

Contracts

Exchange-traded

options

on

futures

contacts

written

as

of

March

31,

2026

were

as

follows:

Description

Put/Call

Number

of

Contracts

Notional

Amount

(000) Exercise

Price

Expiration

Date

Value

(000) US

Treasury

Bond

Future

Option

............

Put

$

11,400

$

114.00 4/24/26

$

(137) US

Treasury

Bond

Future

Option

............

Put

11,300

113.00 5/22/26

(153) US

Treasury

Bond

Future

Option

............

Put

11,100

111.00 5/22/26

(91) US

Treasury

Bond

Future

Option

............

Put

11,200

112.00 5/22/26

(119) US

Treasury

Bond

Future

Option

............

Put

11,500

115.00 5/22/26

(250) US

Treasury

Bond

Future

Option

............

Put

11,400

114.00 5/22/26

(197) US

Treasury

Bond

Future

Option

............

Put

22,600

113.00 6/26/26

(494) US

Treasury

Bond

Future

Option

............

Put

22,400

112.00 6/26/26

(409) US

Treasury

Bond

Future

Option

............

Put

22,200

111.00 6/26/26

(334) $

(2,184)

Exchanged-traded

options

on

futures

contacts

purchased

as

of

March

31,

2026

were

as

follows:

Description

Put/Call

Number

of

Contracts

Notional

Amount

(000) Exercise

Price

Expiration

Date

Value

(000) US

Treasury

Bond

Future

Option

............

Call

$

11,900

$

119.00 4/24/26

$

US

Treasury

Bond

Future

Option

............

Call

11,700

117.00 5/22/26

US

Treasury

Bond

Future

Option

............

Call

11,900

119.00 5/22/26

US

Treasury

Bond

Future

Option

............

Call

23,600

118.00 5/22/26

$

HC

CAPITAL

TRUST

The

Corporate

Opportunities

Portfolio

Portfolio

of

Investments

—

March

31,

2026

(Unaudited)

Shares

Security

Description

Rate

%

Maturity

Date

Value

(000) Common

Stocks

—

0.68%

1,740,900

ACC

Claims

Holding

LLC,

Class

A

(Financial

Services)^(a)(b)

..............

$

–

1,310

Blackstone,

Inc.

(Capital

Markets)

...................................

395,833

Chrysalis

Investments

Ltd.

(Financial

Services)(c)(d)

.....................

1,562

KKR

&

Co.,

Inc.

(Capital

Markets)

..................................

84,213

Molten

Ventures

PLC

(Capital

Markets)(d)

.............................

513

3,695

The

Carlyle

Group,

Inc.

(Capital

Markets)

.............................

Total

Common

Stocks

(cost

$1,554)

.................................

1,419

Investment

Companies

—

96.90%

Domestic

Equity

Funds

—

14.30%

409,550

Invesco

S&P

500

Low

Volatility

ETF

.................................

29,955

International

Equity

Funds

—

24.67%

50,447

3i

Infrastructure

PLC

............................................

207,095

Augmentum

Fintech

PLC(d)

.......................................

10,923

CT

Private

Equity

Trust

PLC

.......................................

143,013

HarbourVest

Global

Private

Equity

Ltd.(d)

.............................

5,765

166,801

HgCapital

Trust

PLC

............................................

856

143,733

ICG

Enterprise

Trust

PLC

.........................................

2,518

36,000

Literacy

Capital

PLC

............................................

173,962

NB

Private

Equity

Partners

Ltd.

....................................

3,073

290,970

Oakley

Capital

Investments

Ltd.

....................................

1,802

94,586

Partners

Group

Private

Equity

Ltd.

..................................

960

1,169,940

The

Pantheon

International

PLC(d)

..................................

5,605

368,300

Vanguard

FTSE

Europe

ETF

.......................................

30,360

51,681

Money

Market

Funds

—

57.93%

1,177,000

Federated

Hermes

Treasury

Obligations

Fund,

Institutional

Shares^^

..........

3.53(e)

1,177

119,960,833

State

Street

Institutional

Treasury

Plus

Money

Market

Fund,

Trust

Class

........

3.55(e)

119,960

214,155

State

Street

Institutional

U.S.

Government

Money

Market

Fund,

Administrative

Class

....................................................

3.35(e)

121,351

Total

Investment

Companies

(cost

$200,523)

..........................

202,987

Total

Investments

(cost

$202,077)

—

97.58%

.........................

204,406

Other

assets

in

excess

of

liabilities

—

2.42%

..........................

5,067

Net

Assets

—

100.00%

..........................................

$

209,473

Amounts

designated

as

"—"

are

$0

or

have

been

rounded

to

$0.

^

All

or

part

of

this

security

was

on

loan

as

of

March

31,

2026. ^^

Purchased

with

cash

collateral

held

from

securities

lending.

(a) Escrow

security

due

to

bankruptcy.

(b) Security

was

valued

using

significant

unobservable

inputs

as

of

March

31,

2026. (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) Represents

non-income

producing

security.

HC

CAPITAL

TRUST

The

Corporate

Opportunities

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

The

following

table

reflects

the

percentage

of

total

net

assets

of

the

Portfolio

attributable

to

each

Specialist

Manager

as

of

March

31,

2026. (e) Annualized

7-day

yield

as

of

period-end.

ETF

—

Exchange-Traded

Fund

PLC

—

Public

Limited

Company

The

Corporate

Opportunities

Portfolio

City

of

London

Investment

Management

Company,

Limited

Parametric

Portfolio

Associates,

LLC

HC

Capital

Solutions

Total

Common

Stocks

...............................................................................................................................

0.68 %

—

—

0.68 %

Investment

Companies

.....................................................................................................................

10.28 %

86.61 %

0.01 %

96.90 %

Other

Assets

(Liabilities)

.................................................................................................................

(0.01)

%

2.41 %

0.02 %

2.42 %

Total

Net

Assets

10.95 %

89.02 %

0.03 %

100.00 %

The

following

table

reflects

the

open

derivative

positions

held

by

the

Portfolio

as

of

March

31,

2026

.

Futures

Contracts

Purchased

\*

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000) Value

and

Unrealized

Appreciation/

(Depreciation)

(000) 10

Year

US

Treasury

Note

Future

.............................

848

6/18/26

$

94,168

$

(1,320)

Year

US

Treasury

Note

Future

..............................

6/30/26

31,264

(397) $

125,432

$

(1,717)

Total

Unrealized

Appreciation

.....................

$

—

Total

Unrealized

Depreciation

.....................

(1,717)

Total

Net

Unrealized

Appreciation/(Depreciation)

.......

$

(1,717)

\*

Cash

has

been

pledged

as

collateral

for

futures

contracts

held

by

the

Portfolio.

Centrally

Cleared

Swap

Agreements(a)

Credit

Default

Swap

Agreements

-

Buy

Protection

Underlying

Instrument

Payment

Frequency

Fixed

Deal

Pay

Rate

(%)

Maturity

Date

Implied

Credit

Spread

at

March

31,

2026

(%)(b)

Notional

Amount

(000)(c)

Value

(000) Premiums

Paid/

(Received)

(000) Unrealized

Appreciation/

(Depreciation)

(000) CDX

High

Yield

Index

Swap

Agreement,

Series

Daily

5.00 6/20/2031

3.87 $

75,240

$

(3,632)

$

(2,977)

$

(655) $

(3,632)

$

(2,977)

$

(655) (a) When

a

credit

event

occurs

as

defined

under

the

terms

of

the

swap

agreement,

the

Fund

as

a

buyer

of

credit

protection

will

either

(i) receive

from

the

seller

of

protection

an

amount

equal

to

the

par

value

of

the

defaulted

reference

entity

and

deliver

the

reference

entity

or

(ii) receive

a

net

amount

equal

to

the

par

value

of

the

defaulted

reference

entity

less

its

recovery

value.

HC

CAPITAL

TRUST

The

Corporate

Opportunities

Portfolio

Portfolio

of

Investments

(concluded)

—

March

31,

2026

(Unaudited)

(b) Implied

credit

spread,

represented

in

absolute

terms,

utilized

in

determining

the

value

of

the

credit

default

swap

agreements

as

of

period

end

will

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

likelihood

or

risk

of

default

or

other

credit

event

for

the

credit

derivative.

The

implied

credit

spread

of

a

referenced

entity

reflects

the

cost

of

buying/selling

protection

and

may

include

payments

required

to

be

made

to

enter

into

the

agreement.

Generally,

wider

credit

spreads

represent

a

perceived

deterioration

of

the

referenced

entity's

credit

soundness

and

a

greater

likelihood

or

risk

of

default

or

other

credit

event

occurring

as

defined

under

the

terms

of

the

swap

agreement.

(c) The

notional

amount

represents

the

maximum

potential

amount

the

Fund

may

receive

as

a

buyer

of

credit

protection

if

a

credit

event

occurs,

as

defined

under

the

terms

of

the

swap

agreement,

for

each

security

included

in

the

CDX

North

America

High

Yield

Index.

HC

CAPITAL

TRUST

The

Short-Term

Municipal

Bond

Portfolio

Portfolio

of

Investments

—

March

31,

2026

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) Municipal

Bonds

—

96.41%

Alabama

—

3.33%

$

2,315

City

of

Huntsville

AL,

GO,

Series

A

.................................

5.00 3/1/27

$

2,369

Arizona

—

1.46%

990

Arizona

Department

of

Transportation

State

Highway

Fund

Revenue

.........

5.00 7/1/28

1,042

California

—

1.61%

1,100

Los

Angeles

Department

of

Water

&

Power

Revenue,

Series

A

Continuously

Callable

@100

...................................................

5.00 7/1/28

1,144

Florida

—

1.96%

1,325

State

of

Florida

Department

of

Transportation

Turnpike

System

Revenue,

Series

C

5.00 7/1/28

1,393

Georgia

—

1.85%

1,300

State

of

Georgia,

GO,

Series

C

.....................................

4.00 1/1/27

1,315

Illinois

—

3.95%

1,795

Regional

Transportation

Authority

Revenue,

Series

A

.....................

5.00 7/1/27

1,845

935

State

of

Illinois,

GO,

Series

D

.....................................

5.00 11/1/27

965

2,810

Indiana

—

1.77%

1,160

Indiana

Finance

Authority

Revenue

Continuously

Callable

@101

............

5.00(a)

10/1/59

1,261

Iowa

—

2.44%

1,625

Davenport

Co.mmunity

School

District

Infrastructure

Sales

Services

&

Use

Tax

Revenue

(BAM)

...........................................

5.00 6/1/29

1,738

Kansas

—

2.13%

1,465

Riley

County

Unified

School

District

No.

Manhattan-Ogden,

GO,

Series

A

(Pre-

Refunded/Escrowed

to

Maturity)

...............................

5.00 9/1/36

1,513

Maryland

—

3.83%

900

County

of

Baltimore

MD,

GO

.....................................

5.00 3/1/31

995

1,640

County

of

Prince

George's

MD,

GO,

Series

A

..........................

5.00 8/1/28

1,732

2,727

Minnesota

—

5.52%

1,730

City

of

Minneapolis

MN,

GO

......................................

5.00 12/1/26

1,758

1,270

State

of

Minnesota,

GO,

Series

A

...................................

5.00 9/1/28

1,344

750

University

of

Minnesota

Revenue,

Series

B

............................

5.00 2/1/32

829

3,931

Missouri

—

0.85%

600

Lindbergh

School

District,

GO

.....................................

4.00 3/1/27

608

Nevada

—

5.03%

1,770

Clark

County

School

District,

GO,

Series

A

............................

5.00 6/15/27

1,822

1,720

State

of

Nevada,

GO,

Series

A

.....................................

5.00 4/1/27

1,761

3,583

New

Hampshire

—

1.48%

940

New

Hampshire

Municipal

Bond

Bank

Revenue,

Series

B

.................

5.00 8/15/32

1,055

New

Jersey

—

8.49%

1,735

New

Jersey

Educational

Facilities

Authority

Revenue,

Series

A

..............

5.00 3/1/27

1,772

HC

CAPITAL

TRUST

The

Short-Term

Municipal

Bond

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) Municipal

Bonds

(continued)

New

Jersey

(continued)

$

1,250

New

Jersey

Health

Care

Facilities

Financing

Authority

Revenue,

Series

A

Continuously

Callable

@100

..................................

5.00 7/1/30

$

1,256

3,000

State

of

New

Jersey,

GO,

Series

A

...................................

5.00 6/1/26

3,013

6,041

New

Mexico

—

4.41%

1,740

Albuquerque

Municipal

School

District

No.

12,

GO,

Series

A

(State

Aid

Withholding)

..............................................

5.00 8/1/26

1,755

1,225

New

Mexico

Finance

Authority

Revenue,

Series

C

.......................

5.00 12/15/32

1,386

3,141

New

York

—

4.87%

1,605

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue,

Series

....................................................

5.00 5/1/28

1,684

1,610

New

York

State

Dormitory

Authority

Revenue,

Series

.................

5.00 3/15/31

1,786

3,470

Ohio

—

1.06%

680

American

Municipal

Power,

Inc.

Revenue,

Series

A

......................

5.00 2/15/33

757

Oregon

—

1.11%

775

Oregon

State

Lottery

Revenue,

Series

A

Continuously

Callable

@100

.........

5.00 4/1/30

792

South

Carolina

—

2.30%

1,495

South

Carolina

Jobs-Economic

Development

Authority

Revenue,

Series

A

......

5.00 11/1/31

1,640

South

Dakota

—

2.92%

1,905

South

Dakota

Conservancy

District

Revenue,

Series

B

....................

5.00 8/1/30

2,079

Tennessee

—

3.85%

1,500

County

of

Wilson

TN,

GO

........................................

5.00 4/1/30

1,631

1,000

Metropolitan

Government

of

Nashville

&

Davidson

County

TN,

GO,

Series

A

...

5.00 1/1/32

1,110

2,741

Texas

—

16.52%

1,670

City

of

Cedar

Park

TX,

GO

.......................................

5.00 2/15/27

1,705

1,550

City

of

Plano

TX,

GO

...........................................

5.00 9/1/29

1,665

1,425

Conroe

Independent

School

District,

GO

(PSF-GTD)

.....................

5.00 2/15/28

1,491

1,245

County

of

Williamson

TX,

GO

.....................................

5.00 2/15/28

1,298

1,475

Goose

Creek

Consolidated

Independent

School

District,

GO,

Series

B

.........

5.00 2/15/28

1,537

1,450

Humble

Independent

School

District,

GO

(PSF-GTD)

.....................

5.00 2/15/28

1,518

1,400

Lower

Colorado

River

Authority

Revenue

.............................

5.00 5/15/32

1,553

970

Marble

Falls

Independent

School

District,

GO

(PSF-GTD)

.................

5.00 2/15/27

989

11,756

Virginia

—

5.68%

900

City

of

Fredericksburg

VA,

GO,

Series

A

(State

Aid

Withholding)

............

5.00 10/1/29

971

1,500

County

of

Fairfax

VA,

GO,

Series

B

(State

Aid

Withholding)

................

5.00 10/1/27

1,556

1,505

Hampton

Roads

Transportation

Accountability

Commission

Revenue,

Series

A

(Pre-

Refunded/Escrowed

to

Maturity)

...............................

5.00 7/1/26

1,514

4,041

Washington

—

1.92%

1,365

State

of

Washington,

GO,

Series

R-2022C

.............................

4.00 7/1/26

1,370

Wisconsin

—

6.07%

1,260

City

of

Kenosha

WI,

GO,

Series

A

..................................

5.00 9/1/32

1,409

1,595

Franklin

Public

School

District,

GO,

Series

A

..........................

6.00 4/1/29

1,752

HC

CAPITAL

TRUST

The

Short-Term

Municipal

Bond

Portfolio

Portfolio

of

Investments

(concluded)

—

March

31,

2026

(Unaudited)

As

of

March

31,

2026,

100%

of

the

Portfolio's

net

assets

were

managed

by

Breckinridge

Capital

Advisors,

Inc.

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) Municipal

Bonds

(continued)

Wisconsin

(continued)

$

1,150

Wisconsin

Housing

&

Economic

Development

Authority

Home

Ownership

Revenue,

Series

B

.................................................

5.00 9/1/26

$

1,163

4,324

Total

Municipal

Bonds

(cost

$68,535)

...............................

68,641

U.S.

Treasury

Obligation

—

1.93%

1,355

U.S.

Treasury

Note

..............................................

4.25 2/28/29

1,371

Total

U.S.

Treasury

Obligation

(cost

$1,377)

..........................

1,371

Shares

Investment

Company

—

0.78%

Money

Market

Funds

—

0.78%

554,506

State

Street

Institutional

Treasury

Plus

Money

Market

Fund,

Trust

Class

........

3.55(b)

555

Total

Investment

Company

(cost

$555)

..............................

555

Total

Investments

(cost

$70,467)

—

99.12%

..........................

70,567

Other

assets

in

excess

of

liabilities

—

0.88%

..........................

623

Net

Assets

—

100.00%

..........................................

$

71,190

(a) Interest

rate

is

determined

by

the

Remarketing

Agent. The

rate

disclosed

is

the

rate

in

effect

on

March

31,

2026. (b) Annualized

7-day

yield

as

of

period-end.

BAM—Build

America

Mutual

GO—General

Obligation

PSF-GTD—Public

School

Fund

Guaranteed

HC

CAPITAL

TRUST

The

Intermediate

Term

Municipal

Bond

Portfolio

Portfolio

of

Investments

—

March

31,

2026

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) Municipal

Bonds

—

84.64%

Alabama

—

3.38%

$

2,895

Black

Belt

Energy

Gas

District

Revenue

Continuously

Callable

@101

.........

4.00(a)

6/1/51

$

2,945

1,000

Black

Belt

Energy

Gas

District

Revenue,

Series

B

Continuously

Callable

@100

..

5.00 10/1/35

1,009

1,500

Black

Belt

Energy

Gas

District

Revenue,

Series

B,

Callable

9/1/30

@

100.32 ....

5.25(a)

12/1/53

1,594

1,805

County

of

Jefferson

AL

Sewer

Revenue

Continuously

Callable

@100

.........

5.00 10/1/36

1,958

4,075

Energy

Southeast

A

Cooperative

District

Revenue,

Series

B

Continuously

Callable

@100

...................................................

5.00 9/1/33

4,148

1,000

Energy

Southeast

A

Cooperative

District

Revenue,

Series

Continuously

Callable

@100

...................................................

5.75(a)

4/1/54

1,083

5,000

Southeast

Energy

Authority

A

Cooperative

District

Revenue,

Series

E

Continuously

Callable

@100

............................................

5.00 10/1/30

5,305

1,000

Troy

University

Revenue,

Series

A

(BAM)

.............................

5.00 11/1/26

1,014

19,056

Arizona

—

1.63%

1,250

Arizona

Industrial

Development

Authority

Revenue,

Series

A

Continuously

Callable

@100

...................................................

5.00 11/1/31

1,352

3,425

Chandler

Industrial

Development

Authority

Revenue

Continuously

Callable

@100

(AMT)

..................................................

4.00(a)

6/1/49

3,469

1,685

City

of

Phoenix

Civic

Improvement

Corp.

Revenue,

Series

A

Continuously

Callable

@100

...................................................

5.00 7/1/32

1,827

1,555

City

of

Phoenix

Civic

Improvement

Corp.

Revenue,

Series

B

Continuously

Callable

@100

(AMT)

.............................................

5.00 7/1/30

1,638

785

Salt

River

Project

Agricultural

Improvement

&

Power

District

Revenue,

Series

B

Continuously

Callable

@100

..................................

5.00 5/1/39

873

9,159

California

—

4.95%

3,000

California

Community

Choice

Financing

Authority

Revenue,

Series

D

Continuously

Callable

@100

............................................

5.00(a)

10/1/55

3,030

1,365

California

Municipal

Finance

Authority

Revenue,

Series

...............

4.05 7/20/41

1,327

1,700

Inglewood

Unified

School

District,

GO,

Series

B

Continuously

Callable

@100

..

5.50 8/1/43

1,924

1,000

Los

Angeles

Department

of

Water

&

Power

Revenue,

Series

A

Continuously

Callable

@100

(BAM)

.............................................

5.00 7/1/40

1,084

1,000

Los

Angeles

Department

of

Water

&

Power

Revenue,

Series

C

Continuously

Callable

@100

............................................

5.00 7/1/36

1,121

1,900

Los

Angeles

Department

of

Water

&

Power

Revenue,

Series

E

..............

5.00 7/1/34

2,138

945

Los

Angeles

Unified

School

District,

Series

A

..........................

5.00 7/1/30

1,050

1,000

Ontario

Public

Financing

Authority

Revenue,

Series

A

Continuously

Callable

@100

5.00 11/1/39

1,125

1,025

Ontario

Public

Financing

Authority

Revenue,

Series

A

Continuously

Callable

@100

5.00 11/1/42

1,128

7,960

San

Bernardino

City

Unified

School

District

Certificates

of

Participation

Continuously

Callable

@100

(AGM)

.............................

5.00 10/1/41

8,825

650

Southern

California

Public

Power

Authority

Revenue,

Series

..............

5.00 7/1/31

710

1,000

Southern

California

Public

Power

Authority

Revenue,

Series

..............

5.00 7/1/32

1,119

1,000

State

of

California,

GO

Continuously

Callable

@100

.....................

5.00 4/1/35

1,051

2,000

State

of

California,

GO

Continuously

Callable

@100

.....................

5.00 9/1/33

2,254

27,886

Colorado

—

1.23%

500

Canyons

Metropolitan

District

No.

5,

GO,

Series

A

(BAM)

.................

5.00 12/1/33

552

2,340

Southern

Ute

Indian

Tribe

of

the

Southern

Ute

Reservation

of

Colorado,

GO,

Series

A (b)

....................................................

5.00 4/1/35

2,496

3,740

State

of

Colorado

Certificates

of

Participation,

Series

M

Continuously

Callable

@100

...................................................

5.00 3/15/29

3,895

6,943

Connecticut

—

1.24%

1,085

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue,

Series

B

..

5.00 12/1/26

1,101

2,500

Connecticut

State

Health

Educational

Facilities

Revenue,

Series

A

Continuously

Callable

@102

............................................

5.00 7/1/31

2,717

1,500

State

of

Connecticut

Special

Tax

Revenue,

Series

D

Continuously

Callable

@100

5.00 11/1/34

1,647

HC

CAPITAL

TRUST

The

Intermediate

Term

Municipal

Bond

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) Municipal

Bonds

(continued)

Connecticut

(continued)

$

1,000

State

of

Connecticut,

GO,

Series

A

..................................

4.00 1/15/29

$

1,037

State

of

Connecticut,

GO,

Series

E

Continuously

Callable

@100

.............

5.00 9/15/32

6,988

Delaware

—

0.12%

620

Delaware

Transportation

Authority

Revenue

Continuously

Callable

@100

......

5.00 7/1/32

673

District

of

Columbia

—

1.74%

2,500

District

of

Columbia

Revenue

Continuously

Callable

@100

................

5.00 7/15/32

2,502

2,000

Metropolitan

Washington

Airports

Authority

Aviation

Revenue,

Series

A

(AMT)

..

5.00 10/1/29

2,134

2,075

Metropolitan

Washington

Airports

Authority

Aviation

Revenue,

Series

A

Continuously

Callable

@100

(AMT)

.............................

4.00 10/1/36

2,069

2,815

Washington

Metropolitan

Area

Transit

Authority

Dedicated

Revenue,

Series

A

...

5.00 7/15/31

3,094

9,799

Florida

—

4.46%

2,000

Alachua

County

Health

Facilities

Authority

Revenue

Continuously

Callable

@100

5.00(a)

12/1/37

2,017

3,000

County

of

Miami-Dade

FL

Aviation

Revenue,

Series

A

....................

5.00 10/1/34

3,318

2,500

County

of

Miami-Dade

FL

Water

&

Sewer

System

Revenue,

Series

B

.........

5.00 10/1/33

2,834

960

County

of

Miami-Dade

FL,

GO,

Series

A

.............................

5.00 7/1/33

1,085

955

County

of

Polk

FL

Utility

System

Revenue

............................

5.00 10/1/27

991

2,030

JEA

Electric

System

Revenue,

Series

3A

Continuously

Callable

@100

........

5.00 10/1/34

2,156

530

Manatee

County

School

District

Certificate

of

Participation,

Series

A

.........

5.00 7/1/34

596

1,000

Miami

Beach

Redevelopment

Agency

Tax

allocation

(AGM)

................

5.00 2/1/31

1,086

2,000

Mid-Bay

Bridge

Authority

Revenue

Continuously

Callable

@100

(AGM)

......

5.00 10/1/36

2,220

3,295

Orlando

Utilities

Commission

Revenue,

Series

A

Continuously

Callable

@100

..

5.00 10/1/32

3,390

1,025

Palm

Beach

County

School

District

Certificates

of

Participation,

Series

A

Continuously

Callable

@100

..................................

5.00 8/1/36

1,121

3,875

Volusia

County

Educational

Facility

Authority

Revenue

Continuously

Callable

@100

...................................................

5.00 10/15/39

4,300

25,114

Georgia

—

1.36%

5,000

Main

Street

Natural

Gas,

Inc.

Revenue,

Series

C

Continuously

Callable

@100

...

4.00(a)

3/1/50

5,010

1,500

Municipal

Electric

Authority

of

Georgia

Revenue,

Series

A

.................

5.00 1/1/34

1,666

1,000

State

of

Georgia,

GO,

Series

A

Continuously

Callable

@100

................

3.00 8/1/36

976

7,652

Illinois

—

7.04%

3,475

Chicago

Board

of

Education,

Series

A

Continuously

Callable

@100

(AGM)

.....

5.00 12/1/29

3,625

4,000

Chicago

Midway

International

Airport

Revenue,

Series

C

Continuously

Callable

@100

...................................................

5.00 1/1/41

4,134

Chicago

O'Hare

International

Airport

Revenue,

Series

C

Continuously

Callable

@100

(AMT)

.............................................

5.00 1/1/33

Chicago

O'Hare

International

Airport

Revenue,

Series

C

(AMT)

.............

5.00 1/1/32

4,335

Chicago

O'Hare

International

Airport

Revenue,

Series

D

Continuously

Callable

@100

...................................................

5.00 1/1/42

4,346

1,025

Chicago

O'Hare

International

Airport

Revenue,

Series

F

...................

5.00 1/1/32

1,116

1,465

Chicago

Transit

Authority

Sales

Tax

Receipts

Fund

Revenue,

Series

A

Continuously

Callable

@100

............................................

5.00 12/1/36

1,639

1,000

Chicago

Transit

Authority

Sales

Tax

Receipts

Revenue

Fund,

Series

A

Continuously

Callable

@100

............................................

5.00 12/1/44

1,060

1,200

City

of

Chicago

IL

Wastewater

Transmission

Revenue,

Series

B

Continuously

Callable

@100

(BAM)

.......................................

5.00 1/1/37

1,307

2,335

City

of

Chicago

IL,

GO,

Series

A

Continuously

Callable

@100

..............

4.00 1/1/36

2,215

500

Illinois

Finance

Authority

Revenue,

Series

A

Continuously

Callable

@100

......

5.00 7/1/44

535

1,390

Illinois

Finance

Authority

Revenue,

Series

A

...........................

5.00 4/1/34

1,566

1,375

Illinois

Finance

Authority

Revenue,

Series

Continuously

Callable

@100

....

5.00(a)

5/15/50

1,377

850

Illinois

State

Toll

Highway

Authority

Revenue,

Series

A

Continuously

Callable

@100

...................................................

5.00 1/1/30

902

HC

CAPITAL

TRUST

The

Intermediate

Term

Municipal

Bond

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) Municipal

Bonds

(continued)

Illinois

(continued)

$

3,000

Sales

Tax

Securitization

Corp.

Revenue,

Series

A

........................

5.00 1/1/29

$

3,154

1,270

Sales

Tax

Securitization

Corp.

Revenue,

Series

C

Continuously

Callable

@100

..

5.00 1/1/35

1,382

5,945

State

of

Illinois

Sales

Tax

Revenue,

Series

C

Continuously

Callable

@100

......

5.00 6/15/43

6,287

1,000

State

of

Illinois,

GO,

Series

D

.....................................

5.00 7/1/27

1,028

2,995

The

Board

of

Trustees

of

the

University

of

Illinois

Certificates

of

Participation,

Series

B

Continuously

Callable

@100

............................

5.00 10/1/27

3,022

39,601

Indiana

—

1.51%

2,500

City

of

Whiting

IN

Revenue

(AMT)

.................................

5.00(a)

12/1/44

2,522

1,350

Indiana

Finance

Authority

Revenue,

Series

A

Continuously

Callable

@100

.....

5.00 10/1/34

1,495

530

Indiana

Finance

Authority

Revenue,

Series

A1

..........................

5.00 11/15/27

549

3,655

Indiana

Finance

Authority

Revenue,

Series

B-3,

Callable

7/1/31

@

101.64 ......

5.00(a)

10/1/55

3,963

8,529

Iowa

—

0.08%

Iowa

Tobacco

Settlement

Authority

Revenue,

Series

A2

Continuously

Callable

@100

...................................................

5.00 6/1/32

Kansas

—

0.18%

920

State

of

Kansas

Department

of

Transportation

Revenue,

Series

A

............

5.00 9/1/32

1,033

Kentucky

—

1.57%

3,115

Kentucky

Public

Energy

Authority

Revenue,

Series

Continuously

Callable

@100

...................................................

5.25(a)

4/1/54

3,323

3,000

Kentucky

Public

Energy

Authority

Revenue,

Series

B

Continuously

Callable

@100

5.00 12/1/33

3,033

1,150

Louisville/Jefferson

County

Metropolitan

Government,

GO,

Series

A

.........

5.00 12/1/30

1,259

1,170

University

of

Kentucky

Revenue,

Series

A

Continuously

Callable

@100

.......

5.00 4/1/43

1,248

8,863

Lousiana

—

0.41%

2,180

Ernest

N

Morial

New

Orleans

Exhibition

Hall

Authority

Special

Tax

Continuously

Callable

@100

............................................

5.25 7/15/44

2,325

Maine

—

0.38%

1,025

Finance

Authority

of

Maine

Revenue,

Series

A1

(AGM)

...................

5.00 12/1/26

1,039

1,000

Regional

School

Unit

No.

14,

GO

Continuously

Callable

@100

.............

5.00 11/1/42

1,090

2,129

Maryland

—

2.09%

2,000

County

of

Baltimore

MD,

GO

Continuously

Callable

@100

................

4.00 3/1/33

2,049

1,190

County

of

Howard

MD,

GO,

Series

A

Continuously

Callable

@100

...........

5.00 8/15/34

1,330

2,090

Maryland

State

Transportation

Authority

Passenger

Facility

Charge

Revenue

(AMT)

5.00 6/1/28

2,170

1,000

State

of

Maryland

Department

of

Transportation

Revenue

Continuously

Callable

@100

...................................................

4.00 10/1/32

1,011

2,000

State

of

Maryland

Department

of

Transportation

Revenue

Continuously

Callable

@100

...................................................

5.00 10/1/32

2,191

1,240

State

of

Maryland,

GO,

Series

A

Continuously

Callable

@100

..............

5.00 3/15/31

1,346

1,495

State

of

Maryland,

GO,

Series

A

Continuously

Callable

@100

..............

5.00 6/1/34

1,656

11,753

Massachusetts

—

2.23%

780

Commonwealth

of

Massachusetts,

GO,

Series

A

Continuously

Callable

@100

...

5.00 5/1/35

874

1,500

Massachusetts

Bay

Transportation

Authority

Sales

Tax

Revenue,

Series

Continuously

Callable

@100

..................................

4.00 7/1/37

1,542

Massachusetts

Development

Finance

Agency

Revenue

Continuously

Callable

@100

5.25 6/1/43

2,400

Massachusetts

Development

Finance

Agency

Revenue,

Series

F

.............

5.00 7/1/33

2,690

3,550

Massachusetts

Development

Finance

Agency

Revenue,

Series

Continuously

Callable

@100

............................................

5.00 7/1/35

3,900

1,400

Massachusetts

Educational

Financing

Authority

Revenue,

Series

B

(AMT)

......

5.00 7/1/29

1,454

HC

CAPITAL

TRUST

The

Intermediate

Term

Municipal

Bond

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) Municipal

Bonds

(continued)

Massachusetts

(continued)

$

1,500

Massachusetts

Port

Authority

Revenue,

Series

A

(AMT)

...................

5.00 7/1/32

$

1,636

12,553

Michigan

—

4.34%

1,000

Detroit

Downtown

Development

Authority

Tax

allocation

Continuously

Callable

@100

...................................................

5.00 7/1/37

1,090

2,000

Detroit

Regional

Convention

Facility

Authority

Revenue,

Series

C

Continuously

Callable

@100

............................................

5.00 10/1/38

2,129

1,000

Forest

Hills

Public

Schools,

GO,

Series

I

Continuously

Callable

@100

........

5.00 5/1/44

1,063

1,250

Great

Lakes

Water

Authority

Sewage

Disposal

System

Revenue,

Series

A

Continuously

Callable

@100

..................................

5.00 7/1/37

1,386

2,500

Great

Lakes

Water

Authority

Water

Supply

System

Revenue,

Series

B

.........

5.00 7/1/34

2,836

1,000

Michigan

Finance

Authority

Revenue

Continuously

Callable

@100

...........

5.50 12/1/29

1,010

1,000

Michigan

Finance

Authority

Revenue

Continuously

Callable

@100

...........

4.00 2/15/44

933

1,425

Michigan

Finance

Authority

Revenue

................................

5.00 2/28/34

1,552

1,100

Michigan

Finance

Authority

Revenue

................................

5.00 10/1/29

1,184

6,000

Michigan

Finance

Authority

Revenue

Continuously

Callable

@100

...........

5.00(a)

11/15/44

6,012

1,280

Michigan

Finance

Authority

Revenue,

Series

B

.........................

5.00 10/1/30

1,396

2,000

Michigan

State

Hospital

Finance

Authority

Revenue,

Series

C

Continuously

Callable

@100

...................................................

5.00 5/15/33

2,208

790

Novi

Community

School

District,

GO,

Series

III

........................

5.00 5/1/26

792

800

Oakland

University

Revenue,

Series

A

Continuously

Callable

@100

..........

5.00 3/1/45

839

24,430

Minnesota

—

2.19%

1,750

Minnesota

Agricultural

&

Economic

Development

Board

Revenue

Continuously

Callable

@100

............................................

5.00 1/1/36

1,926

1,985

Minnesota

Housing

Finance

Agency

Revenue,

Series

B

...................

5.00 8/1/28

2,092

1,240

Minnesota

Housing

Finance

Agency

Revenue,

Series

B

...................

5.00 8/1/29

1,324

2,195

Minnesota

Housing

Finance

Agency

Revenue,

Series

B

...................

5.00 8/1/30

2,386

1,345

State

of

Minnesota

Certificates

of

Participation

.........................

5.00 11/1/33

1,533

1,500

State

of

Minnesota,

GO,

Series

B

Continuously

Callable

@100

..............

5.00 8/1/35

1,688

1,260

State

of

Minnesota,

GO,

Series

E

...................................

5.00 8/1/30

1,382

12,331

Missouri

—

0.47%

1,545

City

of

Kansas

City

MO

Water

Revenue,

Series

A

Continuously

Callable

@100

..

5.00 12/1/44

1,639

995

St.

Joseph

School

District,

GO

(ST

AID

DIR

DEP)

.......................

5.00 3/1/27

1,018

2,657

Nebraska

—

0.63%

1,000

City

of

Omaha

NE

Sewer

Revenue,

Series

A

Continuously

Callable

@100

......

4.00 4/1/31

1,029

1,000

City

of

Omaha

NE

Sewer

Revenue,

Series

A

Continuously

Callable

@100

......

4.00 4/1/32

1,025

1,350

Omaha

Public

Power

District

Revenue,

Series

B

Continuously

Callable

@100

...

5.00 2/1/34

1,500

3,554

Nevada

—

1.71%

750

City

of

North

Las

Vegas

N.V.,

GO,

Series

B

...........................

5.00 6/1/33

842

2,915

Clark

County

School

District,

GO,

Series

A

Continuously

Callable

@100

(AGM)

.

5.00 6/15/32

3,134

5,435

Las

Vegas

Valley

Water

District,

GO,

Series

C

Continuously

Callable

@100

....

4.00 6/1/34

5,647

9,623

New

Jersey

—

2.87%

1,210

New

Jersey

Economic

Development

Authority

Revenue

...................

5.00 6/15/28

1,265

New

Jersey

Economic

Development

Authority

Revenue

Continuously

Callable

@100

...................................................

5.00 11/1/30

1,000

New

Jersey

Economic

Development

Authority

Revenue,

Series

RRR

.........

5.00 3/1/28

1,046

2,815

New

Jersey

Educational

Facilities

Authority

Revenue,

Series

A

Continuously

Callable

@100

............................................

5.00(a)

7/1/64

3,329

1,725

New

Jersey

Higher

Education

Student

Assistance

Authority

Revenue,

Series

B

(AMT)

..................................................

5.00 12/1/29

1,828

HC

CAPITAL

TRUST

The

Intermediate

Term

Municipal

Bond

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) Municipal

Bonds

(continued)

New

Jersey

(continued)

$

2,000

New

Jersey

Institute

of

Technology

Revenue,

Series

A

Continuously

Callable

@100

(BAM)

..................................................

5.00 7/1/42

$

2,145

1,000

New

Jersey

Transportation

Trust

Fund

Authority

Revenue,

Series

AA

.........

5.00 6/15/30

1,079

750

New

Jersey

Transportation

Trust

Fund

Authority

Revenue,

Series

AA

Continuously

Callable

@100

............................................

5.00 6/15/36

823

1,750

New

Jersey

Transportation

Trust

Fund

Authority

Revenue,

Series

BB

Continuously

Callable

@100

............................................

5.00 6/15/36

1,936

1,100

State

of

New

Jersey,

GO,

Series

A

...................................

4.00 6/1/31

1,164

1,035

Tobacco

Settlement

Financing

Corp.

Revenue,

Series

A

Continuously

Callable

@100

...................................................

5.00 6/1/33

1,069

16,144

New

Mexico

—

0.19%

1,025

Albuquerque

Municipal

School

District

No.

12,

GO

Continuously

Callable

@100

(State

Aid

Withholding)

......................................

5.00 8/1/29

1,076

New

York

—

6.19%

1,250

Albany

Capital

Resource

Corp.

Revenue,

Series

A

Continuously

Callable

@100

..

5.25 5/1/42

1,367

2,890

City

of

New

York

NY,

GO,

Series

1-A

Continuously

Callable

@100

..........

5.00 4/1/32

3,132

740

City

of

New

York

NY,

GO,

Series

................................

5.00 8/1/32

821

5,000

City

of

New

York

NY,

GO,

Series

E

Continuously

Callable

@100

............

5.00 8/1/43

5,315

1,165

Empire

State

Development

Corp.

Revenue,

Series

A

Continuously

Callable

@100

5.00 3/15/35

1,311

865

New

York

City

Municipal

Water

Finance

Authority

Revenue,

Series

CC

.......

5.00 6/15/31

960

1,000

New

York

City

Municipal

Water

Finance

Authority

Revenue,

Series

DD

Continuously

Callable

@100

..................................

5.00 6/15/34

1,121

930

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue,

Series

....................................................

5.00 11/1/32

1,031

1,500

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue,

Series

Continuously

Callable

@100

...............................

5.00 11/1/36

1,670

3,000

New

York

Energy

Finance

Development

Corp.

Revenue

Continuously

Callable

@100

...................................................

5.00(a)

7/1/56

3,059

1,000

New

York

State

Dormitory

Authority

Revenue,

Series

A

Continuously

Callable

@100

...................................................

5.00 2/15/31

1,020

4,710

New

York

State

Thruway

Authority

Revenue,

Series

A

Continuously

Callable

@100

5.00 3/15/35

5,215

1,795

New

York

Transportation

Development

Corp.

Revenue

(AMT)

..............

5.00 12/1/27

1,846

1,750

New

York

Transportation

Development

Corp.

Revenue

Continuously

Callable

@100

(AGM)

..................................................

6.00 6/30/43

1,936

4,970

Port

Authority

of

New

York

&

New

Jersey

Revenue,

Series

Continuously

Callable

@100

(AMT)

.......................................

4.00 3/15/30

5,032

34,836

North

Carolina

—

0.57%

820

City

of

Fayetteville

NC

Public

Works

Commission

Revenue

................

5.00 3/1/31

906

1,130

Nash

Health

Care

Systems

Revenue

Continuously

Callable

@100

............

5.50 2/1/43

1,224

1,000

The

Charlotte-Mecklenburg

Hospital

Authority

Revenue,

Series

SE

...........

5.00(a)

1/15/50

1,057

3,187

Ohio

—

4.20%

3,000

Buckeye

Tobacco

Settlement

Financing

Authority

Revenue,

Series

Continuously

Callable

@100

............................................

5.00 6/1/32

3,188

1,450

City

of

Columbus

OH

Sewerage

Revenue

Continuously

Callable

@100

........

5.00 6/1/29

1,455

5,645

County

of

Allen

OH

Hospital

Facilities

Revenue,

Series

A

Continuously

Callable

@100

...................................................

5.00 11/1/39

6,207

1,000

County

of

Butler

OH

Revenue,

Series

X

..............................

5.00 5/15/29

1,066

800

County

of

Montgomery

OH

Revenue

Continuously

Callable

@100

...........

5.00 8/1/33

862

1,130

County

of

Warren

OH

Revenue

Continuously

Callable

@100

...............

5.00 7/1/36

1,219

3,050

Ohio

Water

Development

Authority

Water

Pollution

Control

Loan

Fund

Revenue,

Series

B

Continuously

Callable

@100

............................

5.00 6/1/35

3,450

2,000

State

of

Ohio

Revenue

...........................................

2.75(a)

1/1/52

1,979

HC

CAPITAL

TRUST

The

Intermediate

Term

Municipal

Bond

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) Municipal

Bonds

(continued)

Ohio

(continued)

$

950

Summit

County

Development

Finance

Authority

Revenue,

Series

A

Continuously

Callable

@100

(BAM)

.......................................

5.00 7/1/37

$

1,019

1,045

The

Ohio

State

University

Revenue,

Series

A

...........................

5.00 6/1/35

1,202

775

University

of

Cincinnati

Revenue,

Series

A

............................

5.00 6/1/26

778

1,150

University

of

Cincinnati

Revenue,

Series

A

Continuously

Callable

@100

.......

5.25 6/1/43

1,255

23,680

Oklahoma

—

0.48%

1,925

Grand

River

Dam

Authority

Revenue,

Series

A

Continuously

Callable

@100

....

5.00 6/1/37

2,147

530

Oklahoma

Municipal

Power

Authority

Revenue,

Series

A

Continuously

Callable

@100

(AGM)

.............................................

4.00 1/1/32

554

2,701

Oregon

—

1.50%

1,250

Clackamas

Community

College

District,

GO

Continuously

Callable

@100

(SCH

BD

GTY)

...................................................

5.00 6/15/44

1,347

2,000

Multnomah

County

School

District

No.

1J

Portland,

GO

(SCH

BD

GTY)

.......

5.00 6/15/29

2,150

2,500

Port

of

Portland

OR

Airport

Revenue,

Series

Continuously

Callable

@100

(AMT)

5.00 7/1/35

2,717

2,000

Portland

Community

College

District,

GO

Continuously

Callable

@100

.......

5.00 6/15/35

2,240

8,454

Pennsylvania

—

5.09%

1,000

City

of

Philadelphia

PA

Water

&

Wastewater

Revenue,

Series

B

.............

5.00 11/1/27

1,037

1,000

City

of

Philadelphia

PA

Water

&

Wastewater

Revenue,

Series

B

(AGM)

........

5.00 9/1/29

1,072

1,735

City

of

Philadelphia

PA,

GO,

Series

B

Continuously

Callable

@100

..........

5.00 2/1/31

1,841

2,600

City

of

Philadelphia

PA,

GO,

Series

B

Continuously

Callable

@100

..........

5.00 2/1/30

2,789

1,000

Commonwealth

Financing

Authority

Revenue

Continuously

Callable

@100

....

5.00 6/1/32

1,036

1,860

Luzerne

County

Industrial

Development

Authority

Revenue

Continuously

Callable

@100

(AMT)

.............................................

2.45(a)

12/1/39

1,723

4,000

Montgomery

County

Industrial

Development

Authority

Revenue,

Series

A

Continuously

Callable

@103

..................................

5.00 11/15/42

4,143

3,625

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Continuously

Callable

@100

(AMT)

.......................................

5.00 12/31/33

3,894

1,000

Pennsylvania

Economic

Development

Financing

Authority

Revenue,

Series

B

Continuously

Callable

@100

..................................

5.00 3/15/38

1,069

1,000

Pennsylvania

Higher

Education

Assistance

Agency

Revenue,

Series

1A

(AMT)

...

5.00 6/1/32

1,052

1,000

Pennsylvania

Higher

Education

Assistance

Agency

Revenue,

Series

A

(AMT)

....

5.00 6/1/29

1,048

1,100

Pennsylvania

Turnpike

Commission

Revenue

Continuously

Callable

@100

.....

5.00 12/1/41

1,171

2,455

Pennsylvania

Turnpike

Commission

Revenue,

Series

Continuously

Callable

@100

5.00 6/1/35

2,776

1,620

Pennsylvania

Turnpike

Commission

Revenue,

Series

A

Continuously

Callable

@100

...................................................

5.00 12/1/44

1,673

1,130

Temple

University-of

The

Commonwealth

System

of

Higher

Education

Revenue

Continuously

Callable

@100

(AGM)

.............................

5.00 4/1/40

1,243

1,000

The

School

District

of

Philadelphia,

GO,

Series

A

Continuously

Callable

@100

(State

Aid

Withholding)

......................................

5.25 9/1/36

1,099

28,666

Rhode

Island

—

0.60%

730

Rhode

Island

Health

and

Educational

Building

Corp.

Revenue,

Series

A

Continuously

Callable

@100

(AGM)

.............................

5.00 7/1/39

765

1,875

Rhode

Island

Student

Loan

Authority

Revenue,

Series

A

(AMT)

.............

5.00 12/1/29

1,981

625

Rhode

Island

Student

Loan

Authority

Revenue,

Series

A

(AMT)

.............

5.00 12/1/29

651

3,397

South

Carolina

—

0.51%

1,000

Piedmont

Municipal

Power

Agency

Revenue,

Series

B

....................

5.00 1/1/29

1,055

1,000

South

Carolina

Public

Service

Authority

Revenue,

Series

A

................

5.00 12/1/31

1,121

680

South

Carolina

Public

Service

Authority

Revenue,

Series

A

................

5.00 12/1/27

709

2,885

HC

CAPITAL

TRUST

The

Intermediate

Term

Municipal

Bond

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) Municipal

Bonds

(continued)

Tennessee

—

1.34%

$

1,215

County

of

Hamblen

TN,

GO

......................................

5.00 5/1/29

$

1,299

1,235

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facs

Bd

Revenue

..............................................

5.00 5/1/31

1,337

1,000

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facs

Bd

Revenue

Continuously

Callable

@100

.........................

5.00 5/1/35

1,068

1,000

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facs

Bd

Revenue,

Series

A

.......................................

5.00 7/1/34

1,121

500

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facs

Bd

Revenue,

Series

A

.......................................

5.00 7/1/29

532

1,350

Metropolitan

Government

of

Nashville

&

Davidson

County

TN,

GO

Continuously

Callable

@100

............................................

4.00 7/1/33

1,377

730

Metropolitan

Government

of

Nashville

&

Davidson

County

TN,

GO,

Series

A

...

5.00 1/1/32

811

7,545

Texas

—

8.66%

1,025

Arlington

Higher

Education

Finance

Corp.

Revenue

(PSF-GTD)

.............

5.00 8/15/27

1,056

1,000

Arlington

Higher

Education

Finance

Corp.

Revenue

Continuously

Callable

@100

(PSF-GTD)

...............................................

5.00 8/15/39

1,082

2,500

Central

Texas

Turnpike

System

Revenue,

Series

C

Continuously

Callable

@100

.

5.00 8/15/37

2,745

920

City

of

College

Station

TX,

GO

....................................

5.00 2/15/31

1,004

850

City

of

Houston

Tx

Hotel

Occupancy

Tax

Special

Revenue,

Series

C

Continuously

Callable

@100

(AGM)

.......................................

5.00 9/1/43

918

City

of

Pearland

TX,

GO

Continuously

Callable

@100

....................

5.00 3/1/29

670

City

of

Round

Rock

TX,

GO

Continuously

Callable

@100

.................

5.00 8/15/39

739

1,300

City

of

San

Antonio

TX

Electric

&

Gas

Systems

Revenue,

Series

B

...........

4.00 2/1/33

1,369

980

City

of

San

Antonio

TX

Electric

&

Gas

Systems

Revenue,

Series

B

...........

5.00 2/1/32

1,092

6,000

Clifton

Higher

Education

Finance

Corp.

Revenue,

Series

A

Continuously

Callable

@100

(PSF-GTD)

..........................................

5.00 2/15/38

6,465

950

Clifton

Higher

Education

Finance

Corp.

Revenue,

Series

T

Continuously

Callable

@100

(PSF-GTD)

..........................................

4.00 8/15/34

971

1,545

County

of

Harris

TX

Revenue,

Series

A

Continuously

Callable

@100

.........

5.00 8/15/30

1,558

4,730

Dallas

Area

Rapid

Transit

Revenue

Continuously

Callable

@100

............

5.00 12/1/33

5,039

545

Dallas

Fort

Worth

International

Airport

Revenue

........................

5.00 11/1/30

598

1,700

El

Paso

County

Hospital

District,

GO

Continuously

Callable

@100

(AGM)

.....

5.00 2/15/39

1,814

1,500

Harris

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

Continuously

Callable

@100

............................................

5.00 10/1/27

1,502

2,100

Harris

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

..........

5.00 11/15/27

2,139

655

Love

Field

Airport

Modernization

Corp.

Revenue

Continuously

Callable

@100

..

5.00 11/1/28

655

530

Lower

Colorado

River

Authority

Revenue

(AGM)

.......................

5.00 5/15/29

565

1,000

Lower

Colorado

River

Authority

Revenue

Continuously

Callable

@100

(AGM)

..

5.00 5/15/34

1,104

2,180

Lower

Colorado

River

Authority

Revenue

Continuously

Callable

@100

.......

5.00 5/15/32

2,337

2,410

Midland

Independent

School

District,

GO

Continuously

Callable

@100

(PSF-GTD)

5.00 2/15/37

2,651

1,545

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

Continuously

Callable

@103

............................................

5.00 10/1/36

1,657

1,280

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

Revenue,

Series

A

Continuously

Callable

@100

..................................

5.00 7/1/32

1,389

2,000

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

Revenue,

Series

A

Continuously

Callable

@100

..................................

5.00(a)

7/1/53

2,157

3,500

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

IV

Revenue,

Series

B

Continuously

Callable

@100

..................................

5.50(a)

1/1/54

3,816

900

Texas

Municipal

Power

Agency

Revenue

Continuously

Callable

@100

(BAM)

...

5.00 9/1/41

969

925

Texas

Transportation

Commission,

GO

...............................

5.00 4/1/32

1,033

48,730

Vermont

—

0.22%

1,200

Vermont

Student

Assistance

Corp.

Revenue,

Series

A

.....................

5.00 6/15/33

1,252

HC

CAPITAL

TRUST

The

Intermediate

Term

Municipal

Bond

Portfolio

Portfolio

of

Investments

(continued)

—

March

31,

2026

(Unaudited)

Principal

Amount

(000) Security

Description

Rate

%

Maturity

Date

Value

(000) Municipal

Bonds

(continued)

Virginia

—

0.15%

$

760

Chesterfield

County

Economic

Development

Authority

Revenue

Continuously

Callable

@100

............................................

5.00 4/1/38

$

844

Washington

—

3.94%

790

City

of

Seattle

WA

Municipal

Light

&

Power

Revenue

....................

5.00 2/1/32

879

955

City

of

Seattle

WA,

GO

Continuously

Callable

@100

.....................

5.00 5/1/38

1,057

1,550

Kitsap

County

School

District

No

100-C

Bremerton,

GO,

Series

C

Continuously

Callable

@100

(SCH

BD

GTY)

................................

5.00 12/1/36

1,731

1,500

Port

of

Seattle

WA

Revenue

(AMT)

..................................

5.00 4/1/26

1,500

1,555

Port

of

Seattle

WA

Revenue

Continuously

Callable

@100

(AMT)

............

5.00 8/1/33

1,697

3,665

Port

of

Seattle

WA

Revenue,

Series

B

Continuously

Callable

@100

...........

5.00 7/1/36

3,986

715

Snohomish

County

Public

Utility

District

No.

Electric

System

Revenue,

Series

A

5.00 12/1/35

818

1,300

State

of

Washington,

GO,

Series

C

Continuously

Callable

@100

.............

5.00 2/1/33

1,422

790

State

of

Washington,

GO,

Series

C

..................................

5.00 2/1/32

879

7,065

State

of

Washington,

GO,

Series

R-2017A

Continuously

Callable

@100

.......

5.00 8/1/32

7,110

1,000

University

of

Washington

Revenue,

Series

A

Continuously

Callable

@100

......

5.00 4/1/37

1,127

22,206

Wisconsin

—

3.19%

580

Madison

Metropolitan

School

District

Continuously

Callable

@100

..........

5.00 3/1/34

618

2,500

Public

Finance

Authority

Revenue

Continuously

Callable

@100

.............

5.00 7/1/35

2,738

540

Public

Finance

Authority

Revenue

..................................

5.00 6/1/32

564

1,250

Public

Finance

Authority

Revenue

..................................

5.00 6/1/31

1,305

600

Public

Finance

Authority

Revenue,

Series

A

Continuously

Callable

@100

(BAM)

.

5.00 7/1/38

634

3,455

Public

Finance

Authority

Revenue,

Series

..........................

3.70(a)

10/1/46

3,424

1,000

Racine

Unified

School

District,

GO

Continuously

Callable

@100

(AGM)

.......

4.00 4/1/44

963

1,000

University

of

Wisconsin

Hospitals

&

Clinics

Revenue,

Series

B

Continuously

Callable

@102

............................................

5.00(a)

4/1/54

1,074

1,000

West

Allis

West

Milwaukee

School

District,

GO

Continuously

Callable

@100

...

3.00 4/1/38

914

1,100

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

..............

4.00 11/15/26

1,108

2,460

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue,

Series

A

Continuously

Callable

@100

..................................

5.00 11/15/35

2,464

2,000

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue,

Series

A

Continuously

Callable

@100

(AGM)

.............................

5.00 8/15/40

2,154

17,960

Total

Municipal

Bonds

(cost

$477,416)

..............................

476,692

Shares

Investment

Companies

—

14.17%

Domestic

Fixed

Income

—

12.00%

453,640

AllianceBernstein

National

Municipal

Income

Fund,

Inc.

..................

4,849

319,133

BlackRock

Municipal

2030

Target

Term

Trust

..........................

7,244

371,024

BlackRock

MuniHoldings

California

Quality

Fund,

Inc.

...................

3,859

453,034

BlackRock

MuniHoldings

Fund,

Inc.

.................................

5,110

225,559

BlackRock

MuniYield

New

York

Quality

Fund,

Inc.

......................

2,165

527,505

BlackRock

MuniYield

Quality

Fund

III,

Inc.

...........................

5,544

524,838

BlackRock

MuniYield

Quality

Fund,

Inc.

..............................

5,763

270,829

BNY

Mellon

Strategic

Municipals,

Inc.

...............................

1,704

71,012

DTF

Tax-Free

Income

2028

Term

Fund,

Inc.

...........................

813

229,813

Eaton

Vance

Municipal

Bond

Fund

..................................

2,245

157,714

Federated

Hermes

Premier

Municipal

Income

Fund

......................

1,724

117,331

iShares

National

Muni

Bond

ETF

...................................

12,454

475,885

MFS

High

Income

Municipal

Trust

..................................

1,766

676,122

MFS

High

Yield

Municipal

Trust

....................................

2,421

87,267

NYLI

MacKay

DefinedTerm

Muni

Opportunities

Fund

....................

1,296

HC

CAPITAL

TRUST

The

Intermediate

Term

Municipal

Bond

Portfolio

Portfolio

of

Investments

(concluded)

—

March

31,

2026

(Unaudited)

The

following

table

reflects

the

percentage

of

total

net

assets

of

the

Portfolio

attributable

to

each

Specialist

Manager

as

of

March

31,

2026. Shares

Security

Description

Rate

%

Maturity

Date

Value

(000) Investment

Companies

(continued)

Domestic

Fixed

Income

(continued)

201,590

PIMCO

California

Municipal

Income

Fund

............................

$

1,730

461,349

PIMCO

Municipal

Income

Fund

II

..................................

3,492

333,471

Western

Asset

Managed

Municipals

Fund,

Inc.

..........................

3,428

67,607

Money

Market

Funds

—

2.17%

12,204,254

BlackRock

Liquidity

Funds

MuniCash

................................

2.23(c)

12,206

Total

Investment

Companies

(cost

$80,230)

...........................

79,813

Total

Investments

(cost

$557,646)

—

98.81%

.........................

556,505

Other

assets

in

excess

of

liabilities

—

1.19%

..........................

6,725

Net

Assets

—

100.00%

..........................................

$

563,230

(a) Interest

rate

is

determined

by

the

Remarketing

Agent. The

rate

disclosed

is

the

rate

in

effect

on

March

31,

2026. (b) Represents

a

security

purchased

under

Rule

144A

or

Section

4(2)

and

is

exempt

from

registration

under

the

Securities

Act

of

1933,

as

amended,

or

is

otherwise

restricted

to

resale.

Certain

of

these

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

These

securities

have

been

deemed

liquid

by

the

Specialist

Manager.

(c) Annualized

7-day

yield

as

of

period-end.

AGM—Assured

Guaranty

Municipal

Corporation

AMT—Alternative

Minimum

Tax

BAM—Build

America

Mutual

ETF

—

Exchange-Traded

Fund

GO—General

Obligation

PSF-GTD—Public

School

Fund

Guaranteed

SCH

BD

GTY—School

Board

Guaranty

The

Intermediate

Term

Municipal

Bond

Portfolio

Insight

North

America

LLC

Breckinridge

Capital

Advisors,

Inc

City

of

London

Investment

Management

Company,

Limited

HC

Capital

Solutions

Total

Municipal

Bonds

.....................................................................................................

76.87 %

7.77 %

—

—

84.64 %

Investment

Companies

............................................................................................

0.10 %

—

12.00 %

2.07 %

14.17 %

Other

Assets

(Liabilities)

........................................................................................

0.84 %

0.13 %

0.31 %

(0.09)

%

1.19 %

Total

Net

Assets

.................................................................................................

77.81 %

7.90 %

12.31 %

1.98 %

100.00 %

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** HC Capital Trust

- **b. Investment Company Act file number:** 811-08918

- **c. CIK number of Registrant:** 0000934563

- **d. LEI of Registrant:** 549300WBB2KZ0XDJW948

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** Five Tower Bridge, 300 Barr Harbor

  - **City:** West Conshohocken

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19428

  - **Telephone number:** 610-828-7200

**Item A.2. Information about the Series.**

- **a. Name of Series:** The Intermediate Term Municipal Bond Portfolio

- **b. EDGAR series identifier (if any):** S000009376

- **c. LEI of Series:** 549300ZT01LGEDY4WA93

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-06-30

- **b. Date as of which information is reported:** 2026-03-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $564876109.89

**Total Liabilities:** $1764027.53

**Net Assets:** $563112082.36

**Cash Not Reported:** $1836338.23

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** -1122.42634085 | **1-Year:** -20274.64171814 | **5-Year:** -94693.48173833 | **10-Year:** -144559.65222520 | **30-Year:** -28783.92698838

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000025691 | 1.11%                | 1.15%                | -2.39%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-10925.71               | $4690080.82                                |
| Month 2  | $259483.30               | $4929110.56                                |
| Month 3  | $309670.10               | $-15632033.09                              |

### Schedule of Portfolio Investments

| Name                                                                                | Title                                              | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| MASSACHUSETTS ST                                                                    | MASSACHUSETTS ST                                   | CUSIP: 57582R2S4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    780000 | PA      | $874364.93    | 0.16%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROUND ROCK TEX                                                                      | CITY OF ROUND ROCK TX                              | CUSIP: 779223KC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    670000 | PA      | $739251.56    | 0.13%             | 2039-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY PA INDL DEV AUTH RETIREMENT CMNTY REV                               | MONTGOMERY COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY | CUSIP: 61360PCY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4143519.98   | 0.74%             | 2042-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS LEASE REV                                                       | PUBLIC FINANCE AUTHORITY                           | CUSIP: 74445HAL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2737691.91   | 0.49%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST BLDG EXCELLENT SCHS TODAY CTFS PARTN                                    | STATE OF COLORADO                                  | CUSIP: 19668QKE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3740000 | PA      | $3894685.37   | 0.69%             | 2029-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOWARD CNTY MD                                                                      | COUNTY OF HOWARD MD                                | CUSIP: 44256PP98<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1190000 | PA      | $1329524.15   | 0.24%             | 2034-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST SALES TAX REV                                                           | STATE OF ILLINOIS SALES TAX REVENUE                | CUSIP: 452227VP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5945000 | PA      | $6285832.99   | 1.12%             | 2043-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ECONOMIC DEV FING AUTH UPMC REV                                        | PENNSYLVANIA ECONOMIC DEVELOPMENT FINANCING        | CUSIP: 70870JHN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1069167.91   | 0.19%             | 2038-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Blackrock Muniyield Quality Fund III Inc                                            | BLACKROCK MUNIYIELD QUALITY FUND III INC           | CUSIP: 09254E103<br>LEI: UB5J2GS6Q51M6A2L8886 | Long             |  | RF                | US        |    527505 | NS      | $5544081.97   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| LOWER COLO RIV AUTH TEX TRANSMISSION CONTRACT REV                                   | LOWER COLORADO RIVER AUTHORITY                     | CUSIP: 54811BG21<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1103744.88   | 0.20%             | 2034-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLIFTON TEX HIGHER ED FIN CORP ED REV                                               | CLIFTON HIGHER EDUCATION FINANCE CORP              | CUSIP: 187145PW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    950000 | PA      | $971282.43    | 0.17%             | 2034-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN GOVT NASHVILLE & DAVIDSON CNTY TENN                                    | METROPOLITAN GOVERNMENT OF NASHVILLE DAVIDSON CO   | CUSIP: 592112XK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    730000 | PA      | $810553.24    | 0.14%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HIGHER ED ASSISTANCE AUTH STUD LN                                     | NEW JERSEY HIGHER EDUCATION STUDENT ASSISTANCE AUT | CUSIP: 646080WM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1725000 | PA      | $1827933.48   | 0.32%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST TRANSN AUTH PASSENGER FAC CHARGE REV                                    | MARYLAND STATE TRANSPORTA                          | CUSIP: 57429NCR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2090000 | PA      | $2171003.88   | 0.39%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OMAHA NEB SAN SEW REV                                                               | OMAHA NE SANTN SWR REVENUE                         | CUSIP: 681810MS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1029105.03   | 0.18%             | 2031-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSN TR FD AUTH                                                     | NEW JERSEY TRANSPORTATION TRUST FUND AUTHORITY     | CUSIP: 64613CAN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1079260.14   | 0.19%             | 2030-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GREAT LAKES WTR AUTH MICH SEW DISP SYS REV                                          | GREAT LAKES MI WTR AUTH SEWAGE DISPOSAL SYS        | CUSIP: 39081HEQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1386271.66   | 0.25%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT PORTLAND ORE ARPT REV                                                          | PORT OF PORTLAND OR ARPT REVENUE                   | CUSIP: 7352402Z5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2717176.41   | 0.48%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEA FLA ELEC SYS REV                                                                | JEA ELECTRIC SYSTEM REVENUE                        | CUSIP: 46613SQH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2030000 | PA      | $2156368.75   | 0.38%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST                                                                        | STATE OF MINNESOTA                                 | CUSIP: 60412AD83<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1687609.37   | 0.30%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY WASH UNIV REVS                                                           | UNIVERSITY OF WASHINGTON                           | CUSIP: 91523NA30<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1126987.29   | 0.20%             | 2037-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HEALTH & EDL FACS AUTH REV                                           | CONNECTICUT STATE HEALTH AND EDUCATION             | CUSIP: 20774Y6T9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1085000 | PA      | $1100558.51   | 0.20%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOVE FIELD ARPT MODERNIZATION CORP TEX SPL FACS REV                                 | LOVE FIELD TX ARPT MODERNIZATION CORP              | CUSIP: 54714FAG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    655000 | PA      | $655101.77    | 0.12%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAINE FIN AUTH STUDENT LN REV                                                       | FINANCE AUTHORITY OF MAINE                         | CUSIP: 56042TBP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1025000 | PA      | $1038856.67   | 0.18%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK TRANSN DEV CORP SPL FAC REV                                                | NEW YORK TRANSPORTATION DEVELOPMENT CORP           | CUSIP: 650116JF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1936359.85   | 0.34%             | 2043-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CANYONS MET DIST NO 5 COLO                                                          | CANYONS METROPOLITAN DISTRICT NO 5                 | CUSIP: 139071AN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $551705.15    | 0.10%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAMBLEN CNTY TENN                                                                   | COUNTY OF HAMBLEN TN                               | CUSIP: 406540TE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1215000 | PA      | $1299012.03   | 0.23%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TEX HIGHER ED FIN CORP ED REV                                             | ARLINGTON TX HGR EDU FIN CORP EDU REVENUE          | CUSIP: 041806WM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1025000 | PA      | $1056246.61   | 0.19%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSN TR FD AUTH                                                     | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH            | CUSIP: 64613CDY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1936278.73   | 0.34%             | 2036-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y CITY MUN WTR FIN AUTH WTR & SWR SYS REV                                | NEW YORK CITY MUNICIPAL WATER FINANCE AUTHORITY    | CUSIP: 64972GD84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1121082.48   | 0.20%             | 2034-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FAYETTEVILLE N C PUB WKS COMMN REV                                                  | FAYETTEVILLE NC PUBLIC WKS COMMISSION              | CUSIP: 312805NZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    820000 | PA      | $905599.56    | 0.16%             | 2031-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ERNEST N MORIAL-NEW ORLEANS LA EXHIB HALL AUTH SPL TAX                              | ERNEST N MORIAL NEW ORLEANS EXHIBITION HALL        | CUSIP: 295852KV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2180000 | PA      | $2325468.04   | 0.41%             | 2044-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BALTIMORE CNTY MD                                                                   | COUNTY OF BALTIMORE MD                             | CUSIP: 05914FW55<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2048808.05   | 0.36%             | 2033-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DALLAS TEX AREA RAPID TRAN SALES TAX REV                                            | DALLAS AREA RAPID TRANSIT                          | CUSIP: 235241TG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4730000 | PA      | $5038901.63   | 0.89%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ONTARIO CALIF PUB FING AUTH LEASE REV                                               | ONTARIO PUBLIC FINANCING AUTHORITY                 | CUSIP: 68304REE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1025000 | PA      | $1128153.92   | 0.20%             | 2042-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MFS High Yield Municipal Trust                                                      | MFS HIGH YIELD MUNICIPAL TRUST                     | CUSIP: 59318E102<br>LEI: A8WLLLHJKX1MW5QPZU93 | Long             |  | RF                | US        |    676122 | NS      | $2420516.76   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| ILLINOIS FIN AUTH REV                                                               | ILLINOIS ST FIN AUTH REVENUE                       | CUSIP: 45204FEH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1376963.87   | 0.24%             | 2050-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TEX ELEC & GAS REV                                                      | CITY OF SAN ANTONIO TX ELECTRIC GAS SYSTEMS REVE   | CUSIP: 79625GMM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    980000 | PA      | $1092114.44   | 0.19%             | 2032-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH ST PERS INCOME TAX REV                                        | NEW YORK STATE DORMITORY AUTHORITY                 | CUSIP: 64990F2Z6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1020201.59   | 0.18%             | 2031-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OMAHA NEB SAN SEW REV                                                               | OMAHA NE SANTN SWR REVENUE                         | CUSIP: 681810MT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1025279.21   | 0.18%             | 2032-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FLA WTR & SWR REV                                                   | MIAMI DADE CNTY FL WTR SWR REVENUE                 | CUSIP: 59334DPE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2833849.65   | 0.50%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST EDL FACS AUTH REV                                                     | NEW JERSEY EDUCATIONAL FACILITIES AUTHORITY        | CUSIP: 646067KE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2815000 | PA      | $3328158.60   | 0.59%             | 2064-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLUMBUS OHIO SWR REV                                                               | CITY OF COLUMBUS OH SEWERAGE REVENUE               | CUSIP: 199561GN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1454784.88   | 0.26%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST PORT AUTH REV                                                      | MASSACHUSETTS PORT AUTHORITY                       | CUSIP: 575896YQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1635532.57   | 0.29%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EATON VANCE MUNICIPAL BOND FUND                                                     | EATON VANCE MUNICIPAL BOND FUND                    | CUSIP: 27827X101<br>LEI: 5493006Q4EBOXVQBQD12 | Long             |  | RF                | US        |    229813 | NS      | $2245273.01   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| MADISON WIS MET SCH DIST                                                            | MADISON WI MET SCH DIST                            | CUSIP: 558495PU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    580000 | PA      | $618498.94    | 0.11%             | 2034-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHANDLER ARIZ INDL DEV AUTH INDL DEV REV                                            | CHANDLER INDUSTRIAL DEVELOPMENT AUTHORITY          | CUSIP: 158862CE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3425000 | PA      | $3468984.46   | 0.62%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CALIF DEPT WTR & PWR REV                                                | LOS ANGELES DEPARTMENT OF WATER POWER              | CUSIP: 544532QJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1121330.26   | 0.20%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DISTRICT COLUMBIA HOSP REV                                                          | DISTRICT OF COLUMBIA HOSP REVENUE                  | CUSIP: 254764JW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2502135.20   | 0.44%             | 2032-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MANATEE CNTY FLA SCH BRD CTFS PARTN                                                 | MANATEE COUNTY SCHOOL DISTRICT                     | CUSIP: 56185NHP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    530000 | PA      | $595563.45    | 0.11%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST UNIV GEN RCPTS                                                              | OHIO STATE UNIVERSITY THE                          | CUSIP: 677632T92<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1045000 | PA      | $1201942.96   | 0.21%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HOSP REV                                                                    | STATE OF OHIO                                      | CUSIP: 67756CFW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1979493.96   | 0.35%             | 2052-01-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| GRAND RIVER DAM AUTH OKLA REV                                                       | GRAND RIVER DAM AUTHORITY                          | CUSIP: 386442ZU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1925000 | PA      | $2146919.60   | 0.38%             | 2037-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY INST TECHNOLOGY                                                          | NEW JERSEY INSTITUTE OF TECHNOLOGY                 | CUSIP: 64579REA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2145430.96   | 0.38%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OAKLAND UNIV MICH REV                                                               | OAKLAND UNIVERSITY                                 | CUSIP: 673588MH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $838925.82    | 0.15%             | 2045-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST ALA GAS SUPPLY REV                                       | BLACK BELT ENERGY GAS DIST AL GAS SPLY REVENUE     | CUSIP: 09182NCT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1593673.49   | 0.28%             | 2053-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TEXAS TRANSN COMMN CENT TEX TPK SYS REV                                             | TEXAS ST TRANSPRTN COMMISSION CENTRAL TX           | CUSIP: 88283KCC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2745344.85   | 0.49%             | 2037-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y CITY TRANSITIONAL FIN AUTH REV                                         | NEW YORK CITY TRANSITIONAL FINANCE AUTHORITY       | CUSIP: 64972JJP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    930000 | PA      | $1031275.69   | 0.18%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN AUTH REV                                                               | ILLINOIS ST FIN AUTH REVENUE                       | CUSIP: 45204FWF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1390000 | PA      | $1566004.30   | 0.28%             | 2034-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PIMCO CALIFORNIA MUNICIPAL INCOME FUND                                              | PIMCO CALIFORNIA MUNICIPAL INCOME FUND             | CUSIP: 72200N106<br>LEI: M4DHYCROG6SFNO22X437 | Long             |  | RF                | US        |    201590 | NS      | $1729642.20   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| BNY Mellon Strategic Municipals Inc                                                 | BNY MELLON STRATEGIC MUNICIPALS INC                | CUSIP: 05588W108<br>LEI: 549300FH0LKMOBY7N332 | Long             |  | RF                | US        |    270829 | NS      | $1703514.41   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| LOWER COLO RIV AUTH TEX TRANSMISSION CONTRACT REV                                   | LOWER COLORADO RIVER AUTHORITY                     | CUSIP: 54811BF55<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    530000 | PA      | $565146.45    | 0.10%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS EDL FAC REV                                                     | PUBLIC FINANCE AUTHORITY                           | CUSIP: 74443DMV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    540000 | PA      | $563744.89    | 0.10%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALLIANCEBERNSTEIN NATIONAL MUNICIPAL INCOME FUND, INC.                              | ALLIANCEBERNSTEIN NATIONAL MUNICIPAL INCOME FUND I | CUSIP: 01864U106<br>LEI: MNYPOOOZYY8V01GEIT28 | Long             |  | RF                | US        |    453640 | NS      | $4849411.60   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| NEW YORK N Y                                                                        | CITY OF NEW YORK NY                                | CUSIP: 64966SPZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    740000 | PA      | $821376.36    | 0.15%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY REV                                                    | MASSACHUSETTS DEVELOPMENT FINANCE AGENCY           | CUSIP: 57585BRG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2689556.17   | 0.48%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST TOLL HWY AUTH TOLL HIGHWAY REV                                          | ILLINOIS STATE TOLL HIGHWAY AUTHORITY              | CUSIP: 452252NF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $902102.60    | 0.16%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL TRAN AUTH SALES TAX RCPTS REV                                           | CHICAGO TRANSIT AUTH SALES TAX RECEIPTS REVENUE    | CUSIP: 16772PEE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1465000 | PA      | $1638539.66   | 0.29%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST                                                                       | STATE OF NEW JERSEY                                | CUSIP: 646039YQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1164145.78   | 0.21%             | 2031-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BLACKROCK MUNIHOLDINGS CALIFORNIA QUALITY FUND, INC.                                | BLACKROCK MUNIHOLDINGS CALIFORNIA QUALITY FUND INC | CUSIP: 09254L107<br>LEI: NKJSRCJXMS5PZYPXY795 | Long             |  | RF                | US        |    371024 | NS      | $3858649.60   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| ST JOSEPH MO SCH DIST                                                               | SAINT JOSEPH MO SCH DIST                           | CUSIP: 790790FK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    995000 | PA      | $1017858.14   | 0.18%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PALM BEACH CNTY FLA SCH BRD CTFS PARTN                                              | PALM BEACH CTNY FL SCH BRD                         | CUSIP: 696550L26<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1025000 | PA      | $1120657.82   | 0.20%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST HOSP FIN AUTH REV                                                       | MICHIGAN STATE HOSPITAL FINANCE AUTHORITY          | CUSIP: 59465HYB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2208313.55   | 0.39%             | 2033-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST DEPT TRANSN CONS TRANSN                                                 | STATE OF MARYLAND DEPARTMENT OF TRANSPORTATION     | CUSIP: 574204Q48<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2191558.44   | 0.39%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE-MECKLENBERG HOSP AUTH N C HEALTH CARE SYS REV                             | CHARLOTTE MECKLENBURG HOSPITAL AUTHORITY THE       | CUSIP: 160853VE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1056841.53   | 0.19%             | 2050-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y CITY TRANSITIONAL FIN AUTH REV                                         | NEW YORK CITY TRANSITIONAL FINANCE AUTHORITY       | CUSIP: 64972JDE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1670325.77   | 0.30%             | 2036-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY INC KY PUB ENERGY AUTH GAS SUPLLY REV                                      | KENTUCKY PUBLIC ENERGY AUTHORITY                   | CUSIP: 74440DFQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3033446.61   | 0.54%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                                 | STATE OF CALIFORNIA                                | CUSIP: 13063DS33<br>LEI: 9845007J7054602FF597 | Long             | DBT              |  | US        |   2000000 | PA      | $2254426.65   | 0.40%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TEX HOTEL OCCUPANCY TAX & SPL REV                                           | CITY OF HOUSTON TX HOTEL OCCUPANCY TAX SPECIAL R   | CUSIP: 44237NMN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $918228.33    | 0.16%             | 2043-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET GOVT NASHVILLE & DAVIDSON CNTY TENN H & E FACS BRD REV                          | METROPOLITAN GOVERNMENT NASHVILLE DAVIDSON COUNT   | CUSIP: 592041A23<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $532498.07    | 0.09%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST ALA GAS PROJ REV                                         | BLACK BELT ENERGY GAS DISTRICT                     | CUSIP: 09182TEW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008750.00   | 0.18%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| REGIONAL SCH UNIT NO 14 ME                                                          | REGIONAL SCHOOL UNIT NO 14                         | CUSIP: 75915PAU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1089849.87   | 0.19%             | 2042-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL                                                                         | CITY OF CHICAGO IL                                 | CUSIP: 167486M55<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2335000 | PA      | $2214743.53   | 0.39%             | 2036-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                                                            | MINNESOTA HOUSING FINANCE AGENCY                   | CUSIP: 60416TUB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1985000 | PA      | $2091650.30   | 0.37%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SALES TAX SECURITIZATION CORP ILL                                                   | SALES TAX SECURITIZATION CORP IL                   | CUSIP: 79467BGV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1270000 | PA      | $1382273.17   | 0.25%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BlackRock Liquidity Funds: MuniCash; Institutional Shares                           | BLACKROCK LIQUIDITY FUNDS MUNICASH                 | CUSIP: 09248U841<br>LEI: N/A                  | Long             | STIV             | RF                | US        |  12204254 | NS      | $12205468.68  | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| MFS High Income Municipal Trust                                                     | MFS HIGH INCOME MUNICIPAL TRUST                    | CUSIP: 59318D104<br>LEI: 0G9TCUWY2FBUXSJY2691 | Long             |  | RF                | US        |    475885 | NS      | $1765533.35   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| RHODE IS ST STUDENT LN AUTH ED LN REV                                               | RHODE ISLAND ST STUDENT LOAN AUTH LOAN REVENUE     | CUSIP: 762323BC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $650510.37    | 0.12%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY CINCINNATI OHIO GEN RCPTS                                                | UNIVERSITY OF CINCINNATI OH RECPTS                 | CUSIP: 914119W57<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    775000 | PA      | $778125.34    | 0.14%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS EDL FAC REV                                                     | PUBLIC FINANCE AUTHORITY                           | CUSIP: 74443DMU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1304971.03   | 0.23%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALBUQUERQUE N MEX MUN SCH DIST NO 012                                               | ALBUQUERQUE NM MUNI SCH DIST 12                    | CUSIP: 013595VR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1025000 | PA      | $1076380.32   | 0.19%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST                                                                         | MARYLAND ST                                        | CUSIP: 574193SH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1240000 | PA      | $1345807.64   | 0.24%             | 2031-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN FIN AUTH REV                                                               | MICHIGAN FINANCE AUTHORITY                         | CUSIP: 59447T4A8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6011132.14   | 1.07%             | 2044-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TWY AUTH ST PERS INCOME TAX REV                                         | NEW YORK STATE THRUWAY AUTHORITY                   | CUSIP: 650028YM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4710000 | PA      | $5214489.63   | 0.93%             | 2035-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN WASH D C ARPTS AUTH ARPT SYS REV                                       | METROPOLITAN WASHINGTON AIRPORTS AUTHORITY AVIATIO | CUSIP: 592647LA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2134088.69   | 0.38%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DALLAS FORT WORTH TEX INTL ARPT REV                                                 | DALLAS FORT WORTH INTERNATIONAL AIRPORT            | CUSIP: 23503CDS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    545000 | PA      | $597946.75    | 0.11%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ECONOMIC DEV AUTH REV                                                    | NEW JERSEY ST ECON DEV AUTH REV                    | CUSIP: 64577XAT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    430000 | PA      | $460083.93    | 0.08%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DELAWARE TRANSN AUTH TRANSN SYS REV                                                 | DELAWARE ST TRANSPRTN AUTH TRANSPRTN               | CUSIP: 246428K54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    620000 | PA      | $673276.50    | 0.12%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST URBAN DEV CORP ST SALES TAX REV                                         | NEW YORK STATE URBAN DEVELOPMENT CORP              | CUSIP: 64985TEB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1165000 | PA      | $1311125.21   | 0.23%             | 2035-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS EDL FING AUTH ED LN REV                                               | MASSACHUSETTS ST EDUCTNL FING AUTH                 | CUSIP: 57563RRM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1454312.68   | 0.26%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA HIGHER ED ASSISTANCE AGY ED LN REV                                     | PENNSYLVANIA HIGHER EDUCATION ASSISTANCE AGENCY    | CUSIP: 70878CAR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1048283.74   | 0.19%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NASH HEALTH CARE SYS NORTH CAROLINA HEALTH CARE FACS REV                            | NASH HEALTH CARE SYSTEMS                           | CUSIP: 631163BL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1130000 | PA      | $1224765.09   | 0.22%             | 2043-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL MIDWAY ARPT REV                                                         | CHICAGO MIDWAY INTERNATIONAL AIRPORT               | CUSIP: 167562TM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4134185.00   | 0.73%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CALIF PUB PWR AUTH SOUTHN TRANSMISSION SYS RENEWAL PROJ REV                | SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY         | CUSIP: 842469CU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1119457.51   | 0.20%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST SPL TAX OBLIG REV                                                    | STATE OF CONNECTICUT SPECIAL TAX REVENUE           | CUSIP: 207758G80<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1647250.93   | 0.29%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY REV                                                    | MASSACHUSETTS DEVELOPMENT FINANCE AGENCY           | CUSIP: 57585BEZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3550000 | PA      | $3900420.50   | 0.69%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA AGRIC & ECONOMIC DEV BRD REV                                              | MINNESOTA AGRICULTURAL ECONOMIC DEVELOPMENT BOAR   | CUSIP: 6049202T4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1926109.35   | 0.34%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York                                                                    | NEW YORK NY                                        | CUSIP: 64966QQP8<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   2890000 | PA      | $3132158.78   | 0.56%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOWER COLO RIV AUTH TEX REV                                                         | LOWER COLORADO RIVER AUTHORITY                     | CUSIP: 54811GH37<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2180000 | PA      | $2336757.13   | 0.41%             | 2032-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAIN STR NAT GAS INC GA GAS SUPPLY REV                                              | MAIN STREET NATURAL GAS INC GA GAS SUPPLY          | CUSIP: 56035DCR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5010288.29   | 0.89%             | 2050-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SEATTLE WASH                                                                        | CITY OF SEATTLE WA                                 | CUSIP: 812627PS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    955000 | PA      | $1057472.09   | 0.19%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| iShares National Muni Bond ETF                                                      | ISHARES NATIONAL MUNI BOND ETF                     | CUSIP: 464288414<br>LEI: N/A                  | Long             |  | RF                | US        |    117331 | NS      | $12454685.65  | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| MIAMI-DADE CNTY FLA                                                                 | MIAMI DADE CNTY FL                                 | CUSIP: 59333FR85<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    960000 | PA      | $1085295.63   | 0.19%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y                                                                        | CITY OF NEW YORK NY                                | CUSIP: 64966SJU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5313900.08   | 0.94%             | 2043-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TEX CULTURAL ED FACS FIN CORP REV                                      | TARRANT COUNTY CULTURAL EDUCATION FACILITIES FINAN | CUSIP: 87638THF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1280000 | PA      | $1388745.15   | 0.25%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                                                         | ILLINOIS ST                                        | CUSIP: 452153GC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1027696.27   | 0.18%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS STUDENT HSG REV                                                 | PUBLIC FINANCE AUTHORITY                           | CUSIP: 74439YGQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $634302.83    | 0.11%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX ARIZ CIVIC IMPT CORP ARPT REV                                               | CITY OF PHOENIX CIVIC IMPROVEMENT CORP             | CUSIP: 71883MPN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1555000 | PA      | $1637841.84   | 0.29%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TEX CULTURAL ED FACS FIN CORP REV                                      | TARRANT COUNTY CULTURAL EDUCATION FACILITIES FINAN | CUSIP: 87638THC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2157080.25   | 0.38%             | 2053-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KANSAS CITY MO WTR REV                                                              | CITY OF KANSAS CITY MO WATER REVENUE               | CUSIP: 485116H83<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1545000 | PA      | $1639621.64   | 0.29%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COMMONWEALTH FING AUTH PA TOB MASTER SETTLEMENT PMT REV                             | COMMONWEALTH FINANCING AUTHORITY                   | CUSIP: 20282EAN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1035921.37   | 0.18%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TEX                                                                     | HARRIS CNTY TX REF SENIOR LIEN SER A               | CUSIP: 414005WK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1545000 | PA      | $1557504.36   | 0.28%             | 2030-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PIEDMONT MUN PWR AGY S C ELEC REV                                                   | PIEDMONT MUNICIPAL POWER AGENCY                    | CUSIP: 720175ZD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1055390.19   | 0.19%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ENERGY SOUTHEAST ALA COOP DIST ENERGY SUPPLY REV                                    | ENERGY SOUTHEAST A COOPERATIVE DISTRICT            | CUSIP: 292723AY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1082707.36   | 0.19%             | 2054-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| RHODE IS ST STUDENT LN AUTH ED LN REV                                               | RHODE ISLAND STUDENT LOAN AUTHORITY                | CUSIP: 762323BY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1875000 | PA      | $1981890.12   | 0.35%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FOREST HILLS MICH PUB SCHS                                                          | FOREST HILLS PUBLIC SCHOOLS MI                     | CUSIP: 345748F28<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1062625.41   | 0.19%             | 2044-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ECONOMIC DEV AUTH REV                                                    | NEW JERSEY ST ECON DEV AUTH REV                    | CUSIP: 64577XEQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1046085.04   | 0.19%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BLACKROCK MUNIHOLDINGS FUND, INC.                                                   | BLACKROCK MUNIHOLDINGS FUND                        | CUSIP: 09253N104<br>LEI: MZBVMGS24JR92TGE6Z32 | Long             |  | RF                | US        |    453034 | NS      | $5110228.35   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| NOVI MICH CMNTY SCH DIST                                                            | NOVI COMMUNITY SCHOOL DISTRICT                     | CUSIP: 670029XH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    790000 | PA      | $791689.89    | 0.14%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN FIN AUTH REV                                                               | MICHIGAN ST FIN AUTH REVENUE                       | CUSIP: 59447TC76<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1183853.90   | 0.21%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SNOHOMISH CNTY WASH PUB UTIL DIST NO 001 ELEC REV                                   | SNOHOMISH COUNTY PUBLIC UTILITY DISTRICT NO 1 ELEC | CUSIP: 833102D78<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    715000 | PA      | $817940.98    | 0.15%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST CTFS PARTN                                                             | STATE OF MINNESOTA                                 | CUSIP: 604140XM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1345000 | PA      | $1533210.82   | 0.27%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN WASH D C ARPTS AUTH ARPT SYS REV                                       | MET WASHINGTON DC ARPTS AUTH ARPT SYS REVENUE      | CUSIP: 592647HR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2075000 | PA      | $2069311.97   | 0.37%             | 2036-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MIAMI BEACH FLA REDEV AGY TAX INCREMENT REV                                         | MIAMI BEACH REDEVELOPMENT AGENCY                   | CUSIP: 593237FX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1086058.76   | 0.19%             | 2031-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TEX HIGHER ED FIN CORP ED REV                                             | ARLINGTON HIGHER EDUCATION FINANCE CORP            | CUSIP: 041807MF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1081906.71   | 0.19%             | 2039-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON D C MET AREA TRAN AUTH DEDICATED REV                                     | WASHINGTON METROPOLITAN AREA TRANSIT AUTHORITY DED | CUSIP: 93878YCD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2815000 | PA      | $3093422.42   | 0.55%             | 2031-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHESTERFIELD CNTY VA ECONOMIC DEV AUTH REV                                          | CHESTERFIELD CNTY VA ECON DEV AUTH REVENUE         | CUSIP: 16639EBP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $844475.82    | 0.15%             | 2038-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY ILL BRD TRUSTEES CTFS PARTN                                              | UNIV OF ILLINOIS IL BRD OF TRUSTEES COPS           | CUSIP: 914325EF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2995000 | PA      | $3022375.41   | 0.54%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FLA AVIATION REV                                                    | COUNTY OF MIAMI DADE FL AVIATION REVENUE           | CUSIP: 59333P7L6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3317729.46   | 0.59%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHERN UTE INDIAN TRIBE OF SOUTHN UTE INDIAN RESERVATION COLO                     | SOUTHERN UTE INDIAN TRIBE OF THE SOUTHERN UTE RESE | CUSIP: 844090AD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2340000 | PA      | $2496300.94   | 0.44%             | 2035-04-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| MULTNOMAH CNTY ORE SCH DIST NO 1J PORTLAND                                          | MULTNOMAH CNTY                                     | CUSIP: 625517KX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2149938.63   | 0.38%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY REV                                                    | MASSACHUSETTS DEVELOPMENT FINANCE AGENCY           | CUSIP: 57585BMR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $456567.57    | 0.08%             | 2043-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK TRANSN DEV CORP SPL FAC REV                                                | NEW YORK TRANSPORTATION DEVELOPMENT CORP           | CUSIP: 650116FB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1795000 | PA      | $1845927.03   | 0.33%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA WTR & WASTEWTR REV                                                  | PHILADELPHIA PA WTR WSTWTR REVENUE                 | CUSIP: 7178932G5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1071582.54   | 0.19%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CALIF PUB PWR AUTH SOUTHN TRANSMISSION SYS RENEWAL PROJ REV                | SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY         | CUSIP: 842469CT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $709868.74    | 0.13%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA                                                                     | CITY OF PHILADELPHIA PA                            | CUSIP: 717813XE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2788762.59   | 0.50%             | 2030-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA HIGHER ED ASSISTANCE AGY ED LN REV                                     | PENNSYLVANIA HIGHER EDUCATION ASSISTANCE AGENCY    | CUSIP: 70878CBF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1052027.31   | 0.19%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INGLEWOOD CALIF UNI SCH DIST                                                        | INGLEWOOD UNIFIED SCHOOL DISTRICT                  | CUSIP: 457110PH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1924085.88   | 0.34%             | 2043-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST ALA GAS SUPPLY REV                                       | BLACK BELT ENERGY GAS DIST AL GAS SPLY REVENUE     | CUSIP: 09182NBR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2895000 | PA      | $2945053.74   | 0.52%             | 2051-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SEATTLE WASH MUN LT & PWR REV                                                       | SEATTLE WA MUNI LIGHT PWR REVENUE                  | CUSIP: 812643C93<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    790000 | PA      | $878786.50    | 0.16%             | 2032-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                                 | STATE OF CALIFORNIA                                | CUSIP: 13063DQ84<br>LEI: 9845007J7054602FF597 | Long             | DBT              |  | US        |   1000000 | PA      | $1051303.25   | 0.19%             | 2035-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WEST ALLIS WEST MILWAUKEE ET AL WIS SCH DIST                                        | WEST ALLIS WEST MILWAUKEE SCHOOL DISTRICT          | CUSIP: 951164KC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $913732.92    | 0.16%             | 2038-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT AUTH IOWA TOB SETTLEMENT REV                                     | TOBACCO SETTLEMENT AUTH IA TABACCO SETTLEMENT REVE | CUSIP: 888805BW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $478069.35    | 0.08%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GREAT LAKES WTR AUTH MICH WTR SUPPLY SYS REV                                        | GREAT LAKES MI WTR AUTH WTR SPLY SYS REVENUE       | CUSIP: 39081JHV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2836400.13   | 0.50%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ENERGY SOUTHEAST ALA COOP DIST ENERGY SUPPLY REV                                    | ENERGY SOUTHEAST A COOPERATIVE DISTRICT            | CUSIP: 292723CN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4075000 | PA      | $4147958.48   | 0.74%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA WTR & WASTEWTR REV                                                  | CITY OF PHILADELPHIA PA W                          | CUSIP: 717893N31<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1036541.21   | 0.18%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                                                            | MINNESOTA HOUSING FINANCE AGENCY                   | CUSIP: 60416TUC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1240000 | PA      | $1324050.41   | 0.24%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST                                                                       | STATE OF WASHINGTON                                | CUSIP: 93974ELL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1422479.44   | 0.25%             | 2033-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN GOVT NASHVILLE & DAVIDSON CNTY TENN                                    | METROPOLITAN GOVERNMENT OF NASHVILLE DAVIDSON CO   | CUSIP: 592112TK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1377411.99   | 0.24%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY ALA SWR REV                                                          | COUNTY OF JEFFERSON AL SEWER REVENUE               | CUSIP: 472682ZF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1805000 | PA      | $1958226.24   | 0.35%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REV                             | CALIFORNIA COMMUNITY CHOICE FINANCING AUTHORITY    | CUSIP: 13013JGR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3029448.68   | 0.54%             | 2055-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Federated Hermes Premier Municipal Income Fund                                      | FEDERATED HERMES PREMIER MUNICIPAL INCOME FUND     | CUSIP: 31423P108<br>LEI: C0TUI5ZPEIY028NN4Q23 | Long             |  | RF                | US        |    157714 | NS      | $1723814.02   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| TROY UNIV ALA FACS REV                                                              | TROY UNIVERSITY                                    | CUSIP: 897745CM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013982.87   | 0.18%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EL PASO CNTY TEX HOSP DIST                                                          | EL PASO CNTY TX HOSP DIST                          | CUSIP: 283590JQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1813880.84   | 0.32%             | 2039-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH REV                                                             | INDIANA FINANCE AUTHORITY                          | CUSIP: 45506EQD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    530000 | PA      | $548577.15    | 0.10%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY CINCINNATI OHIO GEN RCPTS                                                | UNIVERSITY OF CINCINNATI                           | CUSIP: 9141197J5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1255319.62   | 0.22%             | 2043-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ONTARIO CALIF PUB FING AUTH LEASE REV                                               | ONTARIO PUBLIC FINANCING AUTHORITY                 | CUSIP: 68304REB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1124720.97   | 0.20%             | 2039-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BLACKROCK MUNIYIELD NEW YORK QUALITY FUND, INC.                                     | BLACKROCK MUNIYIELD NEW YORK QUALITY FUND INC      | CUSIP: 09255E102<br>LEI: 158AYFGDRFUGVL3TD012 | Long             |  | RF                | US        |    225559 | NS      | $2165367.46   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| BUTLER CNTY OHIO HOSP FACS REV                                                      | BUTLER CNTY OH HOSP FACS                           | CUSIP: 123550GV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1065595.60   | 0.19%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT SEATTLE WASH REV                                                               | PORT OF SEATTLE WA                                 | CUSIP: 735389U71<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1555000 | PA      | $1696831.19   | 0.30%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DTF Tax-Free Income 2028 Term Fund Inc                                              | DTF TAX FREE INCOME 2028 TERM FUND INC             | CUSIP: 23334J107<br>LEI: 549300UTPMUSB8BKGI82 | Long             |  | RF                | US        |     71012 | NS      | $813087.40    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| VOLUSIA CNTY FLA EDL FAC AUTH REV                                                   | VOLUSIA COUNTY EDUCATIONAL FACILITY AUTHORITY      | CUSIP: 928836PY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3875000 | PA      | $4299943.49   | 0.76%             | 2039-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN FIN AUTH REV                                                               | MICHIGAN ST FIN AUTH REVENUE                       | CUSIP: 59447TVA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $933457.45    | 0.17%             | 2044-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL WASTEWATER TRANSMISSION REV                                             | CITY OF CHICAGO IL WASTEWATER TRANSMISSION REVENUE | CUSIP: 167727L38<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1307094.51   | 0.23%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Nyli Mackay Definedterm Muni Opportunities Fund                                     | NYLI MACKAY DEFINEDTERM MUNI OPPORTUNITIES FUND    | CUSIP: 56064K100<br>LEI: 549300AOV8XDBTKPOR64 | Long             |  | RF                | US        |     87267 | NS      | $1295914.95   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| WISCONSIN ST HEALTH & EDL FACS AUTH REV                                             | WISCONSIN HEALTH EDUCATIONAL FACILITIES AUTHORIT   | CUSIP: 97712DQU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2460000 | PA      | $2463688.36   | 0.44%             | 2035-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TPK COMMN TPK REV                                                   | PENNSYLVANIA TURNPIKE COMMISSION                   | CUSIP: 709224P52<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1620000 | PA      | $1673482.57   | 0.30%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SALT RIV PROJ AGRIC IMPT & PWR DIST ARIZ ELEC SYS REV                               | SALT RIVER PROJECT AGRICULTURAL IMPROVEMENT POWE   | CUSIP: 79574CGM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    785000 | PA      | $873283.63    | 0.16%             | 2039-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST PUB SVC AUTH REV                                                  | SOUTH CAROLINA PUBLIC SERVICE AUTHORITY            | CUSIP: 837151XV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    680000 | PA      | $708662.20    | 0.13%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS BAY TRANSN AUTH MASS SALES TAX REV                                    | MASSACHUSETTS BAY TRANSPORTATION AUTHORITY SALES T | CUSIP: 575579L21<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1542286.42   | 0.27%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TEX ELEC & GAS REV                                                      | CITY OF SAN ANTONIO TX ELECTRIC GAS SYSTEMS REVE   | CUSIP: 79625GEC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1369008.18   | 0.24%             | 2033-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HEALTH & EDL FACS AUTH REV                                             | WISCONSIN HEALTH EDUCATIONAL FACILITIES AUTHORIT   | CUSIP: 97712JPB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2153978.29   | 0.38%             | 2040-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HEALTH & EDL FACS AUTH REV                                           | CONNECTICUT STATE HEALTH EDUCATIONAL FACILITIES    | CUSIP: 20775DL91<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2716847.01   | 0.48%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TEX CULTURAL ED FACS FIN CORP REV                                       | HARRIS CNTY TX CULTURAL EDU FACS                   | CUSIP: 414009JT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1501668.29   | 0.27%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y CITY MUN WTR FIN AUTH WTR & SWR SYS REV                                | NEW YORK CITY MUNICIPAL WATER FINANCE AUTHORITY    | CUSIP: 64972GM50<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    865000 | PA      | $959732.81    | 0.17%             | 2031-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY KY LEASE PUR OBLIGS                                                      | UNIVERSITY OF KENTUCKY                             | CUSIP: 914383BK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1170000 | PA      | $1248252.81   | 0.22%             | 2043-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA SCH DIST                                                            | PHILADELPHIA PA SCH DIST                           | CUSIP: 717883ZX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1099076.93   | 0.20%             | 2036-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GEORGIA ST                                                                          | STATE OF GEORGIA                                   | CUSIP: 373385GX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $975781.31    | 0.17%             | 2036-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PEARLAND TEX                                                                        | PEARLAND TX                                        | CUSIP: 704865FE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $305950.18    | 0.05%             | 2029-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY INC KY PUB ENERGY AUTH GAS SUPLLY REV                                      | KENTUCKY PUBLIC ENERGY AUTHORITY                   | CUSIP: 74440DEC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3115000 | PA      | $3321673.01   | 0.59%             | 2054-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST DEPT TRANSN CONS TRANSN                                                 | MARYLAND ST DEPT OF TRANSPRTN CONSOL TRANSPRTN     | CUSIP: 574204N82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1011024.82   | 0.18%             | 2032-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA                                                                     | CITY OF PHILADELPHIA PA                            | CUSIP: 717813XF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1735000 | PA      | $1841092.65   | 0.33%             | 2031-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALBANY N Y CAP RESOURCE CORP REV                                                    | ALBANY CAPITAL RESOURCE CORP                       | CUSIP: 012432EP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1366763.59   | 0.24%             | 2042-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CALIF DEPT WTR & PWR REV                                                | LOS ANGELES DEPARTMENT OF WATER POWER              | CUSIP: 544532NS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $2138366.08   | 0.38%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS VY NEV WTR DIST                                                           | LAS VEGAS VALLEY WATER DISTRICT                    | CUSIP: 517845PN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5435000 | PA      | $5647138.49   | 1.00%             | 2034-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN AUTH REV                                                               | ILLINOIS FINANCE AUTHORITY                         | CUSIP: 45204FD28<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $535260.28    | 0.10%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS MUN PWR AGY REV                                                               | TEXAS MUNICIPAL POWER AGENCY                       | CUSIP: 882555C37<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $969186.36    | 0.17%             | 2041-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BLACKROCK MUNIYIELD QUALITY FUND, INC.                                              | BLACKROCK MUNIYIELD QUALITY FUND INC               | CUSIP: 09254F100<br>LEI: TFKEE3VA3GBE5LOK5U77 | Long             |  | RF                | US        |    524838 | NS      | $5762720.78   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CONNECTICUT ST                                                                      | CONNECTICUT ST                                     | CUSIP: 20772KDY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    465000 | PA      | $486499.23    | 0.09%             | 2032-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA ST MUN PWR AUTH PWR SUPPLY SYS REV                                         | OKLAHOMA MUNICIPAL POWER AUTHORITY                 | CUSIP: 67910HQZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    530000 | PA      | $553664.17    | 0.10%             | 2032-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ECONOMIC DEV AUTH REV                                                    | NEW JERSEY ST ECON DEV AUTH REVENUE                | CUSIP: 64577B7C2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1210000 | PA      | $1264747.44   | 0.22%             | 2028-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL BRD ED                                                                  | CHICAGO BOARD OF EDUCATION                         | CUSIP: 167505UE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3475000 | PA      | $3624699.55   | 0.64%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KITSAP CNTY WASH SCH DIST NO 100-C BREMERTON                                        | KITSAP COUNTY SCHOOL DISTRICT NO 100 C BREMERTON   | CUSIP: 498044HP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1731086.99   | 0.31%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIDLAND TEX INDPT SCH DIST                                                          | MIDLAND INDEPENDENT SCHOOL DISTRICT                | CUSIP: 5977832X6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2410000 | PA      | $2650705.55   | 0.47%             | 2037-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSN TR FD AUTH                                                     | NEW JERSEY TRANSPORTATION TRUST FUND AUTHORITY     | CUSIP: 64613CDK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $823212.95    | 0.15%             | 2036-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA FIN AUTH HEALTH SYS REV                                                     | INDIANA FINANCE AUTHORITY                          | CUSIP: 45470YFN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3655000 | PA      | $3964443.06   | 0.70%             | 2055-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH WASTEWATER UTIL REV                                             | INDIANA FINANCE AUTHORITY                          | CUSIP: 45505MMG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1494567.46   | 0.27%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DETROIT MICH DOWNTOWN DEV AUTH TAX INCREMENT REV                                    | DETROIT DOWNTOWN DEVELOPMENT AUTHORITY             | CUSIP: 251135HN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1090139.50   | 0.19%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS POLLUTION CTL REV                                               | PUBLIC FINANCE AUTHORITY                           | CUSIP: 74447HAA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3455000 | PA      | $3424625.90   | 0.61%             | 2046-10-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TPK COMMN TPK REV                                                   | PENNSYLVANIA TURNPIKE COMMISSION                   | CUSIP: 709225HD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1171030.23   | 0.21%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN GOVT NASHVILLE & DAVIDSON CNTY TENN HEALTH & EDL FACS BRD EDL FACS REV | MET GOVT NASHVILLE DAVIDSON CNTY                   | CUSIP: 592029CB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1068168.24   | 0.19%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WHITING IND ENVIRONMENTAL FACS REV                                                  | WHITING IN ENVRNMNTL FACS REVENUE                  | CUSIP: 96634RAU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2521746.13   | 0.45%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SUMMIT CNTY OHIO DEV FIN AUTH STUDENT HSG REV                                       | SUMMIT COUNTY DEVELOPMENT FINANCE AUTHORITY        | CUSIP: 86607LAH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    950000 | PA      | $1019399.28   | 0.18%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BlackRock Municipal 2030 Target Term Trust                                          | BLACKROCK MUNICIPAL 2030 TARGET TERM TRUST         | CUSIP: 09257P105<br>LEI: 549300TDIJ2J8F6X3N04 | Long             |  | RF                | US        |    319133 | NS      | $7244319.10   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| NEW YORK ENERGY FIN DEV CORP ENERGY SUPPLY REV                                      | NEW YORK ENERGY FINANCE DEVELOPMENT CORP           | CUSIP: 64947PAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3059106.64   | 0.54%             | 2056-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ORLANDO FLA UTILS COMMN UTIL SYS REV                                                | ORLANDO UTILITIES COMMISSION                       | CUSIP: 686507HY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3295000 | PA      | $3390140.06   | 0.60%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MUNICIPAL ELEC AUTH GA                                                              | MUNICIPAL ELECTRIC AUTHORITY OF GEORGIA            | CUSIP: 62620HKJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1666139.30   | 0.30%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH LAS VEGAS NEV                                                                 | CITY OF NORTH LAS VEGAS NV                         | CUSIP: 660393X79<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $842131.97    | 0.15%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DETROIT MICH REGL CONVENTION FAC AUTH CONVENTION FAC SPL TAX REV                    | DETROIT REGIONAL CONVENTION FACILITY AUTHORITY     | CUSIP: 251220AU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2128892.67   | 0.38%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST PUB SVC AUTH REV                                                  | SOUTH CAROLINA PUBLIC SERVICE AUTHORITY            | CUSIP: 837151ZJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1121109.40   | 0.20%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST                                                                        | STATE OF MINNESOTA                                 | CUSIP: 60412AJ46<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1260000 | PA      | $1382496.96   | 0.25%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST                                                                         | MARYLAND ST                                        | CUSIP: 574193VL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1495000 | PA      | $1655764.40   | 0.29%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN FIN AUTH REV                                                               | TRINITY HEALTH CORP OBLIGATION                     | CUSIP: 59447P7P0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010164.68   | 0.18%             | 2029-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ARIZONA INDL DEV AUTH NATL CHARTER SCH REVOLVING LN FD REV                          | ARIZONA INDUSTRIAL DEVELOPMENT AUTHORITY           | CUSIP: 04052FFG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1351558.72   | 0.24%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEMPLE UNIV OF THE COMWLTH SYS OF HIGHER ED PA UNIV REV                             | TEMPLE UNIVERSITY OF THE COMMONWEALTH SYSTEM OF HI | CUSIP: 880178CY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1130000 | PA      | $1242553.98   | 0.22%             | 2040-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN FIN AUTH REV                                                               | MICHIGAN ST FIN AUTH REVENUE                       | CUSIP: 59447TF40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1280000 | PA      | $1396126.28   | 0.25%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP N J                                                    | TOBACCO SETTLEMENT FINANCING CORP                  | CUSIP: 888808HJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1035000 | PA      | $1068504.80   | 0.19%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VERMONT ST STUDENT ASSISTANCE CORP ED LN REV                                        | VERMONT STUDENT ASSISTANCE CORP                    | CUSIP: 92428CNU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1251562.26   | 0.22%             | 2033-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET GOVT NASHVILLE & DAVIDSON CNTY TENN H & E FACS BRD REV                          | METROPOLITAN GOVERNMENT NASHVILLE DAVIDSON COUNT   | CUSIP: 592041A31<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1120922.49   | 0.20%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTH COOP DIST ALA ENERGY SUPPLY REV                               | SOUTHEAST ENERGY AUTHORITY A COOPERATIVE DISTRICT  | CUSIP: 84136HCT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5305486.93   | 0.94%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLARK CNTY NEV SCH DIST                                                             | CLARK COUNTY SCHOOL DISTRICT                       | CUSIP: 181059N69<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2915000 | PA      | $3133626.30   | 0.56%             | 2032-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLLEGE STATION TEX                                                                 | CITY OF COLLEGE STATION TX                         | CUSIP: 194469PG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    920000 | PA      | $1003997.36   | 0.18%             | 2031-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HEALTH & EDL FACS AUTH REV                                             | ASCENSION HEALTH CREDIT                            | CUSIP: 97712DV37<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1107890.69   | 0.20%             | 2026-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL O HARE INTL ARPT REV                                                    | CHICAGO O HARE INTERNATIONAL AIRPORT               | CUSIP: 167593Z88<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    455000 | PA      | $483263.44    | 0.09%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ECONOMIC DEV FING AUTH PRIVATE ACTIVITY REV                            | PENNSYLVANIA ST ECON DEV FING AUTH T E PRIVATE     | CUSIP: 70868YAJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3625000 | PA      | $3893819.57   | 0.69%             | 2033-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS TRANSN COMMN                                                                  | TEXAS TRANSPORTATION COMMISSION                    | CUSIP: 882830BS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    925000 | PA      | $1032582.82   | 0.18%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY OHIO HOSP REV                                                       | COUNTY OF MONTGOMERY OH                            | CUSIP: 613520NS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $862054.67    | 0.15%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLIFTON TEX HIGHER ED FIN CORP ED REV                                               | CLIFTON HIGHER EDUCATION FINANCE CORP              | CUSIP: 187145VG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6465325.17   | 1.15%             | 2038-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TEX CULTURAL ED FACS FIN CORP REV                                      | TARRANT COUNTY CULTURAL EDUCATION FACILITIES FINAN | CUSIP: 87638TJD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1545000 | PA      | $1657021.78   | 0.29%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL O HARE INTL ARPT REV                                                    | CHICAGO O HARE INTERNATIONAL AIRPORT               | CUSIP: 167593F64<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4335000 | PA      | $4346437.57   | 0.77%             | 2042-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KANSAS ST DEPT TRANSN HWY REV                                                       | STATE OF KANSAS DEPARTMENT OF TRANSPORTATION       | CUSIP: 485424SY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    920000 | PA      | $1032698.87   | 0.18%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALACHUA CNTY FLA HEALTH FACS AUTH HEALTH FACS REV                                   | ALACHUA CNTY FL HLTH FACS AUTH                     | CUSIP: 010685LD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2017240.99   | 0.36%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN GOVT NASHVILLE & DAVIDSON CNTY TENN HEALTH & EDL FACS BRD EDL FACS REV | MET GOVT NASHVILLE DAVIDSON CNTY                   | CUSIP: 592029BX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1235000 | PA      | $1336533.81   | 0.24%             | 2031-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH N Y & N J                                                                 | PORT AUTHORITY OF NEW YORK NEW JERSEY              | CUSIP: 73358WS21<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4970000 | PA      | $5031539.79   | 0.89%             | 2030-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUN FIN AUTH MUN CTFS                                                    | CALIFORNIA MUNICIPAL FINANCE AUTHORITY             | CUSIP: 13050WAG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1365000 | PA      | $1326704.72   | 0.24%             | 2041-07-20      | Variable      | 4.05%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                                                            | MINNESOTA HOUSING FINANCE AGENCY                   | CUSIP: 60416TUD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2195000 | PA      | $2385861.37   | 0.42%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OMAHA PUB PWR DIST NEB ELEC REV                                                     | OMAHA PUBLIC POWER DISTRICT                        | CUSIP: 682001HX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1499855.43   | 0.27%             | 2034-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PIMCO MUNICIPAL INCOME FUND II                                                      | PIMCO MUNICIPAL INCOME                             | CUSIP: 72200W106<br>LEI: ZVT714KPY3QTZWRT1S41 | Long             |  | RF                | US        |    461349 | NS      | $3492411.93   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Asset Managed Municipals Fund Inc                                           | WESTERN ASSET MANAGED MUNICIPALS FUND INC          | CUSIP: 95766M105<br>LEI: 549300HVO8EY2T8K4F73 | Long             |  | RF                | US        |    333471 | NS      | $3428081.88   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| LUZERNE CNTY PA INDL DEV AUTH REV                                                   | LUZERNE CNTY PA INDL DEV AUTH                      | CUSIP: 550728AF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1860000 | PA      | $1723226.70   | 0.31%             | 2039-12-01      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| OHIO ST WTR DEV AUTH WTR POLLUTN CTL REV                                            | OHIO ST WTR DEV AUTH WTR POLL CONTROL REVENUE      | CUSIP: 67766WP63<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3050000 | PA      | $3449662.05   | 0.61%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL O HARE INTL ARPT REV                                                    | CHICAGO IL O HARE INTERNATIONAL ARPT REVENUE       | CUSIP: 1675937U0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1025000 | PA      | $1115983.47   | 0.20%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| POLK CNTY FLA UTIL SYS REV                                                          | POLY CNTY FL UTILITY SYS REVENUE                   | CUSIP: 731167FX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    955000 | PA      | $990864.27    | 0.18%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISVILLE & JEFFERSON CNTY KY METRO GOVT                                           | LOUISVILLE JEFFERSON COUNTY METROPOLITAN GOVERNMEN | CUSIP: 546585WB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1259488.86   | 0.22%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALLEN CNTY OHIO HOSP FACS REV                                                       | COUNTY OF ALLEN OH HOSPITAL FACILITIES REVENUE     | CUSIP: 01757LHF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5645000 | PA      | $6206958.71   | 1.10%             | 2039-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT SEATTLE WASH REV                                                               | PORT OF SEATTLE WA                                 | CUSIP: 7353892H0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3665000 | PA      | $3985850.87   | 0.71%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN FIN AUTH ACT 38 FACS SR REV                                                | MICHIGAN ST FIN AUTH ACT 38 FACS SENIOR REVEUE     | CUSIP: 59447NAP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1425000 | PA      | $1552087.54   | 0.28%             | 2034-02-28      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WARREN CNTY OHIO HEALTH CARE FACS REV                                               | COUNTY OF WARREN OH                                | CUSIP: 93515PEC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1130000 | PA      | $1218930.31   | 0.22%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL TRAN AUTH SALES TAX RCPTS REV                                           | CHICAGO TRANSIT AUTHORITY SALES TAX RECEIPTS FUND  | CUSIP: 16772PEY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1059518.72   | 0.19%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN BERNARDINO CALIF CITY UNI SCH DIST CTFS PARTN                                   | SAN BERNARDINO CITY UNIFIED SCHOOL DISTRICT        | CUSIP: 796714EX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7960000 | PA      | $8823864.73   | 1.57%             | 2041-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL O HARE INTL ARPT REV                                                    | CHICAGO O HARE INTERNATIONAL AIRPORT               | CUSIP: 167593Z96<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $423259.49    | 0.08%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX ARIZ CIVIC IMPT CORP EXCISE TAX REV                                         | PHOENIX AZ CIVIC IMPT CORP EXCISE TAX REVENUE      | CUSIP: 71884AD48<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1685000 | PA      | $1826840.01   | 0.32%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST                                                                       | STATE OF WASHINGTON                                | CUSIP: 93974DXE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7065000 | PA      | $7109575.96   | 1.26%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST                                                                      | STATE OF CONNECTICUT                               | CUSIP: 20772KPK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1036785.78   | 0.18%             | 2029-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TPK COMMN TPK REV                                                   | PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE       | CUSIP: 709225MG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2455000 | PA      | $2775955.34   | 0.49%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SALES TAX SECURITIZATION CORP ILL                                                   | SALES TAX SECURITIZATION CORP IL                   | CUSIP: 79467BCU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3153851.53   | 0.56%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CALIF UNI SCH DIST                                                      | LOS ANGELES UNIFIED SCHOOL DISTRICT CA             | CUSIP: 544647HM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    945000 | PA      | $1050474.72   | 0.19%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY WIS HOSPS & CLINICS AUTH REV                                             | UNIVERSITY OF WISCONSIN HOSPITALS CLINICS          | CUSIP: 915260FU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1074350.34   | 0.19%             | 2054-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLACKAMAS ORE CMNTY COLLEGE DIST                                                    | CLACKAMAS COMMUNITY COLLEGE DISTRICT               | CUSIP: 179390QH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1347055.42   | 0.24%             | 2044-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST MID-BAY BRIDGE AUTH REV                                                  | FLORIDA ST MID BAY BRIDGE                          | CUSIP: 342814EN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2219937.66   | 0.39%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT SEATTLE WASH REV                                                               | PORT OF SEATTLE WA                                 | CUSIP: 735389G44<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500000.00   | 0.27%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS MUN GAS ACQUISITION & SUPPLY CORP IV GAS SUPPLY REV                           | TEXAS MUNICIPAL GAS ACQUISITION SUPPLY CORP IV     | CUSIP: 88256PAT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3816138.15   | 0.68%             | 2054-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| RACINE WIS UNI SCH DIST                                                             | RACINE UNIFIED SCHOOL DISTRICT                     | CUSIP: 750046TL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $963012.59    | 0.17%             | 2044-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PORTLAND ORE CMNTY COLLEGE DIST                                                     | PORTLAND OR CMNTY CLG DIST                         | CUSIP: 736688MZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2239716.33   | 0.40%             | 2035-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST                                                                       | WASHINGTON ST                                      | CUSIP: 93974EUZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    790000 | PA      | $879270.31    | 0.16%             | 2032-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUCKEYE OHIO TOB SETTLEMENT FING AUTH                                               | BUCKEYE OH TOBACCO SETTLEMENT FING AUTH            | CUSIP: 118217CN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3188140.30   | 0.57%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TEX CULTURAL ED FACS FIN CORP MED FACS REV                              | BAYLOR COLLEGE OF MEDICINE                         | CUSIP: 414008CA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2138725.41   | 0.38%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RHODE IS ST HEALTH & EDL BLDG CORP REV                                              | RHODE ISLAND HEALTH AND EDUCATIONAL BUILDING CORP  | CUSIP: 762244NV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    730000 | PA      | $764717.92    | 0.14%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CALIF DEPT WTR & PWR REV                                                | LOS ANGELES CA DEPT OF WTR PWR REVENUE             | CUSIP: 544532PM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1084259.29   | 0.19%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-30

**Name of Applicant:** HC Capital Trust

**Signature:** Colette Bergman

**Name of Signer:** Colette Bergman

**Title:** Treasurer